Der Hessische Landbote By Georg Buechner(In German Essays

Der Hessische Landbote By Georg Buechner(In German Essays Der Hessische Landbote By Georg Buechner(In German) Der hessische Landbote Der hessische Landbote ist eine politische Flugschrift, bite the dust zum Widerstand gegen kick the bucket herrschenden Verhltnisse allerdings nicht zu konkreten Aktionen aufruft. Der hessische Staatsetat bildet das argumentatorische Grundgerst, indem bite the dust Einnahmen aus Steuern und sonstigen Abgaben (ber sechs Millionen Gulden) sanctum Ausgaben gegenbergestellt werden. Pass on einzelnen Positionen (Ministerium des Innern, der Finanzen, Militr, Pensionen and so forth.) werden aufgefhrt und mit einem Kommentar versehen, der aufzeigt, wie kick the bucket Gelder der Untertanen zu deren Unterdrckung und zur Bereicherung der oberen Schichten verwendet werden. Schlielich wird das zahlenmige Miverhltnis zwischen lair Pressern und dem Volk (10.000 zu 700.000) unterstrichen. Das Flugblatt schliet mit einem allgemeinen, religis gefrbten Ruf nach Freiheit und Gerechtigkeit. Georg Bchner wollte sich damit gegen bite the dust Obrigkeit aussprechen, was jedoch dazu fhrte, dass er nach Strassburg fliehen musste.

Veteran interview Essay Example For Students

Veteran meeting Essay Veteran meeting Essay My granddad, Larry, served in WWII. He enrolled and positioned at Camp Polk. He experienced spots like New Guinea and the Philippines during the war. At the point when I inquired as to whether he encountered any battle he said; truly, I encountered some battle. Be that as it may, more often than not I spent in battle was in a tank. Not all that much activity there. A regular day in my granddads life at the time was to wake up at the break of day and prepare for an entire day of battle, well at any rate for the ground troops that didnt have a tank to be secured by. Obviously for him, driving a tank was simpler at that point being a ground troop. With the goal that made things somewhat simpler. He revealed to me consistently the primary concern he did, and I quote, kep my head low. Anything could be normal. We will compose a custom article on Veteran meeting explicitly for you for just $16.38 $13.9/page Request now At Camp Polk him and some different soldiers had a plan to set up a snare to caution them if the adversary attempted to get into their base camp around evening time. They would set up projectiles loaded up with a large portion of the dangerous powder required for a maxing out, and they would cover them around the edge of their camp with their pins integrated by trip wire. When the adversary would go to that edge and stumbled the outing wire it would pull the pins to practically all the projectiles. In any case, the projectiles didnt go off immediately so the jap that snuck in would simply think he stumbled on a branch or something. Until the explosives would at long last go off and alert the camp to get the interloper. That is if the projectiles didnt get him before they did. That's right, I would nap off to rest when a critter or a quick breeze would set those damn things off and wake me up once more. At that point youre stuck setting them all up for the remainder of the night. What stood out most in my granddad mind he said was; anticipating return home. The war got extreme from multiple points of view and circumstances which made my him wish he was home with his family once more. I inquired as to whether he contemplated the war all the time now and he said; not terrible, but not great either. Not alot. Happy its over. At the point when I inquired as to whether he lost any companions or individuals he presented with in the war he said that he lost a few companions in battle yet he didnt talk much about that. He conveyed his holy heart metal with him wherever he went. He would petition God for the war to end around evening time before he nodded off. The companions he made in war are either dead or he no longer stays in contact with them by any stretch of the imagination. There wasnt much said about his most noticeably terrible and best encounters in the war. All he said on that was to keep alarm and remain alive. The war didn't transform him. My granddad was gotten with loads of affection. He would go to Japan however he wound up returning home early. He was in Minilla on V-J Day, the day the war finished. This was a triumph day festivity. I inquired as to whether he had been scarred either sincerely or genuinely from serving in the war and he said; indeed, both particularly when you get encompassed. Once he disclosed to me that he opened the top bring forth to his tank to check whether the cost was clear. There wound up being a jap covering up in a tree above him and he got him at the side of his eye tring to drop a projectile in with him. So my granddad immediately pummeled the entryway shut and tuned in to the blast of the projectile followed by the jap dropping out of the tree and hitting the highest point of the tank with a noisy crash. What's more, all things considered. Indeed, he believed in the war he was battling for. .ucf29802faa6ddd7897d167a048bc5da6 , .ucf29802faa6ddd7897d167a048bc5da6 .postImageUrl , .ucf29802faa6ddd7897d167a048bc5da6 .focused content zone { min-stature: 80px; position: relative; } .ucf29802faa6ddd7897d167a048bc5da6 , .ucf29802faa6ddd7897d167a048bc5da6:hover , .ucf29802faa6ddd7897d167a048bc5da6:visited , .ucf29802faa6ddd7897d167a048bc5da6:active { border:0!important; } .ucf29802faa6ddd7897d167a048bc5da6 .clearfix:after { content: ; show: table; clear: both; } .ucf29802faa6ddd7897d167a048bc5da6 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; obscurity: 1; change: murkiness 250ms; webkit-progress: haziness 250ms; foundation shading: #95A5A6; } .ucf29802faa6ddd7897d167a048bc5da6:active , .ucf29802faa6ddd7897d167a048bc5da6:hover { mistiness: 1; change: darkness 250ms; webkit-progress: obscurity 250ms; foundation shading: #2C3E50; } .ucf29802faa6ddd7897d167a048bc5da6 .focused content zone { width: 100%; position: relative; } .ucf29802faa6ddd7897d167a048bc5da6 .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; content beautification: underline; } .ucf29802faa6ddd7897d167a048bc5da6 .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .ucf29802faa6ddd7897d167a048bc5da6 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; outskirt range: 3px; box-shadow: none; text dimension: 14px; text style weight: intense; line-tallness: 26px; moz-outskirt sweep: 3px; content adjust: focus; content enrichment: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: outright; right: 0; top: 0; } .ucf29802faa6ddd7897d167a048bc5da6:hover .ctaButton { foundation shading: #34495E!important; } .ucf2 9802faa6ddd7897d167a048bc5da6 .focused content { show: table; tallness: 80px; cushioning left: 18px; top: 0; } .ucf29802faa6ddd7897d167a048bc5da6-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .ucf29802faa6ddd7897d167a048bc5da6:after { content: ; show: square; clear: both; } READ: Drugs and liquor misuse have become a significant Essay Words /Pages : 688/24 . Veteran meeting Essay Example For Students Veteran meeting Essay Veteran meeting Essay My granddad, Larry, served in WWII. He enrolled and positioned at Camp Polk. He experienced spots like New Guinea and the Philippines during the war. At the point when I inquired as to whether he encountered any battle he said; indeed, I encountered some battle. However, more often than not I spent in battle was in a tank. Not all that much activity there. A regular day in my granddads life at the time was to wake up at the break of day and prepare for an entire day of battle, well at any rate for the ground troops that didnt have a tank to be ensured by. Obviously for him, driving a tank was simpler at that point being a ground troop. With the goal that made things somewhat simpler. He revealed to me consistently the primary concern he did, and I quote, kep my head low. Anything could be normal. We will compose a custom exposition on Veteran meeting explicitly for you for just $16.38 $13.9/page Request now At Camp Polk him and some different soldiers had a plan to set up a snare to caution them if the foe attempted to get into their base camp around evening time. They would set up projectiles loaded up with a large portion of the dangerous powder required for a to the max, and they would cover them around the border of their camp with their pins integrated by trip wire. When the adversary would go to that border and stumbled the excursion wire it would pull the pins to practically all the projectiles. Yet, the explosives didnt go off immediately so the jap that snuck in would simply think he stumbled on a branch or something. Until the projectiles would at long last go off and alert the camp to get the interloper. That is if the projectiles didnt get him before they did. That's right, I would snooze off to rest when a critter or a quick breeze would set those damn things off and wake me up once more. At that point youre stuck setting them all up for the remainder of the night. What stood out most in my granddad mind he said was; anticipating return home. The war got extreme from numerous points of view and circumstances which made my him wish he was home with his family once more. I inquired as to whether he contemplated the war regularly now and he said; not really good or bad. Not alot. Happy its over. At the point when I inquired as to whether he lost any companions or individuals he presented with in the war he said that he lost a few companions in battle yet he didnt talk much about that. He conveyed his consecrated heart metal with him wherever he went. He would petition God for the war to end around evening time before he nodded off. The companions he made in war are either dead or he no longer stays in contact with them by any means. There wasnt much said about his most exceedingly awful and best encounters in the war. All he said on that was to keep caution and remain alive. The war didn't transform him. My granddad was gotten with heaps of adoration. He would go to Japan yet he wound up returning home early. He was in Minilla on V-J Day, the day the war finished. This was a triumph day festivity. I inquired as to whether he had been scarred either genuinely or truly from serving in the war and he said; truly, both particularly when you get encompassed. Once he revealed to me that he opened the top bring forth to his tank to check whether the cost was clear. There wound up being a jap stowing away in a tree above him and he got him at the edge of his eye tring to drop an explosive in with him. So my granddad immediately pummeled the entryway shut and tuned in to the blast of the explosive followed by the jap dropping out of the tree and hitting the highest point of the tank with a boisterous crash. Furthermore, all things considered. Truly, he believed in the war he was battling for. .uac75903108bb8ea4fa628c6af8ac7711 , .uac75903108bb8ea4fa628c6af8ac7711 .postImageUrl , .uac75903108bb8ea4fa628c6af8ac7711 .focused content region { min-stature: 80px; position: relative; } .uac75903108bb8ea4fa628c6af8ac7711 , .uac75903108bb8ea4fa628c6af8ac7711:hover , .uac75903108bb8ea4fa628c6af8ac7711:visited , .uac75903108bb8ea4fa628c6af8ac7711:active { border:0!important; } .uac75903108bb8ea4fa628c6af8ac7711 .clearfix:after { content: ; show: table; clear: both; } .uac75903108bb8ea4fa628c6af8ac7711 { show: square; change: foundation shading 250ms; webkit-progress: backgrou

The Nature of Investment in Information Infrastructure Essay

The Nature of Investment in Information Infrastructure - Essay Example Be that as it may, the level of achievement in actualizing and putting resources into IT relies upon how the fit between the Technology side and the business side of the general methodology of the association. In any case, this arrangement of the IT with the business procedure can be cultivated through the utilization different IT vital arrangement models. This case investigation will utilize the Scott Morton Alignment model which is considered as progressively basic yet incredible model by permitting the utilization of IT as a key driver of progress. The utilization of this model will permit us to see the Metalco from the point of view of methodology, structure, the board procedures, innovation and jobs and aptitudes and how they fit into the general technique of the association. The proposed SAP Project will cost Metalco around $23.500 millions with unmistakable reserve funds in labor cost of 10 million dollars over the time of 5 years with expanding edges as much as $ 5 million over the time of 5 years. Be that as it may, the significant advantage of this proposed venture wills simple reasonability of the operational exercises of the customary frameworks at the Metalco is more aimed at creating the reports as opposed to dealing with the operational exercises. Metalco is probably the biggest endeavor in Australia having a rich and old history. Built up in 1933, Metalco is occupied with the creation of low worth included mineral items. The primary exercises of the association are revelation, improvement, creation just as preparing minerals including oil. Metalco has an advantage of AUD 6.00 Billion while the income figures accomplished in 1995 was well finished. A total depiction of the corporate history, just as the corporate structure, can be found in show A. Metalco has to a great extent stayed a minimalistically worked organization with practically zero spotlight on adjusting the different free data.

