Hamburger and Perfect Party Food Essay

I hate when my stomach feels so empty. The growling and tightening of my insides drives me insane. The only thing on my mind at the time is food. Anything else doesn’t matter. My three favorite foods are chicken, burgers, and last pizza. You can’t go wrong with chicken. It goes with many sides such as corn, potatoes, or fries. Fried chicken is the best because it makes the skin so crisp and crunchy. If I had to choose out of my top three foods chicken would most likely be number one. Second choice that I have named is burgers. The best hamburgers are the ones that come straight off of the bar -b- que pit. Usually for summer we always have burgers because they are the easiest things to make and they also go well with birthdays or holidays. The lettuce, ketchup, mustard, tomatoes, etc. all make the hamburger so delicious. Last we have pizza. My favorite type of pizza is pepperoni because it is so good. If I have to choose any other toppings I would choose meat lovers because it’s all different types of meat on one pizza. They seem to be the perfect party food because I usually order them when I don’t feel like leaving the house or when my friends and I are having a small get together. What would we do without food? Having a nice full stomach makes you happy and it also gives you energy. Food will always be something that I will cherish in life, especially my favorite three that I mentioned earlier in my essay. Food is a very important thing and I have lots of other favorites.

Girl Interrupted

Girl, Interrupted was the movie I chose to watch for my experiential paper. This 1999 movie, directed by James Mangold, tells a true tale of a woman’s eighteen-month stay at a psychiatric hospital. This woman, Susanne Kaysen, appears to be depressed and aimless as she finishes her high school career. After a suicide attempt, she finds herself trapped in a mental institution called Claymore Hospital. Although I’ve seen this movie many of times, it always makes an impact on me. Now that I know more about psychology, I feel as though I watched the movie from a different perspective. This new perspective allowed me to analyze and critique the film from through the lens of psychology. The movie ‘Girl Interrupted' is a story of a nineteen year old girl Susanne in the 1960's who, after being suspected of trying to commit suicide, gets sent away to the Mental Institution for a short ‘resting period. Her psychiatrist had suggested to her that the affair with one of her parents' friends, along with her misconception that chasing a bottle of aspirin with a bottle of vodka is anything other than a suicide attempt, could be signs that she may be suffering from ‘borderline personality disorder. ‘ Now she must struggle to remain as sane as possible while being immersed in the hospital with many unstable patients. At the Claymoore Hospital, Susanne quickly becomes friendly with a number of the institution's residents. These residents include Georgina, a pathological liar, Polly a terminally fearful burn victim, Daisy an incest victim and extremely withdrawn agoraphobic, and Lisa, a charming, but manipulating sociopath. The only character to really portray the characteristics of their disorder accurately was Lisa, the sociopath. Antisocial personality disorder is a psychiatric condition characterized by chronic behavior that manipulates, exploits, or violates the rights of others. Individuals with antisocial personality disorder are often angry and arrogant but may be capable of superficial wit and charm. They may be adept at flattery and are very skilled at manipulating the emotions for their own personal gain as we discussed in class. I thought Lisa’s disorder was accurately portrayed because even with her total disregard for the concerns and even the lives of others, she still manages to some how charm the audience with her blunt brutal honesty and her ‘I don't care what people think of me' attitude. People diagnosed with antisocial personality disorder seem to have no emotional connection to any one or anything, and seldom show any signs of emorse for their intrusions on the rights of others like we talked about in class.. Lisa's power of observations gave her the uncanny ability to sense the weakness in other people, which as most sociopaths do, used them for her own personal gain. Another character in the film was Daisy, an obsessive-compulsive agoraphobic whose ongoing affair with her father had left her with a number of various personality disorders to choose from there weren't many disorders that she didn't show symptoms of. Her character did a wonderful job portraying a neurotic recluse whose various disorders took over her life to the point she felt she no longer had any hope for living independently of her sexually abusive father. Other characters include Polly, with her self-inflicted burns that have kept her forever childlike, and Georgina the pathological liar and roommate of the borderline Susanna. It was amongst these characters that Susanna found the strength to confront her own turbulent mentality. Susanna's character did a good job with allowing the narrative to paint a picture of the thought processes of someone who suffers from depression or other personality disorders. Even though she did show signs of having a borderline personality, I personally felt that she showed more signs of depression than anything else. A person with depression or bipolar disorder typically endures the same mood for weeks; a person with BPD may experience intense bouts of anger, depression, and anxiety that may last only hours, or at most a day as we learned about in class.

Jazz Essay

Raised in a home where melodies are often played in the instruments we have or even just hummed by a family member while doing chores, I have grown to love pieces of music especially opera, orchestra and the classics. So when my friends, who are musicians themselves, invited me to one of the performances of a jazz band during the celebration of the University’s anniversary last July 9 at The Technopark, I was feeling rather apprehensive. It is not as what you would expect my genre of choice. I have always typified this particular field as an African-American influenced rhythmic and instrumental form of music. My ears were almost involuntarily programmed to have an distaste to these tunes. But since they started to play, I forgot my earlier impression because I was already enjoying the concert. Savoring the pleasure of listening to the upbeat of jazz music, I was jazzed up and entirely enthralled with the soulful performance of the Jazz Ensemble. In the hands of trumpeter Roy Barja, trombonist Marko Geron, bassist Jeff Flores and saxophonist Brad Cruz, the contrivances took on a unique character, and one whose ebullience can hardly be contained. The ensemble started with a bang of Jazz Story playing different types of jazz music that evolved within the through time until the modern jazz of today. Then, the members of Jazz Ensemble played classics like Victor Young’s â€Å"When I Fall in Love†, George Gershwin’s â€Å"Someone to Watch Over Me† and â€Å"Pink Panther†. With the variety of instruments involved, lush harmonies and textures satiated my ears’ desire for excellent sounds. Each artist had a chance for a nippy glare of publicity. He would play short melodic fragments meant to be repeated by a section of the band with growing passion. They masterfully serenaded and entertained the audience through vocalist Mara Duran who did vocals on â€Å"Orange-colored Sky† and â€Å"It had to be You†. The group kept the crowd swaying and crooning on our seats in time with the beat. Jazz took my heart out from the first notes that had drifted from the instruments up until the faintest tune that was whispered by the wind. That night, I closed my eyes with a trace of smile upon my lips as I hum a segment from the song Love is Here to Stay.

The Future of IT and Paradigm Shift Term Paper Example | Topics and Well Written Essays - 1750 words

The Future of IT and Paradigm Shift - Term Paper Example In fact, the majority of business organizations have started marketing and advertisement of their products and services to customers by means of broadcasting media. On the other hand, the customers are now seen as the receivers of products who can actively respond with regards to promotion, segmentation, and distribution. In addition, through a potential increase in the division of labor, interest of businesses as well as protecting distribution channels, the trade with customers is frequently indirect as well as monetized, and it has only happened due to the ever-increasing adoption of new technology-based platforms and arrangements. It is an admitted fact that because of growing complexities and competitiveness of these days’ business environment, the focus is shifting from the producer to the consumer and offering them a great deal more improved services. In this scenario, the information technology is playing a significant role and helps the business organizations in achie ving these goals (Korhonen, 2010; Norton, 2001; Turban, Leidner, McLean, & Wetherbe, 2005). This paper will discuss the role of information technology in today’s business environment. ... According to their viewpoint, effective and supportive technology based shifts are essential for the reason that significant transformations in veracity demand a shift in conceptualization. For instance, when the 20th century began the demonstration of science started to increase problems those were not simply explained by Newtonian physics. In order to resolve this issue, a new paradigm is known as â€Å"Einstein's Special Theory of Relativity† appeared as a novel and more wide-ranging theory and structure to clarify the new certainties. Additionally, the idea of a paradigm shift was initially initiated by a philosopher and science historian Thomas Kuhn through his book, which was published in 1962 (Tapscott & Caston, 1994; EIE, 2003; Somani & Kher, 2006). In addition, similar to a new enterprise of the venture, the new technology paradigm also demands variations. Same as an innovative enterprise it is open as well as networked. Additionally, it works approximately similar to people do, as it pays no attention to boundaries between text, data, voice and image and works like a bridge between team members in a team-oriented company. Also, it smudged walls among enterprises by allowing them to effectively communicate with outside associations. The most important advantage of this technology shift is that it has developed to the point where it is easily accessible and reasonably priced. In view of the fact the longer a business organization waits to decide and implement a change the more, it has to spend, no matter in the short term.

Progressive Thinking and Mismanagement in the Development of America Essay

Progressive Thinking and Mismanagement in the Development of America Before the American Revolution - Essay Example It is evident from the study that the ability of Americans to create productive things and ideas develops their society before the Revolution even takes place. In the words of Butler, despite the fact that British mainland colonies in America during the eighteenth-century were not considered as fully developed modern societies, those can still be considered sustainable. The British colonies in mainland America were able to show developments in their trade, transportation, education, press, government, and social structure. The advancement in these aspects shapes the culture of British colonies in America. As a British colony, the economy of America depended on the products of its lands. Britain imposes total domination on all its colonies including both political and economic superiority; subordination is a must for these newly acquired territories. In the words of Newell, American farmlands are considered as subject to agricultural experiments, a source of raw materials and crops th at would be transported to England as property of the Crown. Success in trade was carried out through fast transportation systems and favorable relationships with neighboring lands. In 1630s, for instance, the success of the tobacco production in Chesapeake and sugar in the West Indies ensure that food production is sufficient enough for exportation and consumption of the colony. Aside from the fact that American colonies amass wealth and strategic advantage for England, it also serves as a place of exile for slaves, prisoners, religious dissidents and ethnic groups. With this in mind, it can be said that America is, initially, a diverse society as its settlers came with different social orientations. While this diversity creates conflicts, it also helps settlers to respect each other. For the reason that they are considered enemies of the Empire of Britain, they share a common goal, to be free and build their own government and economic system. For instance, trade develops as a res ult of successful business relations with settler groups. Effective trade relation is one of the factors affecting the economic development of Colonial America. Education Other than the development of economy through trade and transportation, British in America establishes schools for their children and natives. Although illiteracy is widespread in America, parents took the effort of teaching their children essential skills such as reading, writing, counting, and household tasks. In addition, local teachers and parsons organized schoolhouses for both boys and girls. While this system of education is not considered formal, this also contributes to the spread of knowledge and increase in literacy progress.

