Performance and Director

A director is in charge of all aspects of the production, a director’s job is to tie up all performance element together. The director must have vision of how should the character moves, the lighting that help enhance the mood of the play, the sets and props. As an Actor we often find problem such as, don’t know how to pose our hand, where to stand and which way to walk. We are â€Å"floating† in the stage, because we are not sure what our role is. Then it is the director’s role to direct and told the actor what to do so they will not be â€Å"floating† anymore. First the director have to read and understand the script, know what is the meaning of the play, understand each character in the play so that he or she can make choice or decision during rehearsal. The next step is to start rehearsal. Director have to position actors on stage. Usually the director will decide where is the 5 acting area, but it can be more. For example for realistic play, the 5 acting area can be sofa, kitchen, dining table, bed, beside window, and etc. A director will start to draw the set in a groundplan. When a play is directed by a good director, the audience won’t get distracted by something or someone else on the play. A good director can provide focus of the play, where the audience should see and focus on. If the audience get distracted or confuse during the play, it’s the director’s fault. A play is symbolic, it’s artificial. All the elements of the play on the stage is symbolic. The actor represent another person on the stage. The set and probs is symbolic too, because it represent the chair in the play storyline. Then why people go to see a play? Because we can relate the play to us in the real world. View pointing is using different form from traditional As an actor physically awkward,dunno wat to do with hand. View pointing help or not? at is d intention, wat d director want us to do. Ans: viewpointing tu diff approach. View pointing tu, dr awal acara gk ad plot,cuma ad movement. Director Don’t make movement that is not important how to solve problem tgn yg gk tau taru dimn. Kenapa tgn kita tak tau mau ngap. karna kt gk yakin apa yg harus kt lakukan, gk yakin ttg role mrk. Role,space, body. Viewpointing is using different from from traditional Collaborative-haresh sharma messy†¦ Base of my knowledge from blabla 5acting areas. Provide the focus, if audience distracted with someone else, don’t put that on purpose. Director’s fault. A PLAY IS artificial.

