Influence Of The Schools Closing During The Philadelphia...

Introduction: I have decided to research the influence of the schools closing in the Philadelphia area has on the youth future. Schools close of a myriad of reasons such as, money problems, test scores, foundation of the school or an overcrowded population. In 2013 the Philadelphia area has closed down thirteen schools. Student below the senior graduation year had to relocate to another school. Public and locate schools are free for all student, but because of issue with in the Philadelphia school district they had to get close down. There is not much as I can do about the close getting close down, but I do want to explore what happened to that student who had to leave and where are they at now in their life. Literature Review: Depending on the parent’s education and their degree, can influence their children path in life. (Sernau, 2012). Depending on the child environment can also determents if the children are provided with a good education or not. (Sernau, 2012) Some urban charter schools, in an attempt to carry out the mission of educating disenfranchised students, locate themselves in disadvantaged neighborhoods, and the resulting increase in minority segregation is simply a reflection of the characteristics of the neighborhoods that they serve. (Wong, K. K., Shi, J., Gao, H., Zheteyeva, Y. A., Lane, K., Copeland, D., Uzicanin, A, 2014).) Unplanned school closures affect students, communities, and families every year, and understanding the characteristics ofShow MoreRelatedDecline And Decline Of The Early Church Attendance2524 Words   |  11 Pagesscholarly research was closely examined and analyzed to determine the five main reasons for this decline. They are as follows: 1) Secularization of Society 2) Inability of the Organization to Adapt to ever-changing times 3) Failure to retain youth beyond Post High School years 4) Disenfranchised members 5) Lack of Zeal. 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The Ethical Issue Of The Act Of Capital Punishment On...

Essay My topic is discussing the ethical issue of the act of capital punishment on prisoners who have committed serious crimes. According to www.amnesty.org there are hidden executions that are taking place across the world. These countries include South and North Korea as well as America. In 2001 there were 3,048 reported cases in 31 countries. 90% of the deaths occurred in four countries. China carried out 2,468 executions. Iran killed 139 people, Saudi Arabia 79 and the United States had 66. Furthermore Japan does in fact have the highest rate of capital punishment. Also in America there is 8 states which use the death penalty as a punishment on prisoners. The state with the highest death rate is Virginia which uses the lethal injection as its preferred method. The reason capital punishment is an ethical issue is the moral decision on whether killing a human is right or wrong. Even though that prisoner has committed serious crimes and has sacrificed the lives of others, it would be mora lly wrong to kill another person. â€Å"We cannot teach that killing is wrong by killing†- U.S Catholic Conference. The reason that I chose this particular question was because I was particularly interested on the topic of how prisoners are treated on death row. This is because of the crimes they have committed and I am intrigued on whether they are treated differently. Capital punishment is wrong as you are killing human beings. Even though the prisoner has committed serious crimes, theyShow MoreRelatedCapital Punishment : A Form Of Legal Punishment Essay1672 Words   |  7 PagesCapital punishment implies that the criminal is sentenced to death as a punishment for their crimes. Prima facie, it appears to be the most just punishment and solution to crimes that demand such severity of punishment in proportion to the offense. However, the reason why it is a moot point and a debatable issue is because ethicists see both sides of the story and there are numerous ethical issues involved with institutionalizing capital punishment. To understand the debate on capital punishmentRead MoreThe Death Penalty Debate Essay1638 Words   |  7 Pages In the United States, the use of the death penalty continues to be a controversial issue. Every election year, politicians, wishing to appeal to the moral sentiments of voters, routinely compete with each other as to who will be toughest in extending the death penalty to those persons who have been convicted of first-degree murder. Both proponents and opponents of capital punishment present compelling arguments to support their claims. Often their arguments are made on different interpretationsRead MoreCapital Punishment Should Be Eliminated1679 Words   |  7 PagesThroughout the history of humanity, punishments have been in place for the wrongful acts of citizens within governmental systems of all kinds. In America during the early days of the country, the death penalty was a more viable solution than it appears today due to the quality of the prisons, which couldn†™t sustain prisoners long-term. (Von Drehle, 2015). Today, this is not an issue with prisons that are provided both by the state and federal governments and that are fully capable of holding offendersRead MoreCurrent Situation Regarding Prisons and Punishment1775 Words   |  7 Pagescurrent situation regarding prisons and punishment is worth discussing. 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In this paper, I will examine whether the death penalty is or is not ethical. Both sides of the issue will be explained, through examination of various aspects of it, which include religious and financial considerati ons, whether

Assembly Line Essay Free Essays

Raul Contreras History 18 November 18, 2009 Assembly line From the beginning of times, most markets and products have been targeted to the bourgeoisie and/or anyone who could easily afford these products. But in the early 1900’s, an individual named Henry Ford, decided to change this idea and dared society to work for the success of the proletariat and the lowering of costs. Henry Ford, along with other individuals, created the highly praised â€Å"moving assembly line† and started the mind change in the targeting of markets. We will write a custom essay sample on Assembly Line Essay or any similar topic only for you Order Now The assembly line was a way in building a final product using various people that would build particular parts, and then would assemble them together as a whole; this was a success and revolutionized the world of manufacturing. Although many opposed to this idea in the early stages, and many independent builders suffered from this method of building, the assembly line was one the best things that could have happened to the U. S. because it lowered costs of products, completed products faster, helped middle class people succeed and helped the U. S. economy grow in many different areas of economical and business productivity. Meryl Davids, journalist of the Journal of Business Strategy stated that â€Å"the conveyer-belt system was not only a marvelous way to save workers’ precious time, but, in one of the great business decisions ever, it was also a way to decrease expenses and prices, thereby increasing demand among the middle class†. The idea of working together to build a product faster and in a more efficient way was something that had gone through many minds at the time. But using the conveyor belt system along with the assembly line method of work to speed the work process, was not only something that was ingenious, but was one of the greatest ideas that any entrepreneur could have had at that time. Putting the assembly line in action, and specifically assigning each person to do a specific job, broke the ideal of a â€Å"one person job† task (a job in which one person only would start and finish a product), and presented the idea of working in cooperation with brought efficiency and speed that businesses needed to grow in a massive way. Ford’s philosophy was simple, mass production requires mass consumption, and mass consumption requires more products. This philosophy, along with the ideal of providing to the middle class clientele, was the beginning breakthrough of the assembly line and the breakthrough of affordability to middle class consumers. In the early 1900’s, as today, people were looking for affordability and a better way of living. So productivity for businesses, meaning more sales and more costumers was crucial for business’ growth, but most important, it was growth for workers, because this meant more work and more payment for the time worked. According to Timothy Taylor, 1996, â€Å"In 1905, there were more than 50 companies each year trying to break into the automobile business†. But as these companies were going bankrupt or were barely making it in because of hard competition and focus to the wealthy only, Ford changed the direction of the demand in business and sold affordable cars to middle class people. His idea of the assembly line, and the way it would decrease costs, allowed Ford to focus on the middle class clientele, and allowed cars to be sold for lower prices to working class people. The Model A, (first car produced) mainly called â€Å"the everyman car,† took ten workmen to build in a converted wagon factory in Detroit, and was a success to the working class because of its affordability and good looks, which was new to the middle class clientele. In 1901, and in the next fifteen months to come, 1,700 Model A’s were sold making it very popular to the middle class and its buyers. But as this progressed to sell, the Ford Company decided to keep improving the car, and after vast improvements, the first Model T came out of the factory in 1908. Its cost was $850 and compared to others, the affordable price and the demand of this product, produced 10,660 sales that year, and beat other car companies even though it was only the first year of this model in the market. As this was a popular vehicle, this model was mainly focused in the affordability and time it could be produced. Along with the idea of faster productivity and affordability, another great idea that Mr. Ford had was that if everyone earned a decent wage, and he produced more cars in less time at an affordable price, then everyone in the country would buy his cars. Focusing on the middle class clientele, their affordability, and his own workers to buy his own products, he decided to raise the workers wages from $2. 50 to $5. 00 overnight, virtually making him a hero to all middle class workers, because he gave the working class an open door of opportunities to grow and buy. In Henry Ford’s times, pay was presumably highly significant for job satisfaction, and people did not mind working at the assembly line if they were well paid. This was an excellent business tactic, because this triggered his workers, and other middle class people, to buy his cars. The affordability of these, and the massive demand the Model T (final mastered product), made the Ford Company massively grow in a matter of years, and helped the U. S. economy raise in an enormous way. The demand among the middle class, and affordability of products, were in fact one of the causes that drove the economy to grow in the early 1900’s, and made the assembly line successful. As business was growing, more factory workers were needed which meant that more cars were being sold and the economy rose. By 1914, 3,000 people were working in auto plants in Detroit, but amazingly by 1919, that number had increased to 75,000. According to Crews, 1999, â€Å"Ford built 308,162 cars in 1914, which exceeded the number produced by all the other automobile manufacturers†. And just to have an idea of the demand of this product, the 1913 Model T (after being revised from model A to S), grew from 78,000 to 248,000 vehicle sold per year in one year only. The massive growth of these not only demanded more vehicles to be made, but also caused more people to buy which benefited the economy. The growth of the â€Å"assembly line,† and the success of Ford’s ideals and of vehicles being sold to middle class people, attracted other companies to do the same, producing a massive turnaround in the industrial revolution and growth goods in many different areas. Companies like General Motors or Cadillac adopted the assembly line method of building, and decided to raise wages to workers so they could imitate Ford’s plan. The assembly line not only benefitted the work force, but also the country in many different ways. Not only this opened the eyes that cars were not meant only for the rich only, but also cars were for the ones that actually built these, and other middle class social groups who could afford them. The assembly line, Fords ideals of progress, and the way of how he decided to make a company work faster and more efficient, not only benefited the business world on its own, but also helped the US and middle class workers to raise themselves to a better life. The assembly line method, along with the conveyer-belt system, was not only a magnificent system to combine, but it also increased productivity and speed of work in a massive way. Other businesses that adopted this method of working saw the benefit that this had caused, and joined the pack in finishing a product faster, and with less cost. The assembly line, and the opportunities that this brought along, opened many doors to the proletariat, and helped them progress to a better life in a matter of a few years. Without middle class people not progressing, many new companies would not have been built, and many benefits of this would have not been found. Due to the cut of costs, demand of products because of its prices and quality, and more people being able to afford these, the assembly line helped the US form a stronger capital economic market. Furthermore opening many companies eyes to follow this method of working, producing more work, but most important, more spending and more buying. Resources: Crews, Ed. Henry Ford’s Model T: The Car that Started it All. New York: Farrar, Straus, and Giroux, 1999. Davids, Meryl. â€Å"Henry Ford (1863-1947): Loving the Line. †Ã‚  Journal of Business Strategy  (Sept 1999):  ITEM99270012. Expanded Academic ASAP. Gale. Chaffey College. 23 Nov. 2009   http://find. galegroup. com/itx/start. do? prodId=EAIM. Engstrom, Tomas,  Dan Jonsson,  and  Lars Medbo. â€Å"Production model discourse and experiences from the Swedish automotive industry. †Ã‚  International Journal of Operations Production Management  16. n2  (Feb 1996):  141(18). Expanded Academic ASAP. Gale. Chaffey College. 24 Nov. 009   http://find. galegroup. com/itx/start. do? prodId=EAIM. Taylor, Timothy. A history of the U. S. economy in the 20th Century. Springfield, VA: The Teaching Company, 1996. Williams, Karel,  Colin Haslam,  John (American clergyman) Williams,  Andy Adcroft,  and  Sukhdev Johal. â€Å"The myth of the line: Ford’s production of the model T at Highland Park, 1909-16. â₠¬ Ã‚  Business History  35. n3  (July 1993):  66(22). Expanded Academic ASAP. Gale. Chaffey College. 24 Nov. 2009   http://find. galegroup. com/itx/start. do? prodId=EAIM. ——————————————– 1 ]. Taylor, Timothy. A history of the U. S. economy in the 20th Century, 1996 [ 2 ]. Crews, Ed. Henry Ford’s Model T: The Car that Started it All. New York: Farrar, Straus, and Giroux, 1999. [ 3 ]. Engstrom, Tomas,   â€Å"Production model discourse and experiences from the Swedish automotive industry (Feb 1996):   [ 4 ]. Crews, Ed. Henry Ford’s Model T: The Car that Started it All. New York: Farrar, Straus, and Giroux, 1999 [ 5 ]. Crews, Ed. Henry Ford’s Model T: The Car that Started it All. New York: Farrar, Straus, and Giroux, 1999 How to cite Assembly Line Essay, Essays

