The Financial Crisis And The Liquidity Risk Finance Essay - Free Essay Example

Sample details Pages: 3 Words: 993 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Put simply, liquidity risk is the risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss (investopedia). It is useful to determine between two types of liquidity risk: funding liquidity risk and market liquidity risk. The former describes the ease of obtaining funds from other financial institutions or investors. Brunnermeier (2009) differentiates between three different types of funding liquidity risk: 1) rollover risk, the possibility that it will be expensive or impossible to rollover short term borrowing 2) redemption risk, the risk that depositors withdraw funds and 3) margin/haircut funding risk. The latter regards a situation where an asset is purchased and the buyer uses the purchased asset as collateral and borrows short term against it. As the buyer cannot borrow the assets entire price, they must finance the difference (the margin/haircut) using their own equity capital. T raders tend not to carry much excess capital thus, as margins/haircuts increase; they must sell part/all of the asset. It is the same scenario if depositors begin withdrawing their funds. In order to rollover debt, financial institutions began to rely heavily on short term (commercial) paper (repo contracts). This creates substantial liquidity risk as it is dependent on the market remaining awash with liquidity (Brunnermeier, 2009). In each of the above scenarios, the liquidity risk arises when the asset can only be sold at fire-sale prices. This occurs when market liquidity is low. The market liquidity risk represents the ease of finding a buyer. If liquidity is low then buyers will be more risk averse, as such, unwilling to pay above the odds for an asset. This depresses asset prices, further increasing liquidity risk. Typically, the risk of assets is measured by their return relative to the risk free return (generally the US Treasury Bill rate). In times of crisis this interes t rate spread widens due to the desire to hold first rate collateral. In other words, the demand for US Treasury bills increase, depressing the rate, whereas demand for risky assets fall, increasing the rate (Brunnermeier, 2009). In July 2007, Chuck Prince (Citigroups then CEO), summarised the significance of liquidity risk in the financial crisis by drawing on Keynes analogy between bubbles and musical chairs: When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, youve got to get up and dance. Were still dancing. (Nakamoto Wighton, 2007). There was a perceived reduction in liquidity risk of banks in the years preceding the crisis as they moved to a model of originate and distribute, in addition to financing their assets with short term maturity instruments (Brunnermeier, 2009). The former was supposedly a method to offload risk as it involved banks originating loans, e.g. residential mortgages, pooling these together into diversified portfolios, slicing these portfolios into tranches (each tranche represented a different level of risk), and then distributing these loans (in their new securitised form) to various non bank financial institutions (Goodhart). Liquidity risk arises in this situation for various reasons. First of all, as banks intended offloading the loans, they only carried pipeline risk thus had little incentive to take due care in approving, processing and monitoring loan applications (Brunnermeier). Secondly, these Collateralised Debt Obligations (CDO) were considered to be off- balance sheet thus were not included when determining a banks required capital (set at 8% under Basel I) (Goodhart). However, in reality the banks risk, through exposure to these SIVs, was little changed. Often many of these securitised assets were held by conduits which, in turn, were owned by the bank (Goodhart). In addition, buyers of these tranches could also purchase credit default swaps (CDS) which, in exchange for a fee, would insure the buyer against any default (Brunnermier). The structure of banks financing further added to the mounting liquidity risk as the investment projects or mortgages (which were typically long term investments) were increasingly financed with short term deposits. To maintain financing for their conduits and SIVs banks issued asset backed commercial paper (ABCP), with typical maturities of 1 to 3 months (Goodhart), creating significant funding liquidity risk if investors stopped buying ABCP. However, in the event that funding for ABCP dried up, the commercial bank granted a liquidity backstop, exposing the sponsoring bank to significant risk that was not accounted for in the balance sheet (Brunnermier). The increase in liquidity risk through maturity mismatch was also as a result of repo contracts, which was often overnight financing. Under repo contracts a firm would raise funds by selling a collateral asset today with an agreement to repurchase the asset in future (Brunnermeir). Due to the reliance of banks on short term financing, any reduction in funding liquidity would cause significant stress on the financial system. In summer 2007 we witnessed a dry up in liquidity for ABCP as investors struggled to value structured products and confidence in rating agencys eroded (Brunnermier). The constant reiteration that the financial crisis was due to defaults on US subprime mortgages is evident from figure 1 as, following an increase in defaults noted from February 2007, the market for mortgage backed securities collapsed where as other markets remained relatively stable (Brunnermeier). As is evident, liquidity risk played a significant role in the financial crisis and, due to the open economy the United States possesses and its position as a major financial player, many other countries and non US banks were exposed to the US subprime mortgage market. The UK was particularly exposed as RBS and Barclays were the two biggest underwriters of mortgage backed securities in 2007. Both banks were also big lenders of leveraged finance (Timeonline). In addition, HSBC and RBS (through Citizens Bank) have significant presence in the United States. Other UK banks had less exposure to the US mortgage market, however, were heavily reliant on wholesale funding thus were susceptible to liquidity shocks e.g. HBOS (TimesOnline). https://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3572658.ece Don’t waste time! Our writers will create an original "The Financial Crisis And The Liquidity Risk Finance Essay" essay for you Create order

