Risks Profile And Hedging Example For Free - Free Essay Example

Sample details Pages: 5 Words: 1386 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Tags: Risk Essay Did you like this example? F J Benjamin Holdings Ltd listed on the Singapore Exchange on 14 November 1996, founded in 1959 headquarters in Singapore and it has offices in nine cities with more than 2000 employees. This Company is one of the leaders in building and management, and development system of retail and distribution networks for international luxury and lifestyle brands across Asia. The company participates in importing, exporting, licensing, distribution and retailing of consumer fashion wear and accessories household furnishing, timepieces, eyewear and multimedia storage product and operation of cafes and entertainment outlets. Don’t waste time! Our writers will create an original "Risks Profile And Hedging Example For Free" essay for you Create order Especially, FJ Benjamin has four main segments is Luxury and Lifestyle Fashion Retailing and Distribution such as: Banana Republic, Gap and Givenchy..Timepiece Distribution such as: Bell Ross, Chronotech and DeWitt. Creative and Design such as Raoul and Investing in Lifestyle Concepts. Companys information analysis 2.1 Scenario of FJ Benjamin In FJ Benjamin Holdings Ltds wants to growth its portfolio by expanding business on Europe and the United States. In first of 2013, the company has some investment project to opened store located in Malaysia with required amount of SGD$ 15 million initial capital. FJ Benjamin needs more capital to implement these projects by borrowing SGD$ 10 million from bank for long-term loan for 5 year. To running and remaining new store in Singapore, in first of February 2013 FJ Benjamin need to imports 10milion luxury fashion wear of Cà ©line brand from French with due date at first of March . When order is accepted the company submit Trust Receipt to bank as a short term loan. At the due date, Bank on behalf of FJ Benjamin payoff 10 million for exporter. 2.2 Financial information analysis About general financial situation of FJ Benjamin, based on annual reported for 2011/2012, FJ Benjamin Holdings Ltd. reached $ 393,237,000 turnover in 2012. In 2011, turnover increased 22 % to $353.9 million from $289.4 million. In 2012, companys operating profit was $ 22,046,000 and in 2011 reached $ 18,102,000 increase $3,944,000. Profit before tax was $19,670,000 compared to $17,042,000 a year ago. Net profit after tax rose 55% to $12.8 million from $8.3 million last year. Operating profit strengthened to $18.3 million from $5.1 million in FY 2010. Gross margins rose to 43 % from 41% in the previous financial year. Cost-to-revenue ratio improved to 39% from 42%. Based on all financial information mention above, it reflects that the quality of the business has improved and become more stable in 3 years ago. In Financial ratio analysis: Return On Equity (ROE) (%) of FJ Benjamin in 2012 was 10.13% increase 0.3% compared 2011 was 9.71%. The return on equity evaluated a FJ Benja mins profitability by showing how much profit it generates with the amount shareholders have invested. Debt Ratio of this company in last 3 year was approximately 80% in 2012, 72 % in 2011 and 2010. Debt ratio increase 8% from 2010 to 2012 mean that FJ Benjamin has very high debt ratio. Current Ratio is used to measure the ability to pay short-term debts of the FJ Benjamin. Generally acceptable current ratio is from 1 to 2. During last 3 year, FJ Benjamins current ratio was above 1.5. However, from 2010 to 2012 this ratio was decrease significantly. Net profit Ratio Companys Risks Profile and Hedging 3.1 Internal risk In fashion industry, business risk is a risk totally can occur with any group if they do not have a risk management strategy correctly. Business risk is a risk that FJ Benjamin might have to face. The FJ Benjamin is belonging to fashion industry. Therefore, Benjamins revenues are affected directly by consumer sentiment and purchasing power as well as changing on trend of fashion and lifestyle trends. Especially, competitors also is a risk might affect to Benjamin because a lot of new brands are opened and growth quickly today. In the other words, customer satisfaction is most importance to increase profit and ability to meet customers need is a first mission of this company to against with this risk as well as increasing competitor opportunities. 