Describe ”people” of the 7P’s in a report using your chosen company Essay

Introduction: For this assignment I am going to explain one of the 7P’s. In this case I am going to describe people for my chosen company, DELL. A board of directors of nine people runs the company. Michael Dell, the founder of the company, serves as chairman of the board and chief executive officer. Other board members include Don Carty, William Gray, Judy Lewent, Klaus Luft, Alex Mandl, Michael A. Miles, and Sam Nunn. Shareholders elect the nine board members at meetings, and those board members who do not get a majority of votes must submit a resignation to the board, which will subsequently choose whether or not to accept the resignation. The board of directors usually sets up five committees having oversight over specific matters. These committees include the Audit Committee, which handles accounting issues, including auditing and reporting; the Compensation Committee, which approves compensation for the CEO and other employees of the company; the Finance Committee, which handles financial matters such as proposed mergers and acquisitions; the Governance and Nominating Committee, which handles various corporate matters (including nomination of the board); and the Antitrust Compliance Committee, which attempts to prevent company practices from violating antitrust laws. The corporate structure and management of Dell extends beyond the board of directors. The Dell Global Executive Management Committee sets strategic directions. Dell has regional senior vice-presidents for countries other than the United States, including David Marmonti for EMEA and Stephen J. Felice for Asia/Japan. As of 2007[update], other officers included Martin Garvin (senior vice president for worldwide procurement) and Susan E. Sheskey (vice president and Chief Information Officer). Conclusion: DELL has got a huge inside organisation with a lot of employees and managers. Read Also:Â  What is a Descriptive Essay

