Black Hole. Characteristics and nature Essay Example | Topics and Well Written Essays - 1250 words

Black Hole. Characteristics and nature - Essay Example 87, 2004). The presumption of ‘general relativity’ calculates that an adequately dense mass will distort space-time to shape a black hole. In the region of a black hole there is a scientifically described surface known as event sphere that considered being the ‘point of no return’. It is termed black as it soaks up all the radiance that strikes the sphere, not reflecting anything, just similar to an ideal black substance in thermodynamics. According to quantum mechanics, black hole discharges emission similar to a black substance with a restricted temperature. â€Å"This temperature is inversely proportional to the mass of the black hole† (Taylor & Wheeler, p. 194, 2000), and makes it complicated to examine this emission for black hole of astrophysical mass or bigger. It is currently believed that at the core of every galaxy, there is an extremely enormous black hole that is billions of times weightier as compared to the sun. The enormous black hole c onfines nearby stars and pulls them into a spinning accumulation disk. A ‘torus’ within the internal accumulation guards the black hole within those structures that are considered edge on. In a number of these structures, a jet is emitted at a 90 degree angle to the disk and is observed within the visual as well as radio wavebands. In the extreme innermost regions, the disk turns so warm that the discharge is within the â€Å"X-ray and Gamma-ray bands† (Susskind & Lindesay, p. 103, 2004). In spite of its imperceptible centre, the existence of a black hole can be deduced by its contact with other matter. Astronomers have recognized several astrophysical black hole in ‘binary systems’, by learning their contact with their cohort stars. There is rising consent that extremely enormous black holes are real and present at the cores of the majority of galaxies. Specially, there is strong proof of a black hole of above 4 million solar masses at the core of t he ‘Milky Way’. A black hole has a dominant gravitational field that catches all that goes in its vicinity. Scientists now think that a number of galaxies have enormous black holes at their cores. These black holes discharge massive quantities of energy that controls the active happenings that take place in the galaxy. According to scientists, the energy for the black hole may be the â€Å"trapped gas, stars, and dust† (Taylor & Wheeler, p. 78, 2000) that are drawn into the hole. Gas that is drawn into a black hole spins down within the hole much similar to a whirlpool. By means of a â€Å"spectroscope, the Hubble Space Telescope† (Raine & Edwin, p. 28, 2009) has the facility to watch the pace of this gas as it spins around the opening to the hole. The pace with which the gas whirls is said to be the ‘black hole's signature’. By identifying the pace of the gas, the mass of the black hole can be estimated. A black hole at the core of a galaxy i s said to have a â€Å"mass equal to that of 3 billion Suns† (Raine & Edwin, p. 73, 2009). When an object drops into a black hole, any fact regarding the form of that object or allocation of charge on it is consistently spread all along the sphere of the black hole, and is vanished for external viewers. The behaviour of the sphere during this condition is a dissipative structure that is directly equivalent to that of a conductive flexible covering with friction as well as electrical resistance - the covering theory. This is not similar to other field theories such as electromagnetism (Raine & Edwin, p. 70-75, 2009), which have no friction or resistivity on the microscopic point, since they are time reversible. In view of the fact that a black hole ultimately

Mats Berglund Essay Example for Free

Mats Berglund Essay At BioMedCental, an online peer-reviewed journal, the research article entitled â€Å"Repetition and severity of suicide attempts across the life cycle: a comparison by age group between suicide victims and controls with severe depression† was submitted on 22 February 2009, and after a number of revisions was accepted on 29 September 2009, and published the same day. Written by Louise Bradvik and Mats Berglund (2009), researchers for the Department of Clinical Sciences and the Department of Clinical Alcohol Research, respectively, of the Division of Psychology of the Lund University Hospital, the study investigates the â€Å"reduced incidence for initial, repeated, or severe suicide attempts† for accomplished suicides according to age and gender controls. The initial hypothesis is that age has a predictive value on multiple and severe suicide attempts for accomplished suicides by gender; for this, the histories of past suicide victims as well as matched controls needed to be reviewed and analyzed. Due to the introduction of the diagnosis of severe depression/melancholia in 1956, and the practice of rating inpatients on a multiaxial diagnostic schedule at discharge at the Department of Psychiatry of the Lund University Hospital in Sweden until 1969, the sample consisted of 100 records of suicide victims, 44 men and 56 women, with severe depression and matched controls who were admitted in the hospital between 1956 and 1969. Since this study involved retrospective evaluation, a blindfolded procedure was used to choose the sample case records from the total sample wherein three evaluations of the cases were performed with the evaluator unaware of the outcomes of the suicides. The selections of matched controls, one for each suicide victim within the sample population, were based on the sex, age, and diagnosis. The retrospective evaluations of these records of the sample subjects were for the entire course of the depressions up to the deaths of the victims; these were monitored up to 2006. The evaluations and analysis of the records were based on the occurrence of the suicide attempts, whether they were first, repeated, or severe, and the main considerations were based on their age groups and respective genders, with the number of observations years also factored in. For the quantitative part of the analysis, a Poisson regression was used to compare between age groups (5-year intervals) for both suicide victims and controls by gender, and between the sample of suicide victims and controls, also by gender. With a significance level set at 5%, two-tailed tests were used for this analysis. After the evaluations and corresponding analyses, the researchers found that for both suicide victims and controls, older females had a reduced risk for initial suicide attempts, while only the controls and not the suicide victims showed this reduced risk in older males. On the other hand, repeated suicide attempts for older age groups appeared to be reduced for the female controls when compared to the female suicide victims. Lastly, for severe suicide attempts, a reduction in this risk appeared in the older age groups of female suicide victims, as well as the male controls relative to the male suicide victims. Thus, taking all of these into consideration, it appears that in the older age groups, repeated suicide attempts can be predictive in women and severe suicide attempts can be predictive in men. Works Cited: Bradvik, L. and Berglund, M. (2009, September 29). Repetition and severity of suicide attempts across the life cycle: a comparison by age group between suicide victims and controls with severe depression. BMC Psychiatry, 9:62. doi:10. 1186/1471-244X-9-62 Retrieved from http://www. biomedcentral. com/1471-244X/9/62

