1996 Mount Everest Disaster - Death on Top of the World

1996 Mount Everest Disaster - Death on Top of the World On May 10, 1996, a ferocious storm descended upon the Himalayas, creating perilous conditions on Mount Everest, and stranding 17 climbers high upon the tallest mountain in the world. By the following day, the storm had claimed the lives of eight climbers, making it- at the time- the greatest loss of life in a single day in the history of the mountain. While climbing Mount Everest is inherently risky, several factors (aside from the storm) contributed to the tragic outcome- crowded conditions, inexperienced climbers, numerous delays, and a series of bad decisions. Big Business on Mount Everest Following the first summit of Mount Everest by Sir Edmund Hillary and Tenzing Norgay in 1953, the feat of climbing the 29,028-foot peak had for decades been limited to only the most elite climbers. By 1996, however, climbing Mount Everest had evolved into a multi-million dollar industry. Several mountaineering companies had established themselves as the means by which even amateur climbers could summit Everest. Fees for a guided climb ranged from $30,000 to $65,000 per customer. The window of opportunity for climbing in the Himalayas is a narrow one. For just a few weeks- between late April and late May- the weather is typically milder than usual, allowing climbers to ascend. In the spring of 1996, multiple teams were gearing up for the climb. The vast majority of them approached from the Nepalese side of the mountain; only two expeditions ascended from the Tibetan side. Gradual Ascent There are many dangers involved in ascending Everest too rapidly. For that reason, expeditions take weeks to ascend, allowing climbers to gradually acclimatize to the changing atmosphere. Medical problems that could develop at high altitudes include severe altitude sickness, frostbite, and hypothermia. Other serious effects include hypoxia (low oxygen, leading to poor coordination and impaired judgment), HAPE (high-altitude pulmonary edema, or fluid in the lungs) and HACE (high-altitude cerebral edema, or swelling of the brain). The latter two can prove especially deadly. In late March 1996, groups assembled in Kathmandu, Nepal, and opted to take a transport helicopter to Lukla, a village located about 38 miles from Base Camp. Trekkers then made a 10-day hike to Base Camp (17,585 feet), where they would stay a few weeks adjusting to the altitude. Two of the largest guided groups that year were Adventure Consultants (led by New Zealander Rob Hall and fellow guides Mike Groom and Andy Harris) and Mountain Madness (led by American Scott Fischer, assisted by guides Anatoli Boukreev and Neal Beidleman). Halls group included seven climbing Sherpas and eight clients. Fischers group comprised eight climbing Sherpas and seven clients. (The Sherpa, natives of eastern Nepal, are accustomed to the high altitude; many make their living as support staff for climbing expeditions.) Another American group, helmed by filmmaker and renowned climber David Breashears, was on Everest to make an IMAX film. Several other groups came from around the globe, including Taiwan, South Africa, Sweden, Norway, and Montenegro. Two other groups (from India and Japan) climbed from the Tibetan side of the mountain. Up to the Death Zone Climbers began the acclimatization process in mid-April, taking increasingly longer sorties to higher elevations, then returning to Base Camp. Eventually, over a period of four weeks, the climbers made their way up the mountain- first, past the Khumbu Icefall to Camp 1 at 19,500 feet, then up the Western Cwm to Camp 2 at 21,300 feet. (Cwm, pronounced coom, is the Welsh word for valley.) Camp 3, at 24,000 feet, was adjacent to the Lhotse Face, a sheer wall of glacial ice. On May 9, the scheduled day for the ascent to Camp 4 (the highest camp, at 26,000 feet), the expeditions first victim met his fate. Chen Yu-Nan, a member of the Taiwanese team, committed a fatal error when he exited his tent in the morning without having strapped on his crampons (spikes attached to boots for climbing on ice). He slipped down the Lhotse Face into a crevasse. Sherpas were able to pull him up by rope, but he died of internal injuries later that day. The trek up the mountain continued. Climbing upward to Camp 4, all but only a handful of elite climbers required the use of oxygen to survive. The area from Camp 4 up to the summit is known as the Death Zone because of the dangerous effects of the extremely high altitude. Atmospheric oxygen levels are only one-third of those at sea level. Trek to the Summit Begins Climbers from various expeditions arrived at Camp 4 throughout the day. Later that afternoon, a serious storm blew in. Leaders of the groups feared that they would not be able to climb that night as planned. After hours of gale-force winds, the weather cleared at 7:30 p.m. The climb would go on as planned. Wearing headlamps and breathing bottled oxygen, 33 climbers- including Adventure Consultants and Mountain Madness team members, along with a small Taiwanese team- left at about midnight that night. Each client carried two spare bottles of oxygen, but would run out at about 5Â  p.m., and would, therefore, need to descend as quickly as possible once they had summitted. Speed was of the essence. But