3.2 External risk The Company has to face with a lot of risks arising from its operations from that Fj Benjamin uses of financial instruments to against all these risk. The main External risks include credit risk, currency exchange risk, interest rate risk and liquidity risk. Credit Risk: Credit risk is the risk of loss that can occur on financial instruments should a partners default or non-performance on its obligations. Especially, The Companys credit risk arises directly from trade and other debtors. Based on annual report, the trade and other receivables of FJ Benjamin shows that all its not past due, unimpaired and creditworthy debtors with very well payment record. Generally, amount of cash and fixed deposits are put in banks and financial institutions with good credit rating. In addition, FJ Benjamin use the ways to manages its credit risk by application of credit approvals, credit limits and monitoring procedures. However high debt ratio is a disadvantage of FJ Benjamin, it reflects that this company has many debts and possible to non performance or default. Foreign Exchange risk: FJ Benjamin is an import and export company so that it has a lot of transactional using foreign currency .The company import, export between Asias countries, US and EU and most of the groups overseas purchases by in Swiss Franc, US Dollar and the Euro. Therefore, FJ Benjamin maybe face with foreign exchange risk when exchange rate movement. The FJ Benjamin always find out the ways to maintain a natural hedge by keeping the balance of liabilities against assets in the same currency or against the entitys functional currency. In order to reduce the companys exposure to foreign currency fluctuations, FJ Benjamin used foreign currency forward contracts based on purchase commitments for periods ranging from three to six months forward to minimize this risk. Liquidity Risk: Liquidity risk is the risk that the Company will not meet financial obligations at maturity date because of not enou gh of funds. Although in 3 years ago the company has enough current assets to meet the payment schedule of current liabilities with a margin of safety. However, current ratio in 2012 fall meaning is amount of liabilities increase more than 2 years ago and current assets decrease in 2012 lead to level of liquidity risk may be increase in the near future. But FJ Benjamin manages its liquidity risk by maintaining a healthy balance of cash and cash equivalents and an sufficient amount of committed credit facilities. Moreover, follow annual report of 2012, the Company assessed the level of risk with respects to refinancing its debt and concluded it to be low. Approaching to sources of funding is enough and available and debt maturing within 12 months can be rolled over with existing lenders. Interest Rate Risk Interest rate risk is the risk that the value of cash flows of the company in the future and all companys financial instruments will go up or go down without predictable beca use of changes in market interest rates. With the FJ Benjamin also may face with this risk and relates to amount of borrowing which is subject to floating interest rates and are re-priced at intervals of less than 1 year. Recommendation FJ Benjamins earnings remained resilient despite the European debt crisis; this company still is leader by strong brand portfolio and growing in the ASEAN economies. Looking at business result in last 3 year, almost signal are good. However, FJ Benjamins financial still exists some problems and risk can be occurring with this business. With high ROE indicates that all investment project of this company can recover capital and gain profit in the future With debt ratio too high that reflects that the company has much debt and bank borrowing than their equity. Bank has to consider very carefully before lending to this company and high interest rate to cover credit risk. Then company needs to provide more collateral and margin account to ensure that can pay off the loans. However,. Conclusion In sum up, FJ Benjamin is a good company in Fashion Industry in around the world. This Company is more and more developed with stable and solid business. Company is assessed that which will become a most successful and has new prospect in the future. Although, looking at business result in last 3 year, almost signal are good. Besides that, FJ Benjamin Appendix Current ratio: Current Assets /  Current Liabilities Year 2010 2011 2012 Current Assets 192,846 212,857 209,940 Current Liabilities 95,264 121,998 127,998 Current ratio 2.024332 1.744758 1.640182 Return on Equity (ROE ): (Net Income/Shareholders Equity) x 100 Year 2010 2011 2012 Net Income 8,260 12,770 13,541 Shareholders Equity 137,209 131,458 133,607 Return on Equity (ROE ) % 6.02% 9.71% 10.13% Debt Ratio: (Total Liabilities /  Shareholders Equity) x 100 Year 2010 2011 2012 Total Liabilities 76,385 80,752 85,907 Shareholders Equity 105,684 111,667 106,819 Debt Ratio (%) 80% 72.3 % 72.2% Net profit Ratio: (Net Profit / Net Sales  ) x 100 Year 2010 2011 2012 Net Profit 8,260 12,770 13,541 Net Sales 295,386 360,003 403,281 Net profit Margin 2.8 % 3.56% 3.36%

