Risk Management in the Airline Industry - 2570 Words

BACKGROUND There are few industries that are exposed to such a diverse assortment of risks as the airline industry. Ever since the first powered human flight in 1903, the progress of aviation and air travel has been inextricably linked to economic and political developments. The airlines of today face all of the four major categories of risk; operational, strategic, operational, financial and hazard risks. During the past 50 years, the airline industry has gone through several major changes. In the 70’s and 80’s, the North American and European airline industries were deregulated. This allowed new airlines to compete more freely with the established major carriers. This put a pressure on the profitability of airlines, and subsequently†¦show more content†¦Today, low-cost airlines dominate the regional markets in North America and Europe. By outsourcing non-essential operations such as baggage handling and catering, and employing standardized and simple procedures, they have been able to cut costs and simplify their operations. Doing this enables these companies to stay competitive even in bad times, and maximize their ability to react to changes in their business environment. (Zea, 2002) Airlines are dependent on the loyalty of their employees. Strikes and labor unrest has plagued the industry for many years. A strike doesn’t only have a direct detrimental effect on revenue; it also tarnishes brand reputation and generally discourages people from flying. The US low-cost carrier Southwest has been very successful in increasing employee loyalty through a â€Å"fun-culture†, profit sharing, and a generally people-centered style of management. (An example showing the hazards of unhappy employees: A friend of mine who actually works as a pilot for a European airline told me that whenever they were unhappy with company policy, they would nudge the throttle a bit too much forward on every takeoff, burning a few extra tons of fuel! True story.) Due to the complex nature of the industry, there are many inherent risks in the day-to-day operations. A large number of people and equipment need to be at certain places at certain times, otherwise schedules break and operations are interrupted. Everything from aShow MoreRelatedThe Cost Of Risk Management Aviation1391 Words   |  6 Pages The cost of Risk Management Aviation integrated framework expands on internal control providing a more robust and extensive focus on the broader subject of Aviation management. Both costs of risk management and financing involve promises to pay that need to be Collateralized, resulting in a financing versus cost risk management trade-off While it is not intended to and does not replace the internal control framework but rather incorporates the internal control framework within it, companies mayRead MoreThis Is a Summary on the Risk Management Case Study of Air Canada1730 Words   |  7 PagesREPORT ON RISK MANGEMENT OF AIR CANADA SUBMITTED TO : MRS.VANDANA MEHROTRA SUBMITTED BY: KUNAL KOTHARI MOHITA AGARWAL SAIMA AHMED APURV SHARMA NAINA SINGH SONAKSHI RATHI AIR CANADA- RISK MANAGEMENT INTRODUCTION: Colin Rovinescu, the Chief Executive Officer (CEO), for Air Canada was reviewing the Risk Management program of the company because the scheduled board meeting was approaching soon. He needed to deliver a comprehensive presentation in front of the board members. CHALLENGESRead MoreOligopoly Behavior in the Airline Industry. Case Analysis647 Words   |  3 PagesOligopoly Behavior in the Airline Industry. Case Analysis This case illustrates the pricing behavior of firms that are oligopoly whose market is characterized by the relative few participating firms offering differentiated or standardized products or services. Such firms in an oligopoly have market power derived from barriers of entry that wards off potential participants. As seen in the case, it is clear that because there are a small number of US Airlines firms competing with each other, theirRead MoreHedging Strategies And Effects On Mncs Valuation1550 Words   |  7 Pagesfirms to be able to forecast their business and earnings against the backdrop of uncertainties. A direct result of these challenges lies in the methods that organizations utilize financial vehicles in an effort to offset any unforeseen financial risks that may arise. MNCs utilize various hedging or arbitrage strategies to stabilize financial earnings or firm value especially when there are obvious inconsistencies in global exchange movements. This paper contributes to the literature by providingRead MoreAnalysis Of The Financial Analysis Of American Airlines1639 Words   |  7 Pages American Airlines Financial Analysis Luigi Vittatoe Florida Institute of Technology June 13, 2016 â€Æ' American Airlines Financial Analysis The paper will focus on the financial analysis of American Airlines to enable us make a decision on whether it’s viable to invest in the company. One of the tools that will be used for the analysis is the financial ratios. The financial ratios of the past