Islamic Banking And The Islamic Loan - Free Essay Example

In order to have better understanding towards this research, in this chapter I will describe the development of Islamic Loan in Malaysia, and discuss about the different between theories and practical of Islamic Loan. At the same time, this chapter will preferably describe in details regards on Islamic Loan. This research is to study the effectiveness of Islamic Loan consumers within in Malaysia. Equally, the purpose of this research will be discussed in this chapter. Introduction research background In the past few decades, Muslim countries have experienced considerable economic growth. The markets of these countries, spanning from North Africa to Southeast Asia, are expanding at a rapid pace and are gradually evolving into important international economic centers. The expansion and sophistication of the Islamic markets, as well as the increasing demand for Islamic financial products by borrowers and investors, have spurred a movement toward Islamization of various aspects of the economic activities in these markets. Hence, this movement has resulted in the creation of an Islamic financial market alongside conventional financial markets. The concepts of modern Islamic banking start in the mid of 1940s, Model for Islamic banking is in the mid of 1950s. In 1960s, the details of the concepts for interest-free banking and comprehensive of Islamic banking established. In addition, during 1960s, the political environment of almost all the Muslim countries was hardly favorable for a change in the banking and finance entire system. So, the first establishment of Islamic banking was in Mit Ghamr, Egypt in 1963. The model for the first Islamic banking was the German Savings bank modified to comply with the Islamic principles, but the charter of the Bank did not refer to Shariah Law. In 1973, the second Islamic Conference of Foreign Ministers adopted a document on the à ¢Ã¢â€š ¬Ã…“Institution of an Islamic Bank, Economics and Islamic Doctrinesà ¢Ã¢â€š ¬?. Besides that, The Islamic Development Bank named as (IDB) was established after the second Islamic Conference. The purpose of IDB is to help the economic development and the social progress of the member countries and Muslims communities individually accord with the principles of Syariah Law. Apart from that, IDB helped to establish a number of Islamic banks in the member countries. During that year, the Islamic banks have been establish which include: Dubai Islamic Bank in 1975, Faisal Islamic Banks of Sudan in 1977, Faisal Islamic Egyptian Bank and Islamic Bank of Jordan in 1978, Islamic Bank of Bahrain in 1979, The International Islamic Bank of Investment and Development, Luxembourg in 1980 and BIMB in 1983. Until today, there are more than hundred financial institutions which apply to operate on an interest-free basis in 34 countries. In 1983, after enacting of the Islamic Banking Act (IBA) of Malaysia, the first Islamic bank in Malaysia was establish which named as Bank Islam Malaysia Berhad (BIMB). BIMB start with a RM 100 million of paid up capital and RM 500 million as an authorized capital to carrying out its activities on an interest-free basis with a permit of IBA. According to the newspaper New Straight Times on 6th July 1982, the Finance Minister, Tengku Razaleigh described the Islamic Bank as the à ¢Ã¢â€š ¬Ã…“First step in the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s efforts to instill Islamic values into the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic and financial systems as a r eplacement for the current Western-base economic systemà ¢Ã¢â€š ¬?. In 1993, the commercial banks, merchant banks and finance companies in Malaysia began to offer Islamic banking products and services under the Islamic Banking Scheme (IBS Banks). All the IBS banks should separate their Islamic business activities fund from the conventional business activities. They shall not mixed up both business activities and operate the business activities together. They should operate the business activities separately as well as two companies which is not related at all. The main different between conventional banks and Islamic banks is that Islamic banks is based on Shariah Law which conventional bank do not. So, all the transaction, dealings, investment, product features and business approach of Islamic banks are derived from the Shariah Law. This will make significant different in many part of operations with the comparison to conventional banks. Islamic banks use Syariah Law princip les to governing of their businesses activities. For example, the principles are as below: The absence of interest-based transactions (riba). The avoidance of economic activities involving oppression (zulm). The introduction of an Islamic tax (zakat). The avoidance of economic activities involving speculation (gharar). The discouragement of the production of goods and services which contradict the Islamic value (haram). Besides that, the relationship between the banks and the customers is different for conventional banks and Islamic banks. Conventional banks are based on the debtor and creditor relationship between the depositors or borrowers and the banks respectively. The price of credit is the interest which reflecting the opportunity cost of money. Based on Syariah Law first principle (2:279) stated that à ¢Ã¢â€š ¬Ã…“deal not unjustly and shall not be dealt with unjustlyà ¢Ã¢â€š ¬? which have explained the Islamic banks is not based on the debtor-creditor r elationship. In Islamic banking systems, the creditor should not take any advantage of the borrowers and the loan to be given or taken by the borrowers is free of charge and to meet any contingency. Background of the Islamic Loan Many conventional banks in Malaysia have Islamic banking system such as Maybank Islamic Banking, CIMB Islamic Banking and so on. And provide to their customers a variety of Islamic Banking services. Therefore, in order to form a basis for current study, literatures regarding to service quality of Islamic Loan and customer satisfaction are reviewed to further uphold the research title which is the effectiveness of the Islamic Loan. Islamic Loan also named as Islamic financing. Islamic banks is different from conventional banks because Islamic banks is followed Syariah Law which the conventional banks do not have. The law that known as Syariah Law is complies by the world Islamic banks not only Islamic banks in Malaysia. It is an international law that must be followed by all the Islamic banks. In Syariah Law, it has few common terminologies in it. For example, Wadiah which allows the safe of the deposits in the banks and when the depositor demands for it, the banks must refund to the depositors. Hibah is the gift which means the borrowers give a token of appreciation after loan or benefit obtained in return. Besides that, it has Qardrul Hassan for benevolent loan, Mudharabah for profit sharing, Murabahah for cost plus, Musyarakah joint venture, Ijaran Thumma al-Baià ¢Ã¢â€š ¬Ã¢â€ž ¢ for hire purchase. Islamic Loan is using Base Financing Rate (BFR) while conventional loan package is used Base Lending Rate (BLR) in Malaysia. According to Bank Negara Malaysia, current Base Lending Rate and Base Financing Rate is 6.30 % effective from 13th July 2010 until now. The different between conventional loan package and Islamic loan is in an Islamic Financing transaction, a bank can buy the property from the seller in case of refinancing. Then, they will resell it to the seller plus profit while allowing the seller to pay for the purchase in installments. The reason Islamic banks use BFR is because Islamic banks are not lender as of other types of bank that offers t erm loan to consumer. Islamic banks only apply financing service to the borrowers because Islamic banks have rule to be followed which is the Syariah Law. Islamic banks apply the same as other banks which is the BLR but as for Islamic bank, they used BFR as their reference. The rate is mainly to check the market interest rate. Islamic loan nowadays is popular among loan borrowers. This is because numerous of commercial banks did apply this financing in their organization. For example, Maybank, CIMB Bank , etc. With this current financing, many loan borrowers attracted to this type of loan which does not affect their loan even the fluctuation of BLR but in Islamic financing is BFR. Bank officers will introduce this type of loan to loan borrowers and explain its advantages to the loan borrowers. This type of loan does not meant for Muslim only but now it is applicable to non-Muslim as well. When they attached to this type of loan, they are not affected by the fluctuation of BFR bec ause Islamic loan are on fixed rate basis. Based on Parasuraman etal. (1985), service quality has been identified as a critical success factors for organizations to build their competitive advantage and increase their competitiveness. The five dimension of SERQUAL instrument are as below: 1. Tangible 2. Reliability 3. Responsiveness 4. Assurance, 5. Empathy. Problem Statement Basically, there are research been done on Islamic Loan, nevertheless at most it focus on the attributes of Islamic Loan. There is lack of study on the service quality and customer satisfaction of existing Islamic financing borrowers. As the economy of Malaysia is recovering, the Malaysia citizen lifestyle is going uptrend. Everybody is effort to buy a property in the future, house for example. This will heighten the expectation and perceptions of customers, thus making Islamic financing service quality an increasingly important issue. So, understanding Islamic financing service quality issues for Islamic banks becomes crucial. Therefore, this study is expected to provide an insight of the customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ experience on overall Islamic financing service quality. In this research, the quality dimensions regarding to Islamic financing service quality is determined to study the customer satisfaction in adopting the Islamic financing service. The problem statement has been developed. Research Objective The research objectives are as follows:- To identify the key dimensions of Islamic finance service quality. To explore the level of customer satisfaction on adopting Islamic finance. To measure the quality dimensions that influence customer satisfaction in the Islamic finance adoption context. Significance of study Until today, most studies that have been done previously are all emphasizing on the factors that influencing the Islamic banking adoption in developed countries as well as under developed countries also. In Malaysia, it is the same as above mentioned. However, there is rare research on the quality dimension and customer satisfaction on the Islamic financing. Therefore, this research is beneficial as it generates new knowledge regarding to the factors influence of overall service quality of the Islamic financing and its relationship with customer satisfaction on Islamic financing. The research findings will lead us to have more in-depth understand the customer perception and experience on Islamic financing service quality. In addition, there is also benefits to Islamic banks that could derived from this research is they are able to identify the important elements which could improve the Islamic financing service quality and which can later lead to customer satisfaction. Besides t hat, is also helps to promotion of Islamic financing because the customers are willing to promote the Islamic financing to their family, friends and relatives as well. Apart from the above mentioned, this research also provide the insight of customer satisfaction in service industry and apply it in the Islamic financing service. This is a extra benefits in doing this research. However, the only satisfaction is not sufficient but extra effort like create a good relationship with the customer is very essential in the business strategies which will generate more customer excitement. As we learn from the books, the cost of obtaining a new customer is much more higher than retaining the existing customer in the organizations. the Islamic banks could retain their existing customer from shifting to their competitors by having