The Theory And Practice Of Risk Management Finance Essay - Free Essay Example

Sample details Pages: 4 Words: 1141 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Since the 1970s, world business transactions have experienced and contributed to diverse sources of financial uncertainty or risk (see, Dowd, 2005; Holton, 2003; Jorion, 2006; Tardivo, 2002a). Financial risk or risk created through financial transactions can be associated with value reduction. This reduction is due to market factors disequilibrium such as equity prices devaluation, interest or exchange rate fluctuations. Lately, in the competitive business environment, it has been discovered that firms have to face several financial risks namely market, credit, liquidity, operational and legal risks. The uncertainty scenario undoubtedly has had an impact on the volatility level of the financial market, thus influencing the return of an investment. Reflected in various dimensions such as the stock market, exchange rate, interest rate and commodity market, a volatile environment exposes firms to greater financial risk levels. Volatility that creates new dimension of business and systematic risk then forces firms to amend congruently their operational structure to accommodate changes in the environment. These conditions motivate firms to find new and better ways to manage risk, specifically in the case reported by Dowd (1999a) where investors were exposed to multiple problems of market risk. Although risk cannot be totally eliminated, Fong and Vasicek (1997) stress that its effect, particularly on investment losses, can be minimized thoroughly when one understands and manages it according to an effective risk measurement methodology. Ironically, the tremendous evolution in risk management practices coupled with innovation of financial engineering instruments have several distinctive effects, depending on the nature of business (Basle Committee, 1994; Dowd, 2005; Fong Vasicek, 1997; Gastineau, 1993; Holton, 2003; Ibrahim, 1994). As indicated by several observers such as Brooks and Persand (2002) and Rahl and Lee (2000), viewing different kinds of business and investment portfolios based on an effective risk measurement tool is crucial in order to maximize returns and minimize risk. Thus by combining fundamental and analytical techniques to create new risk evaluation approaches, the process will be in a much better form to prevent larger financial losses. JP Morgan (1996) highlighted that the absence of a common point of reference for market risks makes it difficult to compare different approaches towards the measurement of market risks. The growing need for better empirical investigations to evaluate alternative measures of risk, says Brachinger (2002), realistically depends on whether the objective is to forecast choices under uncertainty or to provide superior predictors of introspective judgements about the risks being perceived. Along with the urgent needs of financial institutions to devise suitable mechanisms of risk management, the quantification of risk may avoid inappropriate policy decisions which can affe ct stakeholders. As noted by Nath and Reddy (2003), should the underlying risk not be properly estimated, it will lead firms to a lower profit level and jeopardize the financial stability condition, since less optimum capital is allocated throughout the organization. The theory and practice of risk management have developed extensively since the pioneering study of Markowitz (1952) who presented portfolio risk as the dispersion of standard deviation around the average return or mean. This modern investment theory, as portrayed in the well-known Portfolio Selection: Efficient Diversification of Investment, assists market users to incorporate results of wealth distribution according to an assets class and the best investment position. Following Markowitz (1952), risk of a security was later portrayed by Sharpe (1963, 1964) as its covariance with respect to the general market index or Beta. From there, the measurement and evaluation have since evolved to handle a portfolios market r isk. Although the trade-off between risk and return is well recognized (higher returns can only be obtained at the expense of higher risk), JP Morgan (1996) points out that the risk measurement component of the analysis has not received broad attention. Within the same perspective, JP Morgan (1996) also reports that the exclusive attention on the role of return, however, has led to incomplete performance analysis. They conclude that the return measurement gives no indication of the cost in terms of risk. By the early 1990s, Value-at-Risk (henceforth VaR) had gained immense popularity and had become an integral risk management tool and a standard to monitor and control a firms risk exposures. By definition, VaR summarizes the worst expected loss that an institution could suffer over a target horizon