Project management - Answering the case study Question Essay

Project management - Answering the case study Question - Essay Example The cost of each Windows 2000 workstation is $3000, where as that of Windows 2000 server is $12,000. The term labor cost refers to the cost that the employers incur in hiring incremental unit if labor. The labor cost is used for various purposes like judging the various cost levels of different labor classes (Triplett, 1983, p.4). It has been assumed that each one puts in 40 hrs per week, as per the problem. The rest of the data has been collected from the exhibit 7 & 8 of the case study. Number of hours was calculated by dividing the no. of days with 7(since there are 7 days in a week) and multiplying with 40. The critical path method is one of the several management techniques during a project planning. A project generally is made up of a number of individual activities. These activities can be divided into further activities while handling a complex web of activities. The CP model helps us to determine that how long a complex project might take for its successful completion. It also helps to identify the activities that are ‘critical’, which implies that the tasks that are important to be finished on time otherwise the project can be delayed. The tool also helps to determine whether one needs to speed up the project and for doing so which a cost effective way. This can be achieved by feeding in the data of cost of each activity and the cost of speeding up the activity in the critical path method. (Samuel L. Baker, para 1-3). According to Hiemstra (2000), the critical path analysis is logical sequence of the series of activities of a project in such a way that the most efficient route is determined. The tool helps in time management and helps the managers with sufficient information to take decisions regarding the project plan (para. 2). Planning is an important component of every project. Risk factors are always associated with project sing technology. These risks can be classified as schedule overruns, change in the technology and its

Project Manager Essay Example for Free

Project Manager Essay The main communication method they use is the telephone. This is because it is handy and convenient to use, and it is also fast. They use telephone for various reasons such as to arrange an appointment, to confirm orders, to book activities etc. The alternative method instead of using the telephone could be e-mail and letter, this way they can keep the letter for hard copy and evidence to confirm that they did arrange the appointment if there are any complications. The Fax machine is quite useful because it is fast and the letter can be kept for hard copy so there will be no need to type up any information. A meeting saves quite a lot of time and they get feedback from people immediately. Some information may be confidential so a certain method may need to be used such as face to face or letter, this way no confidential information is being leaked. There are different types of communication used because they need to know which type of communication to use for each purpose for example if its confidential they can either use telephone or letter so that no confidential information is being released out. And also if letter or email is being used, this can be kept for future reference and hard evidence for any purpose. Although there are some disadvantages of using the alternative methods, this is due to the confidentiality of information handling. Some information needs to remain or private in a company so a certain method has to be used. How information is collected, processed and stored All administrative staff play a key role in: Collecting information: whether it arrives in the mail, electronically, by telephone or is passed on by word of mouth. Processing information: inputting it, merging it with other information, sorting it, reorganising it, reproducing it or updating current records. Storing information: in filing systems and on computer. The main aspect of a storage system is so you can find things quickly and the items stored are kept in good condition. Information is processed when it is changed or converted in some way. It may be improved or may be prepared for a particular use such as notes from meetings, messages from telephones, sales figures that need to be input into a spreadsheet etc. These roles are important to the Business because it depends how well information has been organised and stored so that it can easily be accessed when it is needed. Every day, Businesses receive a vast amount of paperwork that is generated by organisations such as forms, fax messages, telephone messages, letters, memos reports and many more. So the administrative staff is responsible for the storage, processing and collecting these information in order to keep the constant flow of the Business going. Post arrives at the reception and then is sorted and stored separately by name in a little locker by the reception assistant, each locker is provided with a key so the administration assistant or the manager has to collect their post from their locker. After all the post is bought back to the department to be opened and read, they also have to do certain things such as processing and storing the type of information. For example: When they receive an invoice for the art and crafts equipment, the amount is processed onto spreadsheet on the computer by the administration assistant. This is because they need to record how much money is spent using the companys money. Then the assistant writes a number on top of the invoice to help keep all the invoices in order which is then kept in a box file then stacked on the shelf. When the cheque is made out, the same number as the invoice is also written on the top of the cheque so they know they match. Records of the young people who join the community are kept on a CD Rom. Their details are also kept in a lever arch file and are updated if any changes have been made. The lever arch file is then stacked on the shelf along with some other files. When an application form is received, it is read by the manager and details of that person are noted down and then the form is filed in a vertical filing cabinet. If the manager approves one or two forms, he then photocopies them and then the original copy is filed and the other is sent to the director. All other information such as catalogues and booklets from the suppliers of office organisations are stored in a tall cardboard box file and is kept on the shelf. Decision making Decisions are made every day within businesses. The Board of Directors makes the major decisions at GAZ and the Project Manager makes the simple decisions such as what equipment to buy.

Alcohol and Cigarette Advertisement Essay -- Advertising Marketing

Alcohol and Cigarettes Advertisement How would you feel if one of your family members or close friends told you they have a lung disease or cancer? According to a 1992 national household survey on alcohol, about 7.5% of the United States population (That is about 14 million Americans) abuse or are dependent on alcohol. Also, a recent 2004 Center for Disease Control (CDC) survey indicated that about 21% of US adults are current cigarette smokers. (That is about 44.5 million people).Let me repeat that. These numbers are from 2004. I’m guessing these numbers have increased in the last four years. These numbers are incredible since everyone realizes how damaging alcohol abuse and cigarette smoking can be. After reading a number of health articles as well as reading about horrible deaths caused by alcohol and cigarettes, I would not endorse these products to anyone. For any of you who know someone who smokes or drinks, you might want to tell them about the facts I’m going to tell you today because it might save their lives. Today I’d like to talk to you about first, why alcohol and cigarettes advertisement should be banned Second, I’m going to talk about the importance of the cigarette and alcohol problems in America, and finally, how people in society can benefit if the advertisements were not shown. Alcohol and cigarettes have killed a lot of people in the United States. The people who don’t die directly from drinking or smoking, end up having cancer or one of many diseases when they get older. Some long term effects of alcohol and cigarettes are permanent damage to vital organs, several types of cancers and brain damage. Bryan Curtis, a resident of St. Peterburg, started smoking at the age of 13, never thinking that 20 ye... ...Tourres. "France Ban on Internet Alcohol Advertising Hits Industry." Timesonline.co.uk. 9 Sept. 2008. 12 Nov. 2008. . "Cigarette Smoking." Cancer.org. 9 Nov. 2008 . Fuller, Richard K. "Alcoholism Treatment in the United States an Overview- some 14 million Americans Have an alcohol problem, treatment efforts are described." Findarticles.com. 12 Nov. 2008 . ""He Wanted you to Know"" Whyquit.com. 10 Nov. 2008. "Quotes About Alcohol and ADS." Frankwbaker.com. 12 Nov. 2008

Do You Agree to Redevelop a City

Do you agree to redevelop Lee Tong Street ? I do not agree to redevelop Lee Tong Street because of the following reasons . From the economic point of view , redevelop Lee Tong Street cause serious economic losses to the shop owners and the residents . First , after the redevelopment , the property prices will be increased . It will threaten the survival of the existing small shop owners . They concern about whether they will receive enough compensation to cover their losses . Some may not be able to afford the high rent and will be forced to close down .Second , the residents worry if they will receive enough compensation to purchase a flat of a similar size and whether their living conditions will be improved . Also , the tenants concern about whether they could be relocated in the same area and afford the increased rent in the future . Those stakeholders need to face a serious economic losses in the redevelopment of Lee Tung Street . From the social point of view , redevelopment of Lee Tung Street will bring a radical change for the local residents . First , after the redevelopment , Lee Tung Street will have many high-rise buildings .Because of the densely-packed high-rise buildings , the density will be increased . And the air pollution also will become more serious . Second , Lee Tung Street was originally a public space where residents could hang around and interact with each other freely . Communities could then be established . However , after these streets are redeveloped into shopping malls which belong to developers and are privately owned , people will no longer be entitled to the right to interact freely in these private areas .This hinders the formation of communities . The redevelopment bring many inconvenient to the society and the residents . P. 1 From the cultural point of view , redevelop Lee Tung Street will destroy the local cultural , Chinese traditional crafts and the traditional architectural . First , residents along Lee Tung Street mad e use of the buildings to establish a local printing industry . They used the front part of the building as their shops , while the back was used as the printing workshops .A cluster of wedding card printing shops soon sprang up and turned Lee Tung Street into a well-known print merchandising hub which is part of the collective memory of Hong Kong people . The local cultural will gradually vanish along with the redevelopment . Different traditional shops and food stalls will be replaced with monotonous chain stores and shops , undermining cultural diversity . Next , although the old buildings on Lee Tung Street are not of special historical value , very few of those buildings in the architectural style of the 50s and 60s are left .Destroy a cultural is easy , but establish a cultural is not a easy job . Redevelopment Lee Tung Street will destroy Hong Kong local cultural . Some people might assert that after the redevelopment of Lee Tung Street , it can has a better use of land for o thers sustainable development . And the better facilities can solve the poor hygiene and the pollution problems . However , after the redevelopment , the buildings will changed from mainly six-storey Chinese-styled tenement buildings to high-rise buildings . The residents will more and more .Then , the density of Lee Tung Street will much increased . Also , the redevelopment project include building new shopping malls . That means Lee Tung Street will become a tourist spot like Causeway Bay . As we all know , Causeway Bay ‘s air pollution problem is the most serious in Hong Kong . Are we going to forgo our environmental problem? Redevelop Lee Tung Street not only affect the local residents , but also all the Hong Kong people . The losses for redevelopment project are more than the benefits . Therefore , it is a wrong decision to redevelop Lee Tung Street . ( End )