three years will be calculated to determine the capital structure of the company, liquidity, profitabilityRead MoreSouthwest Airlines Hedging Activity For The Years 2000937 Words   |  4 PagesGiven the background of airline risk exposure and risk management practices, it is apparent that airlines have a variety of options available to minimise fuel price risk. Most of their hedging activity involves over the counter (OTC) instruments which are largely unregulated and difficult to study. Market activity in futures exchanges presents a safer option whose activity is monitored and regulated. The rest of the paper focuses on Southwest Airlines’ hedging activity for the years 2000 – 2014Read MoreSwot Analysis : The Airline Industry1377 Words   |  6 PagesVincent Oram Strategic Management Five Forces 9/30/16 When considering to enter a market or not, one of the smartest things a company can do is run a five forces analysis. This analysis looks over the level of competition in an industry to find the intensity of it, which in turns shows the attractiveness of entering this industry or not. This analysis looks over five categories; the threat of new entrants, the threat or availability of substitutes, the power of buyers, the power of substitutesRead MoreTaft Hartley Act1296 Words   |  6 Pagesbeen several laws passed in the United stated pertaining to employees, employers, and unions including The Labor Management Reporting and Disclosure act of 1959 (LMRDA) and the Taft-Hartley act (Hero, 2015), (Legal Dictionary, 2015),. These laws and acts serve as a guidelines in making union, employer, or judicial decisions (Department of Labor, 2015). 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This $24.8 billion shortfall exceeds the total profits earned over the entire six-year period 1995-2000 DrasticRead MoreSummary and Analysis of Zsidisin Hartley’s (2012) Managing Commodity Price Risk1403 Words   |  6 PagesCommodity Price Risk Summary As every organization and business in the market is exposed to price risks due to the commodity price volatility, it’s imperative for managers to predict those risks and make strategies to mitigate the damages brought by price volatility. This book not only shows us the importance of commodity price management, but also teaches organizations how to adapt and adjust themselves to commodity price volatility and provides approaches to decrease the exposure to risks for managers

Behavior Of The Children And It Leaves Me Disgusted

As I walk around public places such as schools, restaurants, malls, grocery stores, etc., I spectate the behavior of the children and it leaves me disgusted. Little boys and girls running around grocery stores screaming and knocking things over, kids rolling on the ground in tantrums because their mother said no to buying the toy they want while shopping for groceries, teenagers at the mall disrespecting others, cutting in line, cursing, you name it. What I absolutely abhor the most has to be the disrespect these children have, especially towards adults and/or their parents. The problem with kids these days don’t lie within the kids themselves: it is the parents and their methods of raising that is the problem. The issue with the young†¦show more content†¦That is how children operate and act. From what I have seen, parents try to ignore or appease their children to temporarily halt this behavior. When a child is acting in this sort of way, parents shouldn’t as k them to stop or appease them; they should yank that kid over and give him or her some bruises. â€Å"Once you begin hitting the child who is pushing your buttons, you will experience enormous relief. And that pleasant relief can drive you to hit even more, even harder,† says Denise Cummins, a PHD, psychiatrist, author, and parent. By hitting children, you aren’t just disciplining them, you are also allowing yourself to take out all of your negative emotions such as anger. It is truly a win-win situation: you discipline your child and feel better afterwards. Even a certified PHS and psychologist would admit that. As someone who writes books about parenting and has a PHD, Dr. Cummins clearly knows what she is talking about when she discusses the emotional benefits of hitting your children. Adrian Peterson, an NFL player, spurred a storm of controversy when he disciplined his four year old son with a switch. Reports in the news stated that â€Å"the beating was so seve re that it left welts on the child’s body.† This is a biased statement to turn parents away from physical discipline. Welts and bruises are common when giving beatings. That is what makes this form of discipline so effective. Joyce Maynard stated that out of all of the parents she interviewedShow MoreRelatedAunt Mary, An Analysis of the Joseph Imperiale Short Story Essay728 Words   |  3 Pagescharacters. In Aunt Mary written by Joseph Imperiale, we might identify three arguments here. The first argument is that children can only grow as far as their boundaries will allow them. This is supported when Joshua nearly electrocutes himself by sticking a knife into a plugged-in toaster in order to get his muffin out. At that time, Mary says: If you need help, get me or Nonna (Imeriale357). Obviously, Joshua is limited in his knowledge of physics. 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Installing 70/30 Copper-Nickel Pipe Free Essays