under normal market conditions at a given confidence level (Butler, 1999; Dowd, 2005; Jorion, 1997, 2006). Cassidy and Gizycki (1997) conversely termed VaR as the earnings-at-risk o r a potential loss amount. The main reason underlying its popularity lies in its simplicity of providing a single statistical figure summary of possible potential losses within a given time horizon. Since the introduction of the simplest VaR models, a range of approaches to calculate VaR has expanded from two important perspectives; number and complexity. Without doubt it is likely that VaR will become even more widely adopted over time (considering the views of academia and practical interest), since it is thought that such an approach may signal inefficiency in capital charges. Although Dowd (1998) reports that VaR enables firms to get a better sense of the overall risk and serves as a determinant of capital adequacy, the VaR methodology is not without criticism, one of which is that VaR may underestimate risk over simplified assumptions of normally distributed returns and constant variance. This is the case when ample empirical evidence has shown that rates of return distribut ions of financial time series exhibit fat tails, skewed to the left or peaked around the mode (Bali Gokcan, 2003; Glasserman, Heidelberger, Shahabuddin, 2000b; Zangari, 1996) and that volatility is time-dependent or better known as volatility clustering (Mandelbrot, 1963). Triggered by these circumstances, several related non-normal issues and consequences have been identified. From a regional perspective, an earlier survey by Murphy and Quinn (1993) observed that risk management practices by most Asian companies are underutilized. Both authors reported many companies either do not have any authorized risk management department/unit/staff or they lacked of precautionary actions to face instability in the business environment. Such act will definitely increase a firms risk and should be an encouragement to market users to pay extra attention to financial risk management aspect. In particular, since the 1980s the Malaysian economy has experienced several phases of growth and rece ssion situations. Until June 1997, Malaysia grew prosperously with Gross National Product increasing at an average value of eight percent each year for eight consecutive years. But it was not long after mid 1997 that South East Asian countries were hit by currency crises which were led by misallocation of funds and overinvestment of capital (Dean, 1998, 2000). With extensive capital control, inclusive of pegging the Malaysian Ringgit to the US Dollar, Malaysia witnessed a better environment compared to its neighbouring countries, starting from the year 2000. As a result of a competitive market leading to higher risk exposure, professionals have turned their attention to search for a tool to measure VaR bounds with a specific distribution assumption without simultaneously over or underestimating it. Some of the current issues in VaR measures which motivate this research are explained in the following section. Don’t waste time! Our writers will create an original "The Theory And Practice Of Risk Management Finance Essay" essay for you Create order

Music Therapy Association ( 2013 ) - 1555 Words

American music therapy association (2013) defined as a clinical and evidence-based use of music interventions to help individuals archive their goals between a therapeutic relationship by a credentialed professional who has completed an approved music therapy program. Music therapy is an upcoming health profession. It involves the use of sound wave that penetrate through the soul and mind to heal, repair and improve the overall emotional well-being. It can be by playing a music instrument, singing out loud, listening to music and so on. Music therapy is very diverse, Music therapy in an ancient type of healing medium. It was used by the Egyptians, Chinese, Indians, Romans and the Greece before being introduced in the United States late†¦show more content†¦It is amazing that music influences the body and brain in numerous effective way we never knew about. In some Brainwaves studies, research has demonstrated that music with a solid beat can fortify brainwaves to reverb erate in a state of harmony with the beat and with speedier beats bringing more shaper fixation and more alert thinking, and a slower rhythm advancing a calm, reflective state. Furthermore, the changes in brainwave activity levels that music can bring can also enable the brain to shift speeds more easily on its own as needed, and which means that music can bring lasting benefits to your state of mind, even after you have stopped listening (Scott Elizabeth, 2015). In breathing and heart rate: with modifications in brainwaves comes changes in other real capacities. Those represented by the autonomic sensory system, for example, breathing and heart rate can likewise be modified by the progressions music can bring. This can means slower breathing, slower heart rate, and an enactment of the unwinding reaction, also in addition to other things. This is the reason music and music treatment can check or keep the harming impacts of endless anxiety, extraordinarily advancing unwinding, as wel l as wellbeing. In the perspective aspects, music can likewise be accustomed to bring a more positive perspective, keeping

