The Benefits Behind All Debt Financing Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3614 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? This report aims to provide professional suggestions for Riverside Electronics concerning the type of financing for the expansion project, the relative change of dividend policy as well as the implementation of the proposed takeover, with the purpose of improving its competitive position over the post-depression period. Project financing In the face of the new expansion project requiring an amount of  £500m as additional capital, the source of financing, and thus the target capital structure is of crucial importance to the management of the company. This report will evaluate different target capital structures with respect to their influence on the value and profitability of the firm. Don’t waste time! Our writers will create an original "The Benefits Behind All Debt Financing Finance Essay" essay for you Create order All-debt financing The benefit of debt Provided that required capital is raised by issuing debt, shareholders of the firm are capable of enjoying the deductibility of interest expenses from the companys tax base, resulting in the increase of the enterprise value. Specifically, the tax saving for Riverside Electronics will be  £18 million  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å"  ]  if all required capital is financed by debt. Applying the cost of debt to discount the value of the tax shield, the present value will be  £200m  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å"  ]  . Hence, tax savings increase shareholders wealth by  £200m. The value of equity will also be increased by 8.9% to  £2450m (200+2250). The enterprise value of Riverside Electronics will thus increase as well. Key profitability ratios With regard to the key profitability ratios in response to the change of capital structure if the firm were to raise all of the capital by issuing 5-year notes, ROE  [ÃÆ'à ‚ ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å" ¡]  and ROCE  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å" ¢]  have been calculated at the current period, before and after implementing the investment. Table 1 ROE ROCE Before 6% 6% After 5.51% 5.19% From table 1, it can be seen that both ROE and ROCE have declined after taking on the project, indicating lower profitability of the firm if all capital needed are financed by debt. The impact of capital structure on the value of the firm Having proved that burdening the firm with debt can add value to the company through tax shield, it is worthwhile to investigate the influence of a change in the debt to equity ratio on the weighted average cost of capital (WACC) of RE, while exploring whether there is a particular capital structure that maximises the enterprise value. In theory, maximising the enterprise value is identical to minimising the cost of capital (Modigliani and Miller, 1958). Table 2 Debt=0 Debt=100 Debt=20 0 Debt=300 Debt=400 Debt=500 Equity=500 Equity=400 Equity=300 Equity=200 Equity=100 Equity=0 VD 0 100 200 300 400 500 VE 2750 2690 2630 2570 2510 2450 VD+VE 2750 2790 2830 2870 2910 2950 WACC 12.1% 11.8% 11.5% 11.3% 11.1% 10.9% Table 2 reflects the effect of leverage on the WACC of the firm. The required rate of return for REs equity is 12.1%  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å"  ]  based on CAPM. It can be seen that the increase on the debt to equity ratio has led to a decrease in the cost of capital of the firm, together with an increase in the value of the firm. Therefore, the optimal capital structure of RE that maximises the value of the firm can be obtained by raising all the required capital by issuing debt. However, the conclusion drawn above is on the basis of one indispensable assumption. Theoretically, it is evident that adding debt to the composition of ca pital structure would help reduce the cost of financing since debt is always cheaper relative to equity. However, the use of leverage will also increase the risk for shareholders, resulting in higher required rate of equity. Consequently, the increase of the expected rate of return on equity will cancel out part, and eventually all of the positive impact in cost arising from the incorporation of debt, leading to the optimal level of financial leverage (Vernimmen, 2009, p.684). In practice, the WACC computed above is under the assumption that the cost of each component stays constant regardless of the level of leverage. Thus the expensive equity is continuously replaced by cheap debt along with the increase of the Debt/Equity ratio, leading to the optimal capital structure lying in the combination of debt and equity of  £500m and  £0m, respectively. Application of Modigliani and Millers Propositions with corporate taxes The first proposition of Modigliani and Miller with co rporate taxes implies that the value of a levered firm is always higher than an unlevered one. Table 3 presents the computation of the enterprise value of unlevered RE over the next five years after taking on the investment. Table 3 Year 1 Year 2 Year 3 Year 4 Year 5 EBIT 292.5 380.25 494.33 642.62 835.41 Corporate income tax at 40% 117 152.1 197.73 257.05 334.16 Depreciation and amrtization 195 253.5 329.55 428.42 556.94 Capital expenditure 0 0 0 0 0 Change in working capital 0 0 0 0 0 Free cash flow 370.5 481.65 626.15 813.99 1058.19 Present value of FCF 330.51 383.28 444.49 515.46 597.77 Sum of present value     2271.51 Present value of TV 5918.54  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å"  ] Value of the unlevered firm     8190.05 According to the MM Proposition I, after accounting for the corporate tax, the value of the levered company is the sum of the unlevered firm and the present value of tax shield, which can be expressed as VL= VU+TC*VD. It can be seen in table 4 that the enterprise value of RE does increase as taking on more debt in its capital structure. Table 4 Debt=100 Debt=200 Debt=300 Debt=400 Debt=500 Equity=400 Equity=300 Equity=200 Equity=100 Equity=0 Tax Shield 40 80 120 160 200 Value of levered firm 8230.05 8270.05 8310.05 8350.05 8390.05 The MMs Proposition II presents the computation of cost of equity after accounting for corporate tax. The formula is given by: In the case of RE, the cost of equity and coat of capital can be computed under different capital structure scenarios  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å"  ]  . As table 5 shows, the cost of equity of RE rises as the debt/equity ratio increases. This tendenc y can be justified by the fact that shareholders tend to demand a higher rate of return along with the increase in debt, since higher leverage implies higher risk for them. By contrast, WACC has been witnessed a downward trend when the proportion of debt in capital structure increases. Therefore, despite the growth in cost of equity, RE will be better off if taking on more debt in its capital structure. Table 5 Debt=0 Debt=100 Debt=200 Debt=300 Debt=400 Debt=500 Equity=500 Equity=400 Equity=300 Equity=200 Equity=100 Equity=0 Debt/Equity 0.0% 1.2% 2.5% 3.7% 5.0% 6.3% Value of equity 8190.05 8130.05 8070.05 8010.05 7950.05 7890.05 Value of debt 0 100 200 300 400 500 Value of the firm 8190.05 8290.05 8390.05 8490.05 8590.05 8690.05 Cost of equity 12.10% 12.12% 12.15% 12.17% 12.19% 12.22% Cost of debt 9% 9% 9% 9% 9% 9% WACC 12.10% 12.08% 12.07% 12.06% 12.04% 12.03% Dividend policy The dividend paid by a listed firm is closely related to the performance of its stock price. Hence, corporate managers tend to place much emphasis on the formulation and modification of the dividend policy. In this report, an evaluation of alternative dividend polices is incorporated so as to ensure the most appropriate one that best fits the status quo of the company can be identified. Residual dividend policy Residual dividends refer to the amount of dividends that can be paid out of earnings after all project capital needs are met. Concretely, table 6 presents the dividend per share that RE can afford to pay when the expansion project is advanced. Different target capital structures are considered in the analysis. Table 6 Debt=0 Debt=100 Debt=200 Debt=300 Debt=400 Debt=500 Equity=500 Equity=400 Equity=300 Equity=200 Equity=100 Equity=0 Retained earnings 135 135 135 135 100 0 Dividends can be paid 0 0 0 0 35 135 Dividend per share(DPS) 0 0 0 0 0.70 2.7 New stock issued 365 365 365 365 0 0 As shown in the table, when the value of debt ranges from  £0m to  £300m, no dividends can be paid since all earnings have to be retained to finance the project. In contrast, when the debt value rises to  £400m and  £500m, DPS increases to  £0.70 and  £2.7 per share, respectively. Why not stop the payment of dividends Apart from the residual dividend policy, stopping the payment of dividends so as to fulfil the capital needs of the project can be another sensible option for the company. For RE, stopping the payment of dividends with the purpose of financing part of the project internally seemingly corresponds to the interests of both managers and shareholders. Specifically, managers of the firm will favour internal financing since this may offer them greater freedom in action. They can avoid dealing with the capital market of complication to some extent. As to shareholders, given the fact that capital gains are taxed less heavily than dividends, they would rather receive returns in the form of capital gains as a result of profit investments instead of dividends (Vernimmen, 2009, p.775). Nevertheless, stopping the payment of dividends may impart potential danger to the firm. First and foremost, numerous empirical studies have shown that there is a significantly positive relationship between dividend changes and stock returns (Woolridge, 1983). It is foreseeable that the stock price of RE will drop dramatically once releasing the announcement of stopping the payment of dividends. Similarly, as Adam Giggs suggested, shareholders are expecting dividends from stocks. They are inclined to reward those more generous shares by willing to pay higher price (Baker and Wurgler, 2004). Paying no dividends goes against shareholders w ishes. Besides, it is widely accepted that the stability of the payout ratio should be given priority with regard to the dividend policy. Thus the extreme action-that is, no dividend is paid-will add uncertainty to the performance of REs stock price. Nevertheless, some other studies have proved that the effect of dividend change on stock price is merely temporary, so corporations can choose their policy in accordance with real needs (Black and Scholes, 1974). Therefore, the suggestion of stopping the payment of dividends should be considered more seriously and comprehensively. The hidden danger of no dividend may pose a threat to the development of the company. Residual dividend policy with stock buyback Johns suggestion of a residual dividend policy accompanied by a repurchase of stock is a proposition worthy of consideration. In an effort to maintain the current payout ratio, table 7 shows figures regarding the amount of dividends and repurchase in line with this divid end policy under different capital structure scenarios. Table 7 Debt=0 Debt=100 Debt=200 Debt=300 Debt=400 Debt=500 Equity=500 Equity=400 Equity=300 Equity=200 Equity=100 Equity=0 EBIT 225 225 225 225 225 225 Interest expenses (9%) 0 9 18 27 36 45 Taxes (40%) 90 86.4 82.8 79.2 75.6 72 Net income 135 129.6 124.2 118.8 113.4 108 Amount of dividends  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å"  ] 40.00 38.40 36.80 35.20 33.60 32.00 Amount of repurchase  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å"  ] 95.00 91.20 87.40 83.60 79.80 76.00 No. shares repurchase  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å" ¡] 2.11 2.03 1.94 1.86 1.77 1.69 No. shares outstanding  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å" ¢] 497.89 497.97 498.06 498.14 498.23 498.31 DPS 0.84 0.80 0.77 0.73 0.70 0.66 To illustrate, the pa yout ratio applied in the computation is a constant of 29.6%  [ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‹Å" £]  . The remainder out of net income after paying off dividends is utilized to buy back stocks at the prevailing market price ( £45). DPS are based on the number of shares left after excluding the quantity of shares bought back. From the table, we can see that higher value of debt in the capital structure will result in lower DPS, together with smaller amount of dividends and repurchase. Empirical studies show that repurchasing stocks from shareholders may add value by facilitating the transfer of cash