that speed would be hampered by several unfortunate missteps. Leaders of the two main expeditions had supposedly ordered Sherpas to go ahead of the climbers and install lines of rope along the most difficult areas in the upper mountain in order to avoid a slowdown during the ascent. For some reason, this crucial task was never carried out. Summit Slowdowns The first bottleneck occurred at 28,000 feet, where setting up the ropes took nearly an hour. Adding to the delays, many climbers were very slow due to inexperience. By late morning, some climbers waiting in the queue began to worry about getting to the summit in time to descend safely before nightfall- and before their oxygen ran out. A second bottleneck occurred on the South Summit, at 28,710 feet. This delayed forward progress by another hour. Expedition leaders had set a 2Â  p.m. turn-around time- the point at which climbers must turn around even if they had not reached the summit. At 11:30 a.m., three men on Rob Halls team turned around and headed back down the mountain, realizing they might not make it in time. They were among the few who made the right decision that day. The first group of climbers made it up the famously difficult Hillary Step to reach the summit at about 1:00 p.m. After a brief celebration, it was time to turn around and complete the second half of their laborious trek. They still needed to get back down to the relative safety of Camp 4. As the minutes ticked by, oxygen supplies began to dwindle. Deadly Decisions Up at the top of the mountain, some climbers had been summiting well after 2:00 p.m. Mountain Madness leader Scott Fischer did not enforce the turn-around time, allowing his clients to stay on the summit past 3:00. Fischer himself was summiting just as his clients were coming down. Despite the late hour, he continued up. No one questioned him because he was the leader and an experienced Everest climber. Later, people would comment that Fischer had looked very ill. Fischers assistant guide, Anatoli Boukreev, had inexplicably summited early on, and then descended to Camp 4 by himself, instead of waiting to assist clients. Rob Hall also ignored the turn-around time, staying behind with client Doug Hansen, who was having trouble moving up the mountain. Hansen had tried to summit the previous year and failed, which is probably why Hall made such an effort to help him up despite the late hour. Hall and Hansen did not summit until 4:00 p.m., however, far too late to have stayed on the mountain. It was a serious lapse in judgment on Halls part- one which would cost both men their lives. By 3:30 p.m. ominous clouds had appeared and snow began to fall, covering up tracks that descending climbers needed as a guide to find their way down. By 6:00 p.m., the storm had become a blizzard with gale-force winds, while many climbers were still trying to make their way down the mountain. Caught in the Storm As the storm raged on, 17 people were caught on the mountain, a perilous position to be in after dark, but especially so during a storm with high winds, zero visibility, and a wind chill of 70 below zero. Climbers were also running out of oxygen. A group accompanied by guides Beidleman and Groom headed down the mountain, including climbers Yasuko Namba, Sandy Pittman, Charlotte Fox, Lene Gammelgaard, Martin Adams, and Klev Schoening. They encountered Rob Halls client Beck Weathers on their way down. Weathers was stranded at 27,000 feet after being stricken by temporary blindness, which had prevented him from summitting. He joined the group. After a very slow and difficult descent, the group came within 200 vertical feet of Camp 4, but the driving wind and snow made it impossible to see where they were going. They huddled together to wait out the storm. At midnight, the sky cleared briefly, allowing guides to catch sight of the camp. The group headed off toward camp, but four were too incapacitated to move- Weathers, Namba, Pittman, and Fox. The others made it back and sent help for the four stranded climbers. Mountain Madness guide Anatoli Boukreev was able to help Fox and Pittman back to camp, but could not manage the nearly comatose Weathers and Namba, especially in the middle of a storm. They were deemed beyond help and were therefore left behind. Death on the Mountain Still stranded high on the mountain were Rob Hall and Doug Hansen at the top of the Hillary Step near the summit. Hansen was unable to go on; Hall tried to bring him down. During their unsuccessful attempt to descend, Hall looked away for just a moment and when he looked back, Hansen was gone. (Hansen had likely fallen over the edge.) Hall maintained radio contact with Base Camp through the night and even spoke with his pregnant wife, who was patched through from New Zealand by satellite phone. Guide Andy Harris, who was caught in the storm at the South Summit, had a radio and was able to hear Halls transmissions. Harris is believed to have gone up to bring oxygen to Rob Hall. But Harris also disappeared; his body was never found. Expedition leader Scott Fischer and climber Makalu Gau (leader of the Taiwanese team that included the late Chen Yu-Nan) were found together at 1200 feet above Camp 4 on the morning of May 11. Fisher was unresponsive and barely breathing. Certain that Fischer was beyond hope, the Sherpas left