College Is A Great Feeder School For Brigham Young University

University or Community College. Ever since I can remember my parents told me that college was key to being successful in life. If you didn t attend a good college your life was most likely not going to be a very happy one. This message has stayed with me throughout my life , education was of great importance and college was the key factor of where you ended up in life. High school counselors, teachers, parents, and mentors all emphasized that the better the college you attend the more opportunities you ll have. When I was a high school senior and had to think seriously about the future, I applied for many schools and landed at Utah Valley University, a great feeder school for Brigham Young University. I attended Utah Valley University for 1 semester, following Utah Valley I attend a community college instead, Coastline Community College. I have so far been enrolled at coastline for about a month and can see the likenesses and the differences between the university life and the community college life. I can see no college is alike, and that doesn t mean one college is better than another. It took transferring to a community college to see that not even a university is better than a community college. Utah Valley University and Coastline Community College, weren t the same type of college, but actually had quite a bit of similarities in many aspects. One of these very noticeable aspects, is the teaching staff at the colleges. Both of the colleges had teachers thatShow MoreRelatedGraduation Speech At Utah Valley University873 Words   |  4 Pagesremember my parents told me that college was key to being successful in life, if you didn t attend a good college your life was most likely not going to be a very happy one. This message stay throughout my life , education was of great importance and college was the key factor of where you ended up in life. High school counselors, teachers, parents, and mentors all emphasized that the better the college you attend the more opportunities you ll have. Being a high school senior and having to think seriously

Redemption The novel begins with an adult Amir looking...

Redemption: The novel begins with an adult Amir looking back on the events of his childhood. He is trying desperately to ignore his unatoned sins, but realizes that â€Å"it’s wrong what they say about the past†¦about how you can bury it. Because the past claws its way out†(Hosseini 1). Even after Amir and his father flee to America to one afternoon from decades ago still haunts him. Amir’s inaction that day impacts the rest of his life and leads to lies, betrayal, and guilt. He desires to be forgiven for his sin and does everything he can to find redemption. Amir is hopeful that â€Å"there is a way to be good again†(Hosseini 2). Social and ethnic tensions: The Kite Runner allows us a look at Afghanistan before the Soviet invasion and then after.†¦show more content†¦Family: The theme of family is persistent throughout The Kite Runner. Amir struggles between his relationship with Baba and his brotherhood with Hassan. The brotherhood of Amir and Hassan is at the heart of The Kite Runner. It is a strong, central theme woven throughout the novel. Amir and Hassan were â€Å"kids who had learned to crawl together, and no history, ethnicity, society, or religion was going to change that†(Hosseini 25). But, even though they were companions from a young age, Amir constantly tests Hassan’s loyalty and in a way, resents him. Amir explains, â€Å"I never thought of Hassan and me as friends either. Not in the usual sense, anyhow†(Hosseini 25). Amir’s love for Hassan is selfish and full of insecurity. However, Hassan’s love for Amir is selfless. He looks up to Amir and would do anything for him. His motto seems to be, â€Å"For you a thousand times over!