The Four Stages Of Policymaking Essay - 1720 Words

When it comes to policy making in the US, it can be very complex. The policy making involves numerous steps and its interaction of the various political institutions. When we talk about Policymaking, there’s a process and it has four stages. The four stages go as followed; Agenda Setting, Formulation, Implementation, and Evaluation. After I discuss these four stages, I will talk about the Political Institutions. They’re categorized as Congress, The President, The Bureaucracy, and The Courts. I will first be discussing the four stages of policymaking in which the first step is Agenda Setting. Agenda Setting is defined as a theory in mass-communication that states the media would have the ability to determine in which the issues are important to its public. It has the ability to influence the salience of topics on the public agenda. This theory was first introduced by Dr. Maxwell McCombs and Dr. Donald Shaw in the year 1972. With the agenda setting theory of Doctors McCombs and Shaw, it would state that the media would end up reflecting on the views of the current candidate during a campaign. The Agenda Setting would also shape and be determining the issues of its importance accordingly. With this being said, it would end up setting the agenda for a political campaign. When we look at the agenda setting, there are two major yet basic assumptions that have to be considered; first the media and its press filter and would shape reality rather than reflect it. What also has to beShow MoreRelatedU.s. Policy Making Process1339 Words   |  6 Pages one must, accordingly, unders tand the various stages as well as the institutions involved in the same. More particularly, there are four key institutions involved in the U.S.’ policy making process; each of which play a significant role in the various stages of the process. Specifically, the U.S. policymaking process is comprised of four stages, to wit: agenda setting, formulation, implementation, and evaluation. First, the agenda setting stage is concerned with the specific problems of the publicRead MoreChina Case Study1057 Words   |  5 Pages2005, China embarked on a healthcare reform effort to improve their healthcare system, and it was launched in 2009. (Shi, 2014) China, like the United States, strives to provide their citizens with quality and convenient healthcare, but health policymaking can also be vastly different between the two countries. China has been dedicated to making many improvements with their healthcare system, but the current state of healthcare reform in China still has a lo ng way to go, especially when it comesRead MoreArticle Review : Politics And The Policymaking Process778 Words   |  4 Pagesâ€Å"Politics and the Policymaking Process† is to examine and explain the phases of the policymaking process and identity the theoretical aspects associated with policymaking, as well as, acknowledge the lead contributors in decision making and funding public policies. The article deciphers the policymaking process while identifying the policy problems and the contributors that influence change in public policy. The scholars that contributed to the article, identified five steps in the policymaking process;Read MoreGlobal Perspective on Health Policy Essay1612 Words   |  7 Pagesand why their voices often become a driver for change in health policy. What is Chronic Disease? Non-communicable diseases (NCDs), also known as chronic diseases are not transferred from person to person. They are slowly progressed over time. The four main kinds of non-communicable diseases are cardiovascular diseases such as strokes or heart attacks, any type cancer, chronic respiratory diseases like chronic obstructed pulmonary disease and diabetes. Other Chronic Diseases that affect many AmericansRead MoreWhat Do Successful Policies Teach Us About Our Politics And Ourselves?1189 Words   |  5 PagesFor a policy to be on the agenda usually one or more of four particular items need to be in play. Crisis, interests group, realigning elections and policy entrepreneurs can help get the issue â€Å"out of the garbage can† as John Kingdon would say. Once this issue is in the public eye the â€Å"policy window† is now open. An example of a crisis would be the 2010 oil spill in the Gulf of Mexico which put an environmental problem on a worldwide stage. Today with the presence of social media policy windows areRead MoreHow Does Global Trade Make Us More Interdependent? Global1268 Words   |  6 Pagesmigration. Also, economic, social and environmental impacts. They affect the formulation and implementation of policies at the national, regional and global levels. Among significant impacts is the