Did Government Housing Policy Cause the Financial Crisis Essay

Did Government Housing Policy Cause the Financial Crisis - Essay Example This research will begin with the statement that the global financial crisis that started in the year 2008 had serious negative impacts on the investment in most parts of the worlds. The global financial crisis marked a period of failure of many financial institutions, increase in unemployment and reduction of the capacity to invest. In the Gulf Area, most countries that highly dependent on the oil industry faced a period of reduced investment. Therefore, the period saw an increase in the poverty level as investment reduced and the people remained without jobs. The high unemployment rate and the collapse of the financial institutions cumulatively limited the potential of individuals and corporations to invest. There has evolved a controversy on the possible causes of the global recession different authors providing different perspectives on the same issue. While some agree that the government housing policies that allowed the provision of subprime loans and mortgages was the reason f or the issue, some argue that it was caused by the stagnated workers’ income. From the close look at the problem, it is clear that instability in financial income was a major cause of the problem. The government housing policy required that the banks offer cheap loans and mortgages that the people could afford to buy houses as part of its commitment to house its citizens. As a result, the people shifted their attention from investing to purchase of assets such as cars and houses. According to the economist, the result of the government housing policy was the rise in the greed for money that ended up buying dodgy securities. The idea of the author is that the government policies resulted to use of money, not for investment but in the project that did not generate income. As a result, the people could not afford to back debts and the banks and this is the reason why the banking sector went down just before the financial crisis set in. The Lehman brother’s global bank is an example of the banks that failed because of too many defaulted loans. However, statistics show that the house ownership rate only increased by 4% even after this low, indicating only a small difference from the time when the policy was not in play. This shows that other reasons could have been the cause of the global financial crisis.

Working with and Leading People Essay Example | Topics and Well Written Essays - 1500 words

Working with and Leading People - Essay Example Leadership is all about leading some followers. Management is much more focused towards managing people in organizations. Leadership has the concept of followers but management has the concept of subordinates. For leadership, vision is very much important but for management achieving different goals are important. Leadership is generally transformational, but management in general transactional. Leadership is very much focus towards transforming lives of followers. It believes indecisive changes in the lives of followers but on the other hand, managers are much more concerned with assigned tasks. They are not that much interested in subordinate’s lives. Leadership brings innovation into the system but managers, administer and govern those systems. Leadership develops different new things but management maintains those things. Leadership inspires people but management believes on controlling people. Leadership has a long-range view but management has a short-range view. Leaders hip does the right thing but management does the thing in right ways. Leadership creates but management imitate those creations. Leadership is a very vast concept but management is less vast concept than leadership. Leadership is all about leading from the front in case of management performance is the ultimate thing.Late Steve Jobs the founder of Apple computers is the example of the leaders who developed the idea of Apple computers. Indra Nooyi current CEO of PepsiCo is a good example of management personality.

FREE MOVEMENT OF PERSONS IN EU LOW Essay Example | Topics and Well Written Essays - 1250 words

FREE MOVEMENT OF PERSONS IN EU LOW - Essay Example nce of the European Court of Justice's (ECJ) ruling was. In Defrenne, the individual acted against a condition in her contract of employment that required her to retire at the age of 40, whilst male employees continued up to the age of 55. She pleaded her defense on the basis of Article 141 of the Treaty of Amsterdam (then Article 119), guaranteeing equal pay for equal work. The fundamental problem at hand was whether the provision could be enforced horizontally- against a private party by such a party- as Sabena Airline was classified as a private party, albeit with the state as a majority shareholder, on the basis that it was constituted under private law, and with staff under private contracts of employment. However, the ECJ held that Article 141 did have direct effect so that the equal pay principle applied to contractual relations between employer and employee in a Member States. This was on the grounds that 'Article 119 is a mandatory in nature'. But because of a general principle of legal certainty, there could not be direct effect for retrospective applications, thus only claims for equal pay already brought at the date of the Defrenne judgment could be pursued in national courts. The Defrenne case also provides an example of the court interpreting the Van Gend En Loos conditions for direct effect flexibly. Article 141 states that 'the application of the principle that men and women should receive equal pay for equal work', and this was deemed to lack sufficient precision to be invoked by a private party and enforced by a national court. This is on the basis that it did not impose a precise negative obligation on the Member States- or Belgium in this case- nor did it provide a clear definition of terms such as 'priciple' or 'pay' or 'equal work'.5 However, the case retains its credibility as the court segregated the principle of equal work, within the article, with the factual uncertainties regarding the terms stipulated. Indeed, the case shows a clear determination by the courts to ensure tht the EC's aims were not ignored by laggard Member States. As a conclusion, therefore, the aforementioned considerations portray that Defrenne was successful in her claims, and the court did give priority to the social, rather than economic, aims of Aritcle 141, upholding 'one of the fundamental human rights', and therefore pursing its obligation to ensure the respect of such rights.6 The case of Baudet7 was another case relying on the success of the Defrenne claim. However, Defrenne was only successful in claiming the first of her three claims- that in respect of wages paid to her during her employment by Sabena. The other two, the indemnity paid to her at the termination of her employment and her pension rights could not be claimed as the court deemed that

Critical analysis Essay Example | Topics and Well Written Essays - 1000 words

Critical analysis - Essay Example These can offer the employees a strong establishment for the aim of attaining a competitive edge (Enrensal, 2006, p.17). A career is termed as an individual’s occupation that deals with how an individual earns his or her living. Career management encompasses the process where people invest their resources for the aim of achieving career objectives (VonHippel et al, 2000, p.102). Career management is not a one day undertaking but rather a long-term process that is vital for the adaptation of the evolving demands of the 21st century’s economy. Various economic changes taking place in the economy tend to have a great impact on the income distributions and employment opportunities available in the world. During career management sessions, employees are trained on the adoption of suitable beliefs, attitudes, and values that fit in today’s job environment. Career advice given to individuals assists in changing their working behaviors as well as to help them in self dis covery in order to meet the needs of employers who are highly influenced by effects of globalization (Grey, 2002, p.445). Worldwide competition, technological change, and adjustments in consumer preferences have greatly impacted on the quality and the type of employment available thus necessitating the need for organizations to embark on career management practices. Career management therefore takes two forms; can either be conducted at an organizational level or at an individual level. In todays market settings competition and the cost economics presents a lot of insecurities in the job market. On the other hand competition and evolution industries are opening a surfeit of opportunities for the people to select from (Personal Career management, 2012). New job openings and associated threats results in the job market becoming extremely unpredictable. In this type of uncertain environment, it is eventually the role of an individual to make his or her own decisions on what to pursue f or the preferred career. The individual ambitions attached to the upcoming business developments are used to shape up the individual career options. An organization in this case can try and support the career aspirations of an individual; if at all the career is falling in line with the goals of the organization. Thus with the notion of careers in the contemporary world, an individual is required to adjust the way careers were viewed traditionally. A job is no longer a mere means of getting money but rather should be looked at as a means of acquiring knowledge. As much as the individual is working on meeting the objectives of the company, he or she is also making strengthening his or her skill for the aim career development (Alagse, 2012). Career management is termed as the initial responsibility of any individual. Pursuing of the preferred career by an individual is a long process where he endlessly gets to learn things pertaining to his personality, purpose, interests and abilitie s. It calls for rigor and much focus at each and every step of career management. This particular person must incessantly review his or her assignments and try to come up with alternative outlook of the job, which assists in enriching an individual’s experience. An interrupted relook at the current job and the organization that an individual is serving alongside the available opportunities in the outside world will enable an individual

Select one article from our text book, or one document from the Assignment

Select one article from our text book, or one document from the Internet, and evaluate what you feel are it's strengths and weaknesses - Assignment Example Most organizations face this issue. As there is a change of reality, they do not address moves in their competitive environment and thus find it hard to sustain their competitive advantage. According to the article, the main issues of theory of businesses revolve around connecting the three key parts together. These parts are reality, organizational competency and business focus. The following points are to be kept in mind to keep the theory of business relevant presently and in future. One is that reality is defined by the market place and moves to where it wants. For an organization to be successful, it has to study the changes taking place in the market and know that the key to success is their capacity to determine what the customer is willing to pay for at the moment and in the future. Another factor is that an organization attains focus when it aligns itself with reality. Thus, if it wishes to be successful, it concentrates on the moves in the market place and adjusts its business programs to cater for those needs. After an organization is aware of the changes needed, it has to identify and develop skills and competencies needed to prosper in the long term. The author recommends that organizations ought to review their theory of business continually as there is no business that is static. There are also times that organizations ought to be cautions like in the startup stage, times of fast transformation, unforeseen failures or success and when the organization is about to attain its present goals and objectives. The objective of the article is to address business theory. It is to address where organizations go wrong so that they do not achieve success and the solutions that they ought to embrace and apply. The author of the article accomplishes this objective by addressing where the problem comes in. At the end of the article, solutions are offered. The author states that,

