Managing Risks in Oil and Gas Companies

Managing Risks in Oil and Gas Companies Introduction Oil and gas companies face a variety of risks in the process of their operations. Many occurrences that happen outside a company may have an effect on the firm and the financial decisions that it makes. Changes in interest rates, prices of oil, and exchange rates among others are likely to alter the financial decisions of a firm. It is therefore imperative for firms to ensure that no potential economic changes pose a threat to their business.Advertising We will write a custom dissertation sample on Managing Risks in Oil and Gas Companies specifically for you for only $16.05 $11/page Learn More According to Taylor and Kathleen (2013, p. 80), corporate financial managers are charged with the responsibility of ensuring that any past, current, and future fluctuations will not affect the economic standing of the firm. McShane and Anil (2011, p. 641) affirm that companies use various risk management tools known as derivatives to manage risks. The tool used should caution the firm from negative impacts of various risks that may happen in its environment. According to Smistad and Igor (2012, p. 46), in western Canada, oil companies apply future derivatives to buy certain goods or services at a price that is agreed upon today. Chanmeka et al. (2012, p. 259) argue that some companies make use of options where a firm gains the right to sell or buy certain goods or services at a certain price in the future. McShane and Anil (2011, 641) confirm that risk information is crucial to investors and the entrepreneurs themselves. The oil and gas industry is likely to face various risks. For example, political risks, geological risks, price risks, supply and demand risks, and cost risks amongst others. This paper will discuss risk management in various gas and oil companies presenting a detailed literature review of risks in general followed by a detailed discussion of the in the oil and gas firms. Risks The subject of risks is quite pivotal w hen it comes to the running of various organisations. Companies need to be aware of the possible or rather potential risks that they are likely to encounter in a bid to develop mechanisms of mitigating them in real time once they occur to ensure continued operation rather than untimely closure of such firms due to their failure to take the necessary precautionary measures. Various risks are likely to affect different investments. Such risks include political risks, price fluctuations, and changes in supply and demand, natural calamities, geological risks, economic recessions, and government control risks amongst others. Entrepreneurship is a risky undertaking and every entrepreneur has to risk some of these factors and get into business.Advertising Looking for dissertation on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Taylor and Kathleen (2013, p. 83), in the world of business, general risks af fect literary every company in business though at varying intensities. Risks have various implications on business depending on the level of their impacts and predisposition of a particular business on them. In some instances, risks may lead to complete loss of business. For example, if a business is exposed to fire and explosives risks, it can be completely wiped out in case of an accident. However, McShane and Anil (2011, p. 641) affirm that some of the risks affect all businesses in their every day affairs, for example supply and demand risk, price risks, and government regulations. Businesses have little or no control on some risks such as natural calamity risks, for instance earthquakes and floods. Nevertheless, it is important for a business to devise ways and methods of detecting, assessing, and mitigating the risks. Oil and Gas Companies Oil and gas companies provide a working illustration of the subject of risks that is under scrutiny based on the various risks they encount er in their everyday business affairs. From the point of extracting oil and gas, processing it into finished products to transportation, warehousing, and retailing, the whole business is a risk. These companies encounter various types of risks in their line of business. Chanmeka et al. (2012, p. 259) assert that risks affect almost every firm in business and are likely to affect the oil and gas industry more than any other firm. According to Helman (2013, p. 62), the oil and gas industry faces tight regulations on how to conduct its business. Such regulations include rules on how oil and gas are extracted from the source, regulations on where they can be extracted and where extraction cannot be done, and regulations of the period in which extraction of oil and gas can be done. The government has the upper hand in such regulations since oil business is lucrative. In fact, the political wrangles that affect most countries that have oil and gas resources revolve around the control of o il wells by the government. Countries such as Sudan and Southern Sudan have been in conflict due to control of oil wells.Advertising We will write a custom dissertation sample on Managing Risks in Oil and Gas Companies specifically for you for only $16.05 $11/page Learn More Such political wrangles have also been witnessed in Kuwait and Nigeria. Whenever there are political wrangles in the control of oil and gas, the companies that invest in such nations face higher economic and political risks. Haselip and Martà ­nez (2011, p. 1) argue that politics of regionalism, equitable distribution of national resources, and resource distribution also affect oil and gas regulation. In some cases, the laws governing extraction, processing, and distribution of oil and gases in different states may vary. Antonsen, Kari, and Jarl (2012, 2001) reveal that it is more risky to carryout oil and gas business in dependence on foreign deposits without standardisation. In the o il and gas industry, some companies that show interest are likely to invest in any part of the world where the oil and gas field has a sheer disregard of the political climate of the country. According to Helman (2013, p. 63), if the host country nationalises the industry, foreign investors are likely to suffer loss. Politics of that kind of nation may also change to favour certain investors or category of investors where the foreign investor may not be considered. Antonsen, Kari, and Jarl (2012, p. 2001) argue that some economies will attract investors to begin the process of extraction. Nevertheless, once the