reduction in the degree of national autonomy in policymaking and the resulting need to better harmonize national policy formulation with international obligations, commitments and compulsions. The realization of the MDG, Millennium Development Goals, is dependent on the strengthening of the global partnershipRead MoreThe role of the Nurse Practitioner was the last of the advanced practice nursing role to appear in1400 Words   |  6 Pagesthere are four stages of growth that have to be accomplished. These stages are formatted with the Dreyfus Model of novice to expert by Patricia Benner in the 1984 research done that applies skill acquisition to clinical nursing. This will give an overview of the transition a nurse generalist goes through as he or she become an advanced practice nurse. This process starts once the nurse enter into practices as a nurse practitioner. The first stage is the novice seen as a beginner. At this stage the individualRead MoreThe United States And The Euro Area1410 Words   |  6 Pagesevolutionary steps. The European Council decided in June 1989 that the first stage of economic and monetary union should begin on 1 July 1990, when all restrictions on the movement of capital between Member States were abolished. The first stage also increased co-operation between central banks, encouraged free use of the ECU (European Currency Unit, forerunner of the â‚ ¬) and improved economic convergence. Then the second stage of EMU (starting 1 Jan 1994) established European Monetary Institute (EMI)Read MoreCharacteristics Of Chinese Culture1292 Words   |  6 PagesMandarin is considered as a common language. Mandarin is the official broadcasting language and also used in school for instructions. It is a dialect spoken by over 70% of the country and most commonly used in eastern and northern China. Mandarin uses four different tones to signify differences in meaning for words that share the same pronunciation. The use of these tones—rising, falling, falling-rising, and high are the fundamental aspect of the spoken form of the language. The social structure of modernRead MoreEssay on Free Trade Area of the Americas (FTAA)1587 Words   |  7 PagesWhat is the FTAA In 1994, the leaders of the thirty-four democratic countries of the Western Hemisphere launched the process of creating a Free Trade Area of the Americas (FTAA). The FTAA will be established by 2010 with the aim of gradually eradicating barriers to trade and investment in the region. The final characteristics of the FTAA will be determined through negotiations by government officials from the thirty-four participating countries. The trade issues that are presently under discussion

Queensland health payroll

Question: Discuss about the Queensland Health payroll. Answer: Introduction This assignment deals with the issues related to the Queensland health payroll project. This project was introduced in order to change the payroll system for the employees. It covers the different frameworks used for the project. The frameworks discussed are the COBIT and COSO frameworks. The implementation of these frameworks by different levels of employees is discussed. This project posed a huge amount of expenditure on the government of Queensland and still was a failure. The government spent about 200% extra in this project. The government banned any further evolvement of such projects in the nation. In late 2012, the government of Queensland set up a survey to find the reason behind the failure of the project and the commission found out that the failure of this project was the worst failure in public administration in Australian history. This assignment consists of the description of the Queensland Health payroll project. it also contains the background of the project and the frameworks which are responsible for the effective financial survey. The two initial phases of the work have also been discussed in the assignment to show the growth process of the project. Background of the project A payroll system was introduced in Queensland, which was supposed to be implemented in the year 2006, on the 80,000 employees of Queensland health (Eden and Sedera 2014). IBM Australia was chosen as the main contractor for this project and the results of all the system was based on the payroll system. The expected time for the completion of this project was six months and it was supposed that an approximate of HK$46.5 million would be spent for the completion of this project (Duffield and Whitty 2015). It was expected that the introduction of this new system would bring revolution in the payroll system of Queensland. Slowly, the government realized that nothing was straightforward in this project and this project did not go live till 2010. It was considered as worst project