Assignment 1 Submission Date by students: Before the end of Week7Place of Submission: Students Grade Centre via blackboard.Weight: 05 MarksCLO: Apply critical thinking to make and defend business decisions (LO 2.4)We expect you to answer each question as per instructions in the assignment. You will find it useful to keep the following points in mind. The assignment with be evaluated in terms of your planning, organization and the way you present your assignment. All the three section will carry equal weightageKindly read the instruction carefully and prepare your assignment accordingly. 1) Planning: Read the assignments carefully, go through the Units on which they are based. Make some points regarding each question and then rearrange them in a logical order. 2) Organisation: Be a little selective and analytical before drawing up a rough outline of your answer. Give adequate attention to question’s introduction and conclusion. Make sure that: a) The answer is logical and coherentb) It has clear connections between sentences and paragraphs c) The presentation is correct in your own expression and style. 3) Presentation: Once you are satisfied with your answer, you can write down the final version for submission. If you so desire, you may underline the points you wish to emphasize. Make sure that the answer is within the stipulated word limit. Write an essay on the following topic in about 1000-1200 words.“Globalization has changed the functioning of local governments”. In the light of this statement, discuss the challenges faced by local governments in the age of globalization. With the help of examples, explain how local governments can raise their funds, meet future challenges and be able to convert their challenges into opportunities.(You are required to include at least six scholarly references in your answer).