FMRI Coursework Example | Topics and Well Written Essays - 1000 words

FMRI - Coursework Example (BME, 2007). The third category of products offered by financial institutions is investment funds. These accumulate assets from investors and invest the assets in a diversified pool of assets. According to BME consulting report of 2007, investment funds can be classified as equity fund, bond funds, balanced funds, money market funds, real estate funds and other funds such as hedge funds. (BME, 2007). The other product is the life insurance. This product is among the largest net asset pools of consumers in the European market. UK is the largest market in Europe in relation to total life insurance provisions. (BME, 2007). Derivatives are the other category of investments issued by financial institutions. â€Å"Derivatives are special non-standardized instruments tailored to meet the different investment strategies and needs of consumers.† (BME, 2007) There are mainly two types of derivatives. They are warrants and certificates. Lastly, there is a private equity. Consumers consider this class of assets better than public equity since the liquidity and transparency level is lower, and is a more established class of assets. (BME, 2007). From a report by the Bank of England, with an increase in interest rate, consumers will shift their investments to suit their risk attitudes. If the rise in interest rate reduces their level of earnings, investors will opt to sell their assets and invest in a different category that will maximize their earnings. For example, a rise in interest rate of bonds will lead to a fall in its price. With this, investors will tend to sell their bonds before maturity and reinvest in securities with a lower prevailing interest rate. On the same report, savings have a direct relationship with changes in interest, whereas investments have an indirect or negative relationship. The increase in interest will make savings more attractive and reduce greatly on borrowings. This is because the rate of borrowing will increase and the income from

Gun Control Essay Example for Free

Gun Control Essay Ultius is the trusted provider of academic content solutions for college students around the world. Our online platform connects qualified freelance writers with customers who are looking for rich, custom-written content. We provide essays, research papers, term papers, dissertations and other writing assignments. HomeSearch Research Paper on Gun Control Posted byUltius onSaturday, 16 March 2013 in Sample WorkBuying a Research Paper on Gun Control from UltiusRecently, President Obama and other Democratic members of Congress have strongly pushed for a critical discussion on gun control. Around the country, many teachers and professors are pushing their students to think about this subject and write at length about ways to limit gun violence. By no means are these papers easy to write; due to the emotional ramifications of this issue, writing a paper on gun control must be done in a very professional manner. So buy a research paper on gun control with Ultius and feel at ease knowing your work will be completed by a professional. Before doing that, though, feel free to check out this sample research paper on gun control. It was written in support of President Obama’s policy suggestions, and may be helpful to those of you interested in learning more about this increasingly important subject. Ultius writers are familiar with a wide variety of writing styles and have written argumentative papers for years, so keep in mind that we offer custom written research papers on both sides of every ideological spectrum. Don’t hesitate to contact our sales department to buy a research paper on gun control today! The Second Amendment: A Threat to Civilized People? Gun control has recently created a massive uproar throughout the United States because of the recent, and sincerely unfortunate, Sandy Hook school shooting that occurred last December. In response to this tragedy, Democratic leaders have been attempting to capitalize on the incident and push forward their respective agenda of limiting gun rights. As one can imagine, there are a surfeit of opinions on the subject, but despite this fact, I have come to affirm that I am strong believer in strengthening gun control. Although the right to bear arms should continue to be guaranteed by the Second Amendment, our nation’s need for heightened security in school classrooms and other public places is something that should no longer be ignored. The Gun Problem: Why an Unlimited Right to Bear Arms is Bad Since becoming a staple of American society, guns have been instrumental in altering contemporary warfare. The dangers of these weapons are not a secret; it is simply their mere nature. Some argue that guns were created to protect, while others suggest that they were built to destroy and cause the death of one’s intended target. Frank Zimring, a University of Chicago Law scholar, stated in his piece The University of Chicago Law Review, â€Å"The rate of knife deaths per 100 reported knife attacks was less than 1/5 the rate of gun deaths per 100 reported gun attacks† (Zimring 722). This statistic expresses the sincere lethality of guns compared to other forms of weaponry. One of the main reasons for this data stems from the misuse of guns, which unlike other weapons, can cause death to the user and those around him or her even on accident. If this unfortunate probability can be decreased, how can we stand around as the leader of the free world and let nothing be done? In the American political system, gun control has been a debate for many years; however, recent shootings have forced it into a large spotlight. The problem that splits gun control proponents from their opposition is the language of the second amendment of the constitution. The founding fathers of this nation believed that, â€Å"A well-regulated militia being necessary to the security of a free state, the right of the people to keep and bear arms shall not be infringed† (U. S. Constitution). This multifaceted sentence from the Bill of Rights brings many quarrels to life with its simple diction. It is very open to interpretation, which is what causes both sides of the debate to have â€Å"legal stances† on the matter. The National Rifle Association (NRA), which is the nation’s largest gun advocacy organization, is led by the philosophy that it, â€Å"[hosts] a wide range of firearms-related public interest activities of the National Rifle Association of America and other organizations that defend and foster the Second Amendment rights of all law-abiding Americans. † What gun advocates in the NRA often fail to understand, however, is the conscionable limits to the Second Amendment. As 27-year serving Supreme Court justice Antonin Scalia stated in the majority opinion of the District of Columbia V.  Heller decision, â€Å"like most rights, the right secured by the Second Amendment is not unlimited† (Scalia). This lead Scalia to also state that, â€Å"it is not a right to keep and carry any weapon whatsoever in any manner whatsoever and for whatever purpose. † These sanctions are legal proof that the second amendment allows for the government to regulate the distribution , ownership, and use of weapons. On top of that, Scalia, regarded as the most conservative justice, clearly highlights that gun control is useful and at times necessary.

