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Essay Solutions for Mcdonald Chapter 6 - 2832 Words

Chapter 6 Commodity Forwards and Futures Question 6.1. The spot price of a widget is $70.00. With a continuously compounded annual risk-free rate of 5%, we can calculate the annualized lease rates according to the formula: F0,T = S0 Ãâ€" e(r−Î ´l )Ãâ€"T ⇔ F0,T S0 = e(r−Î ´l )Ãâ€"T S0 = (r − ÃŽ ´l ) Ãâ€" T F0,T 1 ln T S0 ⇔ ln F0,T ⇔ ÃŽ ´l = r − Time to expiration Forward price Annualized lease rate 3 months $70.70 0.0101987 6 months $71.41 0.0101147 9 months $72.13 0.0100336 12 months $72.86 0.0099555 The lease rate is less than the risk-free interest rate. The forward curve is upward sloping, thus the prices of exercise 6.1. are an example of contango. Question 6.2. The spot price of oil is $32.00 per barrel. With a continuously compounded annual†¦show more content†¦It does not make sense to store pencils in equilibrium, because even if we have an active lease market for pencils, the lease rate is smaller than the risk-free interest rate. Lending money at ten percent is more proï ¬ table than lending pencils at ï ¬ ve percent. b) The equilibrium forward price is calculated according to our pricing formula: F0,T = S0 Ãâ€" e(r−Î ´l )Ãâ€"T = $0.20 Ãâ€" e(0.10−0.05)Ãâ€"1 = $0.20 Ãâ€" 1.05127 = $0.2103, which is the price given in the exercise. c) c1) Let us ï ¬ rst look at the different arbitr age strategies we can use in each case. Pencils can be sold short. We can engage in our usual reverse cash and carry arbitrage: Transaction Time 0 Time T = 1 Long forward 0 ST − F0,T Short-sell tailed pen- $0.19025 −ST cil position, @ 0.05 Lend short-sale −$0.19025 $0.2103 proceeds @ 0.1 Total 0 $0.2103 − F0,T For there to be no arbitrage, F0,T ≠¥ $0.2103 c2) Suppose pencils cannot be sold short. Then we have no ability to create the short position necessary to offset the pencil price risk from the long forward. Consequently, we are not able to ï ¬ nd a lower boundary for the pencil forward in this case. 81 Part 2 Forwards, Futures, and Swaps c3) Pencils can be loaned. We engage in a cash and carry arbitrage: Transaction Time 0 Short forward 0 Buy tailed pencil −$0.19025 position, lend @0.05 borrow @ 0.1 $0.19025 Total 0 Time T = 1 F0,T − ST ST −$0.2103 F0,T − $0.2103 For thereShow MoreRelatedSolutions For Families : Distressed Situations1551 Words   |  7 PagesSolutions for Families in Distressed Situations Caroline Aranda, Ashley Haver, Carlos Siao, Veronica Ortiz, Ronyel Calloway  Communication 8 California State University, Fresno 16 November 2016 TOPIC: Solutions for Families in Distressed Situations SPECIFIC PURPOSE: (Caroline) INTRODUCTION: (Caroline) CENTRAL IDEA: (Caroline) PREVIEW: (Caroline) [Transition 1: BODY: How do families become in these distressed situations? (Ashley) A study by researchers at the University ofRead MoreAnimal, Vegetable, Miracle By Barbara Kingsolver1085 Words   |  5 PagesRhetoric in â€Å"Animal, Vegetable, Miracle† by Barbara Kingsolver The issues of Americas food industries have in fact been issues debated against for decades. From McDonalds serving â€Å"pink mush† for a chicken substitute, to grossly inhumane slaughter houses across the nation. The fact still remains -- we, as Americans, are nowhere near a healthy and stable food industry. Few people realize this, and those who do realize it, either choose an unhealthy lifestyle or choose to improve their currentRead MoreA Brief Note On District Health Boards And Southern Dhb1660 Words   |  7 Pagesfraud done against the board. Swann and his partner, Kerry Harford, and their other business associates had managed to swindle $16.9 million from the Health Board. Sonnford Solution that was formed by Harford was alleged by the Serious Fraud Office (SFO) that the company only acted as a front for their well-planned fraud (McDonald, 2009) had charged the company 198 invoices over the six years period for supposedly insurance-type services related to the provisions of IT licenses, services and supportRead MoreMarketing Strategy1138 Words   |  5 PagesChapter 1 Marketing in Today’s Economy Exercise 1.1 CarsDirect http://www.carsdirect.com 1. Explore the CarsDirect website, including pricing a vehicle of your choice. How successful is CarsDirect in reducing the hassles associated with buying an automobile? 2. Does the design of the CarsDirect website convey confidence and trust in the car buying process? How has CarsDirect answered consumers’ concerns over the lack of a human element in their marketspace? Exercise 1.2 DaytonaRead MoreQuestions on Operations Management1661 Words   |  7 Pagesï » ¿Chapter 1: Introduction to Operations Management Overview This chapter provides a definition of operations management. The role and importance of operations in an organization are described, along with operations decisions that are made. The differences between manufacturing and services are described. The history and current trends of operations management are discussed, including the impact of information systems. Finally, the interaction between operations and other business functionsRead MoreUse of Biodegradable and Non-Biodegradable Materials of Leading Fastfood Chains7924 Words   |  32 PagesChapter I THE PROBLEM AND ITS BACKGROUND Introduction The term fast food industry refers to companies operating as national or international chains with a number of identically operating outlets. The fast food industry is specialized in food products such as hamburgers, pizzas, chicken, or sandwiches. The growth of the fast food industry has reached a staggering number. If there are so many millions or even billions of hamburgers, or chicken nuggets, or French fries sold each year, then imagineRead MoreTiger Beer1938 Words   |  8 Pages | | |2 |Marketing planning |Chapter 14; | |FIRST TUTORIAL - IMPT to ATTEND | | |Beg |process - overview |Chapter 2 pp. | |Discuss assessment requirements grading criteria | Read MoreKentucky Fried Chicken And Mcdonald Essay1586 Words   |  7 PagesKentucky Fried Chicken and McDonald s have held a successful presence in the UK for many years, with both enjoying high levels of the brand recognition. They have been the global leading brands for more than three decades (Keynote, 2003). In the United Kingdom, the fast food market values 7.82 billion pounds every year under estimation and 20 pounds per month for per adult on average (Schroder, McEachern, 2006). Owing to stressful lifestyles, quick meals are attracting more people to focus on. ThisRead MoreStarbucks Strategic Plan5173 Words   |  21 PagesInternational. The industry is concentrated with the top 50 companies generating more than 70% of sales. The external environment factors include competitors, creditor s, customers, labor, and suppliers. Starbucks top three competitors in order are McDonald s Corporation, Nestlà © USA, Dunkin Brands, (Hoovers - Starbucks, 2011). Starbucks strives to give the Starbucks Experience to all customers, recognizing and responding to their unique preferences and needs (Starbucks Diversity, 2011, p. 1). TheyRead MoreWhat is Market Segmentation?1501 Words   |  7 Pagesmany stores in the world, so it might be have lots of different option of product in different country. I put up the USA and China as an example to talk about. In the USA, there are around 27 different taste tea but in China just got less than 6. And in the 6 types of tea three of it is Chinese tea. Moreover, if the mid- autumn festival coming soon they will promote moon cake which I think is just in China have this. In order to cater to the tastes of Chinese consumers, Starbucks have promoted White

Police Discretion - 1244 Words