Chapter 01 Gitman

Part One Preparing to Invest Part One Includes Chapter 1Investment Environment Chapter 2Markets and Transactions Chapter 3Online Information and Investing Chapter 1 Investment Environment Outline Learning Goals I. Investments and the Investment Process A)Types of Investments 1. Securities or Property 2. Direct or Indirect 3. Debt, Equity, or Derivative Securities 4. Low or High Risk 5. Short or Long Term 6. Domestic or Foreign B)The Structure of the Investment Process 1. Participants in the Investment Process 2. Government 3. Business 4. Individuals 5.Types of Investors Concepts in Review II. Investment Vehicles A)Short Term Vehicles B)Common Stock C)Fixed Income Securities 1. Bonds 2. Preferred Stock 3. Convertible Securities D)Mutual Funds E)Derivative Securities 1. Options 2. Futures F)Other Popular Investment Vehicles Concepts in Review III. Making Investment Plans A)Steps in Investing 1. Meeting Investment Prerequisites 2. Establishing Investment Goals 3. Adopting an Investment Plan 4. Evaluating Investment Vehicles 5. Selecting Suitable Investments 6. Constructing a Diversified Portfolio 7. Managing the PortfolioB)Considering Personal Taxes 1. Basic Sources of Taxation 2. Types of Income a. Ordinary Income b. Capital Gains and Losses 3. Investments and Taxes 4. Tax-advantaged Retirement Vehicles C)Investing Over the Life Cycle D)Investing in Different Economic Environments 1. Stocks and the Business Cycle 2. Bonds and Interest Rates Concepts in Review IV. Meeting Liquidity Needs: Investing in Short-Term Securities A)Role of Short Term Securities 1. Interest on Short Term Securities 2. Risk Characteristics 3. Advantages and Disadvantages of Short Term InvestmentsB)Popular Short Term Investment Vehicles 1. Deposit Accounts 2. Federal Government Issues 3. Nongovernment Issues C)Investment Suitability Concepts in Review Summary Putting Your Investment Know-How to the Test Discussion Questions Problems Case Problems 1. 1Investments or Golf? 1. 2Preparing Caro lyn Bowen’s Investment Plan Excel with Spreadsheets OTIS—Online Trading and Investment Simulator Key Concepts 1. The meaning of the term investment and the implications it has for individual investors. 2. Review the factors used to differentiate between different types of investments. . The importance of and basic steps involved in the investment process. 4. Popular types of investment vehicles, including short term vehicles, common stock, and fixed income securities such as bonds, preferred stock, and convertibles. 5. Derivative securities such as options and futures, and mutual funds. 6. Other popular investment vehicles such as real estate, tangibles and tax advantaged investments. 7. Investment goals including income, major expenditures, retirement, and sheltering income from taxes. The latter includes analysis of tax-advantaged retirement vehicles. . Building a diversified portfolio consistent with investment goals. 9. Sources of taxation, types of taxable income , and the effect of taxes on the investor. 10. Developing an investment program that considers differing economic environments and life cycle stages. 11. The use of short term securities in meeting liquidity needs. 12. The merits and suitability of various popular short term investment vehicles including deposit accounts and money market securities. Overview This chapter provides an overview of the scope and content of the text. 1.The term investment is defined, and the alternative investment opportunities available to investors are classified by types. 2. An examination of the structure of the investment process is presented. This section explains how suppliers and demanders of investment funds are brought together in the marketplace. 3. The key participants in the investment process—government, business, and individuals—are described, as are institutional and individual investors. 4. Returns are defined as rewards for investing. Returns to an investor take two forms —current income and increased value of the investment over time.In this section the instructor need only define return, since there will be another opportunity to develop the concept of return in Chapter 4, however providing information about recent investment returns is always well-received by students. 5. Next, the following investment vehicles available to individual investors are discussed: short term vehicles, common stock, fixed income securities, mutual funds, real estate, tangibles, tax-advantaged investments, and options and futures. The text describes their risk return characteristics in a general way.The instructor may want to expand on the advantages and disadvantages of investing in each, although they will be treated in greater detail in subsequent chapters. It is vital for any investor to establish investment goals that are consistent with his or her overall financial objectives. 6. Once the investment goals have been well specified, the investor can adopt an i nvestment plan consistent with these goals, select suitable investments, build a diversified portfolio and manage it. 7. Personal taxes are discussed in terms of types of income and tax rates. The investment process is affected by current tax laws.Examples of tax shelters, especially tax-advantaged retirement vehicles, and tax planning are provided. 8. Once investment goals are established, it is important to understand how the investment process is affected by different economic environments. The chapter talks about types of investments—stocks, bonds, and tangibles—as they are affected by business cycles, interest rates, and inflation. 9. Liquidity is defined and short term securities that can be used to meet liquidity requirements are described. The discussion includes a look at short term interest rates and the risk characteristics of various short term securities. 0. The next section covers the various types of short term vehicles available to today’s invest or. There is enough detail about everything from passbook accounts to money market funds to commercial paper that the students should get a good grasp of the differences between the vehicles. Producing information on current rates helps bring realism into the classroom and enhances student perception of the lecturer as a knowledgeable instructor. Answers to Concepts in Review 1. An investment is any vehicle into which funds can be placed with the expectation of preserving or increasing value and earning a positive rate of return.An investment can be a security or a property. Individuals invest because an investment has the potential to preserve or increase value and to earn income. It is important to stress that this does not imply that an investment will in fact preserve value or earn income. Bad investments do exist. 2. (a)Securities and property are simply two classes of investments. Securities are investments, commonly evidenced by certificates, that represent a legal claim. Fo r example, a bond represents a legal claim on debt, and a stock represents a proportionate ownership in the firm.An option, on the other hand, represents the legal right to either buy or sell an asset at a predetermined price within a specified time period. Property constitutes investments in either real property (land and buildings) or tangible personal property (Rembrandt paintings, Ming vases, or antique cars). (b)With a direct investment, an individual acquires a direct claim on a security or property. For example, an investment in one share of IBM stock directly provides the stockholder a proportionate ownership in IBM. An indirect investment provides an indirect claim on a security or property.For example, if you bought one share of Fidelity Growth Fund (a mutual fund), you are in effect buying a portion of a portfolio of securities owned by the fund. Thus, you will have a claim on a fraction of an entire portfolio of securities. (c)An investment in debt represents funds loane d in exchange for the receipt of interest income and repayment of the loan at a given future date. The bond, a common debt instrument, pays specified interest over a specified time period, then repays the face value of the loan (Chapters 8 and 9 cover bonds in detail).An equity investment provides an investor an ongoing fractional ownership interest in a firm. The most common example is an investment in a company’s common stock. We will study equity instruments in greater detail in Chapters 5 through 7. Derivative securities are securities derived from debt or equity securities and structured to exhibit characteristics different from the underlying securities. Options are derivative securities that allow an investor to sell or buy another security or asset at a specific price over a given time period. For example, an investor might purchase an option to buy Company X stock for $50 within nine months. d)Short-term investments typically mature within one year while long-term in vestments have longer maturities, like common stock, which has no maturity at all. However, long-term investments can be used to satisfy short-term financial goals. 3. In finance, risk refers to the chance that the return from an investment will differ from its expected value. The broader the range of possible values (dispersion), the greater the risk of the investment. Low risk investments are those considered safe with respect to the return of funds invested and the receipt of a positive rate of return.High risk investments are those which have more uncertain future values and levels of earnings. 4. Foreign investments are investments in the debt, equity, derivative securities of foreign based companies and property in a foreign country. Both direct and indirect foreign investments provide investors more attractive returns or lower-risk investments compared to purely domestic investments. They are useful instruments to diversify a pure domestic portfolio. 5. The investment process brings together suppliers and demanders of funds. This may occur directly (as with property investments).Most often the investment process is aided by a financial institution (such as a bank, savings and loan, savings bank, credit union, insurance company, or pension fund) that channels funds to investments and/or a financial market (either the money market or the capital market) where transactions occur between suppliers and demanders of funds. 6. (a)The various levels of government (federal, state, and local) require more funds for projects and debt repayment than they receive in revenues. Thus, governments are net demanders of funds. Governments also demand funds when the timing of their revenues do not match their expenditure.The term net refers to the fact that, while governments both supply and demand funds in the investment process, on balance they demand more than they supply. (b)Businesses also are net demanders, requiring funds to cover short and long term operating needs . While business firms often supply funds, on balance they also demand more than they supply. (c)Individuals are the net suppliers of funds to the investment process. They put more funds into the investment process than they take out. Individuals play an important role in the investment process—supplying the funds needed to finance economic growth and development. 7.Institutional investors are investment professionals who are paid to manage other people’s money. They are employed by financial institutions like banks and insurance companies, by nonfinancial businesses, and by individuals. Individual investors manage their own personal funds in order to meet their financial goals. Generally, institutional investors tend to be more sophisticated because they handle much larger amounts of money and they tend to have a broader knowledge of the investment process and available investment techniques and vehicles. 8. Short term investment vehicles are those which usually have lives of less than one year.These vehicles may be used to â€Å"warehouse† temporarily idle funds while suitable long term vehicles are evaluated. Due to their safety and convenience, they are popular with those wishing to earn a return on temporarily idle funds or with the very conservative investor who may use these short term vehicles as a primary investment outlet. In addition to their â€Å"warehousing† function, short-term vehicles provide liquidity- they can be converted into cash quickly and with little or no loss in value. This characteristic is very useful when investors need to meet unexpected expenses or take advantage of attractive opportunities. . Common stock is an equity investment that represents a fractional ownership interest in a corporation. The return on a common stock investment derives from two sources: dividends, which are periodic payments made by the firm to its shareholders from current and past earnings, and capital gains, which result from selling the stock at a price above the original purchase price. Because common stock offers a broad range of return-risk combinations, it is one of the most popular investment vehicles. Two sources of potential return are dividends and capital gain. 10. a)Bonds are debt obligations of corporations or governments. A bondholder receives a known interest return, typically semiannually, plus the face value at maturity. Bonds are usually issued in $1,000 denominations, pay semiannual interest, and have twenty to forty year maturities. Bonds offer fixed/certain returns, if held till maturity. (b)Preferred stock is very much like common stock in that it represents an ownership interest in a corporation. But preferred stock pays only a fixed stated dividend, which has precedence over common stock dividends, and does not share in other earnings of the firm. c)A convertible security is a fixed income security, either a bond or preferred stock, that has a conversion feature. Typically, it can be converted into a specified number of shares of common stock. Convertible securities are quasi-derivative securities as their market value would depend on the price of the common stock and the conversion ratio. (d)A mutual fund is a company that invests in a large portfolio of securities; whereas a money market mutual fund is a mutual fund which solely invests in other short-term vehicles.Investors might find mutual funds appealing because a large portfolio may be more consistent with their investment goals in terms of risk and return. As we will see later, a mutual fund offers the investor the benefits of diversification and professional management. Mutual funds do not offer fixed/certain returns. Mutual funds are quasi-derivative securities as their market value would depend on the price of the assets that make up the fund’s portfolio. (e)Options are derivative securities that provides holders the right to buy or sell another security (typically stock) or property at a s pecified price over a given time period.Factors like the time until expiration, the underlying stock price behavior, and supply and demand conditions affect the returns. (f)Futures represent contractual arrangements in which a seller will deliver or a buyer will take delivery of a specified quantity of a commodity at a given price by a certain date. Unlike an option, which gives the investor the right to purchase or sell another security, futures contracts obligate the investor to deliver or take delivery. Factors affecting returns on commodity contracts include changes in government policy, unpredictable weather, trade embargoes, and so on. 1. Before developing and executing an investment program, an investor must ensure the following: (1)Necessities of life such as funds for housing, food, transportation, taxes etc are fully provided for. (2)Investor is adequately insured against the losses resulting from death, illness or disability, property etc. (3)Establish Retirement Goals Th e seven steps in investing are as follows: (1)Meeting Investment Prerequisites: Providing for Necessities of life, adequate protection against losses, and Setting retirement Goals as iscussed above (2)Establishing Investment Goals: Investment goals are the financial objectives that one wishes to achieve by investing. Common investment goals are: †¢Accumulating retirement funds †¢Enhancing current income through interest income and dividends †¢Savings for major expenditure like home, education etc. †¢Sheltering income from taxes (3)Adopting an Investment Plan: A written document describing how funds will be invested is an investment plan. The more specific the investment goal, the easier it will be to establish an investment plan consistent with your goals. 4)Evaluating Investment Vehicles: In this step, the measures of risk and return are used to estimate the perceived worth of an investment vehicle. This process is called valuation. (5)Selecting Suitable Investm ents: This step involves careful selection of investment vehicles that are consistent with established goals and offer acceptable levels of return, risk, and value. (6)Constructing a Diversified Portfolio: Diversification is the concept of forming a portfolio using different investment vehicles to reduce risk and increase return. This concept is central to constructing an effective portfolio. 7)Managing the Portfolio: Portfolio management involves monitoring the portfolio and restructuring it as dictated by the actual behavior of the investments. 12. Investment goals are the financial objectives you wish to achieve by investing in any of a wide range of investment vehicles. Common investment goals are: (a)Enhancing current income means choosing investment vehicles that regularly pay dividends and interest that can provide all or some of the money needed to meet living expenses. This is a common goal of retired persons and sometimes an important part of a normal family budget. b)Savi ng for major expenditures includes money set aside for such things as the down payment on a home, college tuition, and even an expensive vacation. The amount of money needed and the time period over which one can save will determine the amount set aside and, frequently, the investment vehicle employed. (c)The single most important reason for investing is to accumulate retirement funds. The amount that must be set aside is determined by the level of expected expenditures, expected income from social security and other sources, and the amount of interest expected to be earned on savings. d)Sheltering income from taxes involves taking advantage of certain tax provisions that permit reduction of the income reported to the government or direct reductions in taxes. Investments in certain assets, such as real estate, may be attractive due to their tax advantages. 