understanding of the customer satisfaction on the Islamic financing service quality. Moreover, the banks have their existing customers promoting their Islamic f inancing to the others. Besides the benefits of helping the banking industry to have broader customer base and bank customers experiencing quality service, this research is also expected to provide a fundamental concept for future research in this area by the other researchers. Scope of study This study is for the customers of the Islamic banks who are taking Islamic financing within Taiping. The study will focus on took before or existing customers who are taking Islamic financing. Those people who are under age are not included in this study. As an ethical and responsible researcher, the respondent personal details will not be disclosed to the third party except the people who are involved in conducting this study. Operational Definition In this study, there are a few factors that are influencing the service quality and the customer satisfaction of adopting Islamic financing. There are five dimensions in SERQUAL which have mentioned above. There are Tangible, Reliability, Responsiveness, Assurance and Empathy. Keywords Definition Sources Tangible The Appearance of physical facilities, equipment, personnel, printed and visual materials. Parasuraman (1991) Reliability The ability of the Islamic banks to perform the promised service dependently and accurately. Zeithaml etal. (1990) Responsiveness Convenience, speed, and timeliness of service delivery to the customers. Johnston (1997) Assurance The safety of promises of the firms provides its customers. Parasuraman (1991) Empathy Caring, individualized attention the firms provides its customers. Parasuraman, Zeithaml Berry (1988) Organization Research The organization of this research is designed based on the following chapters to studying the effectiveness of the Islamic Loan which is the service quality that provided by the Islamic banks and the customer satisfaction of the Islamic banks. Chapter 1 normally is explains the introduction of the proposed study. Besides that, it also explains the problem statement of the research as well. The objective and background of the study are described in this chapter. Chapter 2 is explained about the literature review. The independent and dependent variables are also discussed in this chapter. In addition, the relationship between independent and dependent variables is also analyzed in this chapter. Chapter 3 is discussing the way to do conduct the research. Hypotheses and research framework would be developed. The sampling method, data collection and the data analysis method are explained in this chapter. Chapter 4 is described the research findings and discussion. In this ch apter, the results of the findings will be analyzed which include the demographic analysis of the respondents and the reliability. Besides that, the hypothesis would be tested out with certain measurement method. Chapter 5 is the conclusion and the recommendation of the research study which include the overall findings that derived from the analysis, and the suggestions for the Islamic banks to enhance their service quality on the Islamic loan. In addition, a recommendation for the future researchers to conduct a further study will also include in this chapter. CHAPTER 2 LITERATURE REVIEW In this chapter, the independent variables and dependent variables are both explained based on certain theories that fit to apply in this research. The dimensions of service quality in each of the independent variable are discussed in this chapter as well. After that, I will discuss the relationship between the independent variables and dependent variable in accordance with the literature reviewed. 2.1 Islamic Loan Islamic Loan is any form of financing made according to Islamic law, which forbids the payment or receipt of interest. An Islamic loan may be an interest-free loan, but often it is a more complex transaction. The technology can have a considerable impact on service delivery, hence avoiding the issue or problem pertinent in face to face settings (Dabholkar Bagozzi, 2002). According to Akinci et al. (2004), Islamic financing provides the option to offer convenient and economic service without reducing the quality of services to the customers. As in literature from Zineldin (2000), it indicates that it is difficult in developing a strong relationship with customers if the businesses fail to provide distribution channels that their modern customers value and demand. Though there is no direct interaction between the customer and the service provider, however, Zeithaml (2000) contends that each service element offered in electronic environment represents an opportunity for organizati on to reinforce its level of quality to the customers. He also further argues that organizations should emphasize on every encounter that may occur prior to, during, and after the loan transaction. The overall service quality can be improved after the organizations focus on developing efficient and effective upfront service (Driff Palmer, 1999). As a result, it may contribute to enhancing the image and reputation of the company which will further lead to increase the trust of customers. 2.2 Front Desk Customer Service Quality Customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ perceptions of service quality and their satisfaction are profoundly influenced by the service they encounter. This concept as described by Meuter et al. (2000) encompasses all aspects of services company with which the customer may interact, including its personnel, its physical facilities and other tangible elements during a period of time. Therefore in order to form a basis for the current study, service quality and customer satisfaction literature focused on interpersonal service encounter regarding to the matter of Islamic financing were reviewed. Service quality has been identified as a critical success for organizations to build their competitive advantage and increase their competitiveness. Service quality is an essential research topic in view of its significant relationship to cost, profitability, customer satisfaction, customer retention, service guarantee and competitive capabilities (Oliveira et al., 2002). Unlike the manufacturing produc t quality that can be easily assessed, service quality is kind of intangible and abstract things that can be very difficult in measuring it. As described in Parasuraman et al., (1985), the literature has proposed that service quality is determined by the discrepancy between customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ expectation and service providerà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance and the service they received. Their studies have uncovered the key service quality attributes that significantly affect the customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ perception of overall service quality. A lot of studies have been done which focused on the dimensions of traditional service quality. Parasuraman et al. (1985) are regarded the best well known among the researchers in service quality. They have built a conceptual model of service quality that can well describe the source of quality problem. Their hard work led to a list of five determinants of service quality as a result of their focus group studies with service provid ers and customers. Namely, 1. reliability, 2. responsiveness, 3. empathy 4. tangible 5. assurance In their research, Parasuraman et al. (1991) developed the SERVQUAL instrument that included 22 item tool used to measure the service quality level by the gap which exist between customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ expectations and perceptions of the service received through the five dimensions. Customer satisfaction can be gained by the service quality provided by the business, while meeting the need and expectation of the customers is the key priority of businesses. The definition of customer perceptions of service quality is the belief of customers concerning to the received and experienced service (Yang et al., 2004). In the service industry, the goal of the service marketer is to close or narrow the gap between customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ expectations and perceptions. Although the SERVQUAL instrument has been applied to measure service quality in a variety of contexts, however, it has been criticized as it is just a generic tool and not appropriate to measure certain service quality in varied settings (Brown et al., 1993). The SERVQUAL might overlook the interaction between the reliability of Islamic financing and customer because Islamic financing were not existed when this instrument was developed in 1980s. However, the concept of Islamic financing service quality has emerged from this original service quality. Despite of Islamic financing has existed with the benefits it brings, there is still a quest of the low adopting rate or lake of retention of customer remain applying Islamic financing provided by particular bank. A major problem of Islamic financing is that banks are forgetting the traditional rules of business like listening to their customers and delivering the satisfaction that they are willing to pay for. Banks need to know who they are serving, what they need and their problems are, and what their financial priorities are Wee ldreyer (2002). Research has indicated that Islamic loan service quality is an important element in the success of Islamic financing (Akinci et al., 2004). Intuitively, in order to enhance a bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s reputation, improve its customer retention, and attract new customers, banks should offer quality service to their customers. Therefore, based on the traditional dimensions of service quality, recent studies attempt to identify the dimensions of Islamic financing quality. Studies from Cronin and Taylor (1992) have indicated that high level of customer service quality can result in a positive influence on customer satisfaction. Traditionally, SERVQUAL (Parasuraman et al., 1988, 1991) has been used as a generic instrument for measuring service quality of service firms with modifications to suit individual needs. It has been widely used to assess the service quality of various service organizations including banks (Cowling Newman, 1995). For example, based on Cowling and Newman (1995), one bank found that among the 5 quality dimensions in SERVQUAL, the discrepancy between the customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ expectations and their perceptions was the highest for responsiveness, empathy, and reliability and the lowest for tangibles. Business and academic researchers have been trying to conceptualize and measure electronic service quality, but the issue has not been examined as a whole. WebQual for example which was developed by Loiacono et al (2000) for rating website on 12 dimensions but the focuses on the operationalization are on the technical quality of website rather than on the service quality as experienced by customers through the website. In addition, Lassar et al. (2000) examined the effects of service quality on customer satisfaction in private banking by using the well known SERVQUAL and the functional-quality based model. They found that the functional-quality based model did a better job of predicting customer satisfaction than SERVQUAL ins trument for those customers actively involved or highly interested in service quality. Besides those, other attributes such as customer confidence, online resources and relationship service to evaluate online service quality were found in Cox and Daleà ¢Ã¢â€š ¬Ã¢â€ž ¢s (2001) study. Santos (2003) uncovered communication, support, efficiency, security, reliability and incentive as dimensions of online service quality. According to a research done by Iraq Islamic financing users, White and Nteli (2004) found that assurance is the most important attribute among the users, followed by responsiveness of service delivery, ease of use, credibility of the bank and product variety. 