Police Discretion Jocelyn Golphin University of the District of Columbia Criminal Justice System 2/21/2014 Golphin 2 Police discretion is a very important approach in matters concerning criminal justice. There has been a consistent problem between enforcing the law and the spirit of the law. Discretion in the broader sense can be defined as the individual’s ability to make a decision basing on the principle of courses of the action. During training, police officers are given different possible scenarios that they may experience while on duty. However, the situations presented are not exact and the police come face to face with more riveting situations that demand their personal choices. The†¦show more content†¦The disadvantages of police discretion mostly lie in the abuse of the privileges they have in regard to exercising the discretion power. Discretion has been seen as inviting partiality in dealing with the citizens as well as creating an opportunity for corruption. Others have debated that during discretion, the police don’t have the slightest idea about what could be the consequences of their actions (Peak, 2009). Police discretion is a potential tool for abuse that could possibly result into potential needless death and/or injury. A police officers choice may be influenced by personal factors that may determine an irrational decision. For example; In the 2005 shooting, that occurred on 126th Street between Fifth and Lenox Avenues, the suspect, Richard Gooding, ignored officers’ orders to drop his gun and began shooting. Five officers returned fire, fatally injuring Mr. Gooding and wounding Ms. Johnson in the right elbow. Garnold M. King was shot in the lower back; he has settled his lawsuit with the city. Two officers said they did not look to see if there were bystanders on the street while they were shooting; one of those officers said he did not look to see if there were bystanders until after the shooting was over, Ms. Johnson’s lawyer, Barry A. Gutterman, told the judges — echoing those officers’ pretrial depositions. At one point in the hearing, Chief Judge Jonathan Lippman questioned SusanShow MoreRelatedPolice Discretion1050 Words   |  5 PagesPolice Discretion Police discretion is the ability to choose a course of action because of broad limits of power. It refers to the autonomy an officer has in choosing an appropriate course of action (The Police In America, 113). It includes authority to decide which of the various means of helping the helpless, maintaining order, and keeping the peace are best suited to particular circumstances (www.worldandi.com/specialreport/1989/january/Sa15878.htm). The police need to have discretionRead MorePolice Discretion1548 Words   |  7 PagesPolice Discretion David Gonzalez University of Phoenix Introduction to Policing CJA/370 Professor John W. Feltgen June 23, 2005 Abstract In this paper I will discuss police discretion and the use of these discretionary powers in the law enforcement workplace. I will explore the mythical aspects of police discretionary powers and the source of this myth. I will further discuss the control of discretionary authority. I will name instances of law enforcement officials using their discretionary powersRead MorePolice Abuse Of Discretion And Discretion2015 Words   |  9 Pages Police Abuse of Discretion William Powell Jr. American Military University Professor Robert Arruda CMRJ303 Criminology January 17, 2014 Abstract Utilizing the research from several sources and personal experience, this paper will discuss police abuse of discretion. The paper will begin by defining discretion. The paper will examine several types of discretion variables. The paper will discuss its use in the field and office settings. The paper will discussRead MorePolice Discretion1418 Words   |  6 PagesPolice discretion by definition is the power to make decisions of policy and practice. Police have the choice to enforce certain laws and how they will be enforced. Some law is always or almost always enforced, some is never or almost never enforced, and some is sometimes enforced and sometimes not (Davis, p.1). Similarly with discretion is that the law may not cover every situation a police officer encounters, so they must use their discretion wisely. Until 1956, people thought of police discretionRead MoreDefinition Of Discretion And Police Discretion2054 Words   |  9 PagesThe term discretion has several meanings the liberty to decide what should be done in a specific circumstance is one general universal definition. But when dealing with criminal justice and police work the description changes a bit. The criminal justice definition of discretion is Police discretion discusses the authority given to a police officer that allows him or her to decide how to best handle a certain situation. This is designed at increasing the flexibility of the criminal justice systemRead MorePolice Discretion2131 Words   |  9 PagesDiscretion is defined as the authority to make a decision between two or more choices (Pollock, 2010). More specifically, it is defined as â€Å"the capacity to identify and to document criminal and noncriminal events† (Boivin ump; Cordeau, 2011). Every police officer has a great deal of discretion concerning when to use their authority, power, persuasion, or force. Depending on how an officer sees their duty to society will determine an officer’s discretion. Discre tion leads to selective enforcementRead MorePolice Discretion2677 Words   |  11 PagesFrom a criminological perspective discretion can be defined as the authority granted by law to agencies and officials to act on their own considered judgement and conscience in certain situations; and each area of the legal system (judges, parliament and law enforcement) has its own discretion. Police discretion is the ability granted by the legal system to police offices, in certain situations, to act in a manner that allows authorities to make responsible decisions and individual choices or judgmentsRead MoreEssay on Police Discretion1425 Words   |  6 PagesPolice Discretion Discretion, uncertainly, and inefficiently are rampant and essential in criminal justice. Nobody expects perfection. That would neither be good nor fair. Justice is a sporting event in which playing fair is more important than winning. Law enactment, enforcement, and administration all involve trading off the possibility of perfect outcomes for security against the worst outcomes. Policing is the most visible part of this: employees on the bottom have more discretion thanRead MoreDisadvantages Of Police Discretion835 Words   |  4 PagesAssignment 2 Discretion can be defined as the availability of choice of options or actions. We all use discretion each and every day with all the decisions we make in our day to day lives. With that being said police also use discretion but theirs have the ability to change people’s lives on the daily basis. They have to make those decisions each and every day not knowing how it will affect the person’s life. Discretion is something that is a very necessary part of police work. One of the reasonRead MoreEssay On Police Discretion1053 Words   |  5 PagesPolice Discretion is one of the many tool officers have a choice to use when making decision in enforcing the law. Officer have the option to use discretion were the officers see fit. They do not have to issue a citation or arrest in many cases a warning many be justified. Many of the outcomes could be determine by several factors which include the subjects attitude, the crime and the person past history. In some cases, a subjectà ¢â‚¬â„¢s social status and financial status in the community have also have

Personal Narrative My Favorite Chair - 1045 Words

