Budgetary control Essay Example for Free

Budgetary control Essay Nowadays management’s philosophy revolves around the idea of planning. According to McKinsey (1922), chief executives have come to the realization that today’s task can only be properly fulfilled thanks to the meticulous planning of yesterday. The budgetary control framework has been openly accepted and widespread as a tool for management and overall organisation control. Nonetheless, recent evolutions in the managerial sciences have come to jeopardise the reliability of budgeting as an effective method for the control of performance and organisation. The concern of whether budgeting is in fact an apt tool has created mixed views and debate amongst scholars. This essay will aim to evaluate whether budgetary control is concerned primarily with the control of performance, or if it has of late taken on greater importance especially as a more integrative control mechanism for the organisation. In order to do so it will firstly define the meaning of two fundamental concepts such as budget and budgetary control. Secondly it will evaluate the use of budgetary control as a tool for today’s organization. Thirdly it will follow debates and criticisms on its the effectiveness and use and Lastly it will conclude by assessing to what extent budgetary control has become a more integrative control mechanism for organisations. The work of key specialists in management such as Bhimani, Otley, Van der Stede and McWatters, will be drawn on in order to cover the key issues of the discussion. Before commencing on a discussion of budgetary control, it is immanent to clarify and define the two key terms that will be used in this essay: ‘budget’ and ‘budgetary control’. On the one hand, as defined by Bhimani et al. (2008) â€Å"a budget is a quantitative expression of a proposed plan of action by management for future time period and it is an aid to coordination and implementation of the plan†. On the same line McWatters et al. (2008) highlights the importance of budgets as a planning control system for a company, which ‘translate’ organisational objectives into financial terms. Drury (2009) exemplifies the many different purposes that budgets serve, such as: coordinating activities, conveying various arrangements to different responsibility centres, arranging and controlling operations, motivating employees to attain organisational objectives and assessing the execution of managers. According to Johnson (1996), it was in the 1960s that associations started to highly regard the utilization of budgets as tools for performance measurement and the control of managerial objectives. On the other hand, budgetary control is described by Periasamy (2010) as â€Å"a system of controlling costs which includes the preparation of budgets, coordinating the department and establishing responsibilities, comparing actual performance with the budgeted and acting upon results to achieve maximum profitability†. A similar, yet more formal, definition of budgetary control is given by the Chartered Institute of Management Accountants of England and Wales (CIMA): â€Å"the establishment of budgets relating to the responsibilities of executives to the requirement of a policy and the continuous comparison of actual with the budgeted results, either to secure by individual actions the objectives of policy or to provide a basis for its revision†. There are two main purposes of budgets which scholars have identified: planning and controlling. The first purpose, which McWatters et al. (2008) discusses, is that budgets have a fundamental role in undertaking planning decisions. In fact, the integration of budgets into a strategic planning of long term and short-term objectives is crucial to the harmony of the project itself. This claim can be explained by Bhimani et al. (2008) who proposes that, budgets provide a more realistic view on the possible outcomes of investments, which consequently leads managers to adjust their strategic goals accordingly. To put it another way, when a company wants to match its potentials suitably with the prospects of the marketplace, it undertakes a strategic analysis to then set several long-run and short-run goals. On this basis a budget is formulated. However, as stated before, once the budget that has been formulated projects a more realistic view on the strategic objectives, these strategic objectives are then readjusted once again. The second purpose that Emmanuel et al. (1990) discusses is to do with budgets as a form of control and a tool for monitoring a company’s performance. McWatters et al. (2008) describe this function by outlining the idea that budgets are frequently used to assign responsibilities by allocating resources to different managers. A budget may be given with more or less flexibility, for example by assigning a large sum of money for ‘advertising’ to be used at the managers discretion, or by highlighting the different ways that this money should be used. The optional flexibility of budgets allows for a company to give the adequate level of responsibility to its employees and thus the organisation is able to maintain a level of control. McWatters et al. (2008) further elaborates on the function of budgeting for control by suggesting that â€Å"the numbers in a budget are also used as goals to motivate organisational members†. This motivational aspect of budgeting can be explained by Bhimani et al (2008) who states that â€Å"the manner in which a budget is administered can adversely impact on the managers’ behaviour†. A manager must believe that the budget is achievable in order to actively attempt to pursue it, Bhimani et al (2008) adds that through the constraints and goals set by budgeting targets, managers are often motivated to â€Å"effect changes in a forceful way†. The way that a budget is formulated, and the demands and pressures that it targets are key in encouraging the right degree of motivation, â€Å"an enterprise can set a difficult to attain budget in an attempt to motivate good performance. This is because, in practice, budgets that are set up to a certain degree of tightness often become stronger motivators† (Bhimani et al. , 2008). A final point to consider with the role of budgetary control is the function that it plays in enhancing communication within a company. Internal coordination between the steps of production , as well as communication among departments are key aspects for a company’s performance. Dury (2009) states that â€Å"the budget serves as a vehicle through which the actions of the different parts of an organisation can be brought together and reconciled into one common plan†. Hence, hierarchical and inter-departmental communication within the organisation is extremely facilitated thanks to the use of budgets. For instance, considering a multinational corporation that, due to its size, has difficulties in communicating between the production department and the sales department, budgets could in this circumstance be the most operational manner of communicating, as they set common goals between different departments. As it is clear form the paragraphs above, the controlling side of budgets play a stronger role than the planning aspect. An example that instead criticise this view can be found in the strategic planning of investments. Maximising performance of a company can be synonymous for maximising the shareholders value. Akintoye (2008) argues that equality in investment decisions are fairly dependent on the solidity of the budgetary control system, which in turn is key to maximise the company’s shareholders value. Therefore, it is arguable that a weak budgetary control system may be the cause of unprofitable investments and consequently may trigger the loss of shareholders value (Akintoye, 2008). There are many examples that reflect this issue, such as one reported by the