The Nature And Role Of The Financial System Finance Essay

The Nature And Role Of The Financial System Finance Essay Financial system is a mechanism where economic exchange activities can be done. The economic activities can be done through the interaction between financial institutions and the financial market. The purposes of this interaction are to mobilize fund and providing payment facilities for the financing of commercial activities. With the emergence of Islamic finance, the dual financial systems being introduce. In dual financial system the conventional financial systems operating side by side with the Islamic financial systems. The Islamic Financial system consists of the role of four essential mechanisms: The Islamic banking institutions, Takaful, Islamic Capital Market and Islamic Money market. The structure of this financial system may consist of specialized and non-specialized financial institutions, of organized and unorganized financial markets, of financial instruments and services which facilitate transfer of funds. It also comprises of procedures and practices adopted in the Islamic financial markets. The operation and mechanism of the financial system is scrutinized by Bank Negara Malaysia advisory board and Securities Commission Syariah Advisory Board to ensure compliance of Islamic rules and regulations. The Islamic financial institutions which are govern and control under Bank Negara Malaysia are the organizations that mobilize the depositors savings, and provide financing, acting as creditor or in the form of capital venture or financing in the form of profit and loss sharing (PLS). They also provide various financial services to the community, particularly business organizations. The activities will be dealing in financial assets such as deposits, loans, securities or dealing in real assets such as machinery, equipment, stocks of goods and real estate. The activities of different financial institutions may be either specialized or their function may be overlap. They may be classified base on the basis of their primary activity or the degree of their specialization with relation to savers or borrowers with whom they customarily deal or scope of activity or the type of ownership are some of the criteria which are often used to classify a large number and variety of financial institu tions which exist in the economy. Financial institutions are divided into banking and non-banking institutions. The banking institutions traditionally participate in the economys payments mechanism, i.e., they provide transactions services, their deposit liabilities constitute a major part of the national money supply, and they can, as a whole, create deposits or credit, which is money and Banks, subject to legal reserve requirements, can advance credit by creating claims against themselves. Financial institutions are also classified as intermediaries and non-intermediaries. As the term indicates, intermediaries intermediate between savers and investors; they lend money as well as mobilize savings; their liabilities are towards the ultimate savers, while their assets are from the investors or borrowers. Non-intermediary institutions do the loan business but their resources are not directly obtained from the savers. All banking institutions are intermediaries. Many non-banking institutions also act as intermediaries) and when they do so they are known as Non-Banking Financial Intermediaries. The Evolution of Financial Intermediaries in Malaysia In this section, our task is to survey the landscape and identify the institutional players. By describing what financial intermediaries look like today, it is also revealing to see how financial intermediaries have evolved over the last century. Institutional Players The banking system in Malaysia, which is the major component of the financial sector, consists of Bank Negara Malaysia, commercial banks, Islamic banks, International Islamic banks, Investment bank, other non bank institutions and money brokers. Which are all regulated and supervised by Bank Negara Malaysia.  Ã‚  Ã‚  The other non-bank institutions are supervised by other government agencies. These institutions can be divided into four major groups, consisting of the development finance institutions, the saving institutions, the provident and pension funds, and a group of other financial intermediaries, comprising of building societies, unit trusts and property trusts, leasing companies, factoring companies, credit token companies, venture capital companies, special investment agencies and several financial institutions such as the National Mortgage Corporation (Cagamas) and Credit Guarantee Corporation. The traditional banking system role has been to make long-term loans and fund them by issuing short-term deposits.  [1]  But banking systems are prohibited from engaging in securities market activities such as securities underwriting or the sale of trust funds. Therefore, the current design of non-bank financial institution are allowed to deal in the securities market a part of providing services which are similar to the banking system. The contribution of each non-bank financial institutions: insurance companies and pension funds; they receive investment funds from their customers, both of these institutions place their money in a variety of money-earning investments. Leasing companies; they purchase equipment/asset and then lease to businesses for a set number of years. Factoring companies; provide specialized forms of credit to businesses by making loans and purchasing accounts receivable at a discount, usually assumes responsibility for collecting the debt, specialize in bill processing and collections and to take advantage of economies of scale. Market makers; as an agent that offer to buy or sell security (trading in securities),  [2]  storage the securities and insured the securities against loss, provide margin credit,  [3]  cash management account services.  [4]   Trust funds; pool the funds of many small investors and purchase large quantities of securities, offer a wide variety of funds designed to appeal to most investment strategies, allow the small investors to obtain the benefits of lower transaction costs in purchasing securities and reduce the risk by diversifying the portfolio. The National Mortgage Corporation; is to promote the secondary mortgage market in Malaysia, with the issuance of secondary mortgage securities, Cagamas Berhad performs the function of an intermediary to bring together the primary lenders of housing loans and investors of long-term funds. Evolution The evolution of financial intermediation in Malaysia is reflected in Table 1. Table 1 shows the major financial intermediaries by assets and also by percentage share (in parentheses) from 1960 to 2000. To the extent that we can view the pace of financial intermediation as a horse race, there seem to be a clear winners and losers. For example, in terms of relative importance the winners are unit trust, Cagamas Berhad, leasing companies, factoring companies and venture capital companies. Commercial banks and finance companies are losers. These findings raise some interesting questions. First, what caused the change in the mix of financial intermediaries? In this section, we will examine this evolutionary process via three factors. Deregulation of Interest Rate Interest rate deregulation that affects loan pricing takes its earliest form.  [5]  Canada, in 1960, was the first to deregulate its interest rate. Other countries deregulated in the 1980s or thereafter.  [6]  This deregulation allows more freedom and activity to the banks and other institutions to issue new depository products as well as diversified short and long term credit instruments.  [7]  Leightner and Lovell (1998) state that some relaxation to the banks portfolio were part of the liberalization that enables bank to diversify investment to private as well as the foreign equity.  [8]  This made possible with the establishment of the foreign exchange market and the expansion of the underwriting activities of the financial intermediaries. Liberalization in Japan and Germany for instance, brings new paradigm to the roles of the banking institutions. The bank in Germany and Japan is no longer to be a creditor, but can also be the equity holder and in the board of d irectors and management. Liberalization of the banking industry, for example in Malaysia and some other countries, take banking institution into a new dimension that is the establishment of Islamic banking.  [9]  The increasing demand on the interest free banking offer by the Islamic financial institutions leads many conventional banks to offer Islamic counter or rather known as dual banking. This development happens to Muslim and non-Muslim countries. The results show that the individuals prefer to diversify their investment other than deposits. In particular, they invest in securities such as stocks, bonds and unit trusts. Therefore, new investment in unit trust for the small saver altered permanently the financial landscape. The Institutionalization of Financial Markets Institutionalization refers to the fact that more and more funds in Malaysia have been flowing indirectly into the financial markets through financial intermediaries, particularly pension funds, trust funds and insurance companies rather than directly from savers. As a result, these institutional players have become much more important in the financial markets relative to individual investors. What caused institutionalization? Quite simply, it was driven by the growth of these financial intermediaries, particularly pension and unit trust.  [10]  Pension fund growth was encouraged by government policy. Tax laws, for instance, encourage employers to help their employees by substituting pension benefits for wages. This is good for employees because they do not pay taxes on their pension benefits until they are received after retirement. Unit trusts gained considerably from these changes in pension plan laws. Defined contribution plans were allowed to include unit trust on the menu of assets for which plan members could choose. In addition, the increasing attractiveness of specialized funds such as bond funds and index funds has also fueled unit trust fund growth. The Transformation of Traditional Banking The fact that banks are exposed to the non-performing loans that stood at 9.1% for the periods of 1997 to 1999 and it seems to us that banking is a declining industry. However, first, the so-called decline of commercial banking is limited to a decline in the relative importance of commercial banking. As shown in Table 1, the decline of commercial banks assets as a fraction of total intermediated assets from 43.4% in 1980 to 41.3% in 2001. Table 1 also shows that banking industry assets actually increased between 1960 and 2000. In other words, bank assets have actually increased just not as fast as the assets of other financial intermediaries. Second, many of the new innovative activities in which banks engage are not reflected on bank balance sheets as assets even though they add significantly to bank revenue.  [11]  These include, for example, trading in interest rate and currency swaps, selling derivative instruments and issuing credit guarantees. Third, banks have a strong comparative advantage in lending to individuals and small businesses.  [12]  Finally, banks have joined forces with a number of other types of financial intermediaries.  [13]  For example, banks have combined with unit trust funds, merchant banks, insurance companies and finance companies. Bank acquisitions of non-bank financial intermediaries are part of broader consolidation of the entire financial services industry. Diagram 1: Structure of Regulatory Framework Minister of Land and Co-operative Development Licensing of : Brokers Representatives Trading Adviser Representatives Fund Managers Representatives Minister of Finance Minister of Domestic Trade Consumer Affairs Securities Commission Act 1993 Securities Industry Act 1983 Registrar of Companies Securities Commission Future Industry Act 1993 Companies Act 1965 Cooperative Act 1993 Kuala Lumpur Stock exchange (KLSE) BNM Islamic Banking Act 1983 Licensing of Dealers Representatives Investment Adviser Representatives Fund Managers Representatives Securities Clearing Automated Network Sdn Bhd (SCANS) Malaysian Central Depository Sdn Bhd (MCD) Kuala Lumpur Commodity Exchange (KLCE) Malaysian Futures Clearing Corporation Sdn Bhd (MFCC) Kuala Lumpur Options Financial Futures Exchange (KLOFFE) Malaysian Monetary Exchange (MME) Malaysian Derivative Clearing House Sdn Bhd (MDCH) Table 1: Malaysia: Assets of the Financial System, 1960-2000 As at end of (RM million) 1960 1970 1980 1990 2000 Banking System 2,356 (66.3) 7,455 (64.1) 54,346 (73.3) 223,500 (69.8) 829,900 (66.8) Central Bank 1,114 (31.4) 2,422 (20.8) 12,994 (17.5) 37,500 (11.7) 148,900 (12.0) Commercial Banks 1,232 (34.7) 4,460 (38.4) 32,186 (43.4) 130,600 (40.8) 513,600 (41.3) Finance Companies 10 (0.3) 531 (4.6) 5,635 (7.6) 39,400 (12.3) 109,400 (8.8) Merchant Banks 2,229 (3.0) 11,100 (3.5) 36,900 (3.0) Discount Houses 42 (0.4) 1,292 (1.7) 4,900 (1.5) 21,100 (1.7) Non-Bank Financial Intermediries 1,197 (33.7) 4,167 (35.9) 19,807 (26.7) 96,900 (30.2) 413,100 (33.2) Provident and Pension Funds 733 (20.6) 2,717 (23.4) 11,370 (15.3) 51,800 (16.2) 217,600 (17.5) Life and General Insurance Funds 103 (2.9) 439 (3.8) 2,476 (3.3) 10,300 (3.2) 52,200 (4.2) Development Financial Institutions 113 (1.0) 2,193 (3.0) 6,000 (1.9) 25,100 (2.0) Savings Institutions 267 (7.5) 645 (5.5) 2,463 (3.3) 10,000 (3.1) 32,300 (2.6) Other Intermediaries 93 (2.6) 233 (2.0) 1,305 (1.8) 19,800 (6.2) 85,900 (6.9) Total 3,553 11,622 74,153 320,400 1243,000 Source: Bank Negara Malaysia, Annual Reports (various issues) Financial Markets Financial markets are the centers or an arrangement that provide facilities for buying and selling of financial claims and services the corporations, financial institutions, individuals and governments trade in financial products in these markets either directly or through brokers and dealers on organized exchanges or off-exchanges. The participants on the demand and supply sides of these markets are financial institutions, agents, brokers, dealers, borrowers, lenders, savers, and others who are interlinked by the laws, contracts, covenants and communication networks. Financial markets are sometimes classified as primary (direct) and secondary (indirect) markets. The primary markets deal in the new financial claims or new securities and, therefore, they are also known as new issue markets. On the other hand, secondary markets deal in securities already issued or existing or outstanding. The primary markets mobilize savings and supply fresh or additional capital to business units. Alt hough secondary markets do not contribute directly to the supply of additional capital, they do so indirectly by rendering securities issued on the primary markets liquid. Stock markets have both primary and secondary market segments. Very often financial markets are classified as money markets and capital markets, although there is no essential difference between the two as both perform the same function of transferring resources to the producers. This conventional distinction is based on the differences in the period of maturity of financial assets issued in these markets. While money markets deal in the short-term claims (with a period of maturity of one year or less), capital markets do so in the long-term (maturity period above one year) claims. Contrary to popular usage, the capital market is not only co-extensive with the stock market; but it is also much wider than the stock market. Similarly, it is not always possible to include a given participant in either of the two (money and capital) markets alone. Commercial banks, for example, belong to both. While treasury bills market, call money market, and commercial bills market are examples of money market, stock market and government bonds market are example s of capital market. Keeping in view different purposes, financial markets have also been classified into the following categories: (a) organized and unorganized, (b) formal and informal, (c) official and parallel, and (d) domestic and foreign. There is no precise connotation with which the words unorganized and informal are used in this context. They are quite often used interchangeably. The financial transactions which take place outside the well-established exchanges or without systematic and orderly structure or arrangements constitute the unorganized markets. They generally refer to the markets in villages or rural areas, but they exist in urban areas also. Interbank money markets and most foreign exchange markets do not have organized exchanges. But they are not unorganized markets in the same way the rural markets are. The