failure all over Australia. This systems entire cost was HK$192.5 million and with this heavy cost as well, the system did not go live. The administration of Queensland health had to hire more than 1000 employees to fix this problem and it resulted in expenditure of even more money to the administration. This project posed a huge amount of expenditure on the government of Queensland and still was a failure. The government spent about 200% extra in this project. The government banned any further evolvement of such projects in the nation. In late 2012, the government of Queensland set up a survey to find the reason behind the failure of the project and the commission found out that the failure of this project was the worst failure in public administration in Australian history (Thite and Sandhu 2014). Discussion of COBIT and COSO frameworks and controls in Queensland Health Payroll System Queensland payroll project was a huge project as it involved different levels of employees and it indulged the government of Queensland as well. With regard to COSO, internal control is a process, which is designed to assurance for effectiveness and efficiency in order to achieve the objectives of a company, to confirm the reliability of reporting of the companys financial reporting and inline relevance along with the laws and regulations (Tursunbayeva et al. 2016). According to the COSO framework, the control is defined as the proactive measure which is used by the management to achieve any objective. According to this framework, the control can take three forms, which are automated, partially automated and manual. A tool kit is comprised in the COBIT framework in order to compliance with other regulatory services and SOX. The elements of the toolkit are an executive summary, which gives an explanation of the founding principles of COBIT, the compliance framework which provides deta iled explanation for the high level IT projects, the objectives for control (Malkin and Pearson 2014). Both of these frameworks are important for effective evolvement of financial sector of any department. These frameworks must have been used in the payroll project at Queensland as both the COBIT and COSO are effective for the finding of reason for the financial terms in any organization. The guidelines required for assigning and passing audits, which include the explanation of step-by-step guides for each of the control objectives. The primers used for management and the reference materials, which indulge the IT control practice statement, which means the assessment of the risks, involved in the IT field and the ways of handling those risks. With regard to the payroll project, these frameworks would have been very effective for the proper survey of financial issues. The frameworks could help the managers for the proper and exact survey of the issue. The COBIT and COSO frameworks would have helped the government as well to keep account of the money spent on the project in various form s. In addition to these, the COBIT helps the IT industry to know the cores and requirements of the business (Wilkin et al. 2015). The failure of this project was a huge loss for the government of Queensland. Discussion of the frameworks and controls in relation to Queensland Health Payroll Project Health department of Queensland The health department of the state of Queensland did not use the frameworks for the financial survey of the case. If the organization would have used COBIT for various objectives the results found would have been of great help. First of all, COBIT enables the management to make a link to the requirements of the business, secondly, it helps the organization to organize various IT activities to generally accepted process models, it also enabled the organization to identify the main IT resources which are to leveraged (Brown 2014). It also enabled to define the control objectives of the management, which are to be considered. IBM IBM technology did not use the COBIT and COSO frameworks for the evaluation of Queensland Health Payroll failure. If the organization would have used COBIT and COSO to find the reason behind the failure of the Queensland payroll failure, it would hve been more effective. Both of these are very useful because of the implementation features provided by them. After the failure of Queensland project, IBM used both COBIT and COSO to find out the reason behind the failure of the project. use of such frameworks helped the organization ot find the faults in the project which lead to the failure of the project. The use of these helped the organization to organize various IT activities to generally accepted process models, it also enabled the organization to identify the main IT resources which are to leveraged. It