†(Hosseini 67). Amir and Hassan’s friendship includes jealousy and insecurity, the characteristics of brotherly love. Although their relationship becomes strained, â€Å"there was a brotherhood between people who had fed from the same breast, a kinship that not even time could break†(Hosseini 11).Amir also finds it difficult to witness the relationship with Ali and Hassan. Baba and Amir’s poor relationship is offset by Ali and Hassan’s healthy one. Ali and his son, Hassan, have a loving, supportive relationship. It makes Baba and Amir’s relationship seem even more dysfunctional. It isShow MoreRelatedThe Kite Runner - Amir s Redemption1323 Words   |  6 PagesRunner – Amir’s Redemption We all make mistakes, but it is how we make up for those mistakes that will decide the kind of person we will become. The Kite Runner novel was written by Khaled Hosseini about a boy who also grew up in Afghanistan just like the author. The novel opens during a peaceful time in Kabul and tells the story of Amir and his friend and servant, Hassan. It tells us about Amir looking for approval from his father, Baba, the ethnic tensions in Afghanistan and the events leading upRead MoreThe Kite Runner By Khaled Hosseini.published Essay1264 Words   |  6 PagesThe Kite Runner is the kind of novel portraying the common issues of the lives of parents and children. The Kite Runner is the first novel by Afghan-American author Khaled Hosseini.Published by Riverhead Books, it recounts the narratives of Amir, a young boy from the WazirAkbar Khan district of Kabul, whose closest companion is Hassan, son of his father s servant Hazara. The story is situated against a backdrop of turbulent and vo latile events, from the fall of Afghanistan s monarchy through theRead MoreCultural Differences in The Kite Runner by Khaled Hosseini 1160 Words   |  5 Pagestowards two completely different people. Amir, the son of a wealthy man in Kabul, Afghanistan, develops a friendship with his servant, Hassan. Amir and Hassan have a rather complicated relationship for two personalities that are originally very different. Hassan has strong feelings for Amir, but Amir never admits to their friendship because of their difference in social standing. As the years progressed, Amir is put in a difficult situation, during which his actions affect their lives forever whichRead MorePlot Structure Of The Kite Runner1690 Words   |  7 PagesHosseini and Arundhati Roy’s novels are devised in such a way that the plot structures are exact parallels. Thus, they can successfully use the same plot structure to portray two divergent effects of losing one’s innocence in a traumatic event. The p lot structure of the novels also reinforces the idea of innocence. The plot structure for The Kite Runner is chronological, but the plot structure for The God of Small Things is circular. In his novel, The Kite Runner, Hosseini begins to dive into the distinctionRead MoreThe Kite Runner3049 Words   |  13 Pagesatonement Review Royal Hamel Hassan!† I called. â€Å"Come back with it!† He was already turning the street corner, his rubber boots kicking up snow. He stopped, turned. He cupped his hands around his mouth. â€Å"For you, a thousand times over!† he said. So opens the pivotal event in The Kite Runner, a novel by Khaled Hosseini. The movie version, which is now in theatres, was nominated for a Golden Globe as best foreign-language film of 2007. Amir and Hassan, inseparable, fiercely loyal friends, have justRead MoreMajor Works Data Sheet Name3634 Words   |  15 PagesAfghanistan. He then moved to the U.S. when he was 11. He didn t return to Afghanistan until he was 38. On the trip he felt like a tourist in his own country. -As a child, the author read lots of Persian poetry. -He feels survivor s guilt for leaving the country before the Taliban invasion. -Afghanistan is the topic of most of the author s writing. Literary Era: Historical information about the period of publication: (3) Look for information that would help clarify the novel s themes. -Read MoreManaging Information Technology (7th Edition)239873 Words   |  960 Pages This page intentionally left blank CHAPTER 1 Managing IT in a Digital World The utilization of information technology (IT) has become pervasive. Businesses not only have information systems (IS) that connect frontline employees with back-office accounting and production systems but also compete with dot-com (Internet only) companies via Web-based stores and online customer service channels. Travelers can access high-speed wireless networks from public transportation, airports, and

Business Teacher and Job Enrichment Free Essays

1. Analyse how these two sets of views can be applied to the work of Herzberg or Vroom or McClelland. These two sets of views can be applied to the work of Herzberg or Vroom or McClelland as the different points made in this case study relate or link to the theories that these three theorists have come up with. We will write a custom essay sample on Business: Teacher and Job Enrichment or any similar topic only for you Order Now For example Bob Nelson believes that workers need some control of their work meaning job enrichment and being recognised for achievements made. This links back to Herzberg’s theory that workers can be forced into doing anything if the pay is high but this does not mean that they want to do it. They are not motivated. To motivate them they must be happy with their work space and the amount of supervision they have. The committee were not satisfies when the principal did not give feedback based