13. Federal income taxes are charged against all income individuals receive from all sources (with the exception of interest rec eived on some bonds issued by state and local governments). (a)Active (ordinary â€Å"earned†) income is the broadest category and includes income from wages, salaries, bonuses, tips, pension income, and alimony.It is made up of income earned on the job as well as most other forms of non-investment income. (b)Portfolio (investment) income is earnings generated from various types of investment holdings. For the most part, it consists of interest, dividends, and capital gains earned on most types of investments. Passive income is a special category that consists of income derived chiefly from real estate, limited partnerships, and other forms of tax shelters. (c)Capital gains are the profits earned on the sale of capital assets—pleasure, or investment.They are measured by the amount by which the proceeds from the sale of the capital asset exceed its original purchase price. Currently capital gains are taxed at the same rate as ordinary income. Capital gains are appealing to investors because they are not taxed until they are actually realized. (d)A capital loss is the amount by which the proceeds from the sale of a capital asset are less than its original purchase price. Up to $3,000 of net losses can be applied against ordinary income in any one year, with the unused portion carried forward to offset future income. e)Due to the opportunities and challenges created by the tax laws, tax planning is an important part of the investment process. Tax planning involves looking at an individual’s current and projected earnings and developing strategies that will defer or minimize the level of his or her taxes. Tax plans involve current income, capital gains, or tax-sheltered investments. For example, one strategy is to take losses as they occur and to delay taking profits. One deducts the losses and delays inclusion of profits in order to minimize current taxable income. f)In general, tax-advantaged retirement plans allow individuals to defer taxes on the contribution and/or portfolio earnings until some future date when retirement withdrawals take place. There are employer-sponsored plans, such as 401(k) accounts and individual-created plans, such as Keogh plans, and individual retirement accounts (IRAs). 14. (a)Young investors, ages 20 to 45, tend to prefer growth-oriented investments that stress capital gains rather than income. These investors have little investable funds, and capital gains are seen as the quickest way to build up investment capital. b)By middle-age, ages 45 to 60, there is a consolidation taking place as family demands and responsibilities change. While growth-oriented securities are still used, investing becomes less speculative. Quality-growth vehicles are employed, and more attention is given to current income. The foundation is being set for retirement. (c)As the investor moves into the retirement years, age 60 on, preservation of capital and current income become the principal concerns. High-quality stocks and bonds and money market instruments are used as the investor’s objective is to live as comfortably as possible from the investment income.During retirement one tries to reap the rewards of a lifetime of saving and investing. 15. The four stages of the economic/market cycle are recovery, expansion, decline, and recession. Recovery is the strengthening of the economy after a recession. Expansion reflects continued strength and optimism about economic growth. Decline involves a slowing-down of the economy after an expansion which may have been moving too fast. Then the cycle moves into recession, the economy contracts and pessimism reigns. Just as things look the worst, the recovery cycle begins again. a)Stocks and equity-related securities (such as mutual funds and convertibles) are highly responsive to the economic cycle. During recovery and expansion stock prices are up. As the decline approaches, stock prices begin to decline as well. Growth-oriented and speculati ve stocks tend to do especially well in an expanding economy. (b)Bonds and other fixed-income securities are sensitive to movements in interest rates. Bond prices also move in the opposite direction of interest rate changes. This means that if interest rates are expected to rise, bond prices would fall, and bonds would not be a good place to hold investment funds.Interest rates generally shift with the economic cycle. Rates rise during normal recovery and fall during economic declines. 16. An asset is liquid if it can be converted to cash (sold) easily and quickly, with little or no loss in value. You would want to hold liquid assets as emergency funds or to accumulate funds for some specific purpose. IBM stock is not considered a liquid investment even though it can be easily sold. As with stocks in general, you can never be sure that, when funds are needed, you can quickly sell the stock without taking a loss. 17.Purchasing power risk for short-term investments occurs when the rat e of return on these investments falls short of the inflation rate. This generally happens to fixed-rate investments such as passbook savings accounts. Most other short-term investments have managed to provide rates of return about equal to the inflation rate when one looks at these short-term rates over long periods of time. Default (nonpayment) risk is very small with most short-term investments. The deposits in banks and other federally-insured savings institutions are protected up to $100,000 per account by agencies of the federal government. U. S.Treasury Bills are perfectly safe and sometimes called a risk-free investment. Commercial paper and repurchase agreements are extremely safe, based upon past experience, even though there have been rare instances of problems. These latter two instruments are also not insured. Money market mutual funds have also had an exceptionally safe history. Of course, the safest money market funds are those which invest solely in government securi ties and are virtually default-risk free. 18. Passbook savings accounts and NOW accounts (a checking account), offered by banks, generally pay a low rate of interest and have no minimum balance.Passbook savings and NOW accounts are primarily used by investors as savings accounts, providing the investor with a highly liquid pool of funds. MMDA’s are bank deposit accounts with limited check-writing privileges. Central asset accounts are comprehensive deposit accounts and combine checking, investing and borrowing activities. MMDAs and asset management accounts are more likely used by investors to earn a competitive short-term return while maintaining liquidity. Each type of account, except for asset management accounts, is insured. All but the passbook account typically require a minimum balance which varies. 19. a)Series EE savings bonds are accrual-type securities, which means that interest is paid when the bond is cashed, on or before maturity, rather than periodically over t he life of the bond. The purchase price of all denominations is 50% of the face value. The interest rate paid is variable. The higher the rate of interest being paid, the shorter the period of time it takes for the bond to accrue from its discounted purchase price to its face value (b)U. S. Treasury bills are short-term (less than one year) debt obligations of the federal government. T-bills are exempt from state and local income taxes, and federal taxes are deferred.They are regarded as the safest, but generally lowest-yielding of all investments, and, the secondary market for T-bills is highly liquid. (c)Certificates of deposits (CDs) are savings vehicles in which funds must remain on deposit for a specified period. Premature withdrawals incur interest penalties. Because of the requirement that they remain on deposit, CDs are less liquid than T-bills, but they are convenient to buy and hold, offer highly competitive returns, and have federal insurance protection. (d)Commercial pap er is unsecured short-term debt issued by corporations with very high credit standings.The secondary market for commercial paper is very limited and yields are comparable to yields on large-denomination CDs. Typically only larger institutions deal directly in this market because the denominations range from $25,000 to the more commonly issued $100,000. Commercial paper is not federally insured. (e)Banker’s acceptances are short-term credit arrangements between business firms and banks. Firms use banker’s acceptances to finance transactions, most often involving firms in foreign countries or firms with unknown credit capacities.Banker’s acceptances typically are denominated in $100,000 units, are low-risk securities, and have active secondary markets. Yields are slightly below CD yields and commercial paper, and above T-bills. (f)Money market mutual funds (MMMF) pool capital of many investors and invest it exclusively in high-yielding, short-term securities, such as T-bills, large CDs, commercial paper, and other similar securities. Because these high-yielding securities are in denominations of $10,000 to $1 million, the MMMF makes them available to individual investors.MMMFs are convenient, offer check writing privileges, and yields are based on the ability of the fund manager to invest in various short-term securities. Although they are not federally insured funds, their default risk is nearly zero because the securities they invest in are very low risk and the fund is relatively diversified. Suggested Answers to Investing in Action Questions Test Your Investment IQ (p. 4) How high is your Investment IQ as measured by the quiz? Answer: The average score was only 37 %, or well less than half. Remember that this is just one of many instruments that could be used to measure Investment IQ.For example, another assessment tool would be essay-oriented explanations of a specified investment’s strengths and weaknesses. Lessons For Investme nt Success (p. 15) (a)Why is it important to start investing now? Answer: One should start investing now in order to take advantage of compounding. A $1,000 amount invested for ten years at 7. 2 percent will double. The same amount invested at the same rate for twenty years will quadruple. Instead of just adding another $1000, you earn an extra $1000 from interest being earned on interest. Furthermore, there will never be an â€Å"ideal time† to invest.Terrorist threats, economic concerns, and alternative uses for the money are always with us. Studies have shown it is more important to invest than to pick the right security. Money not invested is likely to be spent and not provide future benefits. (b)Why is it a good idea to diversify? Answer: Diversifying allows you to spread out the risk that a unique firm or industry event will have a devastating impact on your investment. It is important to diversify across types of assets and nations. Suggested Answers to Discussion Que stions 1. a)Since you fall into the category of a young investor, your key investment goals should be to purchase a house and save for the education of your children. Appropriate investments should focus on the education of your children. (b)You should consider the effects of taxes when investing, especially the tax relative treatment of capital gains and dividends. Your focus should be on maximizing the after-tax return on your investments. (c)Since you have a relatively long investment horizon, it is appropriate to focus on higher-risk investments such as common stocks in your portfolio. . Short-term vehicles play an important part in your investment program. Most importantly they will provide a pool of reserves that can be used for emergencies such as replacing cars, appliances and clothing that wear out over time. Savings or Investment VehicleMinimum BalanceYieldFederal InsuranceMethod and Ease of Withdrawing Funds (a)Passbook savings accountNone0. 5% to $4. 0%, depending on eco nomyYes, up to $100,000 per depositIn person or through teller machines; very easy (b)NOW accountNo legal minimum, but often set at $500 or $1,000At or near passbook ratesYes, up to 100,000 per depositUnlimited check- writing privileges (c)Money market deposit account (MMDA)No legal minimum, but often set at $2,500Slightly above passbook ratesYes, up to $100,000 per depositLimited check- writing privileges (d)Asset management accountTypically $5,000 to $20,000Similar to MMDAsYes, up to $100,000 in banks, varies elsewhereLimited check- writing privileges (e)Series EE savings bondInitial deposit is 50% of face valueAbout two percent above passbook savings accountNo, but Federal government issuePenalty of 3 months interest for early withdrawal (f)U. S. Treasury ill$25Slightly above passbook and NOW accounts No, but Federal government issueSecondary market exists (g)Certificate of depositTailored to investor needsSlightly above asset management accountNo, but as secure as most bank savi ngs and checking accountsPenalty for early withdrawal (h)Money market mutual fundNo legal minimumSlightly below passbook savings accountNo, but has invested in a variety of government and bank issuesMay take a few days to receive check from fund Solutions to Problems 1. (a)Goal$250,000 $31,500 at 8% for 15 yrs. 100,000 Additional requirement$150,000 b)Annual deposit: ? ? $5,524. 50 2. (a)Tax on Allens’ income of $130,000. Looking at the joint tax return rate, we find ? (10% ? $14,000) ? [15% ? ($56,800 – $14,000] ? [25% ? ($114,650 – 56,800] ? [28% (130,000 – 114,650)] ? $1,400 ? [15% ? $42,800] ? [25% ? $57,850] ? [28% ? 15,350] ? $1,400 ? $6,420 ? $14,462. 50 ? $4,298 ? $ 26,580. 50 Tax on Zell’s income of $65,000. Looking at the joint tax return rate, we find ? ($10% ? $14,000) ? [$15% ? ($56,800 – $14,000)] ? [25% ? ($65,000 – $56,800)] ? $1,400 ? [15% ? $42,800] ? [25% ? $8,200] ? $1,400 ? $6,420 ? $2,050 ? 9,870. (b)Allan makes twice as much as Zell. Ratio of Allen’s total tax to income is ($26,580. 50/130,000) ? 20. 45% Ratio of Zell’s total tax to income is ($9,870450/65,000) $ ? 15. 18% Hence higher income earners pay a higher proportional of their income as tax. 3. (a)$50,000. 00/$50. 00 ? 1,000 shares of stock. (b)1,000 shares ? $2. 00 ? $2,000. 00 per year before tax. $2,000. 00 ? 0. 85 ? $1,700. 00 after tax. (c)($1,700. 00 ? 10) ? $50,000. 00 ? $67,000. 00. (d)$50,000. 00 ? 0. 05 ? $2,500. 00 per year before tax. $2,500. 00 ? 0. 67 ? $1,675. 00 after tax. (e)($1,675. 0 ? 10) ? $50,000. 00 ? $66,750. 00. (f)They should purchase the stock. Even though the annual interest from the bonds is more than the dividend income from the stock, after taxes the Pangs will have more money from the dividend income than from the interest income. 4. Cash FlowAmountRateTax (a)Interest$1,00028%$280 (b)Dividends$3,00015%$450 (c)LT Cap Gains$2,00015%$300 (d)ST Cap Gains$2,00028%$560 Solutions to Case Pro blems Case 1. 1? Investments or Golf? This case illustrates the many facets of the investment process; it involves much more than common stock.The authors recognize the value of physical education and emphasize the importance of sports, but a course in investments offers the student a lifetime of financial benefits. Thus, our arguments for selecting the investments course should not be interpreted as a negative statement on physical education, but rather as a positive discussion of the merits of investments. (a)The term investments refers to the process of identifying, evaluating, selecting, and monitoring the placement of funds with a view of preserving or increasing value and/or earning a positive return. Judd has simply identified one investment vehicle stock). He will not know how to evaluate other vehicles, select investments, or monitor them without a course in investments. In addition to looking at his own investments, a course in investing will give Judd a new perspective on the role of investments in the economy. He will learn that as an investor, he is actually supplying funds to government and business which will enable the continued strength and growth of the general economy. (b)Clearly, Judd has ignored short term securities, bonds, options, commodities and financial futures, mutual funds, real estate, tangibles, tax shelters, and limited partnerships.Each one of these vehicles offers another risk reward relationship that may meet certain unique investment requirements that cannot be met by common stock alone. (c)Judd does not have the knowledge needed to carry out the investment process described in question 2. Knowing about common stocks is not the same as understanding investments. There is no reason whatsoever to assume that common stock is the best investment available to Judd. Besides, the investment decision has to be compatible with his goals. Since Judd is just starting his career, in all probability he will not want to choose risky inves tments.Stocks are far riskier than, say, an investment in CDs. There are other considerations too. Does Judd have plans for the future when he will need the money? If so, is it a short term or a long term need? Answers to these questions will help determine whether he should make short term or long term investments. In summary, to gain an understanding of the investment decision and management process, Judd should pass up the golf course in favor of the investments course. Case 1. 2? Preparing Carolyn Bowen’s Investment Plan This case allows students to evaluate a proposed investment plan aimed at achieving certain retirement goals. a)The amount currently available to Carolyn includes $60,000 from the proceeds of the life insurance and $37,500 from her savings account, or a total of $97,500. At 6 percent compounded annually, her money will be worth: If she retires at age 62 (7-year investment): $97,500 1. 504 $146,640 ? $112,500 (house) ? $259,140 If she retires at age 65 ( 10-year investment): $97,500 ? 1. 791 $174,622. 50 ? $127,500 (house) ? $302,122. 50 (The future-value interest factors can be found in Appendix B, Table B. 1. ) (b)Value of Carolyn’s assets at 62 ? value of savings account ? alue of house: $146,640 ? $112,500 ? $259,140 Similarly, value of assets at 65 ? $174,622. 50 ? $127,500 ? $302,122. 50 Carolyn’s annual income at age 62 would be $259,140/12. 659 ? $20,470. 81 Carolyn’s annual income at age 65 would be $302,122. 50/11. 118 ? $27,174. 17 (c) Annual Retirement Income Age 62 RetirementAge 65 Retirement Annual S. S. & Pension Fund Benefits$16,308. 00$20,256. 00 ?Annuity Income20,470. 8127,174. 17 Total Annual Retirement Income$36,778. 81$47,430. 17 (d)Carolyn needs $45,000 per year (before taxes) of retirement income.Without considering the change in her tax status upon retirement, she will not satisfy this goal if she retires at age 62. At age 65 she meets her requirement. The nature of tax legislation and t he reduction in Carolyn’s tax liability upon retirement may make retirement at age 65 viable. (e)Carolyn’s plan is extremely conservative and low risk. The returns from the plan are very secure and probably assured. Carolyn can be confident that the accumulated worth of her investments will be available to her at retirement. Her plan to retire at age 65 meets her retirement -income goal. Carolyn’s plan offers low risk and low return..Through only a slight increase in risk, she might improve her return on investment and have more â€Å"cushion† to allow for inflation and unexpected expenditures. Carolyn could purchase highly rated bond, CDs, and other blue chip security investments. In this manner, her risk aversion would be satisfied, and she would earn a higher return on her investments. This should permit more likely achievement of her retirement-income objectives. Therefore, with very little increase in risk, Carolyn could invest her funds in vehicles that will increase the probability that she will meet or surpass her requirement of an annual retirement income of $45,000.