European Journal of Economics Finance and Administrative Science where the Coca-Cola Company, with the purpose of differentiating production, failed miserably in their investment on food and wine in that the investment rate of return resulted to be beneath their cost of capital. The tremendous loss of money caused by this investment and other failures of this type grab the attention of scholars, raising questions on the salience of the budgetary control system, as well as whether budgets are mainly used to control or plan organisations. Other criticisms towards budgetary control as a main form of performance control, argue instead that the use of budgetary control in performance management has of late taken on greater importance especially as a more integrative control mechanism for the organisation. This stands on the basis of different points of view of the role that motivation and communication play within a company. Bhimani et al. (2008) argues that current speculation concerning budgetary control systems prescribes two inverse perspectives. From one perspective, there is the view that upholds incremental change to budgetary process in terms of interfacing such forms more closely to operational prerequisites, arranging frameworks, expanding the recurrence of plan amendment and the arrangement of rolling budgets. A second perspective supports the abandoning of the budgetary control system as a method of organisational control, and supplanting it with elective systems to empower firms on their adaptability and adjustability. The second perspective arose because of the consequences caused by the conflictual role of budgets between planning and controlling. To summarize; in planning and settling choices, budgets convey specialised information between different departments and hierarchy of the organisation, whereas for control, budgets serve as benchmarks for performance measurement (Otley, 1978). According to McWatters et al. (2008) if too many boundaries are placed into performance targets, then specialised executives will settle down and stop disclosing accurate predictions of prospected occurrences, and instead rely more on budgeted figures, which ease the achievement of the targets. A clear example of this conflict is given by the marketing sector. Salespeople according to McWatters et al. (2008) are usually very specialised and can very well forecast future sales. Their predictions are very important to settle the amount of goods to be produced. Inasmuch budgetary control of sales takes place at the end of the year, and it is used as a tool to evaluate performance. Salespeople are reasonably incentivised to under-forecast future sales in order to assure a positive evaluation of their performance. Nevertheless this behaviour induces the company to have higher production costs, creating counterproductive results. However, this behavioural theory is contrasted by Van der Stede (2000) in his study on the relationship between two consequences of budgetary control: slack creation and managerial short-term orientation. In his experiment he attempts to find the relationship between rigid budgetary control and slack creation, where he defines slack as the action by business unit managers that leads them to â€Å"†¦ exploit their position of superior knowledge about business possibilities vis-a-vis corporate management to get performance targets that are deliberately lower than their best guess forecast about the future† (lukka, 1988). Van der Stede’s (2008) statistical correlation showed in fact that rigid budget control reduced slack. To strengthen his view, Bhimani et al. (2008) states that â€Å"budgeted performance measures can overcome two keys limitations of using past performance as basis for judging actual result†, meaning that, not only budgetary control is a good â€Å"judge† of performance, but it also develops better aspects in comparison to other evaluation techniques. In conclusion, this essay has highlighted the role of budgetary control and it’s functions in terms of planning the organisational control of a company, as well as its role in performance management. Motivation and communication are both key aspects in the management of performance, and both of these functions are met through the system of budgetary control, either by setting achievable incentives, or by providing the necessary requirements to improve communications within a company. Having underlined the role of budgetary control as an enhancer of performance management, it is clear to see how it has become a key mechanism for the integrative control of an organisation. Nonetheless, this essay has outlined some of the key disputes of the reliability and effectiveness of budgetary control as an adequate method of performance management. An example of this is highlighted by the fact that when managers are given strict budgeting figures, they sometimes deem the goals to be too easily achieved, and hence give a lesser input of motivation. Despite the many critics of budgetary control as a tool for the organisation of a company, scholars such as Van der Stede (2000) and Bhimani et al. (2008) have confidently stated that when a budget is set correctly, it can significantly improve an organisations performance, including the integrative function within a company; and is in fact a more effective tool than other existing methods of control.

Insulation :: essays research papers fc

Before we look at insulation we must see how thermal energy moves. There are three ways it moves. The first is by conduction. Conduction is the transfer of energy by direct contact of particles. Heat spreads through out an object till the object is the same all the way around. (Physical Science section 6.1, page 1) This happens because all particles vibrate unless in an absolute zero situation. These more violently moving particles hit each other. Eventually these particles will vibrate at the same speed. Conduction takes place in all the states of matter. Solids conduct heat better then liquids or gases because the particles are more tightly packed. Solids, such as metals are good conductors of heat. Insulators are not good conductors of heat. (Physical Science section 6.1, page 1) The second way thermal energy travels is through convection. This is the transfer of thermal energy through the bulk movement of matter. This only happens in liquids and gases. As a gas or liquid gets lighter it expands and thus is less dense. It then rises and you get currents. This is how there are ocean currents and air currents(Physical Science section 6.1, page 1). The third way is by radiation. This is the transfer of thermal energy through waves. This radiant energy is given of in waves by one object and is absorbed by another and changes into thermal energy. Lighter colors reflect radiant energy while dark colors absorb it. All objects that are warmer then absolute zero emit radiant energy. (Physical Science section 6.1, page 1 and 2) Insulation does not allow heat to travel through it easily. This is why they are not good conductors of heat. Insulation uses trapped air pockets to make it hard for heat to flow through. There are three basic types of insulation: fibrous, cellular, and granular insulation. Fibrous insulation is made up of tiny diameter fibers which finely divide the air space. The fibers can be perpendicular or horizontal to the object being insulated. They may not be, however, bonded together. Silca, rock wool, and alumina silca fibers are used. The most common and widely used are fiber glass and mineral wool insulation. (Swales) Cellular insulation is composed of small individual cells of air completely divided from each other. The cellular material that may be used are glass or foamed plastic such as polystyrene, polyurethane, and elastomeric. (NIA) Granular insulation is composed of little nodules which contain hollow spaces.