Swot Analysis A Swot - 2576 Words

SWOT ANALYSIS: A SWOT analysis is a process where we can find strengths, weakness, opportunities and threats involved in a project. This analysis can be used for a product and place. The main use of this analysis is to find out all the four main specifications which can review the project easily Strengths: Project manager has to analyse swot analysis. Strengths give you more confident of completing the project irrespective of weakness. When you look back previous SOH project the project manager UTZON is very talented. He had design the most brilliant sculpture which is a great innovation to the modern day world. It has created many more opportunities and revenues to the government. Strengths and weakness comes under the internal factors.†¦show more content†¦Ã¢â‚¬ ¢ Using inconsistent brand items makes you to increase your weakness. Opportunities: †¢ Exploiting the project and creating opportunities will be the better way to run the project. If you do have more opportunities you can work to a larger extent and satisfies the customer. †¢ Decreasing the man power and increasing automated instruments will makes you to complete the task very fastly. †¢ Making use of internet helps you to exploit more opportunities. Threats: †¢ From the external sources threats may be created which causes to trouble for the project. The main aim of the project is to minimize the threat. †¢ Competition from the leading organizations have most of the threats. †¢ Maintaining the much better brand value comparing with others gives you lot of credibility among the customers. Question 2: Project member is the only person which holds responsible for every aspect of the project. He contributes everything for completing the project successfully and also ensures all the team members are working efficiently or not. Project manager has to be intellectual and skilful administrating the project . Negotiation skills: †¢ Project manager has to negotiate with the directors and key stake holders for bringing common understanding between them. †¢ During the negotiation manager should have clear idea about what he was presenting. Some research is done before you present the report, expressing your views clearly make the positive

Census Method free essay sample

Census Method All items in any field of inquiry constitute a ‘ Universe ’ or ‘ Population. ’ A complete enumeration of all items in the population is known as a census inquiry. It can be presumed that in such an enquiry, when all items are covered, no element of chance is left and highest accuracy is obtained. But in practice this may not be true. Even the slightest element of bias in such an inquiry will get larger and larger as the number of observation increases. Moreover, there is no way of checking the element of bias or its extent except through a resurvey or use of sample checks. Besides, this type of inquiry involves a great deal of time, money and energy. Therefore, when the field of inquiry is large, this method becomes difficult to adopt because of the resources involved. At times, this method is practically beyond the reach of ordinary researchers. We will write a custom essay sample on Census Method or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Perhaps, government is the only institution which can get the complete enumeration carried out. Even the government adopts this in a very rare cases such as population census conducted once in a decade. Further, many a time it is not possible to examine every item in the population, and sometimes it is possible to obtain sufficiently accurate results by studying only a part of total population. In such cases there is no utility of census surveys. A census refers to a count or a study of all of the elements in the ‘ Population’. As is quite obvious it is generally more economical in time, efforts and money to get the desired information for only some of the elements ( sample ) than for all of them, i. e. , the population. When we select some of the elements ( sample ) with the intention of finding out something about the population from which they are taken, we refer to that sub group of elements of a ‘ Sample ’. Our expectation, in studying the sample, is of course, that what we find out from the sample, will be true of the ‘ population ’ as a whole. Actually this may not be the case, since after all; a sample is only a part of the whole population. How far would the information of findings we get from the sample, approximate the finding we would get if the totality, i. . , the given population, were studied and whether or not out finding based on the study of a sample is likely to differ from the finding. What we would get if the given population as a whole was studied, by more than a specific margin of value, would depend greatly on the way sample is selected. Of course, we can never have the full assurance that our sample returns reflect the state of the population with respect to the characteristics we are studying, unless we have simultaneously conducted a complete comparable study of the population. However, it needs to be emphasized that when the universe is a small one, it is no use resorting to a sample survey. When field studies are undertaken in practical life, considerations of time and cost almost invariable lead to a selection of respondents i. e. selection of only a few items. The selected respondents constitute what is technically called a ‘ Sample ’ and the selection process is called ‘ Sampling Technique. ’ The survey so conducted is known as ‘ Sample Survey. ’ There are various methods of Sampling. 