History of African American Music Essay

The history of African American music has been characterized by a mixture among various forms of music. Country blues, urban blues, New Orleans Jazz, Bebop, big-band jazz, and rhythm and blues, have all influenced each other profoundly. These influences flowed back and forth among the various forms. But, black gospel music had only a very limited effect on popular styles, until a few church-trained artists, such as Sam Cooke and Ray Charles, began to incorporate gospel styling into their popular work. The result is usually described as â€Å"soul music,† a mix of blues, rhythm and blues, and gospel voices. But, if Ray Charles was one of the â€Å"originators† of soul music, â€Å"Aretha Franklin reshaped it,† by bringing even more of her gospel background to bear on secular love songs (Wade and Picardie 27). By combining popular elements with her stunning voice, her great musicianship, and the feeling for a song that she learned in church, Aretha became one of the greatest soul singers to ever live. Aretha Franklin is a well-known pop, R&B, and gospel singer. She has been nicknamed â€Å"The Queen of Soul† and is an internationally known artist and a symbol of pride in the African American community. Her popularity soared in 1967 when she released an album containing songs â€Å"I Never Loved a Man†, â€Å"Respect†, and â€Å"Baby I Love You. † Throughout her career she has achieved fifteen Grammy Awards, Lifetime Achievement Award, National Academy of Recording Arts and Sciences Legend Awards, and many Grammy Hall of Fame Awards. In 1987 she became the first woman inducted into the Rock & Roll Hall of Fame. Time magazine chose her as one of the most influential artists and entertainers of the 20th century. She sang at Dr. Martin Luther King’s funeral and at former President Bill Clinton’s inaugural party. Although she has all these accomplishments and awards there are other reasons that have driven Franklin to fame and landed her on the front cover of Time magazine on June 28, 1968. The reasons I believe allowed Aretha Franklin to become so successful are the following: Her family’s involvement with religion, the inspiring people that surrounded her, and the pain she suffered. It is clear that because her family’s involvement with religion would be one reason why Aretha Franklin became as famous as a Gospel singer. Some people would say that her love for religion is unbelievable, but after researching her childhood it is very believable. Her father, Reverend Clarence LaVaugh Franklin lived in Shelby Mississippi and preached while living the life of a sharecropper. As soon as he had enough money, he would move to Memphis, Tennessee to become a pastor of two churches. After a couple of years he attended LeMoyne College, and he studied Education and English Literature. With his education he was able to bring a more liberal view to his preaching’s. Then he moved the family to Buffalo, New York. When he had the resources, he moved the family again to Detroit, Michigan were he settled and became a pastor of a churched called New Bethel Baptist Church. He quickly became one of the most famous pastors in the city of Detroit. Aretha was two years old when they made their final move, she would grow up here and grab the emotion of Church and incorporate it into her music. Aretha Franklin’s mom, Barbara V. Skaggers, served as choir director and pianist. Aretha describes her mom as â€Å"a Superb singer, her voice was clear and distinctive†. (Franklin and Ritz, 6) Her parents taught her how to sing with great pride. This was a big issue because the late ‘50s, early ‘60s was a time of turmoil for African Americans. Her father especially tried to instill pride into her. He was a Civil Rights activist and he was a close colleague with Dr. Martin Luther King. With her parents keeping her involved in Church she was bound to become one of the world’s greatest singers. At around age 12, the father recognized Aretha’s talent as a singer. So he took her on the road with his traveling gospel show. This was important because it shows the kind of support Aretha received from her family. It was said, â€Å"She was a spellbinding performer at the age of fourteen. † (Franklin, 3) So her family really supported and inspired her to become a gospel singer. What also made her a great artist was that she had inspiring people all around her. Aretha grew up in Detroit which at the time was a rousing city or a city of hope for the African Americans running away from the brutality of the South. Though Detroit still had its problems such as race riots, many famous musicians grew up there. Also since New Bethel Baptist Church was so prominent, many musicians and political leaders used Reverend Franklin’s pulpit as a platform to sing or speak to the Black’s of Detroit. Aretha was introduced to classical music by Smokey Robinson’s sister Sylvia Burston. She listened to well known local DJ’s like Ruth Brown and Senator Brystal Brown. When Aretha was younger, she would ride her bike to the local park, and on her way home she would stop by a night club where you could here B. B. King perform. She says, â€Å"You could hear the soft sound of his guitar all the way to the sidewalk (Franklin and Ritz, 22). National and local political leaders would give there speeches. Speakers such as Dr. Adam Clayton Powell, Sr. , Dr. Martin Luther King, and Reverend Jesse Jackson would speak powerfully to the church. Aretha was directly influenced by Miriam Anderson, Sammy Davis, and Roy Wilkins. Detroit was overflowing with talent and speakers which I believe also contributed to Aretha’s success. Pain was probably what really drove Aretha Franklin’s success. As stated before, Franklin’s family was highly religious and was continually involved in the Church. But that doesn’t mean that she hadn’t been through a tremendous amount of pain. Early in life her mother and father got a divorce. The father was better suitable to raise Aretha and her four Siblings. The mother moved to Buffalo, New York and tried to make regular visits to see her children. She was supported her children in the best way she could, but when Aretha needed her, she still was not reachable. Matters became worst a few years later when Aretha’s mom dies of a stroke. Aretha described her mom by saying â€Å"she was the absolute lady† (Smith, 3). At age 15 she had her first child and two years later another would come. But Aretha still wanted to go out and be with friends, so her grandmother usually babysat for her periodically. In a time when Black Activism, Feminism, and Sexual Liberation were high, she needed to provide for herself. So when Aretha was old enough and was ready to start performing, she hired a man named Ted White to be her manager. He later became her husband. In the future she would divorce him for a famous actor which would end in divorce, too. Even though in 1968 to 1969, Franklin’s career was rising rapidly. She was still described by her Producer Jerry Wexler as â€Å"a person whose depressions runs deeper than the sea† (Ritchie Unterberger, 3). Then one of Franklin’s highest admirers, gospel giant Mahalia Jackson died. Right after her death a extremely emotional gospel album was released my Aretha â€Å"Amazing Grace† This record was considered to be one of the most emotional records of its time. Much of the pain that Aretha suffered was not really publicized, but still it had to be one of the reasons for her to have such a powerful voice. Aretha Franklin was a successful artist and still inspires musicians today. Her voice is still described as incredible. She has all the awards that she needs to show her talent. Works cited Franklin, Aretha, and David Ritz. Aretha: From These Roots. New York: Villard, 1999. Print. Carroll, Jillian. Aretha Franklin. Chicago: Raintree, 2004. Print.

Push and pull factors in Syrian migration Assignment - 3

Push and pull factors in Syrian migration - Assignment Example When the war started in Syria, it was a matter of a few bombings which shook the Syrian households. Many of them decided to move away from the neighborhood and come back once the crisis situation is covered (Semple, 2014). However, situations worsened to the degree that many of these people who had only left home for a few days, had to flee the country in order to sustain their families. The United Nations has been undertaking massive rehabilitation programs to ensure that the refugees in the camp are resettled in other countries. Many Syrian families are settled in United States and have been looking to resume normal life. But is it all that easy? Governments may crash and powers might be taken away, but what affects the life of common people the most is the loss of one’s own family, homes, and stability in life. One of the greatest influencers in a person’s life is the education that he receives during childhood and teenage times. Children of such migrant families and those who have stayed back in Syria have not been able to attend a full fledged school for quite some time now. This crash of education system further gives them more reason to migrate to other countries, where at least through education, they will be able to revive their lives and take care of their families. In a study that concentrated on tracing the lives of Syrian families which had been forced to migrate, it was found that the refugees were mostly legal, but there were many sections of them who had migrated illegally and were stuck in the middle of nowhere. According to the survey, it was found that the number of illegal immigrants trying to migrate to Europe had steadily risen over the years, while there was a sharp rise in their number in 2013 (Stevis, 2014). If the world order has to take control of its unfortunate members, then it is high t8ime the major moves were

Italian Drama during the Medieval Period Essay Example | Topics and Well Written Essays - 1000 words

Italian Drama during the Medieval Period - Essay Example The medieval drama initially came into being as an incident of service on certain special days and occasions of the ecclesiastical year in an illustrative manner. Until it grew strong, medieval drama was confined to the interior walls of the church (Theatre History.com). But once it grew strong and started gaining fame, the medieval drama lasted for very long with religious intent. Almost throughout the entire continent of Europe, the history of the medieval drama is more or less the same. "The religious drama of England is very like that of France (from which, indeed, it is in some measure derived), just as the religious drama of Italy is like that of Spain, although neither of these had any appreciable influence on the other (Theatre History.com)." For instance, if a miracle play is considered the same native treatment is given for life as it is given in a mystery. Even the story construction is equally panoramic in both kinds of plays. In addition to these, even the mixture of the comedy incidents, apparent irreverence and also the circumstances of the performances are also one and the same in both kinds of plays.â€Å"The middle ages had an appetite for allegory quite as vigorous as the liking for legend; and after the saintly biographies had been set on the stage as miracle-plays, allegory was also cast into dialogue, and thus we have the moral-plays (Tebyan.net).† The morality was considered as a medieval forerunner of today’s modern novel and can be defined as an attempt for the modernization of a sermon whereas a mystery is a simple dramatization of plain and simple text. During the medieval period people never used to make a distinction between two different kinds of plays. People in the medieval period were not trained enough to make a distinction between the "canonical books and the Apocrypha, or even between the Scriptures and the legends of the saints (Tebyan.net)". Towards the end of the seventeenth century and during the early eighteenth century, improvised comedy which is named as commedia dell' arte began to decline. Despite this decline, the various characters which were represented by different types of masks and other situations of conventional comic still had a pace and a place on stage. The major reason for this decline in the fame of the Italian comedy was because of the then popularizing yet preposterous entertainments along with the new art of opera (Theatre Database). It was a person name Carlo Goldoni, who brought back life to the then declining comedy in Italy. He was born in the year 1707 and was a native of the city of Venice. Almost all of his writings are depicted with liveliness which describes all of the comedians who were born in Italy with a light-hearted temperament that too in a remarkable and respectable manner. Though his first attempt of a melodrama named Amalasunta was not very successful, his second attempt was quite successful. Carlo Goldoni is credited with one hundred and sixty comedies. Out of these, twenty works were in prose and the rest were prose. The prose penned by him was either Venetian dialect or in