2.3 Islamic Financing Information System Quality Other than front desk customer service quality, the Islamic loan information system quality can also affect the overall Islamic financing service quality. By dividing the financing service quality into 3 categories, therefore, some of the quality dimensions in online information system quality are overlapped and discussed above. Yang et al. (2004) explained that the primary goal of information system service is to ensure that the customers are able to function independently and to do numerous transactions on their own. Derived from the above literature, the current study defines Islamic information system quality as the extent to which the information system performs its intended function of enabling the customers to carry out transactions and information searches at nearby branches. In addition, the research regarding information system quality in an end-user computing environment may be regarded as a good reference for discussing the online system quality. The term end-user can be defined as a user that directly interacts with the application financing in order to source out the information or prepare output report (Doll Torkzadeh, 1988). Similarly as the situation can be applied to when a customer attached to Islamic financing, it can be considered as an information system, whereas the customer as an end-user of the information system. Therefore, the data processing is regarded as an important issue in an end-user environment where the users seldom have direct interaction with the operation staffs of the websites. In order to measure the end-user computing satisfaction, there were 5 quality dimensions proposed by Doll and Torkzadeh (1988) that affect the end-user satisfaction which are below, content; accuracy; format; ease of use; timeliness. Since the Web site functions as an information system, the organization and structure of Islamic financing should be easy to follow and navigate. The sequencing, placement and naming of hy perlinks and navigational menus should be based on customer intuition. A well-designed navigational structure can facilitate consumersà ¢Ã¢â€š ¬Ã¢â€ž ¢ perceptions of bank control and enjoyment (Jun Yang, 2004). Besides, according to Goldfinger (2001), assurance was seen as a major obstacle to Islamic financing. Assurance issues have been identified as significant determinants of Islamic financing quality as proposed by Jun and Cai (2001). Banks were concerned about unauthorized access to their systems, and customers were concerned with the safety of their personal data and the risk of fraudulent transactions. Thus the bank information system assurance could be an important quality dimension in system quality as well. While other (Jayawardhena Foley, 2000) suggested following 5 critical features of Islamic financing websites to enhance customer satisfaction. There are:- design; content; interactively; navigation; security. 2.4 Islamic Loan Service Quality Besides the review of literatures regarding to front desk customer service quality and Islamic financing information system quality that contribute to the study of Islamic financing service quality, another category of which is Islamic loan service product quality. Previous researchers have found that banking service product quality has an important role in determining banking customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ perception of the overall banking service quality. According to Yang et al. (2004), we can define banking service product quality as the number and relevance of the islamic financing product and services to customers. From the bank product quality perspective, it is mainly associated with diverse features and product variety. Strieter et al. (1999) depicted that the increased emphasis on marketing a variety of financial services is one of the most development in banking. The same could apply to the base of banking service as Dixon (1999) also argued that the main reason to ge tting more customers attached to islamic loan is not the attraction of the financing itself but the services and products provided and available to the customers. Latimore et al. (2000) supported the argument. It should be noted that with the advent of the internet technology, the present banking customers can have unlimited access to financial information and enjoy a wider range of options in selecting the financial institutions and competitive products than ever before. Therefore, the subtle differentiation in quality level of bank products and their timely introduction into the marketplace have become a vital driving force to attract new customers and enhancing customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ satisfaction (Mols, 2000). 2.5 Overall Islamic Financing Service Quality and Customer Satisfaction For banks to retain and expand the customer base, it is crucial for banks to understand the criteria the customers use to evaluate Islamic financing service and how these can influence the customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ perception of overall Islamic financing service quality and satisfaction with the service and banking overall. As such, it leads to the relationship between service quality and satisfaction. There are a number of studies that have empirically and theoretically investigated the relationship between service quality and satisfaction in the context of traditional banking service (Sureshchandar et al., 2002). Customer satisfaction towards the products and services offered by organization is often perceived as the determinant to an organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s long-term competitiveness and success and that is highly related to the service quality (Taylor Baker, 1994). The satisfaction of customer is influenced by two factors which are experience and expectation with t he service performance (Yi, 1900). As a result, we can say that the quality dimensions discussed in previous sections could be regarded as the criteria that customers expected and customers evaluating those criteria after the service they received, hence the customer satisfaction towards the expectation of those quality dimensions and real experience by adopting the Islamic financing create the sense of satisfaction and dissatisfaction. In literature of satisfaction and dissatisfaction, disconfirmation has been given attention where it refers to the gap between expectation before purchase and perception of after purchase (Peter Olson, 1990). There are two types of disconfirmation which is positive and negative disconfirmation. Positive disconfirmation occurs when product performance is better than expected, thus it is more likely lead to satisfaction, and the negative disconfirmation occurs when product performance is less than expected, which is more likely to be dissatisfie d. Another explanation by McQuitty et al., (2000), that consumer satisfaction is the result of an evaluative process that compares expectation of prepurchase and perceptions of the performance during and after the consumption experience. If the dissatisfaction gap between their expectations and actual experience is wide, customers are likely never returned to the organization or in worst case as to communicate negative word-of-mouth (Blodgett Wakefield, 1995). These are the reasons that service companies nowadays are aiming for customer satisfaction by providing quality service to customers in order to increase customer satisfaction which leads to favorable word-of-mouth, customer retention and customer loyalty (Newman, 2001). In fact, few studies have examined the relationship between service quality and customer satisfaction in a context of Islamic financing. Al Hawari and Ward (2006) showed that service quality affects customer satisfaction and then bank profitability. Beside s, service quality has also been related to customer satisfaction and customer behavioral intentions. Satisfaction often acts as a mediating role between customer perceptions of service quality and the creation of behavioral intentions (Cronin, Brady Hult, 2000). And those intentions can be measured by word-of-mouth, repurchase intention, loyalty, price sensitivity and complaining behavior (Zeithaml et al., 1996.). 2.6 Customer Satisfaction vs. Customer Delight Academic and practitioners have recognized that merely satisfying the customer is not sufficient to create exceptional behavioral consequences such as positive word-of-mouth and loyalty (Oliver, Rust, Varki, 1997). Recently, the customer delight that goes beyond the satisfaction has given more attention in the service industry research field (Berman, 2005). As distinct to satisfaction, (Berman, 2005) depicted that customer delight is defined as positive response to surprising product attributes or services encounter. It is also argued that only service and product that fall outside the zone of tolerance and exceed the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s expectations lead to loyalty-driven profit. However, outrage and pain can result when a customer encounters unanticipated poor service, and dissatisfaction occurs when the service could not meet the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s expectations. When expectation of customer are met or exceeded, the customer will feel satisfied and have a mod erately high repeat intent. While delight is the mixture of surprise and happiness when one exceeds customer expectations on main criteria that create memorable and emotional responses that more strongly drive overall satisfaction and repeat purchase intention (Berman, 2005). As argued by Berman (2005), not all product and service attributes are able to result in customer delight. Product or service attributes that enhance utility beyond that which is expected and leads to surprising pleasant are often called excitement factors. For example, hospitality service context, a highly level of novelty and entertainment in a resort or exceptionally good service in a restaurant can be such excitement attributes. They differ to such as the cleanliness of a room or freshness of the food in a restaurant which are considered a à ¢Ã¢â€š ¬Ã…“mustà ¢Ã¢â€š ¬? for customer and this example of basic requirements are not able to elicit satisfaction but merely prevent dissatisfaction. CHAPTER 3 RESEARCH METHODOLOGY In this chapter, the research process will be discussed. This chapter will cover the scope of research firstly, following by the research design. Thirdly, theoretical framework will be discussed and the hypothesis will be developed for the variables. After that, the questionnaire for the research will be designed. Besides that, this chapter also explains the sampling design and techniques. Data collection techniques and data analysis measurement will also discuss in this chapter. 3.1 Scope of Study This study intends to evaluate the effectiveness of Islamic loan among consumer within Malaysia towards the service quality provided by Islamic banks. From the findings of the study, we expect that the factors that contribute to the effectiveness of Islamic Loan after experiencing the service provided by Islamic banks can be identified. The respondents of this study are the consumer in Taiping, Perak. The dependent variable in this study is the effectiveness of Islamic Loan among consumer within Malaysia towards Islamic banks while the independent variables are tangible, realibility, responsiveness, assurance and empathy. 3.2 Research Design According to Sekaran (2003), a research is always start with developing the theoretical framework by identifying the variables, then only design the research procedure for the data is able to collected and analyzed. Research design is a blueprint or framework for conducting the project of marketing research according to Malholtra (2004). It identifies the way for collecting the data which is needed and resolved the marketing research problems. It is consider as a foundation of a researcher to conduct a project. Moreover, a well research design will result the marketing research project which is conducted become effectively and efficiently. The descriptive study will be used as research design in this study. This is because the research problem and the variables which are related to the research problem will have a better description in the study. According to Sekaran 2003, a descriptive study is able to describe the characteristics of the variables of interest in a situation. Ba sed on this descriptive study, the independent variables of this study which have been described above after reviewed from the literature will have a better explain towards the dependent variable of this study. 