Despite the Potential Advantages

Discuss the proposition that despite the potential advantages of formal strategic planning approaches, it is of limited benefit to organisations operating in uncertain and dynamic environments. About this discussion, I would like to introduce two steps. First step, I want to introduce the potential advantages of formal strategic planning approaches. Then I will introduce the second step: some important reasons about the formal strategic planning is of limited benefit to organisations operating in uncertain and dynamic environments.Finally, the main purpose of this paper is to prove the formal strategic planning is of limited benefit to organisations operating in uncertain and dynamic environments. My conclusion will emphasize it again. First, how should we understand the formal strategic planning? The objective of the formal strategic planning is to convey that a company’s strategic planning process includes specific systematic procedures used to gain the involvement and commi tment of those principal stakeholders affected by the plan (J. Richard Falshaw, Keith W.Glaister, Ekrem Tatoglu, 2006). What is the purpose of strategic planning? Generally, formal Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to carry on this strategy. In order to determine the direction of the organization, it is necessary to know its current position and the possible ways through which it can pursue a particular course of action strategic planning do with at least one of three key questions: â€Å"What do we do? † â€Å"For whom do we do it? † and â€Å"How do we excel? (J. Scott Armstrong, 1986) OK, I have a simple introduction about the character and purpose of formal strategic planning. Then we must make clear about the structure about formal strategic planning approaches. There is common view about strategic planning researchers that the strategic planning process consist s of three major parts: (1) Formulation (which includes developing a mission, setting major objectives, assessing the external and internal environments, and evaluating and selecting strategy alternatives). (2) Implementation. (3) Control. J. Richard Falshaw, Keith W. Glaister, Ekrem Tatoglu, 2006). Some famous formal strategic planning approaches include SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats), Balanced Scorecards, Scenario planning, PEST analysis  (Political,  Economic,  Social, and  Technological), STEER analysis (Socio-cultural,  Technological,  Economic,  Ecological, and  Regulatory factors). What are potential advantages of formal strategic planning approaches? Generally, formal planning has these advantages: 1. Formal plans represent a useful standard. . It is fully formulated; communicated plan is an important motivational device. 3. The analysis and survey by all those participating in the planning process is useful and can improve the companies' understanding of it's position. 4. Plans which swift actions in anticipation of future changes in the environment is a better approach to strategic management than an advertisement to events. Take me for example, for 20 years, contradictions between the planning and process schools of strategy have shaped the debate on strategy planning.Here we illustrate that a scenario-based approach to strategic planning can serve as a new management tool in the field with the potential to overcome differences between the two opposing schools of strategy. The scenario-based approach to strategic planning builds on the strengths of traditional scenario planning. It is an open and creative approach that considers many strategy options and takes multiple perspectives into account. Synchronously, it overcomes the weaknesses of traditional scenario planning by offering a systematic process to scenario creation that is built on specific management tools and is easy to implement.The outco me of this approach is an important strategy that is complemented by several strategic options derived from different scenarios (Torstenwulf Philip Meissner and Stephan Stabner , 2010). Torstenwulf Philip Meissner and Stephan Stabner (2010) illustrate the benefits of scenario-based approach using experience gained in a consulting project in the German photovoltaic industry. And they further proof that the approach can thus be used in an extremely flexible way to account for the increasing volatility of environmental developments.These advantages of our approach are apparent in the illustrative case study presented. By combining traditional scenario planning, strategic thinking, real-option reasoning and strategic planning, this approach makes the intricacy, dynamics and volatility of the current business world manageable. On the other hand, the approach can be applied for different time horizons. Our project experience leads us to believe that the approach increases the effectivenes s and efficiency with which strategic planning can be conducted in practice (Torstenwulf Philip Meissner and Stephan Stabner , 2010).I have illustrated Torstenwulf Philip Meissner and Stephan Stabner’s research about Scenario planning, so we can make clear about the potential advantages of formal strategic planning approaches. About the limited benefit to organisations operating in uncertain and dynamic environments, I think there is a lot of evidence to prove this case. The major change for managers is guaranteeing competitiveness as well as profit capacity for their companies in turbulent environments. The rate of change in the business setting has never been as fast as it is currently (Grant, 2003).In Torstenwulf Philip Meissner and Stephan Stabner’s research, they also think What formal strategic planning seems to be lacking most is the flexibility and open system that allow for the responsiveness and creation required in dynamic, complex and uncertain environments (Torstenwulf Philip Meissner and Stephan Stabner , 2010). In the environment of globalization, the world is changing more and more rapidly. Managers must face a series of unexpected events. For example, like financial crisis, economic downturn and Arab Spring. Each incident and formal strategic planning approaches in test managers.In the past, plan researchers have not concentrated on uncertain settings. The majority of the existing devices in strategic management unreservedly presume a benign environment that is basic yet not very dynamic. (Harrington, Lawton and Rajwani, 2005). For firms to thrive in an uncertain future, they have to develop realistic strategies on the basis of many options that react to the prerequisites of various likely futures opposed to one strategic guarantee. (Grant, 2003). So how to treat the formal strategic planning is of limited benefit to organisations operating in uncertain and dynamic environments?In this essay, â€Å"A causal analysis of formal st rategic planning and firm performance: Evidence from an emerging country†, the nature of the external environment (difference from very uncertain and unstable to certain and stable) will influence the organization structure made by the companies. It is argued that in uncertain and dynamic environments the most effective organization structures start to be more organic when in stable and more certain environments more artificial structures will be received (Keith W. Glaister et al, 2008).Although some studies have found that certain parts of strategic planning are relative with performance, theory also predicts that these relations will be influenced by external environment. If one of the purposes of strategic planning is to point the organization in its association with the external environment, so organizations that precisely project and estimated environmental changes should display an extraordinary or specific level of