BHS 400 STRESS MANAGEMENT (Module 4-SLP) Essay Example | Topics and Well Written Essays - 500 words

BHS 400 STRESS MANAGEMENT (Module 4-SLP) - Essay Example This article emphasizes the importance of stress management program to help students maintain comfortable and productive levels of daily stress. It explains Stress Relief Packs, Web-based Relaxation Exercises, Stress Management Peers, Educational Materials, Outreach Programs etc for stress management This article explains the importance of life style, fun and relaxation in stress management strategies. In some cases the best way to cope with stress is to accept things as they are, the article suggests. The article argues that if you can’t change the stressor, change yourself in order to tackle stress effectively. This article defines stress, explains the cause of stress and also possible precautions and treatment to stay away from stress. The author argues that excess usage of Caffeine, lack of Exercise, Relaxation/Meditation, Sleep, Time-outs and Leisure, Realistic Expectations etc are the main causes of stress. The author believes that learning of how to turn off the alarm system through various relaxation methods and how to not turn it on inadvertently in the first place can relieve stress immensely. This article explains Deep breathing, Muscular relaxation, and Visualization techniques to reduce stress. This article explains the assessment of stress, and also stress management program for an individual. Reduction of negative thoughts, Planning of some fun Refocus the negative into the positive Take a break, Think positively etc can be useful in managing stress as per this

Setting up a business in China Essay Example | Topics and Well Written Essays - 2500 words

Setting up a business in China - Essay Example This research will begin with the Chinese business culture. Chinese people perform a different form of business and culture as compared to the rest of the world especially the West. However, with the uniqueness of the Chinese history and background, China always has a special culture of business and etiquette. A simple business culture can mess a working relationship that was doing well. Conflict of culture between Chinese and another culture may cut short a working business relationship. Chinese businesses are usually based on being referred by another business associate; could be in the same business or in another business field. However, a strong recommendation from such an associate is required to win favour of clients and get good deals.Chinese business starts on a social plate and continues along the same line unless something happens that may break relationship between parties involved leading to business termination. Unlike Western culture where business is profession based, Chinese business is more of a social affair than a professional one. This is essential to help attract more clients and win hearts of many people in business. It helps maintain one’s clients in business socially rather than professionally and this increases business returns. The more one goes social in business in China, the higher the returns. Getting personal in business and sharing one’s personal life acts as an incentive to business partners. Business partners usually take this as getting close to them and this may be their interest even before they do their business with the party involved. It is therefore imperative to get personal and avoid too much of being professional as this will guarantee high returns within a short period of business. Spending time in sharing personal life in business attracts business associates from China. Personal life may include political views, hobbies, and family life among others. Protocol and priority are vital in business in Chin a. Protocol and priority comes in when dealing with people of different ranks. Recognition is of essence to show these individuals that one recognizes their rank. Address people with their correct designation, for example, Director, Doctor, Professor, and Chairman. This will make the parties see that their rank in whatever field they are in is highly recognized even in business. Giving business cards during business meetings indicates that one is serious in doing business. A business card should face the recipient. Such a card should have one side translated to make it easy for the Chinese party to understand what one is selling to them or buying from them. It is important to mention one’s company and the rank one holds before business gets underway. Business in China pays much attention to respect. Parties are supposed to display respect to each other according to rank. It may not be easy to excel in business in China without understanding that respect is tantamount to busin ess success. It is necessary to establish contact with a client one is dealing with so as to get as much referrals as possible from that client as business progresses. One should act as an interpreter to himself to make it easy to identify with Chinese as they like business where they understand what they are dealing in. It is vital to explain legal aspects of the business one is handling to be sure of the legal implications when doing any kind of

Etymology Essay Example | Topics and Well Written Essays - 750 words

Etymology - Essay Example The word telephone dates back to the 18th century when it was developed. The word telephone is the combination of different traditional languages. It is derived from the old language of Greek. The word telephone is made by combining two different words. These two words are tele and phone. The word tele in Greek means 'far away' and the word phone means 'voice or sound'. Both these words combine to give the word telephone which was designed to transmit the voice of individuals to far away places. The roots of the word 'telephone' are yet not specifically known. Even though it is assumed that French was the language which gave birth to the word of 'telephone'. Firstly the word 'telephone' was used for a gadget which produced sound waves. The gadget produced different frequencies of sound waves. This device was made by Sudre in 1828. The word telephone was initially used for this gadget but later on was used on for another device. This device was used in different ships to signal the ot her ships of their location. This instrument is also known as a signaling device in English. Telephone was the word given to this device as again the signals being transmitted by the ships were a way of communication between the ships. Similarly after a certain span of years a communication gadget was predicted by P. Reis in 1861. This communication tool was predicted to have the name of 'telephone' by P. Reis. In 1877 Graham Bell made his famous invention of a gadget through which people could transmit their voices. This gadget was later on named 'telephone' by Graham Bell himself in 1876. This word got its level of a verb in 1878. The verb 'telephone' means 'to speak to someone by the use of telephone'. The word telephone can be defined as a gadget which is used to have telephonic conversations. It can be further divided into a verb a noun and an adjective. The verb of the word 'telephone' means to telephone a friend i.e. a particular action of calling a friend. When we analyze a word from etymological concept we need to know search out the origin of the word. As we use the word "Book", from an etymological point of view, book was used as "* bc" -"in Old English. bc" is adopted from Germanic word "*bk-", which means "beech tree." In the same way, the old English form of book, i.e. bc has Germanic origin, *bk-, "written document, book." 'Book' and 'beech' are twigs of the same tree. Both words have Germanic origin, which is *bk-, which means 'beech tree' from an Indo-European perspective. The meaning of book hence can be said as beech tree and it is because of the fact that people of Germany, in early ages, used to write on the stripes of beech tree. The same origins of 'book' are found in Latin. 'Liber' is the word for 'book' in Latin. 'Liber' meant 'bark', that is the smooth inner bark of a tree. Early Romans used to write and state on the bark of a tree and hence Liber was used to identify the thing we call "Book" in English these days. Book refers to a number of papers printed, written, and blank or with images combined together usually fastened or hinged at one side. Every paper of the book is known as a leaf and every side of the leaf is called a page. Books are meant to convey some idea or information. There are many kinds of books including, story books, novels, magazines, journals etc. Books are available at the bookshops and libraries. People can purchase books

Organisation Theory Assignment Example | Topics and Well Written Essays - 2000 words

Organisation Theory - Assignment Example Nothing could be farther from the truth, because organizations are diverse in the goals they set for themselves, the way they are structured, the activities they undertake and their strategies to pursue their goals (Daft & Marcic, 2013). Organizations include the Catholic Church as well as the Yakuza, the Chicago Bears and the International Paralympic Committee, the Salvation Army and Apple, Inc., Mensa International and the Miss Universe Organization. The wide spectrum of organizations appears to defy any attempt to define what unifies them, let alone shape a coherent and cohesive Organization Theory. The issue to be addressed in this discussion deals on the advantages and disadvantages of a multi-perspective approach to understanding organizations. Adopting a widely diversified approach that seeks to include all organizations may defeat the purpose of creating a definitive framework due to overbreadth, to the point that nearly all organizations may be excluded from some aspect of t he theory. ... d and described according to its tangible aspects (organizational structure, asset size, principal operations, number of employees, place of operations), and intangible aspects (management style, type of leadership, organizational culture, strategic approach). Increasingly, organizations are being viewed in terms of theoretical pluralisms because of the growing awareness of their increasing complexity. Astley & Van de Ven (1983) propose a metatheoretical taxonomy of the major schools of thought in organization and management theories is presented in the table in the Appendix. There are two dimensions according to which the divergent views were classified: the level of organizational analysis (from the micro to the macro), and the orientation of the analysis (from deterministic to voluntaristic). The matrix created is comprised of four quadrants: System-Structural View (Q1), Strategic Choice View (Q2), Natural Selection View (Q3), and Collective-Action View (Q4). The System-Structural View (also known as Structural-Functionalist Perspective) addresses the micro-level (i.e., individual organizations) with a deterministic orientation. Determinism means that organizational behaviour is perceived to be shaped by a system of impersonal mechanisms that impose external constraints on the members of the organization. The structure of the organization creates roles and positions that function as hierarchical instruments in achieving organizational goals and creating stability in the system (Stolley, 2005). Included in this category are the systems theory of organization, the theory of structural functionalism, and contingency theory. The behaviour elicited is constrained and adaptive, and management role is reactive. The Strategic Choice View differs from the System-Structural