Film Analysis: “The Help”

Vickie Intro To Communications Dr. Nikki Hodgson March 25, 2013 Film Analysis â€Å"The Help† How did people use non-verbals to communicate their status and identities in The Help? (e. g. : artifacts used by wealthy/poor, language tones/volume, dress codes, appearance, rituals, etc. ) The lines between black and white are clearly delineated by more than color in this film.While the socialite white women, even on routine days for mundane activities, dress in pretty pressed dresses, manicured nails, stiffly styled hair, and nice jewelry (reminds me of June Cleaver), the maids must wear identical uniforms, have severe hairstyles, and little or no jewelry. Their greatest possession is the purse they carry†¦ this seems to be of great importance, especially to Yule Mae when she is arrested. The maids are disallowed to speak in company unless it involves serving of some kind and must always address white folks with â€Å"sir†, â€Å"ma’am†, or â€Å"missâ⠂¬ .The maids must submit to white authority in all things (for fear of job loss or worse) and keep their voices low and calm in order to avoid tension or stress. And sassing (verbal and nonverbal) is a punishable offense as seen when Minny uses Hilly’s bathroom during the storm. Hilly could not care less about Minny’s safety in going outside during the dangerous storm, but rather is more concerned about how â€Å"clean† her toilet remains. There are many facial expressions and body postures that convey status/identity as well as artifacts.Hilly’s consistently raised chin and haughty expression mark her as quite self-important and the self-appointed leader of the socialites. Conversely, the maids (with the exception of Minny) keep their eyes down, if not their heads, hands to their sides, unless working, and maintain a social distance (more than 4 or 5 feet) from white people. Skeeter and Celia are the two white exceptions since they both accept the blac k women as equals and treat them with respect and kindness. Can prejudice and discrimination be expressed nonverbally? How? Provide examples from The Help when prejudice and discrimination was expressed nonverbally.One of the physical ways used in this movie to express prejudice is the use of hand gestures by Hilly. She flicks her hand in an upward motion when she orders Minny to cut a slice of pie for Mrs. Walters. The wicked facial expression indicates her hate of the black woman, especially because of her refusal to obey an order. There were several instances when Skeeter was speaking with one of the maids and one of the Junior League women caught her that they reflected their disapproval and distaste for so personal an interaction between a white and a black person.A painful expression is worn by Aibileen as she is forced to overhear Hilly’s insulting speech about the need for separate bathrooms. Not only does the hurt show on Aibileen’s face but she also hides in the hallway rather than have to be present during the conversation, as if she should be ashamed of her skin. Another example, this one involving white rejecting white, is when Celia shows up at Elizabeth’s during the bridge club luncheon. Not only do they refuse to answer the door but make a half-hearted attempt to hide from her when she comes to the window.They are giggling, covering their mouths with their fingers (as if this is a grand joke or oh, so cute), and you can overhear rude remarks about her desperation and obvious lack of social etiquette. One last example was in the grocery store at the end of the movie. Aibileen and Minny are shopping, walking down the aisle side by side with their carts. However, when a white woman approaches Aibileen it is made clear that she is to move aside and let the white woman pass, which she does with an apologetic look and hanging of her head (as if she were ashamed for having been in the way).Give me an example of someone in The Help whose nonverbal behavior was insulting, ridiculing, or demeaning to others. Which character was not insulting or demeaning to others? Explain. There are more variations of prejudice in this movie than just between races. One of the painful moments, at least for me, was when Celia Foote shows up, uninvited, to the bridge club luncheon at Elizabeths house. Pie in hand, she is hoping to make friends and finally be included in the social circle of Jackson.However, at Hilly’s urging, the entire group â€Å"hides† and is â€Å"shushed† in a poor attempt to evade Celia, who is considered an outcast because of where she came from and how she grew up (poor). Celia’s face, when she realizes what is happening, is painful to see and as she comes up out of the flower bed, her short attempt to be brave dissolves into tears. I believe where Celia came from and how she grew up gives her a greater compassion and understanding of the maids’ lives.She seems childlik e in her acceptance of them and is ignorant of â€Å"proper social etiquette†. She simply takes them as they are, respects them as human beings and fellow women, and bestows care and affection generously. She is also open-minded concerning Hilly’s behavior and tries to shed a kinder light on why there is conflict between them, even after the luncheon debacle. Have you ever made a prejudgement about someone because of their nonverbals? If so, provide an example. Anyone who says they have never prejudged another person is lying.It is, unfortunately, in our nature to judge others, especially when we think we are better than they are. Most of the time we are wrong, but, once in awhile, we get it right. I was hired at The Home Depot in Kansas several years ago as a cashier. Shortly after I finished my training and was put on the register another woman, about my age, came out of training and joined me up front. She, like me, was an extrovert and seemed happy and friendly, co axing confidences out of all of us. Particularly me, since we shared (or at least I thought we did) a common faith.It wasn’t until later that I found out she was not only cheating on a husband and using a boyfriend for free shelter and food, she was also a liar and a backstabber. She had been telling others things we had shared in confidence, with a little embellishment for good measure. My mistake was giving her credit for being a good person because of her clean appearance, she was well-dressed and accessorized, she had a winning smile and bubbly laughter, and seemed so open with her life and beliefs. She cemented these nonverbals with proclamations of sincerity and Christian values.I suffered some very embarrassing moments over my misjudgment. Have you ever had a negative nonverbal experience? Tell me about it. It was Wednesday choir practice and I was sitting with the director’s wife on the front row waiting for rehearsal to begin. Her husband was on stage arrangin g his music and making small talk with us. I responded to one of his quips with a â€Å"cute†, and I though humorous, quip of my own. I found out immediately that she didn’t appreciate my comment and perceived it as a â€Å"territorial dispute† (him