performance. In this sense strategic planning may be mo re useful in an uncertain environment than a calm one.So the relative between planning and performance may be stronger in an uncertain environment, and weaker in a calm environment. There exist, however, some opposite arguments that strategic planning is more likely to have a positive influence on firm performance in relatively less uncertain environments where future conditions are easier to anticipate(J. Richard Falshaw, Keith W. Glaister, Ekrem Tatoglu, 2006 ). About a company's future development, the external environment of the strategic analysis is very important. Robert M.Grant referred this point in his essay â€Å"Strategic Planning in a Turbulent Environment: Evidence from the Oil Majors†, First, a view of the external environment: This typically included guidance as to some characters of energy markets over the planning period? -For demand, supply, prices, and margins? -which were not so much forecasts as a set of assumptions relating to prices and supply and deman d conditions that provided a common basis for strategic planning across the firms. Second, corporate management provided most direction to the planning process through a statement of priorities, guidelines, and expectations.A key part of this direction was setting company wide performance targets (e. g. , ‘raise return on capital employed to 12%,' ‘reduce costs per barrel by 10%,' ‘a 110% reserve replacement rate,' ‘reduce the ratio of debt to equity ratio to 25% by 2000'). Guidance often concern to resource allocation, e. g. , ‘to shift investment from downstream to upstream,' ‘to refocus on core businesses,' ‘to take advantage of opportunities in China and East Asia,' ‘to increase the proportion of gas in our hydrocarbon reserves (Grant, 2003).In the process of management of the company, what is the role of analytical formal planning in dynamic environment? Different people have different views; Grant thought strategic planning is a responsible. Increasing volatility and indeterminacy of the external environment was accompanied by two changes in strategic planning responsibilities: first, a shift of decision-making responsibility from corporate to business-level managers; second, a shift of planning responsibilities from planning staff to line managers (Grant, 2003).There is other view; Hamel and Prahalad argue that the role of strategy should be not adapting an existing industry structure but rather to change it. † They see the role of competitive creation as identifying the orthodoxy in a present strategy and redefining the terms of engagement to exploit this orthodoxy. And the emerging Infocom mega-industry provides an interesting laboratory for testing the adequacy of existing frameworks for competitive strategy. They are not designed to deal with the kind of turbulence that we are witnessing in this industry.Strategists may have to assume a low role in dealing with turbulence. When being a pioneer an d an innovator will help, it is not enough. Investing in and growing a customer base can strengthen the chances of success, but success in the end is determined by industry forces outside the companies' control. â€Å"Co with the flow† is not an inspiring strategy but perhaps the best a company can do when face turbulence (Chakravarthy B, 1997). Each method is not a panacea.Although formal strategic planning approaches have many advantages, it also makes limited benefit, like Scenario planning. However, the approach has only been applied in a few companies to date. Therefore, research on a larger scale is necessary to determine the performance of the scenario-based approach to strategic planning (Torstenwulf Philip Meissner and Stephan Stabner , 2010). Evidence of the impact of environmental turbulence upon strategic planning is limited. Cross sectional studies have produced contradictory findings.Long evidence is fragmented, but more consistent: in response to increasing env ironmental turbulence, strategic planning systems actually have changed from the highly formalized processes of the 1960s and 1970s (Grant, 2003). In conclusion, formal strategic planning approaches indeed have a huge potential advantage. Some famous formal strategic planning approaches include SWOT analysis, Balanced Scorecards, Scenario planning, PEST analysis and STEER analysis have many advantages. If companies do not have strategic planning, it is bound to be about to disappear.If companies ignore the strategic planning, it is bound to be lagging behind the development of enterprise. According to previous research and study about strategic planning, strategic planning can mobilize workers to actively increase the cohesion. It also can make enterprises competitive mechanism enhanced. Strategic planning can be summed insufficient and the shortfall, it is an important measure in the steady development of enterprises. I've used a lot of evidence fully proved these points.About the formal strategic planning is of limited benefit to organisations operating in uncertain and dynamic environments, I also have used many evidences and examples to prove it. In general, with the development of the times, companies as an open system, it focuses on the external environmental factors there will be more and more, more and more diversified development trend, and thus the external environment faced by the enterprise will become more complex and uncertain. Even Scenario planning, Torstenwulf Philip Meissner and Stephan Stabner have pointed it had many potential advantages.They also said,in an increasingly complex, dynamic and volatile world ,Scenario planning has only been applied in a few companies to date (Torstenwulf Philip Meissner and Stephan Stabner , 2010). Finally, I must emphasize once again, in the environment of globalization, the world is changing more and more rapidly. Managers must face a series of unexpected events. In a word, formal strategic planning approac hes indeed have many potential advantages; it is of limited benefit to organisations operating in uncertain and dynamic environments.References J. Richard Falshaw, Keith W. Glaister, Ekrem Tatoglu, â€Å" Evidence on formal strategic planning and company performance† (2006) Management Decision, Vol. 44 Iss: 1 pp. 9 – 30 Hugh G. Courtney, Jane Kirkland, and S. Patrick Viguerie, â€Å"Strategy under uncertainty†. (1994) Keith W. Glaister, Omer Dincer, Ekrem Tatoglu, Mehmet Demirbag, Selim Zaim, (2008),†A causal analysis of formal strategic planning and firm performance: Evidence from an emerging country†, Management Decision, Vol. 46 Iss: 3 pp. 365 -391 Robert M.Grant â€Å"Strategic Planning in a Turbulent Environment: Evidence from the Oil Majors† Strategic Management Journal, Vol. 24, No. 6 (Jun. , 2003), pp. 491-517 Selsky et al. , 2007. Contrasting Perspectives on Strategy Making in Hyper Environments. Organization Studies, 28(1), pp. 71-94 . J. Scott Armstrong (1986). â€Å"The Value of Formal Planning for Strategic Decisions: A Reply† Strategic Management Journal  7: 183–185. Chakravarthy B, ‘A New Strategy Framework for Coping with Turbulence’ Sloan Management Review, Winter 1997Torstenwulf Philip Meissner and Stephan Stabner â€Å" A scenario-based Approach to Strategic Planning-Integrating Planning and Process Perspective of strategy† (2010) http://www. scenariomanagement. de/fileadmin/user_upload/Scenario-based_strategic_planning_WP. pdf Harrington, D. , Lawton, T. &Rajwani, T. 2005. Embracing and Exploiting Industry Turbulence: The Strategic Transformation of Aer Lingus. European Management Journal, 23(4), pp. 450–457. Bibliography Johnson G, Scholes K, Whittington R, Exploring Corporate Strategy 8th Edition, 2008 – Chapter 2 Campbell D, Edgar D, Stonehouse G, Business Strategy 3rd Edition, 2011, Palgrave – Ch 3