The Africa of My Dreams Accelerating Africa’s Industrialization

Question: Discuss about the Africa of My Dreams Accelerating Africas Industrialization. Answer: The article aims at focusing on how the Africa of my dreams would be like in the perspective of fourth industrial revolution. The article discusses my hopes and dreams along with my imagination of future Africa. Africa represents the continent which is one of the most enduring and old landmass existing in the world. The country has always been home to slavery until the time when the Portuguese arrived and gradually transformed slavery into an export business. The fuelling of the agricultural production by the African slaves caught the attention of the Dutch and Europeans who were in search of routes for trade. Although the African continent is rich in human and natural resource along with ecological, cultural and economic diversity it is considered underdeveloped (Iliffe 2017). The suffering of most of the African nations is related to the corruption, military dictatorships, war, civil unrest, deeper poverty and underdevelopment. The countries in Africa gets a clarification from the UN as one of the least developed. There has been numerous strategies implemented for the development of these countries but have failed miserably in yielding expected results. In spite of being doomed in economic slavery and perpetual poverty the continent is believed to have immense potential The population of Africa is booming and whose future will be home to around 4.4 billion people that accounts for close to four times the current population. Presently, Africa represents one of the fastest growing continents where the expected GDP growth for the future must begrow by close to 6 percent on the annual basis (Zoogah, Peng and Woldu 2015). The rise of Fourth Industrial Revolution (FIR) added to the intricacies of the future economies along with employment outcomes. Thus, FIR stood at equivalence to the unexplored growth in presence of internet connectivity and digitization (Yeoh 2017). Internet connectivity and digitization have the ability of driving Africa ahead and help in encouraging the process of innovation, propel newer business models and ensure improving delivery of the public services. Although the effects of FIR has been disruptive in almost all the economies but there will exists three aspects for consideration for Africa (Alin 2014). This includes: Pre eminence in the development of the digital skills Private-Public partnerships as the power levers for the development Digital rattling of Industries In Africa, the digital economy and the actual economy are not exclusive mutually. Both have gradually merged and have blurred the lines between the digital, biological and physical spheres (Caruso 2017). The growing and massive potential of Fourth Industrial Revolution also needed time to be completely grasped. The information technology industry had the responsibility of unlocking the potential for the citizen service delivery, innovation solutions, enhanced customer experience and ensured a better life for everyone. This will help in cultivating the digital skills amongst its population thereby transitioning from the lower skill and low pay jobs to the high end and higher skill pay jobs. This has been explained via a practical example in the report name The Future of Jobs and Skills in Africa. The report also suggests that for preparing a future for work, the African region will need expansion with higher skilled pool of talent through the development of a curriculum. However, Africa experienced an inclusive growth with the emergence of the Fourth Industrial Revolution. Inclusive growth refers to the concept that helps in advancing equitable opportunities for the economic participants during the economic growth that will have necessary inclined benefits for every section of the society. The future of the African continent would be bridged in an unparallel manner through mobile related technology (Herbst 2014).The digital infrastructure will also bring in newer opportunities for the informal and rural economies. The country will also have liberal access to technology along with decentralization of the production. Thus, the future of African investors will be aided by reimaging the solutions suitable in the context of Africa. Africa will have an easier way for doing business in a competitive manner. The continent will experience the penetration of the mobile phones in the remotest of the areas brought along by increased technological readiness. The country will also make investment in grid infrastructure for better penetration of the service. Africans will become more tech savvy and will equip themselves with newer tools for managing their households and business. The FIR will also include the women in business as they will comprise of more than half of the population (Caruso 2017). The women will also implement different perceptions and skills to face the challenges. As Africa becomes more service driven with lesser dependence on the commodities, the continent will foster digital skills. Workers will be more equipped and educated with newer skills so that they are not displaced by the digital transformation. The major boost for productivity, employment and economic growth in Africa might result from the supporting information and communication technology (ICT) (Asongu 2015). The African continent along with collaborators like Ericsson and Boston Consulting Group, World Economic Forum Africa and Cisco will help in supporting the integration projects of northern corridor. ICT will act as one of the strategic areas for facilitating the process of integration within the region. The northern corridor will collaborate to move forward with implementation and conceptualization of projects like implementation of infrastructure, broadband connectivity and ICT policy. There will also be implementation of termination rates and roaming charges along with the harmonization of subscriber identification module (SIM) registration. There will also be projects like implementation of cyber security and mainstreaming of the ICT and e-services. Africa will also experience digital migration along with the deve lopment of regulatory and policy framework for the republic of the South Sudan. The report ends by providing an insight into the future of Africa. The discussion on the hopes and dreams of Africa in the perspective of the author in the context of the Fourth Industrial Revolution ensures taking a sneak peek into Africas future. Africa can represent a complete player in the world economy through the impact of the Fourth Industrial Revolution. The African continent should thus be ambitious and impatient in its achievement towards the goals. Thus, Africa is pushed towards the realms of development by putting forward a transformative power. References: Alin, L.I., 2014. Research on the Model of Urbanization Based on Rural Industrialization.Journal of Landscape Research,6(5/6), p.17. Asongu, S., 2015. The impact of mobile phone penetration on African inequality.International Journal of Social Economics,42(8), pp.706-716. Caruso, L., 2017. Digital innovation and the fourth industrial revolution: epochal social changes?.Ai Society, pp.1-14. Herbst, J., 2014.States and power in Africa: Comparative lessons in authority and control. Princeton University Press. Iliffe, J., 2017.Africans: the history of a continent(Vol. 137). Cambridge University Press. Yeoh, P., 2017. The Fourth Industrial Revolution: Technological Impact and Privacy and Data Security Issues.Business Law Review,38(1), pp.9-13. Zoogah, D.B., Peng, M.W. and Woldu, H., 2015. Institutions, resources, and organizational effectiveness in Africa.The Academy of Management Perspectives,29(1), pp.7-31.