A Journey Through Writing :: essays research papers

Writing is and essential part of communication in our society. Soon after children are taught the letters that make up our English language, they are taught the basics of formatting them into effective writing. On the job, usually no matter what it is we usually can’t escape the written application, and we almost always find ourselves in a position which warrants the use of food communication skills. Among theses common forms of writing, others are integrated within the daily lives of people around the world. Some people choose to keep journals as a permanent hardcopy of their existence, and others like to write professionally. No matter what the occasion, there are always a few basics that can make your writing better understood, and more openly accepted.   Ã‚  Ã‚  Ã‚  Ã‚  In this essay I will explore some of the various writings that I have done, and compare and contrast them to some of the more formal writing laws that have been bestowed upon the craft. The coy bought the bat. Such a simple sentence that I have written so many times in the past in my more youthful days. Sentences like this at the time seem like redundant practice exercises, and they are. But when we grow up (literally speaking) and face the real world, we come to appreciate the process greatly. In that sentence we have all the basics or written communication, and then some. Amongst the noun and subject and so on, you find alliteration for example. Alliteration, when used correctly can be a powerful way to enhance your writing, and make it seem more sophisticated. And that’s what everyone wants to do right, come off as intelligently as possible.   Ã‚  Ã‚  Ã‚  Ã‚  Let’s explore that in a little more depth. When I am writing on an assignment, or some other formal; type of writing, the style is usually much different. For example I don't try to use fancy techniques and a whole lot of jargon to sound good, I just write. On the flip side, I don't like using poor language and slang terms in formal writing. It just seems to be more appropriate the way that I do it. But, there is a limit. For instance, the more technical terms and jargon that you insert the more people that you exclude and possibly turn off from your work. Most likely if you are looking in a dictionary or a thesaurus all of the time, other people will have to do the same, and most would rather not go through the trouble.

Integrative Learning Project: Organizational Setting Essay

The Kennedy Law Firm, PLLC, serves the north-central part of Tennessee and south-central part of Kentucky, with offices in Clarksville, Tennessee. The firm was established on Christian principles, focusing on helping individuals through their greatest times of need, in 1984. The firm handles a wide array of types of cases, including personal injury, criminal defense, bankruptcy, divorce, and custody matters in state, federal, and military courts. Kevin C. Kennedy is its founding member and managing partner, yet still practices and is still active in the firm’s operations. There are three office locations across the city; with a main office by the county courthouse, another office close to Fort Campbell’s gates, and the last location provides a location closer to individuals on the northeastern part of town. Mission The Kennedy Law Firm’s main mission is â€Å"to be that rock in times of trouble by providing quality legal advice and support to people going through divorce, an arrest, injury or bankruptcy† (Google+, 2015). The firm seeks to provide its services based on Christian ideals, which the founding partner pursues by actively participating in numerous community events. The office by Fort Campbell is even being used by a church for services and other meetings. Mr. Kennedy does not hide his commitment to God, and he boldly proclaims his views in advertising and other interactions. The firm meets this mission by opening at 7:00 AM Monday through Friday, staying open until 6:00 PM Monday through Thursday, and being open on Saturdays from 8:00 AM to 5:00 PM. There is not one other firm in the Clarksville area that has hours which are as accommodating to their customer base. Mr. Kennedy even encourages his attorneys to schedule appointments outside of those hours, should it be something that the customer needs to get the legal service desired. Customers The Kennedy Law Firm’s external customer base is made up of individuals from all walks of life, from rich to poor, Christian to non-believer, and any and all race or ethnicity. Virtually anyone may fall victim to the perils of a legal battle, so the firm’s customers cannot be classified as falling within any particular â€Å"type† or â€Å"category†. Internally, the firm’s customers are made up of the attorneys. The paralegals, assistants, and other support staff must ensure that the work they are doing meets the needs and wants of the attorneys. Furthermore, the attorneys must work hard to meet the high standards for a Christian organization, as set by the managing partner. Value As an attorney for the firm, I provide legal services for the customers that walk through the door. More specifically, I am one of only a couple of attorneys that have committed to remain in the office until 6:00 PM to ensure that an attorney is available when the office is open. Furthermore, I provide greater payment flexibility to clients so that they might actually be able to afford quality legal representation without taking on an insurmountable debt. Even though as a young attorney with a growing client base I do not make an income which many may attribute to attorneys when they think