informal markets are said to usually involve families and small groups of individuals lending and borrowing from each other. This description cannot be str ictly applied to the foreign exchange markets, but they are also mostly informal markets. The nature, meaning, and scope of activities of these types of markets will be discussed later in the book. As mentioned earlier, financial systems deal in financial services and claims or financial assets or securities or financial instruments. These services and claims are many and varied in character. This is so because of the diversity of motives behind borrowing and lending. The stage of development of the financial system can often be judged from the diversity of financial instruments that exist in the system. It is not possible here to discuss individually the nature of various financial claims that exist in the financial system. The financial assets represent a claim to the payment of a sum of money sometime in the future (repayment of principal) and/or a periodic (regular or not so regular) payment in the form of interest or dividend. With regard to bank deposit or government bond or industrial debenture, the holder receives both the regular periodic payments and the repayment of the principal at a fixed date. Whereas with regard to ordinary share or perpetual bond, only periodic payments are received (which are regular in the case of perpetual bond but may be irregular in the case of ordinary share). Financial securities are classified as primary (direct) and secondary (indirect) securities. The primary securities are issued by the ultimate investors directly to the ultimate savers as ordinary shares and debentures, while the secondary securities are issued by the financial intermediaries to the ultimate savers as bank deposits, units, insurance policies, and so on. For the purpose of certain types of anal ysis, it is also useful to talk about ownership securities (viz., shares) and debt securities (viz., debentures, deposits). Financial instruments differ from each other in respect of their investment characteristics which, of course, are interdependent and interrelated. Among the investment characteristics of financial assets or financial products, the following are important: (i)liquidity, (ii) marketability, (iii) reversibility, (iv) transferability, (v) transactions costs, (vi) risk of default or the degree of capital and income uncertainty, and a wide array of other risks, (vii) maturity period, (viii) tax status, (ix) options such as call-back or buy-back option, (x) volatility of prices, and (xi) the rate of return-nominal, effective, and real. DEFINITION AND SCOPE OF A CAPITAL MARKET (THE ECONOMIC FUNCTIONS OF FINANCIAL INSTITUTIONS) The previous section gave a brief overview of the major types of financial institu ­tions. To understand why financial institutions exist and the economic services that they provide, it is important to understand the different ways in which funds are transferred within an economy between businesses, government, and households (economic entities) that need to borrow funds (borrowers) and those that have sur ­plus funds to lend (investors). In a very simple economy without financial institutions, transactions between, different borrowers and lenders are difficult to arrange. Borrowers and savers incur significant search and information costs trying to find each other. Transactions be ­tween borrowers and savers may also be limited, because few financial contracts in ­volve only two parties. Similarly, risks are great, since individual entities have little or no knowledge of each other and little ability to monitor each others actions. Also, the transactions costs may be so high that small entities may be unwilling to supply funds. Investors also have little ability to diversify their risk, due to the high cost of many financial contracts. Supplier of funds: surplus (savings) units Lenders: Housesolders, companies, governments, rest of the worlds Demand of funds: deficit unit Borrowers: Housesolders, companies, governments, rest of the worlds Financial Markets Financial institutions help to reduce transactions, search, monitoring, and infor ­mation costs. They provide risk management services and allow investors to diversify their risk and hold portfolios of financial assets by creating ways of indirect financing. Financial institutions also play important roles in an efficient payment system be ­tween entities and in managing pure risk (insurance). The upper panel of Figure 1 shows the role of financial institutions as intermedi ­aries between borrowers and lenders. The term primary securities refers to direct financial claims against individuals, governments, and non-financial firms. A simple economy without any financial insti ­tutions would accommodate only direct financial claims or financial contracts. In ef ­fect, a borrower gives an investor a financial contract or direct financial claim or se ­curity that promises a stake in the borrowers company (i.e., shares of stock) or future payments returning the amount invested plus interest (i.e., a bond, or some other sort of IOU). These are examples of direct or primary securities. As an economy develops, markets emerge for trading direct securities. Some function as auction markets, where trading is carried out in one physical location, as occurs on the New York Stock Exchange; others function as over-the-counter mar ­kets, where trading is carried out by distant contacts, perhaps over the phone and computer, as on the National Association of Security Dealers Automated Quotation (NASDA Q) system. Loans made directly with borrowers are another example of a primary or direct security, where a direct contract is made between a borrower and a bank or other individual lender. Table 1.2 provides examples of primary securities in the first column. The financial assets owned by banks, insurance companies, and mu ­tual funds, such as loans, bonds, and common stock, are all direct securities, where the lenders give funds to the borrowers, and the lenders receive financial contracts guaranteeing repayment of funds plus interest or shares of ownership in the bor ­rower companies. Investors lend funds in return for a direct or primary security. Secondary securities, in contrast, are financial liabilities of financial institu ­tions-that is, claim against financial institutions. In Table 1.2, financial institu ­tions liabilities-deposits, policyholder reserve obligations, and mutual fund shares-are secondary securities or claims against financial institutions. In effect, fi ­nancial institutions created secondary securities that offer advantages over primary securities or direct financial claims. EXAMPLES OF PRIMARY AND SECONDARY SECURITIES Primary Securities Secondary Securities Commercial loans Savings deposits Mortgage loans Transaction deposits Consumer loans Certificates of deposit Government bonds Insurance policyholders reserves Corporate bonds Mutual fund shares Corporate common stock Pension fund reserves Table 1.2 shows this type of indirect financing. Unfortunately, like most fields, finance sometimes uses confusing terminology. Readers should carefully avoid confusing the use of the words primary and secondary in this dis ­cussion with their use in other contexts. For example, students who have previously stud ­ied corporate finance or investments may have encountered the terms primary and sec ­ondary markets; primary markets are those for originally issued securities, and secondary markets handle resale of securities. In the context of this chapter, primary and secondary distinguish between issuers of securities and not between changes in securities ownership. PRIMARY AND SECONDARY MARKET In a market economy the existence of financial markets can greatly ease the process of exchanging loanable funds for financial claims. A firm that wants to borrow money can go to the market in the knowledge that those with funds to lend will be there. The process is made easier still if specialist traders are known to be actively participating in the markets, buying and selling financial claims on their own account, thereby smoothing over days on which trading is thin or when there is an excess of potential borrowers or lenders. Further economies are achieved if agents or brokers can be employed to enter the market representing the customer to buy and sell securities. The existence of the market serves borrowers