1. Deliberate sampling or purposive sampling. 2. Random sampling. 3. Stratified random sampling. 4. Quota sampling. 5. Multi stage sampling. 6. Extensive sampling. 7. Convenient sampling. There are various main features of sampling technique : The sampling technique has following good features and these bring into relief its value and significance. 1. Economy : the sampling technique is much less expensive, much less time consuming than the census technique. 2. Reliability : if the choice of sample units is made with due care and the matter under survey is not heterogeneous, the conclusion of the sample survey can have almost the same reliability as those of census survey. . Detailed study : Since the number of sample units is fairly small these can be studied intensively and elaborately. They can be examined from multiple viewpoints. 4. Greater suitability in most situations : most of the surveys are made by the technique of sample survey, because wherever the matter is of a homogeneous nature, the examination of few units suffices. This is the case in the majority of situations. 5. Scientific Base : This is a scientific technique because the conclusion derived from the study of certain units can be verified from other units. By taking random samples we can determine the amount of deviation from the norm. There are also some common mistakes in sampling technique : 1. Less Accuracy : 2. Changeability of Units : 3. Misleading conclusions : 4. Need for specialized knowledge : 5. When sampling is not possible : Under the census or complete enumeration survey method, data are collected for each and every unit ( person, household, field, shop, factory, etc. as the case may be ) of the population or universe which is the complete set of items which are of interest in any particular situation. or example, if the average wage of workers working in sugar industry in India is to be calculated, then wage figures would be obtained from each and every worker, working in the sugar industry and by dividing the total wages which all these workers receive by the number of workers working in sugar industry, we would get the figure of average wage. Census is the process of obtaining responses from / about each of the members of the POPULATION. The determination of the size of population of a country is an example of census. This process is also known as population census. While collecting data about the profile of the residents in a region to plan a marketing strategy of a product, under census method, one has to collect data from each individual of the population. If the size of the population is manageable, one can resort to census method otherwise, this method is seldom feasible. So under this situation, the alternate method of data collection is sampling. Characteristics of Census Method :- 1. Benchmark / denominator population counts : The most essential aspect of a census is the basic count of the population. The census provides a benchmark for all population. Counts are used as denominators in a wide range of economic and social statistics, using other census data as numerators and also data from a huge variety of other sources, by a vast range of users from the public, private and voluntary sectors. 2. Ability to produce multivariate statistics : Census data allow multivariate analysis of the variables collected. this is a powerful tool for many users who use census data as part of their research or to inform policy decisions. 3. Snapshot of the population : A traditional census provides a ‘ snapshot ’ of the whole population at a single point in time. as a result data are consistent and comparable across all areas. 4. Small area data : The census provides data down to very small geographical areas, including Census Output Areas, covering 125 households on average. the census is the only source that provides nationally consistent information at this low level. 5. Small population data : Census data also provide information on small populations for example, small ethnic communities can be identified and their characteristics captured by the census. Some of the Merits or Advantages of the Census methods are : 1. Data are obtained from each and every unit of the population. 2. The results obtained are likely to be more representative and accurate. 3. It is an appropriate method of obtaining information on rare events such as areas under some crops and yield thereof, the number of persons of certain / age groups, their distribution by sex, educational level of people, etc. this is the reason why throughout the world the population data are obtained by conducting a census generally every 10 years by the census method. . Data of a complete enumeration census can be widely exploited as a basis for various surveys. 5. When survey head has been counted the only possible errors can be due to computation but with the use of computers even this possibility is next to nothing. Therefore, undoubtedly the data derived through census method is highly reliable. The further conclusions derived deductly upon the basis of census statistics are al so very reliable because in deduction the validity of conclusion depends upon the validity of premise and these as noted above are very highly reliable. 6. Detailed Information : The census figures are very pregnant ( full of meaning ), they yield much more information than merely the count of the heads. Every coin has two sides. Therefore whereas census yields highly reliable and detailed information, it is not free from drawbacks. Some of the De merits or Dis-advantages of the Census methods are : 1. Expressiveness : It should be obvious that because each unit in the field of survey has to be examined, census surveys must entail many expenses. Because of the exorbitant cost of such surveys census surveys are as a rule made by the government only. The government needs accurate records of population, productivity etc. because of excessive expense, even government undertake such surveys at very long intervals. 