Not Satisfied with School Canteen Food Essay

On the 20th March 2013, there had been an incident at Papakura High School. A school fight between two junior girls, at lunch time on the school field, me and a friend were sitting on the field at the time, we then had seen one of the girls come up on the field with a lot of people, and she had asked us if we had seen anonymous, but we told her no. Rumours had been told to these girls and this is why they had a fight. Everyone crowded around the two girls and was telling them to fight and pushing them into each other. So the girl who had walked on to the field had taken the first hit, which was a closed fist. The girls had begun to fight and punch each other; the fight had eventually stopped because a senior student had pulled the girls away from each other. The student had also got the teachers involved in this situation. After this incident the two girls had been taken to the Deputies office, to write a statement about, what caused them to fight, why they had a fight, which had started it, how can they resolve this etc. The girls had done writing there statements. Me and a friend also had to write statements because we were witnesses and had seen what happened, me and my friend were separated into two different rooms, and had to each talk to the dean about what we had seen and heard. The girls ended up talking about what happened and talked everything out, me and my friend also had to sit in the same room. When we all had a chance to talk about this incident we were all told about what would happen if this happened again, also me and a friend had got given a five dollar lunch time voucher. Then the girls had become friends and made a mends, although the girls had sorted it out they still had to pay the consequences and they both had a three day suspension. The girls had returned back to school after their suspension. My friend and I also those two girls had to have another talk to our dean. We had to talk about the incident again. He had thanked us for our time and our help with this incident. Our dean had given the two girls task to help them out throughout the year, and to keep them on track. Me and my friend were offered to help look out for these girls out of class time, to make sure they are doing the right thing, and hanging out with the right people.