and lenders alike by reducing the search costs which each has to incur to get in touch with the other, and also maintains confidence in market prices. Markets do not always have a physical location. A market for loanable funds might consist of nothing more than a list of know n dealers who can be contacted by letter or telephone. The International Stock Exchange is the centre of the securities market. It has both a physical trading site which is used for a very small number of securities, and a highly developed system of trading which takes place in a number of locations via computer linkages. The discount market is another traditional financial market, but one which operates without a physical site at all. This market operates by representatives of the discount houses maintaining close daily contact with the leading banks, either by telephone or personal visits, to determine where trading opportunities are. Two types of financial markets exist for real and financial assets, and it is important to distinguish between them. A primary market for financial assets deals in new issues of all types of loanable funds. Transactions in primary markets result either in the creation or in the extinction of financial claims. The creation of a new loan causes the transfer of cash from a lender to a borrower in exchange for a financial claim on the latter. The claim is extinguished when the cash, usually interest and principal, has been repaid to the lender. A secondary market is a market in old issues. Transactions in secondary markets do not create or extinguish financial claims. Cash does not pass between borrowers and lenders, but existing issues simply change hands. The borrower remains unaffect ed by the transaction while the lender transfers the right of repayment to another. The main economic function of the secondary markets is to support the operations of the associated primary markets for new issues by providing liquidity to lenders. In the absence of a developed secondary market an individual saver might be very unwilling to lend out money for long periods of time, except at rates of high interest too high to be attractive to borrowers. If the chances of making a sale when necessary are unacceptably low, no lender would commit funds. Therefore an active secondary market is essential for an active primary one. However, there is no guarantee that the lender will receive back in sale proceeds the full amount at the time they are sold, since markets fluctuate all the time, and prices are not constant. Secondary markets also contribute to the efficiency of the primary market by providing pricing information. In the share market, for example, the current prices of traded securities significantly reduce the problem of setting a price on new issues with similar risk profiles, and information from the secondary market will also influence the attitude of potential participants in primary markets. Figure 3.2 illustrates the connections between primary and secondary markets. Not all primary markets have secondary markets associated with them and some securities are issued for which there are no secondary markets

Information Lifecycle Management Essay

Industries and organizations thrive on â€Å"Information†. The effective use of information so that it is aligned to meet the business demands is therefore a very crucial essential. The millions of bytes of data, requires not only effective storage but processes which handle the data right from creation and disposal after it is no longer needed. Maintenance of data in a cost effective manner is therefore a very significant activity in any organization. The answer to all the above is Information Lifecycle Management (ILM). What is ILM? Technology in combination with processes and policies to effectively manage data to suit the requirements of the organization is what is the basis of Information Lifecycle Management. ILM manages the lifespan of data required by organizations. Storage medium, security, access rights and the way data will be accessed are all part of ILM activities. ILM through its dynamic process of reassessment of data, discards data which is no longer used. A tiered architecture is often used for ILM where in data which is redundant is often moved to storage media which is more cost effective. ILM is involved in the evolution of data, changes in the data over a period of time, its importance and finally disposal of obsolete data. Most organization use business applications which are data centric. Since voluminous amount data is involved many times it so happens there is not track of the amount if information available and the way it is stored. Often time is wasted in gathering the information as it is not stored in a structured manner. It ensures that data is stored in a way that is compliant with the organization policies and can be retrieved with ease. ILM also facilitates classification of data depending upon its sensitiveness and requirements by the business users. This can be done in two ways. The first is to segregate the data depending on its business use and relevance. The second is to prevent security breaches, access rights are decided keeping in mind the policies of organizations. Archiving of data is done depending on certain criteria so that it is much easier to access the next time a requirement comes up. Value of data determines the type of storage media to be used. If the data requires regular access and is the focal point of applications then such data is better stored on media which provides faster access and has effective backup and recovery mechanism. Data which is not accessed on a regular basis can be stored in less expensive storage medium. ILM alleviates the use of tools to automate routine tasks thereby reducing time and errors. ILM also focuses on reliability and relevance of data. A good example for the need of ILM would be email archiving. Communication heavily depends on email some of which are extremely important from business point of view. Old emails are stored in individual machines or network servers. A need may arise to access information from the previous email which may not be found or be available at the time it is required. Apart from this email needs to be organized in terms of its date of creation and importance of data. IT Managers in organizations are primarily concerned about cost effectiveness of the voluminous data and also security issues. Apart from this IT managers need to classify data according to organization policies and also optimize disk storage. Massive budget is allocated by organization for purchase of storage media unaware of the fact that nearly half of the existing remains un-utilized. Operation managers are always seeking high end results and want faster , reliable data access at the right time. ILM incorporates most of the features wanted by them and makes it easier to achieve an effective data storage management. It not only stresses on effective storage of information but also ensures that it is reliable and retrieval time is minimized for data that is critical and used frequently. ILM provided by Oracle is a good example of data management tool. The Oracle 11g is compatible with ILM. It uses basic steps such as definition of the data classes, tiered storage architecture, migrating policies along with compliance details. It has interactive GUI tool known as the ILM assistant. The ILM assistant informs the user when the data has become obsolete and whether the data needs to be archived or deleted. IT also provides a preview about the cost involved in executing the above said activities along with storage requirement specifications. The security measures in the ILM assistant ensure that only authenticated users are given access to the data stores. It is a definitely a cost effective tool that can be sued to manage the lifecycle of data. ILM assistant is short allows huge amount of data to be stored and available easily while keeping the cost of storage low. Conclusion Information Lifecycle management is an important aspect of data-centric organization. Depending on the requirement of the business should appropriately select the various solutions available. Large companies such as Oracle and IBM have come with ILM tools that provide them with effective data management and risk management. ILM prevents underutilization of disk space . Disorganized data can lead to huge losses and there an effective strategic approach is required.