of them, I still attempt to take on pro bono work to help those individuals that cannot even afford the flexible payment arrangements which we try to establish. My previous work for Westlaw, a legal research provider, has also made me invaluable to the firm. I have helped other attorneys and paralegals in the firm with posing research queries and setting up their accounts to get the most from the system with the least amount of effort. I was able to increase the efficiency of research efforts for practically every individual within the firm. This means that the services we provide can be done at less cost, a saving which can be passed on to clients in an effort to make justice more accessible for all. Biblical Integration Christianity plays a huge role in this firm, and it was one of the major factors which drew me to seeking employment with the firm. Not only does the firm unashamedly advertise its Christian ideals and roots, the  atmosphere in the office shows the same strong embrace of such ideals. Employees are free to discuss their religious viewpoints with one another, which only further solidifies the family-like environment which permeates the firm. Every meeting is closed with a prayer, and every morning a Bible study session is offered in the conference room for those employees wanting and able to attend. Reference The Kennedy Law Firm, PLLC. Google+ profile page. Retrieved on January 25, 2015, from https://plus.google.com/110251003608330856023/about?hl=en

Early Identification of Gifted Children Essay

Gifted children are special children that need to be given the right education and attention. They are usually categorized on their capacity to do and produce. Huang (2008) wrote an article on the necessity of identifying them at the earliest time possible in order to nurture, cultivate, and lead them to a successful life. The article is entitled â€Å"Early Identification: Cultivating Success for Young Gifted. In its abstract it stated that â€Å"early identification and cultivating gifted preschoolers provides appropriate education for young children† (Huang, 2008). The kind of education that must be provided to learners must indeed depend on their capacity to learn and understand the concepts and the skills. It is difficult to impose concepts and to require mental and physical exercises beyond the capacity of the children. However, it is also equally frustrating for children of higher capacity to do lesser tasks when they have higher level of comprehension and performance. It is important therefore that parents must be able to assess the capacity of their children. It is imperative that parent must be able to detect that their children are not the usual children who can easily cope up with the environment and different situations as they expect them to be. The question however, would be the capacity of the parents and family members to identify the giftedness of their children. Parents could not waste time. The earlier time they can identify that there children are gifted, the greater the chances of leading their children to a fuller and happier life. This is what many other researchers have stressed on child giftedness: â€Å"There is no more crucial period in human development that childhood for maximizing the potential of gifted preschoolers (Odorn, Hanson, Blackman & Kaul, 2003 as cited by Huang, 2008)†. There are many ways in which child giftedness may be identified at an earlier stage. In Huang’s study where he utilized earlier researches and studies and reviewed relevant documents, he pointed out that early identification that were used in the 21st century were simple activities such as arranging of puzzles, building of blocks, and figuring of words on the back of cereal boxes. Huang investigated on the effectiveness of the implementation and the service treatment in three (3) phases: (1) â€Å"integrating the rationale of a development system of products; (2) analyzing service support and coordination and service approach about service treatment and benefits; and (3) outlining the future perspective. What Huang tried to establish in his study were also seen by other researchers such as Silverman (2007) who along with other researchers studies the development of gifted children. The following are some of the highlights in the study of Silver man that supports the thesis of Huang’s study: â€Å"(1) parents are excellent identifiers of giftedness of their children; (2) giftedness can be observed in the first three years; (3) when parents fail to recognize giftedness of children, teacher most likely do the same; (4) ideal age for testing is between five and eight; (5) second children are most likely gifted than firstborn children; (6) gifted children have different coping mechanisms and are likely to face problems; (7) they are asynchronous with uneven developments; (8) they have better social adjustment in classes with children like them; (9) traits such perfectionism, sensitivity, and intensity are associated with them; (10) most of them are introvert; (11) they have learning disabilities; and (12) giftedness cuts across all social groups (Silverman, 2007). The concept of Huang who stressed the need to identify giftedness was confirmed by Elhoweris (2008) who also explained what Silverman and her fellows found out in their years of practice. Elhoweris also pointed out that the gifted children are neglected in terms of educational and development programs: â€Å"One of the most serious problems plaguing in the field of gifted education is the need for the development of appropriate programs and identification procedures for gifted and talented students from different culturally and diverse backgrounds (Ford & Harris, 1991; Maker, 1996 as cited by Elhoweris, 2008)†. There is so much about child giftedness. Parent and teachers and the whole society must be work together in order to draw a better program that would bring out the best from the gifted children. Huang in his abstract of the study states: The experiences of early intervention in education can powerfully impact on attitudes toward learning confidence and later achievements for all children. The optimal development for gifted pre-school with individual special needs can be enhanced with intervention at early age (Huang, 2008). Parents and teachers then must be gentle and patient with their children and find every time and effort to identify the condition of their children or their students.The chance for the gifted children to succeed lies with the commitment of the parents and the educators. References: About. com. (1999). Young gifted children. GABC Newsletter. 