Impact Of Motivational Rewards on Employees Essay Example for Free

Impact Of Motivational Rewards on Employees Essay MOTIVATION: Internal and external factors that stimulate desire and energy in people to be continually interested and committed to a job, role or subject, or to make an effort to attain a goal. Motivation results from the interaction of both conscious and unconscious factors such as the (1) intensity of desire or need, (2) incentive or reward value of the goal, and (3) expectations of the individual and of his or her peers. These factors are the reasons one has for behaving a certain way. An example is a student that spends extra time studying for a test because he or she wants a better grade in the class. MOTIVATION IN BUSINESS: Companies can motivate employees to do a better job than they otherwise would. Incentives that can be offered to staff include increased pay or improved working conditions. Motivational theories suggest ways to encourage employees to work harder. A motivated workforce results in: Increased output caused by extra effort from workers. Improved quality as staff take a greater pride in their work. A higher level of staff retention. Workers are keen to stay with the firm and also reluctant to take unnecessary days off work. Managers can influence employee motivation in a variety of ways: Monetary factors: some staff work harder if offered higher pay. Non monetary factors: other staff respond to incentives that have nothing to do with pay, eg improved working conditions or the chance to win promotion. BACKGROUND OF THE STUDY Reward Systems is a vital aspect of any organization. They can actively engage and renew the overall sense of community and mission of an organization Reward systems according to Sziligyi [1981], are outcomes or events in the organization that satisfy work related needs. Rewards systems are much more than just bonus plans and stock options but while they often include intrinsic incentives, they also include extrinsic. A well-organized reward system will motivate and energize employees because it recognizes the achievements of employees . Reward system implemented by organization will  influence employees’ behavior and attitude towards their job if the rewards satisfy their needs and help them to reach their personal goals. When employees desire to get the rewards, they will change their behavior in order to achieve the minimum level of performance required by organization. Organizations often design and implement the reward system without linking it with the ultimate improvement of organization’s performance .Therefore, the reward system is unable to contribute significantly to the performance of an organization Motivation is such a factor that exerts a driving force on our actions and work. According to Baron (1983) motivation is an accumulation of different processes which influence and direct our behavior to achieve some specific goal. Motivation depends on certain intrinsic, as well as, extrinsic factors which in collaboration results in fully committed employees. Incentives, rewards and recognitions are the prime factors that impact on employee motivation. The factors like incentives and rewards are the most preferred factors for employee motivation programs Rewards is one of the important elements to motivate employees for contributing their best effort to generate innovation ideas that lead to better business functionality and further improvise company performance both financial and non-financially. Today an organizations result is highly dependent on the employees work motivation. It is therefore important for a company to find out what motivates its employees so that it can plan a suitable reward system and gain better results. The right combination of intrinsic and extrinsic rewards can boost up the employees work motivation and enhance their commitment to the company. COMPANY PROFILES: KASBIT: KASBIT Private Limited is the parent body of KASBIT that was established in September 1999, through Registration with Securities Exchange Commission of Pakistan, Government of Pakistan. It is the first Private Sector Institute of Higher Education that was registered as a Corporate body. Since its inception, KASBIT has achieved many a mile-stones that advocate its high standard, excellence and quality recognition. KASBIT is Chartered by the Government of Sindh and recognized by the Higher Education Commission of Pakistan, which has also awarded the highest category W(4) rating to KASBIT in recognition of the high educational standards that it maintains KASBIT is  recognized by the Higher Education Commission of Pakistan and has been awarded the highest ranking of W(A) under whom the standards of educational institutions are scrutinized and evaluated in Pakistan. KASBIT became a member of the Association to Advance Collegiate Schools of Business (AACSB), which is based in the US to ensure the quality and continuous improvements in collegiate management education. KASBIT was certified by ISO in January 2002 in recognition of the high quality control system that it has in place. By this virtue, KASBIT became the first ISO-9001 Certified Degree Awarding Institute in the Private Sector of Pakistan. BAHARIA UNIVERSITY: Pakistan Navy established Bahria Institute at Islamabad and Karachi in the late eighties. These Institutes were aimed at providing quality and uninterrupted education up to Intermediate level, to the children of naval personnel on their transfer from one station to another and in turn to contribute to the cause of promotion of education at the national level. Over the years these Institutes grew in size and facilities, leading to the starting of BBA and B.Sc(CS) classes in 1995. These programs have since been upgraded to BBA (Hons), BCS (Hons) and MBA, MCS Program which were introduced in Fall 1997 as evening programs run under the management of two independent Institutes one each at Karachi and Islamabad respectively. The institutes are known as Bahria Institute of Management and Computer Science short title BIMCS suffixed with the location i.e. Karachi or Islamabad. Objectives: Bahria University, though very young, has the will and determination to develop and attain the objectives set forth below: Ensure academic excellence through quality education in disciplined and peaceful learning environments. Establish Campuses, Research Institutes, Schools and Colleges across the length and breadth of Pakistan to turn population explosion into knowledge based force. Prepare the younger generation to become future leaders and managers for a prosperous and educated Pakistan, through development of their mental, moral and professional strengths. Ensure academic excellence through quality education in disciplined and peaceful learning environments. Constantly monitor and upgrade facilities and update  the curricula to keep pace with the emerging trends and technologies. Coordinate and provide facilities for exchange of knowledge and applied research in the newly emerging fields in collaboration with national and international Universities and research institutes. RES EARCH AREA: Human resource (HR) OBJECTIVE: Find out to what extend does employees performance influenced by motivation PROBLEM STATEMENT: Decreasing Employees performance satisfaction due to lack of motivational factors that drives employee’s productivity level at its best in educational sector. KEY RESEARCH QUESTIONS: 1. What Is the Relationship between Employees Performance and motivation? 2. How many types of motivation that drives employee’s productivity? 3. What Is the Effect of Intrinsic motivation On Employee’s Performance? 4. What is the Effect of Extrinsic motivation On Employee’s Performance? 5. What measures can be taken to increase employee’s motivation level? 6. What are the factors behind the low productivity of employee? 7. What should be the behavior of employer towards the employee’s job satisfaction? INDEPENDENT VARIABLES: Intrinsic Motivation 1. Recognition 2. Learning opportunity 3. Career advancement Extrinsic Motivation 1. Basic Pay 2. Performance Bonus DEPENDENT VARIABLES: EMPLOYEES PERFORMANCE LIMITATION: Insufficient Funds Small sample size Time barrier Hardly possibility that organization will provide authentic information regarding their employees Research can take place only within the city Being a student’s it’s hard to get perfect information regarding their whole scenario of problem DE-LIMITATIONS: Respondents will not provide appropriate response Employees will feel insecure while sharing their organizations’ point of view. Time conscious City situations SCOPE OF THE STUDY: This study will provide a better understanding to employers who have been facing employees low productivity level they can get a better understanding of how motivational factors can influence an employee’s performance level that ultimately helps in growth of organization. This study will helps organization to increase employees performance through a perfect combination of intrinsic or extrinsic motivational factors. And it can be use in different dimension of business where employers are facing low productivity of employees. HYPOTHESIS: H1: Recognition has an impact on Employees Performance. Ho: Recognition has not impact on Employees Performance. H1: learning opportunity has an impact on Employees Performance. Ho: learning opportunity has not impact on Employees Performance. H1: Career advancements have an impact on Employees Performance. Ho: Career advancements have not impact on Employees Performance. H1: Basic Pay has an impact on Employees Performance. Ho: Basic pay has not impact on Employees Performance. H1: Performance bonus has an impact on Employees Performance. Ho: Performance bonus has not impact on Employees Performance.

