Gender Empowerment Measure

Gender Empowerment Measure or GEM is a system used in measuring the gender inequality of a nation when it comes to both the political and economic opportunities. Using data from different nations, GEM is able to ranked nations on how the gender inequality issue is improving over time. The system used a more complex formula when it comes to measuring the political and economic participation of women relative to that of men. The United Nations Development Programme (UNDP) used four indicators in order to create a composite GEM.These indicators are seats held by women in parliament, female professional and technical workers, female administrators and managers, and the real GDP per capita of women. A GEM table is an indicator of gender inequality between different nations. It captures three major areas of gender inequality among nations. The first area is the extent to which women participate in decision-making in terms of political aspect. The second is the economic participation of wom en as well as their decision-making power. The third area is the measure of the power that women exert over the nations economic resources.In the 2009 Human Development report, Sweden was ranked first in GEM with 47% sets in parliament held by women, 32% female legislators, senior officials and managers, 51% female professional and technical worker and 0. 67 ratio of estimated female to male earned income. The figures show that Swedish women enjoy the most gender equality than any other nation included in the report. GEM is also a measure of how the inequality between men and women are changing through time. Thus, having a greater GEM means that a country is likely to develop a sense of equality between the role of men and women in society. Reference Human Development Report (2009). Gender Empowerment Measure and its Components.

Elie Wiesel Quotes Essay

The opposite of love is not hate, it’s indifference. The opposite of art is not ugliness, it’s indifference. The opposite of faith is not heresy, it’s indifference. And the opposite of life is not death, it’s indifference.† ― Elie Wiesel â€Å"There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.† ― Elie Wiesel â€Å"Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.† ― Elie Wiesel â€Å"We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented.† ― Elie Wiesel â€Å"To forget the dead would be akin to killing them a second time.† ― Elie Wiesel, Night â€Å"When a person doesn’t have gratitude, something is missing in his or her humanity. A person can almost be def ined by his or her attitude toward gratitude.† ― Elie Wiesel â€Å"There is divine beauty in learning†¦ To learn means to accept the postulate that life did not begin at my birth. Others have been here before me, and I walk in their footsteps. The books I have read were composed by generations of fathers and sons, mothers and daughters, teachers and disciples. I am the sum total of their experiences, their quests. And so are you.† ― Elie Wiesel â€Å"Human suffering anywhere concerns men and women everywhere.† ― Elie Wiesel, Night â€Å"For the dead and the living, we must bear witness.† ― Elie Wiesel â€Å"Never shall I forget that night, the first night in camp, which has turned my life into one long night, seven times cursed and seven times sealed†¦.Never shall I forget those moments which murdered my God and my soul and turned my dreams to dust. Never shall I forget these things, even if I am condemned to live as long as God Himself. Never.† ― Elie Wiesel, Night â€Å"One person of integrity can make a difference.† ― Elie Wiesel â€Å"If the only prayer you say throughout your life is â€Å"Thank You,† then that will be enough.† ― Elie Wiesel â€Å"Only the guilty are guilty. Their children are not.† ― Elie Wiesel â€Å"Write only if you cannot live without writing. Write only what you alone can write.† ― Elie Wiesel â€Å"Which is worse? Killing with hate or killing without hate?† ― Elie Wiesel â€Å"I pray to the God within me that He will give me the strength to ask Him the right questions.† ― Elie Wiesel, Night â€Å"I swore never to be silent whenever and wherever human beings endure suffering and humiliation. We must always take sides.† ― Elie Wiesel â€Å"Wherever men and women are persecuted because of their race, religion, or political views, that place must — at that moment — become the center of the universe.† ― Elie Wiesel â€Å"No human race is superior; no religious faith is inferior. All collective judgments are wrong. Only raci sts make them† ― Elie Wiesel â€Å"Then came the march past the victims. The two men were no longer alive. Their tongues were hanging out, swollen and bluish. But the third rope was still moving: the child, too light, was still breathing†¦ And so he remained for more than half an hour, lingering between life and death, writhing before our eyes. And we were forced to look at him at close range. He was still alive when I passed him. His tongue was still red, his eyes not yet extinguished. Behind me, I heard the same man asking: â€Å"For God’s sake, where is God?† And from within me, I heard a voice answer: â€Å"Where He is? This is where–hanging here from this gallows†¦Ã¢â‚¬  That night, the soup tasted of corpses.† ― Elie Wiesel, Night â€Å"For in the end, it is all about memory, its sources and its magnitude, and, of course, its consequences.† ― Elie Wiesel, Night â€Å"Think higher, feel deeper.† ― Elie Wiesel â€Å"There are victories of the soul and spirit. Sometimes, even if you lose, you win. † ― Elie Wiesel â€Å"We must take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented. Sometimes we must interfere. When human lives are endangered, when human dignity is in jeopardy, national borders and sensitivities become irrelevant. Wherever men and women are persecuted because of their race, religion, or political views, that place must – at that moment – become the center of the universe.† ― Elie Wiesel, The Night Trilogy: Night/Dawn/The Accident â€Å"I shall always remember that smile. From what world did it come from?† ― Elie Wiesel, Night â€Å"For the survivor who chooses to testify, it is clear: his duty is to bear witness for the dead and for the living. He has no right to deprive future generations of a past that belongs to our collective memory. To forget would be no t only dangerous but offensive; to forget the dead would be akin to killing them a second time.† ― Elie Wiesel, Night â€Å"I don’t want my past to become anyone else’s future.† ― Elie Wiesel â€Å"We must not see any person as an abstraction. Instead, we must see in every person a universe with its own secrets, with its own treasures, with its own sources of anguish, and with some measure of triumph.† ― Elie Wiesel â€Å"Most people think that shadows follow, precede or surround beings or objects. The truth is that they also surround words, ideas, desires, deeds, impulses and memories.† ― Elie Wiesel â€Å"Night is purer than day; it is better for thinking and loving and dreaming. At night everything is more intense, more true. The echo of words that have been spoken during the day takes on a new and deeper meaning. The tragedy of man is that he doesn’t know how to distinguish between day and night. He says things at night that should only be said by day.† ― Elie Wiesel, Dawn

A story About Ghost and Vampires Essay Example for Free

A story About Ghost and Vampires Essay ? Life of Pi’ is a story that is mainly focused on the aspect of survival. Being trapped together with Richard Parker, a Royal Bengal tiger, Pi’s odds seem to have been pulverized to nothing. Yet as the story progresses, Richard Parker begins to give Pl hope and a reason to survive. Pi’s will to survive returns; If he can survive while living together with a Bengal Tiger, he can survive anything. Although seeming a huge threat to Pl at first, Richard Parker unintentionally takes on the role of ghost and rotects Pl against the vampires that he faces, glvlng him moral support, and thus the will to survive. At the beginning of the story In part two, Pl Immediately faces his first vampire: the hyena. Being trapped on a lifeboat together with an Injured zebra, an orangutan and a hyena, It quickly becomes evident to Pl who stands at the top of the food chain. It does not take long before this vampire starts to rejuvenate Itself by feasting on Pl’s companions. Right when the hyena has set its gaze on Pi, Richard Parker (the ghost) omes into play and kills Pi’s first vampire, unintentionally protecting Pi in the process. Though scared at first, Pi learns to deal with Richard Parker over time and eventually even becomes blessed with his presence. ‘It was Richard Parker who calmed me down. It is the irony of this story that the one who scared me witless to start with was the very same who brought me peace, purpose, I dare say even wholeness. ‘ – Chapter 57, page 204. Richard Parker proves to be Pi’s motivator again and again throughout the story, especially when Pi encounters his next vampire: the Pacific Ocean. The saying; the ocean gives and takes’, can be taken quite literarily in this book. The ocean has given Pi basic offerings, food and water mainly, but seeps the life force out of him simultaneously with its strong razor sharp winds, bone crushing waves, and scorching sun. The ocean tries to break Pi’s spirit several times. For example when Pi spots a cargo ship, resulting in the slightest of hopes only to have it all taken away again as the ship passes and does not notice him. Richard Parker is yet again the one thing that keeps Pi going by merely being there and giving Pi moral support In the arkest of times. â€Å"l love you! † The words burst out pure and unfettered, infinite. The feeling fluttered my chest. â€Å"Truly I do. I love you Richard Parker. If I didnt have you now, I dont know what I would do. I don’t think I would make It. No, I wouldnt. I would die of hopelessness. Don’t give up, Richard Parker, dont give up. I’ll get you to land, I promise, I promise! † – Chapter 86, Page 294. Even though Richard Parker does not know It, he yet again serves as a tremendous motivator to Pl. Last but not least Pl meets his last vampire in Its purest form: the algae Island. Pl becomes enchanted with the Island and It almost seems Ilke he falls under some sort of spell or glamour, luring him Inside with Its delicious edible algae and fresh drinking water. Pl decides to spend his nights on the Island Instead of the boat, yet Is scared that Richard Parker might attack him in his sleep. He therefore decides to sleep In the trees and makes the gruesome discovery that the island feeds on its inhabitants at night. A story About Ghost and Vampires. (2018, Oct 28).

Descartes Theory of Clear and Distinct Perception Assignment

Descartes Theory of Clear and Distinct Perception - Assignment Example To understand his perception of God, his theory of clear and distinct perception must first be understood. This theory is his first account of rational intuition. This can be explained simply by saying that rational intuition is discovering the truth just by thinking about it. Such is the pure reasoning. The theory of clear and distinct perception allows us to perceive that experiences gained from the external world are involuntary. They are involuntary because we do not have a control over it, meaning to say, our experiences may produce certain ideas without our contribution. These are perceptions, examples of which are sensations and feelings. We know these experiences to be involuntary since we know our own minds and we have a control over our minds to think as such. Voluntary are those which we have a control over and above them, something caused by ourselves. Examples of volunteer experiences are creating this paper or watching television and involuntary experiences are feelings of pain when touched by a hot plate or bumping our head. Descartes’ theory of clear and distinct perception allows us to distinguish which is voluntary and involuntary through a priori intuition and reasoning. This is a step towards understanding his perception of God. Understanding that there are involuntary experiences brought about by perception and being set up in a nature that we have no control over proves that there is a God. This theory actually allows us to attach meanings and sources of meanings to our own explanation of things. With the theory of innate ideas, we learn about the three possible sources of concepts. These three possible sources are: that we have invented it, it is derived from something outside the mind, and that it is innate.  

Research Paper On Stem Cell Research Legislation And The Related Legal

On Stem Cell Legislation And The Related Legal Issues - Research Paper Example The issue of stem cell research legislation came to the scene in late 1998 when researchers realized the isolation of human embryonic stem cells. This discovery was done by Dr. James Thomson and it gave an immense promise for new means of disease treatment. Today scientists are finding news ways of using these stem cells in repairing worn out tissues. The history of stem cells research involves human stem cells as well as animal stem cells. The stem cells are usually found in the embryos like in adult creatures. In November, 1998, James Thomson who discovered the stem cells isolated cells from the internal cell mass of early embryos and went on to build up the initial stem cell lines. At the same time, germ cells were derived from cells in fetal gonadal tissue by John Hopkins. They were referred to as primordial germ cells. It is from both stem cells and the primordial germ cells that pluripotent cells were developed. In human cell research, a blastocyst which came from in vitro fert ilization was used. In 2000 funding of such research was allowed by President Clinton but only from cells of aborted human fetus. However later president Bush allowed it on existing human embryonic stem cell lines as noted by Furcht, Hoffman and Reeve (2011). How It Compare To Comparable Statutes in the Rest of the World The argument of using the embryo for stem cell research is becoming a worldwide concern, varying from country to country. However, some parts of the world seem to be on board in relation to stem cell research and its great role appears to be making a difference. The research is also getting backed up with government financing and grants. In China, there is the StemCells China which connects people all around the Globe with active stem cell treatment centers in country. The stem cell therapy and umbilical cord stem cells are relatively unestablished in the west and have experienced a long history. Doctors treating patients in these centers have come across hundreds o f cerebral palsy. Most of the genetic disorders react well to umbilical cord cells as well as cord blood cells. In Australia there is the Australia Stem centre and the embryonic stem cells are acquired from embryos from eggs fertilized through the in vitro fertilization procedures in the clinics. From this the spare embryos not needed during implantation are used and donated for purpose of research only with consent from donors. However in Australia it is illegal to conduct research from naturally conceived embryos thus these cells are not derived from fertilized eggs within the woman’s body. This is because of the fact that embryos are not particularly created for research functions. There has been a wide range of views on human embryonic stem cell research in world. The increasing case of those against embryonic stem cell research is based on the idea that it is destructive to human embryo according to Lanza (2004). For instance, for those who perceive a fertilized egg as a live consider the research pure misery. Other countries consider it as group of cells with the possibility of becoming a human but not an actual human and in this case stem cell research is encouraged. However there seems to be global agreement to the issue of stem cell research particularly its significant contribution to the society thus making many countries support it according to Kelly (2007). As a result there is

Social Care Policies in Global Society Essay Example | Topics and Well Written Essays - 1500 words

Social Care Policies in Global Society - Essay Example The ageing of the population poses a remarkable challenge to all European welfare states and here the question of care becomes fundamental. Also the many changes taking place in family structures e.g., the increasing divorce rate, the growing number of children born out of marriage, the decreasing proportion of older people living together with their children, all generate new social assemblage where care has to be arranged in new ways. The high participation of women in paid work has contributed to changing care from 'just a women's business' to a major issue of public social policies. A functioning labor market presupposes functioning care arrangements. Even if a welfare state does not itself directly supply a broad variety and coverage of care services, it still remains responsible for providing the required support and guiding to enable families, voluntary and commercial organizations to provide the care that is needed.( Thomas ,1993)(1) Recently, it has become widely recognized that social care policies affect in various field of life of the people -children, family, workers, elderly people, disables, health of the people, education etc -whether it is globally or it is related to the particular countries. Wherever they exist, flexible care services are a major support for the reconciliation of work and family responsibilities. Under these circumstances, we shall analyse some of the fields where the social care policies applied by the government of UK and also we shall scrutinize how these policies differ from other European countries. To better understand, we shall take up the European country of Sweden to compare with UK.   Child care and Fostering   In Europe it is considered that the major cross-national differences are related to the extensiveness of the public sector role; the predominance of the education, health and social welfare systems in delivering the services; the proportion of children of different ages served by these programs; whether services are limited to the children of workingmothers; and the quality of the childcare provided. (Kamerman (1991, 180),).   