1(1): 1 Retrieved October 5, 2008, from http://giftedkids. about. com/gi/dynamic/offsite. htm? zi=1/XJ/Ya&sdn= giftedkids&cdn=parenting&tm=221&gps=101_1013_796_713&f=00&tt=14&bt=1&bts=1&zu=http%3A//www3. telus. net/giftedcanada/erlychild. pdf Elhoweris, H. (2008). â€Å"Teacher judgment in identifying gifted/talented students. † Multicultural Education. Retrieved, October 5, 2008 from http://findarticles. com/p/articles/mi_qa3935/is_/ai_n25500441 Goliath. com. (2008). â€Å"Considerations for conducting culturally responsive research in gifted education,† Gifted Child Today. Retrieved October 5, 2008 from http://goliath. ecnext. com/coms2/gi_0199-8043736/Considerations-for-conducting-culturally-responsive. html Goliath. Com (2006). â€Å"Closing the achievement gap: How gifted education can help,† Gifted Child. Retrieved, October 5, 2008 from http://goliath. ecnext. com/coms2/gi_0199-5841295/Closing-the-achievement-gap-how. html Huang, Y. H. (2008). â€Å"Early identification: Cultivating success for young gifted children,† Gifted Education International 24 (1): 118-124. Silverman, L. (2007). â€Å"What we have learned about gifted children,† Gifted Development Center. Retrieved October 5, 2008 from http://www. gifteddevelopment. com/ What_is_Gifted/learned. htm

Evaluation of revenue management application in Nigerian hotels. The WritePass Journal

Evaluation of revenue management application in Nigerian hotels. Abstract Evaluation of revenue management application in Nigerian hotels. Abstract1.0  Introduction1.1  Aim1.2   RESEARCH OBJECTIVES AND QUESTIONSResearch questions:  Limitations  FinanceAuthenticity of informationTime constraintsResearch OutlineLITERATURE REVIEW ON REVENUEMANAGEMENTRevenue ManagementDefinitionPurpose of Yield ManagementRM ToolsPricing strategiesDisplacement analysisInventory controlForecastingDemand forecastingBIBLIOGRAPHYRelated Abstract This thesis has provided a structured literature review which gives a broader definitions of the major concepts in revenue management in terms of the applications and the long term relationship with customers. It then explores the extent to which revenue management is been applied in the Nigerian hospitality sector. The aim of this thesis is to analyze revenue management application in some selected hotels in Nigeria, Nigeria is made up of 36 states including the Federal Capital Territory. Three hotels will be selected from the 36 states adding up to a total of 108 hotels to which questionnaires will be sent, the result will give how RM is been applied in line with the manipulation techniques involved, above that, from the research, it will conduct a development plan for other hotels under utilising the full strength of RM tools. The goal of this thesis is to improve the profitability of the room capacity with the tools of revenue management being explored, The theoretical data for this thesis will be collected from the selected hotels, hospitality management literatures, and Internet. In addition, other important information sources will be from the author’s personal experience and a result from the questionnaires rolled out to gain a reliable and comprehensive information of the RM adoption. 1.0  Introduction This chapter gives an introduction to RM, following literatures by Orkin, (1990), Jones and Val, (1993), Karaesmen and van Ryzin, (2004), Kimes, (2000, 1998), Rothstein (1971, 1975), Bitran and Caldentey, (2003), and Weatherford, (2003). We start with an elaborated explanation of revenue management, the history and its origin (Rothstein (1971, 1975), Bitran and Caldentey, (2003), and Weatherford, (2003)). Afterwards, a conceptual framework for understanding the objectives of revenue management, the business platform on which RM can be adopted (Kimes, 1989), the way the system works and finally, this thesis will conclude by giving an outline of the remaining chapters of the thesis. We here trace the history of revenue management as practiced in the hospitality industry in an effort to illustrate what Jones and Lockwood, (1998), said about RM, they said that Revenue management is a well researched and explored manipulation technique for maximising revenue. Unfortunately, revenue management practice in Nigeria is little known, for example, it has been a commonplace to sell a room twice a day if the opportunity arise, increasing the revenue generated directly leading to RM application indirectly, this form the bisis of this dissertation and it is a gap this research is seeking to fill by exploring the extent to which RM is practised in Nigerian hotels directly and not been blind folded by an indirect approach of the application of Revenue Management. RM can be define as a management tool or technique which is currently being utilized by an increasing number of international chain of hotels and independently owned hotels in order to maximize the effective use of their available room capacity and ensure a boost financially, (Salmon, 1990). Furthermore, Jones and Lockwood, (1998), researched and concluded that RM is not entirely a new capacity manipulation tactic in the world, and most hoteliers practice some form of RM, such as the adjusting of room rates to temper fluctuations between peak and off-peak seasons, mid-week, and weekend rates. This Research, therefore, examines the use and application of RM in the hotel industry in Nigeria and aims to demonstrate its application towards effectively maximizing room revenue and profit maximization. For the sake of this thesis, a comprehensive literature review based on secondary sources in order to explore RM application will be established as a guide to the fieldwork and the areas of interest will be extracted from the literature review. Above others, these areas and issues will be investigated through the method of collecting primary data. Furthermore, all collected documentations will be made available in order to validate the information given during these interviews. This thesis is a very satisfying and challenging process since it focuses on the gap which has never been researched in the hospitality industry in Nigeria. Nevertheless, it is a valuable learning experience which will be cherished by revenue managers in Nigeria in order to enhance the revenue generated in their respective hotel(s). This thesis seek to give a proper understanding of revenue management tools including; Overbooking, Inventory control, displacement analysis pricing and lastly forecasting method, their impacts on the corporate performance in terms of customer satisfaction and loyalty leading to customer retention will be of secondary concern. 