2. Excessive Time and Energy : Besides cost factor, census surveys take too longtime and consume too much energy to be worthwhile normally. It is only in very special cases that such surveys are undertaken. 3. Unstability in certain cases : Some problems range over such a wide area that to study all units under it is almost impossible. For example: if the scope of the problem is infinite, one can by no means succeed in making total survey. If one wishes to study the sexual habit of mankind it is not quite possible to approach each individual for his account of his sexual activity. However despite these advantages of the census method if not very popularly used in practice. The effort, money and time required for carrying out complete enumeration will generally be extremely large and in many cases cost may be so prohibitive that the very idea of collecting information may have to be dropped. This is more true of underdeveloped countries, where resources constitute big constraint. Also if the population is infinite or the evaluation, process destroys the population unit, the census method cannot be adopted. Sampling is simply the process of learning about the population on the basis of a sample drawn from it. Thus in the sampling technique instead of every unit of the universe only a part of the universe is studied and the conclusions are drawn on that basis for the entire universe. A sample is a subset of population units. Sample method of study is one, where we study some selected items from the universe for drawing general inferences. This method has many advantages as well as disadvantages over the census method. In making decisions of census or sampling, the following factors are considered : 1. Size of the population. 2. Amount of funds budgeted for the study. 3. Facilities. 4. Time. Uses of Census Method : In order to consider how best to meet future requirements for the type of information traditionally provided by the census, one must first understand what user’s future needs may be. Census method is used by a wide range of businesses and organizations, including government departments, local government and academics. The uses they make of census data are equally wide ranging and include allocation of finances, monitoring initiatives, and benchmarking other estimates. Census data have many uses They are used at very high levels as well as at the small area levels. There are three key categories of census data, relating to; ? Population units : People and housing with key characteristics such as sex and age; ? Population structures : Households and families; and ?Population / housing characteristics : for example occupation, tenure. The main current uses of census data can be classified into four broad categories, shown below. Also noted are the aspects of census data that are most critical to each use. ?Resource allocation / targeting investment : For resource allocation purpose it is crucial that population counts ( both total counts and by key characteristics ) are accurate, consistent and comparable over the area that the resources are allocated. for many government funding uses, the data must be consistent nationally. ?Planning : Basic population counts and counts by key characteristics ( such as age, sex, ethnic group, household type ) are important for planning. If the different characteristics of an area’s population can be identified, plans can then be made for the sort of services that are necessary. In particular, data for small areas are crucial in local planning. ?Policy formulation or review : There is a clear drive across government for policy initiatives to be evidence based. since many initiatives are implemented and assessed at a local level, census data can form a crucial part of this process. Multivariate analysis feeds into local planning policies as do data on small areas and populations. Social or market research : The ability to produce multivariate statistics on census data is vital for many research uses. Basic population counts and counts by characteristics are also required. More generally, census data are used to improve the quality of many other statistics, which may be used for the above categories. the collection of other data ( from survey for example ) is also made more efficient by the possession of accurat e census counts. Census Method free essay sample A complete enumeration of all items in the population is known as a census inquiry. It can be presumed that in such an enquiry, when all items are covered, no element of chance is left and highest accuracy is obtained. But in practice this may not be true. Even the slightest element of bias in such an inquiry will get larger and larger as the number of observation increases. Moreover, there is no way of checking the element of bias or its extent except through a resurvey or use of sample checks. Besides, this type of inquiry involves a great deal of time, money and energy. Therefore, when the field of inquiry is large, this method becomes difficult to adopt because of the resources involved. At times, this method is practically beyond the reach of ordinary researchers. Perhaps, government is the only institution which can get the complete enumeration carried out. We will write a custom essay sample on Census Method or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Even the government adopts this in a very rare cases such as population census conducted once in a decade. Further, many a time it is not possible to examine every item in the population, and sometimes it is possible to obtain sufficiently accurate results by studying only a part of total population. In such cases there is no utility of census surveys. A census refers to a count or a study of all of the elements in the ‘ Population’. As is quite obvious it is generally more economical in time, efforts and money to get the desired information for