from the business to investors in a more tax-efficient way (Grullon and Ikenberry, 2000). Concretely, if shares are bought back from shareholders by the company, the tax is treated as the capital gains tax, which is much cheaper than the dividends tax. This tax incentive of buying back shares corresponds to the interests of rich clients of the company, as proposed by John at the mee ting. Furthermore, repurchase of shares by the company generally leads to an increase in EPS whenever the reciprocal of P/E is greater than the after-tax rate of interest paid on incremental debt (Vernimmen, 2009, p.802). For RE, E/P is 0.06 (1/16.67), larger than the after-tax rate of interest paid, 0.054 (9 %*( 1-40%)).Thus as John suggested, buying back stocks would not be bad for the EPS of the firm. Additionally, the flexibility inherent in repurchase programmes can be another reason for managers to distribute excess capital by repurchase rather than dividends (Vernimmen, 2009, p.800). In summary, the suggestion of following a residual dividend policy together with a repurchase of stock is fairly sensible and can be considered as the ultimate dividend policy. Takeover proposal To confront the severe competition and increasing pressure from main shareholders, RE is advisable to implement an aggressive takeover so as to boost the value of the company. An analysis and evaluation regarding the relative prospects of the acquisition and the takeover candidate-Soluciones Economicas SA (SE) is presented in the following report. Whether acquisition is a wise choice Analysis of different attitudes towards the acquisition The proposal concerning the takeover towards Soluciones Economicas can hardly reach a consensus in the board of RE. Theoretically, the most convincing motive for companies to participate in MA is to implement synergy. In other words, higher efficiency and effectiveness can be obtained by the combination of two operating units through appropriate allocation of scare resources (Lubatkin, 1983). For RE, the acquisition is intended to realize better utilization of resources through the takeover of suitable targets. Besides, companies are able to take advantage of opportunities for diversification, such as exploiting new markets and managing risk for undiversified factors (Andrade, Mitchell and Stafford, 2001). However, opponents may also present reasons against RE taking over SE. The profitability of acquiring company after the takeover is rather questionable. According to the study of Bradly, Desai and Kim (1988), over half of the acquiring firms studied have negative returns over post-acquisition period. In addition, mergers contribute to the value of target companies while ending up being value decreasing transactions for acquiring firms (Malatesta, 1983). Last but not least, some people assert that the high possibility of failure in the implementation of acquisition is worth considering since approximately one out of two fail due to overestimation of the synergies and underestimation of the cost and time they require. In short, although the action of RE taking over SE may bring potential synergy and diversification, empirical studies regarding the post-takeover performance of the stock returns for acquiring companies put forward the possibility of negative impact from the takeover, leading to the ne ed of further consideration of the issue. relative P/E game The relative P/E magic can be another motivation for RE taking over SE. It refers to the phenomenon that an instant gain can be obtained if a company with a high P/E ratio acquires another one with rather low ratio. In our case, the target company-SE-does have a rather low P/E ratio at 7, and this can be attributed to the recent retirement of their CEO, which enables RE to have the possibility to enjoy the benefit from the undervaluation of SE. Table 8 Net income Stock price (GBP) P/E No. of shares EPS (GBP) Capitalization RE 135 45 16.67 50 2.7 2250.45 SE 26.91 3.77 7 50 0.72 188.37 New firm 161.91 47.18 16.67 57.14 2.83 2574.37 Note: 1. Exchange rate: 1 EUR= 0.897 GDP  2. Exchange ratio: RE/SE=7  Specifically, In the table 8, it can be seen that, after the takeover, if the new group is able to maintain a P/E ratio of 16.67, then the implied value of SEs earnings will become 448.58 million (16.67*26.91): an instant gain of 260.22million (448.58-188.37). The total capitalization obtained from earnings multiplying P/E ratio for the new firm is 2574.37 million, larger than the sum of the two separate firms prior to the takeover. The instant gain is achieved although no true wealth has been created. Besides, the new group has an EPS of 2.83, higher than both RE and SE before the takeover. Therefore, as the board members suggested, acquiring SE enables RE to boast its EPS while enjoy the benefits generated from the relative P/E magic. Offer price evaluation It is essential to evaluate the maximum offer price that RE would be justified in making for SE in this report. The valuation of the target company-Soluciones Economicas SA based on the free cash flow method is presented in the table 9 below. Exchange rate has been considered throughout the calculations. Table 9 Year 1 Year 2 Year 3 Year 4 Year 5  Free cash flow 55.37 70.37 85.37 100.37 115.37  Present value of FCF 49.39 56 60.6 63.56 65.17  Sum of present value      294.72 Present value of TV  645.27 Value of the firm      939.99 After excluding the long-term debt from the enterprise value, the total equity has an amount of  £670.89m (939.99-300*0.897). Hence, the maximum offer price should be  £13.42(670.89/50) per share. The payment mechanism of acquisition The payment mechanism of acquisition is of crucial importance to both companies involved since cash takeovers are sufficiently different from non-cash deals (Carleton, Guilkey and Harris, 1983). This report will analysis the pros and cons of all-share deals and cash payment in order to give a proper recommendation regarding the payment mechanism of the underlying acquisition. Specifically, an all-share transaction creates a new group with financial means which incline to be the sum of that of the two constituent firms. Thus from the point of view of RE, its financial power will be increased by a share exchange compared with a cash acquisition (Vernimmen, 2009, p.902). Furthermore, In terms of acquisition risk, shareholders of RE alone a ssume business risks in a cash acquisition, while the risks are shared among shareholders of both RE and SE in an all-share transaction (Vernimmen, 2009, p.903). More importantly, cash takeovers are taxable whereas security exchanges should be treated as tax free transactions because no cash outflow involved in an all-share deal. Shareholders of SE may defer capital gains tax until new securities are sold (Wansley, Lane, and Yang, 1983). Apart from that, the advantage of paying in shares can also be reflected in the management of the company. In detail, managers in the hope of changing the ownership structure of the firm in order to dilute unwelcome shareholders stakes can achieve this end by means of acquisition with stock exchange. Paying in shares also enables the firm to avoid financing and merger with large companies (Vernimmen, 2009, p.903). In spite of these advantages that all-share deals process, criticism still exists by arguing that shares are funny money paid in ac quisitions. But this may depend on the liquidity of shares and the ability of the merged firm to utilize anticipated synergies while creating value (Vernimmen, 2009, p.903). Interestingly, given all those benefits from shares exchange in takeovers, Carleton, Guilkey and Harris (1983) indicate that there is an upward trend in consummating acquisitions by cash in practice. Moreover, empirical studies show that bidding firms suffer substantial losses in pure security exchange takeovers. By contrast, they experience normal returns in cash offers (Travlos, 1987). Additionally, a cash offer has a more favourable announcement impact on the stock price of acquiring firm than an all-equity bid (Franks, Harris and Titman, 1991).Wansley, Lane, and Yang (1983) explain the phenomenon of favouring cash deal using signalling effect, indicating that takeovers financed by exchange of common stocks convey negative information that the acquiring firm is overvalued. In conclusion, despite all the po tential advantages that all-share transactions may process, it is recommended by this report that RE taking over SE by cash for conservative purpose. The impact of takeover on the share price of RE The share price of Riverside Electronics would possibly be affected in response to the decision of bidding for Soluciones Economics. In general, empirical studies tend to believe that either zero or even negative performance to acquirers would be the consequence of takeover activities over the announcement period (Franks, Harris and Titman, 1991). For instance, an well-known study conducted by Roll (1986) indicates that we cannot reject a null hypothesis of zero abnormal returns for acquiring firms (Agrawal and Jaffe, 1999). In addition, Jensen and Ruback (1983) summarize seven studies reporting negative average abnormal returns of acquirers during the 12 months after the takeover. With regard to postmerger performance, significantly negative abnormal returns for acquiring firms are also found by Franks, Harris, and Mayer (1988), consistent with the finding of Limmack (1991). Even though the unfavourable performance of acquiring firms after the takeover documented in the literatures is questioned by some critics, who are inclined to attribute the zero or negative abnormal returns to benchmark error (Franks, Harris and Titman, 1991) or methodology employed (Kothari and Warner, 1997), it is sensible to infer that the share price of RE may experience downward trend, or at least stay constant, after the implementation of bidding for SE. Diversification benefit brought about by the takeover It is apparent that takeover is capable of affording diversification benefits to both acquiring and acquired companies. As mentioned by Andrade, Mitchell and Stafford (2001), acquisitions enable firms to take advantage of diversification in many aspects. In the case of RE taking over SE, a regional diversification can be achieved because SE, as a Spanish company, has already established a mature market in Southern Europe whereas RE mainly operates in Northern Europe and North America. Moreover, the well diversified customer bases that SE processes can also add diversification to the new group over postacquisition period. In addition, considering the fact that PR is involved in a totally different industrial sector, substantial diversification benefits are also present in the acquisition. Therefore, diversification benefits are fairly evident in the takeover between RE and SE. Conclusion All in all, this report has conducted a comprehensive analysis regarding the Riverside Electronics in the face of two alternative expansion opportunities. In accordance with the analysis above, Riverside Electronics is advisable to take on the expansion project so as to achieve development internally, since the aggressive takeover exerts too much risk to the firm in terms of share price and failure potential. As for the type of financing, despite the decline of profitability ratios, it is sensible for RE to raise all the needed funds by issuing 5-year notes since previous analysis has concluded that the firm with a debt value of  £500m has the highest enterprise value. With regard to the capital structure, the expansion project requiring an amount of  £500m would add leverage to the capital structure. The company can enjoy the benefit of debt through tax shield, leading to the increase of enterprise value. As to the takeover, the impact on the capital structure depends on the payment mechanism. An all-share deal would change the composition of the equity capital whereas cash payment may include debt into the capital structure if the required funds are raised by debt. Furthermore, the dividend policy will also be affected by the two alternative growth opportunities. Since both projects require additional capital, earnings can be retained to fulfil the needs of funds rather than distributing as dividends. However, an alysis above has indicated that a dividend change will impart substantial influence on the share price of the firm. Thus the best dividend policy in response to the expansion opportunities will be the residual dividend policy accompanied by a repurchase of stock, which maintains the payout ratio of the firm while enjoying the benefit of shares buyback.