Impact of the Economic Crisis on Countries in Africa

Impact of the Economic Crisis on Countries in Africa The aim of this dissertation is to analyze the impact of the global economic crisis in Africa and provide suitable suggestions as a consultant of the African Union The African economy was proceeding towards a splendid reasonable growth towards the beginning of the year 2008 even though many countries in the world were caught between the subprime crises. The African continent was one of the worlds best continent with abundant of resources and gradually developing and recording a reasonable growth in their GDP, before the global economic crisis affected the development of this region. Africa was a frontier in the production of resources with recording a above average growth, experts predicted the present growth rate would lead to the development of African economy as a superior power in the future. However the present decline in the prices of export commodities has resulted in the decline in the government revenues which has affected the GDP of Africa. The major contributors to the development of African economy were the need for resource materials, the reasonable development of china and the increase in the inflow of capital and factors of macro economic rectifications. There was an also major contribution from the migrant remittances which contributed to the reasonable earnings in the household and increase the government revenues in terms of tax. There were many speculations expecting the best out of the potential of Africa in order to produce resources for the growth of the continent and reduce poverty. But there was a close indication of the downfall in the economy in the early 2007 which ultimately was encountered by the African economy in the late 2008. In the world economy when many developed countries were facing recession and crisis, there was severe alteration towards the growth scenario in Africa because of the stagnancy. The majority of the growth contributors of Africa were affected by this crisis. The development in chinas economy declined gradually and there was a downfall in the need for resources and their prices were declining to an extent. Because of the reasonable GDP there was no pressure on the concern of inflation. Certain assurance of added aids was not implemented yet and there was a reduction in the capital inflow. Since the effects were taken care of there were no immediate reactions in Africa due to the economic crisis. However the reduction in the external aid which was not implemented as assured by many developed countries in the G20 started affecting the health sector to a greater extent. To have a detail description of African economic crisis we would discuss the major sectors which have been adversely affected due to recession. To start with there would be an impact in the mining sector, impact in banking sector does not have any major adverse effects, consequences faced by the effects of crisis in finance sector including the commodity markets and international exchange rates, adverse effects on remittances and capital inflows in the trade sectors with the addition of FDI. There were other sectors too such as tourism, manufacturing which had experienced an impact due to the global economic crisis. The under development of the banking sector in Africa is another major concern because the banking sector has failed to derive structures that benefits the economy. The increase in the banking policies with external integration could generate the flow of capital which was not implemented in Africa There were certain positive impacts for the countries importing commodities in Africa, they were benefited a lot from reducing the expenditures. On the entire economy of Africa the sub Saharan region was the most to be affected by the crisis. The ultimate effects of the global economic crisis were the increase in the infant mortality rate, increase in poverty, pressure on government to restructure the fiscal budget, and unemployment. However since there was growth in African economy it could face the immense pressure of Economic crisis. The major countries to experience severe effects by the economic crisis are Nigeria, South Africa, Kenya, Zambia, Egypt which are mostly the sub Saharan Africa regions. The impact of the economic crisis in Africa made many underdeveloped countries to receive international implications on its economy to develop their infrastructure. The international business strategies suitable recovery facts have proved more beneficiaries in the world economies. The suggestion of suitable changes in the physical structure could help in the faster recovery of the economic crisis IMPACTS OF THE GLOBAL ECONOMIC CRISIS ON BANKING The global economic crisis effect in the major developed countries was on the banking sector where many banking corporate collapsed during the crisis. But the African economy did not have any adverse effects on the banking sector because of their less extent of bonding with the world economies. The African economy has a comparatively low external financing compared to other continents of the world, the external financing of Africa only accounts to 4% of the overall volume in the emerging economies. To have a statistical overview the African external financing it only issued bonds worth of six million American dollars and received only three million dollars from private reserves. This comparatively low market capitalization of the world economy has protected the African banking system from severe damages. The African economy did not report any bankruptcy during the global economic crisis because the African banks could manage reasonable returns from the mortgages. There were certain e ffects in the African economy due to the presence of foreign banks with assets in some African countries like Swaziland, Madagascar who suffered major losses due to world financial crisis. But the effects of world economic crisis did not affect the banks progress in Africa, the banking systems dominates the finance sector and the role played by the financial markets are not of greater concern. There is a transmission check of funds borrowed from foreign banks by the government and there is less awareness of off balance sheet procedure to African economy which was the major reasons for the stability of African banking sector. The conversion of many capital resources into foreign assets saved the African economy to avoid exchange rate appreciation. To sum up the impact of global economic crisis did not deliver any adverse effect on the banking sector. IMPACTS OF THE GLOBAL ECONOMIC CRISIS ON THE FINANCIAL STRUCTURE OF AFRICA INTRODUCTION The African continent was not isolated from the financial crisis, to have a deep overview of the financial crisis there were certain adverse effects on the economy because of the badly constructed financial systems. There was a reduction in the earnings in many sectors such as there was a reduction in the need of commodities and also reduction in the commodity prices, There were reduction in capital inflows, the major affected sector will be the export where it will face a reduction of $578 billion in the recent years out of which the oil sector itself will account to $420 billion reduction in the earnings. This loss in the earnings will account to one fifth of the GDP which is five times the avail given to the region. There was an effect of this financial crisis in the growth of the economy and it also increased poverty. To have a deeper analysis of the impact of the financial crisis in Africa let us look at the causes of transmission of the financial crisis and its effect on the in dividual factors of the financial sector. Causes of financial crisis is Africa The major cause of the financial crisis in Africa was the reduction in the prices and amount of the export commodities because of the global financial crisis. There was a prominent reduction in the prices of commodities in the late 2008 such as oil sector faced a downfall of 69% in their prices, because of the decline in the exports up to 45% there was a huge loss faced by the continent, even the other commodities excluding oil accounted to 38% of downfall in their prices. The other major cause of the African financial crisis is the decline in the capital inflow and remittances. These accounted to decline in the foreign exchange which ultimately guided to poverty in the continent due to the shortage in income. The developing countries have always depended on foreign direct investment (FDI) for developing the countys economy and infrastructure. Because of the delays in the assured FDI many projects have been delayed or halted leading to gradual loses. Finally there was downfall in the stocks of the foreign reserves and the reduction in the span of import cover contributed to a larger pressure in the African economy unable to afford the commodities hence causing more crisis. Let us have a broader view of the effects in the African economy due to the causes of the global economic crisis. EFFECTS OF THE FINANCIAL CRISIS IN AFRICA EFFECT ON THE FINANCIAL MARKETS There was a gradual impact in the financial markets because of the subprime crisis. The banking sector did not face any direct impact of the crisis but there were effects due to transmission and dependence on the external economy. There were slight rise in the prices of the assets and the risk premium was increased indicating there was some damage in the finance structure in the early 2008. Because of the transmission and dependency, the liquid finance markets where affected more in this region more than the developed countries and inclined to the over valuing of stocks. If you have a look at the reports from countries like Nigeria and Egypt, they faced a loss of more than half of their investment towards late 2008. Increase in the value of debts in the international finance markets has caused the rise in debt spreads in the African countries. In order to attract the investors the African countries like Tunisia increased their bias points. The bias points of the developing countries mainly in Africa in the international market reached to 800 points in the late 2008, these indeed inclined the risk premium which forced many countries like Kenya to stop imploring from international financial markets and circulate the long term resources to local markets.There was a decline in the foreign exchange reserves because of the depreciation of currencies, this happened due to the decline in the commodity prices. Variations in the currency exchange rate against American dollars and Euros delivered an effect in the African economy. There was a three fifth of drop in the copper prices due to the global economic crisis. Hence African countries were one of the international reserves of copper and they had faced a chief downfall in their foreign reserves. There was about 50% depreciation of the currency of countries like Zambia against American dollars. Africa is one of the main continents with abundant of resources whose exports were one of the major earnings and helped in increasing the growth of economy. There have been decline in the commodity prices and volume all over the world because of the global economy crisis in the late 2008. This crisis inclined certain effects in the African economy, there was a three fifth decline in the prices of the crude oil which was one of the major reserves of Africa. Some of the other major natural resources of Africa such as diamond, copper, timber etc produced by mining declined by 30%, the development in the African export sector declined by 3% and there was a reduction in the GDP was about 3.5% compared to the fiscal year 2008. There were certain adverse effects because of the reduction in commodity prices which resulted in, reduction in the gain, low profit for high production cost resources, decline in government aids and finally the termination of many projects which were supported by FD I incline a huge loss to the African economy. The decline in the price of food commodities resulted in restructuring the government budget and balance of payments. There are certain regions in Africa such as Burundi where the oil is imported would have an positive impact of the reduced prices there are also certain negative impacts in attracting FDI for these countries which would decrease their development. EFFECT OF LONG TERM AND MEDIUM TERM TRANSACTIONS There are certain effects on the trade of goods and services in the world due to the global economic crisis from which Africa is not isolated. According to the reports there is an decrease in the growth of trade in terms of exports and imports, there is a decrease of 5% in the growth of imports and 7% in the growth of exports. Africa will experience a loss of about 45% of its value of exports. The other important effect is due to the capital flow within Africa and the world, there was a decline in the FDI about 21% in the African region towards the end of 2008. This effect has only been described by certain countries is Africa such as Egypt while other countries have increased the FDI such as South Africa. But there was certain adverse effects of FDI in the production of natural resources which was not availed as assured by international markets due to the economic crisis. The effect of short term capital flows is there was a decline about 50% in the capital flow for emerging counties because of the reduction in the availability of financial resources, but the African economy only suffered upto a lesser extent because of the limited bonding between the external financial markets and the African financial markets. IMPACT OF GLOBAL ECONOMIC CRISIS ON SUB SAHARAN AFRICA The major effects of the global economic crisis in the sub Saharan region were the decline in their trade, decline in the remittances, and reduction in external financing. The major problem in the sub Saharan region was their trade was mostly depended on the countries suffered by economic crisis this reduced the demand in the resources exported. The decline in the prices of the primary commodities in sub Saharan Africa accounted to adverse effects in their economies. The government revenues depend on tourist sector for development infrastructure which suffered a major hit during the crisis. The decline in world trade accounted by one percent accounted to half the percent decline in the growth of the sub Saharan region. The prominent causes for the economic crisis in the sub Saharan region was the trade with United States, there was a fifty seven percent decline in the trade between the two regions. The development of the sub Saharan Africa was majorly because of the trade with china, thirteen percent of this regions exports and a comparative ten percent of imports depended on the trade with China. The investors from china were behind the initiative of many projects in the Africa region funded by them. The integration between both the regions decreased after the effect of global economic crisis leading to further impacton the economy of the sub Saharan Africa countries. There was a dramatic decline in the capital inflows in the sub Saharan region compared to other parts of Africa. There was a 26.7% drop in the external investments which accounted to the financial crisis of the economy of many countries. The sub Saharan Africa earned reasonable government revenue from migrant remittances who suffered adverse effects because of redundancy as an effect of the economic crisis, this reduced the government revenues in terms of tax. There were certain assurance given by the developed countries in the G8 committee meeting regarding the increase in the funding to the Afr ican countries which was not implemented due to the economic crisis. Out of the impact of the financial crisis on the entire African continent, Southern Africa will be affected the most. Countries like Angola will experience a dramatic downfall in their growth about 20.9%, the economy growth of east Africa will be affected by 2%, the Sub Saharan region will have difficulties in fiscal balancing. There will be huge responsibilities