process of extraction is complete and the oil and business industry becomes lucrative, politicians, activists, and government officials enact laws to enable the government to leap more from the industry. An investor who puts his or her resources in such an industry is therefore likely to suffer loss. Political risk in oil industry is a major threat to the stability of the sec tor. It is even more risky to invest in the oil and gas industry in some developing countries. In some of the developing countries with plenty of oil and gas such as Libya and Sudan in Africa, the countries are under poor political leadership thus posing a great risk to investors in the industry. Whenever there is a political turmoil in various nations, oil tankers are targeted due to the high flammability of oil. In addition, Dumaine (2013, p. 102) affirms that oil and gas industries demand tight security and surveillance even in small quantities such as in China. It would therefore mean that, when there is political instability in a county, the rate of insecurity goes down. Consequently, the risk on the industry goes up.Advertising Looking for dissertation on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Wilkinson and Roland (2013, p. 118) assert that the process of gas and oil exploitation has also become very risky especially with the current dynamics. For instance, drilling of oil is happening in very dangerous environments such as oceans. Extraction in such areas increases the risks that oil and gas industries have to incur in the process of extraction, refining, distribution, and marketing. Smistad and Igor (2011, p. 91) affirm that there has also been an increase in the level of unconventional methods of oil and gas extraction. Out of such unconventional methods of mining, some potential oil and gas mines have been poorly exploited or destroyed. In fact, some of these procedures have been used to extract oil and gas in places where it would have proved impracticable. According to Smistad and Igor (2012, p. 46), gas and oil extraction companies involve themselves in great risks by investing a lot of finances and other resources in extraction. Some companies have incurred much c ost in the process of extracting gas and oil only to find minimal deposits than they had estimated. It is therefore risky ventures for a company to be sure that geologists and rock experts have enough evidence of the presence of oil or gas in a certain area. According to Smistad and Igor (2011, p. 91), it is also risky for the extraction company to hire specialists such as geologists in oil in the process of investigating the presence oil or gas in a certain field and then fail to realise the targeted amount of oil or gas. Oil and gas extraction, processing, marketing, and distribution constitute a business that aims at obtaining profits. The prices in the oil and gas markets must therefore be able to sustain the industry in a profitable way. Fluctuation in oil and market prices is a risk factor to the industry. No one can predict what the prices of oil or gas will be when the process of extraction will be completed. Mehemed, Kamal, Kieran, and Kong (2012, p. 201) argue that compani es in this industry therefore undertake a risk in extracting and purifying the gas without clear future market prices for their products. In several instances, oil and gas extraction companies have undergone the whole process of geological tests and drilling despite their ending up without the projected product. In such cases, unless the gas and oil extraction company is insured, it suffers a big loss. The nature of oil and gas market has been fluctuating over the years. According to Chen and Jevons (1993, p. 667), fluctuation of oil and gas prices poses a great risk to the stakeholders in the industry. Supply and demand issue is a limitation to the oil and gas industry. Venturing into oil and gas industry involves investing huge capital. The operations involved in extracting oil and gas are very expensive and extraction companies have to invest in the process. However, such companies may not be aware of the trend that prices of gas and oil will take in the future. Wood (2011, p. 11 3) affirms that demand and supply keep on changing. When the supply of gas in the world market goes high, the prices go down thus increasing the risk of incurring heavy losses. Oil and gas industry also experiences imbalances when prices of oil go up. In most cases, when the prices of oil and gases hike, large warehouses hoard the commodities. Okeefe and Doris (2013, p. 158) argue that hoarding increases the risk of loss of customers on retailers and local wholesalers since the commodity does not reach the target consumer. Such suppliers are also at the risk of being compromised of inconsistency by their customers. Mohanty and Mohan (2011, p. 165) argue that it is also very hard to predict the production rates of gas and oil in various states especially with a nation with many states such as the U.S. Kendrick (2012, p. 61) affirms that unpredictability of productivity increases the risk of price fluctuation in the oil and gas industry. In addition, Andersson, Sudhir, and Zafar (2009 , p. 440) reveal that, whenever there is a financial crisis in a country or a region, for example, the American crisis or the European crisis of 2007, supply and demand of oil and gas also change. Financial crisis increases the risk of reduced purchasing power. Hence, the affected country experiences low demand for oil and gases. Wood (2011, p. 113) point out that the economic crisis increases the risk of low supply and demand due to its ability to reduce the capital base of a nation. When a country has a low capital base, it is limited in its operations. Donaldson and Schoemaker (2013, p. 24) argue that the macroeconomic position of the industry can also increase the risk of demand and supply. Macroeconomic power of every industry dictates the success of business under it. The oil and gas industry experiences huge operational costs. Okeefe and Doris (2013, p. 158) argue that all the other risk factors involved in the oil and gas industry drain into operational costs. Mohanty and Mo han (2011, p. 165) argue that, when the regulations set by political leaders and governments of a particular nation are very tight, the operation cost goes up. Tight regulations make the process of extracting, processing, and distributing gas and oil more extensive and hence expensive. Wilkinson and Roland (2013, p. 118) posit that the operations that are