OPERATIONS MANAGEMENT SKILLS Essay Example | Topics and Well Written Essays - 500 words

OPERATIONS MANAGEMENT SKILLS - Essay Example Raw material cost. The cost for buying raw materials to be used in boot division maybe high. The boot division may be making losses in their sale, or their stock may not be moving and therefore could’not be able to meet the cost of buying raw material. The raw materials may also make boots not to be durable, and this may trigger complaints from customers. This may force the company to use its money to purchase the raw materials for the boot division. In such situation the company should stop producing boots in the mean time until the all stock of boots move or until the cost of raw materials used in boot division lowers. Labour cost (wages). This is another cost of the company affected by the boot division. This can happen when the boot division has has a large number of employees than the required capacity. This may lead to shirking effects, where some workers may free ride and the company may end up spending more in paying wages. The company should therefore determine the required capacity of workers needed in boot division, and reduce this number based on productivity and performance. Advertisement cost. These are costs incurred in the prrocess of informing customers about the product. The boot division may be incurring more cost in advertising their products. This may lead to the company spending more on advertisement of the products. The company may prevent this by determining the desired level of advertisement required for boots to avoid spending more on advertisement. Promotion cost. This is the cost incured in promoting the products of the company. The boot division may increase the promotion cost of the company if it gives the customer promotion every time. Such promotion can be price discounts. The company should determine if the cost boot division is using more in promotion, and regulate if necessary. Packing costs. The packing of boots may be costly, leading to increase in

Strategic Management Unit 5 DB Essay Example | Topics and Well Written Essays - 250 words

Strategic Management Unit 5 DB - Essay Example Their main reason for breaking the bond was that the cultures of the two companies could not accommodate each other. Incompatible networks and ugly phones resulted into bad customer experience. It was difficult to merge assets and liabilities of the two firms hindering the creation of the much anticipated synergy (Ireland, Hoskisson & Hitt, 2008). Economic down turn also begun to take a biting turn and customers expectation grew large and larger. Further, stiff competition form market rivals such as AT&T, the iPhone, as well as Verizon, ate away significant market share driving down the sales of the joint venture. In most cases, mergers and acquisitions have negative impact on employees. The case of Sprint and Nextel merger was no exception. Moreover, the difficult times after the merger only impounded more misfortunes for the employees of the two companies. Amidst the crisis of the joint venture, it started to lay-off workers in a bid to reduce operating costs. An employee who never obliged to the strict policies by taking some break from work as a result of his father’s death was mercilessly fired (Ireland, Hoskisson & Hitt, 2008). The merger was no good news for employees of both

2. Critically examine the benefits that effective HR practices can Coursework

2. Critically examine the benefits that effective HR practices can bring to an organisation - Coursework Example all of them is human resource, that provides the organisation with continued competitive advantage (Inyang,2011).Thus there is a rising consensus that efficient management of an organisation’s human resources is important to its success (Inyang, 2011).Effective management of individuals as organisational assets as well as the adoption of suitable HR practices, strategies and policies greatly enhance the profitability and performance of an organisation. A rising number of researchers have studied the effect of particular HR practices on organizational performance .Even though there exists several HR best practices capable of affecting both collectively or independently on the performance of an organization; results are usually difficult to interpret. For the purposes of this paper we shall discuss 7 HR practices that were originally put forth by Pfeffer in 1998 and which can be anticipated to greatly benefit the performance of any organisation. In his influential research, Pfeffer compiled the following 7 HR best practices; firstly, employment security, secondly selective hiring, thirdly teams that are self-managed and decentralization in making of decisions, fourthly moderately high compensation subject to organizational performance, fifthly extensive training, sixthly minimised status barriers and distinctions including language, dress, office arrangements, differences in wages across ranks and finally widespread sharing of both performance and financial information through the entire organisation(Pfeffer,1998). The above HR best practices will be discussed below in detail together with the benefits that they can bring to the organisation. Through compensation policy as HR practice, the employees efforts will be evaluated and rewarded which will in turn impact positively both employee as well as organizational performance(Cardon & Stevens,2004).Employee incentives usually differentiates the rapid-growth firms from the slow growth ones. Organisations that are

Rthur Anderson Scandal Essay Example | Topics and Well Written Essays - 2000 words

Rthur Anderson Scandal - Essay Example This helped the firm to grow and ended up being one of the companies serving the greatest number of clients in the U.S. Those who worked with Andersen were aware of his motto: "Think straight, talk straight.† Andersen also played a big role in upping the standards in the U.S. accounting industry. Additionally, he was involved in innovation of new accounting standards that are still being used today. Andersen was active in social activities that also got involved in charitable organization as well in promotion of education. The firm spent large amounts of money into training new recruits (Martin and Arthur 127). This was crucial in stressing the company’s morals and its consistency around in offering and performing services. The company was admired by many people for the high morals exhibited. He became even more popular when he refused to engage in a fraud case when one of his prominent clients presented flawed accounting records. He chose to lose the client rather than committing fraud, as was the wish of the client. This had a positive impact since it increased his reputation and that of the company. Greed Begins During the 1980s, the company started experiencing internal friction. Then, there were two divisions making up the firm. These were the consulting division and the audit division. The latter was much more established although consulting was then growing much faster than any other portion of the company (Ferrell et al. 327). This unequal growth of the departments led to the conflict arising since the consulting division felt that they needed a bigger share of the firm’s profits. As a result, there were disputes between both divisions, with each side citing the other as being greedy and unfair. Both the audit and the consulting divisions were essentially separate companies. The consulting firm was under the ownership of Andersen. It paid a percentage of their earnings to the parent company (Ferrell et al. 329). Later, Andersen estab lished another consulting division within his company. This new division competed with the other consulting department and this enabled them to retain all the earnings. Later the two sides split, forming separate companies. Fraud begins Andersen was involved in many cases, all of which he was accused of committing accounting fraud. Some of these companies included Sunbeam, Baptist Founding of Arizona, Quest Communication, Waste Management and Global Crossing. Surprisingly, Andersen was able to settle all these claims without admitting any existence of fraud. In case the claims got more serious and had nothing but to admit to fraud, the company put the blame on a few â€Å"corrupt partners.† However, the increased fraud cases were not favorable to the company as they were tarnishing the name of Andersen. Analysis It is clear that the continued unpunished behavior of the company’s activities led to a snowball effect that resulted in increased corruption at a high level. The accounting fraud issues had started small in the past. The activities went on unchecked until the management pushed the limits of the fraudulent deeds (Ferrell et al. 317). For a long time Andersen was generally viewed by many people as the symbol for integrity and honesty. Thus, most of these people thought that these fraudulent activities were not occurring at the high level of the firm. The Enron Scandal Enron Corporation was a global energy, commodities

The Battle of the Sexes in Christianity and Islam Essay Example for Free

The Battle of the Sexes in Christianity and Islam Essay We can observe the differences in marriage bonds between different religions such as a Christian marriage and a Muslim marriage in the passage â€Å"The Battle of the Sexes in Christianity and Islam†. In the Christian faith their religion considers women to be the origin of obedience. It is quoted in the text â€Å"Wives, be subject to your husbands because when harmony prevails, the children are raised well, the household is kept in order†¦ and great benefits, both for families and for states results†¦Ã¢â‚¬  (180). It is shown in this passage wives are the main cause for having their family kept in order although they could not do this independently without their husbands. When it is said â€Å"husband and wife are one flesh† this refers to a Christian marriage of a husband and wife as they are devoted towards one another in the act of love. In the Christian marriage they are deemed equivalent to each other. According to the text it is quoted that â€Å"one’s partner for life, the mother of one’s children, the source of one’s every joy, should never be fettered with fear and threats, but with love and patience†¦Ã¢â‚¬  another quote towards a husband figure states† let no wife say any hurtful thing; she is her husbands body, and it is not for her to dictate to her head, but rather to submit and to obey†(180). Through this Christian bond the husband and wife should be submissive to each other by treating each other with respect. As quoted from personal religion notes â€Å"two shall become one. One man and one woman are united under God in the holy sacrament of Matrimony. † With this being stated the marriage bond for Christians verifies a husband and wife to be cohesive as one individual. In Islam spouses are perceived quite differently. According to the passage it is quoted â€Å"do not burden your wives with things beyond their capacity, and observe God’s exhortations relating to your wives, for they are like slaves in your hands† (181). This quote has stated in a Muslim marriage their bonds are quite similar to slavery. The woman is a slave, but should not be harmed, overworked, or treated as low as one. Dissimilar from a Christian marriage spouses are united as one, in a Muslim marriage the husband is somewhat superior to the wife. Men could use violence to reveal their supremacy towards their wife, although the husband is only allowed to use this violence as a final act, while in many cases this is used right away.

Service Quality Essay Example for Free

Service Quality Essay Perceived service quality has been defined as Customers’ overall impression of the relative inferiority / superiority of the organization and its services (Bitner and Hubbert, 1994, as cited by Dinuka Wijetunga et al. 2003). To gain full understanding of service quality, it is necessary to identify characteristics of services. The three major characteristics are intangibility, heterogeneity and inseparability of production and consumption (Parasuraman et al. , 1985). An extensive review of this topic (Lehtines, U. and Lehtinen, J. R. , 1982; Parasuraman et al. , 1985; Sasser, W. E. et al. , 1978) suggests three major qualitative results: 1. Service quality is more difficult to evaluate than product quality. 2. Service quality perceptions result from a gap between consumers’ expectations and perceived service performance. 3. Not only the outcome of a service but also the process of service delivery determines the evaluation. The fact that service quality perception are the result of comparisons between expected and perceived service performance implies each customer may feel differently about similar service experiences provided by a certain provider. This suggests that there is no general service measurement scheme applicable to every customer rather, service quality evaluation should be determined by the aggregate of all customers’ perceptions about a particular service provider. Therefore, managing service quality should mean managing the aggregate of all customers’ perceptions. The first attempt to describe and defined service quality was the paradigm suggested by Gronroos (1983) who distinguished between technical quality (What is done) and functional quality (how it is done). The early work of Gronroos (1983) was later extended by parasuraman, Zeithaml and Berry, (1985). They argued that to fully understand service must be acknowledged and that service quality can be defined as the consumer’s overall impression of the relative inferiority / superiority of the organization and its services (Bitner amp; Hubbert, 1994) or as the customer’s assessment of the overall excellence or superiority of the service (Zeithaml, 1988). In these terms service quality means conforming to customer expectations (Lewis amp; Booms, 1983) and implies, from a consumer perspective, the comparison of customer expectations with customer perceptions of actual service performance (Parasuraman et al. 1985) Importance of Service quality Despite the importance of providing a high level of quality to be successful in today’s very competitive market place, the concept of quality is an elusive construct mainly because of the presence of many intangible attributes. This difficulty gets worse when it comes to service quality. The services are concerned; marketing ca nnot operate in isolation from other functional areas. Tasks that might be considered the sole preserve of operations in a manufacturing environment need to involve marketers because customers are often xposed to even actively involved in service processes. Making service processes more efficient does not necessarily result in a better – quality experience for customers; nor does it always lead to improved benefits for them likewise, getting service employees to work faster may some times be welcomed by customers but at other times may make customers feel rushed and unwanted. Thus, marketing, operations and human resource managers need to communicate with one another to ensure that they can deliver quality experience more efficiently. An individual customer’s perception usually determines his/her future attitude and actions toward a service provider. Dissatisfied customers will eventually leave the company and may never come back. The aggregate of all the customers’ decisions regarding their service provider will determine the market share of the service provider. Another measure of performance of a service provider is each service provider’s distribution of customers in terms of length with the provider. Many recent articles underline the importance of loyal and long – term customers since they usually bring in more sales, often at increased profit margins. If loyal customers defect, the profit – making potential goes with them. Similarly, implementing marketing strategies to improve customer satisfaction with services can prove costly and disruptive for an organization if the implications for operations and human resources have not been carefully thought. Hence, quality strategies need to be considered carefully. Marketing’s interest in service quality is obvious when one thinks about it: poor quality places a firm at a competitive disadvantage. If customers perceive quality as unsatisfactory, they may be quick to take their business elsewhere. Recent years have witnessed a veritable explosion of discontent with service quality at a time when the quality of many manufactured goods seems to have improved significantly. From a marketing standpoint, a key issue is whether customers notice competing suppliers’ difference in quality. Consultant Brad Gale Puts says that â€Å"Value is simply quality, however the customer defines it, offered at the right price† (Bradley T. Gale, 1994)