Essay --

About 13 years ago , America wasn't involved in any wars with any nation. Our nation deported not as many immigrants as we do today, and citizens used to get through airport security in five minutes. As we can see a lot can change in little over a decade. Many dramatic changes needed to be changed after September 11th. The 9/11 attack stands alone as a unforgettable moment in United States history, that showed the most influential effects on the America and its citizens. 19 groups of combat that were known to be associated with the Islamic extremist group al-Qaeda hijacked four airliners and carried out suicide attacks against targets in the United States on September 11, 2001 ( "9/11 Attacks."). Two different planes flew into the towers of the New York City, World Trade Center. Meanwhile there was a third plane third plane hit the Pentagon that was outside Washington, D.C. The fourth plane took a wrong turn and crashed into a field in Pennsylvania. Death and destruction came out of the 9/11 attacks. More than 3,000 people were killed during and afterward the attacks in not only New York City but also Washington, D.C., this count did not include the 400 police officers and firefighters who also died.( "9/11 Attacks."). The human tragedy of 9/11 is unbearable and immeasurable. Yet there is another cost, the kind we are known to measuring, which is the economic cost. 9/11 Affected the United states economically. First it started off with the 2001 recession. In 2001, four days after the attack the economy started to drop for the first time since the Great Depression. Between the insurance cost, cost of rebuilding the World Trade Center into a Memorial and Museum, the United States spent a lot of money. New York City, had 430,00... ... higher chance of developing cancer compared to those in the group that was not exposed to the dust. 135 people had cancer in a non-exposed group. This was being compared to 161 smaller sized group (9 /11 Ten Years On - The Health Effects On Rescue Worker). Not all effects of 9/11 were good, but some of them changes the United states for the better. 9/11 was one of the worse days in american history that affected americans economic, security, health, and physiologically. Fortunately, the person who planned this horrible attack was found in 2011 and killed. This was a sense of relief for american people. Yes, people are still scared about future attacks but know that this time the united states know what to do. The 9/11 attack stands alone as a unforgettable moment in United States history, that showed the most influential effects on the America and its citizens.

Age of Exploration Essay

The age of exploration had many varied effects on the countries involved, mainly Spain, France, and England. By establishing a prosperous empire in South America by conquering the native people, Spain became vastly wealthy off of the gold collected by its native subjects. However, since the native people were dying off rapidly due to the foreign diseases brought over by the Conquistadors, as well as malnutrition and fatigue, Spain and Portugal were the first to introduce slavery to the New World by replacing them with African slaves brought over by Portuguese slave traders. The silver mining by these slaves caused world trade to increase. Often, silver brought to Europe from America was then traded with China and other Asian countries, making silk, porcelain, and Indian spices more prevalent in Europe. Products from America that became popular in Europe included corn, potatoes, pineapples, and sugar cane. Many cultures spread and combined with others: Spanish missionaries converted natives to Christianity, which then combined the new Christian beliefs with the natives’ cultural traditions. Another example, Arabian coffee with American sugar became quite popular throughout Europe. Although saying that anyone who crossed the Atlantic (at least when referring to modern theories) truly discovered America is ridiculous, I believe that the first to do so was Leif Eriksson and his group of Vikings whose settlement was found in Canada. According to the Greenlander saga and the Eric saga, his father, Eric the Red, a Viking outlaw, discovered Greenland. In order to establish himself as a man separate from his father, Leif sailed to the west in order to discover his own land. He sailed west because there had been a rumor in Greenland for the past fifteen years of a merchant sailing from Iceland to Greenland whose ship had been blown off course in a storm. According to the rumor, the merchant claimed that there were three separate lands west of Greenland. Around the year 1000, Leif purchased the merchant’s ship from the story, and obtained directions from the same merchant. He set sail only for a few days, which was reportedly was miserable due to the conditions on the open boat. On this expedition, they were seeking trees, which were scare in Greenland, but abundant in what is now northern