also enabled to define the control objectives of the management, which are to be considered. Contractors or parties The other contractors did not use the frameworks for the survey. If they would have used the frameworks for the finding faults in the project it would have been easy and efficient. In COSO, internal control is a process, which is designed to assurance for effectiveness and efficiency in order to achieve the objectives of a company, to confirm the reliability of reporting of the companys financial reporting and inline relevance along with the laws and regulations. According to the COSO framework, the control is defined as the proactive measure, which is used by the management to achieve any objective. According to this framework, the control can take three forms, which are automated, partially automated and manual. A tool kit is comprised in the COBIT framework in order to compliance with other regulatory services and SOX. Discussion of 2-stages of SDLC in relation to Queensland Payroll Project Various plannings were done for the successful development and implementation of the project. Payroll is a complex situation and here in the Queensland payroll project, thousands of the employee and the government was involved. So, the complexity for this payroll system was huge. It needed lot of preparation and considerations before the initialization of the work. It is very essential that proper planning must be done for the implementation of the system. There were three areas which had to be focused for the proper working and preparation of this project. the first area which needs to be focused are processes (Jarman 2013). The key processes for payroll, which were important for the organization were evaluated. The process was complex as the system has to keep the different stages of the employee in mind such as the hourly employees, vacations an sick leave policy and commissionable sales (Hmelak 2014). The compensation schemes and bonuses given to the employees made the system eve n more complex and thus these things were kept in mind. The another process which was kept in mind was the termination process. Usually this process is ignored in usual organizations but here it was very important to keep these in mind as there are regulatory and security and risk implications can cost the organization much money and time if these are not handled properly (Schefe and Timbrell 2013). Almost every aspect of payroll project is effected by the termination of employees in the organization. In addition to these there were security concerns which had to be kept in mind for the successful implementation of the payroll system. The different systems, which would cost harm to the payroll systems in any case were considered. Different types of employees have different payroll services. The salaried employees in the organization might not have to enter the time of their entry in the organization but the hourly employees had to do so and thus these had to be kept in mind for the successful implementation of the project (Ainsworth 2013). The part time employees needed a different payroll method. Thus, different payroll methods had to be kept in mind for different level of employees. There were various things which were identified during this period such as the requirements, transactions, functions of the vendor system and the commercial softwares (Haes et al. 2013). Planning of the different levels of employees along with their payment systems were done. Analysis-the second phase There were different analyzing factors, which were important to be analyzed for the successful implementation of the project. For this payroll system, various things needed to be analyzed for the proper development of the system as it would great change in the payroll system at Queensland.. This payroll system was very huge and complex and thus it involved the analyzing of various things (Haes 2015). It was a computerized payroll so the thing that were analyzed are described in the context. The first thing, which was analyzed was the size of the business. The size of the business was analyzed and the complexity to which the payroll system was supposed to work was also analyzed by the team of the management which was responsible for the development of the system. An objective look was taken which means that the requirements were analyzed for the completion of the goals. The number and the type of the employees were analyzed for whom the system was supposed to be 1established (Degese e t al. 2015). The total cost, which would arise in the creation and implementation of the system, was analyzed. According to the cost, the need of the organization was analyzed. The total number of hourly, part-time and the salaried employees were calculated. The