on their work which really demotivated the individuals who put the time and effort to produce the report. This refers to Vroom’s theory of individuals choosing to behave in ways that they believe will lead to outcomes they value. He said that there is a positive link between effort and performance. In this case each committee individual accepted to help create the report based on the idea and misleading that it will benefit them greatly as they would receive recognition. Again relating to McClelland’s theory, he said motivational needs are important as we as humans have these needs. The achievement motivation is shown when the committee individuals decide to participate to achieve something bing recognition which motivated them. 2. Discuss how the views contained in the extract above could be applied in practice to: -a restaurant -a food shop -teaching staff at a school or college I believe that not all the views stated in the extract can be applied to the specified businesses as people are different in every business. In a restaurant industry money is important to the workers as this is what motivates them to work and follow orders. I think some control of the employees work is not good when managing a restaurant as everything needs to be fast and as smooth as possible. The staff should be credited for good work and achievements they have accomplished in this case being a restaurant an award like employee of the month could be beneficial to motivate the employees to work. In a restaurant business communication is very important as it is the key to getting the correct customer orders leading to good customer feedback. However if there is no feedback the staff are not able to correct and improve their working habits which can cause a bad reputation for the restaurant. When dealing with a restaurant business I do not think that opportunity for growth and development education is necessary to the waiters as they do not have a big career path ahead being a waiter for example. But I do believe that team working is very important as they need to work together in order to deliver orders for example from the customer to the chef. Leadership is important to a manager running the restaurant as everything needs to go as ordered and expected as there is no room for error to occur such as wrong orders or miss communication which will eventually lead to bad customer service, unsatisfied customer needs and a bad reputation for the restaurant. Teachers may not only be working for money but for the satisfaction they get out of teaching. Some teachers may be satisfied with the essential needs they had even before they started to teach meaning that money is not their need at the moment. I think that teachers need to have some sort of control over the way they work (job enrichment) as it will help them challenge themselves and have responsibility for their work. I think as humans they need to be thanked and recognized when they have achieved something as this will motivate them even more to do it again. It is important for teachers to receive feedback on their work as this will enable them to teach better. This can be done by other teachers assessing one another and sharing teaching methods as it will help them teach at their best ability. Communication Is vital to teachers at a school or college as this is how messages or requests are passed on or received. If a teacher does not receive an answer to their request from management it is very likely that they will be demotivated to participate or get involved in the future. Teaching staff at a school or college have limited opportunities for development as there is only a certain amount of promotions they can receive. For example an English teacher would only be able to develop their career path by being promoted to being the head of the English department. As for team working, it is important for teachers to work together as departments to complete certain duties. * Teachers should have good leadership skills as they need to provide clear instructions and set specific deadlines. If a teacher does not have good leadership skills then it may cause problems like students not following instructions or not having control over their class. How to cite Business: Teacher and Job Enrichment, Essay examples

Analysis Of Sydney As A Tourist Destination-Myassignmenthelp.Com