for the government to structure their budget to meet the social needs of the people in Africa. These are the financial issues experienced by Africa during the Global Economic Crisis. IMPACT OF GLOBAL ECONOMIC CRISIS ON REMITTANCES IN AFRICA The prominent impact of the global economic crisis in Africa was on remittances which indeed resulted in severe harm to the African Economy. Before the economic crisis remittances was one of the modes of earnings in the African economy. Remittances helped in the developing the infrastructure of African Economy and was one of the major sources of external financing.. The remittances of natural resources exporting countries were affected the most, since Africa is one of the prominent exporters of natural resources they faced badly affected by the economic crisis. Remittances in Africa where expected to decline about six percent which could damage the economy of remittance dependent countries. Certain countries in Africa were expecting external financing aid to overcome the decline in remittances. The major regions having effect on remittances are the North African regions whose economy depends on it. CAUSES AND EFFECTS OF DECLINE IN REMMITANCES The remittances in the African economy is prominently transferred in informal terms such as friends and relatives, the formal mode of transmission of remittances in Africa is through the banking system. The major remittance in Africa is the workers remittance, the remittance –GDP ratio for many countries in the African region was at an average of nine percent . these above calculations explains the contribution of remittances in the growth of African economy. The African economy dependence on remittances was comparatively low to other parts of the world. Another spread of remittances was in terms of migrants, Africa countries face 20% of their migration within their continent. Because of the migrants to other continents such as Europe and America which were the worst affected continents of the global economic crisis there was a decline in the remittances. North Africa region was affected the most because they had many migrants in Europe and Middle East which has faced adverse negative impacts in their economy. The countries like Morocco, Tunisia and Algeria had a decline of about seven to nine percent in their remittances because of the larger proportion of migrants from their country in Europe regions affected by the Global economic crisis. This decline in the remittances has produced an impact on the government revenues in Africa, and also affected fiscal structure of the economy. Because of the global economic crisis which leads to the decline of process in the manufacturing industries accounted to job cuts, this situation lead to the decline in remittances. The decline in remittances damaged the better earnings in the households which caused poverty and increased the infant mortality rate. There were some positive impacts due to the increase in remittances in certain regions of Africa such as Kenya because of the decline in the import commodity prices. The major effects of decline in remittances are it decreases the governments revenue in terms of tax. The decline in the revenue can affect the GDP of the economy, and effects on negative growth of GDP increases the IMR. Many countries in Africa such as Ethiopia are about to lose 0.2 to 0.3 percent of their GDP growth. The African country to be majorly affected by the decline in remittances is Morocco, where it faced two to three percent of decline in their GDP growth. The countries in Africa which had immense migration transfer to Europe faced immense damage in their GDP. The ultimate effect on decline in remittances is, redundancy of migrants which will affect their household incomes resulting in poverty. To sum up the ultimate cause of decline in remittances was redundancy of migrants and nationals, decline in the external financing because of economic crisis. Finally the effects of redundancy are decline in house hold incomes, unemployment, and decline in government revenues. THE IMPACT OF GLOBAL ECONOMIC CRISIS ON THE AFRICAN ECONOMY EFFECTS OF GLOBAL ECONOMIC CRISIS IN ECONOMY FACTORS Africa encountered a drastic change in their economy during the economic crisis in the world. Before the economic crisis the African oil exporting countries gained plenty of foreign exchange which they used for projects to develop the infrastructure and repay their debt. During the global economic crisis there was a 60% downfall in the oil prices which had a bad effect on their GDP. The GDP of African countries exporting oil were facing a decline of 5% which had adverse effects on their economy, even oil importers in Africa will face a decline of 2% of their GDP and all these accounted to the decline in the oil revenue. There were several regions in Africa which recorded a positive growth in their GDP despite the decline in the prices of the commodities such as North Africa, Morocco and certain other countries. There will be a total unbalance in the economy of some countries in Africa because of the decline in the exports sector more than the imports, they will face a couple of downf all in a countrys economic structure. Hence the countries will face difficulties to restructure the economy and there would be a reduction in the consumption because of the downfall in revenue. The other effects on the economy of Africa is inflation, this would be a serious problem encountered by the economy of many African countries. The inflation would raise about three percent in the African region because of the decline in the revenue, but the positive impact of the crisis is that there would be a reduction in the commodity prices which might take the pressure on inflation for some reasonable time. The countries which import oil will have a positive impact of reduction in the inflation rate in their economy, but it is the opposite for the countries exporting oil and will face an increase in the rate of inflation. There is certain decline in growth prospects of Africa as an impact of the global economic crisis, despite of not being directly affected by the World financial crisis because of the low bonding with external economies, there was some decline in the growth prospects in the African region. The oil exporters in Africa faced a decline of three percent in growth while the oil importing countries faced a decline of one percent in growth. Developing countries in Africa will face difficulties due to the reduction in the demand of their goods, these effects could halt the Africas development into a superior power. EFFECTS OF GLOBAL ECONOMIC CRISIS ON INDUSTRIES The other key sectors which had a major impact due to the crisis was the tourism sector, they suffered major damages during the global economic crisis. The revenue in the tourism sector was affected badly in the African region making the functions of the sector miserable. There was a decline in the number of arrivals to the countries like Kenya in Africa. The decline in the arrivals accounted to a decline in the profit for airways. The decline in tourism which is one of the governments revenue from the service sector faced many negative impacts, there was considerable amount of loss due to cancellations. Countries like Egypt and Kenya experienced ten to thirty percent fall in their revenue. There was major losses on the mining sector due to the economic crisis, many projects in the African region were terminated or postponed because of the shortage of investments. For instance the decline in the copper prices had halted many projects in the African region in countries like Zambia, th e leading copper mining industries faced one fourth decline in their supplier contracts. Many mining projects were terminated because of the falling copper prices. Other natural resources such as cobalt also faced reduction in their prices which halted operations in certain projects in countries like The Democratic Republic of Congo. There were many employees been laid off because of the termination of the projects, the Democratic Republic of Congo alone recorded two hundred thousand employees dropped. The decline in the price of other natural resources have caused adverse effects on budget, countries like Gabon in Africa experienced negative impacts. The reduction in the price of iron, uranium and bauxite which are one of the major exports in many countries experienced decline in the revenue. Since Africa has been one of the major continent with an abundant wealth of natural resources and the fall in the price of natural resources has made Africa suffer severely which indeed result ed in economic crisis. The textile industry was also not isolated from this economic crisis. Because of the decrease in the demand of textile goods from the African region several industries had to face immediate closure. The countries in Africa were facing immense pressure because of the unemployment of people. The termination of an industry at an average caused reduction of four thousand jobs. There was huge pressure from the labor unions to the government regarding unemployment. The impact on the African manufacturing industry by the global economic crisis has resulted in restructuring of the economy and experience serious financial crisis. Finally the global economic crisis has affected the African economy in several sectors. According to reports two third countries of the African continent are affected by the downfall in the price of natural resources. The major decline of the African economy has caused by one ultimate factor which is the reduction in the commodities. The other minor factor like the decline in the foreign investment is also the cause of African economy crisis. RECOMMENDATIONS There are certain recommendations suggested as a consultant of the African union in order to increase the growth of the economy. To start with the recommendation process, it would highlight facts on four features which are observation on the financial structure, reduction of crisis impact on health, revival of the policies in the economic structure and derivative such as bail out policies. We shall discuss the impact of these recommendations on the African System. The major recommendation in the health sector is the prevention of the effects of the economic crisis that has not fully affected the house hold regions. Hence necessary conservative methods should be taken to take care of the adverse effects of the crisis. There must be constant check on the negative effects in the health sector and take necessary actions. Mainly the IMR should be taken care of to a greater extent. Monitoring the growth of infants could help the development in the health sector. There should be constant negotiation within the health organizations and the population. There should be a drastic increase in the investments in the health sector. The African governments should restructure their fiscal budgets for more allowances to the health sector. Most of the developed countries spent 0.7% of their GDP in the health sector for a better healthy environment. The African economy should make better use of the funds provided by the World Bank for effective health climate. T here should be a constant check in the available resources in the health sector and efficient usage of the available resources is recommended. There are several measuring concepts in the current world to measure the expenditure, performance and future projects of a health sector. A better organization can result in better performance in the health sector. The current economic crisis has helped Africa have a view on the current health structure and decide suitable remedies to overcome this deficiency. The crisis has helped Africa have a check on the IMR, poverty, healthy environments, and causes of the diseases. These checks have recommended Africa to invest on certain suitable regions such as food, medicines etc in the health sector and decide what are the gradual steps to be taken to fight against deaths. The use of health care vouchers is proved effective in many parts of the world which should be concerned by the African economy. There must be necessary action taken in the organi zing and implementing of health programs to perform against the negative impacts. Taking severe actions in the prevention of environmental harms that creates health hazards could prove profitable. The communities in each society should take care of these remedies. The crisis has urged the recommendation of implementation of external aids as soon as possible, governments should derive suitable policies for attracting external financing in the health sector. There should be a bonding between the donors in the health sector and the health organizations. There are several African developing countries maintaining this bond. However the suitable remedies cannot assure the protection of the health sector in the future because it is difficult to estimate such reactions. To summarize the integration between the government and the beneficiary partners can always develop the growth of health sector in Africa. There are certain suitable recommendations on the financial structure of Africa for suitable developments. The initial recommendation would be that there should be a strong network of communication between the African finance ministry and senior banking officials to have a check at the financial breakdown of banks, these actions can prevent the bankruptcy of banks. This action could promote the operations of the bank and increase the African regional process to emphasize the growth of small countries taking advantage over larger countries. There must be a day to day surveillance of the finance markets and the changes on exchange rates and stock prices. This could increase the growth of African economy by taking suitable necessary actions to prevent the adverse effects. There could be a design such as when the numbers of exchange rates and stock prices are adverse, defensive actions are taken by the necessary authorities. This could increase the awareness of the government to perform recovery operations. Because of the economy crisis the banks might face a structural damage because of the shortage in the liquidity of cash flow. Hence necessary actions by the government on the banks can regain market confidence of the customers. This action could indeed trigger the operations of industries by lending money and operations in household by lending credit, hence a economic balance is created. The African governments can generate these funds with the help of foreign reserves such as bonds in capital markets. The African economy can reconstruct their finance structure with the help of international finance organizations. So in order to balance the African economy, frequent check on banks and surveillance of the market is necessary. There are certain long term operations which helps the Africa governments in maintaining economic balance. To maintain balance in the economy regulatory policies should be issued by the government on the transparency of operations performed by the banks and their finance system should be supervised regularly. In order to increase further liquidity there should be regulatory operations performed by the African regional organizations. The African banking structure must be able to meet the capital demands, hence regulatory policies should be improved. The African economy must increase their growth such as their banks start to perform FDI operations in other regions. The network can be further strengthened with the help of legal operations, the legal binding operations can lead to development and growth of the financial structure of the banking sector. The bonding between the legal system and the banking system can result in the growth of African economies. There can be necessary actions performed to increase the competition between banks for better performance. Hence with the help of these recommendations the African economies can experience development in the banking sectors. An effective incentive scheme should be announced for corporate to decrease the invo