Essay on Inclusion and Least Restrictive Environment

There are many problems with today’s education, but one of the main problems would be the topic of inclusion vs. self-contained classroom. Many people have different opinions on this topic. For instance, some believe that disabled children should be separated from non-disabled children in classrooms, while others believe they should not be separated. There are many advantages and disadvantages to both sides of this situation. The views of both of these choices are completely opposite. On one side something may have a positive outcome, but on the other side, it may result in a negative outcome. Choosing which one has more positive outcomes for students is not the easiest choice, but it is a choice that has to be made in order for students†¦show more content†¦Another upside of Inclusion would be the development of friendships. If disabled children were in separated classroom, or schools, they would not have a wide variety of peers to bond with. In inclusive classrooms, children with disabilities can learn from children without disabilities, or vice versa. They will have more opportunities to open up and accept each other and learn to appreciate diversity. With these benefits, there are also downfalls. Inclusion can cause, not only for the non-disabled children to fail, but also for the disabled. For instance, some students who are disabled need extra help, but â€Å"†¦it can be difficult for a teacher to provide these accommodations without distracting the rest of the students† (Jessica Cook). Students with special needs will need extra attention, and while the teacher is helping the special needs student, he will be neglecting the other non-special needs students that also need help. Even the other way around, the teacher would help the non-special needs students, and would start neglecting the special needs students. This could possibly cause students to slowly, or maybe even drastically, start failing. 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The present argument in the world of Special Education is whether Full Inclusion or Partial Inclusion is better, and who each will benefit. Full Inclusion is when all students--students with special needs and generalRead MoreInclusion Of Special Education Classroom1488 Words   |  6 Pagesmaking more efforts to increase educational opportunities for students with disabilities, and while there are many benefits to inclusi on, there are also many challenges. Inclusion of special education students in a regular education classroom continues to be the center of debate amongst administrators and teachers. Everyone has their own ideas and attitudes towards inclusion, and research studies have revealed that there are many things that contribute to those positive or negative attitudes. ReviewRead MoreSpecial Education Students: Inclusion vs Reality Essay1315 Words   |  6 Pagesbe uneducable and were barred from entering schools† (â€Å"Exceptional Students†). Federal and state laws, as well as mandates, now require schools to educate all children with disabilities in the least restrictive environment, to the maximum extent possible. The least restrictive environment is considered to be the general or the â€Å"regular† education classroom. The preferred language of today is the term â€Å"general education classroom†, because using the word â€Å"regular† implies that special educationRead MoreInclusion Of Inclusion For Students With Disabilities Essay1533 Words   |  7 PagesIt is imperative that inclusion techniques be implemented in the classroom. Studies and research show that implementing inclusion techniques in the classroom have immense positive impacts on all students. As a result of these findings there is a rise in legislation being passed that fosters inclusion on a broader scale. Furthermore, it is necessary to apply inclusion techniques from a young age in order to ensure the greatest success. In my opinion the application of inclusion technique’s in classrooms

The Fall Of Death, Destruction And War - 879 Words

In the wake of death, destruction and war came the renaissance. The renaissance was an era of cultural rebirth that swept across Europe during the 14th to 17th century . This era marked the time in which man returned to their classical learning and values of ancient rome and greece and began to change their attitude towards religion (history.com staff). While the renaissance is in the past it continues to live on throughout many different fields of art, theories and movements, however, paintings tend to be most symbolic of what the renaissance era was. The Renaissance era was faced with the hundred years war, the black death, classicism and the issues of religion such as the distancing from church and humankind s search for the meaning of their existence and how life works. With these ongoing issues renaissance paintings were often depicting images of war, death, the values from ancient greece and rome and they became more secular as well. Additionally, the artist began to develop new techniques such as linear perspective, realism, depth, symmetry, and classicism. Artists also began to make use of light, detail anatomy, depict nature and focus on individuals instead of groups of people. Leonardo da Vinci, is one of the most famous painters and at 15 was an apprentice to Andrea del Verrocchio (history.com staff). He was also an inventor, scientist, doctor and philosopher and has been nicknamed â€Å"the renaissance man† (history.com staff). Da vinci is an artist whoseShow MoreRelatedThe Book The Seven Basic Plots : Why We Tell Stories1246 Words   |  5 PagesStar Wars has entertained millions of people since its inception in 1977. Creator George Lucas’s brilliant use of the plot type Tragedy has created Star Wars into the global phenomenon that it is today. Through the understanding of what a Tragedy is composed of, how Lucas utilizes tragedy within the Star Wars movies, and the psychological appeal of tragedies, it will be clear why the Sta r Wars films have become so popular. Literary critic Christopher Booker, in his book The Seven Basic Plots: WhyRead MoreNo Country Has the Right to Possess Nuclear Weapons Essay833 Words   |  4 Pagesright to possess nuclear weapons. Nuclear weapons damage the environment greatly. The damage can be long lasting. One may argue that the damage to the environment can be justified by the fact that they can end wars quickly and reduce the number of deaths, but when they are used to end wars quickly, they will still kill many civilians indiscriminately. Radiation can kill many innocent people. However, the people most likely to be harmed by the radiation are the enemy country’s people, so thereforeRead MoreThe Treaty Of The Cold War976 Words   |  4 Pages The Cold War was a unique war, nothing like the wars that had come before. It did not have a clear start, no real first battle to start the hostilities. It could be said that the Warsaw upraising in 1944 was the beginning, though what that symbolized was coming went unnoticed by the United States. It was not until two years later in 1946 that the United States finally realized that they had walked out of the fire World War II and into the frying pan of a new war (International). That kind of subtleRead MoreThe Weapons Of Mass Destruction1665 Words   |  7 PagesWeapons of Mass Destruction are a huge risk to the society due to the mass amount of lives that can be taken with the detonation or use of a weapon of mass destruction. In the past an estimated 4,186,000 - 4,385,000 people have died due to a weapon of mass destruction (WMD). If all the WMD’s as of now in the world were released A WMD is by definition of United States Law any destructive device†¦any weapon that is designed or intended to cause death or serious bodily injury through the releaseRead MoreWhen Things Fall Apart by Chinua Achebe689 Words   |  3 PagesWhen Things Fall Apart Things Fall Apart was a fictional story that documented the tragic death of the successful and highly respected Okonkwo, a leader in the Umuofian tribe; and upon further analysis, his death serves as a symbol of a much greater tragedy: the white man’s destruction of an entire culture through a forced societal transformation and conversion into Christianity. However, it is in my opinion that the conversion was a combination of the white man’s imperialistic actions, meshed withRead MoreOedipus as King of Thebes: Antigone by Sophocles1380 Words   |  6 PagesThe effect of pride is the centers piece of man’s perpetual role in his own destruction. This is illustrated by various characters’ such as Creon in Antigone by Sophocles, Oedipus in Oedipus the King by Sophocles and the Trojans in the Aeneid by Virgil. In the Antigone we see the consequence of one’s pride and desire for power take hold, when Creon decides to punish Antigone for disobeying the l aw off the land and proving Polynices with a burial. The disregard for any form of sympathy would eventuallyRead MoreWhat Was The Cold War?1726 Words   |  7 Pageswas the Cold War?