Newfoundland, Canada, where the party landed. Leif named the new land Vinland after the wild grapes found there and the wine the grapes produced. Shortly thereafter, the settlers began to erect a settlement and scouted the land. In 1960, the archeologist and set out to find the fabled Vinland, using a four hundred year old Icelandic map and descriptions from the sagas. On the very northern tip of Newfoundland, they came across an area of mounds and ruins near a small town. Because the ruins predated the settlement of the area, the locals had always believed that Native Americans created the mounds. In fact, through almost seven years of painstaking excavations and radiocarbon testing, it was proven that the ruins were of a settlement dating back to the year 1000. Various artifacts found at the site also confirmed its Norse origins. Archeologists have gone so far as to pinpoint which ‘house’ was Leif Eriksson’s, based on size and complexity of the structure. I believe that Leif Eriksson was the first to cross the Atlantic and settle in America because of many factors. The radiocarbon dating of the site which puts it at 1000 C. E. immediately eliminates any of the explorers from the age of exploration, as well as the Chinese in 1492, in addition to the obvious implausibility of traveling above Canada in ice riddled waters in a flimsy wooden vessel. A case could perhaps be made for the merchant in the sagas who started the rumor, but as with all epic stories, the Icelanders who were the ones to transcribe the sagas based on oral stories, may have simply added him in as a fictional supporting character. Because of this and other equally plausible scenarios, I have to concede that Leif Eriksson was the first to reach the New World by crossing the Atlantic. There is confusion among certain people about whether America was colonized because of a desire for more money on the part of England or because the colonists were seeking religious freedom from the Roman Catholic Church. This confusion stems mainly from the watered down version of Jamestown and the Mayflower that we teach students at a young age. While it is true that Puritans did indeed come to the New World seeking religious freedom, the initial desire to colonize America was all about the desire for wealth. Because of Spain’s conquests in South America, the gold it had acquired from the natives and silver mining had made the country vastly wealthy and other nations were eager to get their share of the riches. America also had an abundant supply of farmland at a time when many farmers had small farms that they toiled over in an effort to merely support their families. In addition, as more settlers moved to America and created a demand for indulgences that they were accustomed to in Europe, the companies that sold such items made more money because of the higher prices the settlers had to pay in order to accommodate shipping costs. In short, while religious freedom was a noble and idealistic dream, it wouldn’t benefit anyone or make any money, which is what people were chiefly concerned with. How would America be different if it had been settled one hundred years later, in 1592? To begin with, it probably would not be called ‘America’. America is so named after Amerigo Vespucci; however, as he died in 1512, it is unlikely that we would have been named after him. Perhaps we would be named Raleigh, after Walter Raleigh, a British explorer of both North and South America in our actual history. Christopher Columbus would not be in history books, as he would not have been to Raleigh. Native Americans thus would have never been referred to as Indians. Because of our late start as a nation, it is reasonable to assume that certain historical events in our country would be delayed, let us say, fifty years or so. Because colonization was delayed, it would take longer for tensions to raise between the colonists and the French, so the French and Indian War would not have started in 1689, but around 1739 instead. This in turn would delay the Seven years war and thus the taxed imposed by the British that led to the American Revolution, which would now begin in 1825. Thus, we would have the Declaration of Independence on July 4th, 1826 and become our own country in 1833. Or alternatively, because of the differing technology, we might have lost the war and still been English today. But lets assume that we won and Raleigh was founded. I believe the Civil War would have been delayed as well until 1911, three years before World War One started. Both world wars, because we did not start them, would have happened the same years as they actually did, 1914 and 1939 respectably. However, I believe that the issue of civil and women’s’ rights would have been later in coming, perhaps in the 80’s. We would probably be dealing with racism more than gay rights today, if that were the case. And our music would be behind as well, so 60’s music today would then be 80’s music now.