Question: How To The Analysis Of Sydney As A Tourist Destination? Answer: Introduction: Sydney is a city with rich cultural heritage and lots of places of tourist attraction. Besides it also has a versatile and distinctive geography which makes it an attractive tourist spot (Miller, Rathouse, Scarles, Holmes, Tribe, 2010).Sydney is also recognized as an iconic city because of attractions like sporting events, festivals, and its cosmopolitan aura (Newsome, Moore, Dowling, 2012).Besides a beautiful coastline, the city is located close to green parks and national parks which appeals to the leisure travellers and wild-life explorers (Newsome, Moore, Dowling, 2012).The city boasts of international brand names in the hotel industry and also has backpacker and hostel type accommodations, apartment type, bed breakfast type, and also holiday homes to cater to the needs of all kinds of travellers (Economic Contribution of Tourism to NSW 2015-16, n.d.). The city is relatively expensive and it takes a lot of time to travel to the city, which sometimes discourages travellers from Europe and America from visiting Sydney (Economic Contribution of Tourism to NSW 2015-16, n.d.).Sydneys airport infrastructure is almost full to its capacity therefore many international airlines do not connect to it directly (Tourism Action Plan - Home - City of Sydney, n.d.). Opportunities The biggest opportunity for Sydney is the focus of the Australian government to invest in developing the tourist sector in Sydney under its tourism plan 2020 (Tourism Action Plan - Home - City of Sydney, n.d.). The increasing use of social media platforms by the government of Sydney to popularize it as a tourist destination across the world (Buckley, 2012). Increase in the number of tourists from Asian countries like India and China (Seetaram, 2012). Weakening of Australian dollar against the American dollar has negatively affected the revenues of the tourism industry (Seetaram, 2012). There is an increase in competition from other tourist based economies like Malaysia, Singapore, India, and more (Tourism Action Plan - Home - City of Sydney, n.d.). Increase in domestic competition with Melbourne becoming a popular tourist attraction as the cultural and arts centre of Australia (City of Sydney - Council Home, n.d.). Changes in legislation affect the tourism sector. For example, in 2013 the Chinese legislation that disallowed shopping-tours affected the tourist industry in Australia as shopping tours by Chinese travellers were a big component of Australias tourism (Ivanov Webster, 2013). Business and Marketing strategies for developing Sydneys tourism To make Sydney one of the best world-wide attractions and attract more and varied number of tourist, the Tourism Australia along with the government of NSW will have to focus on three major fronts. These are destination development, destination management, and destination marketing. Destination development: financial accounting events and conferences are major revenue earners for a tourism city. To improve the value of the city as a business tourism destination there should be focus at developing the Sydney entertainment and Convention centre and improve the quality size, and responsiveness of the conference, concert, convention, and exhibition infrastructure to ensure that Sydney can be a in a lucrative position to secure the international and domestic events of large scale in the next 5 years (Apostolopoulos, Leivadi, Yiannakis 2013). The cruise ship tourism is gaining momentum among the leisure and business tourists worldwide and provides a big opportunity for Sydney tourism industry. Developing partnerships with the international and domestic cruise liners to manage and encourage passenger cruise ship arrivals at Sydney will work to increase Sydneys tourism profile (Dredge Jamal, 2013). Develop strategies to enhance the tourism infrastructure within Sydneys village precincts to offer the tourists unique and authentic experiences of the cultural life of Australia outside the city centre (Mowforth, Munt, 2015). Destination management: One of the important aspects of enhancing the value of Sydney as a preferred tourist city is to enhance the visitors experience of the city. The population of the city has been steadily growing and there is growing pressure on the transportation facilities, cleanliness of the city, and perceptions regarding tourist safety in the last few years (Ruhanen, 2012). There should be focus on increasing the range and reach of public transport facilities available for the tourists and the ease of accessing these services. The frequency of public transport like buses should be increased and hours of operation should also be increased to late night (Dwyer, Edwards, Mistilis, Roman, Scott, 2009). With the increasing influx of visitors the level of maintenance and cleansing of the city also needs to be improved in the streets, tourist sites, and in the public domain. To improve the perception safety CCTV camera network could be expanded to cover more areas working in collaboration with the Police department and the local government (Mok, Sparks, Kadampully, 2013). There should be an investment to develop the cycled path networks in the city that would allow the tourists to cycle around Sydney and connect with other bike networks to visit destinations like Centennial park, Bondi beach and others. This would also promote green tourism as one of the highlights of the city (Miller, Rathouse, Scarles, Holmes, Tribe, 