Marketing Ppt

PROJECT REPORT OPERATIONS MANAGEMENT GUIDED BY:PRESENTED BY: Prof. T. T. NIRANJANNITIN BANSAL 129278039 RANJAN SAHU 129278041 ROHIT MANGAL 129278053 SAURABH SINHA 129278057 Project Report On| | | | Taxonomy of Implementation Problems in VMI| | Contents Executive summary3 Introduction4 Under the typical business model:4 Vendor Managed Inventory model:4 Consignment Inventory:4 Vendor Managed Inventory and Stakeholder’s Challenges5 Challenges faced in implementation of Vendor Managed Inventory7 Analysis of Cases of implementing Vendor Managed Inventory9 Conclusion11 References12 Executive summaryThe goal of Vendor Managed Inventory is to provide a mutually beneficial relationship where both sides Customer and Vendor will be able to control the availability and flow of goods more smoothly and accurately. In  VMI  a manufacturer or distributor assumes the role of inventory planning for the customer. Extensive information sharing is required so that the manufacturer/distributor can maintain a high degree of visibility of its goods at the customer’s location. Instead of the customer reordering when its supply has been exhausted, the supplier is responsible for replenishing and stocking the customer at appropriate levels.Wal-Mart has mastered  VMI  and is the company against which many other organizations benchmark themselves. This report covers various issues that are to be considered to implement the Vendor Managed Inventory. It is realized in the report that several risks are to be considered while executing VMI. The proper analysis is done in seeking the scenarios where one issue becomes a key factor in deciding to implement VMI or not. Both Marketers and Distributors have their own issues to challenge the implementation of VMI. Focus of the report is to determine taxonomy of implementation problems in VMI.Introduction A means of optimizing Supply Chain performance in which the manufacturer is responsible for maintaining the distributorâ€℠¢s inventory levels. The manufacturer has access to the distributor’s inventory data and is responsible for generating purchase orders. We can see the differences in maintain inventory as: Under the typical business model: When a distributor needs product, they place an order against a manufacturer. The distributor is in total control of the timing and size of the order being placed. The distributor maintains the inventory plan.Vendor Managed Inventory model: The manufacturer receives electronic data (usually via EDI or the internet) that tells him the distributor’s sales and stock levels. The manufacturer can view every item that the distributor carriers as well as true point of sale data. The manufacturer is responsible for creating and maintaining the inventory plan. Under VMI, the manufacturer generates the order*, not the distributor. *Note: VMI does not change the â€Å"ownership† of inventory. It remains as it did prior to VMI. Consignment Inventory:When the supplier places inventory at a customer’s location and retains ownership of the inventory. Payment is not made until the item is actually sold. A VMI relationship may or may not involve consignment inventory. Vendor Managed Inventory and Stakeholder’s Challenges Vendor Managed Inventory primarily have various stakeholder’s involved which includes Vendor/Manufacturer or distributor and retailer. Let us examine challenges faced by each: Challenges in VMI Implementation from vendor’s side High administrative costs: – Suppliers would have to face higher administrative costs.They will have to allocate additional staff resources to properly manage the replenishment activities that were previously managed by the retailer. So to overcome these additional costs, vendors must have to save enough money from the inventory costs and sufficient sales volumes and gross margins Loss of market share due to less shelf coverage: – VMI would help in reducin g the inventory which could lead to the less coverage of the shelf space on the retailer’s shop which might lead to the reduction in the market share for that product.To resolve this issue, vendor can provide more stock keeping units of the same product to fill the shelf space and to maintain the market share. Challenges in VMI Implementation from retailer’s side Loss of Control: – If VMI is implemented, then there is always a fear in the mind of the retailer that he would loose his control over the operations management. All the decisions like when to order, how much to keep as inventory and when to sell the product would be managed by the vendor now which can also have some impact on the profit margin of the retailer.Eg. In many cases, Vendor gives discounts to the retailer if they buy in bulk and hence above mentioned questions become crucial for the retailer from financial point of view. In case of products with high shelf life, he might want to order in bul k once, instead of ordering in small lots. Danger of being replaced: – Retailer would be afraid that after implementing of VMI, when almost all the operations management related decisions are taken by the vendor, then the vendor might also think of forward integrating.Hence he would not be fully cooperative in sharing of the data and he would always try to make his presence felt in decision making to show the importance of his role. Fear of losing other vendors: – The retailer would be afraid of losing other vendors, since in the FMCG business; retailers get products from a lot of vendors to maintain variety for the customers. It would be difficult to choose the vendor who will manage the inventory, because the same vendor would be biased towards his products.This would lead to the development of bad relationship between the retailer and the other vendors. After implementation of VMI, forecasting of demand is done by the manufacturer, not by the retailers or distributo rs and it might hit back, if manufacturer is not competent in judging the patterns of the consumer demand. Challenges faced in implementation of Vendor Managed Inventory Personal Factors Trust: – One of the most important factors which can contribute to the success of the VMI is trust and good relationship between the vendor and the downstream retailer.But in the FMCG sector, where there are a lot of products in the same segment, most of the retailers are unwilling to share their data related to their sales with anyone, even with their supplier. This leads to the ineffective communication between them and both have to incur huge inventory and management costs. Work ethics and cultural differences: – Each company has its set of work ethics and work culture and if the difference is huge for a vendor and the retailer, then their decisions would not be aligned. Technical IssuesTechnology is one of the most critical factors in facilitating the implementation of VMI which ca n also stand as a challenge in the implementation of VMI. A lot of technical systems would have to be installed for the effective working of the VMI. Some of the technical solutions that can facilitate an effective VMI arrangement include: †¢ Electronic data exchange (EDI). EDI transactions can enable suppliers to efficiently manage customer inventory levels remotely. †¢ Replenishment software. These applications allow customers to accurately assess projected service levels (i. . the percentage of requests that can be filled from stock) based on various inventory investments. †¢ Bar coding or radio frequency identification (RFID). These technologies â€Å"tag† products for tracking purposes and can dramatically improve the speed and integrity of the collection and reporting of consumption data. †¢ Forecasting software. These applications gather and analyze information from sales, accounting, order entry, and other business systems, using sophisticated algo rithms and predictive modeling techniques to generate fast, accurate demand forecasts.Investment- A lot of investment would be required to install and maintain any of these systems. Properly equipped manpower would be required to operate these tools. Investment would also be required to integrate these tools with each other for efficient functioning of the VMI operations. All this cost would have to be incurred by the vendor and to compensate this cost, he must get returns from the efficient inventory management and higher sales volume due to less stock-outs. Testing- It requires a lot of time and money in testing the various VMI systems after installing them.An extensive testing has to be done for the EDI system before giving it a final green flag for the VMI system. Analysis of Cases of implementing Vendor Managed Inventory Let’s discuss some cases where VMI is implemented: Barilla Spa Case Barilla is largest manufacturer of â€Å"fresh† and â€Å"dry† pasta p roducts with more than 1000 SKUs. It has sales of around $2B and very stable demand at retail level. Challenges it was facing are as under: Retailers didn’t have large inventories to accommodate new products introduced from time to time.Stock outs are quiet frequent at DO’s. Thin margins for both manufacturers and retailers are adding to the problem. Solution offered through VMI: Downstream distribution Center (DC) reports inventory and sales data electronically to Barilla on a daily basis. Barilla is managing the inventory of DC and decides how much to ship to them. According to  Industry Week's Best Plants 2006 Statistical Profile, 56% of the top 25 plants between 2002 and 2006 have used â€Å"resident suppliers† to manage or replenish inventory.However, the average percentage of purchased materials and components (dollar volume) managed by on-site suppliers is only 13. 7%. So, it seems, there is a time and place for vendor-managed inventory. For example, if you've got an expensive manufacturing line and you ask one of your key suppliers to put in the systems and develop the expertise to supply the goods you need on a just-in-time basis, they will do that if they receive a significant portion of their revenues from you, says Steve Banker, service director of supply chain management at ARC Advisory Group, Dedham, Mass. However, you may have a lot of suppliers where you are only 1% of their total revenue — you are not their biggest priority,† Banker says. â€Å"The chances that they will take on added responsibility and costs to manage your inventory is low. † So we can see that size of the business does matter in determining the feasibility of implementing VMI.In addition, there is a certain amount of IT integration that has to go on in order to make the VMI relationship work. For suppliers, they need to be able to get your forecasts on a regular basis, make intelligence out of them and have visibility into your inve ntory levels on an ongoing basis,† says Banker. â€Å"Turning that into useable intelligence is kind of difficult. Small and midsized companies often don't have the dedicated IT resources to make that happen, so they struggle. † â€Å"Resident Suppliers† Manage/Replenish Inventory (% Of Plants) Year| No| Yes| 2002| 44| 56| 2003| 52| 48| 2004| 48| 52| 2005| 32| 68| 2006| 44| 56| 2002-2006| 44| 56| Source: Industry Week's Best Plants 2006 Statistical ProfilePercentage Of Purchased Materials And Components (Dollar Volume) Managed By On-Site Suppliers Year| Median| Mean| Minimum| Maximum| 2002| 5. 0| 24. 4| 0. 0| 100. 0| 2003| 0. 0| 12. 2| 0. 0| 100. 0| 2004| 4. 0| 15. 2| 0. 0| 70. 0| 2005| 6. 0| 13. 8| 0. 0| 67. 0| 2006| 4. 2| 15. 1| 0. 0| 95. 0| 2002-2006| 3. 0| 13. 7| 0. 0| 100. 0| Source: Industry Week's Best Plants 2006 Statistical Profile Similarly, we have case of P&G which successfully employed Vendor managed Inventory while ODLO isn’t so successful in implementing the same.Also companies like RUAG aren’t having any financial or strategic benefit out of implementing VMI and hence didn’t go for it. If we analyze the sector in which they operates we come to know, RUAG which is in Airlines sector involves comparatively simpler inventory to maintain while the risk involved in giving away the details was higher. On the other hand, with the scale of business P&G is in, it is beneficial for both manufacturer (vendor) as well as distributor (or Retailer) to implement VMI. It can be seen both scale and sector favors P&G.GRENDENE, one of the world's largest footwear manufacturers, implemented Agentrics' Vendor Managed Inventory (VMI) solution and aligned its product replenishment process with the real demand of regional distributors/customers, thus increasing service level, optimizing stocks and boosting sales. ACHIEVED RESULTS: Increase of accuracy in sales forecasts; Increase of sales by 47% for participating retailers; Imp roved management of a product mix, by reducing or discontinuing low-performance and low-turnover products;   Streamlined replenishment of high-performance products;Excellent overall result with customers using the solution. VONPAR With Agentrics' VMI solution, acquired a full, web-based supply chain KPI tool. Vonpar Refrescos, Brazil's fourth largest Coca-Cola bottling company with products reaching 14 million consumers, implemented Agentrics' Vendor Managed Inventory (VMI) solution and with it acquired a complete web-based KPI tool. KPI's track internal and client stock levels, demand planning, order administration, as well as automation of Vonpar's product replenishment process, improving service and optimizing stock levels, while improving customer relationships.ACHIEVED RESULTS : Average sales increase of 26 percent in the first 12 months after the solution's implementation; Significant increase in sales of juices, tea and beer, which reflects improved stock planning for great er availability of products at store level; Maximized speed in the exchange of sales information at store level; Stock optimization allowing Vonpar to have the right product at the right time in the right place; Commercial team freed up to focus on avoiding out-of-stocks. SYNGENTA Implemented Agentrics' VMI solution to manage stock jointly with its suppliers.Syngenta, a world-leading agri-business committed to sustainable agriculture through innovative research and technology, implemented Agentrics' Vendor Managed Inventory (VMI) solution to manage stock in conjunction with its suppliers ACHIEVED RESULTS: Reduction of communication errors through process automation and visibility to inventories. â€Å"Today, our customers say that for the first time in the agricultural market, a company is able to co-manage inventory demand like large retail chains,† says Marcos Mazza, Supply Chain Manager. NeoGrid has a solution that perfectly suits our business model; Syngenta did not have to adapt to the tool, as the solution metall our needs. † Marcos Mazza, Supply Chain Manager. Conclusion The main purpose of this report is to highlight the taxonomy of implementation problems in VMI. From the cases visited, we can deduce that various factors play key roles in determining whether to go for Vendor Managed Inventory as there are lot of issues and cost involved in implementing the same.Size of the business, Sector of the business in operation, inter-relationship among stakeholders all plays equally important role in the actual decision making. Though there is no clear cut understanding on whether to implement VMI or not but one can easily concur with increasing role of technology and with dynamic demand it is only going to rise.References Williams, M. (1998). Making Consignment and Vendor-Managed Inventory Work For You. APICSInternational Conference. Schreibfeder, J. (1997). Vendor Managed Inventory: there’s more to it than just sell products. Effective In ventory. com Collaborative Planning, Forecasting, and Replenishment Committee. (1998)  Jointly Managed Inventory Approach Provides a Lower Level of Detail. CPFR. Org http://www. scm. ethz. ch/publications/Practitioner_publications/Niranjan_etal_2011_Are_you_ready_for_VMI. pdf http://www. emeraldinsight. com/journals. htm? articleid=1620974;show=abstract http://openarchive. cbs. dk/handle/10398/8229 http://www. supplyon. com/vendor-managed-inventory_at_zf. html http://www. industryweek. com/procurement/vendor-managed-inventory-size-matters