him there. Boukreev, Fischers lead guide, climbed up to Fischer shortly thereafter but found he had already died. Gau, although severely frostbitten, was able to walk- with much assistance- and was guided down by Sherpas. Would-be rescuers had attempted to reach Hall on May 11 but were turned back by severe weather. Twelve days later, Rob Halls body would be found at the South Summit by Breashears and the IMAX team. Survivor Beck Weathers Beck Weathers, left for dead, somehow survived the night. (His companion, Namba, did not.) After being unconscious for hours, Weathers miraculously awoke late on the afternoon of May 11 and staggered back to the camp. His shocked fellow climbers warmed him up and gave him fluids, but he had suffered severe frostbite on his hands, feet, and face, and appeared to be near death. (In fact, his wife had been notified earlier that he had died during the night.) The next morning, Weathers companions almost left him for dead again when they departed camp, thinking he had died during the night. He awoke just in time and called out for help. Weathers was assisted by the IMAX group down to Camp 2, where he and Gau were flown out in a very daring and dangerous helicopter rescue at 19,860 feet. Shockingly, both men survived, but frostbite took its toll. Gau lost his fingers, nose, and both feet; Weathers lost his nose, all of the fingers on his left hand and his right arm below the elbow. Everest Death Toll The leaders of the two main expeditions- Rob Hall and Scott Fischer- both died on the mountain. Halls guide Andy Harris and two of their clients, Doug Hansen and Yasuko Namba, also perished. On the Tibetan side of the mountain, three Indian climbers- Tsewang Smanla, Tsewang Paljor, and Dorje Morup- had died during the storm, bringing the total of deaths that day to eight, the record number of deaths in one day. Unfortunately, since then, that record has been broken. An avalanche on April 18, 2014, took the lives of 16 Sherpas. A year later, an earthquake in Nepal on April 25, 2015, caused an avalanche that killed 22 people at Base Camp. To date, more than 250 people have lost their lives on Mount Everest. Most of the bodies remain on the mountain. Several books and films have come out of the Everest disaster, including bestseller Into Thin Air by Jon Krakauer (a journalist and a member of Halls expedition) and two documentaries made by David Breashears. A feature film, Everest, was also released in 2015.

A Beginners Guide to Delphi Programming

A Beginners Guide to Delphi Programming Beginner developers eager to master the Delphi programming language should already be familiar with the basics of Microsoft Windows. Learning Delphi is easiest if you  approach it from a guided, tutorial-based frame of reference.   Foundational  Concepts Get started with a history lesson covering the evolution of  (Turbo) Pascal to Delphi 2005, such that Delphi evolved into a rapid-application-deployment framework intended to offer high-performance, scalable applications for online and mobile delivery. After that, explore the meat-and-potatoes of what Delphi actually is and how to install and configure its development environment. From there, explore the main parts and tools of the Delphi IDE. Hello, World! Begin your overview of application development with Delphi by creating a simple project,  writing code, compiling, and running a project. Then  learn about  properties, events, and Delphi Pascal  by creating your second simple Delphi application - allowing you to learn how to place components on a form, set their properties, and  write event-handler procedures to make components cooperate. Delphi Pascal Before you start developing more sophisticated applications by using the RAD features of Delphi, you should learn the basics of the  Delphi Pascal  language. At this point, youll need to start thinking carefully about code maintenance, including code commenting, and how to  cleaning your Delphi code errors - a discussion on Delphi design, run and compile time errors and how to prevent them. Also, take a look at some solutions to most common logic errors. Forms and Databases In just about every Delphi application, we use forms to present and retrieve information from users. Delphi arms us with a rich array of visual tools for creating forms and determining their properties and behavior. We can set them up at  design time  using the property editors and we can write code to re-set them dynamically at runtime.  Look at simple SDI forms and consider some good reasons for not letting your program auto-create forms. Delphi Personal  edition does not offer database support, but you can  create your own  flat  database to store any kind of  data - all without a single data-aware component. Managing Your Work While youre developing a large Delphi application, as your  program becomes more complex, its source code can become hard to maintain. Create your own code modules - Delphi code files that contain logically associated functions and procedures. Along the way you should explore Delphis built-in routines and how to make all the units of a Delphi application cooperate. The Delphi IDE (the  code editor) helps you effectively jump from a method implementation and a method declaration, locate a  variable declaration  using tooltip symbol insight features, and more.