Impact of the Economic Crisis on Countries in Africa Impact of the Economic Crisis on Countries in Africa The aim of this dissertation is to analyze the impact of the global economic crisis in Africa and provide suitable suggestions as a consultant of the African Union The African economy was proceeding towards a splendid reasonable growth towards the beginning of the year 2008 even though many countries in the world were caught between the subprime crises. The African continent was one of the worlds best continent with abundant of resources and gradually developing and recording a reasonable growth in their GDP, before the global economic crisis affected the development of this region. Africa was a frontier in the production of resources with recording a above average growth, experts predicted the present growth rate would lead to the development of African economy as a superior power in the future. However the present decline in the prices of export commodities has resulted in the decline in the government revenues which has affected the GDP of Africa. The major contributors to the development of African economy were the need for resource materials, the reasonable development of china and the increase in the inflow of capital and factors of macro economic rectifications. There was an also major contribution from the migrant remittances which contributed to the reasonable earnings in the household and increase the government revenues in terms of tax. There were many speculations expecting the best out of the potential of Africa in order to produce resources for the growth of the continent and reduce poverty. But there was a close indication of the downfall in the economy in the early 2007 which ultimately was encountered by the African economy in the late 2008. In the world economy when many developed countries were facing recession and crisis, there was severe alteration towards the growth scenario in Africa because of the stagnancy. The majority of the growth contributors of Africa were affected by this crisis. The development in chinas economy declined gradually and there was a downfall in the need for resources and their prices were declining to an extent. Because of the reasonable GDP there was no pressure on the concern of inflation. Certain assurance of added aids was not implemented yet and there was a reduction in the capital inflow. Since the effects were taken care of there were no immediate reactions in Africa due to the economic crisis. However the reduction in the external aid which was not implemented as assured by many developed countries in the G20 started affecting the health sector to a greater extent. To have a detail description of African economic crisis we would discuss the major sectors which have been adversely affected due to recession. To start with there would be an impact in the mining sector, impact in banking sector does not have any major adverse effects, consequences faced by the effects of crisis in finance sector including the commodity markets and international exchange rates, adverse effects on remittances and capital inflows in the trade sectors with the addition of FDI. There were other sectors too such as tourism, manufacturing which had experienced an impact due to the global economic crisis. The under development of the banking sector in Africa is another major concern because the banking sector has failed to derive structures that benefits the economy. The increase in the banking policies with external integration could generate the flow of capital which was not implemented in Africa There were certain positive impacts for the countries importing commodities in Africa, they were benefited a lot from reducing the expenditures. On the entire economy of Africa the sub Saharan region was the most to be affected by the crisis. The ultimate effects of the global economic crisis were the increase in the infant mortality rate, increase in poverty, pressure on government to restructure the fiscal budget, and unemployment. However since there was growth in African economy it could face the immense pressure of Economic crisis. The major countries to experience severe effects by the economic crisis are Nigeria, South Africa, Kenya, Zambia, Egypt which are mostly the sub Saharan Africa regions. The impact of the economic crisis in Africa made many underdeveloped countries to receive international implications on its economy to develop their infrastructure. The international business strategies suitable recovery facts have proved more beneficiaries in the world economies. The suggestion of suitable changes in the physical structure could help in the faster recovery of the economic crisis IMPACTS OF THE GLOBAL ECONOMIC CRISIS ON BANKING The global economic crisis effect in the major developed countries was on the banking sector where many banking corporate collapsed during the crisis. But the African economy did not have any adverse effects on the banking sector because of their less extent of bonding with the world economies. The African economy has a comparatively low external financing compared to other continents of the world, the external financing of Africa only accounts to 4% of the overall volume in the emerging economies. To have a statistical overview the African external financing it only issued bonds worth of six million American dollars and received only three million dollars from private reserves. This comparatively low market capitalization of the world economy has protected the African banking system from severe damages. The African economy did not report any bankruptcy during the global economic crisis because the African banks could manage reasonable returns from the mortgages. There were certain e ffects in the African economy due to the presence of foreign banks with assets in some African countries like Swaziland, Madagascar who suffered major losses due to world financial crisis. But the effects of world economic crisis did not affect the banks progress in Africa, the banking systems dominates the finance sector and the role played by the financial markets are not of greater concern. There is a transmission check of funds borrowed from foreign banks by the government and there is less awareness of off balance sheet procedure to African economy which was the major reasons for the stability of African banking sector. The conversion of many capital resources into foreign assets saved the African economy to avoid exchange rate appreciation. To sum up the impact of global economic crisis did not deliver any adverse effect on the banking sector. IMPACTS OF THE GLOBAL ECONOMIC CRISIS ON THE FINANCIAL STRUCTURE OF AFRICA INTRODUCTION The African continent was not isolated from the financial crisis, to have a deep overview of the financial crisis there were certain adverse effects on the economy because of the badly constructed financial systems. There was a reduction in the earnings in many sectors such as there was a reduction in the need of commodities and also reduction in the commodity prices, There were reduction in capital inflows, the major affected sector will be the export where it will face a reduction of $578 billion in the recent years out of which the oil sector itself will account to $420 billion reduction in the earnings. This loss in the earnings will account to one fifth of the GDP which is five times the avail given to the region. There was an effect of this financial crisis in the growth of the economy and it also increased poverty. To have a deeper analysis of the impact of the financial crisis in Africa let us look at the causes of transmission of the financial crisis and its effect on the in dividual factors of the financial sector. Causes of financial crisis is Africa The major cause of the financial crisis in Africa was the reduction in the prices and amount of the export commodities because of the global financial crisis. There was a prominent reduction in the prices of commodities in the late 2008 such as oil sector faced a downfall of 69% in their prices, because of the decline in the exports up to 45% there was a huge loss faced by the continent, even the other commodities excluding oil accounted to 38% of downfall in their prices. The other major cause of the African financial crisis is the decline in the capital inflow and remittances. These accounted to decline in the foreign exchange which ultimately guided to poverty in the continent due to the shortage in income. The developing countries have always depended on foreign direct investment (FDI) for developing the countys economy and infrastructure. Because of the delays in the assured FDI many projects have been delayed or halted leading to gradual loses. Finally there was downfall in the stocks of the foreign reserves and the reduction in the span of import cover contributed to a larger pressure in the African economy unable to afford the commodities hence causing more crisis. Let us have a broader view of the effects in the African economy due to the causes of the global economic crisis. EFFECTS OF THE FINANCIAL CRISIS IN AFRICA EFFECT ON THE FINANCIAL MARKETS There was a gradual impact in the financial markets because of the subprime crisis. The banking sector did not face any direct impact of the crisis but there were effects due to transmission and dependence on the external economy. There were slight rise in the prices of the assets and the risk premium was increased indicating there was some damage in the finance structure in the early 2008. Because of the transmission and dependency, the liquid finance markets where affected more in this region more than the developed countries and inclined to the over valuing of stocks. If you have a look at the reports from countries like Nigeria and Egypt, they faced a loss of more than half of their investment towards late 2008. Increase in the value of debts in the international finance markets has caused the rise in debt spreads in the African countries. In order to attract the investors the African countries like Tunisia increased their bias points. The bias points of the developing countries mainly in Africa in the international market reached to 800 points in the late 2008, these indeed inclined the risk premium which forced many countries like Kenya to stop imploring from international financial markets and circulate the long term resources to local markets.There was a decline in the foreign exchange reserves because of the depreciation of currencies, this happened due to the decline in the commodity prices. Variations in the currency exchange rate against American dollars and Euros delivered an effect in the African economy. There was a three fifth of drop in the copper prices due to the global economic crisis. Hence African countries were one of the international reserves of copper and they had faced a chief downfall in their foreign reserves. There was about 50% depreciation of the currency of countries like Zambia against American dollars. Africa is one of the main continents with abundant of resources whose exports were one of the major earnings and helped in increasing the growth of economy. There have been decline in the commodity prices and volume all over the world because of the global economy crisis in the late 2008. This crisis inclined certain effects in the African economy, there was a three fifth decline in the prices of the crude oil which was one of the major reserves of Africa. Some of the other major natural resources of Africa such as diamond, copper, timber etc produced by mining declined by 30%, the development in the African export sector declined by 3% and there was a reduction in the GDP was about 3.5% compared to the fiscal year 2008. There were certain adverse effects because of the reduction in commodity prices which resulted in, reduction in the gain, low profit for high production cost resources, decline in government aids and finally the termination of many projects which were supported by FD I incline a huge loss to the African economy. The decline in the price of food commodities resulted in restructuring the government budget and balance of payments. There are certain regions in Africa such as Burundi where the oil is imported would have an positive impact of the reduced prices there are also certain negative impacts in attracting FDI for these countries which would decrease their development. EFFECT OF LONG TERM AND MEDIUM TERM TRANSACTIONS There are certain effects on the trade of goods and services in the world due to the global economic crisis from which Africa is not isolated. According to the reports there is an decrease in the growth of trade in terms of exports and imports, there is a decrease of 5% in the growth of imports and 7% in the growth of exports. Africa will experience a loss of about 45% of its value of exports. The other important effect is due to the capital flow within Africa and the world, there was a decline in the FDI about 21% in the African region towards the end of 2008. This effect has only been described by certain countries is Africa such as Egypt while other countries have increased the FDI such as South Africa. But there was certain adverse effects of FDI in the production of natural resources which was not availed as assured by international markets due to the economic crisis. The effect of short term capital flows is there was a decline about 50% in the capital flow for emerging counties because of the reduction in the availability of financial resources, but the African economy only suffered upto a lesser extent because of the limited bonding between the external financial markets and the African financial markets. IMPACT OF GLOBAL ECONOMIC CRISIS ON SUB SAHARAN AFRICA The major effects of the global economic crisis in the sub Saharan region were the decline in their trade, decline in the remittances, and reduction in external financing. The major problem in the sub Saharan region was their trade was mostly depended on the countries suffered by economic crisis this reduced the demand in the resources exported. The decline in the prices of the primary commodities in sub Saharan Africa accounted to adverse effects in their economies. The government revenues depend on tourist sector for development infrastructure which suffered a major hit during the crisis. The decline in world trade accounted by one percent accounted to half the percent decline in the growth of the sub Saharan region. The prominent causes for the economic crisis in the sub Saharan region was the trade with United States, there was a fifty seven percent decline in the trade between the two regions. The development of the sub Saharan Africa was majorly because of the trade with china, thirteen percent of this regions exports and a comparative ten percent of imports depended on the trade with China. The investors from china were behind the initiative of many projects in the Africa region funded by them. The integration between both the regions decreased after the effect of global economic crisis leading to further impacton the economy of the sub Saharan Africa countries. There was a dramatic decline in the capital inflows in the sub Saharan region compared to other parts of Africa. There was a 26.7% drop in the external investments which accounted to the financial crisis of the economy of many countries. The sub Saharan Africa earned reasonable government revenue from migrant remittances who suffered adverse effects because of redundancy as an effect of the economic crisis, this reduced the government revenues in terms of tax. There were certain assurance given by the developed countries in the G8 committee meeting regarding the increase in the funding to the Afr ican countries which was not implemented due to the economic crisis. Out of the impact of the financial crisis on the entire African continent, Southern Africa will be affected the most. Countries like Angola will experience a dramatic downfall in their growth about 20.9%, the economy growth of east Africa will be affected by 2%, the Sub Saharan region will have difficulties in fiscal balancing. There will be huge responsibilities