King Lear Essays (783 words) - King Lear, Literature, Fiction

King Lear KING LEAR: THE PLOT There are really two plots in King Lear, a main plot and a fully developed subplot. Each has its own set of characters. In the main plot, there is the head of the family, the 80-plus-year-old king of Britain, Lear. He has three daughters, Goneril, Regan, and Cordelia. The Duke of Albany is married to the oldest, Goneril, and the Duke of Cornwall is married to Regan, the middle daughter. Cordelia has two suitors, the Duke of Burgundy and the King of France. The court jester, the Fool, is by extension a member of the Lear family and part of the main plot, as is the Earl of Kent, Lear's loyal follower. The Earl of Gloucester, also a member of Lear's court, is the head of another family and the focus of the subplot. He has two offspring, an older, legitimate son named Edgar and a younger, illegitimate or bastard son named Edmund. Various minor characters appear from time to time. They are easily identified by their connections with whatever main character they serve or speak of. As the play opens, Lear has decided to retire and divide his kingdom among his three daughters. Cordelia's husband will be chosen for her immediately after Lear executes this living will. Before he allots the shares, Lear asks each daughter to make a profession of her love for him in order to receive her entitlement. Goneril and Regan waste no time professing love for their father, but Cordelia is speechless. She loves her father as any daughter should, no more and no less. Lear is outraged by what he sees as her lack of devotion. He cuts Cordelia out of her share and banishes her. Her share is divided between Goneril and Regan. Lear gives them everything but keeps a retinue, a following of 100 knights who will accompany him as he alternates monthly visits between his two daughters. Cordelia's suitors are called in. Without a dowry, Burgundy rejects her; but the King of France sees her true worth and leads Cordelia off to marriage and his protection. At Gloucester's castle, Edmund reveals that he will not let his illegitimate birth and older brother prevent him from inheriting his father's estate. He devises a plan to convince Gloucester that Edgar is secretly planning to kill his father to get his hands on the family property and enjoy it while he's still young. Edmund then tells Edgar that their father is after him for some mistaken notion of a reported crime. Eventually Gloucester is convinced of Edgar's treachery and seeks to put his older son to death. Edgar flees for his life. Meanwhile, Lear discovers that living with his two daughters is no joy. He is so outraged by their cruel behavior toward him that he curses them and rushes out into a violent storm. During his exposure to the elements he is accompanied by Kent, the Fool (his court jester), and eventually by Edgar, who has disguised himself as a lunatic beggar named poor Tom. Gloucester tries to help Lear and his followers but is betrayed to Cornwall and Regan by Edmund. As punishment, Gloucester is blinded and sent out into the storm, too. Edgar, still disguised, discovers his blind father and leads him to Dover, where he joins Lear, who has gone mad from exposure to the elements and the anguish he has suffered at the hands of his daughters. The news of Lear's treatment had reached Cordelia, and the King of France has sent an invading force to England to help restore Lear's rights to him. In Dover, where they have landed, Cordelia finds Lear and helps to restore his sanity by loving care. While preparing to fight the French invaders, Goneril and Regan have developed a passion for Edmund. But before they can do anything about it, the battle is fought. The French lose, and Lear and Cordelia are taken prisoners. Edmund sends Lear and Cordelia to prison with orders for them to be secretly killed. When Albany enters, he accuses Edmund of treason for plotting with Goneril against him and the interests of the state. Edmund is given the chance to defend his honor in a duel. Edgar appears in a new disguise to take up this challenge and mortally wounds Edmund. Goneril sees the handwriting on the wall and flees from the scene. Edmund confesses all his crimes as a servant enters and announces that Goneril has poisoned Regan and killed herself. Edmund then reveals that he has ordered Lear's and Cordelia's deaths. Albany sends soldiers to prevent

Class Roles in Pygmalion essays

Class Roles in Pygmalion essays Laura Wingfield has the fewest lines in the play The Glass Menagerie, yet the play revolves around her. Laura is twenty-three, and walks with a limp due to a brace on her leg. Although Laura faces problems throughout the play, she is very compassionate. She is humble, shy, and never does anything to hurt anyone else. The character of Laura throughout the play is like a fragile piece of glass, unable to survive in the outside world, and she always retreats to her glass collection. Laura is a loving portrait locked up in her own little world, her lobotomy trapping her in a permanent adolescence. Due to Lauras low self-esteem, and inferiority complex she devotes herself to an imaginative world, which is colorful and enticing, but based on fragile illusions. Lauras mother, Amanda, comes from a Southern family and has had an idyllic youth. A former jet setter, Amanda relishes telling stories about her exciting past. My callers were gentlemen, all! Among my callers were some of the most prominent planters of the Mississippi Delta; planters and sons of planters (Williams 8). Amanda is disappointed in Laura because is not as proficient in the area of picking paramours; It wasnt enough for a girl to be possessed of a pretty face and a graceful figure, although I wasnt slighted in either respect. She also needed to have a nimble wit and tongue to meet all occasions (Williams 8). Laura explains to her brother, Tom, their mothers disdain in her lack of love interests. Laura is not as popular as her mother once was, and therefore no gentlemen callers have come for her. Her hair parted in the middle and braided, and wearing black lace-up shoes and ankle socks, Laura is far from the fetching debutant of her mothers dreams (Patrowicz [onli ne]). Amanda wishes to live vicariously through Laura. Laura feels that she will never find someone that will take ca...

Changing world of work and choice and opportunity structures affecting Essay

Changing world of work and choice and opportunity structures affecting careers. WORK, SOCIETY & ORGANIZATIONS - Essay Example 141). Writers point to medieval guild masters or even earlier nomadic tribal leaders as ancient prototypical managers, but from George’s definition one might be tempted to say that mothers comprised the first managers in human history. A â€Å"manager† is difficult to categorically define. George’s definition centers on managers as motivators, working to achieve goals through people. Managers are also organizers: Daniel A. Wren called management â€Å"the activity which performs certain functions in order to obtain the effective acquisition, allocation, and utilization of human efforts and physical resources in order to establish some goal† (Trent, 1973, p. 141). Militarism and Mechanization was formalized by Frederick the Great in the 17th century. He revolutionized warfare, and he is generally acknowledged as an early efficiency expert. He was credited with redirecting the structures and processes of waging war, and creating the elements of the machine o rganization as it applies to the military establishment. Elements of his management style included the institutionalization of authority by creating a system of ranks, establishing identity by uniforms, the standardization of regulations, task specialization among the troops, and the use of command language to reduce miscommunication and specialized training (MacDonogh, 2001). This management style is of course essentially still used to some extent in military and police organizations, although it is much tempered by contemporary HR practices in its treatment of people. Scientific Management Frederick Winslow Taylor, an engineer and self-styled consultant, conceptualized the link between corporate profitability, industrial productivity, and cost-efficiency. Under scientific management, productivity is increased and unit cost is reduced when workers become more task efficient. In turn, workers become more efficient if they are rewarded for higher volume productivity, and punished for low volume productivity. This management theory is also known as Taylorism. The principle of scientific management espouses the elimination of rule-of-thumb methods, and to instead use measurement techniques to determine the optimum methods that optimizes the use of time, effort, and resources. Jobs are broken down into sequential tasks, and each task is engineered for greater efficiency. Then the workers are trained in the new tasks using scientific methods. There is division of labor and responsibility among managers and workers, where management sets the goals and policies, and workers execute the tasks. Finally, discipline is maintained to coordinate task execution (Taylor, 2008). The world’s largest restaurant chain is an avowed follower of Taylorism. McDonald’s employs the scientific method in its corporate operations, where all tasks are worked out and standardized, and all employees worldwide are rigorously trained in this system. Tasks are broken down and num bered, so that the crews related to their customers according to a prepared script, and those who man the kitchen abide by a numbered set of procedures. Even the cooking machinery are specially designed to operate at pre-determined time settings. The result is a rigid quality level that ensures McDonald’s products are prepared and serve in exactly the same way the world over. Formal bureaucracy was conceived by Max Weber in the early 1900s. This was done in reaction to the prevailing management style then, where organisations were run according to the whims and

Christian Bale Movie Review Example | Topics and Well Written Essays - 1000 words

Christian Bale - Movie Review Example It was no wonder hen, that Bale himself soon followed in the family footsteps. His father was fond of travelling, and the family moved excessively form place to place during bale's childhood (Tiscali 2008). This gave Bale exposure to many different interests and opportunities that developed his passion about acting. His first major break was Steven Spielberg's Empire of the Sun in 1987 when he was still a child actor (Tiscali 2008). This was followed by a little rough career patch before becoming a hit in Little Women (Tiscali 2008). As a child, his initial screen and stage appearances include "a part in a Pac-Man cereal commercial, a Lenor ad, and a West End stage debut" (Tiscali 2008). He was also a part of a theatre group at Reading (Tiscali 2008). The focus film for my presentation is the The Machinist, which would be discussed in a greater detail than the other two films under discussion, to examine the extremes to which Christian Bale pushes himself, "both physically and mentally" (LA Weekly 2007), in order to completely lose himself in the character (LA Weekly 2007) and bring... He was also a part of a theatre group at Reading (Tiscali 2008). The Machinist The focus film for my presentation is the The Machinist, which would be discussed in a greater detail than the other two films under discussion, to examine the extremes to which Christian Bale pushes himself, "both physically and mentally" (LA Weekly 2007), in order to completely lose himself in the character (LA Weekly 2007) and bring belief and life to his roles. Background: Ever since he was a child, Bale loved role-playing (LA Weekly 2007). More importantly, he was keen on taking his roles and make-belief games very seriously and was insistent that others do the same; not take fantasy as fantasy, but take it as fiction (LA Weekly 2007). This is the attitude that has kept him going in the filed of acting, where he his dedication to his roles and his extreme impersonation of the script characters has etched a glowing mark for him with the critics and the audiences alike. His father was a traveler and an adventurer (LA Weekly 2007), and this has instilled in him a sense of adventure and self-exploration that he brings to his acting and his roles, and pushes his limits beyond what other people would dare to go to achieve that level of satisfaction and excitement that is a major part of his career as well as his personal life. Discussion: The Machinist was directed by Brad Anderson (The Independent Online Edition- CB.net 2005). It was released in 2005