What is Gender Identity?

The human body is amazing. And even though there are many researchers that conduct studies on human anatomy, there are so many questions that are unanswered still to this day. But what we do know has helped many people and continues to benefit certain theories that have been made over many centuries. One part of the human body that has lots of answered and unanswered questions is gender identity. There are many factors when it comes to gender identity. Some people think simply: Men act as men, women act as women, and man to be with woman. It has been thought to be the â€Å"right way† for many centuries. But people are all different and to think that one way is the right way would be a misunderstanding of how the body works and what can happen to the human body if something is out of tune. Gender identity can be defined as a person’s inner sense of being male or female. Gender identity is believed to be developed during early childhood an effect of how the child was brought up by parents and societal influences. When the child reaches puberty, the influences are reinforced by hormones. Is gender identity a result of nature of nurture? What are the biological factors that play a role in gender identity? What is the difference between how the male and female develop? Does nature or nurture play a bigger role in gender identity? This will all be discussed later on in this essay, along with some of the arguments about sexual identity and how evidence from biopsychology may help resolve these arguments. There are many roles that play a part in sexual differentiation, as well as gender identity. Some of those roles are tied to biological factors or nature and yet others may be linked to environmental influences or nurture. It is impossible to know all the details, but we do know a great deal of how the body of a male versus the body of a female. The role of biological factors is largely dependent on hormones in the body system, as well as genes, gonads, chromosomes, and anatomy. During childhood, levels of circulating gonadal hormones are low, reproductive organs are immature, and males and females differ little in general appearance (Pinel 2009). When a child reaches puberty, the body makes significant changes. These changes can be seen and even heard, but these changes are also different in a boy than in a girl. While both male and female have many similarities, both also have many differences within the body. The differences in chromosomes and hormones are what completes the natural evolution of a child into an adult and ultimately decides whether the sex of a person is male or female at birth. When speaking of hormones, most people will think of testosterone for men and estrogens for women. But in fact, women produce testosterone and men produce estrogen. The difference is the ratio in which the body produces these two types of hormones. Men produce more testosterone and women produce more estrogen. There are many differences like the example above in the bodies of male and female. Increases in the release of gonadotropic hormone and adrenocorticotropic hormone cause the gonads and adrenal cortex to increase their release of gonadal and adrenal hormones, which in turn initiate the maturation of the genitals and the development of secondary sex characteristics (Pinel 2009). Along with biological roles, it is also believed that the environment or surrounding of a person may be a factor of gender identity. Some of these nurture factors include one’s self-concept, social and political attitudes, and perceptions and relationships about other people. Family, peers, schooling, religious training, mass media, and popular culture are just a few of the agents through which gender socialization happens (Crossman, 2012). Through this evaluation, making a conclusion on which has more of an influence on gender identity, nature or nurture, is a hard decision to make. Reading and hearing of stories of people’s gender identity crisis has a pull towards nature, but nurture still has a big role in gender identity as well. Gender identity shapes how we think about others and ourselves and also influences our behaviors (Crossman, 2012). For example, gender differences exist in the likelihood of drug and alcohol abuse, violent behavior, depression, and aggressive driving. Gender identity also has an especially strong effect on our feelings about our appearance and our body image, especially for females (Crossman, 2012). Each of these can be linked both to biological and environment factors. The story that may have the most evident factor is the story of the twin that lost his penis. After losing his penis to a circumcision procedure, the doctor advised the parents to let doctors perform a surgery in which they castrate the boy and create an artificial vagina, and raising the boy as a female. The parents agreed, but it would later prove that their child was not acting or wanting to act as a girl. In fact, the child wanted to do things that a normal man would do and took no interest in any female activities, like playing with dolls. Even with treatment, the child still developed as a man would. When approached with an estrogen regimen at the age of twelve, the child refused not liking the changes of the estrogen. At fourteen, the now teenager decided to live as a male. Shortly after, the twin’s father decided to share the truth with his son. Now the kid could have an identity not only of himself but of his gender. He requested androgen treatment and surgery that would remove the breast and create a penis. The man regained use of his new penis with the help of androgen treatment, but was never able to reproduce children of his own. In the end, the doctors and parents could not change how the boy felt on the inside. Just how much influence does nurture have on gender identity? It could just depend on the situation in itself. There are many arguments that surround gender identity. Theorists have come up with their own opinions and views regarding gender and the why gender inequality exist. Functionalist theorists argue that men fill instrumental roles in society while women fill expressive roles, which works to the benefit of society (Crossman, 2012). Further, it is our socialization into prescribed roles that is the driving force behind gender inequality. For example, these theorists see wage inequalities as the result of choices women make, which involve family roles that compete with their work roles (Crossman, 2012). Symbolic interactionists look at gender from the micro perspective and examine gender stratification on a day-to-day level. For example, men are more likely to interrupt women in conversations and their workspaces generally reflect greater power. These theorists also focus on how gender roles are internalized by males and females (Crossman, 2012). Conflict theorists view women as disadvantaged because of power inequalities between women and men that are built into the social structure. For example, from this viewpoint, wage inequalities that exist between men and women result from men’s historic power to devalue women’s work and benefit as a group from the services that women’s labor provides (Crossman, 2012). Feminist theory emerged out of the women’s movement and aims to understand the position of women in society for the sole purpose of improving their position in society. There are four major frameworks that have developed out of feminist theory: liberal feminism, socialist feminism, radical feminism, and multiracial feminism. People will always have their own opinion about gender (Crossman, 2012). There may never be a way to solve these arguments, not until there is scientific proof or people can decide on which opinion they believe is all true. Gender identity is one’s sense of being male or female. Both biological (nature) factors and environment (nurture) influences play roles in both sexual differentiation and gender identity. Hormones are the biggest biological factor and the biggest environment influence is how one is brought up in their childhood. During the evaluation, I have thought about nature being more of a factor when it comes to gender identity, but have come to the conclusion that it may depend on the situation of a person. Through the years of research, many people have argued over gender identity and gender inequality. Theorists have formed many opinions surrounding gender identity and unless there is some kind of scientific proof the argument may continue. References Pinel, J. P. J. (2009).  Biopsychology  (7th ed.). Boston, MA: Allyn and Bacon. Crossman, A.  (2012).  About.com.  Retrieved from http://sociology.about.com/od/Disciplines/a/Sociology-Of- Gender.htm