total amount of growth of the number of employees in the organization was also analyzed. The reports of new hiring rules and the regulations of the company regarding to payment was evaluated and the payroll was supposed to meet all the requirements of the company (Martin 2014). The countrys economy was also analyzed critically for the formation of the payroll system. The ups and downs of the economy was taken into account because the salary of the employee could vary accordingly. The terms and conditions for the employee bonus was also analyzed by the management team as it was a must factor in the payroll to be introduced. Thus, the first two stages were very critical for the development of the Queensland Health Payroll System, which was taken care by IBM. Conclusion From the above discussion, it can be concluded that, the failure of the payroll project was great failure for not only Queensland but also whole Australia as the countrys economy was hugely affected by it. The government spent about 200% extra in this project. The government banned any further evolvement of such projects in the nation. In late 2012, the government of Queensland set up a survey to find the reason behind the failure of the project and the commission found out that the failure of this project was the worst failure in public administration in Australian history. According to the COSO framework, the control is defined as the proactive measure, which is used by the management to achieve any objective. Both of these were used to analyze the project. Payroll is a complex situation and here thousands of the employee and the government was involved. So, the complexity for this payroll system was huge. It needed lot of preparation and considerations before the initialization of the work. Analysis was done very critically for the payroll system as it would affect the entire economy of the state. References Ainsworth, H., 2013. Improving project management of IT enabled projectslessons we can learn from. Brown, D.R.B., 2014.An exploration of the role of ethics in leadership decision-making in change initiatives in Queensland government owned corporations(Doctoral dissertation, University of Southern Queensland). De Haes, S., Van Grembergen, W. and Debreceny, R.S., 2013. COBIT 5 and enterprise governance of information technology: Building blocks and research opportunities.Journal of Information Systems,27(1), pp.307-324. Degese, M.S., Tanos, T., Naipauer, J., Gingerich, T., Chiappe, D., Echeverria, P., LaMarre, J., Gutkind, J.S. and Coso, O.A., 2015. An interplay between the p38 MAPK pathway and AUBPs regulates c-fos mRNA stability during mitogenic stimulation.Biochemical Journal,467(1), pp.77-90. Duffield, S. and Whitty, S.J., 2015. Developing a systemic lessons learned knowledge model for organisational learning through projects.International journal of project management,33(2), pp.311-324. Eden, R. and Sedera, D., 2014. The largest admitted IT project failure in the Southern Hemisphere: a teaching case. InProceedings of the 35th International Conference on Information Systems: Building a Better World Through Information Systems. AISeL. Glass, R.L., 2013. The Queensland Health Payroll Debacle.Information Systems Management,30(1), pp.89-90. Haes, S.D. and Grembergen, W.V., 2015. Enterprise Governance of Information Technology: Achieving Alignment and Value, Featuring COBIT 5. Hmelak, M., 2014. The IT Audit of the Republic of Slovenia's eHealth Project.International Journal of Government Auditing,41(3), p.12. Jarman, R., 2013. Psychopathy As A Phenomenon Of Interest In Information Systems Research. InECIS(p. 84). Malkin, B. and Pearson, M., 2014. The information technology industry needs to learn how to tackle complex projects from the building and construction industry (1054). InMastering Complex Projects Conference 2014(p. 87). Engineers Australia. Martin, K., Sanders, E. and Scalan, G., 2014. The potential impact of COSO internal control integrated framework revision on internal audit structured SOX work programs.Research in Accounting Regulation,26(1), pp.110-117. Schefe, N. and Timbrell, G., 2013. A conceptualization of complexity in IS-driven organizational transformations. Thite, M. and Sandhu, K., 2014. Where is My Pay? Critical Success Factors of a Payroll SystemA System Life Cycle Approach.Australasian Journal of Information Systems,18(2). Tursunbayeva, A., Bunduchi, R., Franco, M. and Pagliari, C., 2016. Human resource information systems in health care: a systematic evidence review.Journal of the American Medical Informatics Association, p.ocw141. Wilkin, C., Couchman, P., Sohal, A. and Zutshi, A., 2015. Exploring Differences between Large and Medium Organizations Corporate Governance of Information Technology.