3.3 Theoretical Framework After the review of literatures, the reliable variables to be study are identified. For developing in-depth understanding of effectiveness of Islamic loan among consumers within Malaysia, a research framework (Figure 1) is built up based on previous related research. Tangible Reliability Customer satisfaction on adopting Islamic Loan Responsiveness Assurance Empathy Independent Variables Dependent Variable 3.4 Hypothesis Development Due to the constraints of real-life evaluation in the current study, the service quality dimension had to be simplified and adjusted for survey. Thus, not all of the dimensions that discussed in literature review are included in this hypothesis testing. 3.4.1 Tangible As described earlier, tangible is the appearance of physical facilities, equipment, personnel, printed and visual materials (Parasuraman, 1991). Intuitively, the valuable information of Islamic financing and the physical facilities in the bank that provided by Islamic banks will leads to customer satisfaction. H1: Tangible is positively affecting customer satisfaction towards adopting Islamic financing. 3.4.2 Reliability As referred to Zeithaml et al. (1990), reliability in banking industry is referred to the ability of the Islamic bank to perform the promised service dependently and accurately. When the customers are adopting with the Islamic Financing, the problem or issue arisen will need to be resolve by the Islamic banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ staffs. H2: Reliability is positively affecting customer satisfaction towards adopting Islamic financing. 3.4.3 Responsiveness Responsiveness as one of the service quality dimensions can be refers to the reaction time of the service. The reaction time of service that reflecting the responsiveness can be as a result of convenience, speed, and timeliness of service delivery. (Zeithaml et al. 1990) Intuitively, the responsiveness is also a service quality dimensions for Islamic financing area. The customers expect the Islamic banking staffs provide a convenience, speed and timeliness of service delivery for them to avoid wasting their time to the Islamic financing procedures. H3: Responsiveness is positively affecting customer satisfaction towards adopting Islamic financing. 3.4.4 Assurance According to Zeithaml et al. (1990), Assurance is the knowledge and courtesy of the Islamic banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ staffs and their ability to convey trust and confidence towards the customers. Customers are very concern with the safety of their personal data and the risk of fraudulent transactions. H4: Assurance is positively affecting customer satisfaction towards adopting Islamic financing. 3.4.5 Empathy A story of Zappoà ¢Ã¢â€š ¬Ã¢â€ž ¢s show online store, famous for its customer service, described an employee who not only refunded an order for a recently deceased customer when requested by a family member, but went on to send flowers for the funeral. Instead of maintaining a transactional relationship with customers, empathy means never forgetting to have concern to customers even in their lives aspects. (Articlebase, 2009) Intuitively, it applies to Islamic financing area which is a type of service, and customer expect the banking staffs provide caring and understand their needs in Islamic financing and any other fulfillment of humanity for example. H5: Empathy is positively affecting customer satisfaction towards adopting Islamic financing. 3.5 Questionnaire Design Questionnaire design is an integral part of a research project. A good questionnaire design enables the researcher to collect the data which is related to the purpose study. Besides that, a questionnaire design divide into 2 types of question which is open-ended questionnaire and close-ended questionnaire. In this study, all questions are close-ended, because it will help to enable the quantitative analysis to generate result from the findings. Besides that, a closed-ended questionnaire can produce the data in more objective opinion rather than subjective and it can obtain the data in quick by distributed to many respondents at the same time. Moreover, in the questionnaire of this study, it will have a statement which is explains the purpose of this study and the collected data will only being used for academic purposes. Apart from that, the questionnaire workability will be enhanced by review to the published related journals. The language used in the questionnaire is English. Furthermore, the questionnaire consists of 2 sections. The first section will be the respondentà ¢Ã¢â€š ¬Ã¢â€ž ¢s demographic data which is used for the classification. Second section will measure the quality of the independent variable towards the effectiveness of the Islamic loan. 3.6 Sampling Design and Techniques As referred to Sekaran 2003, sampling is the process of selecting a sufficient number of elements from the population. The sample will represent the population elements and provide an understanding of the population elements characteristic. 3.6.1 Sample Unit As we learn from the research book, population refers to the entire group of peoples, events or things of interest that researchers wishes to investigate. The populations of this study consist of all the consumer in Taiping, Perak. In addition, the sampling units would be citizens who are taking Islamic loan now or before in Taiping. 3.6.2 Sample Size The size of sample size of a research is very important, because an appropriate sample size will ensure representativeness of the study and enough cases to run the multivariate analysis, such as pearson correlation analysis. In this study, a sample size of 200 will be selected as the respondents and multiple linear regressions analysis will be used. 3.6.3 Sampling Technique The sampling technique of this study is by means of a convenience sampling to study the effectiveness of Islamic loan. The respondents of this study are randomly selected according to their availability. Besides that, this sampling method is able to collect the data from diverse citizens in Taiping instead of just focus on a particular bank of consumers. This helps to increase the generalization of result to the entire Taiping citizens. 3.7 Data Collection Techniques In a good research design, data collection techniques are also play an important role of it. There are 2 types of data collections method which are qualitative and quantitative method. Quantitative method will be used as a data collection mean in this study. As referred to Sekaran (2003), quantitative data refers to information gathered in the narrative form through interview and questionnaire. 3.7.1 Primary Data Primary data is data gathered for research from the actual site of occurrence of events or simply called firsthand data. For this study, the primary data will be form distribution of questionnaire. A questionnaire was used as the main form of data collection in this study. The details of the primary data collection by using questionnaire have been discussed in questionnaire design above. 3.7.2 Secondary Data Secondary data is the data collected through such existing sources. Secondary data are the data collected and recorded by someone else to the needs of the researcher. It can be articles, books, journals, newspaper and online sources to enhance the knowledge in the issue of the topic. The benefit of seeking secondary data sources is time saving and cost efficiency. However, secondary data as the sole source of information has the disadvantages of becoming obsolete, and not meeting the specific needs of the particular situation or setting. Hence, it is important to refer to sources of information that are up-to-date. In this study, the most used secondary data are the online sources and journals. In addition, secondary data helps the researcher to reach the idea of doing the research in preliminary stage. 3.8 Data Analysis and Measurement 3.8.1 Data Measurement Scale According to the social sciences, scaling is the process of measuring or ordering entities with respect to quantitative attributes or traits. For example, a scaling technique might involve estimating individualsà ¢Ã¢â€š ¬Ã¢â€ž ¢ levels of extraversion, or the perceived quality of products. The techniques of scaling used are necessary study to obtain the behavior responses or preferred choices of subjects towards objects, events or persons. In this study, the questionnaire is designed in 2 types of rating scale which are the category scale and likert scale. 3.8.1.1 Category scale This scale presents a sequence of numbers or words which only serve to identify certain entities or observation and have no quantitative significance. It helps to elicit a single response and assign subjects to certain categories or groups. Thus, the category scale is normally generating to obtain the demographic data of respondents. As a result, it can help to calculate the frequency or percentage. 3.8.1.2 Likert Scale. Likert scale is constructed to examine how strongly the respondents agree or disagree with the particular statements on the scale from 1 to 7. However, in this study, only scale from 1 to 5 is used. For example: Strongly Disagree Strongly Agree 1 2 3 4 5 3.8.2 Data Analysis The data collected are then processed by using the Statistical package of Social Science (SPSS) software. The function of SPSS is to assist researcher to analyze the result of the questionnaire and then to be interpreted in the finding section. Several analysis methods will be applied are descriptive statistics, reliability analysis, distribution analysis, Pearson correlation analysis and multiple regression. 3.8.2.1 Descriptive Statistics A descriptive statistics is a statistics that describes the phenomenon of interest. It is used when the researcher is interested to know what is the average score when a set of figures are involved as well as extend of variability in the set. For example, frequency analysis will be conduct by determine the demographic characteristic of the respondents towards the dimensions of service quality provided the Islamic banks. 3.8.2.2 Reliability Analysis (Cronbachà ¢Ã¢â€š ¬Ã¢â€ž ¢s Alpha) The reliability of measure is established by testing for both consistency and stability. It is used to measures the consistency of the questionnaires for each variable. Consistency indicates how well the items measuring a concept hang together as a set. Cronbachà ¢Ã¢â€š ¬Ã¢â€ž ¢s Alpha is a reliability coefficient that indicates how well the items in a set are positively correlated to one another. Cronbachà ¢Ã¢â€š ¬Ã¢â€ž ¢s alpha is computed in items of the average intercorrelations among the items measuring the concept. The closer Cronbachsà ¢Ã¢â€š ¬Ã¢â€ž ¢ alpha is to 1, the higher the internal consistency reliability. 3.8.2.3 Pearson Correlation Analysis The Pearson correlation analysis helps to evaluate the correlation between the independent variables and dependent variables in this study whether it has significance, negatively correlated or positively correlated relationship. 3.8.3.4 Multiple Regression Analysis It is a powerful and flexible procedure for analyzing associative relationships between a metric dependent variable and one or more independent variables. It is also to determine whether the independent variables explain a significant variation in the dependent variable: whether a relationship exists and set the mathematical equation relationship relating the independent and dependent variables. 3.9 Pilot Test When the survey questionnaire was drafted, there were many assumptions and pre-judgments about what respondents were both able and willing to do. Accordingly, there was a need to pilot-test the questions with non-target respondents to gain objective views. Pilot-testing a questionnaire can help to guard against faulty assumptions and detect mistakes in the questionnaire and identify and correct potential impediments before the survey instrument is used for collecting data of value.