involved in the process of oil mining and gas harvesting determine the level of operations risks that a firm is likely to incur. The operations involved in drilling are also extensive and expensive. Mehemed, Kamal, Kieran, and Kong, (2012, p. 201) establish that the process of drilling is coupled with many limitations, for instance, bad weather, poor soils and other geological factors, inaccessibility, and technological problems. Such problems increase the operations cost. When the operations cost hikes, the industry becomes disfranchised. Different producers set their own market prices to overcome their cost of production. Accordi ng to Donaldson and Schoemaker (2013, p. 24), variation in the cost of production makes it difficult for nations of the world to set standard oil and gas prices. In fact, some industries incur a double or triple cost of production compared to others. It is out of such variations that oil and gas prices have become very competitive in the market. According to Robb (2012, p. 756), industries that have been in the line of production for many years incur lesser risks than new industries. Managing Risks- Risk Identification, Risk Assessment, and Risk Control The oil and gas industry is a risk-prone industry. Various uncertainties go along these risks such as the risk of exploration, demand and supply risk, crude price uncertainty, and product line risk. According to Robb (2012, p. 756), the oil and gas industry is one of the risky ventures. Hence, to prevent the danger that the industry poses, there should be the need to manage it. Sarkar (2012, p. 28) affirms that management of risks al so ensures that the small industries and the upcoming ones become commercially viable. In addition, there are technological risks such as â€Å"cyber threats of Stuxnet virus, which also target lucrative oil and gas industry† (Sudhir, and Zafar 2009, p. 440). These and many other risks in oil and gas industry necessitate the need for risk management. Consequently, various methods of risk management have been put in place to mitigate risks in this industry. Risk Identification Oil and gas companies have invested in information access control and management. Such risk management strategies involve identifying and accessing the right information at all time when it is very necessary. Information management has been a great source of risk in the oil and gas industry. Oil and gas companies have therefore put in place mechanisms to harvest policy information, process it, and use it gainfully. According to Andersson, Sudhir, and Zafar (2009, p. 440), information harvesting, processi ng, and management reduce the risk of operations. When companies access the right information before investment, they are able to reduce compliance risks. The company can use future derivative to organise how it will acquire various goods and services in the future at a certain price. Sarkar (2012, p. 28) affirms that speedy exchange of information across the industry enables investors to make the right information. Classified information and access to the information systems of oil and gas companies has also been highly controlled. Risk Assessment Modern technology aids in the reduction of variation in governance-risk-compliance. Technology is also an efficient tool in the reduction of operational risk. According to Akhibi (2012, p. 6), the use of real time monitoring technology enables the oil and gas companies to improve the availability of the commodity to customers, reduce operational costs, avoid conflicts with the society and the regulatory authorities, and reduce the risk of demand and supply. Dumaine (2013, p. 102), affirms that oil and gas companies are adopting condition-based monitoring in risk management, which involves positioning various sensors to measure and record the prevailing environmental conditions such as vibration and temperatures (Pinheiro 2011, p. 34). Such sensors enable the oil and gas companies to detect equipment failure in real time. In fact, Srivastava and Gupta (2010, p. 407) assert that the devices are sophisticated to ensure that alert devices either sound the alarm or give work orders to the operations department. Wimalasiri et al. (2010, p. 49) affirm that sensors have enabled many oil companies to avoid the risk of losing billions of money in spillage and leakages. Some oil and gas companies have set up strategic teams to manage any eventuality such as equipment failure and fire outbreaks. Schroeder and Jan (2007, p. 0.1) point out that fire departments are also connected to sensors in order to enable quick response to ev entualities and occurrences. Wimalasiri et al. (2010, 49) argue that predictive maintenance enables the industry to realise when there is the need to purchase certain equipments before the actual damage is done. Various modern technology devices are put in place to detect wear-and-tear and obsoleteness of equipments in the oil industry. Qian, Yulin, and Gonzalez (2012, p. 859) observe that, whenever the devices sense that a gas tank or an oil tank is not up to the set standards, the necessary alert message is sent to the maintenance department for replacement. Srivastava and Gupta (2010, p. 407) affirm that the sensor is also able to compare and analyse the level of functionality of every device in the firm and or give the right report on each. Pinheiro (2011, p. 34) observes that such quick reactions enable the firm to avoid health risks. Risks Control Oil and gas companies have to deal with the increased compliance and regulations facing the industry today. For example, according to Molokwu, Barreria, and Boris (2013, p. 2), in South Africa, tight requirements of reporting on all operations and events of minor accidents and incidents have been an expensive venture for the industry. There are also tight regulations on drilling operations. Oil and gas companies have therefore put in place mechanisms to ensure that the checklist for all regulations is complied with as the government of the area dictates (Chan 2011, p. 341). Such compliance includes registration of the company, authorisation for drilling, construction of the industry, reliability in maintenance of structures such as oil wells, and the ability to remain in the market as a competitive industry (Khan 2010, p. 157). According to Haselip and Martà ­nez (2011, p. 1), politics in a certain nation or state can play a role in the oil and gas industry. The major role that political forces play in the oil and gas industry is to regulate prices. Politicians