Ethanol Research Paper Example | Topics and Well Written Essays - 1250 words

Ethanol - Research Paper Example The study involved 19 American Corn producing states and the effect of corn farming for ethanol production were analyzed based on 12 environmental factors. The study also considered the factors known as ‘eutrophication’ that is simply described as "an increase in the rate of supply of organic matter in an ecosystem" (Evans). Based on their study, it is revealed that E85 (blend of 85% ethanol and 15% of gasoline) fuel causes worse environmental impact than pure unblended gasoline. To be precise, E85 shows, on average, 23% higher impact in relation to gasoline. Moreover, if greenhouse gas emissions from land use are taken into account, the impact on environment is found to be 33% higher than gasoline. The researchers in their findings used the Greenhouse Gases, Regulated Emissions and Energy Use in Transportation (GREET) model developed by Argonne National Laboratory. The model determines "the amount of fuel required for the average gasoline and flex-fuel vehicle over a di stance of about 0.62 miles (1 kilometer)" (Evans). E85's benefits and drawbacks are compared with gasoline that is produced from imported crude oil and refined in the country. The authors point out that in previous studies the impact of irrigation, fertilizer uses, and pesticide application for feedstock growth has not been taken into account and without that real impact of ethanol on environment cannot be estimated accurately (Yang et al.). On land-use change, Searchinger et al. argues that when American farmers divert corn for ethanol production that means some other land within the US or outside must cultivate corn required as feed stock for human consumption assuming total consumption remains stationary. It can be construed that bio-fuel production is bound to drive agriculture in some other parts of the world. With new areas converting to agricultural use, a carbon debt is bound to occur. Searchinger et al. estimate emissions using agricultural model of land-use change and they have found that corn-based ethanol production enhances green house emission by 100% over 30 years. Authors conclude that as long as biofuel is grown on farmland, it can not imporve our carbon foot print (Searchinger, 2008). It is important to note that the Federal government in the US is providing large subsidies to farmers so that corn-based ethanol production could be enhanced. The objective is to reduce gasoline consumption by 20 percent. Does that mean that the US government is providing subsidy to worsen the environment instead of improving it? Michael Grunwald argues that bio-fuels take away the agricultural land and destroy the forests, and grasslands that are storehouse of huge amounts of carbon. In Indonesia, in a bid to grow palm oil trees for bio-diesels people have reduced wilds to such an extent that the country has been now third largest emitters of carbon. Same is the case with Malaysia where palm oil farming for bio-fuel production has taken surge reducing agricultu ral land for human consumption. In the US, 20 percent of corn is sold to ethanol production creating scarcity of corn for human and cattle feed consumption (Grundwald).

Classical Criminology Theory Essay Example for Free

Classical Criminology Theory Essay What is the classical school of criminology and what are the main points of this theory. Cesare Beccaria was a key thinker of this theory and is also considered by some the founder of modern criminology. Classical school of criminology theory placed emphasis on human rationality and free will. Second off this theory unlike the others researched the prevention of crime not the criminals. Also, according to this theory, crime was the result of people choosing to do so with the possibility of the consequences be evident. The classical theory of Beccaria and others is what our constitution was based upon so as you can see, it has great significance to our society. Humans are believed to act in their own best interests. We have our own free will and we also have a rational side to us. This was the basis of the classical criminology theory. Being the case, this theory emphasized laws that would stress non criminal actions would be in the best interest of society. Punishment and deterrence was an important factor in this theory because the punishment had to reinforce deterrence so people could rationalize the self benefits of criminality from the consequences of criminality. Due to the fact that Beccaria believed that bad laws led to criminality, a lot of his emphasis was based on preventing crime and swift punishment when crime was committed. In his eyes punishment is justified only to defend the peace of society and that society would be motivated to abide by it. This meant that punishment was to treat the criminal, incapacitate them from repeating criminal acts and deter would be criminals. To incorporate these ideas Beccaria believed that punishment should be swift, certain, deterrence, proportional to the crime, clear and based on positive and negative reinforcement. Swift punishment is believed to deter the most. According to Beccaria, when punishment promptly follows the crime, the punishment will be reinforced in a persons mind before they act criminally. A certain punishment is also a form of deterrence because the less would be criminals think they can get a way with, the more they will weigh in the consequences of that action. General deterrence is used for the purpose of setting and example for society. Laws should also be clear I defining  crimes. This will prevent judges from interpreting the law and only allow them to decide if the law has been broken. Lastly, the most effective way in preventing crime is to enact clear laws that reward good behavior and punish bad behavior. The theory of proportionality is another relationship between crime and punishment. The belief is that punishment can only deter if the punishment is proportional to the crime. The punishment must coincide with the crime in that the more serious the crime the more serious the punishment. Lastly, punishment existed to deter people from committing crime and the punishment should out way the gains of committing the act. Beccaria was a believer in that crime was due to unjust laws not because of the people committing the acts. fit the crime. He argued that if the punishment was more excessive than the crime it would be an abuse of power by the state and it would also create more crime. Beccaria was considered the founder of the classical school of criminology. He emphasized human rationality and free will, preventing crime and deterrence of crime. The classical criminology theory was different from the other theories that were introduced to us because it focused on the reasons why people commit crimes not on the deviant behaviors themselves. Beccaria and his followers had a great impact on our country it is what our constitution and current laws are based upon. Internet Encyclopedia of Philosophy. Cesare Beccaria. http://www.utm.edu/research/iep/b/beccaria.htm Keel, Robert. Rational Choice and Deterrence Theory. http://www.umsl.edu/~rkeel/200/ratchoc.html Siegel, Larry. Criminology. Canada: Thomas Learning, Inc, 2003.

Analysis Of The Scarlet Letter :: essays research papers

The Scarlet Letter is a story that illustrates intricate pieces of the Puritan lifestyle. Centered first on a sin committed by Hester Prynne and her secret lover before the story ever begins, the novel details how sin affects the lives of the people involved. For Hester, the sin forces her into isolation from society and even from herself. Her qualities that Hawthorne describes at the opening of the book, her pale beauty, womanly qualities, and passion are, after a time, eclipsed by the ‘A’ she is forced to wear. An example of this is her hair. Long hair is something in this time period that is a symbol of a woman. At the beginning of the story, Hawthorne tells of Hester’s long flowing hair. After she wears the scarlet letter for a time, he paints a picture of her with her hair out of site under a cap, and all the womanliness gone from her. Yet, even with her true eclipsed behind the letter, of the three main characters affected, Hester has the easiest time because her sin is out in the open. More than a tale of sin, the Scarlet Letter is also an intense love story that shows itself in the forest scene between Hester and the minister Arthur Dimmesdale. With plans to run away with each, Arthur and Hester show that their love has surpassed distance and time away from each other. This love also explains why Hester would not reveal the identity of her fellow sinner when asked on the scaffolding. Roger Chillingworth is the most affected by the sin, though he was not around when the sin took place. Demented by his thoughts of revenge and hate, Hawthorne shows Mr. Chillingworth to be a devil or as a man with an evil nature. He himself commits one of the   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Quinn 2 seven deadly sins with his wrath. By the end of the tale that surpasses seven years, Hester is respected and revered by the community as a doer of good works, and the minister is worshipped for his service in the church. Only Mr. Chillingsworth is looked upon badly by the townspeople although no one knows why. Through it all, Hawthorne illustrates that even sin can produce purity, and that purity came in the form of the sprightly Pearl. Though she is isolated with her mother, Pearl finds her company and joy in the nature that surrounds her.