I was sitting on my favorite chair going through photos of Max, my eldest son, while my husband was putting up photos on the mantel above our fireplace. Quynh, my youngest daughter of three, asked me about the photo with a young woman in a black and white photo wearing a pair of heels. â€Å"Mom who is this?† I took a look, â€Å"She is your grandmother†. She looked down at the photo again, and then she ran to one of the boxes and gave me a pair of blue high heels, â€Å"Are these the shoes she’s wearing?† I answered, â€Å"Yes. Yes they are.† It was about time she knew so I sat down by the fireplace with her. â€Å"Let me tell you a story about your grandmother,† She cuddled up with me and brought our kitten, Mun, with us. I made sure she was comfortable and†¦show more content†¦She would bring in candles to read late at night at her grandmother’s house when she knew that it was worth a whipping. Somehow all of that didn†™t matter because she didn’t look brand new like she did back at home. When she arrived her clothes were torn and her hair had fallen out of her tight bun into a puffy and spiky cloud. After that she stayed in bed for weeks, sick to her stomach. We couldn’t afford medicine so we sold her blue high heels for and equivalence of three USD. We sold them to a rich young man by the name of Hong who felt sympathy for our family. Went my mother was lying in bed we heard a knock on the door. It was Mr. Hong and he was holding my mother’s blue heels. He apologized to us and handed me the shoes and left without me having the chance to say thank you. I brought them to her but she went to sleep without saying goodnight like she always does. The next day I woke up early to see her fixing her hair and walked out of the door swiftly without saying goodbye. I remember the determined look on her face but it was mixed but revenge and anger. She took the heels with her. She came back night after night with no such luck and looked skinnier and skinnier as each day passed. We ate the food from the night before because she didn’t touch a single grain of rice. Was she losing weight for a job? Every day she became more and more tired until she couldn’t take it anymore and passed away on a winter morning. Sooner or later my fatherShow MoreRelatedA Short Story1483 Words   |  6 Pagesschool work. My body sagged with fatigue, arms unable to rise above my waist, and my head drooped in eagerness to meet my bed. Of course I was eager in turn to meet my head’s throbbing expectations, leaping into bed to a night long and full of eventful dreams. Then I heard those fatal words, courtesy of my darling mother ,† Did you have good day? Did you get everything done that you needed to?† â€Å"Mrghm†¦ In-a-bit†¦Ã¢â‚¬ , came my mumbled, muffled, reply. As much as I anticipated giving my body permissionRead MoreReactive Attachment Disorder ( Ptsd )1717 Words   |  7 PagesTreatment a. 1. Personal Narrative a. My name is Heather and I am 10 years old. My mom says that I was diagnosed with Reactive Attachment Disorder when I was 4 years old, which was before my new mom adopted me. I also have a little brother and his name is Ben. We were both adopted together when I was about a year old. Before my mom adopted us, we lived with my father. I don’t know where my mother was. We didn’t get that much to eat and I usually had a small box of cereal a day. My brother got spoiledRead MoreLiterary Analysis Of Maya Derens Meshes Of The Afternoon1287 Words   |  6 PagesMaya Deren’s Meshes of the Afternoon, (1943) is a 14 minute black and white 16mm film that captures simple realities like walking around one’s house, cutting bread, etc, and turning that narrative into a warped and surrealistic reality that is eerie and chilling, but ultimately there is still familiarity in it’s truth and sensibility. In addition to it being cinematically masterful, Deren’s approach in the choices she made were remarkable and iconic in terms of editing because of the time period’sRead MoreThe Mono Tale Of The Hero s Journey1549 Words   |  7 Pagesopportunity to obtain it. I will retell my literacy journey in a way that encompasses one of my favorite theories in writing, the mono-tale of the Hero’s Journey by Joseph Campbell. This theory states that the Hero’s journey is a pattern in a narrative that forms the basic template of all great stories (Gunn 1). Call to adventure My childhood has revolved in the same area. Born on the 7th of the 7th month of the year 1997 at 7:37pm at a hospital seven minutes away from where my parents resided I never consideredRead MoreAnalytical Essay On The Great Gatsby1058 Words   |  5 Pagesthem as their worlds of excess and glamour, romanticism, and illusion, comes crashing down. Dayton Ballet did its best to surprise and delight in equal measure with this production. The show has an almost cinematic feel to it, combining detailed narrative, sweeping scenes and a mixture of choreography, ranging from traditional ballet to the Charleston. What I appreciated was the aspect of matching the style of dance with the tone of the Scene. For example, the party scenes were full of life with lotsRead More Personal Narrative: A New Home Essay1577 Words   |  7 PagesPersonal Narrative- A New Home My heart beat at a rabbits pace as I walked up the cement steps to a small building set on a hill. I took a deep breath in an effort to allow even a sliver of calm to permeate the sense of dread that engulfed my mind and body. I stole a quick glance at my two younger sisters, briefly grateful that I didnt have to face this completely alone. I walked through the front doors to the office directly inside. The secretary directed me to a room off to the right, whichRead MorePersonal Narrative : My Great Grandfather1167 Words   |  5 PagesPersonal Narrative I looked down at my great grandfather, lying in the coffin, he had light gray hair and a round face. I was only six at the time, but I knew what was happening, he was gone. Tears flooded my eyes, forming rivers, rolling down my cheeks. I sat down on the chair, the only thing I heard was sobs from relatives. I tried not to think about what life would be like after the funeral without him. However, I just had to think of what this change would bring. How will this affect my everydayRead More Personal Narrative – Complications of Becoming a Woman Essay1686 Words   |  7 PagesPersonal Narrative – Complications of Becoming a Woman My mother never told me the complications of becoming a woman in this world. Maybe she thought I was strong enough to figure them out on my own. Or quite possibly, she couldnt tell me, because she never really knew how to face the complications herself. She never told me how to dress a certain way in order to keep up with the latest fashions. She never told me how to wear my hair in a way that the other girls wouldnt make fun of meRead MoreOlaudah Equiano s Influence On African Diaspora History1941 Words   |  8 Pagesspent serving the captains of slave ships and British navy vessels. One of his masters, Henry Pascal, the captain of a British trading vessel, gave him the name Gustavas Vassa, which he hardly used throughout his life. Paul Lovejoy, Canada Research Chair in African Diaspora History stated: He claims that when his master, Michael Henry Pascal, gave him the name Gustavus Vassa at age 12 while crossing the Atlantic in 1754, he ‘refused to be called so.’ He apparently had not objected to the names heRead MoreJane Eyre : A State Of Perpetual Limbo1837 Words   |  8 Pagesacross the novel; at one moment, she is willing to accept that a life of teaching poor schoolchildren of the farming class is â€Å"not ignoble- not unworthy- not mentally degrading...† At another, though, she admits to her own failure to prioritize this personal liberty â€Å"at the price of caste.† Jane’s constant rebellion and desire for â€Å"liberty† grows to extend to slaves and those whose agency is diminished by social caste (occasionally referring to a generalized, maltreated â€Å"people†), but Jane uses language

Information Technology Term Paper - 6794 Words