Poetry and Catalog Poem A.i Essay Example

Poetry and Catalog Poem A.i Essay Example Poetry and Catalog Poem A.i Essay Poetry and Catalog Poem A.i Essay I. Examine the title and text for symbolism b. Images b. I. Identify the images and sensory details c. Figures of Speech c. I. Analyze figurative language and other devices d. Tone and Theme d. I. Discuss how all devices reveal tone and theme II. Reading Skills and Strategies a. Look for punctuation b. Do not make a full stop at the end off line if there is no period, comma, colon, semicolon, or dash c. If the poem is difficult to understand, look for the subject, verb, and complement of each sentence Ill. Vocabulary Terms a. Catalog Poem a. I. The repetition of items in the list creates a rolling rhythm when the poem is read aloud b. Repetition b. I. Refers to sounds, words, phrases, or lines that are states or used more than once in a poem c. Alliteration c. I. Repetition of consonant sounds at the beginnings of words d. Assonance d. I. Repetition of similar vowel sounds that are followed by different consonant sounds e. Personification e. I. An animal given human-like qualities or an object given life-like qualities f. Onomatopoeia f. I. Word or phrase that imitates the sound made by something else g. Oxymoron g. I. Figure of speech which contradictory terms appear side by side h. Hyperbole h. I. Figure of speech that uses exaggeration to express strong emotion or create comic effect I. Idiom I. I. Expression that meaner something different from the literal meaning of each word j. Allusion j. I. Reference to a statement, person, place, or an event V. Poetry Analysis a. What is the poem about? B. Number of stanzas? C. Number of lines per stanza? D. Speaker? E. Rhyme scheme? F. Examples of repetition? G. Examples of imagery? H. Examples of symbolism? V. Catalog Poem The bored looks on the students in the room And the teachers excited voice ringing through the room VI. Free verse a. As I walk outside a gush of winds blows my hair back The crisp cool air slithers between my fingers The Goosebumps rise on my body VI. Types of Poetry a. Narrative a. I. Tells a story or recounts events b. Dramatic b. I. Tells a story but focuses on character c. Lyric c. I. Present the thoughts and feelings of a single speaker VIII. Form and Structure a. Written in lines b. Lines are grouped together in stanzas c. Lines and words are arranged on a page is its form X. Sound a. Rhyme, meter, and word choice are the key sound devices b. Rhyme is the repetition of sounds at the ends of words b. I. Internal rhyme b. I. L. Use of rhyming words within a line b. Ii. End Rhyme b. Ii. L . Use of rhymes at the ends of lines X. Rhythm a. Pattern of sound created by stressed and unstressed syllables in a line of poetry b. Meter is a regular pattern of stressed and unstressed syllable c. Form can affect its rhythm X. Free Verse a. Does not contain regular patterns of rhythm or rhyme b. No fixed line lengths or stanzas XII. Imagery and Figurative Language .

The Cars Engine essays

The Car's Engine essays The function of a cars engine is to make a car move. Engines come in a variety of strengths and speeds. All modern engines are made of essential parts. A description of the engines design illustrates its function. The core of the engine is the cylinder. The piston moves up and down inside the cylinder. The engine described here has one cylinder, but engines vary from four all the way to twelve. In a multi-cylinder engine the cylinders usually are arranged in one of three ways: inline, V or flat (also known as horizontally opposed or boxer). The spark plug supplies the spark that ignites the air/fuel mixture so that combustion can occur. The spark must happen at just the right moment for things to work properly. A piston is a cylindrical piece of metal that moves up and down inside the cylinder. Piston rings provide a sliding seal between the outer edge of the piston and the inner edge of the cylinder. The rings serve two purposes: they prevent the fuel/air mixture and exhaust in the combustion chamber from leaking into the sump during compression and combustion, and they keep oil in the sump from leaking into the combustion area, where it would be burned and lost. Most cars that "burn oil" and have to have a quart added every 1,000 miles are burning it because the engine is old and the rings no longer seal things properly. The combustion chamber is the area where compression and combustion take place. As the piston moves up and down, you can see that the size of the combustion chamber changes. It has some maximum volume as well as a minimum volume. The difference between the maximum and minimum is called the displacement and is measured in liters or CCs (Cubic Centimeters, where 1,000 cubic centimeters equals a liter). So if you have a 4-cylinder engine and each cylinder displaces half a liter, then the entire engine is a "2.0 liter engine." If each cylinder displaces half a liter and there are six cylinders arr...

Young and Free Idioms Story

Young and Free Idioms Story Learn new English expressions in this short story about what it takes to be successful in a small company focuses on the use of idioms in context. Youll find idiom definitions and a short quiz on some of the expressions at the end of the story.   Young and Free: Prerequisite for Success Lets face it: In todays business world you need to be young and free of attachments to strike it rich. Its a dog eat dog world out there and youre going to have to work quite a lot. Of course, not only will you have to work quite a lot, youll need to be flexible and ready to take advantage of anything. Thats where the free part comes in. Ive got a young friend, hes only 25, but he fits the bill perfectly. Hes single and hes hungry. Hes willing to start from scratch and, best of all, he isnt afraid of putting his nose to the grindstone for those 80 hour weeks. He decided to take the bull by the horns by going starting up his own business. He found a software developer who knew the internet inside out. This young man was also very ambitious. He left his safe job at the drop of a hat. They were both reaching for pie in the sky, and they were ready. They also were lucky. They founded a startup and got into the whole social networking business in 2002. In other words, they were early birds and they were willing to sink or swim. Probably the most important ingredient in their success was that they were willing to play things by ear. They kept their ears to the ground, moved full steam ahead and drove hard bargains. Soon, their business was growing by leaps and bounds. Of course, they had some stumbling blocks along the way. Who doesnt? Still, they got the jump on the competition and by the year 2008, they were multi-millionaires. This sort of success for the young and free now has copycats around the world. Idioms Used in the Story at the drop of a hat immediatelyby leaps and bounds very quickly (used with improvement)copycat someone or a company who tries to do things like another person or companydog eat dog very competitivedrive a hard bargain to make a business deal that is very advantageous for youearly bird someone who takes early advantage of a situationfit the bill to have the right characteristics for somethingfull steam ahead to continue with full commitmentget the jump on someone to get the advantage over someone by starting earlyhave ones ears to the ground to pay attention to rumors, news, and industry insidersknow something inside out to have expert knowledge about somethingpie in the sky something very hard to achieve, a dreamplay something by ear to improvise in a situation, react to a situation as it occursput ones nose to the grindstone to work hard and put in many hourssink or swim succeed or failstart from scratch to start from the beginningstartup a small company that begin s to do business, usually in technologystrike it rich to become rich, often by creating a new product or service successfullystumbling block a difficulty or hurdle that stands in the way of successtake the bull by the horns to confront a problem and deal with it Expression Quiz I think Peter ______________. Hes perfect for the job.Its _____________ on the project. We have no time to waste.Dont pretend youre like Kevin. Nobody likes a ___________.The business person ________________, but we had to accept her offer.I think its best to _________ the meeting __________. We need to consider everything.He founded a ________________ in 2008 and made millions.Our business has grown _________________. Were very happy.Im afraid I think that idea is ______________. It will never work. Quiz Answers fits the billfull steam ahead / sink or swimcopycatdrove a hard bargainplay the meeting by earstartupby leaps and boundspie in the sky More Idioms and Expressions in Context Stories Learn more expressions using stories with one or more of these further idioms in context stories with quizzes. Its important to learn and use idioms in context. Of course, idioms are not always easy to understand. There are  idiom and expression resources  that can help with definitions, but reading them in short stories can also provide context that make them come more alive. Try reading the story one time to  understand the gist  without using the idiom definitions. On your second reading, use the definitions to help you understand the text while learning new idioms.

Assignment Example | Topics and Well Written Essays - 750 words - 91

Assignment Example Zoning restrictions and state laws help to minimize the proximity of pornographic and liquor establishments to schools. The site should provide an attractive landscape that supports vegetation. Besides, the schools should have beautiful buildings that give a positive impression and motivation. There should be provision for maintenance, drainage, and parking. Middle school requires more space than high school. Streets and parking areas should be stable and smooth for easy use during all seasons. Sharp curves, dead-end streets, and excess corners should be avoided. The site should be elevated and provide contour for proper drainage and avoid soil erosion. Fault areas, steep slopes, and mines should, however, be avoided. The topographical orientation should be modest for both middle and high schools. The choice of soil type should allow good drainage schools in lowlands should be elevated to facilitate drainage that also impact on daily care costs. Scoring drainage should thus also consider student movement patterns regardless of their age. Elementary schools require for outdoor activities such as physical education and informal play while high schools need athletic and practice fields. Nature trails are also important to beauty and science learning, but open waters should be avoided. All age levels need sufficient paths, both onside, and offside, including visitors and employees. A desirable, safe walking pattern is necessary for young children vehicular and pedestrian traffic flow should be considered. Sidewalks are also requisite. There should be one parking space for every teacher and member of personnel. About 50% of older students often drive and should have parking space. Each car space should be 300 square feet. Curb cuts and 2% of the available spaces should be reserved for the disabled. The school design should blend with the physical environment. Elementary schools should be appealing, but massive structures should be avoided.