† HIS 122-DS11. December 9, 2014. Katrina Dillow â€Æ' What was the Cold War? When did it happen? Who was involved? What happened during the Cold War? The main focus of this paper is to open the realization that the Cold War was not what most people believe it to be, a short period of time when no conflicts actually took place. In reality, the Cold War took place over a period of more than 30 years and involved considerable death and destruction. What was the Cold War? This questionRead More Love and Agony in A Farewell to Arms Essay935 Words   |  4 Pagesyouth boldly advances into war, rifle in hand, picture of mom in his pocket- hair neatly combed, clean socks. Eagerly he arrives on the sunny front and fights off the enemy with valor, saving whole troops of injured soldiers as he throws them over his shoulders and prances upon the grassy lawn to safety. Between various sequential medal-awarding ceremonies, he meets a radiant young nurse tending the blessed wounded he saved. 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Justice in Romero Essay - 1239 Words

Justice in Romero The influential and gripping film, Romero, directed by John Duigan, portrays the life and death of Archbishop Oscar Romero. The movie shows the world through the eyes of the El Salvadorian people during the 1980s, when poverty and military rule flourished over the people. The country of El Salvador was run by an elite group of few who controlled most of the power and money, leaving the majority of the people deprived and powerless. This imbalance in the social system left much of the people under oppression, constantly controlled by the corrupt government and even sometimes persecuted when they tried to speak out. The church was a witness to the violations of human rights and this ruthless behavior by the El†¦show more content†¦At first this is what Romero did, he preached to be peacemakers and not to revolt. But after the government shot their weapons into crowds indiscriminately at a worship ceremony held outside, killing a few people including a prie st who was also Romeros close friend, was when Romero begins to rebuke the government and lead the struggle for justice and human rights in the country. Romero develops into a man who rocks the boat. In that, meaning he organized rallies and masses that brought the people together causing anger upon the government. He leads a peasant march into a church that is occupied by soldiers in order to perform mass, and also offends and defies the El Salvadorian president. Throughout the movie, Romero is faced with challenge after challenge from the military and government, but through it all he continued to speak to his people and praising the word of god. The film came to a tragic ending as Archbishop Romero was shot by a hired assassin during mass. Although martyred for his beliefs, his spirit lived on in the Salvadorian people. Father Romero was a very influential figure. Inclined himself by the masses of poverty stricken individuals harmed by the government, Romero was a man who was cle arly in pursuit of social justice. The first step he took towards the situation was assessing the real life poverty and oppression that was at hand. Romero along with the church examined what wasShow MoreRelatedIgnatian Leaders: Oscar Arnulfo y Galdamez1766 Words   |  7 PagesIgnatian Leader Oscar Romero is one of the most popular and unique Archbishops in Latin America due to his devotion and relationship with the poor. Romero was one of the first to speak out on behalf of the poor and fought for human rights and for the victims during El Salvadors bloody civil war. Romeros birth name is Oscar Arnulfo y Galdamez and he was born on August 15, 1917 in Ciudad Barrios, a small mountain village in El Salvador. He is the son of Guadalupe de Jesus and Santos Romero. As a result ofRead MoreOscar Romero s Religious Beliefs Affected His Work For Social Change1347 Words   |  6 Pagesviolence, social injustice, the exclusion of citizens from the management of the country, repression,† Oscar Romero said in his sermon on the 23rd September 1979. Six months later, Romero was shot and killed. During the 1970’s and 80’s the El Salvadorian public experienced a brutal campaign of repression by the military government, which claimed thousands of lives. The leader of the church, Oscar Romero began to speak out on behalf of the victims and on the 23rd of March 1980, he made a direct appeal toRead MoreOscar Romero Stood Up for the Poor and Troubled Nation of El Salvador551 Words   |  3 PagesÓscar Romero was a Roman Catholic priest that stood up for the poor and injustice in the troubled nation of El Salvador. In the early stages of his life, Romero had entered a boarding school for priests at the age of thirteen. 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It is clear traditional and liberation theologyRead More Romero Essay882 Words   |  4 Pages In the movie Romero, Archbishop Romero changes very much in his understanding of love and in his understanding of true conscience. At first Romero is just a priest who isn’t really concerned about the poor and how they are being oppressed, but when Romero is chosen to be the new Archbishop his friend, who is assassinated, I think has a slight impact on him. But I think when his friend is assassinated is when he really starts to realize what is happening to the country of El Salvador and how theRead MoreEngaging The Theology Of Oscar Romero1739 Words   |  7 PagesEngaging the theology of Oscar Romero: Oscar Romero was a Christian who eventually became part of a community, the priesthood. As he was gradually was promoted to higher position within the Catholic Church, his theological views began to change. 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His death served as a catalyst which incited a previously dormant, yet powerful force against the Salvadoran government: Oscar Romero. Grande and Romero were both members of the Society of Jesus, however, they held very different views when it came to politics and the state of the church (Brackley). Grande favored more progressive, left-wing political ideas and radical church restructuring, whereas Romero was decidedly conservative andRead MoreHow Similar Were the Dictatorships of Primo de Rivera and Franco?1373 Words   |  6 Pagesmilitary in their regime and the roles of women in their society. Firstly, it was argued by authors such as Raymond Carr and Francisco J. Romero Salvadà ³ that Primo only intended to rule Spain for a short amount of time in order to find quick solutions to deal with Spain’s illnesses such as social disorder, economic recession and the Colonial War in Morroco (Romero Salvadà ³,1960, pg 52). 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P Emergency Bail Out Free Essays