The Fight For Women s Rights - 1572 Words

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Operations Review on Supply Chain Management, Logistics, and Inventory Free Essays

Operations Review on Waste Reduction, Cost Reduction and Process This memo will discuss the efficient ways that Supply Chain Management, Inventory, and Logistics have been successfully implemented in the Intermountain Healthcare Supply Chain Center. Peggy Lee, Card Program Manager at IHC led the tour in the Supply Chain Center. The goal of IHC distribution center is reduce waste, cost and centralized the high volume supplies in one location and distribute across all their facilities. We will write a custom essay sample on Operations Review on Supply Chain Management, Logistics, and Inventory or any similar topic only for you Order Now This gives Intermountain better control of their inventories and negotiation advantages. Using these methods has had a great impact in waste reduction, quality and cost savings. Supply Chain infrastructure is an important process at Intermountain Healthcare (IHC). They have learned that building strong relationships with their suppliers is critical and can help eliminate costs as well as allow them to share their savings. How IHC has achieved this, is by supplier involvement. IHC provides a mockup room specifically designed for their suppliers to show off new products and equipment allowing doctors and clinicians to test the equipment at a no cost to the supplier. Suppliers then receive immediate feedback on their products and the hospital can test products before purchase. This is a valuable approach for IHC to see results, make improvements, and negotiate effective distribution for both the supplier and the hospitals. This is gain for both parties, and in particular to Intermountain since supplies are one of the highest expenses they incur. The distribution facility was built with the purpose to manage inventories more efficiently. This facility only holds 6,000 items out of 81,000 products that can be ordered. Only those items that are housed in this facility are the high volume items, with a fill rate of 98% and accuracy of 99%. IHC has a great control on their inventories by assuring that cost of obsolescence, deterioration, and loss are managed properly. The warehouse is equipped with big fans that move the air around the facility reducing temperature fluctuations allows less than a 4Â ° deference from top to bottom in the warehouse. This prolongs the longevity of the products they house by reducing deterioration. Also, all the shelves are set up on a slope allowing older inventory to shift to the front. This is also known as the FIFO method, which ensures the older products are not aging on the shelves. Another method they use is barcoding. Barcoding is not a new invention, but IHC has taken advantage of this technology in the way they fill their internal orders by implementing some of their own inventory system, VoicePic. VoicePic is a voice activated inventory process where barcodes are placed on the container that will carry the order from one place to another around their facility. As the container moves along the conveyor belt, the person with that order hears the amount of items to be picked up in the current position and repeats the number via his voice. Another quality check used for their inventory system is that once the level is placed in the container the system knows the weight that is to be at the end of the order. This provides a quality control measure. If the weight is correct then process continues. If the weight is off, the order gets rejected. This lets the operator know that there is an item that does not belong. By combining these two systems in their inventory, IHC has increased their accuracy in their orders by 60%. Logistics is another important part of IHC’s business processes they are trying to refine. The facility was strategically placed in a centralized location to allow moving supplies to all of their facilities since 80% are within a 50-mile radius. They also use their own fleet to distribute their merchandise among the hospitals and clinics, with the exception of the southern part of the state of Utah. The reason for this is they rather use a vendor for this location since the vendor is able to return with a full trailer. This would not be the case for IHC. Another important point in the way their logistics is setup is how they receive and pick up shipments. These activities have a time set when they can be performed. They have divided morning to receive delivery from 4am to 12pm; all deliveries are done on a schedule, as well as pickups, pick up activities begin at 12pm. This is to increase efficiency of the location and the use of resources, thus reducing the chance of error and process flows. In addition, order placement is another key process. All IHC facilities must have their entire orders placed by 11:00 am every day to ensure order fulfillment. One other advantage at the supply chain facility is that it is built to allow shipments to be cross-docking. So, instead of products being housed they are immediately moved to another truck to deliver to the final destination. Logistics processes in this facility are designed to make resources more efficient and allow them to eliminate costs. IHC has increased their success by implementing new strategies on supply chain management, logistics and inventory. They have been able to cut costs and increase efficiencies in inventory on internal orders. Along with inventory, IHC has an added savings by testing for effectiveness of new products when negotiating with suppliers in the mock up room. By having this kind of interaction with supplies, ensures that the products will meet their needs and will contribute to their efficiency. They have also modified their logistics by reducing the number of trips needed to facilities by consolidating all the orders, to transport all necessary supplies in one trip. These are some of the many operational activities implemented in this facility. IHC has identified areas for improvement and made the necessary changes. With all the new improvements within their supply chain center, the facility will pay itself off in 8 years. How to cite Operations Review on Supply Chain Management, Logistics, and Inventory, Essays