being the territory! when she stomped on my foot with extreme force (I limped for a couple days) and growled in my face, â€Å"He’s mine! † I was stunned and I’m sure it registered on my face. However, she was unapologetic and stomped away. I was mortified since we were not the only people in the auditorium. Clearly, she communicated her anger, resentment, disgust, and an unspoken threat to keep my hands off her property (since I didn’t like him, my thought was she’d be the only one who’d have him anyway). Explain the differences in the usage of proximity between the two cultures in the movie.While the white socialites observed white rules of space (hugging, sitting close, to uching, etc, though it is stiff and emotionless) the blacks were not allowed to engage white people this way. There was a social distance maintained, unless children were involved. The maids would stand a distance of more than 4 or 5 feet away from white people and wait to be commanded. It was rather humorous to me that the white women didn’t want the maids to touch their utensils, cups, dishes, skin, toilets, etc. ut were entirely at peace with them cooking (handling food), laundering (the clothes touched by blacks then touched their bodies), and mothering the children. Even when Skeeter goes to Aibileen’s own house, Aibileen has a difficult time sitting in Skeeter’s presence (she finally ends up sitting on the arm of a chair, the furthest place away from Skeeter) and, for a time, continues to act as if she’s waiting on the white woman. As we see the intimate times in Aibie’s house between she, Skeeter, and Minny, it becomes clear that the black p eople share space much more than whites do.They touch one another, hug firmly (as opposed to a light, meaningless embrace), laugh loudly, and have much more passion in life than their white employers. Define culture shock. The friendships created between Skeeter, Aibileen, and Minny broke societal rules during the 1960’s in Mississippi. How did people react when the secret friendships were revealed? Did people experience culture shock? Explain. Culture shock is the feeling of disorientation experienced by someone who is suddenly subjected to an unfamiliar culture, way of life, or set of attitudes.There was an uproar, socially, about Skeeter’s relationship with the two maids. People were incensed that she would debase herself, her family, and her race in this way (by fraternizing with â€Å"the enemy†). However, as people began to read the book, I believe they were faced with the choice of what to do with this knowledge. The stories in the book revealed the truth about what happens behind the scenes to the black women that serve white families and raise white children. Many of these stories, I’m sure, were ugly, painful, and humiliating.Once everyone knows the truth, each person must choose how to deal with that truth. This creates a type of culture shock. Some, like Skeeter’s mama, chose to support her and confess fault. Others, like Stuart, openly denied the truth or validity of Skeeter’s stance and ended their relationship. Hilly is very obviously divided within herself when Aibileen asks her, â€Å"Aren’t you tired Miss Hilly? Aren’t you tired? † I think she meant tired of holding on to an outdated way of thinking, fighting the tides of change, and being such a sad, lonely, mean person. 8. How did Skeeter deal with cultural tension between both cultures? Provide an example. a. Skeeter started out the same way all the other young women did. The daughter of wealthy, respectable white families, and raised by a black nanny/maid. Upon arriving home from college, she integrates herself back into society by attending the various meeting, luncheons, and bridge club dates. However, as she sees and hears the ugly, supremacist treatment of The Help, she begins to bite back at her friends, though small at first.The initial example of this is at bridge club when Hilly is discussing her ‘Home Health Sanitation Initiative’ and Skeeter finally busts out with, â€Å"Maybe we should build YOU a bathroom outside, Hilly! † As her incense grows, Skeeter begins to form friendships with the maids Aibileen and Minny in a hope to write a book and thereby, maybe, right a wrong. She lies about her conversation in the kitchen with Yule Mae and intentionally plays a joke on Hilly with the toilets on the lawn. These are Skeeter’s little ways of dealing with the racial situation she finds herself in.I was a bit disappointed in the indirect ways she chose to â€Å"voice† her disapproval but it was a dangerous time for black sympathizers as well as the blacks themselves. 9. Did the more powerful societal group in The Help establish the rules for communication? How? a. The power group, the white women, certainly set the rules on how, when, where, and to whom the maids could interact. Fear was the crux of their power. The maids chafed under the supreme rule of the white yet they were powerless to do anything about it or they would lose their jobs and be blacklisted. Or worse, imprisoned or killed.Because of white supremacy sentiments and Jim Crow laws, blacks could be mob-lynched (killed by hanging or dragging) for the smallest of infractions, even if they were imagined. So, the black women only voiced their feelings to one another, in private, and even then they whispered. Otherwise, they kept their heads down, did their work, and tolerated the abuse. Times have changed how we communicate with others. How can you improve your intercultural communicat ion skills? Provide examples. a. One of the biggest obstacles to accepting and positively interacting with an other person is a closed-minded attitude.We must first be willing to accept the fact that our own way of thinking, believing, and doing things is not the only right way. So, an open-minded approach is always best when communicating with others. Another way to hone good skills is to look for ways to positively interact with others, especially those with whom you do not share a common culture. Volunteer work, random acts of kindness, being openly friendly, making eye contact, smiling, and even attempts at vocal niceties can open many avenues to deeper, more meaningful experiences.Get involved with the community. I had many opportunities to interact with Hispanic people during spring break while volunteering at the Parks & Recreation Center. One other thing that occurred to me (and has for some time) is to learn their language. This can be applied to more than just a foreign la nguage, like Spanish. A language can be any nonverbal code (touch, time, distance, body language, artifacts), dialect, or jargon. All of these can give valuable information in order to communicate more effectively and with respect and equality.

Sickle Anemia And Its Effects - 2748 Words