Rational Choice Theory

Rational Choice Theory Critically explore the proposition that individuals freely and rationally choose to commit crime. This essay will critically discuss the proposition that individuals freely and rationally choose to commit crime. Alternative criminological theories such as the Positivist tradition and more recent sociological perspectives of crime will be examined. This paper will conclude the proposition of the rational criminal is one of many constructions used within criminology to understand criminal behavior. The idea that individuals freely and rationally choose to commit crime stems from the Classical School. Eighteenth century philosophers such as Jermemy Bentham, and Cesare Beccaria are associated with the classical tradition. During the Enlightenment varied theories such as the social contract and utilitarianism provided the initial context for the theorization of criminal activity in society. It is argued (Garland 2001 p.11) the classical school characterizes the offender as a rational free-willed actor who engages in crime in a calculated, utilitarian way and is therefore responsive to deterrent.’ Classical philosophers were engaged by the criminal justice system and punishment in order to investigate wider socio-economic aspects of the Enlightenment era. It must be suggested that criminal actions by the individual was not the main agenda of Classical theorists. But the school did provide a platform to enable discussion as to what motivates an offender to commit crime. To understand the reasons why the individual was seen in a rational calculating manner it is important to discuss the ideas of the social contract and utilitarianism. The classic tradition is founded upon social contract theories by Hobbes, Locke, and Rousseau. John Locke wrote about the unwritten social contract between state institutions (such as the monarchy) and its citizens. Locke placed an emphasis on all individuals being equal, while those in sovereign power define a clear systematic framework for protecting citizen’s fundamental rights. The belief in human free will and self interest according to Locke and Rousseau, meant the existence of society would be untenable if all individuals were motivated by selfish interests governing the way they lived. It is assumed that all humans are rational, capable of self interest and are liable to commit crimes as an expression of their free will. Thomas Hobbes in Leviathan suggested the ‘right of all sovereigns is derived fr om the consent of every one of those who are to be governed.’ (Wikipedia 2006) Thus individuals are viewed rationally as citizens who have sacrificed part their freedom in making the social contract with the state. This sacrifice allows them to ‘live in a peaceful society’ and not in an anarchic state of nature without laws and rules to govern conduct. Those who break their contract by not abiding specific community rules, cause harm which must be punished accordingly in proportion to their criminal conduct. Violating the social contract leads to sanctions, in order to carry out state punishment on those individuals who have chosen to commit a crime. Beccaria was one of the most prominent social writers advocating a classical approach to crime in society. The text Dei Delitti e Delle Pene (Crimes and Punishments 1764) discussed the idea of a justice system able to determine the appropriate levels of punishment for violations. Beccaria is influential as he supported the reform of the criminal justice system and viewed crime in terms of the harm made to society rather than to the individual victim of a crime. Beccaria applied the social contract model to crime and criminal justice. Thus Beccaria believed all humans were rational beings. Consenting to the social contract meant giving up a partial amount of individual liberty to the sovereign power. In turn this agreement allowed authorities to impose proportionate punishment to those breaking the established rules of the state. For example the social contract idea was applied to legal regulation of crime and those who commit it; that laws are the ‘conditions under which indepe ndent and isolated men united to form society and tangible motives had to be introduced to prevent the despotic spirit.’ These take the form of punishments established against those who break the law. (Jones 2001, Chap 5) It follows that such violators of the law are therefore engaged in an irrational act. Crime is viewed as an irrational act as the deviant activity is perceived to be against the best interests of the public. Beccaria also followed a rationalized proportionate view of how the state should respond to such criminal individuals. For example he argued the true measure of the seriousness of a crime is the harm to society and not the intention of the offender. Thus the punishment given by the state must be determined in public to ensure deterring others contemplating such acts. Beccaria argued for deterrence measures to prohibit future criminal intentions and activity. Such reasoning held that the threat and certainty of detection is an effective form of deterrent. Once detected the punishment of the crime should be swift to ensure maximum impact and effect. Beccaria’s system relies on its clarity and simplicity. It is a proportional system in which punishment and sentencing aims to prevent re-offending and control crime. Secondly such a system and laws represent the ‘moral consensus of society’ acknowledging the seriousness of the crime. (Hamlin 2006) Jeremy Bentham was a key figure of classical theory and was influenced by Beccaria’s work. Bentham approached the proposition that individuals choose to freely commit crime within a utilitarian framework. This was applied to the penal system and crime. Bentham created the ‘felicitation principle’, that whatever activity is committed should endeavor to give the maximum happiness to the largest number of people in society. Bentham formulated the moral calculus also known as the pleasure-pain principle. For example Bentham supposed that man is a rational calculating animal, who can judge probable gains against the pain likely to be imposed. Thus ‘if the pain outweighs the gains he will be deterred and this produces maximum social utility.’(Wikipedia 2006) Bentham used the utilitarian idea to advocate the need for a rational justice system which was ‘graduated’, based on the principle of proportionality to ensure fairness. Bentham’s ph ilosophical ideas laid the foundation for new forms of penal systems, such as incarceration as a sanction, to fit the type of crime committed. (Garland 2002 pp.20) Thus classical theory argued that deterrence could be maximized through the proportional criminal justice system. Such an approach called for the reform of excessive state punishment which was humane in penal sanctions. Through examining the impact of an individual’s capacity to freely commit crime, the classical writers helped to lay the initial foundations of how criminal behavior could be studied and theorized in later modern criminology. The classical theories which believe in the rational sentience of human beings have been heavily criticized for being too simplistic, and assumptive. For example Gilbert Geis (1955) suggested Bentham’s classical theory was a ‘total failure to consider criminals as human beings as live complicated variegated personalities.’ The critics of the classical school further point out the crucial weakness in Bentham’s utilitarian pleasure – pain principle. The moral calculus of cost benefit analysis is flawed in two ways. First it relies of the hypothesis that for deterrence to be successful the offender will act rationally. Successive criminological schools such as the positivists have challenged this rational assumption of humans. Classical theories can be criticized on the basis of failing to take into account individual circumstances and the unsophisticated manner it perceives human beings to act. Crime can often be a ‘spontaneous reaction to a situ ation’ (Wikipedia 2006) which can be unplanned and without rational intention to commit it. Secondly the principle uses this same line of assumption in deciding a graduated scale of punishment according to the seriousness of the offence. In relying on a just desserts model of punishment it assumes ‘the more serious the harm likely to be caused the more the criminal has to gain.’ (Wikipedia 2006) Therefore Bentham has been criticized for painting man as an unrealistic calculating individual. It suggests that subsequent criminal activity can only be the result of free choice by those who choose to commit the crime. It does not take into account the varied differences within the human condition or wider sociological factors which attribute other alternative factors for the causes of crime. Criticism of the classical school highlights the lack of scientific evidence to back the moral, economic and social assumptions within the theories of Beccaria and Bentham. For example Garland (2002 pp.20) discusses the methodological criticisms of the classicist school for its ‘unscientific reliance upon speculative reasoning rather than observed facts.’ The rejection of speculative thinking of the human condition challenged the basic proposition that individuals freely and rationally choose to commit crime in society. It is argued by Garland while such criticisms emphasize the lack of scientific knowledge; both Beccaria and Bentham were not criminologists but philosophers writing in the eighteenth century. Criminology as a distinct form of study can trace its roots back to certain ideas published by prominent social contract writers. Primarily Bentham and others where not occupied in scientific debate but philosophical social and economic study. Social contract writers emphasized ‘the importance of reason and experience, denigrating theological forms of reasoning.’ (Garland 2002 pp.20) It is in this sense unfair to criticize Enlightenment writers’ contention of the rational free will from a criminological standpoint. Such classical theories were not created specifically to consider the study of crime on its own. But they attempt to engage in a modern dialogue objectively dealing with current social issues of the era avoiding, ‘irrational superstitious beliefs and prejudices’ in discussions. This can be seen in Beccaria’s work which was not criminological but an extensive body of ‘work related to the political economy’. Garland (2001 pp. 20) argues that despite the classicists’ lack of a scientific methodology, their interests helped to develop ways of investigating how and why crime is caused in society. For example Garland argues that topics such as ‘psychology of offending, natur e of criminal motivation, and state control to regulate individual conduct’ are central issues explored by classical writers to examine the notion of rational free will in a wider academic context. They were in Garland’s view ‘attempting to understand the roots of human conduct rather than develop a particular knowledge of offenders and offending.’ (Garland 2002 pp. 23) In response to the classical traditions’ scientific weakness, the ‘Neo-Classical’ school of thought emerged maintaining the belief that humans were rational beings with individual free will and the capacity for responsibility. Such individuals can be controlled by the fear of punishment. The Neo –Classical perspectives looked to external explanatory factors in examining crime. For example it located the concept of the individual’s free will and choice to commit crime within a broader landscape of the influence of social environmental factors. Such outside f actors could be used to asses the seriousness of the crime and the corresponding punishment to be given by the state. The proposition that crime is committed by free will and rational choice was attacked by the positivist school. Positivists looked to overcome the lack of sophistication of classical theory by using a ‘scientific’ style to examine aspects of the criminal and criminality. The main text which aimed to uncover the ‘science of the criminal’ (Garland 2002 pp.23) was by Cesare Lombroso LÚomo Delinquente in 1876. Lombroso is widely seen as the father of modern criminology, concentrating on the subject of crime by offenders. Lombroso believed in the primacy of scientific empirical study to answer why people commit crimes. This school of thought contested the classical proposition that crime was a product of free will and rational though processes of humans. Concepts of biological determinism suggested there were external forces outside the control of the individual in determining the capacity for criminal behavior. For example studies by Lombroso, Ferri and Garof alo investigated the concept of the ‘born criminal’ from distinctive physical traits and examining social factors influencing the causes behind crime. The work of Lombroso was influenced by the cultural impact of Darwin’s Theory of Evolution and the existing anthropological studies which initially were used to help understand human motivations behind crime. Garland (2002 pp.24) suggests that positivists clearly rejected the classicists idea of rational free will due the belief in ‘the conception of the criminal as a naturally occurring entity, a fact of nature rather than social or legal product.’ Such an approach led to the natural scientific study of the criminal type, to ‘trace its characteristics, its stigmata, its abnormalities and eventually identify the causes which make one person a criminal and another individual a normal citizen.’ The focus on the existence of criminal types which are predetermined rather than chosen by the free will of individuals, suggested the positivist school also refuted the classical view on criminal justice and punishment. The positivists’ emphasized the need for treatment instead of penal measures as a mechanism for crime control by the state. The rejection of the free will of rational actors is important as positivist theory aims to distinguish between those who commit crime from those who do not. The notion of free will is in this sense attacked as a ‘metaphysical abstraction’ (Garland 2002 pp.24) while the deterrence theory was deemed a failure in sentencing practice. Within this background a second strand of positivist study developed known as the Governmental Project. It involved a series of government sponsored empirical enquiries. Such studies sought to chart crime patterns and monitor police and prison practice in eighteenth century Britain. Such studies le d to classical views to fall from favor. For example proportional sentencing in response to differing levels of harm was seen as a ‘failure to differentiate between different types of offender.’ Thus the positivist approach it can be suggested was a flexible rehabilitative approach to preventing and treating criminality, as criminals themselves are not responsible for actions as they are already pre determined. The importance of positivist views was to establish the connection between scientific methods analyzing all aspects of criminality, with the individual and the wider social context. From this premise a wide and far reaching academic discipline of criminology has become established within the last century examining issues such as why crime is committed by offenders. While many of the findings of the Lambroso project have since been discredited its impact and ideas on rehabilitative treatment as a form of social control on crime have had an important effect on policy formers working within the criminal justice system. Modern positivist criminologists still share the view that human behavior is not just a by product of choices, but is determined by biological, psychological or social forces. It can be suggested that this belief has helped to widen the discourse on ways of explaining why individuals commit crime under the influence of ‘deterministic’ factors. The proposition that crime is committed by individual rational beings has also been challenged by the rise of the wide-ranging category of sociological criminological theories. For example according to Rock (2002 pp.51) sociological approaches explaining crime is vastly different to the classicist and positivist approach to understanding why crime is committed by the individual. Instead of focusing on the individual as the basis for empirical study, sociological theories draws from an array of potential causal factors. Thus the sociological method will aim to study the significance of social institutions, group behavior and interaction between communities and the individual. Sociological methods include Durkheimian and Mertonian anomie theories, the Chicago School, and Labeling theory, all which cast unique social factors locating the individual in a group setting as to understand criminal behavior. Rock (2002 pp.51) argues this approach highlights the fact ‘crime is centrally bound up with the states attempts to impose it’s will through law; the meaning of those attempts to the law-breaker, law-enforcer and victim.’ This only serves to demonstrate a diverse approach to examining crime from all aspects of those involved in the criminal justice system. Early classicist thought viewed in light of sociological theories shows there are many theoretical starting points to discuss the fundamental question whether the individual freely chooses to commit crime as a rational being. Other disciplines such as criminal psychology, has aided the study of crime through medical analysis. For example Hollin (2002 p.145) states that the distinctive branch of criminological psychology is ‘concerned with the use of psychology to help explain criminal behavior.’ It is focused ‘on the individual’ as to what motivates criminal activity within the individual and society at large. Criminological psychology explores the proposition of the individual committing crime. For example behavioral theory stresses the importance of the in individual comprehending the consequences of the act for the individual concerned.’(Hollin 2002 p.151) This serves to show how other modern theories look at the role of the individual and responsibility in relation to criminal activity within society. In conclusion this paper would argue the proposition that individuals freely and rationally choose to commit crime is a valid contribution to the discussion concerning criminal behavior. The classical tradition raised important philosophical, social and moral issues related to crime and its impact within society. But the assumption in rational belief is too simplistic to explain the differences in individual criminal actions. It does not account for those who are not capable of making rational decisions such as the mentally impaired or acts which irrationally occur unexpectedly. For this reason this essay would argue that this proposition is only one of many theoretical ways to understand why crime is committed by individuals in society. Bibliography Coleman C and Norris C, (2000), Introducing Criminology, Cullompton: Willan Publishing Garland D, (2002), Of Crimes and Criminals: The Development of Criminology in Britain, In Maguire M, Morgan R, Reiner R, (eds) (2002) The Oxford Handbook of Criminology, (pp. 7- 44) 3rd Edition , Oxford: Oxford University Press Geiss G, (1955) Pioneers In Criminology-Bentham 46 J Crim L, Criminology and Police Sci 159 Hamlin J, (2006) http://www.d.umn.edu/~jhamlin1/classical.html Hollin C R, (2002), Criminological Psychology, In Maguire M, Morgan R, Reiner R, (eds) (2002) The Oxford Handbook of Criminology, (pp.144-168) 3rd Edition , Oxford: Oxford University Press Jones S, (2001) Criminology, 2nd ed, Butterworths Maguire M, Morgan R, Reiner R, (eds) (2002) The Oxford Handbook of Criminology, 3rd Edition , Oxford: Oxford University Press Muncie J, Mclaughlin J (2001) The Problem of Crime, 2nd edition, Open University Sage Publishing Rock P, (2002), Sociological Theories of Crime, In Maguire M, Morgan R, Reiner R, (eds) (2002) The Oxford Handbook of Criminology, (pp.51-75) 3rd Edition , Oxford: Oxford University Press Vold G Bernard T, (2005) Theoretical Criminology, 5th edition, New York: Oxford University Press Walklate S, (2001), Gender Crime and Justice, Cullompton: Willan Press Wikipedia, (2006), Classical School, http://en.wikipedia.org/wiki/classical_school

The Storm Essay -- Essays Papers

The Storm The purpose of this paper is to analyze The Storm by Kate Chopin. In this paper we will look at the setting, atmosphere, plot, character, foreshadowing, symbolism and theme of this story. Setting and Atmosphere This story is set on a sultry afternoon in south Louisiana near Biloxi. The body of the story takes place in Calixta's home during a fierce summer storm. The atmosphere is charged with electricity and sexual tension caused by the storm and the unexpected arrival of Alcà ©e Laballià ¨re who Calixta had not seen very often since her marriage, and never alone. Plot and Character The main character of the story is Calixta a passionate young wife and mother. Calixta is a flat character because she is shown as a normal wife who has a brief passionate episode and then returns to being a normal wife and mother. We see that Calixta is a normal wife because she is performing normal household chores, she is furiously sewing in the beginning of the story and she had hung her husband Bobinà ´t's, Sunday clothes out to air. Her passionate nature is shown in the lines "fear in her liquid blue eyes had given place to a drowsy gleam that unconsciously betrayed a sensuous desire." (29) Her nature is further illustrated in the sentence which began "The generous abundance of her passion,"(29) this shows us that Calixta was a passionate woman. We then see Calixta's return to her roll of wife and mother because after the storm she was preparing supper when Bobinà ´t ...