The Age of Reason Essay - 921 Words

Aime Cesaire’s essay deals with the European hypocrisy that has existed for many years throughout European history. Cesaire studied liberal ideas that had sprouted in the Enlightenment period or the Age of Reason, a time where many new ideas sprang up. Reason was used to guide the actions of people and nations; no longer was religion the main force. Science became extremely important because it provided answers to questions. With the Enlightenment came ideas of liberalism. Before the Age of Reason monarchies governed the people. There was great poverty and a disparity between the classes of people; the people were disillusioned. People wanted change and the Enlightenment provided ideas of liberalism. The people wanted the rights they†¦show more content†¦European countries now felt much more empowered which allowed for competition to foster between nations. Europe with the technological advantage provided by the industrialization gave them the means â€Å"to impose t heir rule throughout the world.† (Weber 558) Industrialization led the way to imperialism-the extension of a nation’s rule or authority over foreign nations, territory, or the acquiring of colonies or dependencies. Europeans nations went into Africa, Asia, and the Americas for this purpose. Their justification for imperialism was that these people from non-European countries were uncivilized and needed to civilize them because it was their duty as superiors-the white man’s burden. During the Berlin West Africa conference the imperialist powers met up to discuss how they were going to split African into sections like a pie. Every imperialist nation wanted a piece of the African pie even though they had never been to Africa before. There was a not a single African present in the conference, all were European. They were getting ready to colonize Africa. Colonization means to control dependent nations, territory, or people. There is a problem with imperialism and col onization. Well there are many problems with imperialism but the problem that is important to state is the hypocrisy of the Europeans. The reason why Aime Cesaire claims Europeans are hypocrites is because during the Enlightenment Europeans claimedShow MoreRelatedThe Age of Reason1424 Words   |  6 Pagesparticipated and had an affect in The Age of Reason. OUTLINE I. David Hume A. Contributions to the Age of Reason B. Who and what influenced him II. Jean Jacques Rousseau A. What he believed in B. Who influenced him III. Claude Adrien Helvetius A. Influences B. Reasons for contribution IV. Immanuel Kant A. How he made a difference B. Why he made a difference C. What caused him to make a difference V. Johann Fichte A. Influences B. Reasons for contribution VI. 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Credit Risk Analysis of Cba free essay sample

1. KEYS TO SUCCESS Operating in the ever challenging banking industry in Australia, Commonwealth Bank of Australia (CBA) aims to succeed through focusing on 5 main strategic areas: Customer service CBA believes that customer satisfaction is pivotal in creating value. Over the years, it emphasised employee training to deliver top-notch services to customers. CBA aims to add over 1000 employees to serve their growing customer base over the next 4 years. [1] It has also been awarded numerous awards for its excellence customer satisfaction. [2] Business banking CBA aims to be the leader in total capital solutions. It introduced the contactless card payment facility and more user-friendly and reliable features in CommBiz to increase banking efficiency. [3] This increased its share of the total business lending market. [4] Technology and operational excellence CBA invested in Core Banking Modernisation as its new banking platform, and CommBiz, enabling 24-hour real-time banking and transaction. CBA also introduced the paperless end-to-end Home Loan process, improving cost efficiency. [5] Trust and team spirit CBA encourages staff participation while providing equal opportunity to all its employees.Staff turnover and absenteeism have declined significantly while average group satisfaction has increased. [6] Profitable growth through strategic management CBA focuses on its existing local customers while expanding internationally through a partnership with Vietnam International Bank, joint venture with China’s Bank of Communication and a branch opening in Mumbai, India. [7] 2. FINANCIAL RISK ANALYSIS In order to evaluate CBA’s financial performance, we will conduct an analysis on the financial statements, profitability, adequacy of future cash flows, and liquidity of CBA. 1. Interpreting the Financial Statements 1.Capitalisation and Leverage CBA has a current market capitalisation of $79,829M. With a substantial increase in leverage ratio from 2009 to 2010 as shown in Table 2. 1, CBA is a highly leveraged financial firm relying on a relatively thin slice of shareholder’s equity, $35. 2bn, to support $646,33bn in assets. 2. Profitability 1. Du Pont Analysis ROE measures the amount of profit generated by each dollar of equity. Its calculation is given by the formula below: ROE = Profit Margin (Profit/Sales) * Asset Turnover (Sales/Assets) * Equity Multiplier (Assets/Equity) As illustrated in Table 2. 2, CBA’s high net profit margin and low asset urnover, together with its highly leveraged position, contributed to the considerably high ROE over the last 3 years. Shareholder’s equity has also grown much faster than total asset from 2009-2010 implying that CBA is becoming more capital intensive. A peer analysis is shown in Table 2. 3. In maintaining the highest ROE of the three banks, NAB, Westpac and CBA, CBA became the most leveraged of the three. With the average cost of its funding rising and its increasing reliance on overseas funding, CBA is now bolstering its balance sheet and holding back dividend growth as part of its short-term plan. 3. Cash Flow AdequacyCash flow ratios are calculated in Table 2. 4. The large jump in CBA’s debt payback ratio of about 150% from 2009-2010 is a worrying sign. The debt payback ratio measures the proportion of debt to current period earnings. The ratio of 4. 13 is largely attributable to a 250% increase in short-term debt, due to a significant increase in the issuance of USD, EUR, and particularly GBP commercial paper, further aggravating the issue. Long-term debt increased by about 140%. The interest coverage ratio showed an improvement from 2009, a positive sign, particularly as the ratio reflects increasing earnings and decreasing interest expenses.With these mixed signals, we believe that CBA has barely adequate cash flows to meet its debt repayment and interest expense. 4. Liquidity Liquidity ratios are shown in Table 2. 5. The trend for the current ratio of CBA has been declining from 2008-2010. Although the decline has been slight, such a trend is cause for concern if it persists. Having a current ratio below 1 is also an extremely troubling sign as it indicates that CBA will not be able to meet its short-term obligations if they are demanded immediately. It also signals highly inefficient use of its current assets. CBA’s cash ratio is exceedingly low. Its ratio of 0. 021 would mean that CBA is able to pay only 2. 1cents for every dollar of its liabilities. Based on our analysis, CBA’s liquidity appears to be very poor. 3. CREDIT RISK ANALYSIS 0. 3. 1. Business Risk 3. 1. 1. SWOT Analysis Strengths CBA owns the largest propriety distribution network franchise in Australia. It has an extensive branch network, convenient 24-hours phone and internet banking, and an ATM network. CBA’s large scale and renowned brand enabled it to gain a strong market position in the banking industry and serve various customer segments.In order to remain competitive, CBA recognises customer satisfaction as its top strategic priority. [8] Weaknesses The acquisition of BankWest led to the decline of CBA’s capital ratio. During the Global Financial Crisis (GFC), CBA saw an increase in loan impairments that impacted on its profitability. With its sensitivity to the global economy, and its plans for international expansion, it is exposed to the growing uncertainty in the global market. [9] Opportunities The Australian superannuation industry is a growing market.With increasing demand for managed funds and superannuation products, total superannuation funds are expected to increase significantly in the near future. Australia’s economy is improving after the GFC and demand for financial services is likely to increase with it. As CBA strengthens its maturity structure, whilst significantly increasing capital and liquidity over the course of the crisis and into the future, it is well-placed to take advantage of any opportunities that arise. CBA is further tapping into the strengthening Asian operation with its Asian partnership and joint ventures in Vietnam and China. 10] Threats CBA’s image has been greatly affected by the collapse of Storm Financial, attracting publicity and regulatory scrutiny. CBA continues to face strong competition from Australia’s local and foreign banks. Intense competition has affected CBA’s profitability and market share. [11] 3. 2. Industry Risk We analysed the industry risk of CBA using the Porter Model, PEST Analysis and the Industry Life Cycle. 3. 2. 