â€Å"We in America today are nearer to the final triumph over poverty than ever before in the history of any land† was Herbert Hoover’s message to voters in the US Presidential race of 1928. However, once elected into office, within months, he came to terms with his own short sightedness as the world plunged into a downward economic spiral, unparallel in history . . We will write a custom essay sample on P Emergency Bail Out or any similar topic only for you Order Now . at least until now. The sub prime mortgage crisis and the ensuing credit crunch is by all means a haunting reminder of Black Tuesday, when on October 29, 1929, the NYSE crashed as a result of panic selling and led to the Great Depression. Without dwelling much on history, it can be concluded that the NYSE crash of 1929 and the Housing market crash of 2007 are both characterized by speculation and greed, a fundamental failure of pristine capitalism. Secondly, both crashes have followed an era of loose monetary policy and lax credit regulations for which hot shot individuals at the Central Banks and the commercial banks themselves share the blame. To add on to this, we have the menace created by the alluring yet highly risky business of derivatives. With nothing much to defend, the question arises, are we headed towards a depression as in 1929 or is the situation still under control? The likely scenario that we face is a gloomy one. The level of debt that individuals hold is high. The housing crash has wiped out a large portion of the banks credit portfolios. Other advances are also suffering as falling income levels, losses on a highly volatile stock market and rising unemployment are triggering people to default. This is making depositors uneasy as they are shifting money between Banks causing liquidity issues for them. Some Banks have closed down, unable to honor commitments. Others are set to follow. Low liquidity and capital losses means that these financial institutions are refraining from new lending despite the availability of cheap credit. Lack of financial facilitation means that businesses are suffering a lack of confidence and the economy is slowing down, marred with deflation, unemployment, high debt levels and low production. The Secretary of the US Treasury, Mr. Hank Paulson’s Emergency Bail out Plan, is set out to counter these problems and save America and the world from recession. The original idea was that the purpose of the plan would be to purchase bad mortgage related assets, reduce uncertainty regarding the worth of the remaining assets, and restore confidence in the credit markets. The treasury was given sweeping powers with 250 billion dollars of immediate funding. If need arose, an additional 100 billion dollars would be available on the discretion of the President and another 350 billion dollars following a congressional resolution. Over time, the plan has come to embody a whole list of objectives including provisions on how to prevent foreclosures, deposit insurance, restrictions on executive pay and equity interests in financial institutions. The plan has met a mixed reaction. While there is a strong argument that the plan could be inflationary (Hudson, 2008), some argue that it would tend to be the opposite (UBS, 2008). There is also argument that this plan is aiming to fix a bruised and battered system and that we need a new and revitalized system for credit screening. Detractors also point to the fact that the plan keeps on changing. It seems, from the looks of it, that the treasury is determined to stop the bloodshed with its 700 billion dollars but lacks any coherent strategy to do so. Whatever the case, lets build on basic macroeconomics to see how the plan will affect the American and the world economy and then make an informed conclusion on what the US Treasury should instead aim at. To take a short trip back down history lane, when the 1929 depression struck, John Maynard Keynes argued that Government intervention through a budget deficit would alleviate these conditions. Initially the private sector is unwilling to invest. However, as government spending increases, it raises the private sector’s interest. Gradually, confidence returns. Monetarists held an opposing view. While Keynes argued that higher incomes would lead the poor strata of society to consume more, monetarists held that this additional income would go back to paying off debts and accumulated obligations and not add to the value of the multiplier. (Lipsey Harbuy, 1992) The US Treasury and the Federal Reserve it seems are following a middle line here. While the Federal Reserve is cutting interest rates to stimulate business activity, capital infusions by the US Treasury is intended to help banks lend more freely. Thus, we are witnessing a mixture of Keynesian and Monetarist school of thought. Although there is little argument to the fact that this plan is inflationary in nature, the problem that it fails to address is that the US Treasury, despite making equity infusions in banks, buying troubled assets, lowering interest rates and taking steps to reduce uncertainty cannot force banks to lend. While some point to the inflationary nature of the program and its evolving nature, it seems that the major flaw is that it cannot help but wait when banks start lending freely and unfreeze the credit markets, stimulating business activity. Thus, as far as the effects go, it seems likely that if the banks refrain from lending even at the now cheaper interest rates and merely choose to sit on the cash, it is highly likely that the plan would fail plunging America into a recession. This lack of financial facilitation will also affect the world as the USA is acting as a demand powerhouse for the world. It is likely that the World may move into recession too as export markets in America contract. On the other hand, if the plan was to succeed in unfreezing the credit markets and stimulating business activity, we will see inflation followed by bouts of constrained monetary betterment. This would help the world economy too as exports will be less affected and American consumption will fuel their growth. However, in either case, these 700 billion dollars will ultimately affect the taxpayer in future years, in the form of an increased tax liability. However, the most worrying thought is that the recovery could be a jobless one. The bail out plan may put back business and consumer confidence back on track but the increased money supply might not affect unemployment levels in a major way as US firms continue to move production facilities abroad. Therefore, a coherent strategy aimed at increasing industrial production and reducing unemployment inside the US is augmented. For this reason, other counties, possibly China will have to step up and act as a demand generator. (Shafi 2008) To conclude, if the plan is not able to unfreeze the credit markets, there is little chance that the world might escape a depression. If the plan was to work, two scenarios present themselves. By returning to the old way of consuming more, the US Treasury will allow the legacy of the old system to survive. Instead, if the focus would be towards industrial and export led growth, the system of budget deficits and trade deficits and the large sums of money conjured in maintaining them will die and a new world order built on fiscal facilitation and sound monetary management will evolve. References: Hudson, Michael (2008). The bailout is a giveaway that will cause hyperinflation and dollar collapse. The Real News. Retrieved on 13-12-2008 Lipsey G. , H. Harbury, C. (1992) First Principles of Economics. London: Oxford University Press. Shafi, A. (2008). A Walk Down Memory Lane: The Sub Prime Mortage Crisis and the Great Depression revisited. The Financial Flicker Retrieved on 13-12-2008 UBS. (2008) There is no alternative. â€Å"Policy measures are anti-deflationary. They are not inflationary. † Retrieved on 13-12-2008 How to cite P Emergency Bail Out, Papers

Behavior Modification