are opinion leaders who largely become policy mak ers. Oil and gas industries have therefore put in place mechanisms to work with government in price regulations and policy control. The gas and oil companies have to deal with various environmental and health risk compliance processes. The oil and gas industry also faces the risk of geological inadequacy. In most of the nations and states, the reserve of oil and gas is already tapped out. The risk has also spread in nations that have been exploiting their reserves since they are also in the process of being fully exploited. According to Andersen and Aamnes (2012, p. 2010), companies have therefore put in place methods of ensuring that they comply with the health regulations in their area of investment. Oil is a pollutant to the environment in a double way especially when not well handled. According to Perunović and Jelena (2012, p. 130), the risk of oil spillage in water, for example, during mining or transportation in the sea has been greatly reduced through modern technology. Sophisticated mining methods have been employed to ensure no oil spillage during mining. In fact, Perunović and Jelena (2012, p. 130) affirm that modern water vessels have also been adopted in transporting oil through the sea. Khan (2010, p. 157) posits that employees’ health and safety have also been a risk issue in the oil and gas industry. Oil and gas prices are another risk that investors in this industry face. Chen and Jevons (1993, p. 667) argue that prices dictate whether a venture into extracting oil or gas is to be feasible or not. When geological limitations are high, the price risk of extracting oil or gas goes high. Oil and gas companies have therefore ensured high safety standards to employees through education and trainings. According to Molokwu, Barreria, and Boris (2013, p. 2), employees are taught how to protect themselves, how to behave while in the extraction site or in the storage and distribution site, and even how to manage eventualities such as fire outbreaks. Chan (2011, p. 341) reveal that oil and gas companies have also ensured that the community living near the mines and storage areas are also informed on management of fire and spillage. According to Hayes and Hopkins (2012, p. 145), oil and gas companies have also made use of resource centres that are set within the industries. Various minds gather in the resource centres to exchange ideas on the problems facing the industry. Schroeder and Jan (2007, p. 0.1) affirm that, unlike in the past when orders came from managers, engineers in today’s industry meet and exchange knowledge on various problems that their firms face. Hayes and Hopkins (2012, p. 145) assert that, with the meeting of engineering experts from various departments, the right solutions are likely to be realised to eliminate various risks facing oil and gas industries for example the geological and price fluctuation risks. The experts will come up with recommendations on the right measures that the ind ustry should take to avoid risks. Such decisions and recommendations majorly include modification, technological adaptations, planning, and maintenance. With the modern advancement in information technology, cyber crime and information system hacking has posed another risk to the oil and gas industry. According to Akhibi (2012, p. 6), in Nigeria, oil and gas companies have therefore put in place cyber security designs and technologies to mitigate the risk. In oil and gas industries, information system security has been highly integrated with people, processes, data, and systems. Such ventures secure the system to ensure accountability on the side of the operators. Qian, Yulin, and Gonzalez (2012, p. 859) argue that information security also ensures continuous surveillance of the internet protocol openings and filtration of information before it gains access to the main information system of the company. Importance of Managing Risks specifically in Oil and Gas Companies Based on the information already presented concerning risks and their repercussions if not mitigated, it becomes clear on the need to manage risks by all organisations, leave alone the oil and gas companies. Such risks reduce the ability of the firm to predict the course of business. The oil and gas industry faces various difficulties and tight monitoring by many authorities. Investing in the oil industry is also a very risky venture. In this light of probability of loss in the oil and gas industries, this paper highlights various importance of risk mitigation. Every derivative that oil and gas industries put in place should aim at risk mitigation. The derivatives that a firm takes should be aimed at cautioning the industry from the past, current, and future risks. Kendrick (2012, p. 61) asserts that risk management in oil and gas industries ensures that there is proper compliance with the regulations of the authorities in their place of business. Insuring the business against various risks also enables the company to have confidence and security in trade. Such regulations should also be adhered to avoid the risk of regulations and compliance. According to Andersen and Aamnes (2012, p. 2010), managing risks in the oil and gas industry enables the companies to have clear visibility of the current position and the future of the firm. Such a goal can be attained by venturing into future derivatives. The industry should sign for future trading ventures at certain prices with certain companies. Conclusion In conclusion, every business venture is exposed to various risks. Consequently, every business has to put in place various mechanisms to identify, monitor, assess, and control risks. Private enterprise is generally a risky venture. However, as discussed, the oil and gas company is bound to face more risks than any other business. The major risks that affect oil and gas companies include geological risks, political risks, government regulations, and compliance risks, price flu ctuation, demand and supply, and natural calamities risk. Oil and gas companies have therefore invested heavily in various risk mitigation measures. Such measures include risk identification, risk assessment, and risk monitoring and control. It is important to manage risks in every business venture. Risks can result in complete loss of business. They can lead to conflicts with the authorities and the communities in the business environment. It is therefore important to comply with the regulatory measures put in place by the regulatory authorities. Insuring the business against various risks is also an important step in risk mitigation. References Akhibi, O 2012, ‘Risk Management An Essential Ingredient in Nigerian Oil and Gas Construction Projects Delivery’, PM World Today, vol. 14 no. 3, p. 6. Andersen, S Aamnes, M 2012, ‘Risk analysis and risk management approaches applied to the petroleum industry and their applicability to IO concepts’, Safety Science , vol. 50 no. 10, pp. 2010-2019. Andersson, R, Sudhir, C, Zafar, K 2009, ‘Effects of Cutbacks in the United States Oil and Gas Industry on Employee Attitudes: An Empirical Study’, International Journal of Management, vol. 26 no.3, pp. 400-411. Antonsen, S, Kari, S, Jarl, R 2012, ‘The role of standardisation in safety management – A case study of a major oil gas company’, Safety Science, vol. 50 no. 10, pp. 2001-2009. 