Corrections Trend Evaluation Essay Example for Free

Corrections Trend Evaluation Essay This paper explains the many trends in the public and institutional criminal justice system. These trends, starting from the past, push the research into the present and future with the implementation of continuing trends and perspective ideations to aid in the progress and advancement of criminal procedures. This paper starts with the history of community and commercial criminal justice and attaches the proceedings to the present-day standing. This paper also shows an idealistic and theoretical analogy of how the criminal justice system may look in the future based on current trends. Past Trends Stories mentioning jails are throughout history even back to biblical times, however, America did not have an official penitentiary until 1790 at which time Philadelphia constructed the Walnut Street Jail. It was during this time that the root word of penitentiary took on its new form. Prisoners in early times were sent with the aim of the punishment in the form of penance, thus with any luck resulting in purity of personal reform. Inmates are kept in single cell units at all-times, even for meals. Recreation was not an option. In the rare event, that an inmate did leave the cell, a mask, or hood is required (Johnson Dobrzanska, 2005). The goal is to lead a monk style life, thus providing a Bible to all inmates is mandatory, and it is a hope that the offenders would spend their sentences preparing to live law-abiding lives as governed by Gods word, following their release. This type of containment for inmate is known as the separate system. On the flipside of the separate system is the congregate system, and the first notation of its use, is by the Auburn Prison (Johnson Dobrzanska, 2005). Prisoners still lived a life of confinement while in their cell, but with this system, they coexist with other inmates for work and meals. Although this is a change, inmates never speak a word and many recall the only sound coming from workshops within the prison and the marching of inmates (Johnson Dobrzanska, 2005). Present Trends Much has changed following the days when inmates donned masks or hoods just to walk down a corridor within prisons walls. Prior to the 1960s, both the public and the courts developed a hands off policy toward the conditions and practices within criminal facilities (Martin, Katsampes, 2007). The reasoning behind this was a notion that correctional administrators knew how to best control both inmates and correctional facilities. However, during the 1960s and the 1970s, while people outside were rallying for civil rights of different groups of people, inmates were inside prisons rallying for prisoners rights. At this point, the criminal justice system and treatment of inmates take a poignant turn in history. The decision of the courts allowed the trend to move from inmates living a monk style lifestyle to inmates who currently have access to courts, counsel, mail, more choices for reading material and libraries, medical care, food services, recreation, exercise, and due process. Because of this society now, sees correctional facilities were inmates coexist around other inmates, as well as seeing inmates legally counseling other inmates in their cases as well as appealing and representing themselves in court. We have TV crews going into facilities and providing the public with firsthand accounts of life within the jails. However with the changes come downfalls in the goals for incarceration. No longer is the goal one of penance, it has since changed to a goal of punishment. The focus is holding an offender accountable for illegal acts as well as a means to discourage offenders from committing future criminal acts, and with any luck discourage others in communities from following in the same tracks as current inmates. Because of this trend, the judicial systems as well as correctional facilities have increased to a level of concern. Another unfortunate outcome of the changing of times comes the changing of the importance behind rehabilitation. According to Martin, and Katsampes (2007), rehabilitation, and reintegration rank as secondary goals. Noted, especially for this theory are the jails, as they do not attempt to provide inmates with opportunities for self-help or change to deter future criminal behavior. Luckily, community-based corrections are stepping up to assist in the rehabilitation of offenders. Programs such as community-based centers are offering their assistance in reintegrating inmates back into society. These types of centers operate within a private sector and offer assistance in areas, such as returning to school for finding employment as well as enrolling the participants into classes such as cognitive self-changing classes, parenting classes as well as drug and alcohol programs. Another example of community-based corrections focuses on alleviating the overcrowding issues seen within the correctional facilities. These programs encompass opportunities such as bail supervision programs, community service orders, work-release centers, electronic monitoring, probation, or other alternative measure programs (John Howard Society of Alberta, 1998). Each of these community-based correctional programs poses significant benefits to alleviating the correctional facilities problem with them experiencing just too many inmates. The bail supervision programs release the offender to a member of the community, while that person is awaiting trial. This program not only holds the offender accountable for not screwing up while awaiting trial, it also holds someone else accountable for those peoples actions as well. Many times this takes place in the form of bail or following the release of an offender on recognizance also known as RoR. Community service is another fine example of the serving of punishment. This program allows offenders to give back to the community by means of working within the community. Many times community service takes place at a local store such as the Youth Ranch, other times it will be strictly with the city or county, doing things such as working at the local landfill, or cleaning court offices and other associated buildings. Offenders in this program, report at a scheduled time to the jail and receive their daily work assignment, form that point until the remainder of their day, they work under the supervision of the jail staff. Work release centers offer the opportunity for inmates to leave the facility to fulfill work schedules obtained prior to sentencing. Most inmates must pay a higher fee for this opportunity but can have someone approved by the facility to transport the inmate to and from work, however, the inmates are also subject to random checks by authorities to ensure they are accounted for at all times. Future Trends and Issues As time continues to evolve, the judicial system is bound to encounter the continuation of trends as society is beginning to see in both past and present times. It impossible for one to say what will or will not happen to the future correctional facilities, but through monitoring of the past, one can begin to see a devastating trend form. By removing the rehabilitation aspect and imposing the punishment aspect, the system continues to enable the cycle, thus bringing it to the point it is today. Research suggests that the trends both courts and facilities will face include that of continued prison growth as well as the potential for early release patterns (The Sentencing Project, n.d.). By the courts handing down sentences strictly for a punishment reason, they are enabling the continuation of a growth that already exceeds maximum capacity within the facilities. A suggestion to combat this scenario and alleviate the congestion within the facilities is to take advantage of the community-based programs available for offenders who do not pose a significant threat to themselves, or to society. The punishment aspect of the crime is satisfied by the courts and the chances of rehabilitation are greater in this case than they would be, compared to taking advantage of the smaller programs available while in jail. This scenario plays on with the second possible trend that if offenders are still sent to the correctional facilities, not only will the continuation of over crowdedness still be in place but also eventually something will have to take place to correct it. The something will have to include releasing certain inmates earlier than intended by the courts, thus risking the safety of not only others in society but also the released inmates, and increasing the possibility of recidivism. Conclusion This paper covers many trends in the public and institutional criminal justice system. These trends, starting from the past, push the research into the present and future with the implementation of continuing trends and perspective ideations to aid in the progress and advancement of criminal procedures. The first section of this paper covers the history of the commercial criminal justice and follows it up through the present-day. Finally, the paper details through logic how the criminal justice system may look in the future based on the current trends already set in motion. References John Howard Society of Alberta. (1998). Community Corrections. Retrieved from http://www.johnhoward.ab.ca/pub/C29.htm Johnson, R., Dobrzanska, A., and Palla, S. (2005). The American prison in historical perspective. Retrieved from http://www.jblearning.com/samples/0763729043/Chapter_02.pdf Martin, M., Katsampes, P. (2007). Sheriffs guide to effective jail operations. Retrieved from http://static.nicic.gov/Library/021925.pdf The Sentencing Project. (n.d.). U.S. prison population: Trends and implications. Retrieved from http://www.prisonpolicy.org/scans/sp/1044.pdf