Communication & Change Essay Example | Topics and Well Written Essays - 500 words

Communication & Change - Essay Example At the same time, authors are quick to point out that the Web has immediately gotten intertwined with its numerous spheres of application in social, political, cultural, and other realms, which on one hand were boosted by the possibilities that communicative Internet technologies offered, and on the other hand themselves contributed to the formation of the Web as we know it today. At this point we can find in the article some interesting observations of the mentioned peculiarities of the Web. For one, we are made aware that the content of the Web actually consists of ephemeral and permanent features. The Web is ephemeral because the permanency of its content is not guaranteed, and even if the permanency is pursued the content has to be constantly recreated for this purpose. However, the Web can be thought of as permanent due to the fact that in order to be conveyed Web content must be in a permanent form, which is not the case for example with live radio and television translations.

Developing as a manager Essay Example | Topics and Well Written Essays - 2000 words

Developing as a manager - Essay Example Skills Learnt over the Semester One skill that I developed during the course of the semester was analytical skills. Analytical skills are defined as the thought process that is needed in the effective evaluation of information (Metz, 2009: p90). Examining problems in the classroom setting thoroughly needs one to pay attention to detail and keep their focus. For instance, the use of case studies required the class to show high analytical skill levels to come up with proposals for the tutor. Analytical skills are tested in this case by the pressures of time required to complete the case studies. It will be important to graduate from University with strong analytical skills to be able to seek required information, process it, and make decisions that are feasible and defendable. My analytical skills have also been developed through identification of an author’s main arguments, critical evaluation of their argument, identification of their hidden agendas that makes their claims que stionable and missing information that could swing the argument, and evaluation of evidence provided in the text. These factors are important in making final decisions about the veracity of information, and whether to act on it (Metz, 2009: p90). ... Developing academic integrity in my writing is important because it will ensure that I graduate with the required skills to become a manager. It also enhances the learning experience by ensuring that one realizes where they are academically in relation to other students, rather than giving a show of successful academic work that gives one a false sense of achievement. This is dangerous in the management world since employees can tell if the manager is taking advantage of their work as his/her own. In addition, integrity is a character quality (Metz, 2009: p91), and developing it while at university will be reflected in my later professional work. This semester, I also developed my skills in accessing library resources by using the university library for my academic work. Conducting research was an important part of my academic semester in the writing process and, in order to conduct the best research I could, I sought to locate information at the school library, organize it, and eval uate it. Libraries are an important primary research source, especially for academic research, and developing my skills on how to use the library was important in understanding how to carry out the process of research. Finding the right information is crucial in management as it helps in decision making, and solving of problems and challenges (Metz, 2009: p95). By using the library to access required resources, there was a wealth of information that helped me in making proposals in case studies. In addition, using the library to access resources showed that there are many sources of information and knowing how to access them is essential to coming up with the right conclusions and decisions. I also developed my skills at interpreting and

Module 5 TD-HRM 401 - Recruitment Essay Example | Topics and Well Written Essays - 250 words

Module 5 TD-HRM 401 - Recruitment - Essay Example Such may include a situation in which an employee has given out some confidential information regarding an investigation into the conduct of an employee by government authorities (Friedman, 2005). Employers need to take several actions that are aimed at minimizing retaliation actions such as coming up with policies against retaliation, proper communication with the employees who are making complaints at a personal level or in a staff meeting, ensuring confidentiality on any complaint that has been raised by the employees as well as proper documentation of any complaint brought up by the employees. Employers need to further offer training to the employee so as to make them to clearly understand what actions constitutes retaliation and how to respond when such occurs. The trainings should be aimed at offering counselling opportunities to the affected employees so as to boost their morale even as they strive to make their genuine concerns to be

Resolution To Childhood Obesity Through Exercise and Diet Research Paper

Resolution To Childhood Obesity Through Exercise and Diet - Research Paper Example According to the American Psychological Association, around one in six children are obese and â€Å"only 30% of children (aged 6 to 17) participated in 20 minutes plus of vigorous physical activity on a daily basis† (Changing diet and exercise for kids, 2012), whereas the prescribed amount of physical activity is sixty minutes. This clearly indicates flaws in the lifestyle that people follow as the reason for the persistence of the problem of obesity in children. An increasingly sedentary lifestyle that arises from various factors such as pressure of studies and addiction to certain forms of technology leads children to abandon the forms of physical activity that they are supposed to engage in. Most children and even their parents do not consider physical exercise as a priority area that needs to be taken care of for the overall health of the child. There are problems associated with this formulation too. Children with disabilities and chronic illnesses were found to have a mu ch higher incidence of obesity. The table given below bears out this statement. Prevalences of overweight and obesity in disabled children and adolescents a) Compared with healthy children and adolescents Disability Percentage of overweight/obesity Healthy comparison group Country Functionally restricted mobility 30% overweight 16% overweight USA (11) Developmental delay 24% overweight 17% overweight Australia (12) 15% obese 6% obese Learning disability 35% overweight 31% overweight USA (11) 21.9% obese 15.7% obese Learning disability 19.3% obese 12.2% obese USA (13) Hearing or visual impairment 18.4% obese Autism 23.4% obese Attention deficit (hyperactivity) disorder 18.9% obese Asthma 19.7% obese Asthma 24.6% overweight 14.2 % overweight Denmark (Reinehr, Dobe, Winkel and Hoffmann, 2010 [the table is directly from the essay]) In such cases the underlying disease is complicated by the problem of obesity and an inability to walk and perform other physical exercises is compounded by the excessive weight of the body. This may lead to pain at the joints as well since the weight of the body becomes too much for the bones to bear. There are other medical problems too that accompany obesity when it occurs in addition to another disease or disability. These compound the misery that the child experiences and the social isolation that results may lead to depression in the child. This would then further diminish the chances of the child taking part in any leisure activities. This heightens the problem of obesity and the cycle is complete. One method of alleviating this problem is through dietary changes that can be introduced for the patient who is obese. This has the ability to cause enormous changes in the weight of the patient. Diet in these cases needs to be closely monitored since eating as an activity may be used by the patient to alleviate the feelings of loneliness and sorrow. The quality that certain foods have, to cause a temporary suppression of depressing th oughts may be the reason behind this. This again feeds into the earlier mentioned cycle, thus worsening the entire situation. The importance of diet, thus, needs to be stressed when one is dealing with a person who is obese. Children who are obese are more likely to develop other diseases early on

Module 5 TD-HRM 401 - Recruitment Essay Example | Topics and Well Written Essays - 250 words

Module 5 TD-HRM 401 - Recruitment - Essay Example Such may include a situation in which an employee has given out some confidential information regarding an investigation into the conduct of an employee by government authorities (Friedman, 2005). Employers need to take several actions that are aimed at minimizing retaliation actions such as coming up with policies against retaliation, proper communication with the employees who are making complaints at a personal level or in a staff meeting, ensuring confidentiality on any complaint that has been raised by the employees as well as proper documentation of any complaint brought up by the employees. Employers need to further offer training to the employee so as to make them to clearly understand what actions constitutes retaliation and how to respond when such occurs. The trainings should be aimed at offering counselling opportunities to the affected employees so as to boost their morale even as they strive to make their genuine concerns to be

Phase Contrast Imaging Thesis Example | Topics and Well Written Essays - 3750 words

Phase Contrast Imaging - Thesis Example The traditional approach is reliant on X-ray absorption as a mere source of contrast, and also outlines chiefly on ray optics to define and interpret the formation of image. As suggested by Yacobi et al, Phase contrast is the most challenging and complicated mechanism for a beginner to imagine, however, at the same time, it is the most powerful mechanism for generating images with ultra-high resolution (Yacobi et al, 1994). Phase Contrast imaging, which is informally known as High Resolution or HR imaging, is a process of imaging in Transmission Electron Microscopy, and is one of the chief components that discriminates Transmission Electron Microscopy from traditional optical microscopy. Nevertheless, phase contrast imaging is often interpreted as synonymous to high-resolution TEM (Williams and Carter, 1996). Moreover, phase contrast microscopy produces high-contrast images of transparent samples such as cells or micro-organisms (Murphy, 2002). This ability commences from the fact that the atoms in a substance disseminate electrons as they pass through them, thereby, giving rise to diffraction in contrast, along with the distinction that is already prese nt in the transmitted beam. Phase-contrast imaging contributes to the maximum imaging technology that has ever developed, and can also enable for resolutions ranging less than one angstrom, thus, allowing the straight viewing of lines of atoms in a crystalline substance. As suggested by Wilkinson and Schut, in phase contrast microscopy, the differences in refractive index are converted into differences in the image intensity (Wilkinson and Schut, 1998). The explanation of phase-contrast images is usually not a clear-cut task by any means. As viewed by Zhang, phase contrast images usually exhibit periodic contrast transformations or reversals (Zhang, 2001). The uncoiling of the differences viewed in the High Resolution image in order to identify the features as a result of which the atoms in the substance can hardly be performed with the naked eye. As an alternative, for the reason that the merger of contrasts as a reason of the multiple diffracting constituents as well as planes and the transmitted beam is diverse, the computer replications are brought in to use so as to identify what kind of distinct disparate structures may create in a phase-contrast image. As a point in fact, a sensible amount of information regarding the sample is required to be comprehended prior to the interpretation of a phase contrast image, for example a speculation about the constituents of the

American Impress credit card Essay Example for Free

American Impress credit card Essay 1. Betty is married to Abel, a successful engineer. They have a joint account which gives them both an American Impress credit card, which they have had for years. They have always made the payments on time and over the years the credit limit has gone up and up. Abel has a skiing accident and dies. A month later, Betty gets a notice that her American Impress card has been cancelled. To make matters worse, the fact that her card has been cancelled is reported to a credit reporting company, which hurts Betty’s credit score and makes it harder for her to get credit. Does the law provide any protections for Betty? What can she do? No, the law does not provide protection for Betty because when a credit card account is a joint account and one spouse dies, the responsibility of handling that account will fall on the surviving party. Betty can protect herself by contacting the credit card company, or pay off the balance on the credit card account and close it, or transfer the account to her name and pay off the remaining balance. If she decides to transfer the account to her name, the credit card company may alter the terms of the original agreement. 2. An elderly lady with poor health and poor eyesight is approached by a door to door salesman. He tells her that if she buys a sectional greenhouse from his company, she can make lots of money raising and selling flowers. She gives him a check for several thousand dollars, way more than she can afford, and signs a contract promising to make monthly payments. He delivers to her house a bunch of greenhouse sections, which have to be assembled. Can she get out of the contract and get her money back? Are there other facts which if known would help you answer this question? No, she cannot get out of the contract if she meets the three main elements that are needed for a contract to be enforceable, they are: Offer: Which must be clearly stated and presented to the offered, this can be in either an oral or written form. Acceptance: Acceptance must be acceptance for the exact offer which was stated, any deviation may count as a counter offer and lead to the contract being unenforceable Consideration: Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. There are also other elements to a legally binding contract such as expressed and implied terms of the contract. Implied terms can consist of terms implied by law e. g. The Statute of Frauds requires the sale of land to be in writing etc. , these laws change from jurisdiction to jurisdiction so you would have to contact an attorney in your area to find out more. For a contract to be concluded, performance must be followed down to the letter of what was contracted for, courts give very little leniency in this area. Its also worth checking out the law surrounding Duress, Misrepresentation and Undue Influence to fully cover you in the event of a breach by either party.