Theory as Framework for Education Essay Example | Topics and Well Written Essays - 250 words

Theory as Framework for Education - Essay Example just to deduce that the theories nursing theory provides ideas that support nursing research significant to nurses when incorporated in nursing education (Watson & Watson 2012). A useful nursing theory makes assumptions about health, behavior, target population, problem or an environment (De & Anderson 2008). Therefore, the useful nursing theory is characterized by logic, consistency with everyday observations, and support from previous research with related ideas and similarity of the situation to past situations (Watson & Watson 2012). Moreover, the theory must be able to improve the learners’ knowledge in the selected nursing area. Watson’s theory of human caring is a very useful theory in nursing education. The theory has abundant logic in its element of caring as it holds that the interpersonal relations of humans are the primary facets of caring (Watson & Watson 2012). Like most useful theories, the theory is based on the assumption that the standard and basis of nursing subsist in caring science as the basis of the nursing profession. The assumption is important through the connection it creates between the student and the patient (Watson & Watson 2012). Nevertheless, as the student has mentioned, the theory is based on ten creative aspects of every observation that supports nurses in their relationships with patients. To add on all that, Watson’s theory has support from previous research that shows that, to offer proper care to patients, nurses have to establish a relationship of care and love with the patients (Watson & Watson 2012). Therefore, Watson’s theory of human caring can ade quately guide nursing students in their interpersonal relationships with patients and care in addition to their knowledge (De & Anderson

Judaism paper Research Example | Topics and Well Written Essays - 1000 words

Judaism - Research Paper Example Certain varieties of Judaism consider the idea that all Jewish teachings must strictly be adhered to (Wylen, 2000). Although, there are other forms of Judaism that believe teachings that encourage on how to usher a morality in human lives are obligatory, much less, essential; others can be considered as discretionary or optional. For the reason that Judaism is an assorted religion with an extensive range of beliefs and practices, it must not be presupposed that a Jew has certain types of beliefs or follows precise forms of religious practice (Eisenberg, 2004). Various types of Judaism are linked by an intense impression of "peoplehood" (ICS, 2013), a shared inheritance, tradition or custom, and collective values and standards. Judaism gives Jews with guidance on how to carry out their religion and inspire good values (ICS, 2013). These instructions descend from numerous bases that include Jewish sacred texts such as the Bible and the Talmud (ICS, 2013). Other Jewish texts such as the subsequent literary works written by rabbis and philosophers are also being used. Judaism is one of the most important religions that are still being practiced today. Thus, it sensibly important to dig in deeper to its historical derivations, and the significant figures, observance, teachings, and events that can be relatively associated with it. This paper shall elaborate on these categories, which should provide readers a general overview of Judaism. Judaism and Abraham One of the fundamental teachings of Judaism is the belief that there is only one God, a belief that is also known as ethical monotheism (Wylen 2000; ICS, 2013). Judaism teaches that there is a lone God who created the universe and everything that is in it; a Supreme Being who cherishes and tends humanity; a God who desires that His people will live ethical lives (ICS, 2013), which makes it a strong cause that having a profound understanding of Judaism is crucial in appreciating the historical lineage of the world. The Old Testament confirms that Abraham started off monotheism or the belief in one God, and was the first person to refuse idol worship. Abraham is a fundamental component of Judaism in that he was considered to be the Father of the Jewish people and that it was through him and his offspring that a covenant was handed on to succeeding generations (Pellach, 2006). The Abrahamic Covenant, which can be found in Genesis 12-17, elaborates three main issues: (1) God would bestow Abraham the Land of Canaan and make him the father of all nations and of his progenies; (2) God would create a great nation through him; and (3) God would yield a blessing to those who consecrate him and curse those who curse him. In Genesis 12:3 God says, â€Å"I will bless those who bless you, and I will curse him who curses you; and in you all the families of the earth shall be blessed† (New International Version). Abrahams covenant is particularly important because it serves as the source to the Bible and world history (Pellach, 2006). The basis of almost all Christian teachings is rooted on the belief that God has a chosen people, which will reveal themselves in the last days of the earth. Although, some people in various civilization and cultures believe that the covenant no longer applies today, the Bible reaffirms that Abrahamic covenant is still in effect. The Bible says, â€Å"He [God] remembers his covenant forever, the word which he commanded,

EU Economic And Monetary Policy Case Of Spain

EU Economic And Monetary Policy Case Of Spain This research paper aims to discuss how the EU has influenced economic and monetary policies of Spain and vice versa. This dual relationship is of utmost importance as we look at the costs and benefits the EMU has brought to Spain and the possibility of the long-standing inflation problem in Spain affecting EUs monetary policies. EU membership has undoubtedly largely influenced the economic policies and conditions of Spain. For example, Spains accession in 1986 forced the government and economic elites to adopt the necessary policies to embark on economic modernization. In addition, the European Monetary Union (EMU) Maastricht Treaty criteria resulted in Spain having to implement micro and macroeconomic policies like fiscal consolidation, central bank independence and wage moderation (Royo, 2006). Also, the current Greek debt crisis has also thrown the spotlight on Spain which is also undergoing a crisis of itself: competitiveness crisis. With this crisis in mind, it is highly unlike ly but still possible that EU might