1. Porter Model The Porter Model incorporates five factors that determine the competition and thus profitability and attractiveness of an industry. Threat of new entrantsThe threat of new entrants is determined by barriers to entry. With its large size, CBA realises huge economies of scale that newcomers are unable to achieve. CBA has further established strong relationships with its suppliers and customers, reaching out to customers, for example, by developing a wide network of branches and ATMs located all around Australia, making it difficult for new entrants to match its level of service. The legal barriers are high in the banking industry. The industry is tightly regulated with legislation, such as the Banking Act 1959, enforcement agencies and licenses that are required to operate.Overall, we believe that the barriers to entry are high and the threat of new entrants is low. Threat of substitutes There are few product substitutes for the unique products the banking industry offers, such as bank loans and mortgages. Customers may be less willing to accept substitutes as well, as they may prefer to transact with big banks, such as CBA, with better reputation and which are perceived to be safer. The threat of substitutes is therefore, low. Bargaining power of suppliers There are various suppliers of funds to banks. Banks may draw on the interbank money market, borrow from the RBA and use its base of depositors’ funds.This reduces the overall bargaining power of suppliers as they substitute for each other. Each supplier, however, has varying levels of bargaining power. The RBA would have strong bargaining power compared to individual depositors who are weak due to the dispersed nature of the depositors’ base. We believe that the overall bargaining power of suppliers, under normal economic conditions, is medium. In times of high uncertainty, bargaining power of suppliers would increase as suppliers of funds seek to conserve their capital, resulting in a scarcity of funds and a liquidity crunch.Bargaining power of buyers Borrowers are interest rate sensitive to banking and financial products, increasing their bargaining power. Borrowers tend to make prepayments on mortgages in periods of low interest rates for example. However, not many competitors offer the same level of services and range of products as CBA. The Big 4 are the main players in the banking industry, resulting in less choice for customers and lowering their bargaining power. Overall, the bargaining power of borrowers can be said to be medium. Intensity of rivalryAn analysis of SP/ASX300 companies in the banking sector provides an indication of the industry growth rate. As seen from Table 3. 1, although growth is generally forecasted to slow down in the next two years, growth rates can still be considered high. Players in the industry may therefore seek to expand their market share by targeting the growing areas of the industry rather than compete for each other’s market share, reducing the intensity of rivalry. The lion share of the market is concentrated in the hands of four major players, who are relatively equal in terms of market positioning.This would add to the intensity of rivalry among the four big banks as they compete to maintain their market position. Further, there is a low degree of differentiation among the products offered by the banks and low switching costs for customers. Intensity of rivalry would thus be high as banks compete to retain their customers by for example, offering lower rates and fees than competitors. The overall intensity of rivalry in the industry is thus, high. In general, long-run profitability is attainable in the industry, making it attractive to outsiders.It is however, difficult for newcomers to penetrate the market and there are few substitutes that can replace the products offered by the industry. In conclusion, we believe that the banking industry is profitable, but competitive. CBA’s corporate strategy is to differentiate itself, as can be seen by the focus on customer service in its vision and presented strategy. [12] 3. 2. 2. PEST Analysis The PEST analysis evaluates several factors that impact on an industry and its future growth potential. Political Australia is a country with political stability and regulations and laws in place to monitor the banking industry.International requirements such as Basel II ensuring sufficient liquidity in banks applies to the banking and financial industry in Australia as well. The political risk is low. Economical Australia has a stable economy, especially as seen during the GFC where it emerged relatively unscathed. The latest economic figures signalled positive prospects for Australia. GDP growth was reported to be 3. 3% at an annual rate, surpassing 2. 9% forecasted by analysts. [13] Consequently, we believe that economical risk is low. Societal The education and income level of an individual is shown to materially influence the individual’s use of credit.Being a developed country where the population is largely well-educated, skilled and earning a reasonable level of income, the societal environment is favourable. Technological With recent advances in technology, such as the Internet, mobile technology and information technology, the impact of technology is now highly significant. Technology development has wide implications for banking operations, which has seen the introduction of online banking and ATMS. The industry focus on technological efforts is therefore intense. In general, we believe that the factors affecting the banking industry are stable and constructive.CBA operates in an environment conducive for its future growth. 3. 2. 3 Industry Life Cycle We believe that the banking industry is in the growth shakeout and consolidation phase. The industry is evidently growing, albeit at a slower rate, with reference to Table 3. 1, and is constantly changing. Many recent technological innovations had significantly revolutionised the way the industry operates. Banks would have to keep abreast with technological developments to take advantage of any future opportunities. The industry is also consolidating as evidenced by the recent mergers and acquisitions that have occurred, such as the merger between St.George and Westpac, and CBA and BankWest. There is potential for the industry to grow and expand, and for banks to increase their market share further. 3. 3. Management Risk The management of CBA is highly qualified and experienced. Ralph Norris, CEO and Managing Director, has a 30-year career in banking and was named New Zealands Executive of the Year twice. [14] The Board of directors is well-composed, with members having broad experience across various industries and knowledge and experience within the banking and finance industries.This would allow differing perspectives and insights to be shed on issues that the Board considers. All directors have a history of holding leadership positions in large companies and most have held directorships on listed companies. [15] CBA has a structured and comprehensive risk management framework that contributes to its effectiveness in handling risks. Risk Management is governed from the Board level where the Risk Committee oversees credit, market, and liquidity and funding risks among others while strategic risks are considered by the full Board.The Risk Committee is responsible for formulating CBA’s risk appetite, setting risk management policies and defining risk limits to manage exposure and concentrations. The Committee also monitors the health of CBA’s risk culture. [16] The executive remuneration framework includes financial measures such as Total Shareholder Return. [17] The Total Shareholder Return for a 10-year period is given in Figure 3. 1. Management performance may also be measured by other value-driven measures. Figure 3. 2 charts share prices against EPS. Table 3. provides the monthly share price history for the year. Finally, Figure 3. 3 shows the relative performance of CBA to the S/ASX 200 – Financials index for the past 6 months. The exhibits and table demonstrate that CBA has a history of performing comparatively well and consistently. It has shown dramatic improvements over the years and appears to have rebounded since the global crisis in 2008. 4. CREDIT QUALITY – EXECUTIVE SUMMARY Based on our credit risk analysis, which includes the financial risk analysis, we conclude that CBA has a stable financial structure and good credit quality.CBA continues to deliver good financial results with its strong balance sheet and healthy operating performance. CBA’s profit margin in 2010 is 75. 61%, a 3% increment from 72. 45% in 2009. CBA’s ROE also rose 2% from 38. 78% to 40. 94%. Compared to its peers, CBA achieved the highest ROE in 2009. Our business risk analysis for CBA identifies a number of opportunities that CBA is well-placed to take advantage of. The industry analysis demonstrates that CBA operates in a highly competitive and economically-sensitive market. The general macroeconomic environment in Australia is stable and conducive for growth.We have identified CBA to be in the growth shakeout and consolidation phase of the industry life cycle. The management risk is considered to be minimal for CBA as it has an experienced and highly qualified management team. CBA was rated AA by Fitch Ratings and Standard ; Poor’s with a stable outlook while Moody’s rated CBA as Aa1 with a negative outlook due to the current economic downturn. [18] With its strong market position and well performing financials and operation, we believe that CBA can continue to grow profitably and expand globally. APPENDIX Table 2. 1[19]: Leverage Ratio |? 