Installing 70/30 copper nickel (cuni) pipe sometimes can be a test of human patients, mechanical knowledge, and dexterity. It is, however, well worth the effort, because once you complete the job whether you’re a novice or connoisseur of the art you gain a sense of pride for a job well done. Additionally, you will have confidence in knowing that your pipe will stand the test of time and vigorous challenges they’re used for. We will write a custom essay sample on Installing 70/30 Copper-Nickel Pipe or any similar topic only for you Order Now The only problem that comes with working with 70/30 cuni pipe is, having a concrete way to approach even the minutest step(s) when installing, cleaning, and inspecting your pipe. Initially, you should have gathered your tools that will you need for this job. Assuming that you have the proper tools for the job we will begin by taking the copper nickel pipe a prepping it for installation. To prep copper-nickel pipe you want to start by gathering your pipe and you’re fittings, so you can obtain the measurements for the length off your pipe, square it off, and then touch it up. By doing this it eliminates dirt and debris, and allows for cohesiveness between the mechanical joints when you’re mating them together. Too do this you’re going to measure out the proper length of your pipe by taking your ruler (which should be measured in inches) and mark on your pipe how much you’re going to need. Once you have done that you’re going to cut the pipe at its designated mark. At the same time, be careful not to cut too much off, because if you do then you will have to either buy more pipe or go through another process of adding the pipe back. You can cut copper pipe with a regular hacksaw or a copper tube cutter. Although both will make a satisfactory cut, the tube cutter ensures a square cut every time. Use a jig or miter box when you’re cutting copper pipe with a hacksaw. This helps to ensure a square cut in the pipe. After making the cut, remove the burrs inside the pipe with a half-round file. A pipe cutter usually leaves more burrs in the pipe than a hacksaw. When cutting pipe for a specific run, be sure to make allowances for the distance of pipe that fits into the fittings. Also, remember to add the extra length the fittings will give the entire run of pipe. Figure about 1/2†³ for each fitting. In addition to doing this your also simultaneously doing something else called chamfering (chamfering is the process of filing the tip of the inside of the pipe so that the flux and stick to the pipe). Now that your pipe is squared off your going to take a strip of emery cloth and clean the outside of the pipe a half-inch away from the tip of your pipe (doing this allows for proper flow of the soldering ring between the fitting and pipe) until you have a bright gold shade of pipe, which is the natural color of copper-nickel pipe. Now that your pipe is ready for mating, you know have to prep your fitting for mating as well. To do this you’re going to take another piece of emery cloth a clean the inside of your fitting up to a half-inch in diameter on both sides of the fittings. Once you’re done with that procedure use a different strip of emery cloth to clean your brazing rings, and then place them in the slots inside your fittings. Once you have prepped your pipe and fittings you’re ready to mate the pipe and fitting together. Apply a light coat of soldering paste or flux to the cleaned end of the copper pipe. Use a flux brush, an old toothbrush or a wooden paddle for spreading the flux. Flux or soldering paste ensures a firm bond between the copper and the solder. Also apply flux to the inside of the cleaned fittings. The flux or soldering paste will keep the copper from oxidizing when heated. Place the copper fitting on the pipe only after it is thoroughly cleaned and coated with soldering paste). When the fitting is firmly in place, rotate both the pipe and the fitting several times to spread the flux evenly. A propane torch is an ideal tool for mating copper pipe. If you look at the flame of a propane torch you will notice there is a lighter blue, well-defined flame in the middle of a darker blue flame. The tip of this light blue flame is the hottest part of the flame. Play (move) the flame along the fittings and the pipe to bring them up to soldering heat. Then concentrate the heat in the middle of the fitting. The light blue flame should be just touching the fitting. You can do both ends of the fitting at the same time by heating in the middle like this. Do not apply the heat directly to the solder or the area that has been fluxed. Do not overheat the copper pipe. If you look at the flame on the side of the pipe away from the torch, you may notice a green flame develop. This means