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Smistad, R Igor, P 2011, ‘Hedging, Hedge Accounting and Speculation: Exploratory Study Based On A Sample Of Western Canadian Oil And Gas’, Global Conference on Business Finance Proceedings’, vol. 6 no. 2, pp. 91-104. Schroeder, B Jan, J 2007, ‘Why Traditional Risk Management Fails in the Oil and Gas Sector: Empirical Front-Line Evidence and Effective Solutions’, AACE International Transactions, vol. 1 no. 2, pp. 01.1-01.6. Srivastava, A Gupta, J 2010, ‘New methodologies for security risk assessment of oil and gas industry’, Process Safety Environmental Protection: Transactions of the Institution of Chemical Engineers Part B, vol. 88 no. 6, pp. 407-412. Taylor, M Kathleen, B 2013, ‘Managing Risks In The Volatile Energy Industry’, RMA Journal, vol. 95 no. 6, pp. 80-84. Wilkinson, A Roland, K 2013, ‘Living In the Futures’, Harvard Business Review, vol. 91 no. 5, pp. 118-127. 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What You Need to Know About MBA Application Deadlines

What You Need to Know About MBA Application Deadlines An MBA application deadline signifies the last day that a business school is accepting applications for an upcoming MBA program. Most schools will not even look at an application that is submitted after this date, so it is really important to get your application materials in before the deadline. In this article, were going to take a closer look at MBA applications deadlines to determine what they mean for you as an individual. Youll learn about the types of admissions and discover how your timing can impact your chances of getting accepted business school. When Is the Deadline for Submitting an MBA Application? There is no such thing as a uniform MBA application deadline. In other words, every school has a different deadline. MBA deadlines can also vary by program. For example, a business school that has a full-time MBA program, an executive MBA program, and an evening and weekend MBA program may have three different application deadlines - one for every program that they have. There are lots of different websites that publish MBA application deadlines, but the best way to learn about the deadline for the program you are applying to is to visit the schools website. That way, you can ensure the date is completely accurate. You dont want to miss a deadline because someone made a typo on their website! Types of Admissions When youre applying to a business program, there are three basic types of admissions that you might encounter: Open AdmissionsRolling AdmissionsRound Admissions Lets explore each of these admissions types in more detail below. Open Admissions Although policies can vary by school, some schools with open admissions (also known as open enrollment) admit everyone that meets the admission requirements and has the money to pay the tuition. For example, if the admissions requirements dictate that you have a bachelors degree from a regionally accredited U.S. institution (or the equivalent) and the capacity to study at the graduate level, and you meet these requirements, you will most likely be admitted into the program as long as space is available. If space is not available, you may be waitlisted. Schools with open admissions rarely have application deadlines. In other words, you can apply and get accepted at any time. Open admissions are the most relaxed form of admissions and the one most rarely seen at graduate business schools. Most of the schools that have open admissions are online schools or undergraduate colleges and universities. Rolling Admissions Schools that have a rolling admissions policy usually have a large application window - sometimes as long as six or seven months. Rolling admissions are commonly used for freshmen at undergraduate universities and colleges, but this form of admissions is also heavily used by law schools. Certain graduate-level business schools, such as Columbia Business School, also have rolling admissions. Some business schools that use rolling admissions have what is known as an early decision deadline. This means that you have to submit your application by a certain date to get an early acceptance. For example, if you are applying to a school with rolling admissions, there may be two application deadlines: an early decision deadline and a final deadline. So, if you are hoping to get accepted early on, you have to apply by the early decision deadline. Although policies vary, you may be required to withdraw your application from other business schools if you accept an early decision offer of admission that is extended to you. Round Admissions Most business schools, especially selective business schools like Harvard Business School, Yale School of Management, and Stanford University’s Graduate School of Business, have three application deadlines for full-time MBA programs. Some schools have as many as four. Multiple deadlines are known as rounds. You could apply to the program in round one, round two, or round three.   Round admissions deadlines vary by school. The earliest deadlines for round one are typically in September and October. But you shouldnt expect to hear back right away if you do apply in the earliest round. Admissions decisions often take two to three months, so you could submit your application in September or October but not hear back until November or December. Round two deadlines often range from December to January, and round three deadlines are frequently in January, February, and March, though all of these deadlines can vary by school. The Best Time to Apply to Business School Whether youre applying to a school with rolling admissions or round admissions, a good rule of thumb is to apply early in the process. Assembling all of the materials for an MBA application can take time. You dont want to underestimate how long it will take you to prepare your application and miss a deadline. Even worse, you dont want to slop something together quickly to make a deadline and then get rejected because your application was not competitive enough.   