Area and Volume

Previous exam questions on area between functions and volumes of solids. 1. Let f(x) = cos(x2) and g(x) = ex, for –1. 5 ? x ? 0. 5. Find the area of the region enclosed by the graphs of f and g. (Total 6 marks) 2. Let f(x) = Aekx + 3. Part of the graph of f is shown below. The y-intercept is at (0, 13). (a)Show that A =10. (2) (b)Given that f(15) = 3. 49 (correct to 3 significant figures), find the value of k. (3) (c)(i)Using your value of k, find f? (x). (ii)Hence, explain why f is a decreasing function. iii)Write down the equation of the horizontal asymptote of the graph f. (5) Let g(x) = –x2 + 12x – 24. (d)Find the area enclosed by the graphs of f and g. (6) (Total 16 marks) 3. The following diagram shows the graphs of f (x) = ln (3x – 2) + 1 and g (x) = – 4 cos (0. 5x) + 2, for 1 ? x ? 10. (a)Let A be the area of the region enclosed by the curves of f and g. (i)Find an expression for A. (ii)Calculate the value of A. (6) (b)(i)Find f ? (x). (ii)F ind g? (x). (4) c)There are two values of x for which the gradient of f is equal to the gradient of g. Find both these values of x. (4) (Total 14 marks) 4. The graph of f(x) = , for –2 ? x ? 2, is shown below. The region enclosed by the curve of f and the x-axis is rotated 360Â ° about the x-axis. Find the volume of the solid formed. (Total 6 marks) 5. The graph of y = between x = 0 and x = a is rotated 360Â ° about the x-axis. The volume of the solid formed is 32?. Find the value of a. (Total 7 marks)