Armstrong World Industries Business Systems Plan Phase 5 Individual Project 2013 Information Technology Management Table of Contents Business System Planning (Week 1) Introduction 4 Identify how the following critical success factors will be addressed by case study 5 Governance 5 Business plan alignment 6 Process improvement 6 Resource optimization 6 Operating excellence 7 Identify how the following critical success factors will be addressed by case study 7 Business management issues 7 Strategic and competitive issues 7 Planning and implementation concerns 8 Operational items 8 Identify how the variables defined by Strassmanns Model will be measured 8 Efficiency 8 Effectiveness 8 Competitivness 8†¦show more content†¦Paul Strassmann mentions in his model of information management superiority that the key to management effectiveness is productivity. His starting point in the progress of a number of challenging measures of the information within an organization is that: without productivity objectives a business does not have direction; without productivity measurements it does not have control. His argume nt is that in order for an organization to accomplish information superiority the company must have a complete understanding of their assets, the value of the companies’ information, how the information is being put into practice and the realistic cost of its information technology (Stassmann, 1996). Governance Armstrong World Industries corporate governance is to embrace the values embodies in the company’s operating principles for example, respect for people, diversity, integrity, customer service and shareholder focus therefore taking corporate governance very serious. The issues with IT governance within Armstrong World Industries are that the configuration is frail meaning that there is no distinct process for enterprise information technology. The financial support and procurement methods are not being properly used in assisting enterprise information technology management because the congresses of industrial organization everyday duties extend further than the range of authority. Business plan alignment ArmstrongShow MoreRelatedThe Electronic Health Records ( Ehr )1650 Words   |  7 Pagesto the electronic age. Electronic Health Records (EHR) are becoming increasingly popular especially since there have been many legislative attempts to encourage the use of health information technology systems. With the potential benefits that come with EHR’s, potential risks are also associated with this technology. The main concern is that of maintaining data security and if current law establishes enough security guidelines. Though security is a major risk of EHR’s many ideas have been proposedRead MoreThe Impact Of Information Technology On Business1370 Words   |  6 PagesChapter 1. Introduction The information technology has brought significant changes to business companies in recent years. Teece (2011) states that this new business environment has also enhanced the demand to determine not only how to tackle clients needs more rapidly, but also how to pursue value form offering fresh goods and service. Thus the booming development of business and strategy becomes increasingly multifarious and influential. A business strategy tangibly is a documentation obviouslyRead MoreChasing The Hottest It : Effects Of Information Technology On Organizations1656 Words   |  7 PagesEffects of Information Technology Fashion on Organizations† Introduction In his article â€Å"Chasing the hottest IT: Effects of Information Technology Fashion on Organizations†, Paul Wang seeks to examine the effects that IT fashion has on organizations. He collected data from 109 Fortune 500 companies, and this helped him to establish that the firms that were reputable for implementation of IT fashions in the media did not particularly experience higher performance, especially in the short term. Paul Wang’sRead MoreSarbanes Oxley Federal Law1073 Words   |  5 PagesInformation technology industry is developing very fast today. Being self-accelerated, information Technology develops ever more rapidly than the millions of users require. Moreover, the technology is important not only for general users but also for business operations. That is because it provides both tangible and intangible benefits that help to increase profit and ensure the effectiveness of customer service. These factors basically make information technology organizations extremely profitableRead More Plagiarism in the 21st Century Essay1632 Words   |  7 Pagesincrease in technology allows â€Å"rapid, easy dissemination [that] facilitates plagiarism, fabrication of data and tries to obscure authorship or authenticity†.[2] Therefore, the most unrefined assignment can be quickly assemb led to appear sophisticated and complete with help from the Internet and word processing programs. The Internet provides a vast set of research for the public to use, but this information is not always used wisely. 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The people factor in this involves, doctors, governmentRead MoreEffective Communication Essay1279 Words   |  6 PagesPaper Effective Communication Helena Herbert HCS/325 October 23, 2012 Brian Dufrene Effective Communication â€Å"Communication is the process of sharing information, thoughts and feelings between people through speaking, writing or body language. Effective communication extends the concept to require that transmitted content is received and understood by

Bendigo Education Plan Project Management

Question: Describe about the Stakeholder communications management, Project Management Information System, and Project monitoring and change control of Bendigo Education Plan? Answer: Executive Summary Project management has different processes and aspects. To carry out a project successfully, those are to be understood in details. For bigger projects like BEP, (BEP, 2006)collection, processing, sharing of project related information manually is not possible. It is time consuming and prone to errors. PMIS or Project Management Information Systems help in this context. Those works efficiently in managing projects coherently with the project life cycle. Project life cycle is asset of phases, the project development process goes through from the initiation to closure. It is needed to integrate different processes and aspects of project management. This integration is done and managed by project integration management process. Then there are change control and management. As it is almost impossible to carry out project management process without change control management, so this is carried out in parallel to the project execution process. Project closure is also very important. It wraps up the whole project into a single phase. Thus there are various checklists to be followed before delivering the final deliverables to the project owner. BEP projects have undergone through these processes also. There are very little information about details of the BEP project life cycle, and managerial aspects. BEP project is analyzed to find out the roles of PMIS, stakeholder management, project life cycle, project integration management, project change control management and project closure in the context of BEP. (BEP, 2006) Introduction Bendigo is the second largest municipality area in Victoria. The city has significant socio economic importance in Victoria and in Australia. There is a huge part of the total population of Australia and of Victoria that comes from Bendigo. Thus the lives of the people from the Bendigo Community is important for the government. Education in Bendigo is facing a few challenges for quiet sometime. The city has 1 primary, four secondary and 1 senior secondary schools other than several private school. The futue of the youth from Bendigo is largely dependent of these school. The Government had taken an initiative in 2005, to upgrade the educational infrastructure of the schools and blend technology, innovation and personalized learning processes with better student-teacher relationships. They want to bridge the gap between the expectations of the community and the current infrastructure of the schools, coping up with problems related to attendance and retention of the students. Bendigo Education Plan had 39 recommendations. There were multiple projects under this plan. These projects had interdependencies, schedule, risks etc. In this report the Bendigo Education Plan project will be analyzed. Focus will be given on the stakeholder communication management, use of PMIS or Project Management Information System in the project, project life cycle, critical success factors of the project, project monitoring and change control etc. Stakeholder communications management Stakeholders are the people whose lives are supposed to be affected by the outcome of the project. In the Bendigo Education Plan project, the project sponsor was the Government. Other stakeholders