2010). Destination marketing: To market Sydney as the favoured tourist destination a brand strategy for Sydney that focuses on attracting the tourists from its prime target markets like India and China (Seetaram, 2012). The marketing strategy should focus on the increased use of digital promotion and marketing through social media networks like twitter, facebook and Google+. These websites can be used to post photographs of Sydneys tourist spots and cultural highlights. These can also be used to provide information to the visitors on the best places to stay, upcoming events, tourist destinations, city tours and regional tours (Mok, Sparks, Kadampully, 2013). Produce the advertising and marketing material in collaboration with the cultural organizations, arts clubs, and the local businesses which promote the distinctive character of the 10 villages of the city and the history and culture of the Aboriginal people (Ma Hassink, 2013). Encourage return visits by promoting Sydney as a destination of choice for business conventions and conferences by developing partnerships with the organizers of these events to maximize the promotional and marketing opportunities which target both the international and interstate delegates (Hall, 2009). Estimated Costs for the Business and Marketing Plan Assuming that the state of the economy and the tourism industry remains constant in the coming years, Tourism Australia would need to invest in the infrastructure development and marketing plan for the improving the tourism industry in Sydney. The estimated cost of the project would be: Proposed investment plan Estimated cost Infrastructure development $ 12 million Developing regional community tourism $ 3 million Business events funding to support the Sydney Convention and Visitors Bureau $ 10 million Marketing and sales expenditure (national) $ 3.5 million Marketing and sales expenditure (international) $ 5 million Digital marketing program (world-wide) $ 2.5 Marketing of nature based tourism $ 2.5 million Marketing and development of Cruise ship tourism $ 2.5 million Skill development programs in the tourism industry $ 2 million Increased payroll expenditure $ .75 million Proposed Timeline for Implementation Proposed investment plan Proposed timeline Infrastructure development 2 years Developing regional community tourism 2 years Business events funding to support the Sydney Convention and Visitors Bureau 2 years Marketing and sales expenditure (national) 1 year Marketing and sales expenditure (international) 1 year Digital marketing program (world-wide) 1 year Marketing of nature based tourism 1 year Marketing and development of Cruise ship tourism 1 year Skill development programs in the tourism industry Every year Increased payroll expenditure Every year My involvement in the project I have been appointed as an assistant manager in the online marketing division of the marketing and sales department of Tourism Australia which is specifically dealing with the development of Sydney as the most favoured tourist destination of Australia for the international clients. The social media platform is one of the most cost effective ways of promoting world-wide tourism and tapping into the new markets. The online booking industry contributes approximately 50% to tourism industry worldwide every year (Mowforth, Munt, 2015). People can book customized experiences within their budget. My job includes looking for best possible avenues to export Sydneys tourism market to the target markets of the South Asian countries. My team is also concerned with developing strategies for a destination branding for Sydney and collating the feedbacks from the visitors on social media sites that would help in improving the quality of our services. Benefits of the Proposal Tourism industry in NSW generates the maximum revenue for the state and the economic contribution of the industry is more that the agriculture, fishing, and forestry. Sydney alone accounts for almost 50 percent of the national and international tourist traffic every year and accounts for almost 63% of NSWs tourism business (Economic Contribution of Tourism to NSW 2015-16, n.d.). The tourism sector is also the biggest employer in Sydney with a large number of people directly and indirectly employed in the industry. The tourism industry also supports many of the local businesses around the city which include cafes, shops, hotels, market gardeners, laundries, hotels, and many more (City of Sydney - Council Home, n.d.). Sydney has been facing competition in the last few years from the other national tourist destinations like Melbourne and also from the other countries which are developing their tourism economies. Therefore, a dynamic business and marketing plan will help in sustaining and growing the tourism attraction of Sydney to achieve the vision of making Sydney one of the most favoured tourist destinations in