First of all what is sickle anemia? It’s a disorder that is affects your blood cells and hemoglobin which is a molecule that is in your red blood cells that delivers oxygen to the cells and throughout your entire body. When people realise that they have sickle cell is when they have the following symptoms, chest pain problems and difficulty breathing, strokes, joint pain, arthritis and severe infections. People are diagnosed with sickle anemia at a very young age people get from their parents if both parents have a genetic gene of sickle then, more likely their offspring will have the disease it s a very popular and common disease it affects millions of people worldwide the most common type of people who do get sickle cell anemia more than any other is African Americans because the disease is mostly in Africa and the Mediterranean countries such as Greece, Turkey, and Italy. In the United States the diseases affects more than, 70,000 to 80,000 american people and 1 and 500 Afr ican Americans and 1 in 1,000 to 1,400 Hispanic Americans have the disease already inside of their body what type of gene is making them have sickle cell that would the HBB gene is what causes sickle cell anemia. Why is it called sickle cell anemia because the hemoglobin is shape like a ‘S’ shape or it can be called a sickle instead of a normal round red cell some scientists think that the disease might be with the deadly disease of malaria because since it is common in Africa when the peopleShow MoreRelatedSickle : Anemia And Its Effect On Today s Time2423 Words   |  10 PagesSickle -cell anemia is a very important subject to touch on in today’s time because many people honestly do not know what this is. Sickle -cell anemia is a severe hereditary form of anemia in which a mutated form of hemoglobin distorts the red blood cells into a crescent shape at low oxygen levels (SCDAA par .1). Also it is one of the most common diseases in the African American race. T here are other races that this particular disease would show up in such as the Hispanics, and people of the SouthRead MoreWhat Is Mutation? What Is a Gene Mutation? Discuss Sickle Cell Anemia (Its Cause, Effect, and Treatment) B) What Are Mutagens and Their Effects? C) What Is Genetic Counseling? Discuss the Advantages and Disadvantages of This Procedure.873 Words   |  4 Pagescalled mosaicism. Sickle cell disease is an inherited condition that is most common among people whose ancestors come from Africa, the Middle East, the Mediterranean basin, and India. In the U.S., it affects primarily African Americans, about 0.3% who have some form of sickle cell disease, and approximately 10% of whom carry the sickle cell trait. There are approximately 80,000 individuals in the United States with sickle cell disease. The red blood cells of people with sickle cell disease containRead MoreSickle Cell And Its Effect On Children986 Words   |  4 Pagessick at a young age. Sickle cell could affect anyone. I was still so young so I had so many questions answers that I still want to know the answer to. Why did sickle cell kill my cousin? With this research paper, I plan to answer these questions that I have been having for so many years. So what exactly is Sickle Cell Anemia? Sickle cell is an inherited blood disorder that affects red blood cells due to the presence of an abnormal form of hemoglobin, namely hemoglobin S. Sickle cell has a lot to doRead MoreSickle Cell Anemi Is The Most Common Inherited Blood Disorder? Essay1636 Words   |  7 PagesSickle Cell Anemia is a group of disorders that cause red blood cells to become misshapen and break down. Sickle Cell Anemia affects many people all over the world; Sickle cell disease  is the most common inherited blood disorder in the United States, affecting 70,000 to 80,000 Americans (Ashley-Koch, Yang and Olney). Sickle Cell Anemia causes your red blood cells to be thin, stiff, and shaped like a sickle. But your red blood cells are supposed to be round and soft. When a person is diagnosed withRead MoreTreatment Of Sickle Cell Anemia Essay1654 Words   |  7 PagesTreatment Sickle Cell Anemia is a group of disorders that cause red blood cells to become misshapen and break down. Sickle cell disease  is the most common inherited blood disorder in the United States, affecting 70,000 to 80,000 Americans (Ashley-Koch, Yang and Olney). Sickle Cell Anemia causes your red blood cells to be thin, stiff, and shaped like a sickle. But your red blood cells are supposed to be round and soft. A person that is diagnosed with sickle cell anemia, their blood cells start toRead More Discovering Sicke Cell Anemia Essay1320 Words   |  6 PagesSicke Cell Anemia The topic that I am learning about is Sickle Cell Anemia, a hereditary disease which affects red blood cells. Throughout this research paper, I will discuss what exactly it is, how it is caused, any known treatments or cures, and many other facts that are important in this disease. Sickle Cell Anemia is a health problem throughout the world. More than 250,000 babies are born worldwide with this inherited blood cell disorder (http://www.medaccess.com/h_child/sickle/sca_01.htm)Read MoreSickle Cell Anemia Is The Most Common Form Of The Disease1108 Words   |  5 PagesSickle Cell Anemia is a genetic disorder dealing with the hemoglobin within the red blood cells the individual has hemoglobin S (1). This causes the red blood cell to become gelatinous when deoxygenated (2). The Sickle Cell gene needs to be inhered from both of the parents; otherwise the individual will only carry the Sickle Cell trait. If the sickle cell trait is carried by an individual they can be asymptomatic. This individual can, however, transfer the gene abnormality to any offspring that theyRead MorePrevalence Of Sickle Cell Anemia1639 Words   |  7 PagesEzeocha PREVALENCE OF SICKLE CELL ANEMIA IN THE UNITED STATES OF AMERICA According to Sickle Cell Disease American Association sickle cell anemia defined as an inherited blood disorder that alters red blood cells. Patients with sickle cell disease have their red blood cells contaminated with an abnormal kind of hemoglobin called the Hemoglobin S. The National Institute of Health (NIH), reports that this anomalous behaviour of the hemoglobin S reduces the red blood cell into a sickle shape which becomesRead MoreSingle Nucleotide Polymorphisms And The Causes And Effects Of Valina768 Words   |  4 Pagesthere is a difference in a gene expression. Sickle cell anemia is an example of a consequence of an SNPs. In the article, â€Å"Sickle Cell Anemia†, the author states the â€Å"sickle cell hemoglobin (Hb S) is formed when the amino acid valine is substituted for glutamic acid at the sixth position of the ÃŽ ² chain; this is the result of a point mutation in the gene coding for ÃŽ ² globin synthesis† (Lonergan, 2001). Although this substitution is very simple, the effects are far-reaching in the hemoglobin interactionsRead MoreSickle Cell Anemia ( Sca )1516 Words   |  7 PagesSickle cell anemia (SCA) is an inherited blood disease which causes normal, round, healthy red blood cells to transform into sickle-shaped cells. Normal red blood cells are flexible and can easily pass through capillaries to bring oxygen to different parts of the body. However, sickle cells are fragile, and can easily die, leading to anemia (red blood cell deficiency). SCA can also cause blood vessel occlusion (blockage of blood vessels), tissue infarctions (death due to lack of oxygen), bone, joint