either choose to expel Spain from the euro area or undergo a series of policy reforms to deal with this crisis. This research paper will begin with an introduction of Spains accession into the EU, followed by the costs and benefits Spain experienced from complying with the EMU Maastricht Treaty. This will be followed by an investigation on the competitiveness crisis in Spain and its influence on the EU. Lastly, this paper will have a discussion on the possible economic and structural reforms that both Spain and EU should undertake to smoothen EU integration for both parties. Spains accession into the EU Before accession into the EU, Spains economy was of a protectionist nature. It remained largely outside the international economic trading area. However in the 1980s, Spain decided to integrate with Western Europe, and was enthusiastic in accommodating to the EC trade customs and rules in order to secure accession. Spain joined the EMU because it was economically beneficial then as the majority of Spains trading partners are in the EU. On January 1986, Spain joined the European community as a full member. Spain was a firm supporter of the European and Monetary Union from the very beginning and rushed to be a part of the European Monetary System (EMS) in 1989 (Sebastian Royo, 2003). The European Monetary Union was established with the purpose of creating and improves trade among European countries. Based on the accession agreement, the taxation policy of Spain was transformed dramatically. Firstly, Spain had to gradually remove custom duties as well as industrial tariffs on EC goods (US Library of Congress). Spains tax rebate on exports had to be removed too. In addition, Spain had to impose a value-added tax (VAT) which had affected Spain negatively in the 1980s. For instance, the introduction of VAT makes Spain a more expensive destination for inbound visitors/tourists and this will affect the Spanish tourism industry. 2.1 Implications of European financial integration on Spain More importantly, membership in the Economic Monetary Union has many implications on Spains domestic economic policies. This is because Spain now loses control of monetary and exchange rate polices to fix problems in its economy and have to rely on the EMUs monetary policy instead. The EMU is tasked with the objective to conduct policies to ensure and achieve stability and growth in the Euro zone (Trichet, 2005). European financial integration kick-started a series of reforms aimed at liberalizing and modernizing the Spanish economy. Accession to ERM and then EMU membership resulted in the reform of the tax system. This reform of the Spanish tax system includes the introduction of VAT as well as a reduction of import duties. This was accompanied by a fiscal consolidation process (reducing government budget and debt deficits). Membership in the EU which resulted in European financial integration has both positive effects and negative effects on the economy. The general consensus is that the economic outcome for Spains membership is still largely positive. For example, gross domestic product per capital (GDP) increased significantly from 1985 and 2005 (Elcano Royal Institute European Parliament Office in Spain, 2006). The Spanish economy has also enjoyed growth since accession. Furthermore Spain has received a large amount of funds since accession and has made use of these funds to finance regional cohesion projects and develop infrastructures to modernise the economy. In addition, with greater exchange rate stability, imports of goods and services in Spain rose significantly and thus there was a greater degree of openness in the Spanish economy. However there remain major differences in economic development between Spain and the leading economies in the EU. Financial integration due to EMU was not totally smooth-sailing for Spain. The financial integration, which resulted in industrial restricting, has adverse effects on the economy in the early 1980: it resulted in high unemployment. In addition, the 1992 EMS crisis was traumatic for Spain. The 1992 crisis originated from an increase in government spending in Germany. This coupled with contractionary monetary policy led to increase in interest rates which affected the rest of the members of the EMU. The result was a sharp decline in the growth rate of real GDP and Spain having to devalue thrice. Many jobs in Spain were lost in the crisis. Fortunately these effects were cushioned somewhat by an economic boom in Spain, the continuing fall in oil prices and large inflow of foreign direct investment into Spain as many foreign companies seek to grab a slice of Spains expanding consumer market (US Library of Congress). Therefore for Spain to seize the benefits of EU membership and enjoy economic growth as well as low inflation, it has to push forward its structural reforms as well undertake sound fiscal policies. Spain till now has succeeded in conducting sound fiscal policies. However its inherent problem of high inflation continues to threaten its competitiveness and hence its trade balance. This has not been resolved quickly partially because of complacency due to its early economic success in the EU (Royo, 2006). European financial integration of the EU which entails efficient free movement of capital, commitment to exchange rate stability as well as harmonization of capital taxes have many positive implications on the Spanish macroeconomic policies. One benefit is that free movement of capital results in a decrease in financial costs for companies and thus allowing companies to raise more resources. However European financial integration has its drawbacks too for Spain. For instance, such commitments come into conflict with the aim of the Spanish government to reduce inflation as such commitments tend to result in lower interest rates thus raising inflation rates. Nevertheless, EU membership has contributed to some extent in lowering inflation in Spain. The introduction of the Euro and the European Central Bank (ECB), have considerable success in limiting price increases. The ECBs main aim of its monetary policy is to keep inflation of those in the euro zone under control and achieves this b y raising interest rates. The ECB therefore sets long-term interest rates for all the EMU countries. Since entering the EMU and participating in the single currency, Euro, the Spanish economy has transformed in a starkly different manner as compared to its counterparts in the EU. Spains economic growth in terms of GDP and inflation rate has been