Quality Life For Older People: Dementia

Quality Life For Older People: Dementia There is no mental disorder that is inevitable in old age. Older people describe their overall well-being as good. Hence there is such a thing as normal ageing in terms of mental (as well as physical) health. Nevertheless, as in all age groups, mental disorder is not uncommon in older people and there are some disorders that become more prevalent as age increases. Mental disorder in old age can be divided into two broad categories: à ¢Ã¢â€š ¬Ã‚ ¢ Organic disorders These are characterized by confusion, which may be acute (i.e. delirium) or chronic (i.e. dementia); à ¢Ã¢â€š ¬Ã‚ ¢ Functional disorders Such as depression, anxiety and panic; but also psychotic disorders, such as late-onset schizophrenia (formerly known as late paraphrenia) In addition, drug and alcohol misuse and dependence can (like many disorders) continue into old age, or emerge for the first time when the person is older. Similarly, it should not be forgotten that personality difficulties do not necessarily disappear with ageing. (Wolstenholme et al, 2002) Epidemiology The prevalence of mental disorder in elderly people depends on exactly which age group is examined and where they are living. In community surveys of all people aged over 65 years, approximately 5% are found to have severe organic brain disorders (mainly dementia) and a further 5% to have mild symptoms of forgetfulness. 2.5-5% will have depression severe enough to warrant treatment with a further 10% complaining of minor depressive/anxiety symptoms. Late onset schizophrenic illnesses are much less common, perhaps 0.5-1.0%. (Landau et al, 2008) If one looks at the very elderly (greater than 80 years) the rates of organic disorders, mainly dementia, are much increased, (e.g. 20%) whereas other diagnoses may occur less frequently in other words organic disorder is (as one might expect) a disorder associated with increasing age. In residents in local authority homes, hospitals or other institutional care, the rates for both organic and functional disorder (particularly depression) are much increased about 30% for each type. It is probable that mental disorder will have contributed to the person entering the institution, e.g. dementia making them unable to survive safely in their own home but the combination of losing ones home and familiar surroundings can also aggravate existing confusion and/or depression. (Landau et al, 2008) Ethics and Law The main ethical concern in older people relates to the issue of capacity. In some jurisdictions (e.g. Scotland) there are now laws around incapacity. Capacity legislation will appear shortly in England and Wales. Irrespective of the legislation, however, the need to maintain the older persons ability to make autonomous decisions is clearly of ethical importance. Autonomy can be undermined by both professionals and families for both benign and malignant reasons (Colin, 2008). The presumption should always be that the person has the capacity to make a particular decision. Judgements about capacity should always be made with respect to a specific ability: a person may not be able to drive, but may still be able to run his or her own finances. Having a particular capacity (or competence) means that the person can recall and understand the relevant information and that the person shows evidence of weighing up the information as he or she makes a decision (which need not be the decision t hat the person assessing capacity would have reached). (Colin, 2008) If the person lacks capacity, those involved must act in the persons best interests. These have to be understood broadly. The criteria for assessing a persons best interests should include: taking account of what the person has said or stipulated (e.g. on an advance directive or living will) in the past; taking account of what the person now says when enabled to participate in the decision; taking account of the views of all those other people involved in the persons welfare, insofar as this is practicable, especially as regards what they think the persons wishes would have been under the present circumstances if the person had been able to express his or her wishes; making sure that the least restrictive course of action is taken. There are particular procedures to be followed if the person lacks certain capacities. For instance, there is a variety of steps to be taken (involving the Court of Protection) when the person cannot manage his or her finances; and if the person lacks the capacity to drive, the requirements of confidentiality may be put aside in the interests of public safety. Having said this, however, the doctors duty is to be on the side of the patient and it is an affront to the persons standing as an autonomous individual if his or her abilities are undermined without due cause. The General Medical Council offers advice on such issues. (Van, 1996) The Aging Population The table (based on 1991 projections) shows the age structure of the UK population for the years 2001 to 2041. The increase in the proportion of elderly people is in the 75-84 year group (+39%) and more particularly in those 85+ years (+55%). Meanwhile, the numbers of younger people changing little. The vast majority of these older people live at the present time in their own homes, only 6% being in institutional care (residential homes or hospital). The over-85 group are predominantly women, the majority widowed and living alone. The very elderly group have high consultation rates with general practitioners, with many more home visits and occupy up to 50% of all NHS beds (medical, surgical and psychiatric). They are more likely to have complex combinations of physical, psychological and social difficulties, which require multidisciplinary assessment and treatment. (Birk and Harvey, 2006) Dementia About 5% of the general population over 65 years suffer from severe cognitive impairment with further 5% showing mild changes, which may progress with time. Dementia refers to a global impairment of mental function which follows a chronic and progressive course. The symptoms and signs have usually been present for at least 6 months (Birk and Harvey, 2006). The impairment of mental function is commonly associated with deterioration in emotional control, social behaviour, motivation and the ability to perform activities of daily living (ADLs). These non-cognitive features of dementia, which are often the most upsetting aspects for family carers and friends, tend now to be referred to as Behavioural and Psychological Symptoms in Dementia (BPSD). Dementia is related to progressive cerebral degeneration, which may be caused by a variety of pathological processes, such as Alzheimers disease, vascular dementia and dementia with Lewy bodies. Post mortem changes found in the brains of people with dementia suggest the following diagnoses (approximate figures): Alzheimers disease 50% Vascular dementia 15% Dementia with Lewy bodies 15% Mixed vascular/Alzheimers disease 15% Other causes 5% Alzheimers disease Alzheimers disease is characterised by a gradual insidious onset and progressive course, often beginning with memory failure before other cognitive functions (e.g. language, praxis) become affected. Non-cognitive features (depression, psychosis, wandering, aggression, incontinence) are common. Physical examination is often normal, as are routine blood investigations. (Farrer, 2001) Computerized tomography (CT) scans may be normal or show generalised atrophy and dilatation of ventricles. CT scans also play a role in excluding other possible causes of confusion (e.g. space-occupying lesions, haemorrhages). Angled CT scans afford better views of the medial temporal lobes, which can show marked atrophy. However, this is not specific for Alzheimers disease. Hippo-campal atrophy is also seen with magnetic resonance imaging (MRI) scanning. Single photon emission computerized tomography (SPECT) provides information on how the brain is functioning, usually by tracing blood flow using radio-labelled technetium. In Alzheimers disease SPECT scanning can show a generalized decrease in blood flow, or biparietal and bitemporal hypo-perfusion. However, the diagnosis must always be made on the basis of the overall clinical presentation rather than solely on the appearance of scans. (Farrer, 2001) Dementia with Lewy bodies Dementia with Lewy bodies is characterised by the triad of fluctuating cognitive impairment, recurrent visual hallucinations and spontaneous Parkinsonism, though not all occur in every patient. As with Alzheimers disease, onset is insidious and may begin with cognitive problems, Parkinsonism, or both. Cognitive impairment initially affects attentional and visuo-spatial function, with memory initially relatively spared. As with Alzheimers disease, non-cognitive features are common. Parkinsonism consists mainly of bradykinesia rather than tremor and, once again, routine blood investigations are normal. CT scan may be normal or show generalised atrophy and dilatation of ventricles, with less temporal lobe atrophy than in AD. Blood flow SPECT can show similar changes to those seen in Alzheimers disease, though DLB is more likely to be associated with occipital hypoperfusion than Alzheimers disease, a finding which may relate to the hallucinations and visuospatial disturbance. Parkinsonis m in DLB is associated with nigrostriatal degeneration, similar to that seen in Parkinsons disease. It is possible to image nigrostriatal degeneration using SPECT scanning with a ligand for the dopamine transporter (FP-CIT or DaTSCAN imaging) which can be helpful in assisting with the diagnosis of Parkinsons disease. In the future it is hoped such imaging methods may be helpful in diagnosing DLB as well. (Mo Ray, 2009) Vascular dementia In contrast, vascular dementia usually has an abrupt onset, often in association with a recognised stroke, and is associated with a fluctuating course, a stepwise decline and often reasonable insight at least in the early stages of illness. An exception to this course is subcortical vascular dementia, which may cause some 20% of all vascular dementia, when sudden onset and a stepwise course may not be seen. Patients will often have risk factors for vascular disease, for example high or low blood pressure, ischaemic heart disease or peripheral vascular disease, but also diabetes mellitus and hypercholesterolaemia. Physical examination is likely to reveal focal neurology and a CT scan would be expected to show evidence of cerebrovascular disease. (Mo Ray, 2009) Other dementias Other causes include rarer degenerative processes, e.g. Fronto-temporal dementia, Huntingtons disease, in addition to alcoholic dementia, tumours, haematoma, etc. In some cases no discernible pathology is found. (Mo Ray, 2009) Clinical assessment and management By careful history taking (usually from patient and informant) and examination of both physical (particularly neurological) and mental state, it is possible to predict the likely underlying pathology in most patients with dementia. No specific diagnostic tests are yet available, but clinical diagnosis may be usefully supported by structural brain imaging methods such as CT or MRI scanning and functional imaging techniques such as SPECT (Single Photon Emission Computer Tomography) scanning. It is important to develop methods of establishing the aetiology of dementia during lifetime (Eastwood and Reisberh, 1996): à ¢Ã¢â€š ¬Ã‚ ¢ To assist in predicting course of illness and determining prognosis. à ¢Ã¢â€š ¬Ã‚ ¢ To inform management decisions; for example specific treatments are becoming available for Alzheimers disease (cholinesterase inhibitors) and vascular dementia and it is necessary to know which patients should receive which treatment. Patients with dementia usually present either because of failure to cope or with disturbed behaviour occasionally with both. They often lack insight into their illness or, in the early stages, deny it. People with dementia require: à ¢Ã¢â€š ¬Ã‚ ¢ An assessment of the cause and severity of the dementia (cognitive impairment and behavioural abnormalities); à ¢Ã¢â€š ¬Ã‚ ¢ An assessment of deficits in function and the need for care (dependency); à ¢Ã¢â€š ¬Ã‚ ¢ An assessment of the persons social situation; à ¢Ã¢â€š ¬Ã‚ ¢ Provision of treatment and care appropriate to the identified needs; à ¢Ã¢â€š ¬Ã‚ ¢ Support for carers both practical and emotional; à ¢Ã¢â€š ¬Ã‚ ¢ Review of the above points is the treatment and care appropriate and beneficial? About 50% of cases of dementia have concurrent physical health problems. The burden of care produced by a physically sick patient with dementia is greater than that of a fit one; therefore, diseases should be sought and treated where appropriate. Dementia may also be complicated by: à ¢Ã¢â€š ¬Ã‚ ¢ Emotional liability à ¢Ã¢â€š ¬Ã‚ ¢ Depression à ¢Ã¢â€š ¬Ã‚ ¢ Psychotic features (i.e. delusions and hallucinations) à ¢Ã¢â€š ¬Ã‚ ¢ Behavioural disturbances (i.e., wandering, aggression, incontinence) These may be helped by pharmacotherapy, counselling and explanation and support to relatives. Such patients may respond either to antidepressants for liability and depression, or antipsychotic agents for psychotic features and some behavioural disturbances. Patients with dementia are often sensitive to side effects of psychotropic drugs and so it is important to begin therapy with very low doses of medication and monitor carefully for side-effects, particularly extra-pyramidal problems. In 2004, the two drugs Risperidone and Olanzapine were recommended not to be used for the control of agitation and disturbed behaviour in dementia because of the risk of stroke. The use of antipsychotic medication to control agitation and other difficult behaviours in moderate to severe dementia remains common but controversial. (Birk and Grimley, 2005) Memory Clinics The assessment of forgetfulness is often undertaken by memory clinics. These exist in a variety of forms (some being very clinically focused and others having a research basis). The aim is to provide thorough assessment (clinical history, with mental state, neuropsychological and physical examinations and appropriate investigations e.g. blood tests and neuro-imaging) in order to arrive at an accurate diagnosis. Some clinics then initiate and monitor the use of medication (e.g. the cholinesterase inhibitors for Alzheimers disease). Increasingly, memory clinics are seeing people with milder symptoms, many of whom will be anxious about the possibility of dementia. Some such patients will have other conditions, such as depression (i.e. pseudo-dementia) or other physical illnesses. (Seltzer et al, 2004) The diagnosis of mild cognitive impairment (MCI) is now sometimes made in people who present with forgetfulness but who do not satisfy the criteria for even a mild dementia (because, for instance, their everyday activities are not impaired). A proportion of people given the diagnosis of MCI will progress to develop dementia on followed-up. Identifying MCI may, therefore, open up the possibility of early treatment. But MCI is not uncontroversial, because some people given this label will show no such progression of symptoms and might be more properly regarded as normal. (Seltzer et al, 2004) Acute Confusion (Delirium) Elderly people seem particularly likely to develop confusion in response to a wide range of stimuli either physical insults or sudden social change. This presumably reflects the reduced ability of the aged brain to cope with such events, particularly if it is additionally damaged by a dementing process. An acute confusional episode may sometimes be the first evidence of an underlying dementia. Elderly