Analysis on the Bank Performance of Nigerian Banks

Analysis on the Bank Performance of Nigerian Banks The provisional title of this research project is: Consolidation and bank performance; analysis of Nigerian Banks 2004 to 2006. The choice of this topic emanates from the fact that the current credit crisis and the transatlantic mortgage financial turmoil have questioned the effectiveness of bank consolidation programme as a remedy for financial stability and monetary policy in correcting the defects in the financial sector for sustainable development. Many banks consolidation had taken place in Europe, America and Asia in the last two decades without any solutions in sight to bank failures and crisis. The paper attempts to examine the performances of government induced banks consolidation and macro-economic performance in Nigeria in pre-consolidation and post-consolidation period. The paper analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performance. The CAMEL analysis is chosen because of its optimal properties, simple computational procedures and is suitable for an empirical work such as the present research project work. Against the findings that would emerge from the intended empirical investigation of this work, appropriate recommendations that are likely to better enhance the effectiveness of banking sector reforms in Nigeria thereby restoring confidence in the system. CHAPTER 1 1.1 Introduction The Nigerian banking sector over the past 20 to 25 years has experienced boom and bust in a cyclical pattern. After the implementation of the structural adjustment program (SAP) in 1986 and the deregulation of the financial sector, new banks proliferated, mainly driven by attractive arbitrage opportunities in the foreign exchange market (Heiko 2007). Prior to the deregulated period, financial intermediation never took off and even declined in 1980s and 1990s (Capirio and Kligbiel 2003). The sector was highly oligopolistic with remarkable features of market concentration and leadership. Lemo (2005) noted that there are ten Nigerian banks that control more than 50% of the aggregate assets of the banking sector; more than 51% of the aggregate deposit liabilities and more than 45% of the aggregate credits. The sector was characterized by small sized banks with high overheads; low capital base averaging less than $10million; heavy reliance on government patronage and loss making. Nigerias banking sector was still characterized by a high degree of fragmentation and low levels of financial intermediation up until 2004. In the light of the foregoing, banks are compelled by the Central Bank of Nigeria to raise their capital base from N2 billion to 25 billion on or before 31st December, 2005. Most banks resorted to mergers and acquisition as a survival strategy, which saw a reduction in the number of banks from 89 to 25. This study contributes to the concept of bank recapitalization by critically examining the impact of bank consolidation on the performance of banks using a sample of randomly selected Nigerian banks. It is the intention of the researcher to give more validity to empirical evidence that have been obtained by previous researchers on the subject matter. Relevance of the study The earliest set of studies evaluates the effects of bank consolidation through mergers and acquisitions comparing pre- and post- merger performance by measuring performance using either accounting or productive efficiency indicators.The results from both indicators have varied and at sometimes been contradictory. This can be explained by performance-influencing variables like size, brand name, diversification and cost reduction, there is still no reconciliation between these indicators. I intend to contribute to the determinants of bank performance by evaluating the possible performance impact of bank consolidation on banks. Consolidation is the key to improving the performance of banks with low capital base, without which they are bound to fail. 1.3 Background of study Aside being the highest contributor to the market capitalization of the Nigerian stock exchange and smooth and stable income provision to money and capital market, banking industry is capable of attracting potential investor which is a source of every economic development. Financial institutions generally, and banking sector in particular play a crucial role in the development process of mobilizing fund from the surplus sector of the economy to the deficit sectors of the economy. Banks help in increasing the quantum of national savings and investment. Consequently, the volume of goods and services produced in the economy increases overtime through the multiplier effect. Banks enhance stable and smooth income to attract potential investors in line with Modigliani and Miller (1958) theory that investors generally have preference for smooth and stable income. According to sloan and Arlond (1970) consolidation is a fusion of the assets and liabilities, in whole or in part of two or more business establishment. Consolidation represents the idea of investment and the coming together of firms; it can also mean larger sizes, larger shareholder bases and larger number of depositors. According to Adamu (2005) bank or corporate consolidation could be achieved by way of mergers/acquisition and recapitalization. It is more than mere shrinking of number of banks in any banking industry. According to Hall (1999) consolidation is a global phenomenon, which started in the advanced economies of the world. For example, the enactment of Riegle-Neal Act, which allows interstate branch banking beginning from 1997 this led to increase in bank mergers in the USA (Akhavin et al and kwan 2004). Consolidation allow a mega bank to enjoy higher profit, increase revenue and low problem loans. Japanese banking industry also experienced consolidation in the 1990s which resulted to economies of scale (Fukuyama, 1993; Mckillop et al 1996). When banks go bust, their capital base is called to question. Cases of bank failures have motivated researchers to investigate the activities of banks in relation to performance in terms of returns. A view is that consolidation has increased the capital base and size of Nigerian banks but does not necessarily bring about higher performance. Criteria Selecting Nigeria Study Consolidation is a term used by the central bank of Nigeria (CBN) to describe the coming together of some banks within the country to become one bank and be able to meet CBNs requirement for capitalization to a minimum of N25billion. When this happens, it is expected to improve services rendered by the banks. In July 6, 2004, a day now referred to as black Tuesday in banking sector of the economy, the CBN Governor, professor Charles Soludo made an obviously unexpected policy pronouncement. The highlight was the increment of the earlier N2billion to N25 billion, with full compliance deadline fixed for the end of the year 2005. In a bid for banks to meet up with the new requirement, some Banks are exploring the option of inviting foreign investors to buy into Banks. Others are looking at the possibility of getting investors to shore up their capital, and some are looking at the capital market option, while others are considering mergers and acquisition. If the process of consolidation is properly implemented the ongoing consolidation of banks in the country will surely improve the banking sector in Nigeria and translate to better banking services and cheap funds.   More importantly, the public will not have fear of distress in any bank, since the consolidated bank will have enough funds. The need to understand the impact of bank consolidation on Nigerian banks either negative or positive necessitated the use of Nigerian banks as sample for this study. 1.5 Aim To analyze the effect of consolidation on the performance of Nigerian Banks 1.6 Objectives To examine the consolidation process of Nigerian banks. To Asses the performance of Nigerian banks before and after consolidation. To evaluate the impact of consolidation on Nigerian banks. CHAPTER 2: Literature Review 2.1 Introduction This chapter attempts to gain an in-depth view into what is already known in connection with the research topic being studied. It therefore brings to light the different theoretical and methodological approach to the research area, helps develop a practical analytical framework, considers inclusion of variables that may not have been thought about from the inception of the research work and in the long run learning can be gained from mistakes of previous researchers and avoidance of such mistakes would be achieved (Bryman Bell, 2003). The scope of the research is narrowed down through successful study of literature review that was continuous all through the research process. Further, the review of literature will incorporate a wide range of materials sourced from journal articles, corporate websites, government websites, multilateral organisations, text books and online databases which include: Wiley, Science Direct, Emerald and Business Source Premier. Reforms are predicated upon the need for reorientation and repositioning of an existing status quo in order to attain an effective and efficient state. There could be fundamental bottle-neck that may inhibit the functioning of the institutions for growth and the achievement of core objectives in the drive towards enhancing and sustaining the economic and social imperatives of human endeavor. Carried out through either government institutions or private enterprises, reform becomes inevitable in the light of the global dynamic exigencies and emerging landscape. Consequently, the banking sector, as an important sector in the financial landscape, needs to be reformed in order to enhance its competitiveness and capacity to play a fundamental role of financing investment. Many literature indicates that banking sector reforms are propelled by the need to deepen the financial sector and reposition for growth, to become integrated into the global financial architecture; and involve a banking sector that is consulting with regional integration requirements and international best practices. The nexus between consolidation and financial sector stability and growth is explained by two polar views. Proponents of consolidation opined that increase size could potentially increase bank returns, through revenue and cost efficiency gains. It may also, reduce industry risks through the eliminations of weak banks and create better diversification opportunities. On the other hand, it is argued that consolidation could increase banks propensity towards risk taking through increases in leverage and off-balance sheet operations. Advocates Furlong (1994) stated that an early view of consolidation in banking was that it makes banking more cost efficient because larger banks can eliminate excess capacity in areas like data processing, marketing, or overlapping branch networks. Cost efficiency also could increase if more efficient banks acquired less efficient ones. Though studies on efficiency in banking raised doubts about the extent of overcapacity, they did point to considerable potential for improvement in cost efficiency through mergers. Banking reforms involves several elements that are unique to each country based on historical economic and institutional imperatives, for example, in Hungary. Evidence show that the reform in the banking sector was due to high under-capitalization of state owned banks, weakness in the regulation and supervision and deficiencies in corporate governance behavior of banks. Craig and Hardee (2004) conducted investigation on bank consolidation and concluded that as the banking consolidation continues, relationship lending is becoming increasingly rare. As credit scoring and formal, formulaic methods are used more and more, specifically by the large banks, many small businesses may find out that they do not fit the model, especially those enterprises with negative equity. Thus, small businesses may be filling the financing void that is being created by the bank consolidation with non-bank sources of funds. Hughes and Mester (1997) provide evidence to suggest that there are scale economics in banking, bank managers are risk averse, and banks use the level of their financial capital to signal the level of risk. This is an area of interest in Nigerian banking, especially when the return on equity is calculated in another two to three years and then compared with the historical industry average. Rhoades(1996) reported that American banks consolidated in response to the removal of restriction on bank branching across states, while Hughes, J.P; W. Lang; L.J. Mester; C.G. Moon(1998) concluded that the economic benefits of consolidation are strongest for those banks that engaged in interested expansion, and in particular the expansion that diversifies macroeconomic risk. From the literature, it has been observed that well-spaced and implemented financial reforms have the ability to boost financial development indicators. Detractors Hughes J.P; Mester, L.J; and Moon, C.G (2000) also provide evidence that scale economies exist in banking but they fail to account for risk. Thus, scale economies that result from consolidation and diversification do not produce better performance in banking, unless choice makes the banks management more conscious risk and moderates its decisions and actions appropriate larger scale of operation that leads to diversification only reduce liquidity and credit risk under the ceteris bus assumption, and they argued that this is not always the case. The examination of merger and acquisition in European banking and found that industry consolidation was beneficial (by providing social benefits) in the first economic integration stages, but could damage welfare in the more advanced stages as the few big banks safeguard price agreements to forestall foreign competition. The other side to European mergers and acquisitions was because of the possibility of failure. This, of course, ignores the fact that no bank can ever be too big to fail. All it takes for a bank to fail is for bad news? about a bank to get to its stakeholders (especially depositors) and they all walk in at the same time to take their funds! For such bank to survive, it must have sufficient liquid assets to meet all maturing and long-dated obligations (Igangiya, 2006). 