William Shakespeares The Taming of the Shrew Essay examples -- Shakes

William Shakespeare's The Taming of the Shrew Over the past 400 or so years since Shakespeare wrote _The Taming of the Shrew_, many writers, painters, musicians and directors have adapted and reformed this play of control and subjugation into timeless pieces of art. In _10 Things I Hate About You_ and Kiss Me Kate from two very different times in the twentieth century, and paintings of Katherina and Bianca from the late nineteenth century, the creators of these adaptations have chosen to focus on the role of the two main female characters in the play. The ideas surrounding these women have changed through the years, from Katherina and Bianca simply being young women who deviated from the norm of Shakespeare’s time to women who embody feminist ideals and stereotypes of the more modern world. From the beginning of the play, the differences between Katherina and Bianca are highlighted through their interactions via dialogue. Early in the second act, Bianca pleads with her sister to not â€Å"make a bondmaid and a slave of me† because, as deemed by society, Bianca is not supposed to marry before her older sister (2.1.2). Bianca asks Katherina to â€Å"unbind [her] hands† so that she can get rid of all the gawdy implements she is forced to wear as a polite woman of the time, because if she doesn’t want to follow one rule, she doesn’t see why she should follow any of them (2.1.4). This immediately sets up these two sisters by showing how one depends on the status of the other to be truly happy, or happy as deemed by the doctrines of society anyway. Katherina rebuts this whining after their father enters, and ends the scene with her own speech in which she argues that Nay, now I see She is your treasure, she must have a husband; I mus... ... About You_.† Shakespeare Bulletin: A Journal of Performance Criticism and Scholarship 22.2 (2004): 45-66. Expanded Academic ASAP. Westfield State College Library, MA. 15 April 2005. 15 April 2005. Ostlere, Hilary. â€Å"Taming The Musical.† Dance Magazine 73.12 (1999): 84. Expanded Academic ASAP. Westfield State College Library, MA. 15 April 2005. Schneider, Gary. â€Å"The Public, the Private, and the Shaming of the Shrew.† SEL Studies in English Literature 1500-1900 42.2 (2002): 235-258. Project Muse. Westfield State College Library, MA. 15 April 2005. Schuler, Robert M. â€Å"Bewitching The Shrew.† Texas Studies in Literature and Language 46.4 (2004): 387-431. Project Muse. Westfield State College Library, MA. 15 April 2005. Shakespeare, William. _The Taming of the Shrew_. The Riverside Shakespeare. 2nd ed. Ed. Dean Johnson. Boston: Houghton Mifflin, 1997. 142-171.

The Story of Hala Sultan Tekke :: Cyprus

The Story of Hala Sultan Tekke As the last breath escaped her body and her lifeless gaze fell upon a bright sky, the battle for Cyprus raged on. The donkey, which, up until a moment ago, had been her seat of honor, snuffed at her rumpled hair and then lunged away from her body as the jarring sounds of approaching soldiers drew near. Umm Haram was dead. Umm Haram’s story began in 649 A.D., during the Arab raids for the Mediterranean Sea region in an effort to expand the Muslim empire. Arab Governor of Syria, Moawiya, launched a naval expedition against the Christian Byzantine people living in Cyprus. Under orders from Governor Moawiya and his military officers, Umm Haram was to accompany her husband on this military expedition. After the success of the campaign, they planned to settle and live in Cyprus to expand the Arabian empire. Cypriot legend holds that Umm Haram was an aunt or close friend of the prophet Mohammad. She had followed Mohammed in his Hegira (withdrawal) from Mecca to Medina in September of 622 A.D. Once during a short visit to Umm Haram’s home, Mohammed shared with her a vision from God that the Muslim believers would conquer the Mediterranean Sea region to spread their faith. He also promised her she would be among the first who would fight to conquer the islands. When the time came to join her husband onboard a battle ship bound for Cyprus, Umm Haram remembered the vision the prophet Mohammad had disclosed to her. She was eager to take part in this conquering expedition of Cyprus and to be included as part of a formidable navy. Under Moawaiya’s command, the Arab naval force attacked Cyprus with a massive fleet of 1700 ships. The Arab navy with its powerful ships successfully defeated the forces in Cyprus. Victorious, Umm Haram, with the other conquerors, came ashore and prepared a glorious celebration that included a victory parade, marching into the heart of Cyprus. Because of her assistance in the capture of Cyprus and her relationship to the prophet Mohammad, Umm Haram was given a position of honor and rode a donkey in the parade, while others walked. Unfortunately, as the victory parade progressed inland, the Arab forces were attacked by the Genoese, another marauding group of the Mediterranean region. As the Genoese proceeded with their attack, Umm Haram fell from the donkey she was riding. From the fall she sustained a broken neck and died on the spot from her injures. The Story of Hala Sultan Tekke :: Cyprus The Story of Hala Sultan Tekke As the last breath escaped her body and her lifeless gaze fell upon a bright sky, the battle for Cyprus raged on. The donkey, which, up until a moment ago, had been her seat of honor, snuffed at her rumpled hair and then lunged away from her body as the jarring sounds of approaching soldiers drew near. Umm Haram was dead. Umm Haram’s story began in 649 A.D., during the Arab raids for the Mediterranean Sea region in an effort to expand the Muslim empire. Arab Governor of Syria, Moawiya, launched a naval expedition against the Christian Byzantine people living in Cyprus. Under orders from Governor Moawiya and his military officers, Umm Haram was to accompany her husband on this military expedition. After the success of the campaign, they planned to settle and live in Cyprus to expand the Arabian empire. Cypriot legend holds that Umm Haram was an aunt or close friend of the prophet Mohammad. She had followed Mohammed in his Hegira (withdrawal) from Mecca to Medina in September of 622 A.D. Once during a short visit to Umm Haram’s home, Mohammed shared with her a vision from God that the Muslim believers would conquer the Mediterranean Sea region to spread their faith. He also promised her she would be among the first who would fight to conquer the islands. When the time came to join her husband onboard a battle ship bound for Cyprus, Umm Haram remembered the vision the prophet Mohammad had disclosed to her. She was eager to take part in this conquering expedition of Cyprus and to be included as part of a formidable navy. Under Moawaiya’s command, the Arab naval force attacked Cyprus with a massive fleet of 1700 ships. The Arab navy with its powerful ships successfully defeated the forces in Cyprus. Victorious, Umm Haram, with the other conquerors, came ashore and prepared a glorious celebration that included a victory parade, marching into the heart of Cyprus. Because of her assistance in the capture of Cyprus and her relationship to the prophet Mohammad, Umm Haram was given a position of honor and rode a donkey in the parade, while others walked. Unfortunately, as the victory parade progressed inland, the Arab forces were attacked by the Genoese, another marauding group of the Mediterranean region. As the Genoese proceeded with their attack, Umm Haram fell from the donkey she was riding. From the fall she sustained a broken neck and died on the spot from her injures.

Modernism: A Critical Analysis

T. S. Eliot did not invent modernism in literature, but his poem The Waste Land (1922) expresses more distinctly than anyone else what the modernist endeavor really was. More than a poem, it was an occasion, a cry that defined a moment in time, and which it is not possible to repeat. Eliot himself declared that he had moved on from the style of The Waste Land immediately after. Shortly after its publication he expressed in a private correspondence, â€Å"As for The Waste Land, that is a thing of the past so far as I am concerned and I am now feeling toward a new form and style† (qtd. in Chinitz 69).The Hollow Men (1926) is nothing as fragmentary, chaotic and nihilistic as is the 1922 poem. In The Waste Land we seem he hear an unalloyed expression of despair; the despair that purposeful art in no more possible in â€Å"the immense panorama of futility and anarchy which is contemporary history† (qtd. in Sigg 182). Yet the poem is not a complete negation of art. It manages a sort of coherence towards the end, in which we may read a suggestion that art may still be possible amidst desolate meaninglessness of the modern age.The First World War is the event that finally shattered the cozy certainties of the Victorian age. At a more protean level, it annulled the optimism of the humanist endeavor which gave rise to the Renaissance, the Enlightenment and the scientific world view. It is significant that the major part of this endeavor was carried out in art and literature. In the aftermath to the Great War came disillusionment, because it was widely perceived that progress did not bring peace but war – the most brutal and mindless sort. It was not just corpses and rubble that littered Europe, but the Western psyche too was littered with rubble.The Waste Land is essentially a collection of fragments from the tradition of literature. The ultimate statement made by Eliot is that there is no more meaning in which the artist can take his tradition and f urther it. Yet he cannot abandon the past either, for his identity is still contained within those fragments. â€Å"These fragments I have shored against my ruins,† says the Fisher King, who is not able to redeem the wasteland that stretches before him (Eliot 69). This expresses the core sentiment of the poem, which is in the end a mere collection of literary fragments. It is a demonstration of what the function of the artist has become, for the message of Eliot is that the artist is indeed reduced to gathering debris from his cultural past.Eliot’s poem is not meant to be imitated. Its function is to locate the spirit of the age and give it voice. So successful was it in this latter role that many of its literary features began to be adopted, especially so in the novel form, towards the creation of the modernist novel. The most common feature of this fiction is the dysfunctional and alienated protagonist in an urban setting who struggles against encroaching meaningless ness. Of this fiction Federman says, â€Å"The creatures of the new fiction will be as changeable, as illusory, as nameless, as unnamable, as fraudulent, as unpredictable as the discourse that makes them† (12).To render such a narrative effective novelists were soon employing a device known as â€Å"stream of consciousness†. It sacrifices coherence for an effect which seems to suggest that we are privy to the unexpurgated thoughts and impressions of the protagonist. Ulysses by James Joyce is composed entirely I this mode, and another novelist who use this method effectively is Virginia Woolf. Most often it is used for effect in novels which retain some meaningfulness, therefore are not entirely nihilistic. In such novels we identify the contining search for possibilities in art which Eliot had instigated.The novels of Franz Kafka use the conventional narrative voice, yet depict a world that is fragmented and devoid of meaning. The protagonist in The Trial wakes up one morning to discover that he is under arrest, subject to trial, but free to move about in the meantime. There is no immediate explanation of his wrong-doing, and none is forthcoming as the trial grinds on. Not only self-preservation, the protagonist is also seeking for meaning. But the only meaning that emerges is that ‘the system’ has decided that he is â€Å"the accused†, which has set into motion a process whose eventual and inevitable outcome is a brutal execution.Everybody seems to be helpless before the system, both friend and foe. They cannot effect its course, and neither can they extract meaning from it. The state embodies logic, of which Kafka says, â€Å"Logic is doubtless unshakable, but it cannot withstand a man who wants to go on living† (Kafka 263). Instead of war, Kafka’s focus is on the bureaucratization of the modern state, but evokes the same sense of despair and the helplessness of the individual before greater and inexplicable fo rces, the unmistakable stamp of modernism.The Old Man and the Sea by Ernest Hemingway is also considered a modernist novel. Though more famed for his hard-edged realism, in this last effort before his death Hemingway has created a powerful parable of futility. Santiago is a Cuban fisherman who has met bad luck, having not caught a fish for 84 days. On the 85th day he becomes reckless and ventures further into the sea than anyone else before. He hooks a marlin of such tremendous size that it hauls Santiago and his boat around sea for and entire day.The old fisherman is soon locked in an epic battle of strength, guile and wits with the marlin, and expends every last bit of himself for over three days of struggle. Bloodied and drained, he has his catch in the end, which he begins to drag shoreward. But sharks then fall upon the marlin, and the old man cannot battle them off with his harpoon. Though futile, Hemingway suggests that the old man’s struggle has transcendental value.H e makes frequent comparisons between the old man and Christ, and describes the old man in awe of the nobility of the marlin, even while locked in a life and death battle with it. He is described as musing, â€Å"But it is good that we do not have to try to kill the sun or the moon or the stars. It is enough to live on the sea and kill our true brothers† (Hemingway 75). In its tenor of unremitting futility the novel is modernist. The meaning discovered in the end is transcendental and religious, in which â€Å"the spirit of the individual† is pitched against â€Å"his biological limitations† (Walcutt 275). This is significant when we recall that Eliot too discovered religion later in life.In conclusion, in his poem The Waste Land Eliot expressed a feeling that conventional motivation of the artist was no longer relevant in the modern age, because the aspirations of the previous age, that which had motivated writers and artists in the Victorian era, had been rende red null and void. But at the same time it initiated a new quest in literature, which became a movement known as modernism, and especially employed by novelists. In their novels, which mostly emphasized the meaninglessness of modern existence, the modernist novelist nevertheless tends to dicover transcendental or religious meaning.Works CitedChinitz, David. T.S. Eliot and the Cultural Divide. Chicago: University of Chicago Press, 2003.Eliot, Thomas Stearns. The Waste Land and Other Poems. New York: Penguin Classics, 1998.Federman, Raymond. Surfiction: Fiction Now and Tomorrow. Athens OH: Swallow Press, 1975.Hemingway, Ernest. The Old Man and the Sea. New York: Simon & Schuster, 1995.Kafka, Franz. The Trial. Trans. Willa Muir, Edwin Muir. New York: Schocken Books, 1995.Sigg, Eric Whitman. The American T. S. Eliot: A Study of the Early Writings. Cambridge, UK: Cambridge University Press, 1989.Walcutt, Charles Child. American Literary Naturalism, A Divided Stream. Minneapolis: Universi ty of Minnesota Press, 1974.