Finance and Accounting Essay Example | Topics and Well Written Essays - 2000 words - 2

Finance and Accounting - Essay Example They analyze results of strategic decisions and measure the value of the results, strategize to maximize profitability, sustainability and flexibility, ensure that the business continues to grow, return value to owners and attract more resources, and make the decisions that are reflected in the financial statements, they are key players in the world of business (Robinson, 2012, 12). They record, analyze, summarize and report financial information for use by the management and investors, they also play an integral role in the firm’s daily management and decision making process, they execute strategic goals, drive growth and manage the firm’s risk by implementing financial controls over its business activities (Alba, et. al, 2005, 103). Financial accountability is important in maintaining a healthy business. They also educate their employers on financial information accordingly and advise them. Generally they do not have to work with other employees as they report to the management directly. The average salary of a financial accountant is $50820 per year (Robinson, 2012, 97). Tasks carried out by a financial accountant include summarizing and preparing financial records and statements to report externally, maintaining records of assets, liabilities, capital (shareholders’ equity), tax demands and financial transactions in the organization. They utilize accounting principles to ensure compliance with regulatory reporting requirements. To become an accountant one requires advanced education and formal certification to get qualified for senior accounting jobs. On the most basic level, accountants keep and inspect financial accounts for companies, government institutions and individuals. Some accountants are self employed while others work for large firms. Most accountants work full time though some work part time. Those who work part time are usually busier during end of financial year and during tax season (Ryan, 2004, 45). Most accounting professionals have