2.2 Role of banks In the Economy Banks have an important role to play in an economy, as they are intermediaries between people with shortages and surpluses of capital. The products they offer will include savings, lending, investment, mediation and advice, payments, ownership, guarantee and, trust of real estate. (Bouma et al, 2001). This aspect is critical to this research study as the role of banks in any economy cannot be undermined therefore, the need to explore the effectiveness of their actions and how this ultimately affects the economy. The macroeconomic environment within which firms exist and, operate has an impact upon their activities and governments and other agencies operating at different spatial levels and it can shape behavior and their environment. (Worthington et al, 2001). According to Bouma et al, (2001), as a financial intermediary between market players, a bank has four important functions: First it transforms money by scale. The money surpluses of one person are mostly not the same as the shortages of another person. Banks transform money by duration. Creditors may have short-term surpluses of money, while debtors mostly have a long-term need for money. Banks transform money by spatial location (place). Finally, banks act as assessors of risk. As a rule, banks are better equipped to value the risks of various investments than individual investors who have surpluses available. Also, through their larger scale, banks are more able to spread risks. The major objectives of the banking system are to ensure price stability and facilitate rapid economic development; regrettably, these objectives are still yet to be realised in Nigeria as a result of some infrastructural deficiencies such as basic power, energy, and transportation. Also, the lack of a workable contingency planning framework which provides detailed policy actions to limit crises. The reforms of the banking industry will have an influence on the functions, as it ultimately shapes the way they handle their operations. The reform of recapitalisation and consolidation could mean a larger platform for banks to better carry out their tasks. This literature review takes a look at commercial banks in Nigeria when faced with the reformation of the banking industry, core competences needed by the banks to be successful and the effect on the macroeconomic indicators of the country. 2.3 The concept of capital base The recent call for recapitalization in the banking industry has raised much argument among the bank regulators, promoters and depositors as if shoring up of banks capital base is a new phenomenon in Nigeria. Historically, the failure of pioneer 1930s and 1940s brought about the enactment of banking ordinance of 1952. Banking ordinance of 1952 prescribed an operating license and emphasized on minimum equity capital for all banks (Omoh, 2007). Since then, raising of bank capital has become the hallmark response policy of the Nigerian monetary authorities. Capitalization is an important component of reforms in the banking industry, owing to the fact that a bank with a strong capital base has the ability to absorb losses arising from non-performing liabilities (NPL). Attaining capitalization requirement is achieved through consolidation, convergence as well as the capital market. Thus, banking reforms are primarily driven by the need to achieve the objectives of consolidation, competition and convergence. (Deccan Herald,2004), in the financial architecture. 2.4 The Concept of Bank Consolidation Consolidation is viewed as the reduction in the number of banks and other deposit taking institution with a simultaneous increase in the size and concentration of the consolidation entities in the sector (BIS, 2001:2). It is mostly motivated by technology innovation, deregulation of financial services, enhancing intermediation and increased emphasis on shareholder value, privatization and international competition (Berger et al, 1991). The process of consolidation has been argued to enhance bank efficiency through cost reduction and revenue in the long run. It also reduces industrys risk by eliminating weaker banks and acquiring the smaller ones by bigger and stronger banks as well as creates opportunities for greater diversification and financial intermediation. The pattern of banking system consolidation could be viewed in two different perspectives, namely; market-driven and government-led consolidation. The market-driven consolidation which is more pronounced in the developed countries sees consolidation as a way of broadening competitiveness with added comparative advantage in the global context and eliminating excess capacity more efficiently than bankruptcy or other means of exit. On the other hand, government-led consolidation stems from the need to resolve problem of financial distress in order to avoid systematic crises as well as to restrict inefficient banks (Ajayi, 2005). One of the general effects of consolidation is to the reduction in the number of players, moving the industry more toward an oligopolistic market (Adedipe, 2007). 2.5 Prospect of Bank consolidation In Nigeria The initial public offering by banks through the capital market when completed is likely to increase the level of financial deepening as evidenced in the upsurge in the volume and value of trading in stock market. The reform in the banking industry has been able to attract more foreign investment inflow, especially in the area of portfolio investment; this development if sustained will boost the level of economic activity especially toward non oil sector. The consolidation of banks is likely to attract a significant level of foreign banks entrance into Nigeria which will become a feature in the industry over time. This will bring about more confidence by the international community of the banking sector thereby attracting more foreign investment into the country. As the level of financial intermediation increase, interest rate is likely to fall and increase lending to the real sector that will generate employment and booster growth. 2.6 The Process of Bank consolidation In Nigeria Before any bank can be said to consolidate through merger and acquisition in the Nigeria industry, it must first seek and obtain the approval of the following regulatory and supervisory authorities in the industry. They include the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigeria Stock Exchange (NSE) and the Corporate Affairs Commission (CAC) (CBN, 2004). Chapter 3: Research Methodology Introduction This chapter sets out the method employed in conducting the research. The choice of method was made based on the nature of the research problem. The purpose of this research is to discover, if any, the impact of bank consolidation on bank performance. Effort would be made to ensure that the methodology and conceptual framework adopted in the research are as relevant to the findings as the concepts and theories of the study. This is because the validity and reliability of conclusions are largely influenced by the research process itself. 3.2 Research Design This study is a causal or explanatory analysis since it seeks answers to questions related to the causes and determinants of bank performance. The research adopts a deductive approach. It outlines theories of director relationship to firm performance and draws hypothesis from them. These hypotheses are then tested using empirical social data to either confirm or reject the contentions. 3.3 Quantitative Versus Qualitative Data A clear distinction must be emphasized between quantitative and qualitative data. The former is concerned with the compilation of the results of research in a standardised mathematical form with the analysis conducted by means of statistics. (Saunders et al, 2003, p.378). Here variables are measured on a selection of scales and can then be arranged in order of arithmetical rigour. Conversely qualitative research is subjective in its approach of examining and reflecting on perceptions of understanding social and human activities (Hussey and Hussey, 1997). Qualitative research is inductive and researchers rarely know the specifics of data analysis when they begin a project (Neuman, 2006). It is concerned with the assemblage of data in a non-standardised, descriptive form, with the examination conducted through the use of theoretical models. 3.4 Data Type Raw or summarized data which has already been collected and stored for other purposes aside from that of the research in question is referred to as secondary data (Saunders et al, 2007). This research will make use of multiple-source secondary data collected from bank financial reports and CBN statistical publications available on the CBN, Guaranty trust and zenith banks websites, some paper source of data will also be used. The data/study will be restricted between the period of 2004 and 2006. The year 2004 is the pre-consolidation, 2005 consolidation while 2006 is the post-consolidation periods. The choice of data type is based on accessibility, cost saving and authenticity factors. Sample Selection The representative sample of the Nigerian banking sector to be used as a sample of the population under study is Guaranty Trust Bank PLC and Zenith Bank PLC. CAMEL ANALYSIS CAMEL is derived from the five components of a banks condition which include Capital adequacy, Asset quality, Management, Earnings, and Liquidity. Ratings are assigned for each component, and a composite rating is assigned for the overall condition and performance of the bank. These component and composite ratings are assigned on a scale of 1 to 5, with 1 representing the highest rating (strongest performance) and 5 representing the lowest (weakest performance) (Hirtle and Lopez, 1999). The camel analysis will be used to analyse the performance of banks during the pre-consolidation (2004) and the post-consolidation (2006) periods. Limitation The major difficulty that is likely to be encountered during the course of carrying out this research is the dearth of information, which is usually associated with emerging economies (including the Nigerian economy). Deliberate efforts would therefore be made to obtain information necessary to enhance the quality of the present research. 4.0 CONCLUSION In summary, the research tries to establish that bank consolidation helps in shoring up investment capital, enhances shareholder value, and protects creditors and depositors as well as strengthening banks capacities to attract funds at lower costs enhancing their liquidity positions. An efficient banking system tends to be one of the greatest focuses of the Central Bank of Nigeria since its establishment in 1959. Thus, sufficient capital base has largely constituted the Banks reform policy focus over the years. Hence, it may not be out of place to conclude at this material time that the ongoing reform policy is essential for the attainment of overall macroeconomic stability on a sustainable basis. Accordingly, the Central Bank of Nigeria is admonished to intensify its present efforts geared towards restoration of confidence in the banking system. The research work analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performance BIBLIOGRAPHY Bernerd, B.P., (2006), The effect of recent changes in the financial sector development in Nigerian, Paper presented at the 15th General Assembly of the African rural and agricultural credit association (AFRACA), Bukina Faso. CBN., (2004), Guidelines and Incentive on Consolidation in consolidating Banking Industry. Charles, C.S. (2004) Consolidating the Nigerian Banking Industry to Meet the Developmental challenges of the 21st century. Paper presented at a meeting of bankers committee Abuja 6 July 2004. Larry, U; et al., (2004) Issues in Financial Institutions Surveillance in Nigeria. A seminar paper by CBN training centre Lagos. Eshodaghor, D.V., (2006), Impact of distressed banks in depressed Economy, Prospects for survival and growth. Bank failure in Nigeria, causes and dimension pp. 17 â€Å" 22. Ezeudusi, F. U., (2002) Marcus, G., (2003), An approach to the consolidation of Banks Merger Issues by regulators., A south African case business paper (4), NDIC Annual Report and Statement of Account . Oviemuno, A.O., (2006) Banking Consolidation in Nigeria and the strategies for Generating better returns. Ogunleye G.A. (2003) The regulatory imperatives of the Universal Banking concept in Nigerian NDIC quarterly, (11) No. (2), pp.20-30 Ochojele, D. I., (2003) The Nigerian banking industry, a review seminar paper. Osaije, E., (1992), Structural adjustment programme in Nigerian economy Victor, Ezeaku., (2003), Consolidation of Nigerian Banking Sector, CBN publication. Analysis