The Iron Curtain Of Berlin Wall - Free Essay Example

Sample details Pages: 3 Words: 996 Downloads: 6 Date added: 2019/05/07 Category History Essay Level High school Tags: Berlin Wall Essay Did you like this example? For thirty years, an iron curtain was placed across Germany separating East and West Germany. This iron curtain was called the Berlin Wall. This wall not only separated families and friends but it was the cause of East Germanys loss of freedom and democracy. The Berlin Wall was a symbol of communism and oppression, but the fall of it would lead to a new world of freedom and opportunities. The creation of the wall, the reasons on which it was built upon and the impact of the wall had on the world are all important factors to be explored. World War II, also known as the Second World War, was a War which involved almost every part of the World. It was a conflict between the Allies and the Axis powers. The Allies consisted of Great Britain, the Soviet Union, The United States and China while the Axis consisted of Germany, Japan and Italy. World War II ended in the mid 1940s after the surrender of the Axis powers. A conference was held in Potsdam, Germany to set up peace treaties. Also at this conference, the countries that fought with Hitler were punished as well as Germany itself. Germanys primary punishment was the reduction of the size of their nation and the division of German Territory between the Allied powers to ensure proper reconstruction of Germany into democratic power(history.com). Don’t waste time! Our writers will create an original "The Iron Curtain Of Berlin Wall" essay for you Create order The Soviet Union had other plans to punish Germany. They also starved and caused poverty in West Berlin in what is known as the German blockade to get the U.S and other western allies out of the city. The U.S. did not retaliate. Instead they airlifted supplies to West Berlin such food, fuel and other goods. Unable to push the allies out, dictator Joseph Stalin ended the blockade. In 1958, tensions were raised again. Many refugees were fleeing East Berlin to West Berlin due to the communist government they were experiencing. Most of these refugees were skilled workers. Summits, conferences and other negotiations were set up but refugees were still escaping. In just one day, August 12, 1961, about 2,400 people fled from East to West. So, that night Premier Khrushchev ordered the East German government to stop any one trying to leave. Two weeks later a makeshift barbed wire and concrete block wall was built by police workers, East German army and others. This became known as the Berlin Wall. It would have divided Germany for several years and be the result of a growing tension between two superpowers, the US and the USSR. Before the wall, it was possible to travel the East-West border. There were even train and subway lines to take. There were three checkpoints at the wall which each had East German soldiers to check you before allowing you to pass. It was rare that they would allow them to cross. Overtime, the wall was replaced by a tall, thick mass of concrete with an enormous pipe on top. It was nearly impossible to climb over. However, from 1961 to 1989, more than 5,000 East Germans managed to pass the border. The people were going through great measures to make it over the wall and challenged their intelligence to do so. One man threw a hammer and a line from the roof of a building, pulled a cable, and with his wife and son, slid down it in a homemade chair lift to safety on the other side. (Mirabile 11). The Eastern Germans who had been oppressing their people began to notice a decline in their economy as Eastern Berliners fled to the west. Walter Ulbricht stated that they needed to do something about it. The people had heard about the idea of a wall being put up. On the 15th of June 1961, Ulbricht spoke at an international press conference No one has the intention of creating a wall but obviously this was false considering on August 13, 1961 the wall was built. West berliners did not agree with the wall just as much as the people of East Berlin. They were led by their Mayor Willy Brandt who criticized the United States for not responding. When the leaders of East Berlin suggested their decision to close off East Berlin, the U.S. only saw the idea as a way of trying to stabilize the city. Both we and West Germans consider it to our long-range advantage that potential refugees remain [in] East Germany. But soon Americans discovered the severity of the wall and went from them being bystanders to activists. The wall was not only stopping refugees leaving East Berlin but was also preventing the economic links between East and West Berlin. Their disagreement led to the Cold War. All free men, wherever they may live, are citizens of Berlin, and, therefore, as a free man, I take pride in the words, Ich bin ein Berliner (Famous Quotes). The fall of the Berlin Wall was brought about by the ending of the Cold War. The Cold War began to end in the mid1980s following the Arms Race. The Soviet Union and the other communist powers were beginning to weaken and the new leaders were more reasonable and willing to make a deal. The democratic powers took advantage of their weakness to manipulate their leader Mr. Gorbachev to destroy the Berlin Wall and begin the reconstruction of Europe. Ronald Reagan stated Mr Gorbachev open this gate! Mr Gorbachev, tear down this wall! beginning a new Europe, uniting families, and promoting democracy. The fall of the Soviet Union is greatly due to President Reagan and his policy known as Reaganomics. Its domestic changes were an attempt to weaken the Soviets in the Arms Race. Reagans plan to win the cold war was to bankrupt the Soviets before they could defeat the United States. The policies ended the Cold War then making it possible to demand the freedom of the East Berliners. The Soviets were in a weak position having no choice but to submit to the Democratic Nations.

Ludwig Van Beethoven And His Influence On Classical Music