On Jim In The Adventures Of Huckleberry Finn Essay Example For Students

On Jim In The Adventures Of Huckleberry Finn Essay Essay on Jim in The Adventures of Huckleberry FinnJim runs away for his family, so his kids might have a brighter futurenot for himself but for his family. While not even liking Tom, Jim risks thedream he had for his family by helping save Toms life. Jim also shows love andgoodwill as kind of representing a father figure to Huck. Jim has not beengiven all the freedom of the white man but he will unselfishly give to all withno prejudice. Jim represents love and symbolizes true goodwill to all. Jim is symbolic with love in the whole story. While Huck and Jim aretraveling down river Jim tells Huck why he is running away. It is not all forhis own freedom it is more for his wife and his children. In this one instanceJim is risking his life to possibly find a better way for someone he loves. Anact such as this is an unselfish act that could possibly be rewarded with death. Most characters wouldnt give unselfishly such as this. This is truly acharater that is trying to do good and make the best of a bad situation, not forhimself but for others. Huckleberry Finn and Tom Sawyer were planning to free Niger Jim. He wasowned by Tom Sawyers aunt and uncle. Before Tom arrived to his uncles farmHuck was already there and he stopped Tom before the Phelpses saw him. Tom hiduntil that night when they planned to break Jim out. But being the one forexcitement that Tom was he derived a plan that would for sure get them caught. He left a note on the Phelpss porch that something was going to happen. AsHuck and Tom freed Jim Mr. Phelps fired a shot and it hit Tom but Huck and Jimdidnt realize it until they got to the boat and floated to the island. On theisland, they decided to leave to leave Tom while Huck went to get a doctor andJim got away. But when the doctor arrived Jim was watching Tom. Jim sacrificedhis freedom to help someone who he really didnt like. Jim symbolizes lovethroughout the story, not just in this one instance.

Democratic Governments Role in the Global Economy

Introduction Recently there has been an ongoing debate about the role of democratically elected governments in the global economy. There are some who are of the opinion that the government and not the international finance should be the ultimate source of discipline for national economies. While others argue that democracy itself is the problem when it comes to the global economy.Advertising We will write a custom essay sample on Democratic Governments Role in the Global Economy specifically for you for only $16.05 $11/page Learn More Democratic government in the global economy Democracy is one of the most effective forms of government in today’s increasing integrated World. As it allows governments to be accounted to the electorate who brought them into power and not the global financial institutions. While the international finance players advocate for free market economy system without considering the effects that it would have in the local eco nomy. Democratic governments have come up with fiscal policies aimed at insulating the local market against risks brought about by the free market especially those that originate externally. This has enabled these countries to have a good welfare state, as evidenced by countries such as the Netherlands and Denmark who have an open market system but still manage to keep the risks as low as possible (Rodrik 316). As globalization has allowed workers to be easily substituted across national boundaries. Democracy has permitted governments to come up with minimum working conditions in order to safeguard the domestic workers from exploitation, as their main priority is the electorate. Democratic form of government has allowed countries to develop their own form of capitalism nationally. This has allowed countries to come up with their own style of corporate governance, mode of organizing the labor markets and ways of administering safety nets. This has ensured that the system does not suf fer from the backlash of globalization (Rodrik 310). Problems Posed by a democratic government in the global economy Though, the democratic form of government is one of the effective ways of dealing with globalization, there are various problems it poses in dealing with the global economy. Milton (90) argues that, while fiscal policies by governments are viewed by many as ways of helping the economy grow, they in fact make the economy to be smaller and less stable. This is because as governments increase their expenditure it results in the GDP rising by the same margin. In addition, when governments institute trade barriers, they prevent the local market from competing effectively in the global market thus resulting in the imbalance of trade with other countries.Advertising Looking for essay on government? Let's see if we can help you! Get your first paper with 15% OFF Learn More Also Sachs (30) argues in his book that, while many democratic governments applied blanket trade barriers in the hope of protecting the local market, they ended up hurting it. Since the results of the barriers became more detrimental than those that would have been caused by a free market. Also through protectionism, governments have limited the local market from accessing a variety of commodities in the global economy. This has denied the electorate freedom of choice, which they promised to protect. Solutions to problems caused by the government While there are many problems which democratic governments pose to the global economic system, they can take the following steps to solve these problems. First they need to understand the trade agreements keenly in order to avoid applying blanket barriers to trade, thus avoiding the negative effects caused by them (Sachs 30). Also the governments need to monitor their fiscal policies so as to ensure that they grow the economy rather than destroying it (Milton 90). Governments need to come up with effective measures to globalizat ion to protect the electorate as well as reap the benefits that come with it. Works Cited Milton, Friedman. Capitalism and Freedom. 40th anniversary ed. Chicago, IL: University of Chicago Press, 2002. 85-107. Print. Rodrik, Dani. Has Globalization Gone Too Far?. New York: Institute for International Economics, 1997. 316. Print. Rodrik. Dani. The New Global Economy and Developing Countries: Making Openness Work†. New York: Overseas Development Council, 1999. 310. Print. Sachs, Jeffrey. The end of poverty: Economic possibilities for our time (introduction). New York: Penguin Press, 2005. 30. PrintAdvertising We will write a custom essay sample on Democratic Governments Role in the Global Economy specifically for you for only $16.05 $11/page Learn More This essay on Democratic Governments Role in the Global Economy was written and submitted by user Rumiko Fujikawa to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Drifting Essays