2010 |2009 |2008 | |LEVERAGE RATIO | | |? | |Total debt (in Millions) | 107,039 | 62,894 | | | | | |55,778 | |Total equity(in Millions) | 35,201 | 31,426 | | | | | |27,428 | |Debt/ Equity Ratio |3. 4 |2. 00 |2. 03 | Table 2. 2[20]: CBA Cohort Year Analysis over 3 years |? |2010 |2009 |2008 |+/- (%) 09-10| |PROFITABILITY RATIOS DU PONT |$M |$M |$M | | |Net income |14,411 |12,186 |11,704 | | |Total Operating Income |19,059 |16,818 |14,341 | | |Profit Margin |0. 56126 |0. 724581 |0. 816122 | | |? | | |? | | |Total Operating Income |19,059 |16,818 |14,341 | | |Total asset |581,406 |565,100 |456,027 | | |Asset Turnover |3. 28% |2. 98% |3. 14% | | |ROA (Profit Margin*Asset Turnover) |2. 8% |2. 16% |2. 57% | | |? | | |? | | |Total asset |581,406 |565,100 |456,027 |2. 8% | |Total equity |35,201 |31,426 |27,428 |12% | |Total asset/Total equity (Equity Multiplier) |16. 517 |17. 982 |16. 26 | | | | | |? | | |Net income |14,411 |12,186 |11,704 | | |Total equity |35,201 |31,426 |27,428 | | |ROE (ROA* Equity Multiplier) |40. 94% |38. 78% |42. 67% | | Table 2. [21]: Industry Peer Comparison based on 2009 Financial Data |? |WBC |CBA |NAB | |DU PONT Analysis (2009) |$M |$M |$M | |Net income (Net Interest Income) |11,646 |12,186 |12,068 | |Total Operating Income |13,267 |16,818 |12,962 | |Profit Margin |0. 88 |0. 72 |0. 3 | |? | | |? | |Total Operating Income |16,505 |16,818 |12,962 | |Total asset |589,587 |565,100 |654,120 | |Asset Turnover |0. 03 |0. 03 |0. 02 | |ROA (Profit Margin*Asset Turnover) |2. 46% |2. 16% |1. 84% | |? | | |? |Total asset |589,587 |565,100 |654,120 | |Total equity |34,637 |31,426 |37,815 | |Total asset/Total equity (Equity Multiplier) |17. 02 |17. 98 |17. 30 | |? | | |? | |Net income (Net Interest Income) |11,646 |12,186 |12,068 | |Total equity |34,637 |35,047 |37,815 | |ROE (ROA* Equity Multiplier) |33. 2% |34. 77% |31. 91% | Table 2. 4[22]: Cash Flow Ratios |? |2010 |2009 |2008 | |CASH GENERATION CF RATIOS |$M |$M |$M | |Total debt |107,039 |62,894 |55,778 | |EBIT |25,904 |23,886 |24,890 | |Debt payback ratio |4. 13 |2. 3 |2. 24 | |? | | |? | |EBIT |25,904 |23,886 |24,890 | |Interest expense |18,603 |19,956 |19,667 | |Interest coverage (times) |1. 39 |1. 2 |1. 27 | Note: EBIT is calculated as Net profit before income tax with interest expense added back. Table 2. 5[23]: Liquidity Ratios ? |2010 |2009 |2008 | |LIQUIDITY RATIOS |$M |$M |$M | |Current Assets | | |? | |Cash and liquid assets |8,711 |9,684 |7,282 | |Receivables due from other financial institutions |9,766 |13,986 |6,731 | |Assets at fair value through Income Statement: | | |? |- Trading |18,775 |20,988 |19,168 | |- Other | |60 |274 | |Derivative assets |27,363 |25,536 |19,287 | |Available-for-sale investments |5,408 |5,826 |3,937 | |Loans, bills discounted and other receivables |105,879 |97,803 |92,205 | |Bank acceptances of customers |11,569 |14,726 |18,278 | |Other assets |4,390 |3,371 |3,833 | |Assets held for sale |49 |370 |412 | |Total current assets |191,910 |192,350 |171,407 | | | | | | |Current Liabilities |? |? |? |Deposits and other public borrowing |307,844 |305,170 |240,871 | |Payables due to other financial institutions |12,422 |14,942 |17,625 | |Liabilities at f air value through Income Statement|3,953 |2,578 |1,893 | |Derivative liabilities |23,689 |29,442 |19,367 | |Bank acceptances |11,569 |14,726 |18,278 | |Current tax liabilities |1,016 |835 |708 | |Other provisions |660 |404 |469 | |Debt issues |39,644 |15,852 |16,208 | |Bills payable and other liabilities |10,651 |7,883 |6,236 | |Total current liabilities |411,448 |391,832 |321,655 | |? | | |? | |Current ratio (Current assets/Current liabilities)|0. 47 |0. 9 |0. 53 | |? | | |? | |Cash ratio (Cash and other liquid assets/Current |0. 021 |0. 025 |0. 023 | |liabilities) | | | | | | | | | Table 3. 1: Bank Sector Analysis [pic] Source: FinAnalysis Note: Forecasts figures are supplied by Thomson Financial, other data is from the latest annual accounts. Figure 3. 1: 10-Year Total Return [pic] Source: FinAnalysis Figure 3. 2: Price against EPS [pic] Source: FinAnalysis Table 3. : Monthly Price History from Jan – Oct 2010 |Date |Open |High |Low |Close |Volume | |01/10/2010 |Â   |Â   |Â   |50. 90 |Â   | |30/09/2010 |Â   |Â   |Â   |51. 17 |Â   | |31/08/2010 |Â   |Â   |Â   |50. 30 |Â   | |30/07/2010 |Â   |Â   |Â   |52. 56 |Â   | |30/06/2010 |Â   |Â   |Â   |48. 4 |Â   | |31/05/2010 |Â   |Â   |Â   |51. 37 |Â   | |30/04/2010 |Â   |Â   |Â   |58. 51 |Â   | |31/03/2010 |Â   |Â   |Â   |56. 29 |Â   | |26/02/2010 |Â   |Â   |Â   |53. 92 |Â   | |29/01/2010 |Â   |Â   |Â   |53. 23 |Â   | Source: FinAnalysis Figure 3. 3: Relative Performance of CBA to S/ASX 200 – Financials [pic] Source: FinAnalysis - [1] CBA Results Presentation for full year ended 30 June 2010, Slide 13. [2] CBA Annual Report for full year ended 30 June 2010, Pg 4. [3] CBA Annual Report for full year ended 30 June 2010, Pg 5. [4] CBA Institutional Banking and Markets dated March2010, Slide 4. [5] CBA Annual Report for full year ended 30 June 2010, Pg 5. [6] CBA Institutional Banking and Markets dated March2010, Slide 6. [7] CBA Annual Report for full year ended 30 June 2010, Pg 5. [8] Datamonitor CBA SWOT Analysis Report dated March 2010. [9] Datamonitor CBA SWOT Analysis Report dated March 2010. [10] Datamonitor CBA SWOT Analysis Report dated March 2010. 11] Datamonitor CBA SWOT Analysis Report dated March 2010. [12] Commonwealth Bank of Australia, http://www. commbank. com. au/about-us/our-company/strategy/default. aspx, accessed 4 Oct 2010. [13] SMH, 1 Sep 2010, Australias economic growth accelerates, http://www. smh. com. au/business/australias-economic-growth-accelerates-20100901-14mad. html, accessed 4 Oct 2010. [14] Commonwealth Bank of Australia, http://www. commbank. com. au/about-us/our-company/management/default. aspx, accessed 4 Oct 2010. [15] CBA Annual Report for full year ended 30 June 2010, Pg 65. [16] CBA Basel II Pillar 3 Disclosure as at 30 June 2010, Pg 13. [17] CBA Annual Report for full year ended 30 June 2010, Pg 72. 18] CBA Annual Report for full year ended 30 June 2010, Pg 10. [19] Data extracted from the 2010 Full Year Annual Report of the Commonwealth Bank of Australia. [20] Data extracted from the 2010 Full Year Annual Report of the Commonwealth Bank of Australia. [21] Data extracted from UNSW Library FINANALYSIS database using 2009 financial data for Westpac, National Australia Bank and Commonwealth Bank of Australia as 2010 Annual Reports are not yet released for Westpac and NAB. [22] Data extracted from the 2010 Full Year Annual Report of the Commonwealth Bank of Australia. [23] Data extracted from the 2010 Full Year Annual Report of the Commonwealth Bank of Australia.

Maybe Theyre Magic Essays - Maybe, Stephen Sondheim, Magic

Maybe They're Magic Maybe They're Magic Stephen Sondheim, in my opinion, is one of the most gifted lyricist and songwriters of all time. He uses many witty comparisons, beautiful allusions, and variations of tempo to give each song a uniqueness and identity of its own. This identity is also created for each individual character through the songs, and tactfully conveys their inner feelings. The song Maybe Theyre Magic is one small example of these classic Sondheim characteristics. Sung by the baker and his wife, the song is about their struggle to achieve what they want: to have a child. Discretely, though, each character's sense of self, and inner thoughts are communicated by the movement of the song; the way the characters bicker exhibits the gravity of the matter, and the audience can actually hear the thoughts in their minds. This matter of not being able to bear children is not a simply answered problem, and although this problem is very specific, the language used is very open-ended. This makes it easier for the audie nce to relate this story to obstacles in their own lives, and keeps them interested. Throughout the song the wifes dialogue is stressing that one must do whatever is needed to survive, and whatever it takes to get what one wants. She quotes, Everyone tells tiny lies, whats important, really, is the size. This song shows the realistic attitude, and stubbornness of the wife's character. She is also a character that is very persistent; her husband is pleading with her to go home, and trying to take her mind off the matter at hand, and she continues with her words. Finally, the bakers wife wins at her strategy to get her husband to cheat just a little bit to reach their goal, and so they're off to tackle the obstacle. A lot is also revealed about the baker in the song Maybe Theyre Magic; he does not say much during the song, but his few words show how he is struggling inside with the beliefs that his wifes opinion is wrong, and that he doesnt want to consider her opinion. This draws him out to demonstrate the era, as well, because he thinks that the woman's place is in the home, struggles with listening to his wife's opinion, and holds the position that he can do everything himself. The end of the song is quite funny, because it's final words are If the end is right, it justifies the beans! If taken at face value, this means that the action prior (tricking a boy into trading a cow away for some magic beans) will be justified. But it is also possible to read further into this comment and think none of this is really going to be important later, or That our lives aren't really important in the grand scheme of the world. thus another reason why Sondheim is a wonderfully creative writer. Music