for the government to structure their budget to meet the social needs of the people in Africa. These are the financial issues experienced by Africa during the Global Economic Crisis. IMPACT OF GLOBAL ECONOMIC CRISIS ON REMITTANCES IN AFRICA The prominent impact of the global economic crisis in Africa was on remittances which indeed resulted in severe harm to the African Economy. Before the economic crisis remittances was one of the modes of earnings in the African economy. Remittances helped in the developing the infrastructure of African Economy and was one of the major sources of external financing.. The remittances of natural resources exporting countries were affected the most, since Africa is one of the prominent exporters of natural resources they faced badly affected by the economic crisis. Remittances in Africa where expected to decline about six percent which could damage the economy of remittance dependent countries. Certain countries in Africa were expecting external financing aid to overcome the decline in remittances. The major regions having effect on remittances are the North African regions whose economy depends on it. CAUSES AND EFFECTS OF DECLINE IN REMMITANCES The remittances in the African economy is prominently transferred in informal terms such as friends and relatives, the formal mode of transmission of remittances in Africa is through the banking system. The major remittance in Africa is the workers remittance, the remittance –GDP ratio for many countries in the African region was at an average of nine percent . these above calculations explains the contribution of remittances in the growth of African economy. The African economy dependence on remittances was comparatively low to other parts of the world. Another spread of remittances was in terms of migrants, Africa countries face 20% of their migration within their continent. Because of the migrants to other continents such as Europe and America which were the worst affected continents of the global economic crisis there was a decline in the remittances. North Africa region was affected the most because they had many migrants in Europe and Middle East which has faced adverse negative impacts in their economy. The countries like Morocco, Tunisia and Algeria had a decline of about seven to nine percent in their remittances because of the larger proportion of migrants from their country in Europe regions affected by the Global economic crisis. This decline in the remittances has produced an impact on the government revenues in Africa, and also affected fiscal structure of the economy. Because of the global economic crisis which leads to the decline of process in the manufacturing industries accounted to job cuts, this situation lead to the decline in remittances. The decline in remittances damaged the better earnings in the households which caused poverty and increased the infant mortality rate. There were some positive impacts due to the increase in remittances in certain regions of Africa such as Kenya because of the decline in the import commodity prices. The major effects of decline in remittances are it decreases the governments revenue in terms of tax. The decline in the revenue can affect the GDP of the economy, and effects on negative growth of GDP increases the IMR. Many countries in Africa such as Ethiopia are about to lose 0.2 to 0.3 percent of their GDP growth. The African country to be majorly affected by the decline in remittances is Morocco, where it faced two to three percent of decline in their GDP growth. The countries in Africa which had immense migration transfer to Europe faced immense damage in their GDP. The ultimate effect on decline in remittances is, redundancy of migrants which will affect their household incomes resulting in poverty. To sum up the ultimate cause of decline in remittances was redundancy of migrants and nationals, decline in the external financing because of economic crisis. Finally the effects of redundancy are decline in house hold incomes, unemployment, and decline in government revenues. THE IMPACT OF GLOBAL ECONOMIC CRISIS ON THE AFRICAN ECONOMY EFFECTS OF GLOBAL ECONOMIC CRISIS IN ECONOMY FACTORS Africa encountered a drastic change in their economy during the economic crisis in the world. Before the economic crisis the African oil exporting countries gained plenty of foreign exchange which they used for projects to develop the infrastructure and repay their debt. During the global economic crisis there was a 60% downfall in the oil prices which had a bad effect on their GDP. The GDP of African countries exporting oil were facing a decline of 5% which had adverse effects on their economy, even oil importers in Africa will face a decline of 2% of their GDP and all these accounted to the decline in the oil revenue. There were several regions in Africa which recorded a positive growth in their GDP despite the decline in the prices of the commodities such as North Africa, Morocco and certain other countries. There will be a total unbalance in the economy of some countries in Africa because of the decline in the exports sector more than the imports, they will face a couple of downf all in a countrys economic structure. Hence the countries will face difficulties to restructure the economy and there would be a reduction in the consumption because of the downfall in revenue. The other effects on the economy of Africa is inflation, this would be a serious problem encountered by the economy of many African countries. The inflation would raise about three percent in the African region because of the decline in the revenue, but the positive impact of the crisis is that there would be a reduction in the commodity prices which might take the pressure on inflation for some reasonable time. The countries which import oil will have a positive impact of reduction in the inflation rate in their economy, but it is the opposite for the countries exporting oil and will face an increase in the rate of inflation. There is certain decline in growth prospects of Africa as an impact of the global economic crisis, despite of not being directly affected by the World financial crisis because of the low bonding with external economies, there was some decline in the growth prospects in the African region. The oil exporters in Africa faced a decline of three percent in growth while the oil importing countries faced a decline of one percent in growth. Developing countries in Africa will face difficulties due to the reduction in the demand of their goods, these effects could halt the Africas development into a superior power. EFFECTS OF GLOBAL ECONOMIC CRISIS ON INDUSTRIES The other key sectors which had a major impact due to the crisis was the tourism sector, they suffered major damages during the global economic crisis. The revenue in the tourism sector was affected badly in the African region making the functions of the sector miserable. There was a decline in the number of arrivals to the countries like Kenya in Africa. The decline in the arrivals accounted to a decline in the profit for airways. The decline in tourism which is one of the governments revenue from the service sector faced many negative impacts, there was considerable amount of loss due to cancellations. Countries like Egypt and Kenya experienced ten to thirty percent fall in their revenue. There was major losses on the mining sector due to the economic crisis, many projects in the African region were terminated or postponed because of the shortage of investments. For instance the decline in the copper prices had halted many projects in the African region in countries like Zambia, th e leading copper mining industries faced one fourth decline in their supplier contracts. Many mining projects were terminated because of the falling copper prices. Other natural resources such as cobalt also faced reduction in their prices which halted operations in certain projects in countries like The Democratic Republic of Congo. There were many employees been laid off because of the termination of the projects, the Democratic Republic of Congo alone recorded two hundred thousand employees dropped. The decline in the price of other natural resources have caused adverse effects on budget, countries like Gabon in Africa experienced negative impacts. The reduction in the price of iron, uranium and bauxite which are one of the major exports in many countries experienced decline in the revenue. Since Africa has been one of the major continent with an abundant wealth of natural resources and the fall in the price of natural resources has made Africa suffer severely which indeed result ed in economic crisis. The textile industry was also not isolated from this economic crisis. Because of the decrease in the demand of textile goods from the African region several industries had to face immediate closure. The countries in Africa were facing immense pressure because of the unemployment of people. The termination of an industry at an average caused reduction of four thousand jobs. There was huge pressure from the labor unions to the government regarding unemployment. The impact on the African manufacturing industry by the global economic crisis has resulted in restructuring of the economy and experience serious financial crisis. Finally the global economic crisis has affected the African economy in several sectors. According to reports two third countries of the African continent are affected by the downfall in the price of natural resources. The major decline of the African economy has caused by one ultimate factor which is the reduction in the commodities. The other minor factor like the decline in the foreign investment is also the cause of African economy crisis. RECOMMENDATIONS There are certain recommendations suggested as a consultant of the African union in order to increase the growth of the economy. To start with the recommendation process, it would highlight facts on four features which are observation on the financial structure, reduction of crisis impact on health, revival of the policies in the economic structure and derivative such as bail out policies. We shall discuss the impact of these recommendations on the African System. The major recommendation in the health sector is the prevention of the effects of the economic crisis that has not fully affected the house hold regions. Hence necessary conservative methods should be taken to take care of the adverse effects of the crisis. There must be constant check on the negative effects in the health sector and take necessary actions. Mainly the IMR should be taken care of to a greater extent. Monitoring the growth of infants could help the development in the health sector. There should be constant negotiation within the health organizations and the population. There should be a drastic increase in the investments in the health sector. The African governments should restructure their fiscal budgets for more allowances to the health sector. Most of the developed countries spent 0.7% of their GDP in the health sector for a better healthy environment. The African economy should make better use of the funds provided by the World Bank for effective health climate. T here should be a constant check in the available resources in the health sector and efficient usage of the available resources is recommended. There are several measuring concepts in the current world to measure the expenditure, performance and future projects of a health sector. A better organization can result in better performance in the health sector. The current economic crisis has helped Africa have a view on the current health structure and decide suitable remedies to overcome this deficiency. The crisis has helped Africa have a check on the IMR, poverty, healthy environments, and causes of the diseases. These checks have recommended Africa to invest on certain suitable regions such as food, medicines etc in the health sector and decide what are the gradual steps to be taken to fight against deaths. The use of health care vouchers is proved effective in many parts of the world which should be concerned by the African economy. There must be necessary action taken in the organi zing and implementing of health programs to perform against the negative impacts. Taking severe actions in the prevention of environmental harms that creates health hazards could prove profitable. The communities in each society should take care of these remedies. The crisis has urged the recommendation of implementation of external aids as soon as possible, governments should derive suitable policies for attracting external financing in the health sector. There should be a bonding between the donors in the health sector and the health organizations. There are several African developing countries maintaining this bond. However the suitable remedies cannot assure the protection of the health sector in the future because it is difficult to estimate such reactions. To summarize the integration between the government and the beneficiary partners can always develop the growth of health sector in Africa. There are certain suitable recommendations on the financial structure of Africa for suitable developments. The initial recommendation would be that there should be a strong network of communication between the African finance ministry and senior banking officials to have a check at the financial breakdown of banks, these actions can prevent the bankruptcy of banks. This action could promote the operations of the bank and increase the African regional process to emphasize the growth of small countries taking advantage over larger countries. There must be a day to day surveillance of the finance markets and the changes on exchange rates and stock prices. This could increase the growth of African economy by taking suitable necessary actions to prevent the adverse effects. There could be a design such as when the numbers of exchange rates and stock prices are adverse, defensive actions are taken by the necessary authorities. This could increase the awareness of the government to perform recovery operations. Because of the economy crisis the banks might face a structural damage because of the shortage in the liquidity of cash flow. Hence necessary actions by the government on the banks can regain market confidence of the customers. This action could indeed trigger the operations of industries by lending money and operations in household by lending credit, hence a economic balance is created. The African governments can generate these funds with the help of foreign reserves such as bonds in capital markets. The African economy can reconstruct their finance structure with the help of international finance organizations. So in order to balance the African economy, frequent check on banks and surveillance of the market is necessary. There are certain long term operations which helps the Africa governments in maintaining economic balance. To maintain balance in the economy regulatory policies should be issued by the government on the transparency of operations performed by the banks and their finance system should be supervised regularly. In order to increase further liquidity there should be regulatory operations performed by the African regional organizations. The African banking structure must be able to meet the capital demands, hence regulatory policies should be improved. The African economy must increase their growth such as their banks start to perform FDI operations in other regions. The network can be further strengthened with the help of legal operations, the legal binding operations can lead to development and growth of the financial structure of the banking sector. The bonding between the legal system and the banking system can result in the growth of African economies. There can be necessary actions performed to increase the competition between banks for better performance. Hence with the help of these recommendations the African economies can experience development in the banking sectors. An effective incentive scheme should be announced for corporate to decrease the invo

