An Overview of Gentrification

An Overview of Gentrification Gentrification is defined as the process by which wealthier (mostly middle-income) people move into, renovate, and restore housing and sometimes businesses in inner cities or other deteriorated areas formerly home to poorer people. As such, gentrification affects an areas demographics because this increase in middle-income individuals and families often results in an overall decline in racial minorities. Additionally, household size decreases because low-income families are replaced by young single people and couples desiring to be closer to their jobs and activities in the urban core. The real estate market also changes when gentrification occurs because increases in rents and home prices increase evictions. Once this happens rental units are often switched to condominiums or luxury housing available for purchase. As real estate changes, land use is also altered. Prior to gentrification these areas usually consist of low-income housing and sometimes light industry. After, there is still housing but it is usually high end, along with offices, retail, restaurants, and other forms of entertainment. Finally, because of these changes, gentrification significantly affects an area’s culture and character, making gentrification a controversial process. History and Causes of Gentrification Since Glass came up with the term, there have been numerous attempts to explain why gentrification occurs. Some of the earliest attempts to explain it are through the production- and consumption-side theories. Production-side theory is associated with a geographer, Neil Smith, who explains gentrification based on the relationship between money and production. Smith said that low rents in suburban areas after World War II led to a movement of capital into those areas as opposed to inner cities. As a result, urban areas were abandoned and land value there decreased while land value in the suburbs increased. Smith then came up with his rent-gap theory and used it to explain the process of gentrification. The rent-gap theory itself describes the inequality between the price of land at its current use and the potential price a piece of land could attain under a â€Å"higher and better use.† Using his theory, Smith argued that when the rent-gap was large enough, developers would see the potential profit in redeveloping inner-city areas. The profit attained by redevelopment in these areas closes the rent-gap, leading to higher rents, leases, and mortgages. Thus, the increase in profits associated with Smith’s theory leads to gentrification. The consumption-side theory, professed by geographer David Ley, looks at the characteristics of people performing gentrification and what they consume as opposed to the market to explain gentrification. It is said that these people perform advanced services (for example they are doctors and/or lawyers), enjoy arts and leisure, and demand amenities and are concerned with aesthetics in their cities. Gentrification allows such changes to occur and caters to this population. The Process of Gentrification Over time, these urban pioneers help to redevelop and â€Å"fix-up† run down areas. After doing so, prices go up and the lower income people present there are priced out and replaced with middle and upper-income people. These people then demand greater amenities and housing stock and businesses change to cater to them, again raising prices. These rising prices then force out the remaining population of lower income people and more middle and upper-income people are attracted, perpetuating the cycle of gentrification. Costs and Benefits of Gentrification The largest criticism of gentrification though is its displacement of the redeveloped area’s original inhabitants. Since gentrified areas are often in the run-down urban core, lower-income residents are eventually priced out and are sometimes left with no place to go. In addition, retail chains, services, and social networks are also priced out and replaced with higher-end retail and services. It is this aspect of gentrification that causes the most tension between residents and developers. Despite these criticisms though, there are several benefits to gentrification. Because it often leads to people owning their homes instead of renting, it can sometimes lead to more stability for the local area. It also creates an increased demand for housing so there is less vacant property. Finally, supporters of gentrification say that because of the increased presence of residents in the downtown, businesses there benefit because there are more people spending in the area. Whether it is viewed as positive or negative, however, there is no doubt that gentrified areas are becoming important parts of the fabric of cities worldwide.