1.1  Aim This thesis seeks to explore the extent to which revenue management is being practised in Nigerian hotel in terms of the usage of RM tools which is afore mentioned. This will be achieved by exploring three hotels from each 36 states in Nigeria, some which will be from an international chain of hotels and others an independently owned hotels. Questionnaires will be rolled out to these selected hotels in other to have a generic perception towards the adoption of RM following the literature by Vinod (2004) in that the value of revenue management is assessed in the hotel industry. 1.2   RESEARCH OBJECTIVES AND QUESTIONS Every seller is faced with fundamental decisions, juxtaposing this, a BBQ restaurant selling chicken and chips should be able to decide on which period to make her maximum sale, the price to give and when to reduce the price. A cinema ticket or stadium ticket must be sold within a certain period, therefore, the manager must decide when to start selling tickets, what the asking price should be, and when to drop price if necessary. In the Hotel industry, it is similar; hotel managers should know when to drop prices on rooms, when to stop selling rooms, when to increase the prices of rooms. Following these examples, the Nigerian hotels’ operations led us to the objectives of the thesis: To explore the extent to which revenue management is applied. To seek the awareness of RM within the Nigerian hotels. Research questions: How is revenue managed in Nigerian hotels? To what extent do Nigerian hotels consider Customer loyalty, customer satisfaction and customer retention a priority?   Limitations   For the sake of this thesis, only three hotels will be explored from each of the 36 states in Nigeria, because there are several unregistered hotels and there is no proper list of all the hotels in Nigeria. However, some of the hotels are part of international chain of hotels operating on an international level while some are independently owned. Furthermore, we have limited the research to RM application and from the survey, the sensitive areas as regards to customer loyalty, satisfaction and long term retention will be explored, in other words, the loyalty, retention and satisfaction will be our secondary aim. Nonetheless, there may of course be other operations or practices within these hotels that affect revenue but our research is focused on the five RM tools been employed as afore mentioned. The followings under listed are the possible limitation this thesis might face. Finance One of the major problems for the research is finance, the financial aspect in terms of travelling to Nigeria to schedule   and execute an interview with the managers of the selected hotels and therefore, questionnaires will be sent via the wireless network (internet) using kwicksurvey; an internet based questionnaire software. Authenticity of information Secondly, Some of the managers to fill the questionnaires might accept the purpose of the study and fill, but some might be offended by it and feel it is a time wasting process and give a biased information. Time constraints Lastly, the risk for the study of not been able to find the information it needs at the allowed time. Finding the information may take more time than the limited time given (time constraints). Research Outline Chapter one will set a solid foundation for this thesis, therefore, the research   will continue by presenting a comprehensive literature review as far as revenue management is concerned in Chapter Two. A concise description and critical understanding of RM background will be the aim of the literature review (Chapter two). Furthermore, an overview of the literature within the following RM tools including; overbooking, displacement analysis, price control, inventory control (length of stay restriction) and as they lead to customer management will be given in order to set the base and create an understating of how these tools influence revenue generated. Chapter Two concludes with a brief structured analysis of the literature review presented. Chapter three will seek to explore and examine the aim of the research process and how the fieldwork will be conducted. Research limitations will be presented, the fieldwork and how information will be handled. This chapter describes what happens in all the stages on the fieldwork.   (Before, during, and after the fieldwork). In Chapter Four we present a generic practice within the studied hotels and give a short generic presentation of the hotels participating and describe how RM tools are used in terms of the followings; overbooking, displacement analysis, price control, inventory control (length of stay restriction). Concluding the chapter with a description of how the respondents recognize the external environment followed by their perception on revenue management and their practices of RM techniques. In Chapter Five, the empirical findings will be evaluated and analysed in a way that it can be linked with the literature overview presented in Chapter Two. This will be done through a critical analysis. These analyses will illustrate the effectiveness of RM application in Nigerian hotels and how it is been adopted, therefore, Chapter Six will be based on the analysis of revenue management tactics. Chapter Six gives the implication of our main findings and conclusions, as this will be based on the entire research carried out, Furthermore, suggestions of areas which is felt to be further developed after critical evaluation of RM application in Nigeria is made following Choi and Mattila (2004)’s investigation on the impact of revenue management as regards to customers’ perceptions on fairness. LITERATURE REVIEW ON REVENUEMANAGEMENT Revenue ManagementDefinition In this chapter, RM literature will be explored, following all the five application tools afore mentioned. In the literature, Burgess and Bryant, (2001) said, many authors are conversant with the use of interchanging the term revenue management (RM) with yield management (YM). Some consider YM only to be related with revenue derived from accommodation whereas RM may encompass all areas of hotel revenue Therefore, it is important to highlight the term YM and clarify its meaning for the purpose of this thesis. Many definitions are available on YM. Jones and Val, (1993) said, yield is calculated by taking revenue realized and dividing it by revenue potential. However, RM is often associated with the following definition by Kimes, (2000, p. 121) â€Å"The application of information systems and pricing strategies to allocate the right capacity to the right customer at the right place at the right time.