Drifting Essays Drifting Essay Drifting Essay Jaffar Alsayegh WRIT 101, Section 37 Bill Wilke Paper No 1, First Draft February 1, 2013 Drifting In relation to the study of cultural and ethnic studies, subculture refers to a societal group with a unique set of shared values, beliefs, attitudes customs and even language. These common factors are purposed to unify the group which is then regarded one entity. Other factors that can form the basis of a subculture include social determinants such as ethnic background, race, race, religion, occupation or even a commonly activity. However, the term is mostly used to refer to deviant groups. One form of subculture is drifting. Drifting is a kind of motor sport where the drivers swerve their cars through over-steering such that their wheels slide from side to side as they drive at a high speed. Some people refer to it as stunt driving. With emphasis on Saudi Arabia, the following research paper discusses four main aspects of this sport, places used for drifting, models of cars used, people who practice drifting and the effects of the sport. Saudi Arabia is known as one of the countries where drifting is widely practiced. Regarded as a dangerous sport, nowhere has it been abused than in Saudi Arabia where it is a cult culture. In other countries such as the United States, drifting is classified as a sport, not merely a pastime done by reckless youths. For this reason, there are special places designated for this sport. In Saudi Arabia, the sport is mostly practiced by youth as a hobby, an act considered trendy. Much of it is done in public places such as deserted roads, deserts and beaches. The drivers pay scant attention to whether the roads they are using have other vehicles or pedestrians in sight. The lack of designed places for motor sport drifting has negative effects on the safety. As mentioned, there are countries where racetracks are put in place to accommodate this sporting activity. There are therefore strict rules governing the practicing of this sport and not anyone can indulge in it. Some of the rules governing this sport include the use of specific models of cars and an age restriction. It is mostly done by persons from eighteen years and above. In such places, people are not allowed to bring their own cars and if so, they have to adhere to other conditions. For instance, I visited a place in the United States set aside for drifting and inquired from the officer in charge whether I was allowed to go with my car and use it to drift. He responded in the affirmative but added that I would first have to follow some conditions. Some of the conditions I was given included the fact that I had to use only a sports car, which had to undergo mechanical tests to prove it, was fit for drifting. My skills were also to be put to the test. I had to provide my driver’s license and affirm that I was above eighteen years (Demachki). I think that all these conditions are put in place in order to guarantee safety when drifting and avoid possible accidents. This is the second feature of drifting in Saudi Arabia. The origin of drifting indicates that it started in Japan, and the first models of cars used were sports cars. This has remained so over the years though other people minimally use different car models. For instance, Saudi youths use old models of cars such as Cressida Grande, hummers, SUVs, Ford and Mazda. These cars are fitted with special kinds of tyres, with people always available to change the tyres when need be, for example, when they are burnt. Some of these vehicles are expensive and not necessarily owned by their youthful drivers. Of course, none of this matters to the young men whose only desire is to indulge in this reckless sport. Saudi Arabia has no clear distinction on who is allowed to practice drifting. There are people who are termed as professionals in drifting; however, no known schools or institutions that can evaluate their skills. Such persons learn the skill on their own through practice, much of which is done on the streets of Saudi Arabia. This is largely because there are no places where training of this sport can be carried out anywhere in this country. It is not clear why the Saudi government does not recognize drifting as a sport and assign places where it could be practiced. This is despite the fact that there are known people who have participated in drifting tournaments, in neighboring countries such as united Arab emirates, kingdom of Bahrain, Kuwait, Oman and Qatar. Even with the challenges, they are facing in their home country these people managed to win the tournaments and bring glory upon their country. Additionally, all the competitions they took part in were at the level of Gulf States and the larger Middle East. In my interviews with some of the people that practice drifting, I encountered Mohammed Al-Hariri who is a professional at the sport. He said he had been practicing the sport since he was seventeen years, with his skills improving especially after taking part in the Gulf States contest, in the United Arab Emirates. As a team, they had asked the Saudi government to allow them to drift legally in the country and adopt it as a national sport, but they did not receive any interested response from the relevant authorities (Al-Hariri). As mentioned above, the Saudi people do not care about the places in which they practice drifting; they do it anywhere, even inside neighborhoods. In fact, most of the people in Saudi Arabia are totally against drifting because of danger, noise, and smoking of the tires. Furthermore, many families have lost their sons because of drifting. Personally, I do not have any interest towards drifting. In short, I have never practiced drifting, and I do not like to watch it, as most people who like to line up along roadsides to experience the thrill of the sport. One day I had gone with my friends to watch drifting in my town because I was curious to know the reason behind people’s strong fanatism of drifting. I also needed to establish why I had revulsion towards it. At that time, I was almost drawn to it while watching because I thought the show was amazing and I loved how the professional drivers managed to move the car easily. However, this was short-lived as I developed hatred for the sport, more than what existed before. This was immediately after I lost my closest friend to drifting. On that fateful day, he was watching one of the shows, when suddenly one of the drivers lost his control of the car and veered off the road. One of the casualties of the fatal accident was my friend, who succumbed to his injuries. Seventy-eight percent of the deaths in Saudi Arabia affect the youth who die because of reckless driving and through drifting. Unbelievably this number of deaths is much higher than those caused by war and terrorist attacks. According to a documented video, statistics reveal that in 2009, 4,644 people died in Iraq because of terrorist attacks while 6,485 died from car accidents in Saudi Arabia (Street terrorism). Mathematically, in one year, calculations indicate that eighteen persons died each day with one dying every eighty minutes. All these are victims of car accidents for which drifting accounts for seventy percent. My personal belief is that these figures are going to rise over the next few years especially because of the government’s unwillingness to recognize drifting as a legal sport and create distinct areas where the sport will be practiced. According to the Saudi organization of accidents, they received 265 casualty cases arising from accidents in one day from one city on Eid al Fitr the year 2012 (Alsayegh). Conclusively, I am of the opinion that everyone has a hobby they pursue. Most of these hobbies provide fun and entertainment, but some can be dangerous such as drifting. In order to prevent calamities resulting from this sport, the Saudi government should come up with stringent measures that ensure safety of its citizens especially the youth. Having designated areas for practicing it can be a start and restricting unsupervised drifting. I recommend that people eager to engage in this dangerous sport should always exercise caution, more so by avoiding public places References â€Å"Street Terrorism.† You Tube. You Tube, 15 May 2010. Web. 24 January. 2013. Demachki, Sam. Personal interview. 23 December, 2012. Alanaki, Mansoor. Personal interview. 25 January, 2013. Al-Hariri, Mohammed. Personal interview. 28 January, 2013. Alsayegh, Salman. Personal interview. 29 January, 2013.

Strategic Choice and Evaluation - Apple Essay Example | Topics and Well Written Essays - 1250 words

Strategic Choice and Evaluation - Apple - Essay Example These strategies are adopted by the firm to achieve better performance help the firm to deliver a better than average performance. Cost leadership A business firm following cost leadership strategy aims at beating its competitors by producing at the lowest cost in the entire industry. The producer can now produce at a large scale and at a very low cost, thereby, enjoying huge economies of scale. The producer exploits the economies of scale which allows the company to maintain competitive pricing (Richardson & Dennis, 2003). Differentiation Under differentiation strategy the company focuses on the products that it offers for sale. It aims at making the products unique by identifying specific product dimensions, which are found to be most valued by its customers. The company develops its marketing strategies in such a manner that it would be able to satisfy the demand of its customers to the most desired level and therefore receive premium price due to the uniqueness of these products (Thompson & Martin, 2010). Focus Focus strategy is followed by a firm when selects one or multiple segments within the single in industry in which it operates (Dinitzen, 2010). The company aims at optimizing its product and marketing strategies to cater to these segments in the most efficient way, such that, it might gain competitive advantage over all other firms that competes with the particular firm. Focus strategy can be applied by the firm by following either of the following strategies; creation of cost advantage within a targeted segment (cost focus) or development of a differentiation strategy within a targeted segment (differentiation). ... follows the differentiation strategy in order to achieve competitive advantage over its competitors in the technology service industry. Differentiation makes its products (or services) unique. By following this strategy, Apple can make its products different from the products or service offerings of its competitors and makes the products of this company highly appealing to its customer base. However, the fact that the company has become one of the most successful companies in the world and that the customer preference for this company is significantly high compared to the rest of the companies in this market, is established by a number of internal and external factors. Performance of the company with regard to these factors has led it to the current level of success. These factors are environment of the industry, customer service, market segmentation and nature of products or services offered to the target market and its global presence. The company’s innovativeness makes its products as well as technology services shine among the crowd of modern technology industry. There are certain negative sides or risks of following the differentiation strategy. Companies that pursue differentiation strategy can command a price that is higher than the prices of similar products offered in the market by other firms. The differentiation factor allows the firm to command this premium price. It eventually increases per unit sales for the company and also improves loyalty of the buyer. Differentiation is the right strategy to follow only when the target market segment has customers with specific needs, but, are not adequately served. Also, the differentiation strategy focuses on bringing premium price for the firm. This implies that the strategy would be