Equality, Diversity and Inclusion Essay

a) Diversity – Diversity is about valuing individual difference. So ‘diversity’ is much more than just a new word for equality. A diversity approach aims to recognise, value and manage difference to enable all employees to contribute and realise their full potential. Diversity challenges us to recognise and value all sorts of differences in order to make our environment a better place for everyone to work see more:social barriers to equality and inclusion b) Equality – Equality is about making sure people are treated fairly and given fair chances. Equality is not about treating everyone in the same way, but it recognises that their needs are met in different ways. Equality focuses on those areas covered by the law, namely the key areas of race, gender, disability, religion or belief, sexual orientation, transgender and Age. People must not be unfairly discriminated against because of any of these factors and we must all contribute to creating a positive workplace and service delivery environment where discriminatory practices and discrimination no longer happen. c) Inclusion – Inclusion is about ensuring that children and young people, whatever their background or situation, are able to participate fully in all aspects of the life in school. It is not about viewing everyone as the same or providing the same work, but about providing the same opportunities and access to a high quality of education. Describe the potential effects of discrimination. Discrimination can only have negative effects on children and young people. Not only does it affect the academic progress of children, discrimination can negatively impact their overall health and well-being. Those who have suffered from discrimination may experience loss of self-esteem, anger, and disempowerment, lack of motivation, confusion and depression. Explain how inclusive practice promotes equality and support diversity. Inclusive practice is a process of identifying, understanding and breaking down barriers to participation and belonging. Inclusive practices will ensure that everyone feels valued and has a sense of belonging. In an inclusive environment there is recognition, acceptance and celebration of diï ¬â‚¬erences and similarities. Explain how legislation and codes of practice relating to equality, diversity and discrimination apply to your own role. The way in which we interact with each other in society is regulated by law. The Equality Act 2010 brings together all previous acts relating to equality and discrimination. The Act applies to all organisations that provide a service to the public. The Ac protects all individuals and groups from discrimination. Early years setting must be aware of these laws and have in place a policy regarding equality of opportunities and for supporting children with learning difficulties and disabilities. Providers must also have regard to the SEN code of practice. The EYFS also states that providers have a responsibility to ensure positive attitudes to diversity and difference. Within our setting we have an equality and diversity policy, and a SEN and disability policy. These policies must be followed by staff and integrated in to our working practice. The policies bring together all the main points from the various acts and the requirements of the EYFS. Policy and procedures when dealing with: Accidents If an accident takes place in the setting, I would do the following: * Inform another member of staff so that they know what happened to the child * If I am unable to deal with the accident myself I would refer the child to another member of staff who is first aid trained * E.g. A child has fallen over and grazed his/her knee: Firstly I would comfort/ reassure the child. I would then wipe the knee with a wet tissue, record the accident on a accident form, inform the parent of the child about the accident, get them to sign the form and then keep it in the accident folder. Incidents If an incident was to happen in the setting, it would be reported to a senior member of staff. The staff would then deal with the incident. It would be recorded on an incident form which would be signed by a witness and by a parent. The incident form is then kept in an incident folder which is kept safely and is easily accessible to the staff members. Emergency In the case of an emergency occurring in the setting the following procedure would take place: E.g Fire drill (Real or practice) * Upon hearing the fire drill, children and staff leave what they are doing, quietly and sensibly make their way the nearest fire exit. * A member of staff takes the register, usually a senior. The rest of the staff usher the children out to the fire assembly point. * A head count of the children is done as children exit the building * When children line up at the fire assembly point a head count is taken and the register is completed. * If there is no real fire, the staff can take the children back to the setting when an all clear is given by the head teacher. * The children are recounted when they return to the setting. In the event of a real fire, the staff and children would remain at the fire assembly point and the emergency services would be called by a staff member. The parents would also be contacted regarding the incident. Illness If an illness occurs in the setting, e.g. a child falls ill and has a temperature. A staff member would check the temperature of the child using a thermometer/strip, and monitor the child. A wet paper towel/cool icepack would be placed on the child’s forehead to cool the temperature. If the temperature remains the same and does not decrease, the staff member would then contact the parent/carer of the child to come and collect the child. Recording and Reporting of accidents and incidents The correct procedure for reporting and recording accidents, incidents, injuries and emergencies would be carried out by following the guidelines of Riddor. Riddor stands for, reporting of injury, disease, and dangerous occurrences regulations. All of this would be reported to the Health and Safety executive if: * Any accident to a member of staff requiring treatment by a general practitioner or hospital, and any dangerous occurrences, this may be an event that causes injury or fatalities or an event that does not cause an accident but could have done, such as a gas leak. An incident book is also kept for recording incidents including those that are reportable to the health and safety executive, these incidents include: * Break in, burglary, theft of personal or property of the setting. * An intruder gaining unauthorised access to the premises. * Fire, flood, gas leak or electrical failure.  * Attack on member of staff or parent on the premises or nearby. * Any racist incident involving staff or family on the centres premises * Death of a child, a terrorist attack or threat of one.

Principles of Safeguarding and Protection in Health and Social Care Essay

Principles of safeguarding and protection in health and social. Ai; Physical Abuse is when somebody causes feelings of physical pain, injury other suffering or bodily harm, such as hitting, kicking, scratching, pinching, shaking. Sexual Abuse is where you are forced to do, say and watch sexual things. Eg; being undressed or having sexual contact when you do not want to or even touching another person, being made to say sexual things and being made to watch porn is also sexual abuse. Emotional Abuse is a form of power that someone has over you to cause depression, anxiety, stress. It is bullying someone by calling them names that hurts their feeling or to scare them and even threaten them. Financial Abuse is when another person steals or takes something that belongs to you. Eg; stealing your money, making you buy things you are not willing to, refusing to allow individuals to manage their finances and tricking individuals to hand over their property. Institutional Abuse is not only confined to large scale physical or sexual abuse, individuals can also be abused in many other ways in settngs where they could exoect to be cared for and protected. Eg; Individuals not given choice over decisions (meals, outings, clothing.) Mistreated to their medication. Privacy and dignity also not respected. Self-neglect is when an individual neglects to attend to their basic needs. Eg; personal hygiene, appearance, feeding not bothering to obtain medical help or an unwillingness to see people or go out. Neglect by others is when the victim is being looked after by somebody else but fails to provide adequate care. For example failure to provide sufficient supervision, food or medical care, or the failure to fulfil other needs that the victim is unable to provide for herself or himself. see more:explain the importance of an accessible complaints procedure for reducing the likelihood of abuse. Signs and symptoms of abuse. Physical abuse Aii; Bruising Fractures Burns Fear Depression Weight loss Assault Cowering Flinching Welch marks Malnutrition Untreated medical problems Bed sores Confusion Over sedation Emotional abuse:. Fear Depression Confusion Loss of sleep Change in behaviour Onset of phobias No communication Sexual Abuse: Loss of sleep Diseases Repeated urinary infections Bruising Soreness around the genitals Torn, stained bloody underwear or bed sheets Preoccupation with anything sexual Excessive washing Reluctance to be alone with an unknown individual Financial Abuse: Unexplained loss of fundsor withdrawels from bank accounts Inability to pay bills Change in lifestyle/standard of living Basic needs not being met Loss of property Unnecessary building work or repairs to property Not trusting anyone around them Self-neglect: Poor hygiene (smell of urine faeces) Dehydration Weight loss Abnormal body temp Inappropriate clothing Not taking medication Infections Illnesses Institutional abuse: No flexibility at bed time Waking up to a routine Dirty beds and clothing Missing clothing, possessions, documents and letters Excessive or lack of medication Lack of consideration of dietary requirement’s Aiii; If you was to suspect an individual was being abused you should report your concerns to the manager. Also ask to write a private account for your records, making sure it doesn’t go in the care plan in case the abuser comes across it. Aiv; If a client was to tell you they are being abused, you should stop what you’re doing and listen carefully to them. All conversations should be treated with confidence and information only passed on to those who need to know. Even if the person speaks in the strictest of confidence, line managers must still be informed and the discussion must be written down. Never agree with the client that you wont tell anyone else. Say that you’ll only tell someone who can do something about it. Av; Make a written record of messages (e.g answer phones) to ensure they are not lost. Include the date and time and sign them. Ensure written records  (notes, letters, bank statements,medication records etc) are kept in a safe place. Do not tidy up, wash clothes, bedding or any other items. Do not try to clear or tidy things up Try not to touch anything un;ess you have to for the immediate wellbeing of the victim- if you have to try make a record of what you have done. If any sexual offence is suspected try to discourage the vicim from washing, drinking, cleaning their teeth or going to the toulet until the police are present. Preserve anything used to warm or comfort the victim (E.g: a blanket). If you can try to ensure that the alleged perpetrator does not have any contact with the victim. Record any physical signs or injuries using a body & map or hand drawing write a description of any physical signs or injuries including size, shape colour etc. Always remember to sign and date your notes and any other records you have made. Avi, Avii: No secrets- set out a code of practice of how commissioners and providers of care services should protect vulnerable adults. Criminal records bureau- DBS will filter certain old and minor cautions and convictions, reprimands and warnings from criminal records certificates. DBS- Disclosure and barring service. In safe hands(wales only)- sets out roles and responsibilities of CCIW in relation to other statutory bodies including local authorities who have the lead role in coordinating the development of local policies and procedures in adult protection. Office of the public guardian -agency with responsibilities then extend across England and wales. If supports the public quardian in the registration of enduring powers of attorney and lasting powers of attorney and the supervision of debuties appointed by the court of protection. The code of practice- sets out the criteria against which a registered providers compliance with the requirements relating to cleanliness and infection control will be assessed by the care quality commission. It also provides guidance on how the provider can interpret and meet the registration requirement and comply with the law. Local Partnership boards- committed to preventing the abuse of adults and responding promptly when abuse is suspected. Safeguarding adults means that local authorities, police and NHS agencies involved with adults who might be at risk of abuse have a duty of care to ensure that procedures  are in place, that encourage reporting of suspected abuse, and take action to stop the abuse. Care Quality Organisations (CQC)- registered over 18,000 care homes and publish all inspection reports, which check on the essential standards of quality and safety. Aviii: Social worker- Protect and support vulnerable people, and place them in a safe environment away from risk of danger. A risk assessment is used to decide what help is needed and the correct actions to take. They also investigate any reports. Police- Protect the community, investigate allegations of abuse, prepare court cases and make case reports. Informal agencies or third sector agencies- Research and raise awareness, campains, charities. Offer support (counselling services) Health care practitioners- Perform examinations and report finding relevant authorities . Serious case review chair person- Review serious investigations and/or failures that have previously been investigated and look at what changed need to be made. Aix: Many local Authorities run free, multi-agency, safeguarding courses for anyone who works with vulnerable children and adults, and so should any decent employer in this field. Ask your workplace training department about this. You can also find more information through their local safeguarding team in the Social Services Department or the Independent Safeguarding Authority. Direct.gov Cqc.org.uk Lancashire county council.

Why Computers are Important in my Life essays

Why Computers are Important in my Life essays As each us of look at our lives, do we realize the importance of these electronic mechanisms we call computers? I shall now endeavor to elaborate upon how these mind tools have, and continue to affect me. Every morning, I awake to the awkward squawking of my alarm clock. Much to my dismay, I groggily smack the off button and crawl out of bed. My first encounter of the day has just occurred. That small black box that faithfully rouses me, is a simple microcomputer. If it were not for this device, many days I would arrive late to class. During the process of dressing myself, I strap a watch to my wrist. This little timepiece is quite useful, reminding me of deadlines and appointments. Inside my watch, believe it or not, is yet another microcomputer. Moving on, I begin to prepare a meal. In my kitchen are several devices that are in some fashion controlled by computers. For example, let us examine the microwave. The microwave contains a microprocessor and memory. These work together to maintain an accurate clock, as well as an efficient food preparatory system. Information is input to the microwave by use of the external touch pad, this data is stored and processed in the memory and processor as it completes its task. Another activity that I may do is listen to a compact disc. CD players have decoders that interpret the microscopic pits and dents on the surface of a CD into music. This decoded information is then converted into sound and amplified to produce the desired sounds. Still another event that requires the use of computers is checking e-mail. I daily communicate with friends by the use of electronic mail. The lists of occurrences that take place for me to be able to do this are much too complicated to explain now, so I will only briefly outline this process. To start with, my personal computer must be functional and be able to communicate with a remote server. When this takes place, all of my outb...