† further assessment conducted by Mitchell (1992) states that revenue management is the process of controlling room availability by opening, closing and restricting different room rates based on forecast demand in order to maximise room revenue. Jauncey et al. concluded through an analysis of literatures, came up with the term â€Å"best fit† definition for RM, which is â€Å"An integrated, continuous and systematic approach to maximizing room revenue through the manipulation of room rates in response to forecasted patterns of demand.† Jauncey et al., (1995, p. 25) and a description of RM, according to Jones and Val (1993), is to apply basic economic principles to pricing and to control the supply of rooms for the purpose of maximizing room revenue. Which means that in order to have an effective RM technique in place one would need to understand the basic economics of supply and demand so that the right price could be set in order to increase room revenue for the company, following what kimes (1998a) said about selling the right product to the right customer at the right time and the right place. Nevertheless, some conditions for the application of revenue management must predominate according to kimes (2000). These conditions include; Capacity must be relatively fixed, RM tactics is primarily designed for a capacity constrained firms but firms not having this capacity constraints can make use of inventory as a buffer dealing with fluctuations in demand. Service should be perishable, service ends when ends. Service could be sold well in advance of cunsumption, to maximize room revenue, some sort of reservation system which allows inventory bookings to be received well in advance should be put in place. The cost of a sale should be relatively low, this simply means the cost of putting a guest in another unoccupied room is relatively lower than building another room. Demand should flunctuate substancially, peak and off peak seasons, festive periods are all examples of demand fluctuations. Market could be segmented e.g Leisure travellers and business travellers. When looking at the literature from a historical perspective, it was the airline industry that has been credited with the development and refinement of RM following the deregulation of the U.S. airline industry in the 1970s, Kimes, (1989a), and McMahon-Beattie et al., (1999). This deregulation resulted in a heavy competition within the airline industry and led to a price cutting war. Nevertheless, from the literatures of Rothstein (1971, 1975), Bitran and Caldentey, (2003), and Weatherford, (2003), managing inventory became an important part of running a successful business in the early 1970s. As a result of this competitive circumstances, McMahon-Beattie et al., (1999) said, the adoption of RM began in the hotel industry in the middle of the 1980s as the industry was faced with excess capacity, severe short-term liquidity problem and increasing business failure rates. Purpose of Yield Management Jones and Hamilton (1992) among others said, RM in the hotel industry tries to maximize the available guest room rates when room demand exceeds available room and to maximize occupancy when available room exceeds room demands, even at the expense of the average room rate. Nevertheless, some authors like Jauncey et al., (1995), McMahon-Beattie et al.,(1999), Siguaw et al., (2001) all agree that the purpose of RM is the maximization of room revenue through the manipulation of room rates in a structured fashion, so as to take into account forecasted patterns of demand. It is a technique that attempts to maximize profits by using information about buying behaviour and sales to create pricing and inventory controls, Lee-Ross and Johns, (1997). Why RM. Donaghy et. al., (1995), and Kimes, (1989b) just to mention a few, has examined RM applications and studied its definition, researchers like Donaghy and McMahon, (1995), Fitzsimmons and Fitzsimmons, (1998), Hiemstra, (1999), Kimes, (1989a, b, 1997), Yeoman and Watson, (1997), looked at the critical factors that are likely to influence the application and implementation of RM and finally, the ethical issues in terms of customer satisfaction, retention and loyalty over a long period of time can be seen in the following literatures, Cross, (1992, 1997), Jauncey et al., (1995), Kimes, (1994), and Lieberman, (1993). Cross, (1997) added that within one year of the adoption of RM, Delta airline generated $300 million increment, $500 million annually was recorded annually by American airline, over $100 million is annually generated by   Marriott jr Hotels and $2 million gained in the first two weeks, following the adoption of RM techniques at the Canadian Broadcasting Corporation. RM Tools Pricing strategies First and foremost, RM tools are intertwined, one tool depends on the other to function effectively. Pricing strategies used to be a decision by the overall managers before, but in recent years, that schedule has been given to a revenue manager but the principle of differential pricing is said not to be attributed to the immergence of RM by Donaghy, et al (1995). Hotel managers have long been using various pricing strategies to maximize their profits by bringing the seasonal demand for rooms and capacity limitations into a balance (Choi and Cho, 2000), even before the deregulation in the airline industry that gave birth to RM in the 1970’s. Differential pricing strategies including; price discrimination, off peak pricing and demand based pricing may change the reference price and reference transaction which could cause customers to feel the current transaction is unfair and the customer could even perceive such differential pricing as price gorging. (Whirtz et al (2003; pg 220 )), A stochastic or probabilistic demand seemed justified on the basis that consumers ‘arrive’ at random times before consumption. From the pricing perspective, though, a theoretical structure was needed to explain how demand is shaped or why it would follow a particular pattern across time. Otherwise, there was no assurance that the past is able to predict the future [Bernstein, 1996; Ng, 2004]. Accordingly, despite tremendous computing power available today, pricing based on demand forecasts faces the same old problem in conventional probability theory, where, according to Bernstein [1996: 334], ‘the raw material of the model is the data of the past’. Some research studies have attempted to shed some light on the behaviour of the advance buyer. The literature is scant, dominated by marketing, and not commonly brought into revenue management