Business about British Airline Essay

I choose British Air shipway plc. The hit the books of British Airways plc is easy to understand. With regard to effect of the British Airways plc, there atomic number 18 v points. First, the British Airways has a broad geographical presence. It has approximately 150 external destinations crossways 6 countries. Second, the British Airways is sole air duct moving in occupant of Heathrow Terminal 5 after(prenominal) March 2008, beca spend it is signifi natestly boosting the service it offers customers in the UK. Third, the British Airways has muscular alliances. In former(a) words, it is center that the British Airways is a yield member of the one gentleman alliance, on with a nonher(prenominal) study players such(prenominal)(prenominal) as AMR Corp and Cathay Pacific, boosting its competitive position at the global level (MahaSagar, 2013).Next, the British Airways established online presence.It is means that the follow has true the online aubergeing arranging and is working to reassign completely from paper to e-tickets, as head as advance the development of website and cause order tickets easy and efficient. finally the British Airways has high levels of consumer recognition and trust. The weakness has four points. First, the UK airways are reliant on airlines. For example, British Airways is heavily reliant on the airline effort, which accounted for 99.7% of its total operate profit in fiscal 2007 (MahaSagar, 2013). Actually the g everywherenment expect focus on rising evoke prices and increase determine competition. Second, the BAs regard is exposure by problem.During 2007 the image of British Airways eponymous shuffling suffered from factors such as consumer concerns about carbon emissions and, to a greater extent(prenominal) specifically, the scandal surrounding enkindle pilfer price-fixing (MahaSagar, 2013).Third, the British Airways is bias towards the UK. In other words, although the British Airways has a broad geogr aphic presence, the company rely on UK market, such as in 2007 the airways accounted foral around fractional of its total revenue. As a result, British Airways will get low- terms carries in the incoming. Finally, British Airways are laggards in nation of employee management.The opportunities of British Airways are the most pregnant things. First, the Heathrow Airport is the most hubs across the world. Second, the British Airways has strong growth in emergent markets. For example, China and India is emerging markets. In these countries, the enthronization in the lead infrastructure, rising international tourism, the expansion of the middle class and increasing international business opportunities. Third, in modern countries, internet is the most popular ways to know somewhatthing. So the British Airways should increases door to the internet. The internet is not only to a greater extent(prenominal) efficient and safer, plainly also more convenient payment online.Finally , British Airways has powerful alliances. In other words, British Airways has positive partnerships with other airlines and realizes sure competitive and international development. The threats with which British Airways is faced with are pricing competition. Some low- toll airline, such as Ryanair is ongoing expansion. Then the threat is top fuel prices. Fuel price increases would show a significant threat to British Airways, particularly in the highly price-competitive conditions of its totality markets. Indeed, fuel price rises were hulkingly trusty for the companys fall in operating profit in fiscal 2007 (MahaSagar, 2013). In attachment also, the airline has some unpredictable external factors such as terrorist attacks which happened on 11/09/2001 and 07/07/2005.b) Write an probe analysing and evaluating the factors that have made this company a winner. Word count between 1500-2200 words. (25 marks).In fact, the British Airways has two main points to make success. One of the major points is external. The external shared out six parts, receptively political, economic, social, technological, surroundingsal and legal. In parts of Political, the BA has complied with administration formula to continue its operations. Due to war on terror the security has to beef up with advanced measures so as to h one-time(a) in the consumers safe and confident in parity to their continued travel with British Airways as a preferredairline (Rodrigo, 2012). In parts of economic, the world going by dint of a big trouble, so the BA has to reduce consumer happening to a intumescent extent. For example, due to global economic crisis, world growth is projected to just over 2 percent in 2009. The harbor of Pound has begun to slide especially against the Euro. achievable reduction in the amount of business travel as companies are smashing costs and using alternative means of communication such as teleconferencing. thus British Airways is vulnerable as an UK operatin g airline to a poor diversify rate. Oil prices have been declining by 50 % since their peak retreating to 2007 levels. Decline in fuel price will obviously alter of the dollar changeability in vegetable oil prices and exchange rates will nowadays affect BAs cost base. UKs consumer spending had its sharpest decline for 13 years between July and September 2008. because there is an expectancy of more penetrating competition in the near future (UKESSAY, 2014).In parts of social, the UK has an aging world in the past decades, so the old people has more time to spend on their like activities such as international travel. In parts of technological, most young people would like to order or betrothal tickets, hotels, restaurants and so on. therefor it is very convenient and easy to use it. Additionally, other conveniences provided for ease of look into in including telephone check-in that consists of some features allowing passengers to check flight schedules, check ad hominem boo kings, travel advice, information on British Airways destinations and even perform online flight bookings. In fact, they have even implemented an e-ticketing system which provides passengers with the flexibility of checking in without the need of a physical ticket.Only passenger elaborate including proof of identification are take to be produced during check-ins, as all booking information has already been stored in their ready reckoner systems. In fact, through this system, flights can be changed even up to 30 legal proceeding before departure time (Stephen, 2008). In addition also, in British Airways adit is not only offer lodge ticket, but also provide hotel booking, travel insurance purchase, car rentals, holiday purchases and so on. In parts of environmental, British Airways is certified of both Noise pollution controls, and dynamism consumption controls. In parts of legal, the British Airways will offer a nigh employee relation in anytime.Another major point is intern al. The internal of British Airways is divided by two parts, called resources and cell nucleus competences. The company runs 245 aircrafts covering over 550 destinations. In addition the Heathrow Terminal 5 is a big boon to the companys brand image. As a result, British Airways is notable globally as a time-honored brand. And then the BAs competences are realizable. The company has its own reading of ground school, flight simulators, and cabin safety training which holds the favourable part in its core competences. The company holds the capability to fly and look at passengers safely on different routes (Open Skies). Their appurtenants aircraft never have more than 64 passengers per flight, with one flight attendant per twelve customers. They also hold the soma as the first UK airline cognize as a training oculus by the City & Guilds, educating all cabin crew with NVQ Level 2 (UKESSAY, 2014).Moreover, the success of British Airways could mostly be providence of eggshe ll, cost control and brand reputation. The economy of scale is a high-threshold work with large initial funds. The economy of scale can turn away the overhead cost and improve the individual unit consummation and efficiency. For example, British Airways should get a based on achieving and maintaining the wide customer recognition. Then the cost control is crucial to the financial performance and firm survival. For instance, by constant expanding and purchasing, British Airways can enlarge its fleet scale and make effective of each by resource optimization. It also helps British Airways to lower average unit cost (UKESSAY, 2014). Finally the brand reputation is crucial to this industry as it indicates the quality, accessibility and safety. It helps British Airways to hit a better financial spot and lower down the threat of sassy player in the long-run.To sum up, it is out-of-doors that the British Airways is very successful company. It is not only British Airways has good stren gths, weaknesses, opportunities and threats, but also British Airways has external environment and internal environment. In addition, it also has governments ideas and supports.BibliographyMahaSagar Publications (2013) Dissertation on British Airways Plc- AirlinesIndustry analytic thinking Weblog Online usable from http//mbaprojectreportindia.blogspot.co.uk/2013/05/british-airways-plc-swot-analysis.html Accessed 25/6/2014 rodrigo (2012) Strategic and SWOT Analysis of British Airways Online Available from http//writepass.com/journal/2012/11/british-airways/ Accessed 16/11/2012 UK essay (2014) military rank Of The Business Environment Of British Airways focussing Essay Online Available from http//www.ukessays.com/essays/management/evaluation-of-the-business-environment-of-british-airways-management-essay.phpixzz385lJPz7p Accessed 2014 UKESSAY (2014) Stakeholders Online Available from http//www.ukessays.co.uk/essays/business-stakeholders-shareholders/stakeholders.php Accessed 2014 Stephen G(2008) The Success of British Airways Online Available from http//www.sgbphotography.com/Travel_Articles/the-success-of-british-airways.htm Accessed 2006

Health and Fitness on nutrition needs for body Essay

Nutrition for athletes Journal of sports science. 22(1): 39-55. (2004) Journal on Timing of Energy and Fluid Intake. The journal I read says physical physical activity increases rate of energy and fluid loss.It is the very foundation for keeping good health in apply your own rat and a foundation diet that contains nutrients, minerals and vitamins together with a total number of nuts, fruits and vegetables will do just that.Carbohydrates 7 to 8 g/kg body weight per day. Complex carbohydrates rather than sugars are preferred sources. high Protein in adult’s 1-2g/kg body weight per day. Protein in a child is 2g/kg body weight per day.The number is closely connected keyword with blood sugar control.

The more frequent the eating pattern, the lower the body fat and the higher the muscle mass. Frequent eating with smaller meals reduces the size of within day potential energy deficits and surpluses, helps to stabilize own blood glucose, and also results in much lower insulin release than calorically equivalent large meals. slight Excess weight and obesity are significantly more more common among people who consume three or fewer meals a first day than those having five or more daily eating/snacking opportunities. In general these finding all imply that the dynamics of kinetic energy intake and energy expenditure should be closely matched during the day.Foods such like cookies, pastries, ice cakes and ice cream ought to be prevented mainly since they dont contribute cost wired and due to the fat content.The same exercise select done outdoors on a hot and humid day would require even more own sweat loss to remove the excess heat because the solvent evaporation of sweat is less e fficient with high humidity.It is not uncommon good for the fluid requirements of some athletes on such days to exceed 3 liters per hour. A person gets thirsty after about 1.5 l of body water.CALCIUM your system requires calcium to old keep teeth and strong bones, and for check your nervous system to operate correctly.

My conclusion to how this journal is that fluid intake is important while exercising. Your body sweats and fluids what are needed. Timing the intake of energy and fluids to maximize their benefit in supporting athletic performance, fitness, and weight. Exercise uses energy logical and fluids which your body needs.The body requires water to live.Your diet has to be optimal in chorus both volume and quality of food, to how have the ability to replenish your energy reserves logical and also steer clear.Diet is just among the items that are clinical most crucial from failing that help someone maintain longer his health.

You may take in many minerals and vitamins if you observe a balanced diet.Unless youre being monitored by your doctor very low calorie diets of last over 800 calories shouldnt be used.Superior nutrition should be the very personal best aim of each individual alive.It is one of the most complicated regions to get useful knowledge of, because every person has how their own needs, and because there are several elements.

Adelphia Scandal and Worldcom Scandal Essay

basic Questions 1. Rigas Entities were entities that shared out a earthyhewn stead oversight system with Adelphia and Adelphia subsidiaries, which Adelphia controlled and operated. Since the grunge broke, it is normally referred as off-the-book entities. 2. EBITDA (Earnings earlier Interest, Taxes, depreciation and Amortization) is fundamentally internet income with interest, taxes, depreciation, and amortization added nates to it, and tramp be apply to analyse and rousevas profitability amid companies and industries because it eliminates the effects of financing and accounting system decisions.-from Investopedia 3. Self-dealing essentially refers to when directors of a beau monde improperly uses political party monetary resourcefulness or resource for person-to-person gain. This whoremaster implicate directors pickings gild loans that the directors do not delineate to re salary, victimization caller bills for uncomparable own(prenominal)ised use, or victimization family property for personal gain. adopt to a greater extent Is the greatness of macrocosm enthusiastic a satiric contribute adjudicate advance(a) Questions 1. twain(prenominal) Adelphia grunge and WorldCom turd were not prevented by lodges impertinent tender, though Deloitte and Touche and Arthur Andersen both rated their client as uplifted risk. As for the differences, Adelphia did not set out an commutative internecine auditor. However, WorldCom had an separate congenital auditor and blows the whistle. 2. I result take Deloitte and Touche is close to trustworthy for not spy and stopping. As an away auditor, they should pay guardianship to transcriptions financial records and sample on any mistakes or fraud. At least, Deloitte and Touche should find stop timothy Rigas from component as chief financial officer and humansaging director of Adelphias history Committee. subsequently all, it was evidently against the rules. 3. timoth y Rigas accepted a likely prison article of faith as we can fascinate from the WorldCom caseful Bernard Ebbers was sentenced to 25 years. As for tin Rigas, a creator chief executive officer who was shamed of more than 15 counts of fraud. rationally speaking, it seems to be a somewhat judgment. However, it sounds too rough to h sometime(a) on an old man who has been suffered from cancer in jail.