Question: Write a Report on Behaviour Modification. Answer: Introduction Behaviors arise from long period practiced habits. Continued habits lead to the lack of self-discipline. For this reason, behavioral modification is necessary to iron out the unproductive habits. Behavioral change is achieved through the application of various techniques that encourage the habit or renders punishment for unwanted habits. Behavioral modification relies on the concept of conditioning. The various techniques applied in modifying behavior include positive and negative reinforcement, punishment flooding, systematic desensitization, aversion therapy and desensitization. The application of these techniques relies on continued practice to achieve the desired outcome which changes of behavior as a result of change in habits The term behavior modification was first cited in the articleProvisional Laws of Acquired Behavior written by Edward Thorndike in 1911. In the article, he explains the term as a psychological technique of adaptive behavior through the emphasis on the desired habits and the decrease of undesired behavior through punishment or extinction. However, in recent years, punishment has received a lot of criticism with other arguing that it brings about emotional disorders. E.g. in clinical settings that deal with behavior modification, it is agonist the policy to use spray water bottle as a mode of punishment on patients. Behavior modification runs on the following, reinforcement, punishment, extinction, fading and chaining.According to researcher who undertook a study on children suffering from Attention Deficit Hyperactive Disorder (ADHD), children who had been taken through behavioral modification process, had few felony arrests compared to the children in medication group who had twice th e number of felonies("What Is Behavior Modification? Definition, Techniques Examples - Video Lesson Transcript | Study.com", 2017). In this report, we will be dealing with a male participant aged twenty-five years old who currently works with a government ministry. The participant is also engaged in a relationship that is about eight months old. The participant in the behavioral program has a habit of using the laptop until late hours in the night and this has affected the time at which he wakes up in the morning. The consequences of this behavior have led to strained relationships, poor eating habit as well as poor health, work indiscipline and time mismanagement. The reason as to why the participant uses the laptop until late is the fact that he enjoys the privilege of free WI-FI connection at his apartment (Behavior modification, 2016). Though it is in order to use the laptop to surf the internet, the consequences of this habit are undesirable and need to be eliminated. For this reason, a behavioral modification program is laid down to help the participant. The program will be targeting to change the behavior of the participant such that he is able to wake up at seven in the morning or earlier, by decreasing the amount of time spent on the laptop in the evening. The table below shows the occurrence of the behavior that the participant exhibits. Days Sleep time Wake time Day 1 02:23 07:45 Day 2 03:00 07:50 Day 3 01.02 07:45 Day 4 01:56 07:47 Day 5 12:00 07:40 Day 6 03:20 09:54 Day 7 02:30 07:40 The participant arrives home at around eight in the evening, takes a shower, prepares supper and by nine thirty he is already surfing the internet. The participant shuts down the laptop only when he realizes that it is already late. By this time, he has washed the dishes, forgot to call his girlfriend, and has yet to arrange the clothes to be worn for work in the morning. Treatment plan The plan will aim at reducing the internet addiction by the participant, this kind of procedure is referred to as control antecedent, in order to direct the few remaining hours to more productive activities. It is well known that the WIFI cannot be turned off for the sake of the participant. Therefore, extinction will not be one of the manipulative techniques applied. The manipulative technique to be applied will include the token economy where each hour saved through the avoidance of the internet in the evening can be redeemed in the morning by waking up early before seven in the morning. Surfing the internet will be used as the bait or condition that will motivate the participant as it is his addiction. This will not only save time but also help to retain what he has learned on the internet, as the mind is still fresh(KAPLAN, 2017). After the participant arrives at home, takes a shower, and prepares supper, he proceeds to iron his clothes, call the girlfriend, and do the dishes. By eleven-thirty, he is already in bed. The participant ought to wake up at five thirty in the morning, take a shower, prepare breakfast and six oclock seat him surfing the internet while having breakfast.At seven oclock in the morning, he starts to prepare for work and be leaving the house by seven thirty. The participant will have a schedule as shown below. Participant Activity Schedule 8:00 pm to 9:30 pm Arriving at home, take shower, prepare supper 9:30 pm to 11:30 pm Iron the clothes, call the girlfriend and do the dishes 11:30 pm to 5:30 am sleep 5:30 am to 6:00 am Take shower, prepare breakfast 6:00am to 7:00am Surfing the internet 7:00am to 7:30am Prepare for work NB: the schedule is not as such ridged as the participant may choose to accomplish the tasks with less time in order to increase the number of tokens in terms of hours that rare latter redeemed in the morning hours available for surfing the internet. The above treatment program is set to run for twenty-one days that is three weeks consecutively. For the first one week, the results were as follows. Days Sleep time Wake time Day 1 11:23 06:30 Day 2 11:00 05:46 Day 3 11.32 05:30 Day 4 11:25 05:30 Day 5 11:59 05:54 Day 6 11:30 05:35 Day 7 11:30 05:30 The graph above shows that the implementation of the treatment is slowly bearing fruits as the participant is mindful of time and is able to accomplish all the set-out tasks while at the same time satisfying his addiction. Thinning and Monitoring Phase Thinning is set to take place after the third week where the participant will be deprived the access to the internet for four days and in its place, morning run will be introduced. This will enable to reinforce the self-control behavior that is not reliable on redeeming the tokens. At this point, all the controls removed and the participant is acting on his own. The aim of introducing the morning run is because he hates exercise, this will be a resourceful point of testing self-control as well as improve his health (Redd, Andersen Porterfield, 2009). Days Sleep time Wake time Day 1 11:30 05:30 Day 2 11:00 05:40 Day 3 11.00 05:30 Day 4 11:25 05:30 Day 5 11:30 05:04 Day 6 11:30 05:10 Day 7 11:30 05:10 According to the graph above the participant showed improved outcomes after the thinning period such that he managed to accomplish tasks much earlier as well as wake up early. The improved results can be attributed to improved health because of morning run (Sudak, 2008). Conclusion: Behavioral modification is essential in enhancing productive habits as well as eliminating old habits, therefore the participant should continue with the newly adopted schedule especially the one used during thinning phase as it is more productive and helps accomplish allot. References: Behavior Modification. (2016).Journal Of Developmental Behavioral Pediatrics,7(4), 278. doi:10.1097/00004703-198608000-00023 Discriminative Stimulus definition | Psychology Glossary | alleydog.com. (2017).Alleydog.com. Retrieved 19 February 2017, from https://www.alleydog.com/glossary/definition.php?term=Discriminative%20Stimulus Kaplan, J. (2017).BEYOND BEHAVIOR MODIFICATION(1st ed.). [S.l.]: PRO-ED. Redd, W., Andersen, B., Porterfield, A. (2009).Behavior modification(1st ed.). New York: Random House. Sudak, D. (2008). Training in Cognitive Behavioral Therapy in Psychiatry Residency: An Overview for Educators.Behavior Modification,33(1), 124-137. doi:10.1177/1059601108322626 What Is Behavior Modification? - Definition, Techniques Examples - Video Lesson Transcript | Study.com. (2017).Study.com. Retrieved 19 February 2017, from https://study.com/academy/lesson/what-is-behavior-modification-definition-techniques-examples.html