World Mythology Essay Example | Topics and Well Written Essays - 250 words

World Mythology - Essay Example The evolution of human kind and advancement in the civilization globally has contributed deeply into the mythological stories of all lifestyles. This creation of vast mythology among different people across the world has shaped the lives of people. However, the traditional concept of mythological thought has been considered as less important in comparison to logical thinking but the notion has been highly revalorized. Myth is a crucial concept to explore the construction of meaning to different phenomena. From some critical perspective, a very critical theoretical and analytical approach to myth becomes greatly fundamental t the understanding of the basis on which mythology is pegged. The strive to conceptualize the complex notion of different myths to open up one’s mind in undertaking a deductive and logical argument in sieving what could be of speculations from facts. The expression through myths and their interpretations tends to be a versatile and multifunctional existence in the lives of different groups and individuals. This is due to the fact that the logo- mythical expressions are complementary and are helpful for humans in achieving a more complete vision, but never final, of reality. The mythology concept allows the union of the spheres of thought and experience. Moreover, the symbolic function of mythology is a combination of the two dimensional constituents of thought: reason and representation, logos and mythos, number and figure, concept and image, speech and narration, and analysis and

Structural members in concrete bridges and highway Essay

Structural members in concrete bridges and highway - Essay Example CORE MEMBERS There are many elements that have to be understood before the structure of any structure like a bridge or a whole highway can be comprehended. Engineering laws are always based on key elements. Some key elements of both the structures will be explained quite extensively along with the types of bridges which have these elements present in them. Some of those key elements are: Beam This element in the bridge is the horizontal structure which withstands vertical weight known as bending for example gravitational load or load due to wind. Beams in bridges can either be made of reinforced concrete, steel or wood. Any type of beam can be categorized by their profiling. Some of the examples of beams are I-Beam, T-Beam and box beam. Column Column is known to be the vertical structure designed for carrying lateral weight. It is one of the most important components of the bridge. This is the first portion of any bridge that has to be built. The horizontal weights like slabs and bea ms are placed once the column has been constructed. Foundation Foundation is the lowest layer of support of a structure. It can either be deep or shallow. This is usually the first part of the design when the project is being planned. The phases or implementation will be later discussed in the report. The foundation is the component of the structure which holds the columns on which the beams lie. Therefore it can easily be said that a solid foundation, which has holding capability is the one which is best for any kind of bridge, otherwise the structure can be massively damaged causing human and financial loss. Types of Bridges There are various types of bridges that have been developed over the period of time, when the human brain has... It is evident from the study that there are many elements that have to be understood before the structure of any structure like a bridge or a whole highway can be comprehended. Engineering laws are always based on key elements. Some key elements of both the structures will be explained quite extensively along with the types of bridges which have these elements present in them. Various steps are under-taken for the completion of both, the bridge and a highway alike. A construction company has to set up its goals and designs even before the first brick is laid. The construction steps are explained in detail in this section of the paper. This paper will render light over some of the examples of successful as well as some disastrous bridge/highway designs. This report can be concluded by describing an analogy in which a bridge/highway is created between two factious towns. The amount of length saved to the community of the two people can be somehow converted in the time saved travelling in their cars on the route when the bridge was not present. It can be safely said that more time of their lives will be saved by this then their actual lives. Such an impact has been brought upon by this simple everyday invention, about which we don’t think about while travelling. A road/highway/bridge has evolved the way man travels. Long journeys which were earlier not possible without aircrafts or boats are now been travelled due the connection made by this smart structural invention by mankind.

Human Growth Hormone Replacement Therapy and Aging Essay - 1

Human Growth Hormone Replacement Therapy and Aging - Essay Example It has truly amazing reparative and restorative powers that can reverse cellular and tissue damage and even help re-grow failing organs† (Life and Mintz, 2004). Science has also always been looking for the proverbial fountain of youth, ever since the roots of modern medical science in alchemy; no one has yet found it. However, it is advisable to take into consideration the pros as well as the cons when discussing the subject of using HGH on humans, and its effects on aging. These effects appear to be positive in the reckoning of the three peer reviewed sources contained in this research study, but with new developments, caution is always urged. Objective: Bowers’ study is interested in determining whether or not growth hormone is effective in creating rapid growth and increasing survival rates in animal testing. This study therefore focuses on a population not of test subjects who are humans, but instead tadpoles. The author wants to determine, based on reactions of selected populations who are treated with growth hormone, whether or not growth hormone increases survival rates in tadpoles. Methodology: The author uses an experimental control test methodology. They arrange a series of petri dishes with five tadpoles in each dish, including a control group which are given distilled water instead of growth hormone. The author uses statistics to then separate and form significance of the data which is empirical. After placing 5 tadpoles into each petri dish with 20mL of HGH, the author sets out to, â€Å"Observe rate of survival and development 24 hours later. I conclude that the Human Growth Hormone concentration of .001% had the highest survival rate with an average of 18.9. The Control of just distilled water had the second highest survival rate with an average of 12.4† (Bowers, 2002). Quantitative methodologies in research like this often supply more empirical results. Conclusions: The

Related Studies Foreign Essay Example for Free

Related Studies Foreign Essay Foreign Langer (Journal 2004 p. 76). The research team identified three types of teachers: 1. Effective teachers in effective schools; 2. Effective teachers in typical schools, and 3. Typical teachers in typical schools. In effective schools, students were â€Å"beating the odds† in test scores, and the effective teachers there found their work encouraged and sustained by a supportive school and district climate that: 1. Coordinates efforts to improve student achievement. 2. Fosters teachers participation in a variety of professional activities. 3. Creates instructional-improvement activities in ways that offer teacher a strong sense of agency. 4. Values commitment to the profession teaching. 5. Engenders caring toward students and colleagues, and 6. Fosters respect for learning as a normal part of life. Furthermore, the assumption in articles dealing with the teacher reflection is that analysis of needs, problems, change processes, feeling of efficacy, beliefs are all factors that contribute to teaches professional development, be it through enhanced cognitions or new or improved practices. Reflection is discussed and used in research in several ways. The studies in this decade centre primarily on reflection as an instrument for change and on the various ways in which reflection can be developed. A group of explicitly considers the contribution to reflection of narrative methods such as story telling (for example, about Professional Development School Experiences) and the construction of stories within professional development activities. (Breault, 2010), (Day and Leitch, 2001), (Doecke et al., 2000) and (Shank, 2006. Set in Lithuania Arl the U.S.A., the Article by Jurasaite-Harbison and Rex (2010) narrate two-year ethnographic study that looks at how teachers in three different types of schools perceive themselves as learners and how their school cultures create opportunities for teachers’ professional development. On the basis of their findings, the authors conclude that the most productive conditions for informal workplace learning is a teacher culture that encourages and values collaborative learning. Evidence shows that professional development has an impact on teachers’ beliefs and behaviors. Evidence also indicates that the relationship between teachers’ beliefs and their practice is not straightforward or simple; on the contrary, it is dialectic, â€Å"moving back and forth between change in belief and change in classroom practice† (Cobb, Wood, and Yackel, 1990; Frank et al., 1997; Thompson, 1992, in Nelson, 1999, p. 6) Wood and Bennett (2000) support this statement with the results of a study, in which a group of early childhood educators in England were helping to collect data concerning their theories of play and their relationship to practice. As a result, these educators changed their own theories or teaching practices, or even both. Similar results are reported by Kettel and Sellas (1996) in a study of the development of practical theory of student-teachers in Australia; by Kallestad and Olweus (1998) in a study involving Norwegian teachers, which shows that teachers’ professional preparation and development have a large impact on defining teachers’ goals for their students, and these goals in turn affect the teachers’ behavior in the classrooms and schools; and also by Youngs (2001). Following the examination of data assessing the effects of four different models of professional development (teachers’ networks, the use of consultants and inter-visitations, students’ assessments and school improvement plans) on teachers’ professional development and school capacity in different part of the U.S.A, Youngs found that all models generally strengthened teachers’ knowledge, skills and dispositions, and they had varied effects on other aspects of school capacity. Yet, there is still a need for more research to be done in this area. According to the latest literature, some studies have been carried out as a result of this initiative. For example, research reported by Baker and Smith (1999) identified the following characteristics of professional development as being the most effective in sustaining change in teachers: 1. A heavy emphasis on providing concrete, realistic and challenging goals; 2. Activities that include both technical and conceptual aspects of instructions; 3. Support from colleagues; 4. Frequent opportunities for teachers to witness the effects that their efforts have on students’ learning. As Ingersoll (2001) reports: â€Å"Requiring teachers to teachers to teach classes for which they have not been trained or educated harms teachers and students† (p.42). Ingersoll refers to data that show that most â€Å"out-of-field† teachers are more commonly found among first-time teachers, in low-income schools, small schools, and lower-achieving classes. Classes with â€Å"out-of-field† teachers usually generate lower student achievement. In her research, Little (2001) discovered that in restructuring schools, most of the â€Å"official time† devoted to professional development is based on the conception that professional development is a process of inspiration and goal setting where administrators have already set goals and objectives of change, and professional development activities are used to motivate teachers to strive to meet them. In summary, the professional development of teachers is a key factor in ensuring that reforms at any level are effective. Successful professional development opportunities for teachers’ have a significant positive effect on students’ performance and learning. Thus, when the goal is to increase students’ learning and to improve their performance, the professional development of teachers should be considered a key factor, and this at the time must feature as an element in a larger reform. Little (2001). Local Dr. Manila (2002) is a newly-installed principal of a public secondary school in Baguio City which ranked second to the last in the achievement test in the previous school year. As an initial step to make the school one of the best in the city she selected several teachers to undergo a professional development program that she designed, hoping to achieve the results she envisioned for the school. A year after the training, the principal expected a big improvement in the performance of their school. Unfortunately, there was no improvement in the schools’ making. It is important that you learn to decide on what training is best for and what training should come first. Professional development programs are more effective when the individual needs of teachers are taken into account. The conduct of needs assessment must consider the critical skills areas that are needed for successful performance. The strength and weaknesses of teachers in key areas that have been proven to impact directly on student achievement should be identified. In a related study entitled â€Å"Continuing Professional and Technical Education in the Philippines† by Divina Edralin, Ph.D., the author’s recommendations may also be considered in making Continuing Professional Education serves its intended purpose among professional organizations. These are: 1. Formation of a Unifying Human Resource Development Framework; 2. Review of Matrix on Continuing Education; 3. Greater access to education, training, and retraining; 4. Incentives for Professionals and Technical Workers; 5. Needs identification and assessment; 6. Effective integration of education and employment; 7. Active tripartite cooperation; and 8. Financing Scheme. Moreover, to keep Continuing Professional Education relevant to the professions, certain challenges have to be considered. Terso Tullao, Jr. 1999 (p. 32) underlines â€Å"the need to refocus CPE programs towards research, graduate education, inventions and publications†. He adds: â€Å"Professional organizations should have their own journals reviewed by national or international experts. They should also sponsor professional lectures where there distinguished members or outside experts are asked to discuss topics on their expertise. Similar to the quest of higher educational institutions to make research outputs of their professors published in international journals, professional organizations should encourage their members to publish in referred international journals. Ultimately, professionals must realize that they are the best â€Å"architects† of their personal professional development plans. They have to be more proactive and take the initiative in enhancing their competence and performance. According to Zenon Arthur S. Udani, Ph.D., 1995, on his study on â€Å"Continuing Professional Educations: Training and Developing Filipino Professionals Admist Globalization†, Professional updates which trigger build-up in knowledge and related skills more professionals to the next stage of competence-building. â€Å"As they realize that what they know and what they can do are no longer sufficient to be productive and effective professionals, competence-building becomes a more urgent concern. It calls not only for updates in professional school basic knowledge and skills, but also for education derived from pluralistic sources (continuing education for professions) found useful in assuming competence required by what professionals actually do for a living.† At the stage of competence-building, professionals, aided by their associations, would have identified their key areas of professional development and growth. Updating members of professionals associations on current issues in their field is unquestionally important. This appears to be the dominant thrust of the professional associations surveyed in this study. However, CPE in these professional associations must go beyond this stage. Competence-building and performance-enhancement must also be encouraged among the member of professional associations. Ultimately, it is the personal vision, professional drive, and sense of urgency of the individual members that would guarantee positive outcomes and improvements in professional competence and performance.