are the students, parents and teachers, the project management teams, core teams, etc. (Eskerod Jepsen, 2013) For any project there should be clear and adequate communication among the stakeholders of the project. Continuous involvement of the stakeholders bring s continuous improvement in the stakeholder communication management. The first step of stakeholder communication management is to carry out a stakeholder analysis, identification of the potential stakeholders, their roles and impact on the project. And then the second step in stakeholder communication management is to ensure effective engagement of the stakeholders in the project. (Roeder, 2013) There are several factors behind a successful stakeholder communication management. Insufficient communication and involvement are the two critical issues behind the success of stakeholder communication management. Some important things are, While deciding the scope and objectives of the project, the stakeholder management issues should be focused on. Identification of the stakeholders and their relations to the project is needed to be done in this stage. Then the stakeholders should be engaged into the project. Their active participation and interest can boost up the project management process. The management needs to communicate with the stakeholders about the project. This is not a one time activity, rather, they need to follow the process throughout the entire life cycle of the project. The stakeholders are needed to be agreed on the deliverables of the project. Otherwise there are high chances that, in the project completion phase, the deliverables will fail to meet the expectations of the stakeholders. (Friedman Miles, 2006) Also it needs to make sure that the stakeholders has a clear understanding of the project, it project management plan etc. Some of the issues that may rise up due to poor stakeholder management may include, Late communication with the stakeholders. Having very little knowledge about the expectations of the stakeholders or not even considering their views in the project. Early engagement of the stakeholders in the project too early and that creates a chaotic conditions in the reality. Rather than some fruitful outcome, it makes the project management process tougher. Wrong identification of stakeholders at the first place will introduce wrong stakeholders into the project. Misconception of management about the stakeholders and their participation. In many cases, management finds the participation of stakeholders in not necessary at all. So, a proper stakeholder communication management plan will have the following, (Kimmich, Janetschek, Meyer-Ohlendorf, 2012) Stakeholder analysis A stakeholder communication plan Implementation of the communication plan Evaluation of the communication plan Project Management Information System PMIS or Project Management Information System organizes the information that are required by an organization to run some project properly. It is a collection of software, processes and methodologies that are required to collect and process data related to a project. The electronic PMIS system components helps in planning, execution and closing of project management and its goals. There are various types of PMISs that differs in the context of scopes, features, designs and the operational requirements of the organization. Normalized methodologies like PRINCE2, PMP or Project Management Professional etc. can be used for collection and organization of project related data. Various project management knowledge like integration, scope, time, quality, human resource, risk, communication, stakeholders and procurement management, are supported by any PMIS software. A PMIS software is generally a multi user software. There are variety of such software for different platforms like on-premise solution, cloud based solution etc. (Heldman, 2011) PMIS is usually used by project managers for collecting, processing, combining and distributing of the project related data. Other than project manager, managers from other levels can also use PMIS for communication, planning, execution and closing of project. (Forbes, 2000) In case of project planning phase, a PMIS can help in preparing budget based on different frameworks, cost estimation, scheduling, defining baselines of project scopes etc. In the project execution phase, all information collected by the project management team is stored into a single database. Then the database is connected to the PMIS. The baselines are compared with the accomplishment of those activities in reality, materials, financial data, record keeping process, reporting processes. (Sanghera, 2007) While closing a project, a PMIS needs to review whether the goals of the project have been successfully accomplished or not. Then the final report on closure of the project is created. There is a lot of scopes of use a suitable PMIS in the Bendigo Education Plan project. There are 39 recommendations, and a number of projects under this plan. Each of these projects has different sets of input and deliverables. So, there is a huge volume of project related information to be shared with a number of stakeholders like the school managements, teachers, students, community parents, government offices etc. A well set up and managed PMIS will help to collect different types of information about the stakeholders, their requirements, project planning etc. During the project Execution Phase, it will help in to store and manage all information into a database. This will integrate the schools and the project into a single place. The integration will help to reduce redundancy, provide higher level of availability of information etc. (Heldman, 2011) The PMIS diagram is, PMIS diagram Source:(Raymond, 1987) At any time instance the information of the PMIS used in the project will provide accurate, timely, integrated, precise, reliable and accountable. (Cleland, 2004) Project life cycle Project life cycle is the detailed process including all phases of the project, from inception to completion. Any project will have project initiation, planning, execution and evaluation as different phases of the project life cycle. The execution phase includes monitoring and controlling. Bendigo Education Plan also has different phases in the project life cycle. The initial phase in project planning. Then it has execution, evaluation, monitoring and controlling. The initiation phase of the project will start right from the identification of the scopes, objectives, purposes, resources, required timeframes, structure and different sets of deliverables from the different projects under BEP. (BEP, 2006) Then it will build different solution approaches and will check cost and benefits for each of those. To decide the risks associated with a project, it needs to have a feasibility study of the project. It will ensure that the approach taken for the solution of the project is feasible and the level of risks associated with the solution are under acceptable level. Before appointment of the project team, the terms of references of the project should be defined. Next comes the planning phase in the project life cycle. During this phase, a detailed project plan is created. This project plan is an important document for the rest of the project, this will be used as a reference documentation for the project. It may be referred frequently during the execution and evaluation of the project. Three important factors of project management, cost, quality and control, are defined clearly in the project plan. Based on the project plan, further plans for resources, quality, financial information, risks and acceptance may be developed. (Westland, 2007) The assessment of the deliverables produced so far, can be done at any point of the execution phase. During this phase, the project team delivers different types of deliverables and the project manager will be responsible for monitoring and controlling the delivery details and delivery of the entire project. During this phase, different management processes like time management, cost