on the Bank Performance of Nigerian Banks Analysis on the Bank Performance of Nigerian Banks The provisional title of this research project is: Consolidation and bank performance; analysis of Nigerian Banks 2004 to 2006. The choice of this topic emanates from the fact that the current credit crisis and the transatlantic mortgage financial turmoil have questioned the effectiveness of bank consolidation programme as a remedy for financial stability and monetary policy in correcting the defects in the financial sector for sustainable development. Many banks consolidation had taken place in Europe, America and Asia in the last two decades without any solutions in sight to bank failures and crisis. The paper attempts to examine the performances of government induced banks consolidation and macro-economic performance in Nigeria in pre-consolidation and post-consolidation period. The paper analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performance. The CAMEL analysis is chosen because of its optimal properties, simple computational procedures and is suitable for an empirical work such as the present research project work. Against the findings that would emerge from the intended empirical investigation of this work, appropriate recommendations that are likely to better enhance the effectiveness of banking sector reforms in Nigeria thereby restoring confidence in the system. CHAPTER 1 1.1 Introduction The Nigerian banking sector over the past 20 to 25 years has experienced boom and bust in a cyclical pattern. After the implementation of the structural adjustment program (SAP) in 1986 and the deregulation of the financial sector, new banks proliferated, mainly driven by attractive arbitrage opportunities in the foreign exchange market (Heiko 2007). Prior to the deregulated period, financial intermediation never took off and even declined in 1980s and 1990s (Capirio and Kligbiel 2003). The sector was highly oligopolistic with remarkable features of market concentration and leadership. Lemo (2005) noted that there are ten Nigerian banks that control more than 50% of the aggregate assets of the banking sector; more than 51% of the aggregate deposit liabilities and more than 45% of the aggregate credits. The sector was characterized by small sized banks with high overheads; low capital base averaging less than $10million; heavy reliance on government patronage and loss making. Nigerias banking sector was still characterized by a high degree of fragmentation and low levels of financial intermediation up until 2004. In the light of the foregoing, banks are compelled by the Central Bank of Nigeria to raise their capital base from N2 billion to 25 billion on or before 31st December, 2005. Most banks resorted to mergers and acquisition as a survival strategy, which saw a reduction in the number of banks from 89 to 25. This study contributes to the concept of bank recapitalization by critically examining the impact of bank consolidation on the performance of banks using a sample of randomly selected Nigerian banks. It is the intention of the researcher to give more validity to empirical evidence that have been obtained by previous researchers on the subject matter. Relevance of the study The earliest set of studies evaluates the effects of bank consolidation through mergers and acquisitions comparing pre- and post- merger performance by measuring performance using either accounting or productive efficiency indicators.The results from both indicators have varied and at sometimes been contradictory. This can be explained by performance-influencing variables like size, brand name, diversification and cost reduction, there is still no reconciliation between these indicators. I intend to contribute to the determinants of bank performance by evaluating the possible performance impact of bank consolidation on banks. Consolidation is the key to improving the performance of banks with low capital base, without which they are bound to fail. 1.3 Background of study Aside being the highest contributor to the market capitalization of the Nigerian stock exchange and smooth and stable income provision to money and capital market, banking industry is capable of attracting potential investor which is a source of every economic development. Financial institutions generally, and banking sector in particular play a crucial role in the development process of mobilizing fund from the surplus sector of the economy to the deficit sectors of the economy. Banks help in increasing the quantum of national savings and investment. Consequently, the volume of goods and services produced in the economy increases overtime through the multiplier effect. Banks enhance stable and smooth income to attract potential investors in line with Modigliani and Miller (1958) theory that investors generally have preference for smooth and stable income. According to sloan and Arlond (1970) consolidation is a fusion of the assets and liabilities, in whole or in part of two or more business establishment. Consolidation represents the idea of investment and the coming together of firms; it can also mean larger sizes, larger shareholder bases and larger number of depositors. According to Adamu (2005) bank or corporate consolidation could be achieved by way of mergers/acquisition and recapitalization. It is more than mere shrinking of number of banks in any banking industry. According to Hall (1999) consolidation is a global phenomenon, which started in the advanced economies of the world. For example, the enactment of Riegle-Neal Act, which allows interstate branch banking beginning from 1997 this led to increase in bank mergers in the USA (Akhavin et al and kwan 2004). Consolidation allow a mega bank to enjoy higher profit, increase revenue and low problem loans. Japanese banking industry also experienced consolidation in the 1990s which resulted to economies of scale (Fukuyama, 1993; Mckillop et al 1996). When banks go bust, their capital base is called to question. Cases of bank failures have motivated researchers to investigate the activities of banks in relation to performance in terms of returns. A view is that consolidation has increased the capital base and size of Nigerian banks but does not necessarily bring about higher performance. Criteria Selecting Nigeria Study Consolidation is a term used by the central bank of Nigeria (CBN) to describe the coming together of some banks within the country to become one bank and be able to meet CBNs requirement for capitalization to a minimum of N25billion. When this happens, it is expected to improve services rendered by the banks. In July 6, 2004, a day now referred to as black Tuesday in banking sector of the economy, the CBN Governor, professor Charles Soludo made an obviously unexpected policy pronouncement. The highlight was the increment of the earlier N2billion to N25 billion, with full compliance deadline fixed for the end of the year 2005. In a bid for banks to meet up with the new requirement, some Banks are exploring the option of inviting foreign investors to buy into Banks. Others are looking at the possibility of getting investors to shore up their capital, and some are looking at the capital market option, while others are considering mergers and acquisition. If the process of consolidation is properly implemented the ongoing consolidation of banks in the country will surely improve the banking sector in Nigeria and translate to better banking services and cheap funds.   More importantly, the public will not have fear of distress in any bank, since the consolidated bank will have enough funds. The need to understand the impact of bank consolidation on Nigerian banks either negative or positive necessitated the use of Nigerian banks as sample for this study. 1.5 Aim To analyze the effect of consolidation on the performance of Nigerian Banks 1.6 Objectives To examine the consolidation process of Nigerian banks. To Asses the performance of Nigerian banks before and after consolidation. To evaluate the impact of consolidation on Nigerian banks. CHAPTER 2: Literature Review 2.1 Introduction This chapter attempts to gain an in-depth view into what is already known in connection with the research topic being studied. It therefore brings to light the different theoretical and methodological approach to the research area, helps develop a practical analytical framework, considers inclusion of variables that may not have been thought about from the inception of the research work and in the long run learning can be gained from mistakes of previous researchers and avoidance of such mistakes would be achieved (Bryman Bell, 2003). The scope of the research is narrowed down through successful study of literature review that was continuous all through the research process. Further, the review of literature will incorporate a wide range of materials sourced from journal articles, corporate websites, government websites, multilateral organisations, text books and online databases which include: Wiley, Science Direct, Emerald and Business Source Premier. Reforms are predicated upon the need for reorientation and repositioning of an existing status quo in order to attain an effective and efficient state. There could be fundamental bottle-neck that may inhibit the functioning of the institutions for growth and the achievement of core objectives in the drive towards enhancing and sustaining the economic and social imperatives of human endeavor. Carried out through either government institutions or private enterprises, reform becomes inevitable in the light of the global dynamic exigencies and emerging landscape. Consequently, the banking sector, as an important sector in the financial landscape, needs to be reformed in order to enhance its competitiveness and capacity to play a fundamental role of financing investment. Many literature indicates that banking sector reforms are propelled by the need to deepen the financial sector and reposition for growth, to become integrated into the global financial architecture; and involve a banking sector that is consulting with regional integration requirements and international best practices. The nexus between consolidation and financial sector stability and growth is explained by two polar views. Proponents of consolidation opined that increase size could potentially increase bank returns, through revenue and cost efficiency gains. It may also, reduce industry risks through the eliminations of weak banks and create better diversification opportunities. On the other hand, it is argued that consolidation could increase banks propensity towards risk taking through increases in leverage and off-balance sheet operations. Advocates Furlong (1994) stated that an early view of consolidation in banking was that it makes banking more cost efficient because larger banks can eliminate excess capacity in areas like data processing, marketing, or overlapping branch networks. Cost efficiency also could increase if more efficient banks acquired less efficient ones. Though studies on efficiency in banking raised doubts about the extent of overcapacity, they did point to considerable potential for improvement in cost efficiency through mergers. Banking reforms involves several elements that are unique to each country based on historical economic and institutional imperatives, for example, in Hungary. Evidence show that the reform in the banking sector was due to high under-capitalization of state owned banks, weakness in the regulation and supervision and deficiencies in corporate governance behavior of banks. Craig and Hardee (2004) conducted investigation on bank consolidation and concluded that as the banking consolidation continues, relationship lending is becoming increasingly rare. As credit scoring and formal, formulaic methods are used more and more, specifically by the large banks, many small businesses may find out that they do not fit the model, especially those enterprises with negative equity. Thus, small businesses may be filling the financing void that is being created by the bank consolidation with non-bank sources of funds. Hughes and Mester (1997) provide evidence to suggest that there are scale economics in banking, bank managers are risk averse, and banks use the level of their financial capital to signal the level of risk. This is an area of interest in Nigerian banking, especially when the return on equity is calculated in another two to three years and then compared with the historical industry average. Rhoades(1996) reported that American banks consolidated in response to the removal of restriction on bank branching across states, while Hughes, J.P; W. Lang; L.J. Mester; C.G. Moon(1998) concluded that the economic benefits of consolidation are strongest for those banks that engaged in interested expansion, and in particular the expansion that diversifies macroeconomic risk. From the literature, it has been observed that well-spaced and implemented financial reforms have the ability to boost financial development indicators. Detractors Hughes J.P; Mester, L.J; and Moon, C.G (2000) also provide evidence that scale economies exist in banking but they fail to account for risk. Thus, scale economies that result from consolidation and diversification do not produce better performance in banking, unless choice makes the banks management more conscious risk and moderates its decisions and actions appropriate larger scale of operation that leads to diversification only reduce liquidity and credit risk under the ceteris bus assumption, and they argued that this is not always the case. The examination of merger and acquisition in European banking and found that industry consolidation was beneficial (by providing social benefits) in the first economic integration stages, but could damage welfare in the more advanced stages as the few big banks safeguard price agreements to forestall foreign competition. The other side to European mergers and acquisitions was because of the possibility of failure. This, of course, ignores the fact that no bank can ever be too big to fail. All it takes for a bank to fail is for bad news? about a bank to get to its stakeholders (especially depositors) and they all walk in at the same time to take their funds! For such bank to survive, it must have sufficient liquid assets to meet all maturing and long-dated obligations (Igangiya, 2006). 