The Tragedy of King Lear Essay Example

The Tragedy of King Lear Essay Example The Tragedy of King Lear Essay The Tragedy of King Lear Essay Essay Topic: King Lear A Comparison of Psychological and Physical Deceit and Disguise In many of Shakespearean works, he suggests that appearances are not reflective of reality and uses this idea to develop many subplots in his works. He is notorious for constructing these false identities to advance the plotting and create unsuspecting twists. As his plays progress, different characters employ different strategies to promote their actions, with some opting to psychologically deceive their targets while others select to physically disguise themselves as someone else. Shakespearean King Lear, Is no exception; he portrays this theme through the various disguises of an array of characters that utilize deceit to reach their goals, which range from being supportive to being sinister. This element of deceit and disguise is first established in the opening scene when the reader discovers that King Lear Is planning to delve his kingdom between his three daughters. He tests his daughters by demanding them to proclaim their love for him, with the intentions of awarding the daughter who displays her love to him the best with the largest share of his kingdom. The play as Just begun and Shakespearean theme of fake appearances has already arisen, as the outside appearances that each of the sisters displays for their father is not in accordance with their actual thoughts. General and Reagan, King Learns two oldest daughters, both spin verbose and grandeur explanations about their deep love for him with General starting off by stating, Sir, I love you more than word can wield the matter Beyond all manners of so much I love you (1. 1. 60-67). Reagan then plays off of her sisters lead and begins to say, l am made of that self mettle as my sister And mind I am alone felicitate / In your dear Highness love (1. 1. 76-84). This psychological ploy they use on King Lear seems to work, as he becomes frustrated and dissatisfied with his youngest daughter, Cordilleras, answer. As King Lear waits for her to match her sisters responses, Cornelia refuses to make such comments, asserting that, Unhappy that I am, I cannot heave / My heart into my mouth. I love your Majesty / According to my bond, no more nor less (1. 1. 100-102). As a result of this, King Lear disowns Cornelia, abolishes her from the kingdom and splits the kingdom between the other two sisters. Following this incident, the Earl of Kent, who is the Kings most loyal nobleman and servant, while attempting to reconcile the King about his brash decision to banish Cornelia, is also hastily exiled from the kingdom for giving his opinion on the matter. Here, you can see that King Lear has let his emotions get the best of him as he tells Kent, Five days we do allot thee for provision To shield thee from disasters of the world, And on the sixth to turn thy hated back Thy banished trunk be found in our dominions, The moment is thy death. Away! By Jupiter, This shall not be revoked. (1. . 197-203) Not only has the plans of obtaining the power of the kingdom gone according to their plan, but General and Reagan were also able to unexpectedly rid the kingdom of two of their potential obstacles to the throne: one being Learns favorite daughter, Cornelia, and the other being his most loyal servant, Kent. The aftermath of this sequence of events turns out to play a large role in the future, as the King will soon learn that he made a mistake. Even though this is only the start of psychological deception in the play, the importance of its presence sets the tone for the play and makes it clear that everyone is susceptible to such trickery, even the almighty King. As the plot of King Lear and his daughters begins to develop in the opening scene, we are simultaneously introduced to another one of King Learns nobleman, the Earl of Gloucester. Early on, we learn that Gloucester is an adulterer and has a bastard son, Edmund. In contrast to Edmund is Edgar, Gloucester oldest and legitimate son. At the beginning of the second scene of the Act One, Edmund gives a soliloquy on the lack of respect and class he has received for being a bastard, stating that Thou, Nature, art my goddess Now, gods, stand up for bastards (l. I. 1-23)! Here we learn of Edmunds plan to betray Edgar, by means of a forged letter, which documents Edgers plan to kill his own father. When Gloucester reads the letter, he barely questions the authenticity of the letter and lets his emotions overcome him, O villain, villain! Abominable villain! (l. Ii. 79). Afterwards, Edmund meets up with Edgar and alerts him of the news that Gloucester is livid at Edgar and that he is chasing him. Pretending to be of assistance to Edgar, Edmund suggests that he avoid Gloucester as much as possible and to remain armed in case Gloucester finds him. Here, Edgar naively mistakes Edmunds plan to protect his own brother as a sign of sincerity because of Edmunds ability to swiftly talk coupled with his deceptive nature. This makes it easy for Edmund to take advantage of the trusting and gullible personality of Edgar. In reality, Edmund is merely setting the bait for Gloucester to fully turn his back on Edgar so that Gloucester will anoint Edmund as the next heir to the throne. Edmund succeeds in accomplishing the next step of his plan when he convinces Edgar to flee Gloucester castle as their father approaches the room. Right when Edgar flees, Edmund intentionally wounds his arm, affirming Some blood drawn on me would beget opinion / Of my more fierce endeavor. I have seen drunkards / Do more than this in sport. / Father! Father (11. 