management, quality management, risk management, human resource management, risk management, communication management, procurement management, change control management etc. start falling into pieces, if the project is moving to the right direction. (PMBOK, 2013) When the deliverables are accepted by the intended clients of users and the phase review process is completed successfully, then the project goes to project closure phase. In the project closure document every actions related to the project are documented. After approval of the same, the resources acquired for the project are released, the project deliverables are submitted to the higher authority. Just after the closure of the project, the evaluation or post implementation review of the project is started. It determines the overall success of the project. It is checked that whether the project has met all benefits as expected in the project initiation. According to PMBOK, the project life cycle diagram is, Source: PMBOK The critical success factors of the project are, Realizing the requirements of the students, community, teachers and schools. During project planning, a detailed project management plan is to be created that will cover all critical aspects of the project management. Considering factors including project cost, time and quality (Atkinson, 1999). These three criteria is the Iron Triangle for measuring project success. But, actually these are nothing but two types of guesses and one phenomenon. Delivery and post-delivery phase of a project is also important to consider while deciding project success. Other than doing something wrong there may something that have not been done well in the project. Both of these are types of errors in the project management. So, these are needed to be considered while estimating success of the project. Scope creep a type of problem that can be there in the project management life cycle. This is unwanted. The project management life cycle phases should stick to the scope management and nothing should go beyond the scope. (PMBOK, 2013) Risk management is another critical success factor in project management. Proper risk management helps to bypass a bunch of possible unwanted situation and threats to the project. Efficiency, skills and experiences of the project managers and the team members play important role in project management. Leadership is also a factor here. Communication management across the project stakeholders is also critical factor. Monitoring and controlling of the project progress is necessary to do during the project life cycle. Project integration management Project integration management is a set of process and activities that helps in identifying, defining, combining, unifying and coordinating the activities within the process group of the project management. For successful completion of the project, unifying, consolidation, articulation and integration are needed for very much. It also needs to manage the expectations of the stakeholders, requirements of the project etc. Project integration management is involved in deciding a tradeoff among the competitive project objectives, interdependencies among the project objectives and different knowledge areas. (PMBOK, 2013) As already said, there are different types of processes in project integration management. There are inputs to the processes. In most of the cases, assets of the organizational processes are the input to the processes of project integration management. Other than that there are other types of inputs like environmental factors. In the closing phase of the project, the inputs differ than the environmental factors. Project integration management is needed to deliver seven key knowledge areas in the project. Those are, Development of project charter during the project initiation phase. The key deliverable from this process, is the project charter. Development of project management plan in the planning phase. The key deliverable from this process is the project management plan. Directing and managing project work during project execution phase. There are different types of deliverables depending on what type of work is being done. Monitoring and controlling project work during the project execution phase. The key deliverables from the process are the change requests. Performing integrated change control during the project execution phase. The key deliverables from this phase are the status updates of the change requests from the previous process. Closing the project during project closure phase. The key deliverable from this process are the final products from the project. Project integration management helps in coordinating resources across the project activities, ensuring right selections of tradeoffs made during the project life cycle. It helps in directing the project towards successful completion. The project integration management diagram is, Source: (Schwalbe, 2004) The project plan for BEP contains details of the project initiation, execution, risk management and governance. In a standard project plan, there should be details about the project integration management, scope management, time management, quality management, human resource management, risk management, communication management, and procurement management. Every details of the project like project charter, schedule, stake holder details, and risk analysis details, etc. should be a part of the project plan. According to PMBOK, a project plan is a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summarized or detailed.. (PMBOK, 2013) Project monitoring and change control In project management, change control is an important part. It is highly likely that during the project life cycle, there will be requests for changes in the activities of the project. The requested changes may range from smaller changes to significant changes. Thus it is needed to manage those changes so that those are aligned with the project management process and the project. Change control is needed in project management as it ensures that each and every proposed change will be defined, evaluated and approved/ denied during the project life cycle and all these will be done before the implementation process. Change control also ensures that there will be no unwanted or unnecessary change, there will be no disruption in the services and all resources will be utilized efficiently. (Gudda, 2011) There are five components in the monitoring and change control management system of the project. Those are, Proposal of a change Summary of the possible impact of the change Decisions taken for the change Implementation of the change Closure of the change request Usually there are two types of documentation in the change control and monitoring process. Those are the, Change log, it is used for recording all requested changes and the decisions taken for those changes. Change request form, it is used for documenting details of the change and its context. In the summary of the impact of a change, a number of factors to be considered. Those are, the cost savings and benefits that are quantifiable, estimated cost for implementation of the change, impact of other projects, resources required for implementation of the change, impact of the schedule, if there is new risks from the change. (PMBOK, 2013) A decision on a change can be either of, an acceptance, an acceptance with conditions, deferral or rejection. According to PMBOK, the Monitoring and Control Process Group consists of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project.