research. For example, Desiraju and Shugan [1999] evaluated strategic pricing in advance selling and found that yiel d management strategies such as discounting, overbooking and limiting early sales work best when price-insensitive customers buy later than price-sensitive customers. Shugan and Xie [2000] showed that due to the state dependency of service utility, buyers are uncertain in advance and become certain at consumption time while sellers remain uncertain of buyer states at consumption time because of information asymmetry. They suggest that advance selling overcomes the informational disadvantage of sellers and it is therefore a strategy to increase profit. Xie and Shugan [2001] studied when advance selling improves profits and how advance prices should be set. They have also investigated the optimality of advance selling, investigating selling in a variety of situations, buyer risk aversion, second period arrivals, limited capacity, yield management and other advance selling issues. Png [1989], on the other hand, showed that costless reservations in advance is a profitable pricing strate gy as it induces truth revelation on the type of valuation that the consumer has for the service (which is private information). If the consumer has a high valuation i.e. ability to consume, s/he will use the reservation and pay a higher price. If not, the consumer will not use it. In another paper, Png [1991] compared the strategies of charging consumers a lower price for advance sales and attaching a price premium at the date of consumption versus charging them a premium and promising a refund should consumption prices be lower than what was purchased. Despite these models that aim to capture primitive advance demand behaviour, there has not been much effort to integrate them into a unified framework, nor have there been any attempts to bridge the behavioural aspects of demand with revenue management research. Models of the former capture individual consumer behaviour (or homogeneous consumer segments) and it was difficult to see how that could be aggregated and applied to revenue management that mostly dealt Overbooking, cancellations and no-shows Overbooking, is simply defined as a concept of accepting more reservations than the physical available capacity with the knowledge that some bookings will end up as a no-show, or cancellations furthermore, this serve as a hedge against early check outs, this is said in the literature that overbooking is one of the oldest form of RM tactics Karaesmen and van Ryzin, (2004). Overbooking is actually not a bad concept, but if not managed well, it could lead to overselling. Overselling happens when the number of arrivals exceeds the available room capacity.   Authors have examined how hotels could secure themselves in other to avoid no-shows or cancellations by guests, through appropriate reservation policies, (Alstrup et al., (1986), Belobaba, (1989), Hersh and Ladany, (1978), Lieberman and Yechiali, (1978), Rothstein, (1971, 1974, 1985), Thompson, (1961), and Toh, (1985)) airlines. Under this strategy, the seller deliberately oversells capacity if high-paying consumers show up, even when capacity is already fully booked. The seller then cancels the sale to some low-paying customers while providing them with appropriate compensation. We derive a new rule to optimally allocate capacity to consumers when overselling is used, and show that overselling helps limit the potential yield and spoilage losses. Yield loss is reduced because the seller can capture more high-paying customers by compensating low-paying customers who give up their right to the product. Displacement analysis Displacement analysis has been a very challenging exercise for function room analysis. It is challenging to determine what to negotiate when considering booking a group with a significant lead time, because when compression does hit it is possible that more money could have been made by waiting and taking the last-minute groups that are willing to pay higher prices. But that requires hotels taking significant risks and gambles The concept of displacement is defined by Abbort and Lewry, (1991) is said to be â€Å"those prospective customers who are unable to obtain a higher rate because the rooms have already been booked by customers paying lower rate.†Ã‚   Furthermore, Biyalogorsky, (1999) added that displacement concept is â€Å"selling at a low price, and losing a better price later†. Displacement analysis is divided in to two parts, including; Primary displacement and Secondary displacement. Primary displacement is also known as the direct displacement, and these are those prospective guest who are willing to increase the room rate themselves just to get booked for a particular date of arrival but could not be booked due to the fact that the available rooms are already been booked by guests with lower rates. Secondly, the secondary displacement which is also known as indirect displacement and are said to be those subsequent rooms lost due to primary displacement. Example of this displacement analysis can be seen in appendix 1. Inventory control 1 The Mechanics of Inventory Control Distribution and Central Reservation Systems Traditional revenue management is intimately related with distribution and central reservation systems. Distribution and central reservation systems represent a broad and fascinating topic in their own right. An excellent high-level account of airline planning, marketing, and distribution activities and their relation to operations research can be found in Smith et al. (2001). Here   we provide only sufficient background information to facilitate discussion of the main topic of this paper, revenue management. Forecasting Forecasting is an important strategy of RM in any organisation adopting its techniques; but it is particularly critical in hotel revenue management because of the direct influence forecasts have on the available room booking limits that determine hotel profits. Not surprisingly, forecasting is concurrent with the literature on overbooking because overbooking calculations depend on predictions of ultimate demand, cancellations, and no-shows. Demand forecasting Jauncey et al., (1995), Pak and Piersma, (2002), Kime, (1999), 2003), all agreed that forecasting is one of the key principles of revenue management. Jauncey et al., (1995), Donaghy et al., (1995, 1997), juxtaposed the effectiveness of a good RM system by adding that it should be able to predict demand conditions and fluctuations by analyzing reservation patterns, arrival, departures and a score of other demand characteristics. Recently, the