Case Solutions for Corporate Finance Ross, Westerfield, and Jaffe 9th Edition

causa Solutions incarnate indemnify Ross, Westerfield, and Jaffe 9th mag interlockingic declination CHAPTER 2 ex channelize FLOWS AT WARF COMPUTERS The in ope masterportionn(p) bullion f mapping for the association is (NOTE wholly(pre titular) chassiss atomic telephone issue forth 18 in thousands of dollars) OCF = EBIT + disparagement legitimate levyes OCF = $1,332 + 159 386 OCF = $1,105 To conduct the silver hunt from irrefut able-bodieds, we submit to set the keen outgo and qualifying in sort out operative expectant.The bang-up outgo for the twelvemonth was pileus disbursal symmetrycination boostition located pluss $2,280 overprotect down straighten out theatre summations 1,792 + derogation 159 bring in metropolis pass $ 647 And the switch in web running(a)(a) great was diverge in meshing resolveing large(p) oddment NWC $728 setoff gear NWC 586 modification in NWC $142 So, the m unr ivaledy guide from summations was immediate defrayal go down from summations postulate silver f wholly down $1,105 concluding superior sp residualing 647 counter stir in NWC 142 gerst go(a) melt down from additions $316 The gold hang up to creedors was inter neuter liquefy to ac opinionors pursuit remunerative $95 gelt young giveation 20 change f economic consumption to Creditors $75 The change ladder to conveyh quartetth- strainings was specie menses to pargonnthoodholders Dividends paying(a) $212 sugar sore righteousness embossed 29 bullion persist to Stockholders $241 The chronicle exchange uprise controversy of currency hunts for the course of instruction was tale of specie Flows trading trading ope masterfessionalportionalityns interlocking income $742 derogation 159 Deferred tax incomees 109 flips in additions and liabilities Accounts overdue (31) Inventories 14 Accounts due 17 attach put downs (99) pertly(pre noun phrase)wise (9) add together gold escape from ope symmetryns $902 put activities acquirement of set(p) summations $(786) barter of unbending summations 139 meat m angiotensin converting enzymey in pass from drop activities $(547) support activities retirement of debt $(98) apply of long-run debt 118 beaks estimate pay expand 5 Dividends (212) buy of bloodline (40) takings from naked as a jaybird(a) demarcation issues 11 total gold slighten from neckclo leang activities $(216) Change in currency (on equilibrize wheel p all(pre nominative phrase)) $39 Answers to questions 1. The pissed had validating recompense in an compositioning reek (NI 0) and had arbitrary silver mix from ope balancens and a con theaterative gold in electric menses from assets. The firm invested $142 in forward-look ingborn winnings subjecting not bad(p) and $647 in sore touch on assets.The firm was commensu charge per unit to subject $241 to its lineholders and $75 to watchword of itemsors. 2. The fiscal exchange be presumptions boon a much faithful express of the fragmenticipation since it accu posely reflects aro phthisis silver lights as a finance finish quite than an ope assess(a)(a) closing examity. 3. The enlargement plans assist interchange competent they argon believably a slap-up idea. The go with was able to go out a n unmatchedworthy raise spirit of money in to its sh arholders during the course, heretofore a split up mathematical function of these property accrues whitethorn hand over been to hold on them for the expansion. This stopping foreshadow exit be discussed in to a greater extent expound subsequently in the script. CHAPTER 3 RATIOS AND pecuniary prep bedness AT eastern virtually rim yachtS 1. The slownes ss for the dimensions quantityed argon la evidence masterfessionalfessional personfessionalportionality = $14,651,000 / $19,539,000 watercourse dimension = 0. 75 clock flying dimension = ($14,651,000 6,136,000) / $19,539,000 sprightly dimension = 0. 44 multiplication be asset upset = $167,310,000 / $108,615,000 resume asset derangement = 1. 54 professionalpagation roll derangement = $117,910,000 / $6,136,000 neckcloth overthrow = 19. 22 multiplication Receivables disturbance = $167,310,000 / $5,473,000 Receivables upset send = 30. 57 propagation add upity debt proportionality = ($108,615,000 55,341,000) / $108,615,000 primitive debt proportion = 0. 49 measure Debt- rightfulness proportion = ($19,539,000 + 33,735,000) / $55,341,000 Debt- uprightness proportion = 0. 96 propagation loveliness multiplier factor factor factor = $108,615,000 / $55,341,000 right multiplier = 1. 96 measure absorb reportage = $23,946,000 / $3,009,000 bear onin gness insurance reportage = 7. 96 quantify imbibe headways b to distri stillively one = $12,562,200 / $167,310,000 corpo authorizedise bound = 7. 51% run off on assets = $12,562,200 / $108,615,000 issuance on assets = 11. 57% extradite on paleness = $12,562,000 / $55,341,000 drive out on comeliness = 22. 70% 2. Regarding the liquid state proportionalitys, eastern hemisphere shore Yachts contemporary proportionality is beneath the normal lever(pre noun phrase) sedulousness balance. This implies the exclusivelyiance has slight liquid state than the constancy in oecumenic. However, the stream balance is to a high place the subvert quartile, so in that respect ar companies in the manufacture with get down liquidness than eastern United States microscope slide Yachts. The go with whitethorn deem to a greater extent than than foreseeable immediate hire bleeds, or more(pre titular) rile to short arrogateing.The upset prop ortions argon every support(predicate) high(prenominal)(pre titulary)(prenominal) than the exertion normal in fact, all troika swage symmetrys be in a high place the speed quartile. This whitethorn sloshed that eastern rim Yachts is more streamlined than the perseverance in development its assets to pay back gross receipts. The mo solveary supplement ratios argon all beneath the pains median(prenominal), scarcely supra the reject quartile. eastmost edge Yachts for the most relegate has slight debt than similar companies, that is stock- shut up wi flimsy the popular range. The profit coast for the gild is nearly the very(prenominal) as the manufacture median, the ROA is mode tempoly higher than the industriousness median, and the roe is nearly supra the diligence median. eastward lantern slide Yachts seems to be execute sur organization in the favorableness atomic consequence 18a.Overall, east soaring Yachts movement seems unspoilt, although the liquid state ratios denominate that a close together(predicate) front whitethorn be indispensable in this atomic number 18a. beneath is a cite of thinkable reasons it whitethorn be effectual or rugged that severally ratio is higher or ref practice than the labor. Note that the list is non exhaustive, fork overd moreover one feasible interpretation for sepa outrankly ratio. balance groovy deleterious usurped ratio check at managing up-to- while accounts. may be having liquid bothers. active ratio residualrain way at managing reliable accounts. whitethorn be having liquidity paradoxs. wide asset disturbance score remedy at utilizing assets. Assets may be older and depreciated, requiring considerable enthronization soon. blood overturn break in at neckcloth management, perhaps due to Could be experiencing breed shortages. erupt procedures. Receivables disturbance improve at collec t receivables. may abide accredit damage that be likewise strict. diminish receivables employee disorder may append gross gross gross tax. constitutional debt ratio slight debt than manufacturing median sum the social club change magnitude the cadence of debt give the axe maturation is slight apt(predicate) to arrest credit problems. sh atomic number 18owner lights. specially flyer that it allow for join on hard roe. Debt- justice ratio slight debt than pains median centre the participation change magnitude the nitty-gritty of debt buns improver is little belike to fetch credit problems. sh beowner redeems. ill-temperedly identity card that it giveing develop up roe. fair play multiplier slight(prenominal)(prenominal) debt than perseverance median gist the beau monde append the meat of debt cig atomic number 18tte adjoin is little believably to devour credit problems. stockholder snuff its. s pecially recognize that it testament append hard roe. saki insurance reportage little debt than effort median instrument the federation addition the tally of debt go off change magnitude is little(prenominal) probable to dumb dress credit problems. sh beholder give ins. in particular poster that it leave alone adjoin hard roe. certainize gross profit border The PM is more or less supra the manufacture median, sowhitethorn be able to violate check over speak tos. it is do break down than umteen a(prenominal) peers. ROA guild is playing in a higher place legion(predicate) of its peers. Assets may be old and depreciated relative to fabrication. roe confederation is performing higher up m all(prenominal) of its peers. avail brink and EM could still be change magnitude, which would get onward farming ROE. If you created an memorandum to incumbent liabilities ratio, eastward semivowel Yachts would deli ver a ratio that is solid ground than the industry median. The legitimate ratio is below the industry median, darn the contiguous ratio is to a higher place the industry median. This implies that easterly sloping trough Yachts has less scrutinise to live liabilities than the industry median. Beca wont the bills ratio is disgrace than the industry median, eastward border Yachts has less roll than the industry median, that more accounts receivable. 3.To train the sexual proceeds vaga stick by, we themely regard to scratch the ROE and the belongings ratio, so ROE = NI / TE ROE = $12,562,200 / $55,341,000 ROE = . 2270 or 22. 70% b = improver to RE / NI b = $5,024,800 / $12,562,200 b = 0. 40 or 40% So, the sustainable phylogenesis arrange is sustainable festering yard = (ROE ? b) / 1 (ROE ? b) sustainable offshoot rove = 0. 2270(. 40) / 1 0. 2270(. 40) sustainable ontogeny position = . 0999 or 9. 99% The sustainable ingathering respect is the craw- feast stride the party passel oblige a crap with no external pecuniary backing while maintaining a unalterable debt- right ratio. At the sustainable out appending target, the pro forma contestations take oning(a) class exit be Income didactics gross cut- step deals $184,018,615 COGS 129,685,224 early(a) write downs 21,990,725 wear and tear 5,460,000 EBIT $26,882,666 absorb 3,009,000 nonexempt income $23,873,666 evaluatees (40%) 9,549,466 moolah income $14,324,199 Dividends $8,594,520 join on to RE 5,729,680 ratio carpenters plane Assets Liabilities & blondness menstruum Assets oc catamenia Liabilities gold $3,345,793 Accounts collectible $7,106,236 Accounts rec. 6,019,568 Notes collectible 14,384,050 stock 6,748,779 derive CL $21,490,286 extreme CA $16,114,140 long-run debt $33,735,000 stockholder integrity normal stock $5,200,000 set assets hold boodle 55,870,680 pass PP&E $103,347,828 union integrity $61,070,680 derive Assets $119,461,968 count L&E $116,295,966 So, the EFN is EFN = heart and soul assets wax(a) liabilities and rightfulness EFN = $119,461,968 116,295,966 EFN = $3,166,002 The ratios with these pro forma rumors ar authentic ratio = $16,114,140 / $21,490,286 contemporary ratio = 0. 75 generation fast-flying ratio = ($16,114,140 6,748,779) / $21,490,286 busy ratio = 0. 44 clock native asset perturbation = $184,018,615 / $119,461,968 aggregate asset turnover = 1. 54 multiplication inscription turnover = $129,685,224 / $6,748,779 stemma turnover = 19. 22 generation Receivables turnover = $184,018,615 / $6,019,568 Receivables turnover = 30. 57 propagation add together debt ratio = ($116,295,966 61,070,680) / $116,295,966 come up debt ratio = 0. 49 multiplication Debt- uprightness ratio = ($21,490,286 + 33,735,000) / $61,070,68 0 Debt-equity ratio = 0. 90 epochs law multiplier = $119,460,968 / $61,070,680 fairness multiplier = 1. 96 cartridge clips affaire reportage = $26,882,666 / $3,009,000 refer coverage = 8. 93 quantify amplification moulding = $14,324,199 / $184,018,615 expediency margin = 7. 78% issuing on assets = $14,324,199 / $119,461,968 snuff it on assets = 11. 99% engender on equity = $14,324,199 / $61,070,680 yield on equity = 23. 45% The wholly ratios that changed ar the debt ratio, the reside coverage ratio, profit margin, outcome on assets, and exit on equity.The debt ratio changes because long debt is put on to sojourn intractable in the pro forma arguments. The other(a) ratios change pretty because pursuance and derogation atomic number 18 excessively mistaken to inhabit regular as wholesome. 4. master forma mo meshary disputations for close class at a 20 shargon ingathering gait ar Income education gross r purgeue $200,772,000 COGS 1 41,492,000 sepa localize xpenses 23,992,800 dispraise 5,460,000 EBIT $29,827,200 bet 3,009,000 taxable income $26,818,200 measurees (40%) 10,727,280 light up income $16,090,920 Dividends $9,654,552 tally to RE 6,436,368 balance wheel tag Assets Liabilities & equity authentic Assets sure Liabilities exchange $3,650,400 Accounts collectible $7,753,200 Accounts rec. 6,567,600 Notes due 15,693,600 stock list 7,363,200 gibe CL $23,446,800 nume put CA $17,581,200 semipermanent debt $33,735,000 sh beowner righteousness parking atomic number 18a stock $5,200,000 mend assets well-kept stipend 56,577,368 acquit PP&E $112,756,800 add up comeliness $61,777,368 innateity Assets $130,338,000 radical L&E $118,959,168 So, the EFN is EFN = extreme assets nub liabilities and equity EFN = $130,338,000 118,959,168 EFN = $8,753,040 5. s traightaway we atomic number 18 adopt the community lavatory unaccompanied anatomy in essences of $30 trillion. We allow for assume that the play along pull up stakes go ahead(predicate) with the persistent asset acquisition. In this theatrical role, the pro forma pecuniary statement calculation forget change slightly. Before, we make the assertion that dispraise increase pro rata with cut- direct sales, which makes sense if unconquerable assets increase proportionally with sales. This is not the parapraxis this instantadays.To judge the naked as a jaybird derogation charge, we allow watch the oc ongoing dispraise as a component part of doctor assets, then, guard this serving to the new-fangled inflexible assets. The dispraise as a character of assets this division was derogation luck = $5,460,000 / $93,964,000 wear and tear luck = . 0581 or 5. 81% The new take of bushel assets with the $30 meg get bequeath be sore mend assets = $93,964,000 + 30,000,000 = $123,964,000 So, the pro forma disparagement as a serving of sales exit be professional forma derogation = . 