(PMBOK, 2013) During the life cycle of the project management, monitoring and controlling changes in the project runs in parallel to the project execution process. The reason is, if there is a change request during the execution of the project, then that will be monitored, evaluated and controlled as soon as possible. There are a number of processes under monitoring and change control. Those are, (PMBOK, 2013) Monitoring and controlling the activities of the project by collecting, measuring and disseminating information related to performance of the project. Carrying out integrated change control throughout the project life cycle. Ensuring acceptance of the deliverables according to scope verifications. Ensuring and controlling changes to the scopes of the project. This is carried out by proper scope control. Controlling the changes to the schedule of the project. Controlling changes to the cost of the project. Ensuing monitoring and controlling quality according to different standards. Tracking and managing the performance of the project team members. Managing stakeholders Carrying out proper project closure. Project closure Project closure is the final stage of the project life cycle. During this phase the deliverables are delivered to the project owner and the post implementation review phase starts. Project closure process should ensure that the objectives of the project are met in the final deliverables, the deliverables are within the scopes of the project, and all documentation of the project are available and reviewed. All activities in the project are stopped during project closure. These are archived for auditing then. Project manager should take care of the project closure phase. The stakeholders are to be informed and ensured about the operational and maintenance details of the project deliverables. (Westland, 2007) Conclusions In this report, the analysis of the stakeholders, use of PMIS, project life cycle, project integration management, project monitoring and change control, project closure have been discussed from literature and in the context of BEP. There is very little information available on the BEP projects. So, critical analysis of the project was difficult. Details of PMIS, like what is PMIS, role of PMIS, diagram etc. are discussed in details. Then there is discussions on project integration management. Project integration management is important for any project. There is information about project integration management, its roles etc. Changes are inevitable. So, change control is necessary for any project. The role of the change control in the project has been discussed in details. Finally there is a discussion on project closure. Project closure includes a lots of checklist activities to ensure right set of deliverables are being delivered to the project owner and those meet the objectives a nd scopes of the project. Recommendations The case study lacks information about use of PMIS, change control, integration management, project closure etc. In spite of that, different aspects of project management like stakeholder analysis, details of PMIS, project integration management, project life cycle, change control etc. have been learned from the report. PMIS plays an important role behind any project. Details of PMIS and how it is connected to the life cycle of the project that is an important lesson. Other than that details of change control, project closure etc. are also learnt from this report. References Atkinson, R. (1999). Project management: cost, time and quality, two best guesses and a phenomenon, its time to accept other success criteria. International Journal of Project Management, 337- 342. Barber, R. B. (2005). Understanding internally generated risks in projects. International Journal of Project Management, 23, 584590. BEP. (2006). Bendigo Education Plan: Project Plan. BEP. Binder, J. C. (2007). Global Project Management. Gower Publishing, Ltd. Carroll, J. (2012). Effective Project Management in Easy Steps. In Easy Steps. Cleland, D. 2. (2004). Project Management Information System. In D. Cleland, Project Management: Strategic Design and Implementation (p. 349). Singapore: McGraw-Hill International . Eskerod, P., Jepsen, A. L. (2013). Project Stakeholder Management. Gower Publishing, Ltd. Forbes, D. E. (2000). Project Management Information Systems. Transportation Research Board. Friedman, A. L., Miles, S. (2006). Stakeholders : Theory and Practice. Oxford University Press. Gudda, P. (2011). A Guide to Project Monitoring Evaluation. AuthorHouse. Heldman, K. (2011). PMP Project Management Professional Exam Study Guide. John Wiley Sons. Horine, G. (2009). Absolute Beginner's Guide to Project Management. Pearson . Kerzner, H. R. (2013). Project Management. John Wiley Sons. Kimmich, C., Janetschek, H., Meyer-Ohlendorf, L. (2012). Methods for Stakeholder Analysis. BoD. Kloppenborg, T. (2011). Contemporary Project Management. Cengage Learning. Meredith, J. R., Samuel J. Mantel, J. (2011). Project Management. John Wiley Sons. PMBOK. (2013). A Guide to the Project Management Body of Knowledge. Project Management Institute, Incorporated. Raymond, L. (1987). Information systems design for project management: a data modeling approach. Project Manage Journal, 94-99. Roeder, T. (2013). Managing Project Stakeholders. John Wiley Sons. Sanghera, D. P. (2007). PGMP Program Management Professional Exam Study Guide . John Wiley Sons. Schwalbe, K. (2004). Information Technology Project Management. Thomson. Shenhar, A. J., Dvir, D. (2013). Reinventing Project Management. Harvard Business Press. Tudor, D. J. (2010). Agile Project and Service Management. Stationery Office. Westland, J. (2007). The Project Management Life Cycle. Kogan Page Publishers. Young, T. L. (2013). Successful Project Management. Kogan Page Publishers.

City free essay sample

?Urbanization is a socio-economic process by which an increasing proportion of the population of an area becomes concentrated into the towns and cities. The term is also defined as the level of population concentration in urban areas. The process of urbanization increases both the number and size of towns and cities. Urbanization is the most significant phenomenon of the 20th century which has almost affected all aspects of the national life in India. Being the second most populous country in the world after China Indias fast growing urbanization has a regional as well as world-wide impact. Indias urban population constitutes a sizeable proportion of the worlds urban population. This can be well corroborated from the fact that every 12th city dweller of the world and every 7th of the developing countries is the Indian. India has as many small towns (population 20,000-49,999) as in the United States as many as medium towns (population 50,000 99,999) as in the former Soviet Union; as many cities (population 100,000-499,999) as in the United States; and as many metropolises (population+500,000) as in Australia, France and Brazil combined. India has a long tradition of urbanization which has continued since the days of the Indus Valley civilization. According to an estimate the percentage share of urban population to total population was higher in the last part of the 17th century in comparison to the last part of the 19th century. The development of cottage industries and tertiary activities during the medieval period helped in the evolution of about 3,200 towns and 120 cities in the country around 1586 A. D. (Raza, M, 1985, p. 60). The damage to this indigenous industrial structure during the colonialism gave a serious blow to the process of urbanization. The roots of the existing process of urbanization lie in Western model of factory industries which started developing in the country during the early part of the 20th century. Urbanization, in India, can be studied through Census data provided at a regular interval of 10 years since 1881 onwards. These data help us in analyzing the trends of growth in the urban population, decennial increase, and urbanization and number towns during the 20th century. At the time of the reliable Census taken in 1881 the urban population contributed 9. 3 per cent of the total population of the country. The growth-trend was sluggish and even negative in some decades (1911-21) due to outbreak of epidemic (plague) and natural calamities, trend of slow growth in urbanization continued unto 1931. The decade 1931-41 observed about 32 cent growth in the urban population which increase its share in total population to 14. 1 percent. The growth trend was further accelerated during the following decade which witnessed a decennial growth of 41. 