1. 36-39)! By framing Edgar for his wounds as he fled the scene, Edmund has now secured Gloucester trust which has led him to the condemnation of Edgers death. As the two plots continue to unravel, more disguises begin to unfold, with one of them being Kent after he was expelled from Learns Kingdom. Instead of double crossing his friends and family like Edmund had, Kent chose to return to Learns kingdom, disguised as an ordinary peasant, even though he had been wronged by Lear. When asked by King Lear who he was, Kent simply replied, A man, sir (l. V. 1 1). Lear seemed to be content with the mans answer and allowed the newly disguised Kent to become his new servant. Even after that Kent was using was not of any importance, his characteristics lead him to be different than almost every character in the play. His role and physical disguise of being a random, selfless person who cares about the well-being of the King over his win safety Juxtaposes the psychological disguise the two sisters, Genera l and Reagan, displayed back in Act One. Even though Kent has no familial relations to the King, he cared more about the King than the Kings own two daughters did. Not only did the two sisters deceive Lear into dividing his kingdom amongst them, but they both treated Lear with disrespect and banished him from their respective kingdoms. One cannot simply put a price Kens loyalty to King Lear, even after being expatriated by the King. Much like Kent, Edgar was also forced away from his kingdom ND was required to disguise himself as a means of protection. Under the name of Poor Tom, Edgar disguised himself as a beggar; however, unlike Kent, Edgers entire persona changed. In an aside, we learn that throughout Edgers time as a homeless man, there was no possibility that life could have been worse for him And worse I may be yet. The worst is not / So long as we can say This is the worst (IV. I. 30-31). It is only during his time as a homeless man that he knows that life couldnt get any worse. Such logic would make sense in this situation because it is only at a mans utmost lowest point where he becomes the true essence of what he is. With that being said, by spending time as a beggar and being homeless, Edgers body is stripped away to the very pith of his being and it is there that he finds what he is truly made of. When Edgar has almost fully adjusted to his new life as a homeless bum, he then sees his father, Gloucester, walking towards him, but without any eyes. Here, Gloucester believes that Edgar is Poor Tom and also divulges that he knows that Edgar is innocent and that it was Edmund who was behind everything. Gloucester hen asks Edgar to lead him to Dover, where There is a cliff, whose high and bending head / Looks fearfully in the confined deep shall no leading need (IV. Ii. 83-88). At this point in the play, I was puzzled as to why Edgar did not disclose his real identity to his father, but I believe that it all boiled down to his father condemning him to death, which would always be hard to forgive. Edgar would eventually deceive Gloucester by not letting him commit suicide and Jump off of the cliffs of Dover, but instead Jump onto flat ground. This means of deception was a necessity to prevent Gloucester from killing himself which was easily diverted. After experiencing so many life-altering events, Edgar had finally grown into and found his new identity. Having become encapsulated in this new physical disguise that he had finally developed into, it ultimately gave him the strength and mental fortitude to face and defeat his brother in the final scene. By creating and interweaving these deceptions and disguises amongst all the characters, Shakespeare is able to more effectively develop the characters of the play. Much like the formal title, The Tragedy of King Lear, it was tragic and quite ironic that at the end of the play neither Kent nor Edgar got a chance to adequately reveal their true identities that were hiding beneath their disguises to both King Lear and Gloucester. Lear was far too delusional to understand Kens explanation that he was the Kings new servant due to the combination of his uneasy mental state along with Cordilleras corpse in his arms, whereas we learn that Gloucester died from shock when Edgar attempted to reveal Shakespeare ends the play with only three surviving characters, leaving the reader to contemplate the mystery of their futures.