2.2 Role of banks In the Economy Banks have an important role to play in an economy, as they are intermediaries between people with shortages and surpluses of capital. The products they offer will include savings, lending, investment, mediation and advice, payments, ownership, guarantee and, trust of real estate. (Bouma et al, 2001). This aspect is critical to this research study as the role of banks in any economy cannot be undermined therefore, the need to explore the effectiveness of their actions and how this ultimately affects the economy. The macroeconomic environment within which firms exist and, operate has an impact upon their activities and governments and other agencies operating at different spatial levels and it can shape behavior and their environment. (Worthington et al, 2001). According to Bouma et al, (2001), as a financial intermediary between market players, a bank has four important functions: First it transforms money by scale. The money surpluses of one person are mostly not the same as the shortages of another person. Banks transform money by duration. Creditors may have short-term surpluses of money, while debtors mostly have a long-term need for money. Banks transform money by spatial location (place). Finally, banks act as assessors of risk. As a rule, banks are better equipped to value the risks of various investments than individual investors who have surpluses available. Also, through their larger scale, banks are more able to spread risks. The major objectives of the banking system are to ensure price stability and facilitate rapid economic development; regrettably, these objectives are still yet to be realised in Nigeria as a result of some infrastructural deficiencies such as basic power, energy, and transportation. Also, the lack of a workable contingency planning framework which provides detailed policy actions to limit crises. The reforms of the banking industry will have an influence on the functions, as it ultimately shapes the way they handle their operations. The reform of recapitalisation and consolidation could mean a larger platform for banks to better carry out their tasks. This literature review takes a look at commercial banks in Nigeria when faced with the reformation of the banking industry, core competences needed by the banks to be successful and the effect on the macroeconomic indicators of the country. 2.3 The concept of capital base The recent call for recapitalization in the banking industry has raised much argument among the bank regulators, promoters and depositors as if shoring up of banks capital base is a new phenomenon in Nigeria. Historically, the failure of pioneer 1930s and 1940s brought about the enactment of banking ordinance of 1952. Banking ordinance of 1952 prescribed an operating license and emphasized on minimum equity capital for all banks (Omoh, 2007). Since then, raising of bank capital has become the hallmark response policy of the Nigerian monetary authorities. Capitalization is an important component of reforms in the banking industry, owing to the fact that a bank with a strong capital base has the ability to absorb losses arising from non-performing liabilities (NPL). Attaining capitalization requirement is achieved through consolidation, convergence as well as the capital market. Thus, banking reforms are primarily driven by the need to achieve the objectives of consolidation, competition and convergence. (Deccan Herald,2004), in the financial architecture. 2.4 The Concept of Bank Consolidation Consolidation is viewed as the reduction in the number of banks and other deposit taking institution with a simultaneous increase in the size and concentration of the consolidation entities in the sector (BIS, 2001:2). It is mostly motivated by technology innovation, deregulation of financial services, enhancing intermediation and increased emphasis on shareholder value, privatization and international competition (Berger et al, 1991). The process of consolidation has been argued to enhance bank efficiency through cost reduction and revenue in the long run. It also reduces industrys risk by eliminating weaker banks and acquiring the smaller ones by bigger and stronger banks as well as creates opportunities for greater diversification and financial intermediation. The pattern of banking system consolidation could be viewed in two different perspectives, namely; market-driven and government-led consolidation. The market-driven consolidation which is more pronounced in the developed countries sees consolidation as a way of broadening competitiveness with added comparative advantage in the global context and eliminating excess capacity more efficiently than bankruptcy or other means of exit. On the other hand, government-led consolidation stems from the need to resolve problem of financial distress in order to avoid systematic crises as well as to restrict inefficient banks (Ajayi, 2005). One of the general effects of consolidation is to the reduction in the number of players, moving the industry more toward an oligopolistic market (Adedipe, 2007). 2.5 Prospect of Bank consolidation In Nigeria The initial public offering by banks through the capital market when completed is likely to increase the level of financial deepening as evidenced in the upsurge in the volume and value of trading in stock market. The reform in the banking industry has been able to attract more foreign investment inflow, especially in the area of portfolio investment; this development if sustained will boost the level of economic activity especially toward non oil sector. The consolidation of banks is likely to attract a significant level of foreign banks entrance into Nigeria which will become a feature in the industry over time. This will bring about more confidence by the international community of the banking sector thereby attracting more foreign investment into the country. As the level of financial intermediation increase, interest rate is likely to fall and increase lending to the real sector that will generate employment and booster growth. 2.6 The Process of Bank consolidation In Nigeria Before any bank can be said to consolidate through merger and acquisition in the Nigeria industry, it must first seek and obtain the approval of the following regulatory and supervisory authorities in the industry. They include the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigeria Stock Exchange (NSE) and the Corporate Affairs Commission (CAC) (CBN, 2004). Chapter 3: Research Methodology Introduction This chapter sets out the method employed in conducting the research. The choice of method was made based on the nature of the research problem. The purpose of this research is to discover, if any, the impact of bank consolidation on bank performance. Effort would be made to ensure that the methodology and conceptual framework adopted in the research are as relevant to the findings as the concepts and theories of the study. This is because the validity and reliability of conclusions are largely influenced by the research process itself. 3.2 Research Design This study is a causal or explanatory analysis since it seeks answers to questions related to the causes and determinants of bank performance. The research adopts a deductive approach. It outlines theories of director relationship to firm performance and draws hypothesis from them. These hypotheses are then tested using empirical social data to either confirm or reject the contentions. 3.3 Quantitative Versus Qualitative Data A clear distinction must be emphasized between quantitative and qualitative data. The former is concerned with the compilation of the results of research in a standardised mathematical form with the analysis conducted by means of statistics. (Saunders et al, 2003, p.378). Here variables are measured on a selection of scales and can then be arranged in order of arithmetical rigour. Conversely qualitative research is subjective in its approach of examining and reflecting on perceptions of understanding social and human activities (Hussey and Hussey, 1997). Qualitative research is inductive and researchers rarely know the specifics of data analysis when they begin a project (Neuman, 2006). It is concerned with the assemblage of data in a non-standardised, descriptive form, with the examination conducted through the use of theoretical models. 3.4 Data Type Raw or summarized data which has already been collected and stored for other purposes aside from that of the research in question is referred to as secondary data (Saunders et al, 2007). This research will make use of multiple-source secondary data collected from bank financial reports and CBN statistical publications available on the CBN, Guaranty trust and zenith banks websites, some paper source of data will also be used. The data/study will be restricted between the period of 2004 and 2006. The year 2004 is the pre-consolidation, 2005 consolidation while 2006 is the post-consolidation periods. The choice of data type is based on accessibility, cost saving and authenticity factors. Sample Selection The representative sample of the Nigerian banking sector to be used as a sample of the population under study is Guaranty Trust Bank PLC and Zenith Bank PLC. CAMEL ANALYSIS CAMEL is derived from the five components of a banks condition which include Capital adequacy, Asset quality, Management, Earnings, and Liquidity. Ratings are assigned for each component, and a composite rating is assigned for the overall condition and performance of the bank. These component and composite ratings are assigned on a scale of 1 to 5, with 1 representing the highest rating (strongest performance) and 5 representing the lowest (weakest performance) (Hirtle and Lopez, 1999). The camel analysis will be used to analyse the performance of banks during the pre-consolidation (2004) and the post-consolidation (2006) periods. Limitation The major difficulty that is likely to be encountered during the course of carrying out this research is the dearth of information, which is usually associated with emerging economies (including the Nigerian economy). Deliberate efforts would therefore be made to obtain information necessary to enhance the quality of the present research. 4.0 CONCLUSION In summary, the research tries to establish that bank consolidation helps in shoring up investment capital, enhances shareholder value, and protects creditors and depositors as well as strengthening banks capacities to attract funds at lower costs enhancing their liquidity positions. An efficient banking system tends to be one of the greatest focuses of the Central Bank of Nigeria since its establishment in 1959. Thus, sufficient capital base has largely constituted the Banks reform policy focus over the years. Hence, it may not be out of place to conclude at this material time that the ongoing reform policy is essential for the attainment of overall macroeconomic stability on a sustainable basis. Accordingly, the Central Bank of Nigeria is admonished to intensify its present efforts geared towards restoration of confidence in the banking system. The research work analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performance BIBLIOGRAPHY Bernerd, B.P., (2006), The effect of recent changes in the financial sector development in Nigerian, Paper presented at the 15th General Assembly of the African rural and agricultural credit association (AFRACA), Bukina Faso. CBN., (2004), Guidelines and Incentive on Consolidation in consolidating Banking Industry. Charles, C.S. (2004) Consolidating the Nigerian Banking Industry to Meet the Developmental challenges of the 21st century. Paper presented at a meeting of bankers committee Abuja 6 July 2004. Larry, U; et al., (2004) Issues in Financial Institutions Surveillance in Nigeria. A seminar paper by CBN training centre Lagos. Eshodaghor, D.V., (2006), Impact of distressed banks in depressed Economy, Prospects for survival and growth. Bank failure in Nigeria, causes and dimension pp. 17 â€Å" 22. Ezeudusi, F. U., (2002) Marcus, G., (2003), An approach to the consolidation of Banks Merger Issues by regulators., A south African case business paper (4), NDIC Annual Report and Statement of Account . Oviemuno, A.O., (2006) Banking Consolidation in Nigeria and the strategies for Generating better returns. Ogunleye G.A. (2003) The regulatory imperatives of the Universal Banking concept in Nigerian NDIC quarterly, (11) No. (2), pp.20-30 Ochojele, D. I., (2003) The Nigerian banking industry, a review seminar paper. Osaije, E., (1992), Structural adjustment programme in Nigerian economy Victor, Ezeaku., (2003), Consolidation of Nigerian Banking Sector, CBN publication.