Investment Appraisal Process: Objective, Inputs And Process

Investment Appraisal Process: Objective, Inputs And Process Introduction Decisions related to investments are one of the most important and vital decisions for any organization. Making investments is the only way to increase, and maximize return on the shareholders wealth. However, taking the right investment decisions is the biggest challenge that management faces. Investment decisions are always characterized by risk and uncertainty. According to Lumby (2004) investment decision defined in simple terms, is one in which organizations make an initial cash outlay, with the aim of receiving, in return, the future cash inflows. Investments can be analyzed from several perspectives, like its suitability according to the companys objective, social cause, environmental concern etc. Yet, for the purpose of investment appraisal, it is analyzed from the point of view of cash flow only. Thus, the basic aim of investment appraisal is to check whether the initial outlay would result in enough future cash inflows, to be considered worthwhile. In order to achieve this objective, companies require certain inputs. These inputs are put through the process of investment appraisal, to reach the final outcome. Inputs Required For Investment Appraisal Investment appraisal in broad terms requires only two inputs – the estimated cash flows, and discount rate. The estimated cash flows includes all the cash outflows starting from the initial stage till much later, and inflows taking place during the lifetime of the project. This gives the final figure, which is positive or negative cash flows i.e. either inflows are more than outflows which is the acceptable case, or outflows are more than inflows which obviously leads to rejection of that project. Calculation of these cash flow figures, involves the treatment of a number of items. Cash Flows And Time Value Of Money For the investment appraisal process as discussed earlier, cash flow estimates are the primary input. Initial outlay is easy to estimate as compared to future cash inflows, and even outflows. This is because current requirements for any project, would be ascertained according to which the required finance, can be obtained. Whereas, in the case of future estimates, all the figures are estimated on the basis of some premise, which is always prone to uncertainty. Once these estimated figures are available, companies calculate these future cash flows, in terms of todays value. This is known as the time value of money, according to which, a pound today is not equivalent to a pound tomorrow. According to the time value of money, the investor needs to be compensated for certain factors. Firstly, the investment made has delayed the current consumption of the investor. Current consumption is preferred over future consumption for which, the investor needs to be compensated. This compensation i s the interest that is expected on the money invested, for that period. The second factor is inflation, the current inflation rate in UK, is 1.8% (for the month of July Bloomberg.com) Thus, what can be bought for one pound today, will be available for 1.018 GBP, the next year. Thus, future estimates must be converted in terms of present value, so as to find out its present worth. In order to compensate the investor for these two factors, the rate of return offered, is called the risk free rate. This is equivalent to the rate offered by reputed government bonds, or bills. Other Inputs There are some other factors which are required to be considered for the calculation of cash flows. The first is depreciation, which does not form a part of cash flows. For the purpose of calculating true cash flows, the precise time when the cash flow has occurred, is needed. However, depreciation does not involve any cash transaction. So, this is not included while calculating the cash flow. The second is working capital. According to Arnold (2008) besides the large and obvious depreciable assets, investment is also made in working capital. It includes the items like cash, debtors, stock which are part of companys assets and creditors which is the part of companys liabilities. Another important factor is interest. Treatment for interest is again, not straight forward. Interest can be viewed from two aspects. Firstly, if the company is employing its own funds. In that case it is losing the interest which it would have earned, by depositing money in the bank. This does not require an y treatment here, because this has been considered as the opportunity cost, and treated accordingly. Secondly, if the organization has borrowed funds from the financial market, then the interest is paid on it, which is a cash expense, and must be included in cash flow calculation. Yet, what is seen in most of the cases is that, organizations use combination of both debt and equity. Now, the same item i.e. interest cannot be treated in two separate ways. As a result, it is considered as an opportunity cost. Besides interest on capital, opportunity cost also includes a number of factors, like a building used in any project, would have earned rent otherwise, which is also the opportunity cost of the project. Other similar factors could be machinery, human resources, and other assets. The last factor is the taxation which also reduces the cash flow, by the amount of tax paid. In this case the notable factor is that debt capital gets the tax shield. However tax is to be paid on equity ca pital, making it costlier. Once all the inputs are gathered there are number of techniques available to evaluate the investment, in order to find out whether it would be profitable or not. Discount Rate Once the cash flow figures are derived for the entire period of the project, there are several methods using which we can perform the task of investment appraisal. There are some methods in which there is no allowance for the time value of money, like payback method, and accounting rate of return (ARR). In such methods, the discount rate is not required. However the more sophisticated and widely used methods use the discounted rate of cash flows like net present value (NPV), and internal rate of return (IRR). What is the discount rate and its components is discussed below. Definition The rate of return used for the purpose of finding the present value of future cash flows, is the discount rate. This rate includes the time value of money. Thus, as discussed above it is the risk free rate, plus risk premium. Risk premium depends upon the risk involved, in any particular project. Risk Free Rate Risk free rate includes the expected inflation rate, and the interest on capital which is treated as the opportunity cost of capital. As Arnold (2008) has mentioned â€Å"The risk free rate (RFR), forms the bedrock for the time value of money. Calculations such as the pure time value, and the expected inflation rate, affect all investments equally†. Risk Premium The discount rate is not the risk free rate. Rather, it is always more that that. The rate which is above the risk free rate is risk premium. Risk is the probability of not receiving the estimated return, owing to the uncertainty in any business. Higher the risk, higher is the return expected, and vice versa. However calculation of risk in itself is a difficult task. There are numerous methodologies available, for evaluating risk. The most famous among these are, sensitivity analysis, scenario analysis, and probability analysis. After getting the cash flows and discount rate, the next step is to evaluate the project. This is to determine whether the project is worth undertaking, or not. For this purpose, there are various methods. Some of the most popular ones, used across the globe, are discussed here. Investment Appraisal Techniques Payback Method This method is used to find out the period in which the future cash inflows would be sufficient, to cover the initial investment. Once this figure is obtained, it is then compared with any arbitrarily chosen time period, set as a threshold by the company. If the payback period is shorter or equal to this chosen time period, then the investment is acceptable else it is rejected. Accounting Rate Of Return It is more popularly known as return on capital employed (ROCE), or return on investment (ROI). The ARR is a ratio of the accounting profit to the investment, in the projects. It is notable that here, accounting profit is used, and not the final cash flow figure. Net Present Value This method uses the discounted cash flows. In this, the present value of outflows is subtracted from the present value of inflows. If the result, known as NPV, comes out to be positive or zero the project is accepted else not. Internal Rate Of Return This method also takes into account, the time value of money. This is used to find out the rate of return, at which net present value of an investment is zero. If this rate is higher or equal than the discount rate, then the project is acceptable else it is rejected. Issues To Be Addressed Research Question How an investment appraisal technique helps companies move in the right direction, regarding investment decisions? Other related questions are: What are the pre-requisites for this? What are the methods applied? What are the challenges faced by an organization? Why The Question Is Important? This holds a lot of importance for the organizations since the sizeable investments made by the companies, have long term consequences. The companys strategic position too, is determined by such large investments made in terms of tangible or intangible assets. It impacts the future cash flows. Thus, in order to ensure that every thing moves efficiently in future with any investment made by the company today, investment appraisal is not only necessary, but also inevitable. Research Objective The main objective of this research is to find out if there is any gap between the theoretical concepts studied and analyzed, and its implementation. In practice, matters are always little different, than what it is taught academically, or found in literature on any subject. However, to what extent there is a level of variance in case of investment appraisal, between theory and practice, is attempted to be determined, in this research. The previous research on investment appraisal discussed in broad terms, about changes in methodologies with time; factors to be considered for appropriate calculation of cash flows; and components of discount rate. Yet, none of these studies have shed much light on its practical application, which is empirically investigated, in this research. In particular, three divisions of investment appraisal – objective, inputs and process, is examined. Introduction In this section research work already done on investment appraisal process and its various other aspects have been studied. It