Understanding of Art Research Paper Example | Topics and Well Written Essays - 750 words

Understanding of Art - Research Paper Example As she reaches her conclusion, the author reaches out to the audience and her fellow scholars to respect many of the forms of expression that exist. It does not necessarily mean that whatever people do when they need to express themselves is to be termed as art. Also, this does not signify that it is obligated to fit into the contemporary form of West-European art. This is the problem that faces many individuals around the world. If a method of expression is not accepted among the common, expected, and well-known type, it is not hard to hear the term ‘primitive art’ being thrown in the mix. The author’s choice of words can assist the audience know that she is an anthropologist. As a professor at the University of California, she has experience in the manner and the way of life of humans. Their interactions in everyday life are monitored by anthropologists. This is to try and understand why they behave around each other, in the manner in which they do. Human experi ence can also be relayed through anthropology. This explains her interest in the topic of describing everything that has human contact as art. Once the audience determines this, they might try to explain the connection between the different forms of emotions that manages to assist individuals express themselves differently. The author’s audience is formed mostly by anthropology students and scholars in the same field. Individuals who need an insight into the manner in which individuals relate to each other is vital in today’s world. ... The author’s choice of words can assist the audience know that she is an anthropologist. As a professor at the University of California, she has experience in the manner and the way of life of humans. Their interactions in everyday life are monitored by anthropologists. This is to try and understand why they behave around each other, in the manner in which they do. Human experience can also be relayed through anthropology. This explains her interest in the topic of describing everything that has human contact as art (Dean 27). Once the audience determines this, they might try to explain the connection between the different forms of emotions that manages to assist individuals express themselves differently. The author’s audience is formed mostly by anthropology students and scholars in the same field. Individuals who need an insight into the manner in which individuals relate to each other is vital in today’s world. This may give them an avenue to find out why som e of the things that people do, do not mean they are focusing on another thing. The term art has been used to describe products of different cultures. However, to them, it was just a way of expressing how they felt, and does not necessarily fall under the art category. By claiming anything that has had human contact, for example, being touched, produced, or moved as simply art, is not doing justice to all that was put into the original purpose of the object (Dean 29). The author’s sources range from interviews to Art journals. All these present the author with a channel to inform anyone that may be interested in different cultural backgrounds. The cultures present have developed different understanding of

Case Study Plaskor Inc.Accounting Information Systems Internal

Plaskor Inc.Accounting Information Systems Internal Controls and Risks in IT Systems - Case Study Example Thus, Plaskor Inc. has underscored implementation of this strategy in carrying out manufacturing of automotive parts since it needs to trade with other partners. a) This section of the paper seeks to describe the extra IT system risks that Plaskor should consider as it evaluates whether to buy or develop an Internet EDI system. According to Segev, Porrar, and Roldan (n.d.), the main risk that can be faced by Plaskor is related to the aspect of security. Whether to buy or develop the system, there are certain risks that are likely to be faced. For instance, the system can be intruded by hackers who are bent on stealing business information belonging to other organizations. The security risk is more threatening to the viability of business since this can impact its operations. The system is also likely to be infiltrated by spyware which can affect the operations of the company. The company can lose vital information as a result of spyware that can be picked from the Internet. Therefore, there is a need to build strong firewalls in order to protect data from being stolen by other unscrupulous people. Plaskor can choose to develop the EDI system, which implies that it should also develop translators which can code the data so that it can be exchanged smoothly between two different companies. However, the risk likely to be encountered is that the translators may not be compatible with transmission and security systems and back end systems that ultimately process EDI instructions (Segev, Porrar, & Roldan, n.d.). This may affect the seamless flow of information, hence the need to put concerted efforts in order to ensure that the translators are compatible with the internal systems of the company. Failure to do so may impact the smooth flow of information between linked computers. b) This section of the paper seeks to describe IT internal controls that should be incorporated into an Internet EDI system. Systematic scheduling has to be put in

Human Rights and Education

Human Rights and Education 1. INTRODUCTION: The right to education is a fundamental human right. Every individual, irrespective of race, nationality, gender, ethnic , religion or political preference, age or disability, is entitled to a free elementary education. Everyone has the right to education. Education shall be free, at least in the elementary and fundamental stages. Elementary education shall be compulsory. Technical and professional education shall be made generally available and higher education shall be equally accessible to all on the basis of merit.  [1]. Education is a preparation for life it need everyone. Thus, education with human rights is closely related to the right to education. International and regional human rights mentioned in various documents such as resolutions, declaration and conventions emphasize that the knowledge of human rights and should be a priority in education policies. The right to education is one of the most fundamental right but also human rights. Education shall be directed to the full debelopment of the human personality and to the strengtheninng of respect for human rights and fundamental freedoms. It shall promoting understanding, tollerance and friendship among all nations, religious or racial groups, and shall further the activities of the united nations for the mainmaintenance of peace. [ Art 26(2), UDHR: Art 13(1), ICESCR; Art 7, CERD; Art 29(1), CRC; Art 25, ACHPR; Art 13(2), ESCR; protocole to ACHR]  [2]   The right to education is recognized as a human right and is understood to establish an entitlement to free, compulsory primary education for all children, and its obligation to develop secondary education accessible to all children, as well as equitable access to higer education, and a responsibility to provide basic education for individuals who have not completed primary education. In addition to these access to education provisions the right to education encompasses also the obligation to eliminate discrimination at every levels of the educational system, to set minimum standards and to improve quality of education. 2. FULFILLMENT THE RIGHT TO EDUCATION The right to education has a special value as its enables people to increase their chances and knowledge to having their others right fullfilled. Every persons shall be able to benefit from educational opportunities desired to meet their basic learning needs. 2.1 AVAILABILITY Education should be free to all, minimum the primary education and fundamental level. Every government should build enough schools to guarantee that everybody should be educated. They should be provide all the books and materials for free. The primary education should be compulsory and higher education should be available. 2.2 ACCESSIBILITY Every educational institute should be accessible for everybody. Nobody can be discriminated on basis of race, sex, color, religion, immigration status, economic status, language and also ethnic. The school should be safe to attend and should be reasonable distance from the community. Education should be affordable to all, with textbooks, supplies and uniforms provided to students at no extra costs. Higher education shall be made equally accessible for all, on the basis of capacity, by every appropriate means, in particular by the progressive introduction of free education. 2.3 ACCEPTABILITY The learning method of schools should be acceptable to the parent for their children and they should fulfill national norms that are set by the government also should be provide the quality educations. 2.4 ADAPTABILITY Adaptability means education has to be flexible and easy. It promotes equitable outcomes for all learners and it can respond to the diverse needs of students. The educations shoul be adaptable and the educational process should be easy to all, and this educational program should be adjustable to all the people. Implementation International law does not protect the right to pre-primary education and international documents generally omit references to education at this level.[19] The Universal Declaration of Human Rights states that everybody has the right to education, hence the right accures to all individuals, although children are understood as the main beneficiaries.[20] The rights to education are separated into three levels: Primary (Elemental or Fundamental) Education. This shall be compulsory and free for any child regardless of their nationality, gender, place of birth, or any other discrimination. Upon ratifying the International Covenant on Economic, Social and Cultural Rights States must provide free primary education within two years. Secondary (or Elementary, Technical and Professional in the UDHR) Education must be generally available and accessible. Higher Education (at the University Level) should be provided according to capacity. That is, anyone who meets the necessary education standards should be able to go to university. Both secondary and higher education shall be made accessible by every appropriate means, and in particular by the progressive introduction of free education.[21] The only country that has declared reservations about introducing free secondary or higher education is Japan.[22] 3. HUMAN RIGHTS AND EDUCATION Every child, youth, man and women has the human right to educations, training and information and also fundamental rights dependent upon realization of human rights prospective to human rights educations. The States Parties recognize the right of everyone to education. Education shall enable all persons to participate effectively in a free society, promote understanding, tolerance and friendship among racial, ethnic or religious groups. Primary education shall be compulsory and available free to all Secondary education including technical and vocational secondary education, shall be made generally available and accessible to all. Higher education shall be made equally accessible to all.  [3]   Every government have to force to childrens parent to send their child to school, at least primary education. Education should be free for all and every government are bound to provide this. The state are encourage to our society for human rights educations. 4. DEVELOPMENT OF THE RIGHT TO EDUCATION Today education is the most important human rights, we need to develop this right and also we have to thik about the education trainer or teacher for quality educations. We have to proper implimentation on human right convention, for serve the right to education. Today educations is the one of the most important function of the state. States Parties agree that the education of the child shall be directed to: (a) The development of the childs personality, talents and mental and physical abilities to their fullest potential; (b) The development of respect for human rights and fundamental freedoms, and for the principles enshrined in the Charter of the United Nations; (c) The development of respect for the childs parents, his or her own cultural identity, language and values, for the national values of the country in which the child is living, the country from which he or she may originate, and for civilizations different from his or her own; (d) The preparation of the child for responsible life in a free society, in the spirit of understanding, peace, tolerance, equality of sexes, and friendship among all peoples, ethnic, national and religious groups and persons of indigenous origin; (e) The development of respect for the natural environment.  [4]   5. CONCLUSION Education is the deepest foundation of the modern human right, and education for all and as a human rights education. Today the main vision is education for all an equal right for all to an education directed at personal desire and self development for our society and country also we need to make sure life long education for all, and for the every different society. Every state are bound to provide minimum primary education. This primary education had a relatively clear interpretation in most state from the time has been the universal declaration of human rights was proclaimed. The international declarations, resoulations and conventions are emphasize that the knowledge of human rights should be a priority in educationa policies.