Applying early has other advantages as well. For example, some business schools choose the majority of the incoming MBA class from applications received in round one or round two, so if you wait until round three to apply, the competition will be even stiffer, thus decreasing your chances of getting accepted. Furthermore, if you apply in round one or round two and get rejected, you still have an opportunity to improve your application and apply to other schools before their round three deadlines have ended. A few other considerations that may be important depending on your individual situation: International applicants: As an international student, you often need a student visa (either an F-1 or J-1 visa) to study in the United States. Youll want to apply in round one or round two if possible to give yourself enough time to get this visa before the actual program starts.Dual degree program applicants: If you are applying to an MBA/JD program or another dual or joint degree program, youll want to pay particularly close attention to the deadlines. Some business schools, even those with three rounds, require applicants to apply for dual degree programs in round one or round two.Submatriculation applicants: If you are an undergraduate who is attending a business school that allows qualified juniors to apply for early entry (Submatriculation) to the schools MBA program, you may want to utilize a different application strategy than the average MBA applicant. Rather than applying early (like most applicants would), you may want to consider waiting until round three so that you hav e a more complete academic record when you submit your transcripts and other application materials. Reapplying to Business School Business school admissions are competitive, and not everyone gets accepted the first year that they apply to an MBA program. Since most schools will not accept a second application in a single year, you typically have to wait until the next academic year to re-apply. This is not as uncommon as many people think it is. The Wharton School at the Universality of Pennsylvania reports on their website that up to 10 percent of their applicant pool consists of reapplications in most years. If you are re-applying to business school, you should make an effort to improve your application and demonstrate growth. You should also apply early in the process in round one or round two (or at the start of a rolling admissions process) to increase your chances of getting accepted.

Our bodies our politics Essay Example | Topics and Well Written Essays - 500 words

Our bodies our politics - Essay Example Hale in the article Suggested Rules for Non-Transsexuals Writing about Transsexuals, Transsexuality, Transsexualism suggests that non-transsexuals are writing about transsexuals, they should humbly approach their topic since they are not well informed about Transsexuality or transsexualism (2). They should not represent intersex people as all the same while writing. Various social factors such as class and medical conditions affect lives of intersex, and they can never be the same (Hale 3). Additionally, they should not ignore what transsexuals write and say or deny them their academic credentials by demanding that they should possess such credentials when not seriously taken (Hale 5). Further, in the article Suggested Guidelines for Non-Intersex Individuals Writing about Intersexuality and Intersex People, Koyama proposes that while writing one should not uncritically quote non-transsexual who are not experts about intersex people (3). They also believe one should start writing with a working hypothesis to guide his/her writing. They plead not to be judged based on the political agenda of the writer without consulting if it conflicts theirs and might not be superior to theirs. In addition, they say a writer should solely focus on what transsexualism tell him/her about his/her life and not about Trans. The writer should ask himself/herself if he/she can make it in the Transworld. Trans argue that writers cannot write about the figure, trope and discourse of Trans without writing about the subjectivities, lives and experience of Trans (Koyama 6). They conclude by warning writers that if Trans engage in angry, detailed criticism writers should not take that as rejec tion, unnecessary ranting or effects of testosterone, but merely consider it as a gift and a compliment. According to the article Some Very Basic Tips for Making Higher Education More Accessible to Trans Students and Rethink

A Company Reporting on its Supply Chain Activities Essay

A Company Reporting on its Supply Chain Activities - Essay Example A Company Reporting on its Supply Chain Activities One of the companies exemplified in the report was Steel Dynamics where the current situation reported by Stundza (2010) was manifested as weak demand for products such as merchant bars, wire rod, light structural products, mini-mill made steel, special quality bar, structural steel and fabricated rebar, among others. The raw materials for these products are highly dependent on the availability and prices of scrap, briquettes, pellets, the types of steel to be produced, and operational factors. The end products are marketed to consumers of which the following were mentioned: automakers, automotive parts producers, residential and non-residential building construction, export markets and the nuclear industry. The crucial information that affects the supply chain are factors affecting supply and demand. As revealed, there is currently low demand or sluggish movement in both residential and non-residential building construction, and the prices of raw materials, particularly scrap. Further, export markets deem to be a lesser viable alternative to market their products due to end prices that would not be competitive in Europe and Asian nations because of including custom-duties, insurance fees, freight costs and availability of ships for export. Other relevant factors that affect pricing strategies for the products are the rising cost of scrap due to seasonality in supply and the strong demand for export markets.