patients with acute confusion are seen throughout medical practice, e.g. 20% of all acute medical ward admissions are found to be acutely confused. In elderly people apathy, under-activity and clouding of consciousness are more common presentations of delirium than the florid, overactive restless, hallucinating states usually described in relation to younger patients. Causes include (Birk et al, 2006): à ¢Ã¢â€š ¬Ã‚ ¢ Intercurrent physical ill-health à ¢Ã¢â€š ¬Ã‚ ¢Adverse reaction to a prescribed drug or drugs à ¢Ã¢â€š ¬Ã‚ ¢Catastrophic social situations, e.g. a move into residential care Acute confusion should be regarded as indicative of underlying disease and investigated medically. Untreated it has a 40% mortality rate. The clinical approach is to complete a full physical examination looking for evidence of infection, stoke, MI or other illness. A review of medication should focus on drugs started or stopped recently. Until the underlying cause is determined and treated, a small dose of an antipsychotic agent may reduce the severity of delirious episodes. (Birk et al, 2006) Functional Disorders Depression This is the most common psychiatric disorder found in old people (if milder cases are counted) and the second commonest single underlying cause for all GP consultations for people over 70. The majority of depressive syndromes are of mild to moderate severity. About one fifth of cases are severe and carry the risk of suicide especially in men, in those which fail to remit within 6 months of onset and in those who feel physically ill (hypochondriacal) especially if they have the delusional belief that they suffer from cancer. Depression in old age may be precipitated by adverse life circumstances: bereavement; loss of health; threat of bereavement or loss of health in a key figure. As with younger patients, those who suffer from depression may have vulnerable personalities (i.e. they may be anxious and obsessional by nature) or they may have no close confidantes (i.e. they may be socially isolated). More recently evidence has emerged suggesting that depression occurring for the first time in later life may be associated with subtle brain abnormalities, such as an increase in white matter lesions (detected on neuroimaging), which may reflect hidden or undetected cerebrovascular disease. (Rands et al, 2006) Depressive illness in old people shows a wide range of clinical presentations. The typical picture of low mood, anhedonia and vegetative disturbance of sleep and appetite seen in younger people may predominate. Some patients become apathetic, withdrawn and appear to lose their cognitive abilities (this is called depressive pseudo-dementia as cognitive impairment may be so marked as to mimic organic dementia). Others may present with a picture of severe agitation and restlessness, accompanied by delusions of ill health or poverty, e.g. that they are dying of a brain tumour, that their bowels have stopped working and are rotting inside them, or that they are unable to pay for their hospital treatments. The clinical approach with mild cases of depression is unlikely to involve the Old Age Psychiatry Service, since they will be treated by the Primary Health Care Team. Support and counselling may be supplemented by the use of antidepressants. More severe or persistent cases are likely to be referred for specialist assessment and treatment. The majority of cases respond as well to treatment as younger patients perhaps even better! Poor outcome is often the consequence of inadequate treatment. The older tricyclic antidepressants are often not well tolerated, postural hypotension, urinary and gastrointestinal side effects being prominent. (Rands et al, 2006) Dosage should be titrated to the maximum tolerated, starting doses generally being 1/3 1/2 of those for younger patients. Newer antidepressants such as SSRIs have a particular place in the treatment of the elderly. Delusional depressions require the addition of neuroleptics for unresponsive or severe depressions ECT is a safe and effective treatment. Lithium carbonate has a valuable place in prophylaxis of recurrent episodes and is also effective in potentiating or augmenting the antidepressant actions of tricyclics. Many elderly depressed patients have previous or current physical illness. Not only must this be taken into account during treatment (e.g. tricyclic antidepressants are usually avoided in a patient with ischaemic heart disease and, in patients with a high risk of bleeding, SSRIs should be used with caution), but also physical illness must be treated in its own right to maximise the patients chances of recovering from the depression. (Rands et al, 2006) Anxiety Disorders Anxiety disorders do occur in old people, about half of it persisting from early life and half coming on for the first time in response to the stresses of ageing. A common precipitant stress is that of failing physical health, e.g. developing an acute phobic state after a fall from a bus, leading to a fracture and a period of reduced mobility. Behavioural methods of treatment may be effective. Diffuse anxiety and loss of confidence, even if precipitated by an adverse event, may indicate an atypical form of depression. Such patients respond better to antidepressant, rather than anxiolytic, drugs. (Rands et al, 2006) Paranoid States It appears to be a normal feature of ageing that individuals become rather more inflexible in their attitudes and fearful of adverse influence by the outside world. Elderly people are often not only physically and financially disadvantaged, but they enjoy relatively low social status and are often the victims of attack or deception. It is, therefore, perhaps not surprising that persecutory ideas (which we tend to lump together as paranoid symptoms) often emerge. The main conditions in which paranoid persecutory symptoms occur are as follows (Corey-Bloom, 2000): Late onset schizophrenia/delusional disorder This was formerly known as paraphrenia. The typical subject is an elderly spinster, with sensory impairments (deafness or visual impairment), living alone and isolated. Her self-care skills are good and she is apparently normal apart from the possession of a complex delusional system in which she believes she is the victim of a conspiracy (usually to defraud her). She hears third person auditory hallucinations, may smell odours, which she interprets as poison gas pumped into her room and misinterprets chance occurrences as having special significance. This psychotic illness, similar to schizophrenia in younger life, responds to antipsychotic drugs if the patient can be persuaded to take them. The delusions, however, seldom completely disappear but instead become encapsulated: the patient is no longer bothered by them although he or she never gains full insight into their delusional nature. A depot injection given by a Community Psychiatric Nurse is often a useful vehicle which improv es compliance with medication and provides regular contact with the patient. (Corey-Bloom, 2000) Acute confusional state/delirium Paranoid symptoms are common during delirium, the patient misinterpreting events because of his/her altered level of consciousness. The management of these symptoms has already been described neuroleptic medication may help to reduce agitation and behavioural disturbances. Paranoid Reactions to Forgetfulness These usually occur in independent old people who explain their experience of forgetting where things have been placed by accusing others of stealing them. Objects stolen are usually everyday ones, e.g. cups, teapots, pension book, money or glasses. Stolen objects often are returned or reappear in the usual place. The most likely cause of forgetfulness and paranoid misinterpretation is, of course, a dementing process. Neuroleptic medication is seldom of benefit in these circumstances. (Corey-Bloom, 2000) Assessment Procedures Clinical diagnosis of dementia includes identifying the cause of the cognitive impairment, which may be a treatable non-dementing process, delirium, or depression (Rockwood et al., 2007). When an illness that is associated with dementia is identified, the severity and character of cognitive impairment is commonly assessed in conjunction with the degree of illness and the potential for other psychiatric disorders such as depression (APA, 2000). Diagnostic assessments include a review of the patients medical history, a physical exam, and evaluation of depression, delirium, and cognitive status (Beck, Cody, Souder, Zhang, Small, 2000). Physical assessment results may identify treatable physiological imbalances that affect cognition (Freter, Bergman, Gold, Chertkow, Clarfield, 1998). Referral to neurology, neuropsychiatry, or a geriatric specialist in dementia has been stated as an important element in diagnostic assessment (Beck et al., 2000). Other elements in the assessment process commonly include neuro-imaging that can support the findings of assessments, and over time, the progression of the disease (Van Der Flier et al., 2005). Studies have also indicated that research using electroencephalography (EEG) might be an inexpensive tool that could contribute to the differentiation of dementias. Another important set of tools for assessment of cognitive deficits is neuropsychological testing (Sano, 2007). Neuropsychological assessments include testing for deficits in cognitive abilities such as current intellectual functioning, orientation, attention, verbal and non-verbal memory, verbal fluency, naming of items, and executive functioning (Petersen Lantz, 2002). Neuropsychological testing has been suggested as providing a contribution to clinical data in diagnostic assessment for dementia, differentiating between different types of dementias, early detection of cognitive loss, and identifying potential interventions (Sano, 2007; Savla Palmer, 2005). The diagnosis of dementia, even with the use of diagnostic tools, remains primarily based on observational data and judgment of the combined clinical data. The process involved in dementia assessment and diagnosis can be overwhelming and has been reported as one reason for delaying diagnosis (Sternberg, Wolfson, Baumgarten, 2000). There is also evidence that suggests that differentiating between MCI that can precede AD, and memory loss that does not have emerging pathology, poses difficulty and hesitation in requests for formal assessment (Shah, Tangalos, Petersen, 2000). The literature also suggests that there is a strong need for individuals and families to bring their concerns forward to a physician for assessment as often the first indication that an older adult is experiencing cognitive problems occurs during a crisis situation (Boise, Neal, Kaye, 2004; Borson, Scanlan, Watanabe, Tu, Lessig, 2006). In AD, memory loss has been described as insidious and can include a period of concealment preceding diagnostic investigation related to a need to preserve feelings of self-worth, identity and control (Keady Gilliard, 1997, p. 245). A diagnosis of dementia coinciding with a health crisis (e.g., stroke leading to vascular dementia) or with a progressive neurological disease (e.g., Parkinsons disease) are reported more frequently because of a higher associated incidence and known relationship with these disorders (Lindsay, Hebert, Rockwood, 1997; Wientraub, Moberg, Duda, Katz, Stern, 2004). The most common impetus for diagnostic evaluation is a realization of memory problems by the individual, or their family and social contacts, or associated with upsetting behaviour in social situations. Thomas and OBrien (2002) described behavioural changes that have been reported in dementia categorized as psychotic symptoms or possible alterations in mood or motivation. Psychotic symptoms include delusional ideas and beliefs (e.g., believing that misplaced articles have been stolen), hallucinations (e.g., seeing and speaking to people who are not physically present in a room), and misidentification of individuals (e.g., mistaking a son for a husband). Subtle changes in mood or motivation that may initially go unaddressed but increase in level of concern include apathy (e.g., lethargy), agitation (e.g., wandering, repeated dressing and undressing), aggression (e.g., verbal and/or physical, or increasing frustration with common tasks), sleep disturbances (e.g., up during the night related to distortions in sleep cycles), changes in eating habits (e.g., progressing to dependency for awareness of meal times) and personality changes (e.g., depression or unsubstantiated suspiciousness of motives of family members). Dementia and depression have been reported as the two most common medical problems in older adults (Leplaire Buntinx, 1999). However, the ass ociation between depression and dementia severity has not been confirmed, and in some instances depression has been misdiagnosed as signalling cognitive impairment (Maynard, 2003). Diagnostic Procedures These are of primary importance and include both psychiatric and medical history-taking together with physical examination and mental state assessment (including cognitive examination). Investigative procedures, e.g. EEG, blood tests, CT, MRI or SPECT scans are used as necessary. There are now operational criteria or consensus statements for the diagnosis of the main types of dementia (e.g. Alzheimers, Lewy body, vascular and fronto-temporal dementias), as well as for functional disorders. Many of the investigative procedures used in old age psychiatry are aimed at excluding other conditions in order to satisfy accepted international diagnostic criteria (e.g. the International Classification of Diseases, Tenth Edition, and ICD-10). Thus, the diagnosis of Alzheimers disease requires that other systemic or brain disease[s] should be absent. This suggests the importance of blood tests (e.g. to exclude amongst other things vitamin B12 or folate deficiency) and brain scans (e.g. to rule out the possibility of tumours or haematomas). On the other hand, some diagnoses can be clinched by a particular finding on investigation (e.g. the finding on CT of multiple cerebral infarcts in a person whose history is in keeping with a diagnosis of vascular dementia). A functional scan, e.g. SPECT, might be a useful means to confirm a diagnosis of fronto-temporal dementia in someone where the anatomical scan (e.g. CT) only shows very mild frontal lobe atrophy. Such a scan might then be used to explain this bewildering and distressing condition to the family. Illnesses in old age are commonly multiple, so that patients often suffer from several disorders simultaneously. Investigations become important, therefore, in functional illnesses too, not only because certain conditions need to be excluded (e.g. hypothyroidism in depression), but also because other physical conditions might make some psychiatric symptoms worse, or might preclude the use of certain medications. For example, chronic obstructive pulmonary disease, if not optimally treated, might exacerbate anxiety and panic; or a bleeding disorder or ulcer might limit the use of SSRIs. Disorder of Function Diagnosis alone does not tell you how severely disabled someone is. Two people with the same condition may behave very differently, e.g. dementia due to Alzheimers disease may render one person unsafe for independent living, but simply slow the other one down in the time taken to complete the daily crossword. It is important therefore to assess the functional disability that an old person suffers from and decide whether it can be relieved. Occupational Therapists and Physiotherapists play an important part here, but the doctor needs to be aware of this aspect of illness when he/she is taking a history. No