Evolution of the Modern Woman in Virginia Woolfs To the Lighthouse Ess

Evolution of the Modern Woman in Virginia Woolf's To the Lighthouse Virginia Woolf's To the Lighthouse examines the role of women or more specifically, the evolution of the modern woman. The two main female characters in the novel, Mrs Ramsay and Lily Briscoe, both represent different views on life and follow different paths on their search for meaning. Lily Briscoe transcends the traditional female gender roles embodied by Mrs Ramsay; by coming into her own as an independent and modern woman, she symbolises the advent of modernism and rejection of traditional Victorian values. The traditional female gender roles of passivity and submission are first reinforced by Mrs Ramsay's attitude and behaviour towards her husband and the guests at her house. Mrs Ramsay is not a helpless woman but she is not independent in the way that Lily Briscoe is. While she is perfectly capable of being the boss of trivial and "womanly" things such as dinner, the higher level decisions are always made by her husband. For example, in the beginning of the novel, Mrs Ramsay tells her son, James, that, weather permitting, they would go to the lighthouse the next day. Mr Ramsay insists that, "it won't be fine" (9). They do not go to the lighthouse. Mrs Ramsay submits to her husband's decision. Mrs Ramsay has the ability to "arrange people", both literally at the dinner table, and figuratively, as she plays match maker with her guests. However, her actions are either domestic and/or maternal. But what have I done with my life? thought Mrs Ramsay, taking her place at the head of the table . . . 'William, sit by me,' she said. 'Lily,' she said, wearily, 'over there.' . . . she [had] only this - an infinitely long table and plates and knives. At ... ...it is irrelevant because she is dead. By Lily's completion of her painting of Mrs Ramsay and the arrival at the lighthouse, Mrs Ramsay can also be "ended", in a sense. James, having forgiven his father, no longer has to Freudianly prefer his mother. Lily, having finished her painting, can now reject Mrs Ramsay as a model, both for the portrait and for her life. Lily is the embodiment of art in the novel; she strives for meaning in art. Mrs Ramsay, however, finds meaning in less abstract terms, she is fulfilled by her children and hopes to see them married. Lily finishes her painting but Mrs Ramsay does not live to see her children married. This is a statement on the validity of art and abstraction, as embodied by Lily Briscoe, and a negation of realist thought. Works Cited Woolf, Virginia. To the Lighthouse. New York: Harcourt, Brace, Jovanovich, 1989. Evolution of the Modern Woman in Virginia Woolf's To the Lighthouse Ess Evolution of the Modern Woman in Virginia Woolf's To the Lighthouse Virginia Woolf's To the Lighthouse examines the role of women or more specifically, the evolution of the modern woman. The two main female characters in the novel, Mrs Ramsay and Lily Briscoe, both represent different views on life and follow different paths on their search for meaning. Lily Briscoe transcends the traditional female gender roles embodied by Mrs Ramsay; by coming into her own as an independent and modern woman, she symbolises the advent of modernism and rejection of traditional Victorian values. The traditional female gender roles of passivity and submission are first reinforced by Mrs Ramsay's attitude and behaviour towards her husband and the guests at her house. Mrs Ramsay is not a helpless woman but she is not independent in the way that Lily Briscoe is. While she is perfectly capable of being the boss of trivial and "womanly" things such as dinner, the higher level decisions are always made by her husband. For example, in the beginning of the novel, Mrs Ramsay tells her son, James, that, weather permitting, they would go to the lighthouse the next day. Mr Ramsay insists that, "it won't be fine" (9). They do not go to the lighthouse. Mrs Ramsay submits to her husband's decision. Mrs Ramsay has the ability to "arrange people", both literally at the dinner table, and figuratively, as she plays match maker with her guests. However, her actions are either domestic and/or maternal. But what have I done with my life? thought Mrs Ramsay, taking her place at the head of the table . . . 'William, sit by me,' she said. 'Lily,' she said, wearily, 'over there.' . . . she [had] only this - an infinitely long table and plates and knives. At ... ...it is irrelevant because she is dead. By Lily's completion of her painting of Mrs Ramsay and the arrival at the lighthouse, Mrs Ramsay can also be "ended", in a sense. James, having forgiven his father, no longer has to Freudianly prefer his mother. Lily, having finished her painting, can now reject Mrs Ramsay as a model, both for the portrait and for her life. Lily is the embodiment of art in the novel; she strives for meaning in art. Mrs Ramsay, however, finds meaning in less abstract terms, she is fulfilled by her children and hopes to see them married. Lily finishes her painting but Mrs Ramsay does not live to see her children married. This is a statement on the validity of art and abstraction, as embodied by Lily Briscoe, and a negation of realist thought. Works Cited Woolf, Virginia. To the Lighthouse. New York: Harcourt, Brace, Jovanovich, 1989.

Normalization Employeers Productivity Essay

There are several reasons why employers should be careful not to overwork their employers. At the top of that list is securing long term sustainability. Long term sustainability involves mapping out feasible productivity plans that balance workforce output and employee maintenance costs. This means that employers must factor in several other variables aside from net profitability when determining the ideal number of hours that their employees should work. Where having company policies that encourage overtime and consequentially overwork does tend to boost individual employee productivity in the short term, Gunner (2000) showed that the increase was only part of a reverse parabolic trend, where a typical employee would work excessively reaching a productivity peak and then burn out and lose productivity within the next few months. This means that the overall productivity of a particular employee would ultimately be the same or even lower than if the company did not encourage overworking. This is also undesirable because companies also do not generally prefer a very high employee turnover which cripples production continuity and creates a negative image of the company as a temporary stepping stone to greener pastures. The despotic method of overworking employees to get the maximum profitability is not feasible in current corporate climate where it is equally difficult to find good employers as it is to find good employees. Companies should be interested in keeping good employees and this means keeping these employees satisfied with their work and their work atmosphere. Overworking is one of the major causes of stress which in turn is one of the primary causes of employment dissatisfaction (Edwards, 2003). In conclusion, companies should maintain the balance between employee productivity and satisfaction by keeping them from getting overworked. This benefits the company with normalized productivity, prevents workforce burnout, and improves employer profile. Â   References: Edwards, A. (2003). Stress: Causes, Symptoms, Complications. Kennedy & Kennedy. Gunner, J. (2000). Employee Productivity Trends in Southern States Based Corporations. Harvard Press.