American International Bank Case Study

American International Bank Case Study Executive Summary American International Bank has been a beacon of success in wholesale banking services across the world. The company has numerous branches overseas that operate in harmony with the bank’s headquarters in New York. However, the company has clear challenges that threaten its ability to maintain a pole leadership position in the banking sector.Advertising We will write a custom case study sample on American International Bank specifically for you for only $16.05 $11/page Learn More It lacks an integrated system, personalized manual services and an outstanding data management. As such, the bank ought to establish an integrated telecommunication network that will enhance its efficiency. From different alternatives available, it is important for the bank to adopt WAN and VPN owing to numerous benefits it stands to reap. Introduction American International Bank (AIB) uses a business model that reflects manual completion of tasks. While we c onsider that AIB is one of the most profitable banks in the US, the company could increase its profit margin by improving its business model to suit its needs. The current model has provided loopholes through which the company stands to lose in terms of cash owing to inefficiencies. The following is an analysis of problems that the company faces owing to poor business model. Summary of the Problem and Analysis Apparently, American International Bank seems to have numerous challenges that have hindered its efficiency. The bank lacks an integrated information system. This has in turn resulted to poor monitoring of overseas branches since the general manager (Tamara), has to take over a month to retrieve information regarding the bank’s operations. As such, information retrieval costs the company huge amounts of resources in terms of time as well as inaccurate data presentation. Considering that many bank’s operations are located overseas and its need for a positive globa l image, such objectives will remain elusive for the bank with fragmented information system that continue to typify its operations. The managers continue to visit the headquarters to discuss any emergent issue and present their reports. As Tamara agrees, it is hard to understand the current business standpoint since reports take at least three months to be processed. This is despite their proneness to inaccuracies and inability to predict the bank’s future performance. Second, the bank also suffers from increased personalized services delivery. Currently, the company faces a momentous challenge to establish a free flowing system in which its branch managers will be able to monitor customers’ accounts without necessarily having to embark on personalized inquiries. Indeed, this type of communication is vulnerable to emotions and may be detrimental if managers fail to live up to its principles.Advertising Looking for case study on business economics? Let's see i f we can help you! Get your first paper with 15% OFF Learn More This might also imply that a simple business miscalculation by a branch manager may reduce clients’ trust substantially. As such, AIB should not allow personalized services to characterize its operations although the aspect has been one of the major strengths of the bank. It is important to notice that personalized services can also be achieved by implementing the right business and technology models. Third, the bank faces an upheaval task of reconciling transactions. Automated systems where customers may be able to handle all of their bank transactions is lacking in the company. The branch managers keep the manual statements. This raises the fear of data backup in case of an accident. Considering that the current data processing systems is dysfunctional, the company’s business model lacks elaborate data management. Finally, the emerging problems have reduced the effectiveness of the manage ment team. Tamara highlights that the bank made substantial errors in credit authorization. Lack of coordination amongst banks’ branches has made different managers to authorize different credit limits by almost 140%. Subsequently, the bank stands to lose immense amount of money due to ineffective management department. In fact, lack of coordination amongst various branches has led to crises in which the branch managers pin point the importance of an efficient system that is free of errors and enhances the bank’s ability to deliver quality services to customers and clients. As such, there is an apparent need for a new system. Discussion: Solution to the problem How can AIB improve its efficiency and remain profitable? The organization ought to integrate its information systems to avoid its current hiccups experienced in its operations. The bank can explore various alternatives. Chiefly, the organization may decide to utilize network connectivity that does not only enha nce communication amongst its branches but also enhance data management. With such a system, the bank will be able to monitor its managers and its clients. However, for the management to effectively handle its information system there is the need for the clients to adapt to a new way through which they will be able to access bank’s transactions in an automated way. Although the capital cost of such solution remains considerably high, AIB ought to understand that implementation of a new integrated system will not only ease the flow of data but also enhance improved services for the organization (Trotta 47). Strategy To overhaul the current system is a hard task although it is worth it in the end. It implies that the bank ought to assume a strategy given the fact that change is a gradual and a systematic process in all organizations. Strategic planning will entail the prioritization of areas that the bank feels are most inefficient.Advertising We will write a custom cas e study sample on American International Bank specifically for you for only $16.05 $11/page Learn More The replacement of the system should be a top down strategy where branch managers ought to be integrated into the system at the beginning (Trotta 12). Although the use of manual methods of transaction may continue for a while, the managers ought to have an efficient and a networked system ahead of all departments due to the sensitivity of their tasks. Subsequently, after a successful rolling out of the project, there is the need for the managers to enhance an efficient system by facilitating the clients to transact with an automated system. By so doing, the company will be able to have a full network and an integrated system in which data storage, retrieval and management will be much easier than earlier on. It is important for technological change agents (Tamara and Pamela) to be wary of resistance to change. While many organizations appreciate the role of change in their organizations, they comprehend that it is not an easy task and requires strong change management skills (Trotta 23). To that end, the change agents will have the responsibility of explaining the rationale to the branches located overseas. Besides, it is important for change agents to explain the benefits that the organization will stand to gain by integrating its system. For customers, implementing radical changes may present a huge challenge and the clients will need to comprehend the role of technology in the banking system. Trotta says that change initiators should be ready to quell any resistance by customers to embrace change by explaining how they will benefit (41). Recommendations AIB could explore various telecommunication networks and arrive at those that suit their business needs. Wide Area Network (WAN) represents a network that will enable the bank to have a broader coverage of business operations (Laudon and Laudon 45). The telecommunication network enhances o rganizations to relay data to different stakeholders of the bank including employees, stockholders, customers among many others who are located in varied geographical areas. It transfers data over increased distances and utilizes localized computer networks. In this case, AIB will be able to transmit data from and to different branches overseas and enhance it efficiency. Currently, each branches has at least one computer which could be used to enhance WAN’s efficiency.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Second, the bank may explore the properties of Virtual Private Network (VPN) to enhance its information systems. VPN refers to infrastructural network in which an individual may be able to enhance security of information flow (Groth and Skandler 10). It includes the internet. Trotta explicates that VPN allows users and organizations to have a private domain where there is limited access to specific sites (45). This way, the top management team will be able to enhance privacy of information that may relate to the organization. Alternatives Other alternatives that company will explore to enhance branch interconnectedness include core banking, Automated Teller Machines (ATMs), DSL and Frame Relay. Core banking refers to the ability of having a networked system amongst branches in which customers can access banking services and other transactions from different bank branches within the larger banking system. Currently, the apparent lack of an integrated system has made the customers not to access such services across all branches overseas. ATMs will also enhance the flow of data in all branches ensuring that customers will be able to access their monthly statements in ‘a click of a button’. ATMs also enhance the flow of data in the entire banking system without causing backlogs. Frame Relay refers to WAN technology that utilizes packet switching and may be preferable due its cheapness as well as its ease during configuration (Laudon and Laudon 63). Finally, AIB may use Digital Subscriber Line for its availability and fastness in connection. Conclusions and Benefits By installing an integrated system within its branches, AIB stands to gain immensely. At the outset, the bank will improve its management’s efficiency. Unlike before, the bank will have an efficient communication system in which a decision does not receive different interpretations from various branch managers. This will increase the accuracy of executing projects and initiatives wit hout having to rely on a meeting in New York for managers to compile their reports. Besides, the branch managers will be able to submit up to date reports without having to take three months to come up with a comprehensive report. Additionally, the bank stands to gain from an improved data processing and management system. Initially, the bank faced a momentous challenge in storing data and having a consequent backup system. In fact, if such risks as fire and demolition affected a branch, huge amounts of information would be lost. With an integrated system, all transactions are updated upon completion and as such, the customers can experience improved services particularly when they demand their statements. AIB will also save huge amounts of overhead expenses initially incurred. Groth and Skandler assert that organizations reduce labor costs since much of the manual work will now be done by machines (87). This implies that the company will ultimately have to down size. Besides, frequ ent meetings at the headquarters by branch managers will reduce considerably upon installation of such systems. Finally, the bank will reduce the seemingly bulky paperwork. Nonetheless, this is after deciding on the right network infrastructure to roll out. In this case, it is recommended that the bank utilize both the WAN and VPN while exploring other options such as Frame Relay, DSL, Core Banking and ATMs (Laudon and Laudon 87). Groth, David and Skandler, Toby. Network+ Study Guide, Boston, Massachusettes: Sybex Inc, 2009. Print. Laudon, James and Laudon, Peter. Essentials of Management Information Systems, New York: Prentice Hall, 2009. Print. Trotta, Gian. Information Systems Management, Irwin, New York: McGraw Hill Publishers, 2010. Print.