the fitting is ready to solder. Another way to tell is to touch the solder to the hot pipe. If the solder melts and begins to run, the pipe is at soldering temperature. Remove the flame from the pipe and apply the solder to the pipe where it joins the fitting. The solder will flow into the fit. Keep melting the solder until it appears completely around the fitting. The old saying, â€Å"If a little is good, then a lot is better,† does not apply here. Excess solder can run down inside the pipe, causing a restriction or even a blockage. You can experiment with different tips on your propane torch until you find the one that spreads the heat evenly along the pipe you are using. After you have successfully measured, square-off, and used a propane torch to mate your pipe and fittings you’re ready to clean your pipe. Cleaning your pipe throughout this procedure is a nonstop evolution. After mating your pipe together cleaning it is extremely important, it’s the first step in recognizing any malfunctions. You should be able to notice the thin black film that’s coated around the pipe and the fitting. This black coat of film comes from the rise in temperature of the pipe after you have heated it properly. To clean your pipe now you are going to have to have a bucket of water and a wire brush. Take your wire brush and dip it in the water and start cleaning the pipe and fitting(s) where you brazed at. You should continue to do this until both the pipe and fitting(s) becomes bright gold. In the meantime, while you’re cleaning your pipe you should have adequate lighting available, so you’re able to spot check for insufficient mating around the radius of your pipe and fittings. If you have thoroughly cleaned your pipe and notice small holes around your pipe then you need to go back a re-heat your pipe and apply more solder using a soldering stick. Once you have reached the point where you have no pen holes between your pipe and fittings, then you have completed the installation and cleaning of your 70/30 cuni pipe job. You are now ready to perform a system and inspection check of your project. Now that you have successfully installed and cleaned your pipe it’s now time to inspect your pipe for mechanically cohesiveness and system performance. This process is very important, because your craft is successful only if it can pass inspection. It requires a great deal of attention to detail when inspecting the pipe and fittings, so that you’re careful to not miss any pen holes. To this inspection, you have to do is submerge the part of the pipe that you brazed in clean and clear water. After doing this, if you notice water pockets form in the water remove the pipe and clean it with a rag and try it again. When you have tried it again and you notice water pocket again then that means you have tiny pen hole between your fittings and pipe. To fix this problem you will have to locate where the water pockets are forming at and solder that part. Once you have done that submerge your pipe and check for water pockets. After you have successfully corrected the pen holes you can now begin to clean up your job and apply the finishing touches to your pipe. In conclusion, installing pipe can be difficult if you don’t have a proper foundation of rules to follow. Having an easy to understand guide line for performing such a job can be cost effective, uncomplicated, and less time consuming. Learning how to install, clean, and inspect 70/30 copper-nickel pipe can prepare you for the rigorous challenges that comes with working with pipes and fittings of different sizes and materials. Whether you’re an apprentice or authority of the art of pipe fitting, this guide line for installation, cleaning, and inspect 70/30 cuni will be of great assistance to you. How to cite Installing 70/30 Copper-Nickel Pipe, Papers

Managing Yourself and Leaders and Managers †MyAssignmenthelp.com

Question: Discuss about the Managing Yourself and Leaders and Managers. Answer: Introduction: Depending on the type of the website under testing, a usability test may include the collecting of personal data if the researcher is requiring the participants to enter accurate data. However, this may be highly unlikely since most of the data collected will be just for testing whether the tool in question is working properly. It is subjective to the ICT department to determine whether or not it will be necessary to allow a consent form for the internal workers. Since the testing is within the company and for the company, it may not be necessary for the internal workers to need the form. However, it would be necessary to consider the feelings and the opinions of the internal participants before they begin participating in the testing in regard to the code 1.2.2 (c) which dictates that understand, and give due regard to the perceptions of those affected by your work;. It would be necessary to design a different consent form that is specific to the internal group. While indeed a conse nt form is necessary for participants to understand in entirety the terms of the testing, it is