Compare Sonnet 130 by Shakespeare and the Glasgow Sonnet by Essay

Compare Sonnet 130 by Shakespeare and the Glasgow Sonnet by Edwin Morgan. Poetry has many forms and styles of which it can be written and emphasised in. A sonnet is one of these forms. They mainly consist of fourteen lines, but can be set out in two different ways. One of two styles of sonnet is Elizabethan. William Shakespeare is an example of a poet and writer of this time period, and possible one of the most recognised for his work. William Shakespeare wrote an astounding 144 sonnets within his life time. The majority of these sonnets were mainly based upon love or insincere compliments. The Elizabethan sonnets are usually of the lyrical in content and differ in structure. This indefinably differs from the modern style of sonnet that we are use to. This is because the Elizabethan poem contains three stanzas of four lines and it finishes off with a rhyming couplet at the end. The structure of the modern sonnet is a complete anomaly compared with the Elizabethan sonnets. This is because they have two stanzas, the first consisting of eight lines and the second consisting of six lines, they are called the octave and the sestet. The sestet is the conclusion of a modern sonnet which contains a message whereas the Elizabethan’s message is held within the couplet. The modern sonnets usually hold a meaning of poverty and desolation within it and the tones vary extensively, although a sense of fundamental contentment is established with the rigidity of the form. The imagery used in Sonnet 130 is that of always comparing the woman in which Shakespeare is talking about to natural beauty. Shakespeare is very strange and different in the way he describes his mistress in this sonnet. This is because of ... ...et is trying to get across to the people out there willing to listen. He feels that people have been ignoring these situations and the problems have become increasingly worse. The content of this poem has given a paradoxical look and it is all a part of social realism. I feel that Sonnet 130 is very effective in the way Shakespeare puts his opinion across about his partner. The humour of the sonnet brings a more appealing feel to it. Although the problem with the sonnet is that message isn’t clear to see straight away, you have to look at the sonnet in more depth to see what message Shakespeare is trying to get across. The Glasgow Sonnet has a very serious message to it and the way the writer uses metaphors and similes to describe the area that people have to suffer living in, is very effective and makes the reader think about the realities of life.

Building Inspection Checklist

BUILDING INSPECTION CHECKLIST Location: 1. 2. 3. 4. 5. 6. 7. 8. 9. Is the building address or identification clearly visible? Are exterior lights in working order? Are periodic inspections conducted and documented? Is an unobstructed access road to the building provided? Are the exits onto public streets free from visibility obstructions? Are trees and shrubs pruned and documented? Are roots pruned and documented? Are all building sides accessible to emergency equipment? Are fire hydrants accessible? Exterior:Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Interior: No No No No No No No No No No No No No No No No No No No No No No No No No No No No N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 10. Are sprinkler/standpipe connections accessible? 11. Are sprinkler/standpipe connections clearly marked? 12. Are landscape sprinklers at least 6 inches from walkways or pathways? 13. Does the building appear to be in good repair? 14. Is building free from signs of vandalism? 15.Are exterior walls free from cracks or other damages? 16. Are windows free from cracks or broken panes? 17. Has vegetation been cut back from the building? 18. Are turf areas inspected for holes, exposed roots, etc. and documented? 19. Are paved surfaces inspected and repaired (i. e. , lifts, cracks, etc. )? 20. Are combustible materials stored away from the building? 21. Is the building free from signs of exterior damage? 22. Are stairs, landings and handrails in good repair and fastened securely? (inspect the bottom of each step) 23.Are facilities periodically inspected and documented? 24. Are all sewer clean out caps in place? 25. Are all irrigation covers in place? 26. Are housing authority owned light post bases free of rust and/or deterioration? 27. Do entrance doors close slowly to avoid hazards to fingers? 28. Are utility/cable boxes marked â€Å"Keep Off†? Electrical System: Building Inspection Checklist Page 2 29. Are all electrical panels secured? 30. Is a 3†² clearance provided around all electrical panels? 31. Are all electrical rooms free from combustible storage? 32.Are all electrical panels cool to the touch? 33. Are all electrical panels free from evidence of burning? 34. Have all electrical circuits been identified? 35. Are all electrical switches and receptacles in good repair? 36. Has the use of extension cords been discontinued? 37. Have Ground Fault Interrupter's been provided on circuits in proximity to water? 