only some of the elements ( sample ) than for all of them, i. e. , the population. When we select some of the elements ( sample ) with the intention of finding out something about the population from which they are taken, we refer to that sub group of elements of a ‘ Sample ’. Our expectation, in studying the sample, is of course, that what we find out from the sample, will be true of the ‘ population ’ as a whole. Actually this may not be the case, since after all; a sample is only a part of the whole population. How far would the information of findings we get from the sample, approximate the finding we would get if the totality, i. . , the given population, were studied and whether or not out finding based on the study of a sample is likely to differ from the finding. What we would get if the given population as a whole was studied, by more than a specific margin of value, would depend greatly on the way sample is selected. Of course, we can never have the full assurance that our sample returns reflect the state of the population with respect to the characteristics we are studying, unless we have simultaneously conducted a complete comparable study of the population. However, it needs to be emphasized that when the universe is a small one, it is no use resorting to a sample survey. When field studies are undertaken in practical life, considerations of time and cost almost invariable lead to a selection of respondents i. e. selection of only a few items. The selected respondents constitute what is technically called a ‘ Sample ’ and the selection process is called ‘ Sampling Technique. ’ The survey so conducted is known as ‘ Sample Survey. ’ There are various methods of Sampling. 1. Deliberate sampling or purposive sampling. 2. Random sampling. 3. Stratified random sampling. 4. Quota sampling. 5. Multi stage sampling. 6. Extensive sampling. 7. Convenient sampling. There are various main features of sampling technique : The sampling technique has following good features and these bring into relief its value and significance. 1. Economy : the sampling technique is much less expensive, much less time consuming than the census technique. 2. Reliability : if the choice of sample units is made with due care and the matter under survey is not heterogeneous, the conclusion of the sample survey can have almost the same reliability as those of census survey. . Detailed study : Since the number of sample units is fairly small these can be studied intensively and elaborately. They can be examined from multiple viewpoints. 4. Greater suitability in most situations : most of the surveys are made by the technique of sample survey, because wherever the matter is of a homogeneous nature, the examination of few units suffices. This is the case in the majority of situations. 5. Scientific Base : This is a scientific technique because the conclusion derived from the study of certain units can be verified from other units. By taking random samples we can determine the amount of deviation from the norm. There are also some common mistakes in sampling technique : 1. Less Accuracy : 2. Changeability of Units : 3. Misleading conclusions : 4. Need for specialized knowledge : 5. When sampling is not possible : Under the census or complete enumeration survey method, data are collected for each and every unit ( person, household, field, shop, factory, etc. as the case may be ) of the population or universe which is the complete set of items which are of interest in any particular situation. or example, if the average wage of workers working in sugar industry in India is to be calculated, then wage figures would be obtained from each and every worker, working in the sugar industry and by dividing the total wages which all these workers receive by the number of workers working in sugar industry, we would get the figure of average wage. Census is the process of obtaining responses from / about each of the members of the POPULATION. The determination of the size of population of a country is an example of census. This process is also known as population census. While collecting data about the profile of the residents in a region to plan a marketing strategy of a product, under census method, one has to collect data from each individual of the population. If the size of the population is manageable, one can resort to census method otherwise, this method is seldom feasible. So under this situation, the alternate method of data collection is sampling. Characteristics of Census Method :- 1. Benchmark / denominator population counts : The most essential aspect of a census is the basic count of the population. The census provides a benchmark for all population. Counts are used as denominators in a wide range of economic and social statistics, using other census data as numerators and also data from a huge variety of other sources, by a vast range of users from the public, private and voluntary sectors. 2. Ability to produce multivariate statistics : Census data allow multivariate analysis of the variables collected. this is a powerful tool for many users who use census data as part of their research or to inform policy decisions. 3. Snapshot of the population : A traditional census provides a ‘ snapshot ’ of the whole population at a single point in time. as a result data are consistent and comparable across all areas. 4. Small area data : The census provides data down to very small geographical areas, including Census Output Areas, covering 125 households on average. the census is the only source that provides nationally consistent information at this low level. 5. Small population data : Census data also provide information on small populations for example, small ethnic communities can be identified and their characteristics captured by the census. Some of the Merits or Advantages of the Census methods are : 1. Data are obtained from each and every unit of the population. 2. The results obtained are likely to be more representative and accurate. 