Ludwig van Beethoven is a revered figure in the history of classical music in today’s world. Born in Bonn, Germany, he underwent strict guidance from his father who aspired to mold him into the next generation â€Å"Mozart.† Sailing through the tides of social, political and cultural revolution, Beethoven became a renowned composer and rose in ranks in the history of classical music. Although succumbed to deafness in his later years, Beethoven had left behind a phenomenon legacy which took the stage of classical music. Moving on from the early 18th century, his works were venerated by many composers and musicians, and till date, his name still tops the lists in the field of classical composition. Not only expanding on his own classical style, Beethoven also highly influenced subsequent generations of classical music, such as the juxtaposition of chords and the expansion of orchestra size. Above all achievements, Beethoven had established such a classical music elitis m that he represents a firm benchmark for classical music. Composers and musicians idolized Beethoven, so much that their humble veneration made him seemed unsurpassable. That veneration had also transformed Beethoven into a â€Å"singularity† that is studied extensively and his works played repeatedly, creating a stationary progression. Consequently, this veneration might stifle the future generation by excluding them of their individuality. However, Beethoven might be at the â€Å"zenith† but his works only paved one ofShow MoreRelatedLudwig Van Beethoven, One of the Greatest Composers of the Roomantic Period1099 Words   |  4 PagesThe Life of Ludwig van Beethoven Multitudes of music books recount the life of Ludwig van Beethoven and his contributions to music. 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Ppi and the Big Mac Index Free Essays

Estimating the Purchasing Power Parity (PPP) of currencies using the Big Mac Indexâ„ ¢ Table of Contents 1. Introduction 2. Purchasing Power Parity and Theory of one Price 3. We will write a custom essay sample on Ppi and the Big Mac Index or any similar topic only for you Order Now Over/Under Valuation of currencies against the Dollar 5. Comparative analysis of the most overvalued to the most undervalued 6. Observation and Alternative indexes 7. Limitations 8. Appendix INTRODUCTION Purchasing power parity (PPP) is an important and critical topic in international economics. It arises when the purchasing power of an amount of money is the same in different countries. This is when prices of two different countries are converted to a common currency. The idea is based on the law of one price, where in the absence of official trade restrictions, similar goods will have the same price in different markets, with the prices being expressed in the same (common) currency. Deviations from parity infer differences in purchasing power of goods across countries, which means that for the purposes of many international comparisons, countries’ GDPs or other national income statistics need to be â€Å"PPP adjusted† and converted into common units. There can be a huge difference when adjusted by purchasing power and when converted via market exchange rates. For ex:- If calculated at nominal exchange rates, India has the tenth largest economy while adjusting by PPP, India has the fourth largest economy. Thus, to remove this discrepancy, a common currency of measurement is highly essential. The Big Mac Index is an example of a measure of law of one price. It refers to the prices of a Big Mac burger in McDonald’s restaurants in different countries. It helps in determining whether a currency is undervalued or overvalued and thus accordingly gives an idea about the direction in which currencies should move. The Big Mac was selected because it is available for a common purpose in many countries around the world as local McDonald’s franchisees have significant responsibility for converting input prices(at least in theory). The Big Mac Index is useful because it is based on a very well-known food item whose final price can be easily tracked in many countries. PPP and the Theory of One Price The One-Price Theory The theory of PPP and One price go hand in hand. It is imperative to understand the implication of â€Å"One Price† to understand the Purchase Power Parity as it is based on that. The Law of One Price proposes that if a gadget costs $2 in USA and the same gadget costs Rs 5 in India , then the exchange rate should be 2/5 = 0. 40 for the real prices to be same in both the countries. Let us denote it empirically as Price of a good in one country A be X and Price of the same good in some other country B is X* , then equalization of both the prices can be done using exchange rate denoted by the formula Exchange Rate = X/X* Suppose in the above example where the exchange rate is calculated to be 0. 4, increases to 0. 6, and then the same gadget would cost Rs 8. 33 in India. This would result in the inflow of gadgets to India from USA causing increase in the demand of dollars and increase in supply of Rupees. Law of One Price (LoOP) It states that identical goods should sell at same price in two different markets when there are no transportation costs and no differential taxes applied in two markets One Price Theory and PPP While this concept of one –price here in the example is being applied to one commodity, it can be applied universally to all other commodities in market as well. The Big Mac burger is one of the brightest examples of the application of One-Price to a commodity. It looks at the price of a big Mac burger across different countries. This way Purchase Power Parity applies not just to a single commodity but on general price level. This way we can universally derive a relation of One-Price theory and Purchase Power Parity. The Big Mac was created by Jim Delligatti in the year 1967 and introduced throughout the US in 1968. The Big Mac is now available in around 120 countries around the world and its composition is generally the same throughout – two all beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun. Since beef is not consumed in India, a special Mac known as the â€Å"Maharaja Mac† can be found with chicken patties replacing beef patties. In Islamic countries the Big Mac is made with Halal beef and in Israel it is made with Kosher beef. The price of a Big Mac in US is calculated by the average of 4 cities – Atlanta, New York, Chicago and San Francisco. The price of Big Mac in Euro area is calculated by the weighted average of prices in Euro area. The Big Mac considered in India is the Maharaja Mac. Country| Big Mac Price| Implied PPP rate +| Today’s| Over(+) / Under(-) Valuation against the USD, % ++| | | | Exchange Rate| | in Local Currency| in US dollars| | 1 USD =| | US| $ 4. 07| 4. 07| —| 1| —| Argentina| Peso 20. 0| 4. 4153463| 4. 92| 4. 530| 8. 6175| Australia| A$ 4. 56| 4. 6373416| 1. 12| 0. 983| 13. 8996| Brazil| Real 9. 50| 5. 2511951| 2. 34| 1. 809| 29. 3452| Britain| ? 2. 39| 3. 7447139| 0. 59| 0. 638| -7. 5573| Canada| C$ 4. 73| 4. 6363004| 1. 16| 1. 020| 13. 7021| Chile| Peso 1850| 3. 6281104| 455| 509. 907| -10. 7681| China| Yuan 14. 7| 2. 3129209| 3. 6| 6. 356| -43. 3570| Colombia| Peso 8400| 4. 326| 2066| 1941. 748| 6. 3990| Czech Republic| Koruna 69. 3| 3. 6412205| 17. 1| 19. 32| -10. 1517| Denmark| DK 28. 5| 5. 1401734| 7. 01| 5. 545| 26. 4302| Egypt| Pound 14. 1| 2. 3477628| 3. 47| 6. 006| -42. 2217| Euro area| Euro 3. 44| 4. 6013727| 1. 18| 0. 748| 57. 8378| Hong Kong| HK$ 15. 1| 1. 9404672| 3. 71| 7. 782| -52. 3236| Hungary| Forint 760| 3. 3439474| 187| 227. 276| -17. 7213| India| Rupee 84. 0| 1. 6163756| 20. 7| 51. 968| -60. 1679| Indonesia| Rupiah 22534| 2. 501274| 5543| 9009. 009| -38. 4727| Israel| Shekel 15. 9| 4. 2277811| 3. 91| 3. 761| 3. 9662| Japan| ? 320| 4. 1212269| 78. 7| 77. 647| 1. 3564| Malaysia| Ringgit 7. 20| 2. 2981176| 1. 7| 3. 133| -43. 5046| Mexico| Peso 32. 0| 2. 3459637| 7. 