Project management synopsis

Project management synopsis Project management ensures that project requirements are met by applying tools, techniques, skills, and knowledge to project activities (or tasks). The fundamental structure of project management is defined by the project stakeholders, which are project sponsor, project team, suppliers, support staff, customers, and users. Other fundamental areas of project management are project management tools and techniques, and project management knowledge areas project integration, scope, time, cost, quality, human resource, communication, procurement and risk management. However, of these knowledge areas the project integration management is most critical because it integrates all other areas of project management. Although, project management primarily ensures that a projects requirements are met by applying tools, technique, skills, and knowledge to project activities (tasks) to meet project requirements, it is also is a group of interrelated processes: initiating, planning, executing and monitoring. Of these three processes, the executing processes require more time and resources, followed by the planning processes. A broader picture of the activities involved in project management is seen in mapping the activities of the process group into the [nine] project areas. Since it is critical for project management to meet project requirements [goals], and satisfy stakeholders, it is equally critical for project managers to identify, understand, and manage relationships with all project stakeholders. Also for a project management to meet requirements, and satisfy stakeholders, project must have a project plan. This project plan must define and confirm project goals and objective, identify tasks and how goals are accomplished, quantify needed resources, determine project cost [budget] and project completion timelines. Apart from defining and confirming project goals, the project plan entails the management and implementation of the project plan, change control operations, ensuring communication of accurate and objective performance information during project life cycle (or phase), and project failure recovery mechanisms where necessary. The concept of triple constraint is very critical to the successful completion or execution of a project. For a project manager to successfully execute a project, by managing triple constraint, the project manager must be able to balance these constraints [goals] scope, time, and cost. Since [most] projects involve changes and balance between these competing goals scope, time, and cost it is very critical for project managers to have strong coping skills. Another important factor in project is quality. Since customers satisfaction invariably depends on the quality standards of a product, it is therefore important for the project manager to consider quality as an added element to the elements of the triple constraints scope, time, and cost when embarking on a project. A successful project manager must simultaneously and effectively manage these four basic interrelated elements -scope, time, cost and quality knowing that quality is an inseparable part in setting the scope, time a nd cost of a project. In order for any project to address all the tasks required to complete the project successfully, the project scope management, which is a critical part of project management, must include processes scope planning, WBS creation, scope definition, scope control and scope verification required to address and accomplish such tasks. Since one of the key reasons why project fail is scope management, it is, therefore, important for a project scope management to have a clear statement, showing project requirements; scope change management, and user involvement. Because most [information] projects do not meet their project time estimates, manage and track the way project activities (or tasks) are scheduled in order to meet project expectations. Project time management is a critical aspect of project management that involves processes activity definition, activity resource estimating, activity duration estimating, activity sequencing, schedule development, and schedule control which are critical to the management of projects in order to meet project schedule, which in turn guarantees a project would stay within the project budget. Cost management is another important and inseparable part of project management. Because cost management is to the effective cost management, project managers must take responsibility of understanding how basic cost concepts, cost control, budgeting and cost estimate are critical to a successful execution of a project (or project phase). Because the quality of a project invariably affects stakeholders satisfaction, it is very critical that project quality management, which involves quality assurance, quality control, and quality planning, is taken very seriously. However, in maintaining quality standard that would satisfy stakeholders needs, that project must conform to specified project requirements, and making sure items (deliverables) that meet such project requirements are delivered. With quality control and planning, specific project results are monitored to ensure that such results conforms to quality standards, and quality standards pertaining to the project are identified and satisfied. Since people are the most valuable assets in any project, it is very important that these assets [people] that are involved in a project are properly managed. Human resource management, which embraces all stakeholders, is a very important part of project management since it directly affects how these resources [people] perform to attain project objectives. When resources are well managed, project responsibilities, roles, and relationships are identified; the personnel needed to work on a given project are assigned to the project; individuals and groups are trained on project management skills to enhance project performance; and project team members performance is tracked, and conflicts and issues are resolved. The importance of communication cannot be undermined when managing projects. Communication is the platform on which any project runs. The failure or success of a project depends on the way all key elements of a project communicate information about that project to each other. With effective project management, which involves information distribution, stakeholder management, communication planning, and performance report, a project manager is able to manage the team members and communicate well with other key elements in a project. Also, with effective communication [interface] management, whereby reports and status updates, changes, and other project issues, that could affect the execution of a project are communicated to the appropriate personnel in a timely manner, project objectives (or goals) would be achieved. However, project managers and team members must understand the importance of creating a good working relationship as project information is communicated. Since the number of communication channels increase with increase in number of people that need to communicate, it is very critical that project managers must develop a good communication and conflict management skills. Like communication, resource, scope, time, cost, risk management is very critical to a successful execution of a project. Since risk management is a process in which what may impact a project negatively or positively, it is important that the project manager has appropriate risk plan in place. With the risk plan, approaches and plans for risk management activities for a particular project are decided. The processes involved in risk management are risk monitoring and control, risk identification, risk management planning, quantitative risk analysis, and qualitative risk analysis. Procurement, which is the aspects of project management that involves obtaining goods and services from outside source or company, includes processes planning purchases and acquisitions, requesting sellers responses, planning contracting, select sellers, administering contracts, and closing contracts that are very important to the health of any project. Plan purchases and acquisitions involves a process whereby items to purchase for a project and when needed is determined. In planning purchases and acquisition, the project manager should be involved since the project manager is practically acquainted with what would be needed for the project. However, in requesting seller responses, list of vendors to consider are identified, and information about their capabilities and prices through vendor proposals and price quotes are received. The list is further narrowed down to a list of companies that meet certain criteria. Plan contracting is another process that involves creating products and services requirements. These products and services are those that are needed for a project execution. The companies or suppliers that would supply these product and services must be identified. Select seller is the process that involves choosing the vendor that meets the criteria set by the company for a particular project. The chosen vendor would provide the product or service that is required for the project. Contract administration is the process that involves managing the relationship with the contracted company. The project manager must work with the vendor, writing and administering the contract, bearing in mind the legal consequences that could occur he does not understand the contract. Contract closure is the process that involves the completion and settlement of all contracts that existed during the project life cycle. The project manager and project team will be involved to ensure the completion of the contracted work and to gather lesson learned during the procurement process. As an IT professional, project management is very critical for IT project execution or completion. The lesson learned from this class is one that would be applied in my future work environment. Planning a project is not for a project manager alone. There are team members, like me, that would be involved in projects that would require me to show what I have learned over the course of this class. I should be able to contribute to the success of any project for which I would be a project team member. Knowing the project knowledge areas and process groups; applying the various project inputs, and adhering to the professional ethical code of conduct, would guarantee a litigation-free and successful project execution.