the world with the best amenities for leisure as well as business tourism (Platenkamp, Botterill, 2013). Conclusion This is the basic outline of a business development plan for the tourism industry in Sydney and this requires the support from the local authorities and the local industries. The aim of this plan is to strengthen the economy of the city and overcome the challenges that the tourism sector in Sydney is facing. This strategy is based on the contemporary challenges and the economic conditions in the present day and provides a possible direction for the future initiatives that could help in the development of tourism industry in Sydney. References: ApostolopoulosYiorgos, Leivadi Stella, Yiannakis Andrew (2013). The sociology of tourism: Theoretical and Empirical Investigations. Routledge, 376 pages. Retrieved from: https://books.google.co.in/books?id=hCDqspER0JQCdq=development+of+tourism+industry+in+australia+2013lr=source=gbs_navlinks_s Buckley Ralf (2012). Sustainable tourism: Research and reality. Annals of Tourism Research, Volume 39, Issue 2, pp. 528-546. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0160738312000230 City of Sydney - Council - Home. (n.d.). Retrieved from: https://www.cityofsydney.nsw.gov.au/business/business-support/business-in-your-sector/key-industries/tourism Dredge Dianne Jamal Tazim (2013). Mobilities on the gold coast, Australia: implications for destination governance and sustainable tourism. Journal of Sutainable Tourism, Volume 21, Issue 4. Retrieved from: https://www.tandfonline.com/doi/abs/10.1080/09669582.2013.776064 Dwyer Larry, Edwards Deborah, Mistilis Nina, Roman Carolina, Scott Noel (2009). Destination and enterprise management for a tourism future.Tourism Management, Volume 30, Issue 1, pp. 63-74. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0261517708000745 Economic Contribution of Tourism to NSW 2015-16. (n.d.). Retrieved August 16, 2017, from https://www.destinationnsw.com.au/wp-content/uploads/2012/04/Economic-Contribution-of-Tourism-to-NSW-2015-16.pdf Hall C. Michael (2009). Innovation and tourism policy in Australia and New Zealand: never the twain shall meet? Journal of Policy Research in Tourism, Leisure and Events, Volume 1, Issue 1. Retrieved from: https://www.tandfonline.com/doi/abs/10.1080/19407960802703466 Ivanov Stanislav, Webster Craig (2013). Tourisms impact on growth: the role of globalization. Annals of tourism research, Volume 41, pp. 231-236. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0160738313000030 Ma Mulan, Hassink (2013). An evolutionary perspective on tourism area development.Annals of Tourism Research, Volume 41, pp. 89-109. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0160738312001648 Miller Graham, Rathouse Kathryn, Scarles Caroline, Holmes Kirsten, Tribe John (2010). Public understanding of sustainable tourism.Annals of Tourism Research, Volume 37, Issue 3, pp. 627-645. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0160738309001674 Mok Connie, Sparks Beverly, Kadampully Jay (2013). Service Quality Management in Hospitality, Tourism, and Leisure, Routledge, Business Economics, 358 pages. Retrieved from: https://books.google.co.in/books?id=nlEsBgAAQBAJdq=development+of+tourism+industry+in+australia+2013lr=source=gbs_navlinks_s Mowforth Martin, Munt (2015). Tourism and Sustainability: Development, Globalisation and New Tourism in the Third World. Routledge, 476 pages. Retrieved from: https://books.google.co.in/books?id=HnNACwAAQBAJdq=development+of+tourism+industry+in+australia+2015lr=source=gbs_navlinks_s Newsome David, Moore A. Susan, Dowling K. Ross (2012). Natural Area Tourism: Ecology, Impacts, References:and Management. Channel View Publications, 457pages. Retrieved from: https://books.google.co.in/books?id=F5nfDPBcw44Cdq=development+of+tourism+industry+in+australia+2012lr=source=gbs_navlinks_s Platenkamp Vincent, Botterill (2013). Critical realism, rationality and tourism knowledge.Annals of tourism research, Volume 41, pp. 110-129. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0160738312001740 Ruhanen Lisa (2012). Local government: facilitator or inhibitor of sustainable tourism development. Journal of Sustainable Tourism, Volume 21, Issue 1.Retrieved from: https://www.tandfonline.com/doi/abs/10.1080/09669582.2012.680463 SeetaramNeelu (2012). Immigration and international inbound tourism: Empirical evidence from Australia. Tourism Management, Volume 33, Issue 6, pp. 1535-1543. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0261517712000428 Tourism Action Plan - Home - City of Sydney. (n.d.). Retrieved from https://www.cityofsydney.nsw.gov.au/__data/assets/pdf_file/0008/156527/8945_FA3_Tourism_Action_Plan_A4_UPDATE-Final-Low.pdf XinShuang, Tribe John, Chambers Donna (2013). Conceptual research in tourism.Annals of Tourism Research, Volume 41, pp. 66-88. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0160738312001636