38. Is there a â€Å"lock-out† procedure in place? Heating System: 39. Is a 3†² clearance provided around all heating equipment? 40. Are furnace/boiler rooms kept locked? 41. Are furnace/boiler rooms free from combustible storage? 2. Are residents reminded to keep combustibles away from heaters? Smoking: 43. Is smoking prohibited in the building common areas? 44. Are designated smoking areas properly identified? 45. Are non-combustible receptacles prov ided in smoking areas? 46. Are smoking materials disposed of properly? Housekeeping: 47. Is trash removed from the building daily? 48. Is storage restricted to designated areas? 49. Is storage neatly arranged and secured from rolling away? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No No No No N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AYes Yes Yes Yes No No No No N/A N/A N/A N/A Yes Yes Yes Yes No No No No N/A N/A N/A Yes Yes Yes No No No N/A N/A Building Inspection Checklist Page 3 Private Protection: 50. Is building equipped with an automatic sprinkler system? 51. Is the main sprinkler control valve accessible? 52. Are all valves supplying water or air to the system open? 53. Is system operation monitored by an alarm company? 54. Is valve operation monitored by an alarm company? 55. Is the sprinkler system tested on a quarterly basis and documented? 56. Are spare sprinkler heads available in the building? 7. Is the building equipped with a fire detection system? 58. Doe s the system protect the entire building? 59. Does the system provide an alarm signal in the building? 60. Is system tested on a monthly basis and documented? 61. Is the main alarm panel in normal operating condition? 62. Are portable fire extinguishers provided? 63. Are all extinguishers inspected on a monthly basis and documented? 64. Do all extinguishers have a current inspection tag? Emergency Evacuation: 65. Are all exits and travel paths identified with illuminated â€Å"EXIT† signs? 66.Are travel paths leading to exits free of obstructions? 67. Are exits unlocked and operational? 68. Are working emergency lights provided in the building? 69. Are emergency lights tested periodically and documented? 70. Are evacuation diagrams posted throughout the building? Miscellaneous: 71. Has flammable storage been limited to designated areas? 72. Is all cooking equipment protected by extinguishing systems? 73. Is cooking equipment clean? 74. Are filters inspected periodically and d ocumented? 75. Are all computer areas free from combustible storage?Yes Yes Yes Yes Yes No No No No No N/A N/A N/A N/A N/A Yes Yes Yes Yes Yes Yes No No No No No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No No No No No No No No No N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Building Inspection Checklist Page 4 NOTIFY YOUR SUPERVISOR IF ANY QUESTIONS WERE ANSWERED â€Å"NO† Inspected By: Date: The following items have been followed-up on. This has been accomplished by putting them on a work order: Item No. Work Order # Item No. Work Order # Item No. Work Order #

How Does Lack Of Support System And Resulting Poverty...

Introduction: (1.5-2) (Story on prisoner and his life after prison here) In 2014, the United States incarcerated 449,000 newly convicted offenders while releasing 636,300 inmates (Carson, 2015). Upon release, offenders were expected to be able to function back in society under parole supervision. This is not the case for many offenders. As they are released from prison, they lack the necessary skills, education, opportunities and support system to successfully reintegrate back into society (Petersilia, 2000; Travis Visher, 2003). In 2005, research showed that 67.8% of released prisoners were arrested for a new crime within 3 years, and 76.6% were arrested within 5 years (Cooper 2014). The high percentage of recidivism is overpopulating correctional facilities while producing a cycling effect for offenders. To attack the issue of recidivism this paper will address the following question: How does lack of support system and resulting poverty influence prisoner re-entry? What are some programs or policies we can incorporate to reduce recidivism? Recidivism can be better understood through the flaws of the United States’ prison industrial complex. The U.S. spends $6 towards correctional facilities for every $10 we spend on higher education (Pew Center on the States, 2008). Research from 2014 demonstrates that we house 2.4 million people into correctional facilities including: local jails, federal prisons, state prisons, juvenile detention centers, immigrant detentionShow MoreRelatedAnalysis Of Jean Valjean s Les Miserables 7860 Words   |  32 Pagessaid, â€Å"He who opens a school door, closes a prison.† Such a brilliant reflection from this French poet and dramatist explored an astounding reality of life with one of his best-known works, Les Miserables (1862). In this play, Jean Valjean is a prisoner on parole who created a new life for himself with a great deal of time spent exploring the decision that changed his life (Hugo, 2015). 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