3. It is an appropriate method of obtaining information on rare events such as areas under some crops and yield thereof, the number of persons of certain / age groups, their distribution by sex, educational level of people, etc. this is the reason why throughout the world the population data are obtained by conducting a census generally every 10 years by the census method. . Data of a complete enumeration census can be widely exploited as a basis for various surveys. 5. When survey head has been counted the only possible errors can be due to computation but with the use of computers even this possibility is next to nothing. Therefore, undoubtedly the data derived through census method is highly reliable. The further conclusions derived deductly upon the basis of census statistics are al so very reliable because in deduction the validity of conclusion depends upon the validity of premise and these as noted above are very highly reliable. 6. Detailed Information : The census figures are very pregnant ( full of meaning ), they yield much more information than merely the count of the heads. Every coin has two sides. Therefore whereas census yields highly reliable and detailed information, it is not free from drawbacks. Some of the De merits or Dis-advantages of the Census methods are : 1. Expressiveness : It should be obvious that because each unit in the field of survey has to be examined, census surveys must entail many expenses. Because of the exorbitant cost of such surveys census surveys are as a rule made by the government only. The government needs accurate records of population, productivity etc. because of excessive expense, even government undertake such surveys at very long intervals. 2. Excessive Time and Energy : Besides cost factor, census surveys take too longtime and consume too much energy to be worthwhile normally. It is only in very special cases that such surveys are undertaken. 3. Unstability in certain cases : Some problems range over such a wide area that to study all units under it is almost impossible. For example: if the scope of the problem is infinite, one can by no means succeed in making total survey. If one wishes to study the sexual habit of mankind it is not quite possible to approach each individual for his account of his sexual activity. However despite these advantages of the census method if not very popularly used in practice. The effort, money and time required for carrying out complete enumeration will generally be extremely large and in many cases cost may be so prohibitive that the very idea of collecting information may have to be dropped. This is more true of underdeveloped countries, where resources constitute big constraint. Also if the population is infinite or the evaluation, process destroys the population unit, the census method cannot be adopted. Sampling is simply the process of learning about the population on the basis of a sample drawn from it. Thus in the sampling technique instead of every unit of the universe only a part of the universe is studied and the conclusions are drawn on that basis for the entire universe. A sample is a subset of population units. Sample method of study is one, where we study some selected items from the universe for drawing general inferences. This method has many advantages as well as disadvantages over the census method. In making decisions of census or sampling, the following factors are considered : 1. Size of the population. 2. Amount of funds budgeted for the study. 3. Facilities. 4. Time. Uses of Census Method : In order to consider how best to meet future requirements for the type of information traditionally provided by the census, one must first understand what user’s future needs may be. Census method is used by a wide range of businesses and organizations, including government departments, local government and academics. The uses they make of census data are equally wide ranging and include allocation of finances, monitoring initiatives, and benchmarking other estimates. Census data have many uses They are used at very high levels as well as at the small area levels. There are three key categories of census data, relating to; ? Population units : People and housing with key characteristics such as sex and age; ? Population structures : Households and families; and ?Population / housing characteristics : for example occupation, tenure. The main current uses of census data can be classified into four broad categories, shown below. Also noted are the aspects of census data that are most critical to each use. ?Resource allocation / targeting investment : For resource allocation purpose it is crucial that population counts ( both total counts and by key characteristics ) are accurate, consistent and comparable over the area that the resources are allocated. for many government funding uses, the data must be consistent nationally. ?Planning : Basic population counts and counts by key characteristics ( such as age, sex, ethnic group, household type ) are important for planning. If the different characteristics of an area’s population can be identified, plans can then be made for the sort of services that are necessary. In particular, data for small areas are crucial in local planning. ?Policy formulation or review : There is a clear drive across government for policy initiatives to be evidence based. since many initiatives are implemented and assessed at a local level, census data can form a crucial part of this process. Multivariate analysis feeds into local planning policies as do data on small areas and populations. Social or market research : The ability to produce multivariate statistics on census data is vital for many research uses. Basic population counts and counts by characteristics are also required. More generally, census data are used to improve the quality of many other statistics, which may be used for the above categories. the collection of other data ( from survey for example ) is also made more efficient by the possession of accurat e census counts.