Medical Ministry - Logotherapy free essay sample

He ranted and raved uncontrollably. He suddenly turned to me and said â€Å"Why me? † My reply was â€Å"Why not you? What makes you think that you are more special than the next person? † This confrontational response stopped him in his tracks, made him think about his situation and the anger and feeling sorry for himself disappeared, never to return again. Too often patients with incurable diseases surrender to all the negative emotions that overwhelm them. They become despondent, depressed, fearful and lose hope. All their time is spent fixating on themselves and their wellbeing. They become so focused on their problem that the problem can become their whole world. Patients then get caught in a vicious circle whereby the harder they try not to worry, the more they worry. The greater the effort not to think of their problems, the more they think about them. Without meaning in these patient’s lives, how do they mentally ensure quality of life? How do they make peace, emotionally and spiritually, with the situation they find themselves in? There is sufficient proof that everything can be taken from man except the choice of one’s attitude in any given set of circumstances. We will write a custom essay sample on Medical Ministry Logotherapy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Inner freedom, which cannot be taken away, makes life meaningful and purposeful. My husband and I met with the oncologist and found out what treatment was required to push the cancer into remission. We decided to put our trust in the oncologist’s ability to treat this disease while we concentrated on living each day with love, humour and purpose. In effect we were practicing dereflection. Looking back now at the chemotherapy he had to endure, on and off, over a seven year period, I realise that disease/illness can be very meaningful. The chemotherapy room was a morbid place, where everyone sat quietly, lost in their own thoughts, with a chemo drip in their arm. My husband changed all that. He got to know all the patients and medical staff. He used humour to get people to open up about their situations. He would have me running around serving tea, coffee and cake to the patients. He instilled a feeling of hope and caring amongst the patients. They took an interest in one another’s lives, exchanged useful information, joked and laughed about themselves and their illness plus friendships were formed. The doctor often came to check what all the noise was about in the chemotherapy room. I believe this was my husband’s purpose during this period of his life. It was filled with meaning as were the lives of the patients whom he came to know and love. In 2001 the cancer came back aggressively and my husband had to have heavy doses of chemotherapy that almost destroyed his body. He was hospitalised and almost overnight lost so much weight. He was sent home weighing 49 kilograms and so weak that he became bedridden. He didn’t have the strength to walk or to sit up in bed. He began to feel humiliated and degraded due to the fact that he couldn’t do anything for himself. He thought that he had become a burden on me and together with a loss of dignity, he became very depressed. He believed that he would be totally helpless for the rest of his life. The loss of hope and meaning can have a deadly effect. Without faith and belief in the future the patient loses his spiritual hold and allows himself to decline by becoming subject to mental and physical decay. Total despair sets in and all the patient sees is a meaningless existence. To provoke patients to find meaning in their lives, the logotherapist must have a deep commitment for the uniqueness and dignity of each individual. The therapist must focus on the specific needs of individual patients instead of using a fact or technique valid for one situation, to make conclusions about a different situation. During my husband’s depression he tried to commit suicide but fortunately was stopped before he could commit the deed. I phoned Hospice for help. They sent a wonderful woman who came on a regular basis to chat and deal with my husband’s emotional needs. Meals were no longer served in bed. I carried him to the dining room table so that he could eat with the rest of the family. He had practically given up eating so I became more forceful about getting him to eat. On a daily basis I exercised his arms and legs. Hospice arranged for a wheelchair and if we went anywhere as a family, my husband came along. Together we set goals for him to achieve, baby steps as we called them, the first being the building up of his strength. We did a lot of laughing and some crying during this time. His depression disappeared and he started ooking forward to each day. He eventually managed to walk again much to his and the family’s delight. On his first visit to his oncologist after being bedridden, he was nicknamed â€Å"The Miracle Man† by the medical staff. Unfortunately my husband passed away in January 2005. Reading the account of Frankl’s story of the old general practitioner who suffered with depression after his wife died has given me much comfort. Frankl used a form of the Socratic dialogue and asked the practitioner what would have happened if he rather than his wife had died first. He answered, â€Å"How she would have suffered. † I can relate to this story in so far that my husband would have suffered if I had died first. I have spared him this suffering and that is very meaningful to me. There are various methods or techniques a therapist can use to assist their patients to find meaning in their lives. There is the â€Å"parable method† which is suited to some patients whereby the therapist relates a parable or tells a story which illustrates the point that no human being is exempt from illness. There is dereflecting as well as the Socratic dialogue Here is something I came across by an unknown author which can be applied to many diseases and which my husband and I found very inspirational during the period that he had lymphoma. WHAT CANCER CANNOT DO Cancer is so limited.. It cannot cripple love It cannot shatter hope It cannot corrode faith It cannot destroy peace It cannot kill friendship It cannot suppress memories It cannot silence courage It cannot invade the soul It cannot steal eternal life It cannot conquer spirit