Essay for Univerisity Masters Application on Myself and why i want to

For Univerisity Masters Application on Myself and why i want to apply - Essay Example In taking a Bachelor of Arts in Global Management, my eyes have been opened to the world of possibilities that are really out there. Learning from my instructors and fellow classmates has been the most enjoyable experience of my time so far because I get the opportunity to learn each day, which is something I think that only a rare few of us ever get to take advantage of. My time in education so far has instilled a strong work ethic that was not previously as strong before. The results that I have achieved pay testament to a new change of mindset, and it is something that I will look to carry on well into the future now that I have witnessed firsthand the benefits of implementing such a change. Although university has been great from an analytical point of view, it has been the opportunity to gain real world experience that has done wonders for my knowledge and confidence. I secured my first notable employment in 2011 at Siza Holdings, where I learnt the various aspects of office administration. At first I felt like I was thrown into the deep end, but in hindsight this was actually a positive step for me because it forced me to grow up very fast. I quickly learnt how to deal with mail and filing and also to respond to emails. The two years that I worked at Siza gave me a solid working base from which I have added to further. Over the summers of 2012 and 2013, I was fortunate enough to diversify my working experience with Club Interiors and interning with Royal Spades. These opportunities showed me a different side of the management field. Although I was only there for a short time, Club Interiors was invaluable for me both personally and professionally because I was working as a personal assistant to a junior designer there. While I was not actively involved in discussions with clients, I was able to observe and ask many questions of the PA who I was working alongside. The following year at Royal Spades was a great time for