significantly higher than the other member states in the EU (Andres, Hurtado, Ortega, Thomas, 2009). These differentials particularly the inflation differential is most probably caused by the convergence and the integration of foreign markets. In fact, the surrendering of a nations right to pursue autonomous monetary policy as a result of complying with EMU and ECB is one reason why Spain has problems reducing her traditionally high inflation rate. Therefore this is perhaps the reason why Spain is powerless to use initiatives like setting interest rates to control inflation. As mentioned previously, one of the most significant implications of EMU membership for Spain was the convergence of interest rates which resulted in extremely low interest rates in Spain. (Royo, 2006). The drastic decline of interest rates in Spain was necessary in order to secure entry into the EMU. In fact, this convergence of interest rates as a result of EMU membership has an indirect effect on Spains current account trade deficit. Low interest rates led to an explosion of credit and mortgages. This raises houses prices. Low interest rates cause savings to decrease and thus the saving rate is insufficient to finance investment projects, resulting in the private sector having a large trade deficit. Low interest rates also result in excess demand and leading to high goods and wage inflation. Therefore, although membership in the EU served as a primary trigger for the Spain to embark on liberalizing the economy and has largely improved trade, it also contributes to problems regarding Spains trade balance. This is because most of Spains trade partners (countries which Spain exports her products to) are in the EU. (Royo, 2006)This coupled with rising GDP, which increased at a faster rate than exports, resulted in a growing current account deficit. It is important to note that the high inflation problems and the rising current account deficit took place in a setting of fiscal stability (Ubide, 2007). Once again, membership in the EU has resulted in Spain having a lack of monetary and cyclical tools to achieve fiscal surplus and control rising inflation. Having the national currency in a fixed exchange rate due to the EMS thus caused Spain being unable to resolve these economic problems. In other words, if Spain is not a member of the EU and do not participate in the single currency, Euro, she could have devalue her currency with respect to other currencies and improve its competiveness of its exports, and thus improve her trade balance. 3.1 The Competiveness Crisis in Spain The Greek debt crisis has put the spotlight on the peripheral member states of the EU especially Spain. However Spain is undergoing another crisis which of a different nature as compared to Greece. Spains crisis is not due to a lack of budgetary discipline, but caused by the boom in domestic credit (due to convergence in interest rates in the EU). The membership in the EMU can be attributed to the boom in domestic credit leading to the construction boom in Spain. EMU reduced the cost of borrowing for households as real interest rates for households fall substantially. This is due to the reduction in the risk premium as a result of EMU membership. Therefore, reduced cost of borrowing for households led to an increased in number of houses built and thus a boom in the construction industry. The construction boom in the private sector was accompanied by poor economic performance in the other sectors; this resulted in instability as well as trade imbalance. From the late 1990s to 2007, Spain has displayed poor international cost competitiveness (as compared to the rest of the EU members) as a result a significant increase in cost of production especially in the tradable goods sector (Marzinotto, 2010).This significant increase in cost of production is caused by Spains real estate investment boom. Other factors that contributed to poor international cost competitiveness include wage indexation to past high inflation and extension of wages which are agreed at industry level (Marzinotto, 2010). In the 19809s, Spanish firms were facing intense competition from Latin America and the Far East on products like clothing, textile which are Spains main exports. These countries from the Far East and Latin America have leverage on Spain because they are able to produce these goods far cheaper than Spain due to their low wages (Royo, 2006). As a result, Spain is often overlooked by foreign investors who chose to set their operations in these countries instead. This situation worsened when the enlargement of the European Union to the central and eastern European countries materialized. This is because Spain has to deal with new competition from new members on industries which are labor-intensive which form the bulk of Spanish trade. This further affect the trade balance of Spain because these new members also are able to exploit their low wages thus are able to produce cheaper exports as compared to EU. It is a tough obstacle for Spain to resolve the resulting current account deficit because such trade imbalance exists independent of any utilization of sound fiscal policies. This is not only an important issue for Spain but also has an important influence on the EU. This is because the poor international competitiveness of Spain will affect the stability of the Euro too. 3.2 Spains crisis and its implications on the EMU Based on the current competiveness crisis of Spain, one of the unlikely options for Spain is to exit from the euro area. However such an option begs another central question: is a euro exit possible and how will the credibility of the euro being affected? Firstly, the credibility of the euro is unlikely to be threatened if countries like Spain and Greece exit from the euro zone. However in an event of a Spanish exit from the euro zone, it will lead to other troubled nations pondering over similar departures and such spill over effects will create an uncertain environment which is not conducive for further European financial integration. Nevertheless, such concerns may be redundant because the chances of Spain exiting the euro zone or any other member state doing likewise is extremely unlikely because of the difficulty in doing so. One important barrier to exit is the financial integration between the members of the EU has reached a significant degree thus cross-border assets are very high. Therefore an exit will result in massive upheaval (Willams, 2009). Of course there will be benefits for Spain to leave the euro as it