following literatures by Anderson and Blair, (2004), Desiraju and Shugan, (1999) suggested that revenue management systems with forecasting algorithms are expensive to implement in real terms. Lahoti, (2002) added by saying that, a typical RM system costs between $1 million to $3 million and takes more than two years to implement. Moreover, research has proven and showed that these complex and sophisticated revenue management systems are not liable to mislead, deceive, or disappoint. In fact, Ng et al., (1999) added that, using the data of the pa st and sales department using present day information, conflicts often occur, and many revenue management tactics should employ some level of human intervention, in other words, making use of RM as a guide but human intervention is still relevant. Forecasting has four limitations, following the literatures by c.f. Chase, 1999; Lieberman, 1993; Relihan, 1989; Boyd, 2004; Desiraju and Shugan, 1999. Firstly, A proposition upon which forecasting is based or from which a forecasting conclusion is drawn, should be based on fundamental concepts of consumer behaviour, (Chase, 1999; Lieberman, 1993, Relihan, 1989).   It will be of great importance to bring to revenue managers attention according to Carry, (2004) revenue manipulation and maximisation using forecast method. Consequently, this may not be a good indicator of the subsequent or present bookings, and cannot be determined by using only RM system by studying historical pattern of demand, because the reason why consumers act or react the way they do is just as important as how they are behaving. Secondly, forecasting tactic at its best when adopted is still a combination segments that could, if possible, be desegregated for higher revenue. Thirdly, demand records are subject t o many factors, including the pricing strategies of the existing competitors at that time. We can only assume and predict based on the historical data. Finally, demand can be influenced, not merely be known. As early as 1951, Schumpeter, (1951), Liebhafsky, (1968) said that wants cannot be taken as independent and consumers could be taught by producers to want new things. Figure 1 duration price fixed variable predictable Quadrant 1MoviesStadiums and arenasConvention centres Quadrant 2HotelsAirlinesRental cars Cruise lines unpredictable Quadrant 3RestaurantsGolf CoursesInternet service providers Quadrant4Continuing careHospitals (Kimes. 2000. p.127) The industries found in quadrant 2, such as airlines and hotels, are generally those associated with RM, Weatherford et al., (2001). That is because these industries tend to use variable pricing for services with a specified or predictable duration. Nevertheless, Donaghy and McMahon (1995) state that a successful application of RM techniques results in fluctuating room prices. RM therefore, consists of not two, but three separate, interrelated parts; inventory management, duration control, and pricing. BIBLIOGRAPHY Abbott, P. and Lewry, S. (1991) Front Office Procedures, Social Skills and Management. Oxford: Butterworth-Heinemann. Bitran, G. and Caldentey, R. (2003). â€Å"An Overview of Pricing Models for Revenue Management†. Manufacturing and Service Operations Management, Vol. 5, No. 3, pp. 203-229 Chang, Y.N and Chanpo-Flores, F.C (1980). Business policy and strategy: text and cases. Goodyear pub. Co: Santa Monica, Calif Chase Jr., C.W. (1999) â€Å"Revenue management: A review’,   Journal of Business Forecasting Methods and Systems, Vol. 18, pp.2 28. Choi, T.Y., Cho, V., 2000. Toward a knowledge discovery framework for yield management in the Hong Kong hotel industry. International Journal of Hospitality Management 19 (1), 17–31. Choi, S., Mattila, A.S., 2004. Hotel revenue management and its impact on customers’ perception of fairness. Journal of Revenue and Pricing Management 2 (4), 303–314. Cross, R.G., (1992). The ethics of yield management. In: Davis, D.T., Harless, M. (Eds.), Ethics in Hospitality Management. Educational Institute Of American Hotel Motel Association, Michigan, pp. 235–248. Cross, R. G (1997). 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International Journal of Contemporary Hospitality Management 9 (2), 80–83. [/level-freee-rstricted]

Free Essays on Disco Music

Disco Crowd I would have belonged to the â€Å"disco crowd†, because the rhythm is energizing and simply ear friendly. The environment in which disco is played is unreal with its disco balls and lights like an outer space feeling. Disco has a magical way to make you feel good about yourself. It can make you feel sexy, when wearing those totally sparkly and flashy colors with ridiculous high boots that adds a little color to life; the kind of clothes and free attitude that I don’t wear in my everyday life. Disco is easy to listen to. It is not a music that makes you reflect on life’s struggles or the meaning of life. It is about love and daily facts that everybody can live or dream about. For example, the Bee Jee’s song â€Å"Saturday Night Live† what a fantastic song; I can see myself dancing with John Travolta. With disco, it is simply impossible to be in a sad mood. The sounds are tinselly. Strings, horns and cymbals are a vital part of this music. Disco is a good way to lay back, goof off and show your hidden side. It is not outdated and from time to time interesting and amusing to listen to. The key to disco is timeless rhythm .... Free Essays on Disco Music Free Essays on Disco Music Disco Crowd I would have belonged to the â€Å"disco crowd†, because the rhythm is energizing and simply ear friendly. The environment in which disco is played is unreal with its disco balls and lights like an outer space feeling. Disco has a magical way to make you feel good about yourself. It can make you feel sexy, when wearing those totally sparkly and flashy colors with ridiculous high boots that adds a little color to life; the kind of clothes and free attitude that I don’t wear in my everyday life. Disco is easy to listen to. It is not a music that makes you reflect on life’s struggles or the meaning of life. It is about love and daily facts that everybody can live or dream about. For example, the Bee Jee’s song â€Å"Saturday Night Live† what a fantastic song; I can see myself dancing with John Travolta. With disco, it is simply impossible to be in a sad mood. The sounds are tinselly. Strings, horns and cymbals are a vital part of this music. Disco is a good way to lay back, goof off and show your hidden side. It is not outdated and from time to time interesting and amusing to listen to. The key to disco is timeless rhythm ....