Oedipus And Socrates Essays - Socrates, Socratic Dialogues

Oedipus And Socrates In Plato's Five Dialogues and Sophocles' Oedipus Rex, man's actions for the greater good of the city-state can lead to horrible consequences for the individual. Both Socrates and Oedipus carry out what they believe to be their duty for their city. Socrates believes that his actions are just and proper, but when viewed by the city-state as a whole his actions are looked at as counter-productive and ill advised to the youth of the society. Oedipus on the other hand hasn't done anything to harm his people. Following his decision making regarding the murder of his father, he ends up as an enemy of the state, because he has become an enemy to himself. Both having to suffer the consequences for their actions, they remain to uphold their loyalty to their respective city-states. Being one of the greatest thinkers in history, Socrates tried to spread his wisdom by supporting the greater good of the city-state, the youth. When questioning Meletus, Socrates tries to justify his expansion of education by referring to horses. Do "all men improve them and one individual corrupts them? Or is quite the contrary true, one individual is able to improve them, or very few, namely horse breeders, whereas the majority, if they have horses and use them, corrupt them?" (Plato 30). Is it possible for one man to work and corrupt all the youth? Is it possible for one man to even reach all of society's youth? It can clearly be established that the teachings of one man cannot harm the city, but only make people greater. There are even more examples of Socrates upholding his beliefs for nothing more then the benefit of the city. While serving as a member of the Council, during the investigation of the ten naval generals, Socrates was the only dissenting member "of the presiding committee to oppose your [the council] doing something contrary to the laws" (Plato 36). For acting in this licit manner he was ready to be prosecuted by the council and accept his consequences. It can easily be seen that Socrates was never looked at as an equal. To make matters only worse, when tried by Meletus his belief in the gods was raised. Meletus brought up the point that Socrates did not believe in gods at all. Although Socrates never completely answers Meletus' question he does justify his beliefs. Socrates never directly states that he believes in gods, but he does say that " he believes in divine beings" and "if divine beings are gods" then he must believe in the gods themselves (Plato 32). Another point that Meletus failed to recognize is that Socrates belief in these divine beings motivated his actions and teachings. For Socrates believed that his reason for being put on this planet was to serve as an instrument of the gods and broaden the understanding of knowledge. If indeed Socrates was corrupting the youth then "be sure that this is what the god orders [him] to do" (Plato 35). Socrates had no choice in the life he was leading, because "he was attached to the city by the god" and "there is no greater blessing for the city than [his] service to the god" (Plato 35). Following the decision to send Socrates to his death, he is not at all upset or surprised at the 501-member jury's decision. Remaining calm in the manner that Socrates is so well regarded, he is still able to pay respect for his city. While being visited in prison by his "old and faithful friend, Crito" Crito proposes the possibility of Socrates' escape from prison (Plato 45). Whether it would have been better for Socrates to escape or nor, he raises the point"that one must obey the commands of one's city and country" thus making the ultimate sacrifice to prove his obedience to the city's decision (Plato 53). When being compared to Socrates, Oedipus' actions reflect the same dedication to the state as was seen by those of Socrates. First of all while in the presence of "that hellcat the Sphinx" Oedipus was the only person to rise above the rest and save the city. No bird or even god stood in the way of the Sphinx, yet Oedipus was able to. By this single act alone he shows all the homage and devotion to his city that one should even need to. "Oedipus, the simple man, who knows nothing...thought it out for [him] self" (Sophocles 21) and was able to avoid whatever lied ahead. Now being king