implies regaining autonomy in pursuing independent monetary policy as well as exchange rate flexibility. However, the costs of withdrawal are high too. For instance, there will be a cut in access to finance as well as a sharp increase in funding costs due to a removal of funding by the EMU as a result of withdrawal. This thus suggest a likely situation where Spain will remain in the euro zone and attempt to deflate its housing boom without the use of independent monetary policy or currency devaluation. This crisis has wide implications on the EU. The EU cannot and will not hang these struggling economies out to dry. Therefore to fix the competiveness crisis in Spain, there is a need for the EU to make some changes or introduce some frameworks. One possible way in which the EU can manage this crisis is to introduce a system to monitor wage and price developments (Marzinotto, 2010). This is not exactly a novel avenue which the EU has not implemented before. One of the requirements of the Exchange Rate Mechanisms ERM (before the introduction of the euro) was that no member country could change its nominal exchange rate without the consent of the others due to its effects on competitiveness. This is not the case now. Member states can now change its real exchange rates via VAT increases and cuts in social security contributions (Marzinotto, 2010). Therefore in this avenue, the EU should regularly monitor the real exchange rates in the euro zone and should introduce initiatives whenever economic developments pose a threat to the stability and the operation of the EMU. In addition this European competiveness monitoring framework (Marzinotto, 2010) should have a euro-wide perspective and focus as Spains current account deficit means a surplus for another country. Therefore in the event of necessary adjustments, the EMU must take into consideration both the interests of the deficit and surplus member states. In addition to a monitoring framework, there should also be an alert procedure (Marzinotto, 2010)that will have an assessment whenever fluctuations in a countrys current account deficit exceed the predefined limits. In the alert procedure, the country that has flouted the predetermined limits will be assessed based on its efforts to correct this problem. If the assessment is negative, the commission will then propose initiatives to solve the problem based on a euro-wide focus. Nevertheless, despite these recommendations to help Spain and other similar countries to solve such competiveness crisis, the onus is for these countries to make a concerted effort to resolve it via national efforts. The Spanish government should implement a national competiveness monitoring framework (Marzinotto, 2010). This framework includes utilizing a range of policies for remedial action. However this will not be any easy task due to obligations to the EU. Policies that Spain is hindered from using due to euro membership include encouraging inward investment by offering tax incentives and cheap loans to investors as well as devaluation. Therefore there seems to be only supply-side policies which Spain can use to remedy the crisis. Supply-side policies are favourable because an improvement in supply-side performance tends to lead to sustained economic growth without a rise in inflation rate, ceteris paribus. However, a good supply-side performance alone is not sufficient and mus t be accompanied by a sufficiently high level of aggregate demand so the productive capacity of the economy can be utilized. The Spanish government can encourage an entrepreneurial culture by providing regional policy assistance for entrepreneurs and also helping these firms with regards to access to knowledge and advice. In addition, although Spain has managed to maintain a sound fiscal policy, it has not fully utilized the fiscal policy to deflate the housing boom. Spain can modify the tax treatments of interest payments on house loans to cool the domestic housing market. With higher cost of capital, the disposable income of a household will be affected thus leading to a reduction in excess housing demand. In fact Ireland has demonstrated that raising the cost of capital of households can be achieved by removing interest relief on mortgage interest payments, (Gerald, 2004) is possible within the EMU. This goes to show that the loss of independent monetary policy (as a result of EMU membership) to correct the crisis cannot be an excuse for failure. This is because a well targeted fiscal policy can be used effectively to reduce excess demand in the housing market. However such measures undertaken by the Spanish government may not be popular with the Spanish public. 3.3 Efforts by the Spanish government Spanish government launched the National Reform Program (OECD, 2007) in 2005 to identify challenges to the economy (as a result of indirect implications of EMU membership) and propose initiatives to solve these problems. Despite the intentions of the program, it has not been very successful in meeting the challenges. In addition, the tightening by the European Central Bank has not managed to cool the domestic demand in Spain by a small degree. Furthermore, although the housing market in Spain has showed some signs in slowing down, residential investment continue to form a significant part of Spains GDP and house prices are still steadily increasing (OECD, 2007). Industry productivity has not improved significantly thus inflation differential still persist between Spain and the rest of the euro zone members. As compared to other members of the euro zone, Spain has embarked on a fiscal consolidation policy with a more concerted effort. This is because of a need to counterbalance the effects of the current loose monetary policy conditions. Although ECB raised the interest rates in 2007, it had limited success in cooling the domestic demand in Spain. This is partially due to tax reductions on households which increase the households disposable income. Therefore Spain should continue or even enhance its restrictive fiscal stance to reduce pressure on the domestic demand. The Spanish government has also attempted to develop the rental housing market. However it has met with limited success. Therefore, it will be better to gradually phase away any forms of assistance which home owners can receive in order to balance the incentives between renting and purchasing and moderate demand pressures. (OECD, 2007). Another measure is to improve the legal security of relations between owners and tenants so as to improve the use