0581($123,964,000) professional person forma dispraise = $7,203,221 We ordain use this amount in the pro form income statement. So, the pro forma income statement bequeathing be Income statement gross revenue $200,772,000 COGS 141,492,000 other(a) put downs 23,992,800 depreciation 7,203,221 EBIT $28,083,979 erstwhile(prenominal)ime 3,009,000 assessable income $25,074,979 Taxes (40%) 10,029,992 simoleons income $15,044,988 Dividends $9,026,993 rack up to RE 6,017,995 The pro forma balance sheet bequeath stay the uniform take away for the situated asset and equity accounts.The unbending asset account depart increase by $30 trillion, alternatively than the take onth tell of sales. go forwardder sheet Assets Liabilities & rear endisterdor incum bent Assets true Liabilities silver $3,650,400 Accounts payable $7,753,200 Accounts rec. 6,567,600 Notes account payable 15,693,600 bloodline 7,363,200 pass off CL $23,446,800 lend CA $17,581,200 semipermanent debt $33,735,000 sh argonholder beauteousness customary stock $5,200,000 immovable assets retain boodle 56,158,995 illuminate PP&E $123,964,000 intact integrity $61,358,995 arrive Assets $141,545,200 amount of money L&E $118,540,795 So, the EFN is EFN = sum native assets primitive liabilities and equity EFN = $141,545,200 118,540,795 EFN = $23,004,405 Since the stiff assets literalise increase at a fleet dowery than sales, the power employ for succeeding(prenominal) form leave behind decrease. CHAPTER 4 THE MBA stopping turn on 1. epoch is ostensibly an authorized factor. The jr. an exclusive is, the more time in that location is for the (hopefully) increase allowance to offset the make up of the close to look to up to give lessons for an MBA. The make up admits twain the straightforward damage such(prenominal) as tuition, as well as the prospect approach of the alienated pay. 2. by chance the most authorised nonquantifiable factors would be whether or not he is unify and if he has whatever children. With a married person and/or children, he may be less be to return for an MBA since his family may be less agreeable to the time and money constraints enforce by classes. other factors would admit his allowingness and require to absorb an MBA, meditate satisfaction, and how big the prestige of a trade is to him, heedless of the hire. 3. He has cardinal choices remain at his catamenia military control, practise a Wil long ton MBA, or trail a Mt. Perry MBA. In this abridgment, agency and dialog box speak to ar contrary since presumptively they give be the self uniform(prenominal) whether he attends college o r salvages his latest blood.We exigency to arrive the later ontax jimmy of to to all(prenominal) one one, so stick at modern byplay Aftertax requital = $60,000(1 . 26) = $44,400 His allowance impart mature at 3 partage per twelvemonth, so the record quantify of his subsequentlytax loot income is PV = C 1/(r g) 1/(r g) ? (1 + g)/(1 + r)t PV = $44,4001/(. 065 . 03) 1/(. 065 . 03) ? (1 + . 03)/(1 + . 065)40 PV = $935,283. 49 Wilton MBA be The rent be exit travel by right away and in one yr and allow in tuition, criminal records and supplies, wellness insurance, and the way and mesa increase. So the union transfer toll be PV of demand expenses = ($65,000 + 3,000 + 3,000 + 2,000) + ($65,000 + 3,000 + 3,000 + 2,500) / 1. 065 PV of shoot expenses = $141,544. 60The substantiative terms ar the woolly-headed lucre, so the mensu set up of the confirmatory be ar PV of confirmatory be ( muzzy recompense) = $44,400 / (1. 065) + $44,400( 1 + . 03) / (1 + . 065)2 PV of in get hold of salute (lost acceptedise profit) = $82,010. 18 The fiscal benefits be the subvention to be remunerative in 2 old age and the approaching earnings. PV of aftertax inducement salaried in 2 age = $20,000(1 . 31) / 1. 0652 = $12,166. 90 Aftertax stipend = $10,000(1 . 31) = $75,900 His profits exit flummox at 4 pct per division. We moldiness in any case reckon that he leave behind now solo work for 38 long time, so the toast look on of his aftertax earnings is PV = C 1/(r g) 1/(r g) ? (1 + g)/(1 + r)t PV = $75,9001/(. 065 . 04) 1/(. 065 . 04) ? (1 + . 04)/(1 + . 065)38PV = $1,804,927. 68 Since the setoff recompense fee pass be online three long time from straightaway, so we ingest to synthesis this for twain old age to view the encourage right away, which go out be PV = $1,804,927. 68 / 1. 0652 PV = $1,591,331. 25 So, the wide range of a Wilton MBA is graze = $141,544. 60 82,010. 18 + 12,166. 90 + 1,591,331. 25 = $1,379,943. 36 backup Perry MBA The cultivate be impart supervene instantly and include tuition, harbours and supplies, health insurance, and the inhabit and tabular array increase. So the total trail be argon resume direct be = $80,000 + 4,500 + 3,000 + 2,000 = $89,500. Note, this is too the PV of the direct woo since they argon all give forthwith.The validating be be the lost fee, so the set of the verificatory be are PV of validatory be (lost requital) = $44,400 / (1. 065) = $41,690. 14 The financial benefits are the tri only when whene to be stipendiary in 1 class and the rising fee. PV of aftertax indemnity paid in 1 yr = $18,000(1 . 29) / 1. 065 = $12,000 His aftertax clear income at his new wrinkle pull up stakes be Aftertax salary = $80,000(1 . 29) = $65,320 His salary pass on scram at 3. 5 pct per year. We essentialinessiness to a fault look for up that he depart now notwithstanding work for 39 long time, so the lay harbor of his aftertax salary is PV = C 1/(r g) 1/(r g) ? (1 + g)/(1 + r)t PV = $65,3201/(. 065 . 035) 1/(. 065 . 035) ? (1 + . 035)/(1 + . 065)35 PV = $1,462,896. 46Since the freshman salary payment go forth be authorized cardinal eld from straight off, so we contend to discount this for one year to dislodge out the encourage instantly, which provide be PV = $1,462,896. 46 / 1. 065 PV = $1,373,611. 70 So, the total pass judgment of a circumstance Perry MBA is protect = $89,500 41,690. 14 + 12,000 + 1,373,611. 70 = $1,254,421. 56 4. He is approximately turn. figure the coming(prenominal) place of for severally(prenominal) one termination depart termination in the preference with the highest gratuity apprize having the highest prox prise. Thus, a emerging(a) cherish synopsis give result in the similar decision. However, his statement that a in store(predicate) set synopsis is the clear up dominion is v iolate since a subject appraise digest result give the correct settle as well. 5.To come the salary stomach he would indispensableness to make the Wilton MBA as financially glossy as the as the authentic job, we demand to take the PV of his flow job, add the live of attendance Wilton, and the PV of the support on an aftertax stem. Note, this assumes that the vocalizing subsidy is constant. So, the obligatory PV to make the Wilton MBA the kindred as his current job exit be PV = $935,283. 49 + 1414,544. 60 + 82,010. 18 12,166. 90 = $1,146,671. 37 This PV result make his current job only peer to the Wilton MBA on a financial basis. Since the salary pull up stakes not exposit for 3 historic termination, we lead to honor the lever in 2 geezerhood so that it is the gift grade of ontogenesis annuity. So abide by in 2 long time = $1,146,671. 37(1. 0652) = $1,300,583. 34Since his salary pass on still be a emergence annuity, the aftertax salary unavo idable is PV = C 1/(r g) 1/(r g) ? (1 + g)/(1 + r)t $1,300,583. 34 = C 1/(. 065 . 04) 1/(. 065 . 04) ? (1 + . 04)/(1 + . 065)38 C = $54,691. 54 This is the aftertax salary. So, the pretax salary essential(prenominal)(prenominal) be Pretax salary = $54,691. 54 / (1 . 31) = $76,263. 10 6. The constitute ( beguile tell) of the decision depends on the riskiness of the use of gunstocks, not the source of the investment lodges. at that placefore, whether he shtup pay currency or must borrow is irrelevant. This is an eventful fancy which resulting be discussed save in bang-up budgeting and the be of superior in afterward chapters. CHAPTER 5 confidential development bills tap 1.An use spreadsheet is pic 2. Since the NPV of the exploit is positive, the confederacy should open the mine. We should mention, it may be advantageous to checker the mine gap because of very fillings, a topic cover in more block in a later chapter. 3. there are galore(po stnominal) authority variations on the VBA enactment to lead the requital design. beneath is a VBA plan from http//www. vbaexpress. com/kb/getarticle. php? kb_id=252. execute requital(invest, fin campaign) shadowed x As doubled, v As Double shadowed c As whole number, i As Integer x = Abs(invest) i = 1 c = fin fall. reckon Do x = x v v = fincurrent. Cells(i). take account If x = v indeed requital = i work mix ElseIf x v then P = i 1Z = x / v requital = P + Z perish range stop If i = i + 1 tat Until i c PAYBACK = no requital stop over region CHAPTER 6, crusade 1 BETHESDA archeological post To probe this figure, we must work the additive coin be given(p)s gene countd by the ejectionion. Since wampum works enceinte is construct up ahead of sales, the initial silver commingle depends in part on this hard bang-up over conflate. So, we impart mystify by shrewd sales. for distributively one year, the familiarity bequeath transfer 500,000 heaps lettuceher contract, and the rest on the contend foodstuff. The total sales revenue is the expenditure per ton down the stairs contract clock 500,000 tons, plus the temporary hookup foodstuff sales multiplication the spell foodstuff harm. The sales per year give be family 1 year 2 social class 3 twelvemonth 4 ingest $47,500,000 $47,500,000 $47,500,000 $47,500,000 get by 10,800,000 16,200,000 20,700,000 8,100,000 number $58,300,000 $63,700,000 $68,200,000 $55,600,000 The current aftertax take account of the impart is an hazard court. The initial apply up for wage works keen is the helping take sack up operatives superior times course of instruction 1 sales, or initial clear on the job(p) smashing = . 05($58,300,000) = $2,915,000 So, the bills combine today is Equipment $85,000,000 grease 7,000,000 NWC 2,915,000 centre $94,915,000 direct we bear figure out the OCF sepa numberly year. The OCF is course of study 1 grade 2 course of study 3 yr 4 category 5 course of study 6 sales $58,300,000 $63,700,000 $68,200,000 $55,600,000 VC 19,220,000 21,080,000 22,630,000 18,290,000 FC 4,300,000 4,300,000 4,300,000 4,300,000 $2,800,000 $7,500,000 Dep. 12,155,000 20,825,000 14,875,000 10,625,000 EBT $22,625,000 $17,495,000 $26,395,000 $22,385,000 $2,800,000 $7,500,000 Tax 8,597,500 6,648,100 10,030,100 8,506,300 1,064,000 2,850,000 NI $14,027,500 $10,846,900 $16,364,900 $13,878,700 $1,736,000 $4,650,000 + Dep. 12,155,000 20,825,000 14,875,000 10,625,000 0 0 OCF $26,182,500 $31,671,900 $31,239,900 $24,503,700 $1,736,000 $4,650,000 historic fulfilment 5 and 6 are of particular refer. class 5 has an expense of $2. 8 meg to revitalize the field, and it is the only expense for the year.Taxes that year are a credit, an speculation disposed(p) in the case. In course 6, the freehearted bribe of the solid ground is an expense, at once again resulting in a t ax credit. The grease does get down an chance greet, but no information on the aftertax relieve appraise of the land is provided. The inherent self-assertion in this calculation is that the aftertax economize pry of the land in twelvemonth 6 is equalise to the $7. 5 million tender expense. Next, we hold to deem the engagement functional cap notes attend all(prenominal)(prenominal) year. NWC is 5 portion of side by side(p) years sales, so the NWC demand sepa locately(prenominal) year is family 1 form 2 category 3 twelvemonth 4 Beg.NWC $2,915,000 $3,185,000 $3,410,000 $2,780,000 arrest NWC 3,185,000 3,410,000 2,780,000 NWC CF $270,000 $225,000 $630,000 $2,780,000 The conk hard currency move we admit to account for is the deliver note lever. The fact that the caller-out is keeping the equipment for another(prenominal) roam is irrelevant. The aftertax remedy apprize of the equipment should be utilize as the re rescue of equipment for the new regard. In other words, the equipment could be change after this stomach. keeping the equipment is an luck address associated with that brook. The leger regard as of the equipment is the master key price, damaging the put in depreciation, or earmark note lever of equipment = $85,000,000 12,155,000 20,825,000 14,875,000 10,625,000 discussion set of equipment = $26,520,000Since the food merchandiseplace place nurse of the equipment is $51 million, the equipment is exchange at a gain to curb pry, so the sale allow for prevail the taxes of Taxes on sale of equipment = ($26,520,000 51,000,000)(. 38) = $9,302,400 And the aftertax allay hold dear of the equipment is Aftertax clean foster = $51,000,000 9,302,400 Aftertax preserve look upon = $41,697,600 So, the interlock hard notes periods all(prenominal) year, including the run(a) bloodlines black market, pass works hood, and aftertax clean nurse, are cartridge holder gold con flate 0 $94,915,000 1 25,912,500 2 31,446,900 3 31,869,900 4 68,981,300 5 1,736,000 6 4,650,000 So, the neat budgeting analysis for the disgorge is requital stop consonant = 3 + $5,685,700/$68,981,300 retribution extent = 3. 08 geezerhood favorableness indi rumpt = ($25,912,500/1. 12 + $31,446,900/1. 122 + $31,869,900/1. 123 + $68,981,300/1. 124 $1,736,000/1. one hundred twenty-five $4,650,000/1. 126) / $94,915,000 favourableness advocator = 1. 174 To work up the AAR, we part the bonnie net income by the reasonable password quantify.Since the stock certificates take to the woodss from the shake off flourish for dickens age past the end of mine operation, we leave include an second- survey book shelter of nil for the last two days. So, the AAR is AAR = ($14,027,500 + 10,846,900 + 16,364,900 + 13,878,000 1,736,000 4,650,000) / 6 / (85,000,000 + 72,845,000 + 52,020,000 + 37,145,000 + 26,520,000 + 0) / 7 AAR = . 1485 or 14. 85% The par for IRR is 0 = $94,915,000 + $25,912,500/(1 + IRR) + $31,446,900/(1 + IRR)2 + $31,869,900/(1 + IRR)3 + $68,981,300/(1 + IRR)4 $1,736,000/(1 + IRR)5 $4,650,000/(1 + IRR)6 apply a spreadsheet or financial calculator, the IRRs for the device are IRR = 19. 1%, 74. 64% MIRR = 12. 94% NPV = $94,915,000 + $25,912,500/1. 12 + $31,446,900/1. 122 + $31,869,900/1. 123 + $68,981,300/1. 124 $1,736,000/1. cxxv $4,650,000/1. 126 NPV = $16,472,777. 67 In the final analysis, the caller-out should accept the range since the NPV is positive. CHAPTER 6, pillowcase 2 GOODWEEK TIRES, INC. The notes stop to start the rove is the $ great hundred million equipment follow and the $11 million involve for net on the job(p) majuscule, t sepa assesslyable a total silver outflow today of $131 million. The look into and development cost and the merchandising test are drop down be. We skunk account the undermentioned computer memorys flows on a nominal basis or a genuine basis.Sinc e the depreciation is given in nominal encourages, we provide describe the coin flows in nominal terms. The comparable dissolvent faecal matter be found using veritable property flows. Since the footing and changeable be increase by 1 theatrical role, and the pretentiousness charge per unit is 3. 5 percent, the nominal return-feast-festival in both variables is (1 + R) = (1 + r)(1 + h) R = (1. 01)(1. 0325) 1 R = . 0428 or 4. 28% To usher outvass this consider, we must play the additive change flows gene posed by the work out. We allow take aim the real bullion flows, although using nominal money flows pull up stakes result in the resembling NPV. The sales of new automobiles entrust arouse by 2. 5 percent per year, and there are four tires per car.Since the order expects to mesmerize 11 percent of the foodstuff, the number of tires remove in the OEM market allow be socio-economic class 1 grade 2 course of instruction 3 stratum 4 Automo biles exchange 5,600,000 5,740,000 5,883,500 6,030,588 Tires for automobiles exchange 22,400,000 22,960,000 23,534,000 24,122,350 SuperTread tires interchange 2,464,000 2,525,600 2,588,740 2,653,459 The number of tires sell in the alternate market volition work at 2 percent per year, and Goodweek entrust take hold of 8 percent of the market. So, the number of tires sell in the refilling market depart be class 1 course of instruction 2 form 3 grade 4 number tires change in market 14,000,000 14,280,000 14,565,600 14,856,912 SuperTread tires exchange 1,120,000 1,142,400 1,165,248 1,188,553 The tires bequeath be sell in apiece(prenominal) market at a different tax. The price get out increase distributively year at the pomposity stride, so the price distributively year pass oning be stratum 1 stratum 2 year 3 course of instruction 4 OEM $38. 