42 per cent (Table 28. II) Raising the percentage share to 14. 1. Here rehabilitation of refugees from Pakistan into cities played a significant role. During 1951-61 the growth trend was slowed down (26. 4 per cent) which contributed marginal increase (percent) in the urbanization ratio. It was due to change in the definition of urban places and declassification of 803 towns in 1961 Census. Since 1961 onward there has been steep rise in the urban population and urbanization ratio so as to reach its highest point during 1971-81 (decadal growth being 46. 02 percent and addition of record number of 900 new towns). This was the peak point in the urban growth of the country during the 20th century. The trend of growth has been slightly slowed down during 1981-91 (39. 32 per cent) and 1991-2001 (31. 48 per cent) which is a matter of serious study by urban geographers and urban sociologists. Causes may be many folds including increasing pollution, decreasing opportunities of employment and livelihood in urban areas and development of new sources of livelihood in rural areas to reduce the flow of rural migrants. Above description leads us to conclude that during the last 90 years of the 20th century the number of towns has increased by 144. 6 per cent,, urban population by 140,23 per cent, and urbanization ratio by 133,6 per cent. Industrialization concomitant with economic development and rural to urban migration has made significant contribution towards this phenomenal growth. But compared with developed countries this rate of urbanisation is still slower. Wulker has rightly observed that while in Western countries urbanization is expanding towards rural areas but in India rural life is influencing the urban areas. On the basis of the above description three distinct phases may be identified in the trends of Indian urbanization during the 20th century: (1) Period of Slow Urbanization This includes the early part of the 20th century (1901-31) in which famines, epidemics and high mortality in population restricted the decadal urban growth to less than 1 per cent (sometimes even negative growth). During these three decades the urban population grew at an average annual rate of 0. 98 per cent and percentage share of urbanisation at a rate of 0. 36 per cent per annum. (2) Period of Medium Urbanization This includes the period between 1931 and 1961. The year 1931 marks a significant demographic divide in the history of urban growth in the country. during this period urban population of the country grew by 45. 46 million (135. 86 per cent) and urbanization ratio from 12. 2 per cent to 18. 3 per cent (50 per cent). This was the beginning of the era of planned development in the country through Five Year Plans which led to the establishment of a number of big industries on modern lines. This provided sound base for urban development. (3) Period of Rapid Urbanization After 1961 due to the stabilization of the economic development the urban development got momentum. Consequently the urban population of the country increased from 78. 93 million in 1961 to 217. 2 million in 1991 showing a percentage growth of 175. 2 per cent. The number of urban centers increased by 1990 (73. 7 percent), and urbanization ratio by 7. 4 per cent (40. 43 per cent) during the same period. This growth is significant from the point of view that it is much higher than the rate of natural increase; annual growth rate being 3. 93 and 2. 38 per cent respectively. Infect the country is passing through the phase of urban explosion as a result of which urban centers have become the hub of economic activities and are generating great pull over the rural population. At state-level Manipur has recorded highest increase in urbanization ratio (19. 01 per cent) during 1961 -91 followed by Nagaland (12. 09), Kerala (11. 33) and Maharashtra (10. 51 per cent). On the other hand Himachal Pradesh (2. 36 per cent), West Bengal (2. 94), Assam (3. 71), Bihar (4. 75) and Sikkim (4. 90 per cent) have observed much lower increase than the national average (7. 42 per cent). Census of India 1971, Part II-A, General Population Tables. Bose, A. , 1991: Demographic Diversity of India, 1991 Census, B. R. Pub. Corp. , Delhi Census of India 2001. Although, the average size of an urban center was in the neighborhood of 65,000, yet over 65 per cent of the countrys urban population lived in Class I towns, each housing more than 100, 000 inhabit- having a population of more than 50,000. The real Ants (cf. 22. 93 per cent in 1901). There were 300 3,052 remaining urban centers with population such urban centers in India housing 6 out of every 10 smaller than the average size of an urban centre urban dwellers of the country. Class II and III towns the country which together contribute less than] numbering 345 and 944 respectively only contribute per cent of the countrys urban population. Among 10. 95 and 13. 19percentofthecountrystotal urban these class V and VI towns numbering 938 ski population. Thus over 76 per cent of the countrys only 2. 89 per cent of the countries total urban population lives in 645 urban centers each population (Table 28. 111 Urbanization is a big problem in India. It is rapidly increasing. Urbanization means shifting of rural population to urban areas. It also means the making of rural areas more developed. It includes setting up of factories, creating opportunities to infrastructure, etc. Urbanization has put great pressure on urban infrastructure. It has made existing cities crowded with people. Towns are turning into cities, new colonies and settlements have mushroomed everywhere. Wide inequality in development and economic growth has become a major cause of urbanization. Rapid industrialization has also contributed to the growth of urbanization. Urbanization in India is a recent phenomenon. The policies of liberalization and globalization have immensely contributed to this, in early part of the twentieth century, it was limited. Though the pace of urbanization gained momentum in the post-Independence era, lack of employment opportunities has been a drive behind the urbanization. Since agriculture in India is seasonal in nature, most of the year’s people are left without job. There are no regular work opportunities there. In addition, lack of basic amenities in life leads people to migrate to urban areas. The developed cities provide them work opportunities and better social and cultural opportunities. There are big opportunities for education, growth and prosperity. People in rural areas being sick of unemployment, migrate to urban areas. Everyday a great number of people migrate to different urban centers. They are settling in and around the centre of towns and cities. It has created a problem of housing in cities and urban slums have started growing. The rise of the migration has outpaced the development in towns and cities. Migration has resulted in overcrowded houses, traffic jams and pressures on schools and colleges, system of civil supplies, etc. It has also contributed to the rise of crimes such as burglary, black-marketing, prostitution, adultery, etc. Urbanization has led to the emergence of nuclear families. It has weakened the family bond. Urbanization has caused erosion in moral values. Urbanization has led to a shift in attitude to materialism. Everybody is hankering after money. People do not have time to care and share. Social contacts have become segmental in urban cities. People have become self-seeking. To a great extent urbanization has ended social life. Mutual relations among the family members have been adversely affected. Even the community life is disappearing. Urbanization has raised the standard of living of the people. It has created big business opportunities. Despite all these, unchecked flow of urbanization is a cause of concern. It has worsened condition in town. It has worsened condition in cities. Government should introduce such policies and programmes which may check the growth of population. It should make policies to ensure equal development so that situation may be controlled before it is too late.