Managing Business in Europe - Airbus versus Boeing Research Paper

Managing Business in Europe - Airbus versus Boeing - Research Paper Example The formation of the European Monitory Union (EMU) and its subsequent policies stirred the aircraft manufacturing industry to a new level of anxiety and competition. At the forefront of this competition, wars are the two major manufacturers of large commercial aircrafts, Boeing and Airbus. The success story or lack thereof of the euro poses a lot of challenges to the role the U.S dollar has played in the international aircraft market, more so in the European market. Most affected in this regard is Boeing, which carries out its production and sales using the dollar. The negative impacts of a credible euro on the dollar stem from the fact that the euro has become an attractive alternative to the dollar in the European aircraft market. The euro’s challenge to the dollar as the world’s leading currency in the aviation industry still attracts a lot of debates and uncertainty. On one side of the debate are those stakeholders holding the opinion that forces of inertia will sti ll see the dollar maintain its role as the leading currency in the aviation industry for quite a long time. The euro-enthusiasts, on the other hand, foresee a situation in which the euro will soon rival the dollar as the preferred currency in the aviation industry’s manufacturing subsector. Besides the above lines of thought, there are those aviation stakeholders who assert that it is too early to postulate on the long-term impacts of the EMU on the role of the dollar or the euro on the manufacturers of aircraft such as Boeing and Airbus.

The role of insurance Essay Example | Topics and Well Written Essays - 1000 words

The role of insurance - Essay Example Broadly defining the term, it is the transfer of risk from one owner to another. This exchange from one entity to another is done by paying a premium to one party who is undertaking the contingent risk. In return, the person who is giving up on the loss and paying the premium gets the benefit of knowing either the extent of risk that is present and or preventing the loss at all.Insurance is one of the basic forms of risk management. In terms of position, an insurer is the person who undertakes the risk of loss; the policy holder is the person who buys the insurance and let's go of the risk that is associated. There is another term that is present, called the insurance rate; this factor is used to determine the charge that is charged for a certain kind of insurance. This extra charge is called the premium that the policy holder has to pay to let go of the risk that is present. All in all, the field of insurance and related risk management has evolved as a science. Insurance, along wit h risk management goes hand in hand. In other words, insurance is a product that is used to manage the risk that is associated with an expected event such a death, or an accident in which the prospective risks associated with the death and the accident would be the risk of the family losing a family member and the income that he or she brings. Also, the damage of the car in the accident will have to be paid. In such a case, where one knows the prospective hazards of something, it is better to insure the event so that the weight of paying for that risk at a later stage decreases. The risk premium that the policy holder has to pay depends upon the kinds of risk that the insurance company is covering. In short, the higher the risk, the higher the premium is to be paid to the insurance company and the events with a lower risk have to be adjusted with a lower premium. In evaluating the risk of an event, the insurance company makes sure that they take into account every quantifiable and qualitative factor that is present in the environment to come at a compensation that can be good enough today in order to cover the expenses in the future, if the event happens. Therefore, they insurance company greatly increases its value when the event that is being insured doesn't happen at all. For all this to take effect, the insurance providers undertake massive research regarding the insurance holder and the event that might take place. They insurance company also makes sure that they use statistical tools to evaluate the occurring of the events that may be insured, for exam ple the loss of an earning family member or an illness. Risk profiling is another major aspect of insurance. Companies who provide insurance makes sure that they do adequate risk profiling and consider it an important part. According to research and the Pareto principle, more than 80% of insurance claims arise from less than 20% of the profiles that are present. Thereofre, risk profiling helps the insurance companies understand which areas provide them greater risks of claims and which don't. Insurance providers' major aim is to develop an understanding regarding the subject that is being insured and gathering maximium possible and relevant knowledge so that they are able to better evaluate the potential risks that are present and also the likelihood of the occurrence of such events. Co-relations between different events, different factors, and summaries are presented to help the insurance providers with sound conclusions. Today, even artificial intelligence is being used in order to understand the correlation that is present between even ts that would help the insurance providers gauge the risk of an event happening. For example, the correlation between people having high amounts of alcohol everyday and