Persian is a Lovely Word

Persian is a Lovely Word Persian is a Lovely Word Persian is a Lovely Word By Maeve Maddox Amir Bahmanyari raises a question about the use of the word Farsi in English: . . . there is a well defined word Persian in English which refers to the language of the Iranian people. Why is it that the Arabic word Farsi [is] used in daily communications by the English speaking people instead of the English word Persian? I suspect that political correctness may have something to do with it. Since many immigrants from the Middle East refer to the language as Farsi, it may be that journalists and others think theyre being ethnically respectful by doing the same. Until fairly recently the word Farsi was little known to English speakers. Even though the country formerly known as Persia took on its international identity as Iran in 1935, the language spoken there continued to be known as Persian. As Amir points out in the rest of his comment, Farsi is an Arabic version of the original word Parsi in which the letter P was replaced with an F by the Arabic speaking people. . . there is no letter P in Arabic . . . Although the people of Iran have always called their country Iran, English speakers and most other outsiders referred to it as Persia until 1935. The change came at the suggestion of the Persian diplomatic delegation in Berlin. The suggestion may have been prompted by the fact that the word Iran means land of the Aryans and the word Aryan was very popular in Germany at that time. In English the words Persia and Persian have connotations of exotic beauty. The words suggest Persian carpets, Persian cats and Persian literature. The name Iran has less romantic connotations Referring to the Persian language as Farsi is a recent development that not all speakers of Persian are happy with. According to the ruling body for the language, The Academy of the Persian Language and Literature (Farhangestan), the term Farsi is an incorrect term for the Persian Language; an analogy would be requesting that the German language be called Deutsch by those who speak English. Wikipedia Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:30 Synonyms for â€Å"Meeting†English Grammar 101: Verb Mood45 Idioms with "Roll"

Do you support or oppose the death penalty Essays - Penology

Do you support or oppose the death penalty Essays - Penology Do you support or oppose the death penalty Introduction to criminal justice CCJ-1020 Vincent P, Como, M.S, Miami Dade College North Campus October 20, 2015 The Death Penalty: A Necessary Evil The death penalty is an issue that has the United States quite divided. While there are many supporters of it, there is also a large amount of those opposing it. Like myself, I believe The Death Penalty is needed. The use of capital punishment greatly deters many from committing crimes most and foremost on murder. Many individuals fear death; therefore if they are informed that loosing their life is a possible consequence for their actions they are less likely to perform that idea in mind. It does not matter what race or economic status a person is, if they are guilty they must receive the appropriate punishment, which in some cases may be the death penalty. Life in prison doesnt ever seem to last. Murderers end up getting out because of law changes, parole board changes, and because people forget the past. That should not be an excuse. If someone is greatly influenced in taking someones life, they should have the same done back to them. Others believe that without death penalty things will be okay in the sense that those whom have committed the crimes will learn their lesson. I dont agree with this because on the other hand they will just become better at it and will just become an often addiction. Without the correct punishment and strong way of setting the good from the bad many wont learn either. In todays world, older people or celebrities influence many individuals. They are greatly inspired by those who have the fame and attention. If someone who is cool or has gained all the attention by doing something as committing such a bad crime those would then indeed try to reach up to their level. Very few people nowadays are in the corre ct path of knowing right from wrong. If there is no way of setting the example and making the punishment harsh no one will learn their lesson and believe it will always be okay do commit that crime. For example, according to an article I read I realized how it would feel to be in this familys position. Imagine youre at work. You know your daughter is getting off the bus just about this time. The thought of something bad happening to her never even crosses your mindthis is the same routine every day. A man is sitting in her closet. He knows what time you leave for work in the morning. He knows what time she gets on the bus to go to school. He knows what time she gets off the bus, and the time you get home. He knows everything because hes smart. Hes calculating and hes done this before. He has been planning this for a while. Hes been watching the way your family lives, and waiting, and today is the day hes planning to attack. She gets off the bus and goes into her house, the same as she does every day. Later on, you wonder what was going through her mind: If she felt something strange when she entered the house, maybe she did, maybe not. Either way, shes gone now and you know by t he haunted look in the detectives eyes, that she didnt go peacefully. Imagine youre sitting in the courtroom. You are watching her killer, youre trying to figure out, why, why my baby? Why did you pick my family to ruin? You watch him day after day. His eyes are cold, steely blue and lifeless. What is going on behind them? What is he thinking? How could a human being do something like this to another human being? You keep thinking about life in prison vs. the death penalty. You keep thinking about your daughter and how she didnt get to choose. She didnt get a chance to do anything she planned for her future. You think about how you may feel as you watch him being executed. You wonder about the families of the other victims. You wonder if he had an accomplice who will continue to kill after hes locked up or

Assignment Example | Topics and Well Written Essays - 250 words - 5

Assignment Example The weak dollar also shows that people do not have confidence in the United States government to be fiscally responsible. There are benefits to a weak dollar. One of the benefits is that it makes American exports more affordable for the rest of the world. A weak dollar can cause American companies that export lots of their goods to dramatically increase their profits. The problem with the weak dollar is that importing things from other countries is more expensive. This is very troubling for countries such as Canada and China that do a tremendous amount of trade with the United States. Both countries try to keep their currency exchanges with the United States in a position that favors their exports to America, but this is difficult to do and slightly illegal (but China still does it). The Turkish government on 1/1/2005 revalued the Turkish Lira. 1,000,000 of the old Lira would equal 1 of the New Turkish Lira. The transition went rather well, but did result in some strange prices for c onsumers. Some credit card banks did not get their computers reprogrammed promptly, resulting in abnormally high prices for common goods. These mistakes were sorted out between the consumers and the banks.

Capital purchase justification Assignment Example | Topics and Well Written Essays - 1000 words

Capital purchase justification - Assignment Example The purchase of the equipment is necessary to make the hospital run (Grantham, Haupt, Isbell, McClung, & Rettie, 2005). A CAT scan needs service providers. Selecting a service provider is always the responsibility of the procurement department. The procurement department will find a suitable supplier through researching the market. This will involve market survey on directories, form procurement colleagues, and the Internet. It will be necessary to search for more than three providers to evaluate. One of the economic advantages to deliver the CAT scan is that it will assist in saving cost by comparing prices and deliverability. Selection is made in terms of the provider that in delivering the CAT scan in time. We identified General Electric, Siemens and Medic Exchange. Selection process is done by choosing a provider from the phone book, Internet or using friends and family members. After settling for Siemens, the formal selection process is done. This was evaluation in terms of tech nical and financial evaluation. A contract was signed by the vice president because it was capital equipment which needed high authorization to Siemens to provide the CAT scan needed. It is necessary to the company to analyze the available options for making the right choice. The first step is to document organizational needs by putting the details and specifications by making the Vice President aware of our reasoning’s and justification for our actions. The company analyzed what Siemens could do concerning the CAT scan. The identifying potential sources were also considered by doing research of which organization is capable of providing the CAT scan. Information sent to Siemens is an introduction including contact information. A summary of business needs was prepared by drawing a proposal request for the CAT scan. An invitation to participate was sent to all three vendors for participation in the selection process. The date proposed was for a one-on-one discussion of key iss ues. The third step is to initiate vendor discussions on issues of the site and training or personnel to use the CAT scan. Then non-responsive vendors will be weeded out through both technical and financial evaluation. The fourth step is a final vendor round up. This is the final stage to make an offer and obtain the contract. One of the most important parts of the process is making a decision and sticking to it. This suggests reviewing material facts from the two meetings with each vendor, and a decision is made (Healthcare Financial Management Association (U.S.), 2009). A research article by Grantham et al. points out two aspects on how teams respond favorably to a request for information security budget costs justified with a clear ROI business case. There is also a developing concept of risk based ROI. The concept quantifies taking action of cost and risk associated and how this should be minimized by implementing a proper security infrastructure. This concept is used to purchas e insurance for the CAT scan. If a security breaches occurs as a result of not implementing the proper procedures, the associated costs far outweigh the cost to replace the CAT scan. This was an issue that was addressed with the vice president. To help avoid these liability costs is the goal. This is how the percentage of return on investment (ROI) is calculated. This is often the case when actual security risks are