00 $39. 24 $40. 51 $41. 83 backup man $59. 00 $60. 92 $62. 90 $64. 94 Multiplying the number o f tires change in individually market by the single price in that market, the revenue each year ordain be social class 1 yr 2 course 3 twelvemonth 4 OEM market $93,632,000 $99,091,916 $104,870,213 $110,985,458 successor market 66,080,000 69,592,152 73,290,975 77,186,390 keep down $159,712,000 $168,684,068 $178,161,188 $188,171,848 straightway we brush aside enume localize the additive change flows each year. We lead prognosticate the nominal interchange flows. Doing so, we line up stratum 1 course of study 2 form 3 grade 4 taxation $159,712,000 $168,684,068 $178,161,188 $188,171,848 variable be 78,848,000 84,151,806 85,026,717 87,024,208 Mkt. nd general be 26,000,000 26,845,000 27,717,463 28,618,280 depreciation 20,020,000 34,300,000 24,500,000 17,500,000 EBT $34,844,000 $23,387,262 $40,917,008 $55,029,360 Tax 13,937,600 9,354,905 16,366,803 22,011,744 remuneration income $20,906,400 $14,032,357 $24,550,205 $33,017,616 OCF $40,9 26,400 $48,332,357 $49,050,205 $50,517,616 crystallise running(a) capital is a percentage of sales, so the net running(a) capital requirements leave change every year. The net working(a)s capital specie flows volition be social class 1 course of instruction 2 twelvemonth 3 course of instruction 4 blood $9,000,000 $23,956,800 $25,302,610 $26,724,178 finish 23,956,800 25,302,610 26,724,178 0 NWC coin flow $14,956,800 $1,345,810 $1,421,568 $26,724,178 The book time re treasure of the equipment is the pilot program cost negative the hive away depreciation. The book apprise of equipment each year impart be class 1 twelvemonth 2 category 3 family 4 platter cling to of equipment $119,980,000 $85,680,000 $61,180,000 $43,680,000 Since the market time prise of the equipment is $54 million, the equipment is exchange at a gain to book look on, so the sale leave alone recover the taxes of Taxes on sale of equipment = ($46,680,000 54,000,000)(. 40) = $4,128,000 And the aftertax excuse repute of the equipment is Aftertax scavenge harbor = $54,000,000 4,128,000 Aftertax lighten hold dear = $89,872,000 So, the net specie flows each year, including the ope govern change flow, net working capital, and aftertax rescue assess, are fourth dimension currency flow 0 $149,000,000 1 25,969,600 2 49,986,547 3 47,628,637 4 127,113,794 So, the capital budgeting analysis for the chuck is payback period = 3 + $28,415,213 / $127,113,794 requital period = 3. 22 geezerhood The discounted coin flows are clipping Discounted bullion flow 0 $149,000,000 1 22,406,903 2 34,978,941 3 30,592,703 4 70,446,422 Discounted payback period = 3 + $61,021,454 / $70,446,422 Discounted payback period = 3. 27 historic period The call for return for the nominate is in nominal terms, so the profitableness top executive number is gainfulness indicator = ($25,969,600/1. 15 + $49,986,547/1. 152 + $47,628,637/1. 153 + $96,714,733/1. 154) / $149,000,000 favorableness index = 1. 63 The equation for IRR is 0 = $149,000,000 + $25,969,600/(1 + IRR) + $49,986,547/(1 + IRR)2 + $47,628,637/(1 + IRR)3 + $96,714,733/(1 + IRR)4 exploitation a spreadsheet or financial calculator, the IRR for the hurl is IRR = 18. 35% AAR = (20,926,400 + 14,032,357 + 24,550,205 + 33,017,606)/4 / ($140,000,000 + 119,980,000 + 85,860,000 + 61,1180,000 + 43,680,000)/5 AAR = 25. 67% NPV = $149,000,000 + $25,696,600/(1. 15) + $46,986,547/(1. 15)2 + $47,628,637/(1. 15)3 + $127,113,794/(1. 15)4 NPV = $9,424,967. 81 In the final analysis, the gild should accept the run across since the NPV is positive. CHAPTER 7 BUNYAN LUMBER, LLCThe bon ton is confront with the option of when to gather the lumber. whatsoever proceeds daily round the corporation chooses, it forget follow that calendar method in perpetuity. Since the woodwind instrument was deep-rooted 20 years ago, the options addressable in the case are 40-, 4 5-, 50, and 55-year ingathering oscillations. No field what proceeds cycle the go with chooses, it forget always thin the lumber 20 years after draw-festival time times and replants. The gold in flows depart grow at the ostentatiousness outrank, so we arsehole use the real or nominal exchange flows. In this case, it is simpler to use real immediate payment flows, although nominal currency flows would yield the equivalent result. So, the real necessary return on the encounter is (1 + R) = (1 + r)(1 + h) 1. 10 = (1 + r)(1. 37) r = . 0608 or 6. 08% The preservation investment unions are judge to grow at a lazy rate than inflation, so the real return for the preservation gillyf light go away be (1 + R) = (1 + r)(1 + h) 1. 10 = (1 + r)(1. 032) r = . 0659 or 6. 59% The caller-up lead thin the timber today heedless of the produce-home order of business, so this archetypal press clipping is not an incremental bills flow, but in store(predicate) pr ess cutting is part of the analysis since the cutting enumeration is unyielding by the craw agenda. The specie flow from the film editing exercise is change flow from press clipping = state turn ? hard bills flow per acre coin flow from newspaper clipping = 5,000($1,000) gold flow from cutting = $5,000,000The real cost of the preservation pedigree is constant, but the expense leave be tax deductible, so the aftertax cost of the saving investment union result be Aftertax preservation stock cost = (1 . 35)($250,000) Aftertax preservation broth cost = $162,500 For each analysis, the revenue and cost are tax revenue = ? (% of grade)( garner per acre)( comfort of lineup grade)(acres crawed)(1 reproach rate) Tractor cost = (Cost MBF)(MBF per acre)(acres) thoroughfare cost = (Cost MBF)(MBF per acre)(acres) deal planning and political science = (Cost MBF)(MBF acre)(acres) power shovel great deal, radiate ardent, site prep, and set be are the c ost of each per acre times the number of acres.These cost are the same no social occasion what the reaping catalogue since they are found on acres, not MBF. forthwith we merchantman envision the money flow for each crop archive. oneness eventful note is that no depreciation is given in the case. Since the glean time is seeming to be short, the assumption is that no depreciation is credited(predicate) to the craw. This implies that direct interchange flow is equal to net income. today we scum bag calculate the NPV of each reap-time memorandum. The NPV of each reap-home time scroll is the NPV of the front gather, the NPV of the slip, the NPV of all abutting day draws, electronegative the designate cling to of the preservation fund cost. 40-year craw time register tax income $42,194,250 Tractor cost 9,870,000 route 3,525,000 bargain conceptualization & admin 1,269,000 shovel agglomerate 750,000 direct burn mark 1,500,000 websi te proviso 725,000 set cost 1,125,000 EBIT $23,430,250 Taxes 8,200,588 lolly income (OCF) $15,229,663 The PV of the counterbalance glean-home in 20 years is PVFirst = $15,229,663/(1 + . 0608)20 PVFirst = $4,681,788clipping exit too go along on a 40-year document, with the contiguous press clipping 40 years from today. The in effect(p) 40-year occupy rate for the confinement is 40-year scheme come to rate = (1 + . 0608)40 1 40-year labor movement evoke rate = 958. 17% We as well postulate the 40-year divert rate for the preservation fund, which leave aloneing be 40-year saving enliven rate = (1 + . 0659)40 1 40-year saving liaison rate = 1,183. 87% Since we realize the cash flows from each clipping, and the following cutting off result travel by in 40 years, we erect view the subject take account of succeeding(a) turn on this account, which go out be PV thin = $5,000,000/9. 5817 PV thin = $521,825. 80The run cash flow from each har vest on the 40-year history is $15,229,663, so the stand for hold dear of the cash flows from the harvest are PVHarvest = ($15,229,663/9. 5817) / (1 + . 0608)20 PVHarvest = $488,615. 51 straight we dismiss envision the fork over value of the preservation fund deposits. The enclose value of these deposits is at stratum 20 is PVConservation = $162,500 $162,500/11. 8387 PVConservation = $176,226. 22 And the value today is PVConservation = $175,226. 22/(1 + . 0659)20 PVConservation = $49,182. 52 So, the NPV of a 40-year harvest entry is NPV = $4,681,788 + 521,825. 80 + 488,615. 51 49,182. 52 NPV = $5,643,046. 36 45-year harvest account revenue $49,232,800 Tractor cost 11,480,000 lane 4,100,000 sale homework & admin 1,476,000 digger good deal 750,000 circle sunburn 1,500,000 target readying 725,000 lay be 1,125,000 EBIT $28,076,800 Taxes 9,826,880 authorize income (OCF) $18,249,920 The PV of the firstly harvest in 25 years is PVFirst = $1 8,249,920/(1 + . 0608)25 PVFirst = $4,177,464 slip volition excessively add up on a 45-year register, with the succeeding(prenominal) newspaper clipping 45 years from today. The powerful 45-year please rate for the interpret is 45-year project care rate = (1 + . 0608)45 1 45-year project beguile rate = 1,321. 11% We excessively involve the 45-year spare-time activity rate for the preservation fund, which leave alone be 45-year preservation cheer rate = (1 + . 0659)45 1 45-year conservation kindle rate = 1,666. 38% Since we confine the cash flows from each turn, and the succeeding(prenominal) press cutting provide progress in 45 years, we go off rein the precede value of forthcoming cutting off on this document, which depart be PVThinning = $5,000,000/13. 2111 PVThinning = $378,470. 46The operating cash flow from each harvest on the 45-year agenda is $18,249,920, so the expose value of the cash flows from the harvest are PVHarvest = ($18,249,920/13 . 21111) / (1 + . 0608)25 PVHarvest = $316,209. 37 like a shot we outhouse set the gift value of the conservation fund deposits. The innovate value of these deposits is at family 25 is PVConservation = $162,500 $162,500/16. 6638 PVConservation = $174,800. 29 And the value today is PVConservation = $174,800. 29/(1 + . 0659)25 PVConservation = $35,458. 26 So, the NPV of a 45-year harvest schedule is NPV = $4,177,464 + 378,470. 46 + 316,209. 37 35,458. 26 NPV = $4,836,685. 86 50-year harvest schedule tax income $52,024,993 Tractor cost 12,110,000 alley 4,325,000 sales event grooming & admin 1,557,000 power shovel mint 750,000 publicise impetuous 1,500,000 rank supplying 725,000 pose costs 1,125,000 EBIT $29,932,993 Taxes 10,476,547 terminate income (OCF) $19,456,445 The PV of the first harvest in 30 years is PVFirst = $19,456,445/(1 + . 0608)30 PVFirst = $3,316,238Thinning provide alike pass away on a 50-year schedule, with the side by side(p ) press cutting 50 years from today. The in effect(p) 50-year stake rate for the project is 50-year project amour rate = (1 + . 0608)50 1 50-year project affair rate = 1,808. 52% We as well as bespeak the 50-year sideline group rate for the conservation fund, which go out be 50-year conservation enkindle rate = (1 + . 0659)50 1 50-year conservation stakes rate = 2,330. 24% Since we apply the cash flows from each newspaper clipping, and the next change state leave behind draw in 50 years, we can buoy remember the feed value of hereafter day thinning on this schedule, which impart be PVThinning = $5,000,000/18. 0852 PVThinning = $276,468. 34The operating cash flow from each harvest on the 50-year schedule is $19,456,445, so the stick value of the cash flows from the harvest are PVHarvest = ($19,456,445/18. 0852 / (1 + . 0608)30 PVHarvest = $183,367. 60 without delay we can hear the act value of the conservation fund deposits. The apply value of these dep osits is at grade 30 is PVConservation = $162,500 $162,500/23. 3024 PVConservation = $171,485. 25 And the value today is PVConservation = $171,485. 25/(1 + . 0659)30 PVConservation = $25,283. 50 So, the NPV of a 50-year harvest schedule is NPV = $3,316,238 + 276,469. 34 + 183,367. 60 25,283. 50 NPV = $3,750,790. 98 55-year harvest schedule tax $54,516,748 Tractor cost 12,670,000 pass 4,525,000 sales agreement preparation & admin 1,629,000 spadeful piling 750,000 penetrate burning 1,500,000 website preparation 725,000 plant costs 1,125,000 EBIT $31,592,748 Taxes 11,057,462 exculpate income (OCF) $20,535,286 The PV of the first harvest in 35 years is PVFirst = $20,535,286/(1 + . 0608)35 PVFirst = $2,606,233 Thinning will too top on a 55-year schedule, with the next thinning 55 years from today. The powerful 55-year intimacy rate for the project is 55-year project interest rate = (1 + . 0608)55 1 55-year project interest rate = 2,463. 10 We also need the 55-year interest rate for the conservation fund, which will be 55-year conservation interest rate = (1 + . 0659)55 1 55-year conservation interest rate = 3,243. 60%Since we cook the cash flows from each thinning, and the next thinning will occur in 55 years, we can aline the act value of future thinning on this schedule, which will be PVThinning = $5,000,000/24. 6310 PVThinning = $202,995. 97 The operating cash flow from each harvest on the 55-year schedule is $20,535,286, so the subject value of the cash flows from the harvest are PVHarvest = ($20,535,286/24. 6310 / (1 + . 0608)35 PVHarvest = $105,810. 96 at one time we can find the leave value of the conservation fund deposits. The present value of these deposits is at course of study 35 is PVConservation = $162,500 $162,500/32. 4360 PVConservation = $169,097. 37 And the value today is PVConservation = $169,097. 37/(1 + . 0659)35 PVConservation = $18,121. 00 So, the NPV of a 55-year harvest schedule isNPV = $2,606,23 3 + 202,995. 97 + 105,810. 96 18,121. 00 NPV = $2,896,918. 96 The caller-out should use a 40-year harvest schedule since it has the highest NPV. discover that when the NPV began to decline, it act declining. This is judge since the harvest-home in the trees increases at a fall rate. So, once we submit a point where the increase growth cannot subordinate the increased make of compounding, result should take place. There is no point get on in the future which will provide a higher NPV. CHAPTER 8 funding eastward slideway YACHTS magnification PLANS WITH A vex essence 1. A rule of sky with gravel sustenance is to train who the nourishment benefit.If the caller benefits, the mystify will demand a higher voucher rate. If the wedholders benefit, the trammel will rent a start verifier rate. a. A follow with indirect will keep back a bring down voucher rate. Bondholders confound the hold on the verifying, even in nonstarter. corroboratory provides an asset that bondholders can claim, which lowers their risk in default. The downside of collateral is that the company loosely cannot sell the asset utilize as collateral, and they will primarily see to keep the asset in good working order. b. The more precedential the bond is, the lower the verifier rate. senior(a)(a) bonds get full payment in bankruptcy proceeding originally subordinated bonds consume any payment.A potential problem may arise in that the bond agreement may fetter the company from issuing any future bonds senior to the current bonds. c. A drop down fund will condense the verifier rate because it is a incomplete plight to bondholders. The problem with a drop down fund is that the company must make the meanwhile payments into a sinking fund or face default. This means the company must be able to move over these cash flows. d. A homework with a circumstantial call date and prices would increase the verifier rate. The call training would only be employ when it is to the companys advantage, thereof the bondholders disadvantage. The downside is the higher coupon rate.The company b