Judicial precedent Essay Example | Topics and Well Written Essays - 1250 words

Judicial precedent - Essay Example â€Å"Judicial precedent means the process whereby judges follow previously decided cases where the facts are of sufficient similarity. The doctrine of judicial precedent involves an application of the principle of stare decisis. In practice stare decisis means, inferior courts are bound to apply the legal principles set down by the superior courts in earlier cases (Tufal, p.1). The words stare decisis means standing by previous decisions. In other words, once a verdict has given by an upper court in a particular case, that verdict should be applied to all future cases of similar nature. It should be noted that only the verdicts given by the upper courts will come under judicial precedent. The verdicts or judgement of previous cases often considered seriously by the courts before making the final verdicts in the existing cases. Advocates often remind the courts about the verdicts of previous cases of they feel such verdicts help them in one way or another in the existing cases. It i s a common practice that lower courts will never try to change the verdicts of upper courts. So, lower courts will always try to follow the judgement of upper courts if the cases handled by them are similar in nature. There are two types of precedent existing; binding and persuasive. The reasons for reaching a particular judgement are often included in the final judgement. The judge will explain which factors forced him to arrive at the final verdict. â€Å"The reasons which are necessary for them to reach their decision amount to the ratio decidendi of the case. The ratio decidendi forms the legal principle which is a binding precedent meaning it must be followed in future cases containing the same material facts† (Judicial Precedent). The terms ratio decidendi means reason for decision. In short, binding precedent is mandatory while lower courts take decisions. On the other hand, persuasive precedence is not so. In persuasive precedence, Judges can decide whether they shoul d follow or not follow past verdicts. It should be noted that a judgement includes, many binding and not binding elements. All the binding elements should be followed in future cases whereas other elements need not be followed later. Thus, binding precedence is compulsory whereas persuasive precedence is not compulsory for the lower courts while taking decisions. Judicial precedence helps judges in deciding; Are the cases, for instance: (a) sufficiently similar that the decision of case (1) should be applied in case (2)?; or (b) sufficiently different that the decision of case (1) should not be applied (never mind be considered binding) in case (2)?; or (c) are the factual differences of minimal significance so that case (1) is likely to be applied to case (2)?; or (d) are the facts different, but the principle underlying the decisions in the cases similar? This can be a difficult one. Here you need to be sure what was the principle that was established in the past case: does the re asoning— the ‘why?’—in the past case apply to the second even though the facts differ? In some instances this may even involve using one case in, say, shipping law, to answer a question about the liability of a fairground company to a local authority in the law of contract (The Doctrine of Judicial Precedent, p.155) Judicial precedence helps courts in many ways. It should be no

Portfolio Essay Example | Topics and Well Written Essays - 2500 words - 1

Portfolio - Essay Example Hence, for a nation to be in the investment map, it must necessarily improve its diplomatic relations with developed markets and to offer incentives to access investment opportunities for foreign capital (Morrisset, 2000). Economists posit that FDI can possibly be infused if a country would a bit lower its protectionist policy to improve its macroeconomic performance and permeate the increase of growth rate in its domestic economy (Harrison, 1996). This refers about the need for more effort to make a specific region more attractive for investments. It’s argued that an increase in investment auger well for sustainable economic development within the region (Harrison, 1996). Such is possible if financial resources from domestic and international finance communities are integrated within a specific region or nation which opens its borders to world economy (Morrisset, 2000). However, countries adherent to borderless economy are clothe with policies protective of foreign investors and of enhancing human capital. A country interested of maximizing FDI for economic growth must improve its system of governance and domestic economic conditions, to increase the rate of its credibility at the international scale (Aaron, 1999). Experts contend that national credibility can be earned if national leaders advocate and adapt political and economic innovation, human development, infrastructural development, and investment attractiveness (Abraham., 2005). Political innovation refers to legislation of policies that are supportive of economic liberalization, works for the removal of protectionist policies, and attracting more investments using measures such as â€Å"international incentives to invest (Anderson, Dimaranan, Francois, Hertel, Hoekman, & Martin, 2001)..† However, while these policies support international trade and foreign investment, the protective and right–based policies significant to domestic stakeholders’ interests, land utilization, and resource