also the subjective decision of the ICT department to know what will bring maximum satisfaction while at the same time meet the goal of the testing. In addition, usability testing should be seen as a task that every employee in the company should feel obliged to participate in since their views might be more useful in increasing their satisfaction than the external participants. However, the main determining factor is creating a clear platform for all the participants to willingly agree to the terms of the usability testing while respecting and protecting their privacy. The speaker uses a number of techniques to pin his persuasion. First, he helps his audience understand and appreciate the topic by painting it out to them in words. He acknowledges the Aboriginals' identity and the fact that they are indigenous and the oldest culture. Second, he seems to understand all the sides of his audience. On one side, the indigenous people which he is trying to persuade to forget and on the other side the perceived wrong doers who might not agree that they are at fault. By putting himself in the wrong-side and taking the blame, he is likely to convince the audience from both sides. He as well acknowledges all the side including the opposition, the government, the indigenous people, non-indigenous, Commonwealth, and state. The speaker attempts to win the language game by simply putting himself in the event, accepting being at fault and urging the wronged people to forgive and move on as a continent. The speaker uses a number of linguistic devices to deliver his point. For example, he uses colloquialism when he says For the future we take heart.... Although the word itself is not formal, he uses it relates to his audience more. Another colloquial example used is righting the wrongs. Another device used by the speaker is pathos. He describes the injustices of the aboriginals in great details to enlist emotions among the audience. There is also a great use of word choice employed by the speaker. Words such as great country, equal opportunities and so on are used to create a mood of togetherness and unity throughout the speech. Procrastination refers to the perpetual delay of tasks that are due. It is a serious psychological issue that might hinder the progress and development of an individual. Procrastination comes about as a result of conflicting decisions between the desire to complete the required task and the lack of motivation for doing the same task. It is important to distinguish procrastination and forgetting. While forgetting means you did not remember the task, procrastination, on the other hand, involves being fully aware of the task and what is required to be done. In my experience, most of the task I have procrastinated were tasks that I could have achieved with moderate effort. Lecture 2 was the best lesson to me. It was about self-management and leadership management. The lessons in the lecture taught an understanding of the hierarchy of needs, scheduling oneself, stress management techniques and goals planning. The lecture was very practical making it easy to apply the knowledge as almost instantly. The concepts were easy to grasp and since they involved day to day life, I began practicing them one by one. However, the lecture was long with many concepts put together in one lesson. This made it difficult to apply all the concepts from one lecture. One has to note them down and practice them with time. Understanding the principles of time management and learning about prioritizing has enabled me to develop. Although I am picking the concepts at a slow pace, I am trying to practice each principle at a time. I have started by keeping a journal. In it, I record inspiring moments whether good or bad. Reflecting on these moments has enabled me to understand where I need to correct and not. In addition to that, I have improved in prioritizing the most important tasks before embarking o other tasks. I believe with time I will be able to grasp all the concepts and put them into practice. I am planning to take the following steps to ensure that I further develop as far as self-management and professionalism is concerned: Keep an active diary to note daily tasks before going to sleep. This will allow me to plan my day prior. Prioritize my long term and short term goals and have them written down in a notebook. This will be important to ensure I keep myself on track. Note all significant memories down. Reading about what I have done through the day will help identify what I need to improve on. Have a yearly planner with my school time table included. With a yearly planner, I will be able to know what will be due in time and be able to plan my time well. References Code of Professional Conduct v2, vol. 122. Australia: Australian Computer Society, 2017. B. Chowdhury, "Managing Yourself Leaders and Managers", Melbourne Institute of Technology, 2017. "What are linguistic devices?", https://www.apastyle.org, 2017. [Online]. Available: https://www.apastyle.org/learn/faqs/linguistic-devices.aspx. [Accessed: 27- Aug- 2017].