87| 13. 640| -42. 3040| New Zealand| NZ$ 5. 10| 3. 9382574| 1. 25| 1. 295| -3. 4741| Norway| Kroner 45. 0| 7. 8321279| 11. 1| 5. 746| 93. 1925| Pakistan| Rupee 205| 2. 3019159| 50. 5| 89. 056| -43. 2943| Peru| New Sol 10| 3. 7022146| 2. 46| 2. 701| -8. 9255| Philippines| Peso 118| 2. 7064108| 29| 43. 600| -33. 4865| Poland| Zloty 8. 63| 2. 5572242| 2. 12| 3. 375| -37. 1806| Russia| Rouble 75. 0| 2. 3810975| 18. 5| 31. 498| -41. 2663| Saudi Arabia| Riyal 10. 0| 2. 6661761| 2. 46| 3. 751| -34. 4121| Singapore| S$ 4. 1| 3. 4060498| 1. 08| 1. 295| -16. 5865| South Africa| Rand 19. 45| 2. 3850647| 4. 78| 8. 155| -41. 3850| South Korea| Won 3700| 3. 2782| 910| 1128. 668| -19. 3740| Sweden| SKr 48. 4| 7. 1816695| 11. 9| 6. 739| 76. 5741| Switzerland| SFr 6. 5| 7. 036772| 1. 6| 0. 924| 73. 2128| Taiwan| NT$ 75. 0| 2. 4825847| 18. 5| 30. 210| -38. 7629| Thailand| Baht 70. 0| 2. 2628537| 17. 2| 30. 934| -44. 3985| Turkey| Lire 6. 5| 3. 5532705| 1. 6| 1. 829| -12. 5349| + The Purchasing Power Parity or the PPP rate is the price of Big Mac in local currency divided by the price in the US. Price of Big Mac (and corresponding implied PPP rates from The Economist and is the latest). ++ The Over/Under valuation against the dollar is calculated using Exchangerate’s latest rates ( i. e as of 09/12/2011): 100 x ( P P P – Exchange Rate) / Exchange Rate (Source http://www. exchangerate. com/) OBSERVATION The most overvalued of currencies is the European Nordic countries’ currencies and most undervalued is the Indian Rupee. At market exchange rates, the Burger is 60% cheaper in India than in US. In other words, the Indian rupee is 60% undervalued against the dollar. However it should be noted that cheap burgers in India don’t mean that the Indian rupee is highly undervalued. Average prices should be lower in poor countries than in rich ones because labor costs are lower. The chart in the Appendix A shows a strong positive relationship between the dollar price of a Big Mac and GDP per person. Purchasing Power Parity is actually an indicator where exchange rates should move in the long run. For estimating the current fair value of a currency, a best fit line is drawn between Big Mac prices and GDP per person. The price thus predicted after the best fit line is drawn is compared with the actual price and this provides a better estimation of the currency over and under valuation than the above index. The â€Å"beefed up† index shows that the Brazilian Real is the most overvalued in the world; the Euro is also slightly overvalued. However the two major developing countries – India and China appear to be almost equal to its fair values. ALTERNATIVE INDICES An index similar to the Big Mac index has also been developed by the financial company UBS as part of general compilation of differences in prices and incomes around the globe. The Economist  also comes out with variants of the same. For example in the month of January in 2004, it proposed a  Tall Latte index  by replacing the Big Mac with a Starbucks Tall Latte. Refer Appendix B for the same. Commonwealth Securities, an Australian bank’s subsidiary, proposed to create the iPod index by using the concepts behind the Big Mac index. The banks contention that since the Big Mac index can be distorted by taxes, transport costs, labour laws and trade barriers in each country and the iPod was made in a single country – China, it made more sense to use the iPod as a measuring index. Since the iPod was made in a single country, the price should be broadly be the same all over the world and if the price difference were substantial, customers would switch their purchases to other countries (thanks to internet). However it was found to be ineffective since freight charges vary from country to country and countries such as US may get volume discounts. Bloomberg LP also introduced an alternative index known as Billy index after the iconic Ikea’s bookshelf. The index was calculated after converting the bookshelf’s price to US dollars. LIMITATIONS aapendix a APPENDIX B APPENDIX C (Exchange Rates as Of 9th December 2011) | | Country| Currency| ISO| 12-08-2011| 12-09-2011| % Change| | | ARGENTINA| Peso| ARS| 4. 52995| 4. 529656| -0. 01%|   | | | AUSTRALIA| Dollar| AUD| 0. 975877| 0. 983322| 0. 76%| |   | | AUSTRIA| Euro| EUR| 0. 74732| 0. 747603| 0. 04%|   | | | BELGIUM| Euro| EUR| 0. 74732| 0. 747603| 0. 04%| | | BRAZIL| Real| BRL| 1. 804477| 1. 809112| 0. 26%|   | | CANADA| Dollar| CAD| 1. 014437| 1. 02021| 0. 57%| | | | CHILE| Peso| CLP| 508. 4706| 509. 9073| 0. 28%|   | | | CHINA| Yuan| CNY| 6. 362878| 6. 3556| -0. 11%| | | CZECH REP. | Koruna| CZK| 18. 90629| 19. 3208| 0. 67%|   | | DENMARK| Krone| DKK| 5. 542461| 5. 54456| 0. 04%| | | | EUROPEAN UNION| Euro| EUR| 0. 74732| 0. 747603| 0. 04%|   | | | FINLAND| Euro| EUR| 0. 74732| 0. 747603| 0. 04%| | | FRANCE| Euro| EUR| 0. 74732| 0. 747603| 0. 04%|   | | | GERMANY| Euro| EUR| 0. 74732| 0. 747603| 0. 04%| | | | | GREECE| Euro| EUR| 0. 74732| 0. 747603| 0. 04%|   | | HONG KONG| Dollar| HKD| 7. 776135| 7. 781631| 0. 07%| |   | HUNGARY| Forint| HUF| 227. 0945| 227. 2763| 0. 08%|   | | | ICELAND| Krona| ISK| 119. 1911| 118. 9654| -0. 19%| | | | INDIA| Rupee| INR| 51. 73987| 51. 96812| 0. 44%|   | | INTNL MON. FUND| SDR| XDR| 0. 642256| 0. 642147| -0. 02%| |   | | IRELAND| Euro| EUR| 0. 74732| 0. 747603| 0. 04%|   | | | ISRAEL| Sheqel| ILS| 3. 775473| 3. 760838| -0. 39%| |   | ITALY| Euro| EUR| 0. 74732| 0. 747603| 0. 04%|   | | JAPAN| Yen| JPY| 77. 60051| 77. 64678| 0. 06%| | | | KOREA (SOUTH)| Won| KRW| 1132. 612| 1146. 365| 1. 21%| | | KUWAIT| Dinar| KWD| 0. 277164| 0. 277164| 0. 00%| -| | | MEXICO| Peso| MXN| 13. 62357| 13. 64045| 0. 12%|   | | | NETHERLANDS| Euro| EUR| 0. 74732| 0. 747603| 0. 04%| | | | NEW ZEALAND| Dollar| NZD| 1. 28856| 1. 294989| 0. 50%|   | | | NORWAY| Krone| NOK| 5. 70238| 5. 745565| -0. 43%| | | | PAKISTAN| Rupee| PKR| 89. 01636| 89. 05625| 0. 04%|   | | PERU| Sol| PEN| 2. 701086| 2. 701086| 0. 00%| -| | | PHILIPPINES| Peso| PHP| 43. 29727| 43. 60018| 0. 70%|   | | | POLAND| Zloty| PLN| 3. 360573| 3. 374753| 0. 42%| | | | PORTUGAL| Euro| EUR| 0. 74732| 0. 747603| 0. 04%|   | | ROMANIA| Leu| RON| 3. 23797| 3. 23797| 0. 00%| -| | | RUSSIA| Ruble| RUB| 31. 43216| 31. 49808| 0. 21%|   | | | SAUDI ARABIA| Riyal| SAR| 3. 750569| 3. 75069| 0. 00%| | | | SINGAPORE| Dollar| SGD| 1. 291813| 1. 294755| 0. 23%|   | | SLOVAKIA| Euro| EUR| 0. 74732| 0. 747603| 0. 4%| | | | SOUTH AFRICA| Rand| ZAR| 8. 204971| 8. 154915| -0. 61%|   | | | SPAIN| Euro| EUR| 0. 74732| 0. 747603| 0. 04%| | | SWEDEN| Krona| SEK| 6. 771076| 6. 73938| -0. 47%|   | | | SWITZERLAND| Franc| CHF| 0. 925818| 0. 923719| -0. 23%| | | | TAIWAN| Dollar| TWD| 30. 16208| 30. 21045| 0. 16%|   | | THAILAND| Baht| THB| 30. 77703| 30. 93439| 0. 51%| |   | | U. A. E. | Dirham| AED| 3. 673236| 3. 673236| 0. 00%| -| | | UKRAINE| Hryvnia| UAH| 8. 000472| 7. 998369| -0. 03%| |   | UNITED KINGDOM| Pound| GBP| 0. 637984| 0. 638233| 0. 04%|   | | | UNITED STATES| Dollar| USD| 1| 1| 0. 00%| -| How to cite Ppi and the Big Mac Index, Papers