of the housing stock (OECD, 2007). With the gradual decrease in EU transfers to Spain as a result of enlargement, there is an increasing need to have and manage the government budget effectively. The Spanish government has recognized this need and have adopted reforms to improve the management of the government expenditure and resources. The Spanish government limited the growth of government expenditure to below the projected rise in nominal GDP and also used tax revenue to reduce indebtedness (OECD, 2007). The government has also increased the accountability and responsibility of regions regarding their expenditure. This is achieved via increasing the control the regions have over the taxes imposed on their specific regions. This will have the effect of reducing the reliance by these regions on the central government for transfers. Therefore this delegation of responsibility will also enhance the regions revenue raising powers. However there are problems associated with such decentralization, there may be loss of in formation thus affecting efficiency. Therefore there have to be an independent agency to monitor and evaluate the polices of the various government agencies of the respective regions (OECD, 2007). In addition such assessments have to be transparent to the Spanish public. The Spainish government has also reformed the 2003 Fiscal Stability Law (OECD, 2007)in order to maintain fiscal stability and prudence in a decentralised system. According to the 2003 Fiscal Stability Law, each level of the government has to ensure that its accounts are permanenty in balance. In addition, the law assessed the cyclical position of the Spanish economy by monitoring its expected growth rate against it potential. Although this law seems has a great influence on maintaining fiscal stability, the government must execute this law with caution to prevent a situation of a pro-cyclical budgetary outcome where a loose fiscal stance is adopted when times are good and a restrictive fiscal stance when times are bad. Conclusion Since accession into the EU in 1986, Spain has enjoyed a positive economic growth. In addition, EU transfers had also allowed Spain to modernise and develop its economy as well as infrastructure. Although the financial integration process was difficult for Spain with the introduction of VAT and other measures, Spain accommodated its national policies to secure entry into the EMU. Despite Spain maintaining an environment of fiscal stability, the high inflation differerntial between Spain and the rest of the euro zone members threatens to harm Spains international competitiveness. This competition crisis can be partially attributed to the low interest rates set by the EMU thus leading to domestic credit boom and hence excess demand in the housing market. This is a central issue for both the EU and Spain as it has wide implications for both parties. Therefore it is likely that EUs economic policies and framework will be modified to include initiatives like a monitoring framework to mana ge the Spains crisis or other similar crisis by other member states in the future. In addition, although Spain is tied by its obligations to the EMU (which include not being able to devalue its exchange rate or pursuing an independent monetary policy to deflate its booming housing market), there are some supply-side policies and national reforms that Spain can pursue to reduce inflation. Lastly, remedial action by both the EU and Spain will invariably have implications on each other as well on the rest of Europe.

Operations Management Exam 1 Review Notes

Basic info for Exam 1 Types of questions you can expect * Ones similar to assigned discussion questions, homework * How topics in assigned articles relate to key concepts below: test questions similar to these are fair game. * You will have the formula sheet handed out during forecasting section. The most important things to know from part 1 of this class 1) Chapter 1 a) How to measure performance of a process: financial measures, external measures, internal measures and why you would choose one over another. ) 4 product attributes and their corresponding process attributes i) This is something to memorize. c) Job shops vs flow shops: attributes of each and which products is each suited for? d) Will not cover product-process matrix. 2) Chapter 2 e) How process competencies support a firm’s strategic position. ii) Market-driven strategies (identify market needs and develop processes to support them) vs. rocess-driven strategies (Amazon hosting websites, cloud computing for othe r companies, G&H with financial aid call center branching out to other services) iii) Operational effectiveness vs. operational efficiency: low cost of operations does not necessarily support the business strategy iv) Focused strategies allow for competitive advantage (1) Plant-within-a-plant: why would companies do this and what makes this succeed or fail? ) Question about hypothetical company or companies we’ve analyzed in book, articles, class discussion—what are their business strategies/product competencies and how do their process competencies support them? g) Competitive product space 2-D graph: may ask you to interpret one but not to draw one v) Idea of operations frontier, that it represents the highest level of operational effectiveness (2) Effect of technology and improved management practices on the operations frontier. h) Order-qualifiers vs. rder winners (in slides, G&H discussion) i) Will not be tested on section 2. 7 j) Last 3 slides not covered: Disney and McDonalds 3) Forecasting k) Anything covered in book is fair game: Expect questions very similar to those in class, on HW. l) General categories: subjective, time-series, associative/causal m) What are key features of each forecasting method, why would you choose one over another? n) Trends, seasonality: know what these are, which methods account for these, and how they do it. ) Forecasting error and bias: why are these important to measure, what they mean, what are differences between methods for assessing them (MAD vs. MSE, for example) p) Use of control charts: how to make one and what are they used for. 4) Chapter 3 q) Takt time not covered but everything else is fair game. 5) Chapter 4: Flowcharting and network design r) Interpret or make a simple flow chart s) Using a flow chart to start to improve operations (esp. in conjunction with chap 3 and Little’s Law)

Why Everybody Is Wrong About Moral Dilemma Essay Topics Easy

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