will also reveal some elements which are quite important but still not treated appropriately to achieve effective and unambiguous evaluation of capital investments like inflation and taxation. Companies have limited resources. In order to achieve the best utilization and maximum output from these resources companies require a mechanism to decide or analyze which investments are worth taking and which are not. It is a multifaceted and analytical process and many prior studies on this practice exist. A number of surveys scrutinizing the investment appraisal process have been conducted from time to time. These surveys shed light on the changes in the use of methodologies and other practices, which formed an integral part of investment appraisal. A review of the existing literature reveals that, there have been continuous changes in the techniques used for investment appraisal. Different models and methods have been developed for investment appraisal and risk analysis. Over the period of time these developments have been incorporated into corporate practice. What does this investment appraisal process involve as found in literature analyzed and secondary sources providing quantitative data regarding the same is discussed below. Estimation Of Future Cash Flow Investment appraisal requires detailed cash flow forecasts as inputs for sophisticated evaluation methods which have been discussed above. For an investment decision to be considered as successful, it must add value to the firm. Such a project would surely increase the cash flows of the firm, but how much? At this juncture, the firm confronts the problem of estimating the future cash flow, investment outlay and cash inflows emanating from any new project, and finding out whether it adds value to the firm or not. Considering the case of Alaska pipeline project setup by many oil majors, initially its cost was estimated to be $700 million. The final cost, however, came out to be $7 billion. This shows estimation of project cash flows is one of the most important and critical parts of investment appraisal, because in case these estimates turn out to be unreliable or biased, the project would lead to poor business decisions. There are many variables involved and numerous people participat e in this exercise. Capital outlays are estimated by engineering and product development departments; revenue projections are delivered by the marketing department; and operating costs is aggregate of estimates given by number of departments like production people, cost accountants, purchase managers, personnel executives, tax experts and others (Chandra, 2008: 304). To estimate the possible future values, past events are generally used in order to estimate what possibly could be the future outcome or results for the same, or similar kind of event. Earlier, the most conventional method was to find out the best estimate from the information available. This estimate is generally the single value derived, using the mode or average, or a similar likely outcome. However, evaluations based on the single value estimates, show that the estimated value is certain, with no possible margin of error or variance. As a result, instead of using a single value as the best estimate, a new methodology of using a range of outcomes, is used. These outcomes are based on the probabilities of occurrence or non occurrence of events, which affect the cash flows (Dayananda, 36: 2002). Stages In Cash Flow Estimation According to Dayananda (2002) cash flow estimation comprises of four stages: Forecasting the initial capital outlays and operating cash inflows and outflows. Tax factor, which is an important element to be adjusted against these cash flows. There are certain other variables apart from tax like inflation, opportunity cost and depreciation etc. which need to be checked in order to find out its impact on cash flows. Allocating any further resources in order to improve the accuracy and reliability of the variables which have greatest influence on cash flow estimate. This entire process requires close monitoring and early intervention, when required. Monitoring is required at all stages from data acquisition process to projects implementation (Dayananda, 2002: 37 39 – capital budgeting: financial appraisal of investment projects). Estimating Incremental Cash Flows For Investment Apraisal The fundamental principle for the inclusion of cash flows for the purpose of investment appraisal is to include only the incremental cash flows. This refers to the cash flow incepted after the implementation of the project. The time when the investment is made, is considered as time 0, and the cash flows generated after time 0 constitutes a part of the incremental cash flow. For ascertaining the firms incremental cash flow, it is required to identify the cash flow of the firm in two situations i.e. with the project and without the project. The difference between the two gives the incremental cash flows. In estimating incremental cash flow all incidental effects are also considered. Incidental effects lead to an enhancement in the value of some existing activities, such as a rise in the demand of an existing product. However, incidental effects may also turn out to be negative like product cannibalization i.e. with the introduction of a new product, the sale of some existing products may decline (Arnold, 2008: 99-100; Chandra, 2008: 307-308). Opportunity Costs And Sunk Costs There are also certain aspects which are not apparently detected and need to be treated in the valuation of cost of capital. Opportunity costs and sunk costs are the two types of costs which fall under this category. Opportunity cost is the revenue lost by using the resources forming part of the project, under consideration. These resources might be rented out or sold, or used elsewhere. The sunk cost is the cost which the firm has already incurred, and has no effect on present or future decisions. It is the previous cost which was incurred in the past, and is irrecoverable irrespective of the fact, whether the company accepts the project or not. Furthermore, Rustagi (2005) classified the cash flows associated with a project as original or initial cash outflow, subsequent cash inflows and outflows, and terminal cash flow. Initial Cash Outflows, Subsequent Cash Flows, And Terminal Cash Flows Original or initial cash outflow is the initial investment, occurring at the beginning of the project. This is required to get the project operational. Since the investment cost occurs in the beginning of the project, it is easy to identify the initial cash outflow. It includes the acquisition of assets like machinery, building, technology etc. Along with the cost of assets, other incidental costs must also be considered, like the cost of transportation and installation. Sunk costs and opportunity costs as discussed above are also a part of this. Subsequent cash inflows and outflows are generated after the initial outlay of capital. The investment is expected to generate a series of cash inflows, through the project that has been initiated. These inflows may be the same every year or may vary from one year to another throughout the lifespan of the project. In addition to inflows, capital budgeting decisions also consider the subsequent outflows, that might be required for periodic repairs or maintenance. The third classification is the terminal cash inflows. These are the cash inflows in the last year. Firstly, this would include the scrap value, or the salvage value of the project, which is realizable at the end of the economic life. The second, is the working capital which gets released at the completion of the project. This is again, made available to the firm. Estimation of cash flows as a measure of the cost and benefits of any project, includes these three forms of cash flows, and forms the part of any good technique to evaluate a proposal (Rustagi, 2005: 486 489). In addition to all these factors, cash flows also get affected by the factors which are unlikely to be precisely forecasted, and keeps changing with time, like inflation and taxes. Treatment Of Inflation Inflation has a direct impact on the final outcome of investment appraisals. It affects both the future cash flows, and cost of capital. If inflation is not properly adjusted, the future cash flows are increased, over and above, what they would be. For the adjustment of inflation, cash flows have to be either presented in the real terms or money (nominal) terms. Adjustment Of Future Cash Flows In Real And Money Terms In real terms, future cash flows are adjusted in terms of todays current purchasing power, and in money terms cash flow is adjusted, according to the purchasing power, at the time they occur. For applying the correct treatment, companies are required to discount the real cash flows at the real discount rate, and nominal cash flows at nominal discount rates (Drayery and Tayles, 1997). As per Carsberg and Hope (1976) in Arnold and Hatzopoulos (2000) the companies earlier, adjusted for inflation in a rather inappropriate manner. Companies have been either estimating the future cash flows in nominal terms. For the purpose of discounting, they have used real rate of return. Or, they have been estimating the future cash flows in real price terms, but discounted at the money discount rate. There is a significant change in this practice from the last two decades (Arnold and Hatzopoulos, 2000: 12). However in contrast to this, according to the data collected by Drayery and Tayles, 1997 There are still a majority of firms, treating the problem of inflation, incorrectly. The survey was conducted on 195 firms in UK,out of which only 53 or 27% are doing the correct treatment of inflation, with regard to future cash flows (Data attached in appendix 1). Common Mistakes In The Adjustment Of Inflation Thus, we can see that the adjustment for the treatment of inflation, regarding future cash flows and relative discount rates, is not a very uncommon mistake. The most common mistake is using the money discount rate of return for discounting the cash flow estimates, available in terms of real prices. This leads to the undervaluation of NPV, leading to the rejection of the project in some cases, which are worth undertaking, yet, are not. In case of the converse scenario, the result would be overvaluation of the NPV, leading to the failure of projects in the long run. Long term projects, are more prone to this kind of mismatch, because with a longer time period, the variation in cash flows, due to non inclusion of inflation, gets compounded. The cash flows accrued after many years, are valued in current terms, and that turns out to be highly distorted. In case of short term projects, even if inflation has not been included, the distortion in the values of future cash flows, is not very high (Drayery and Tayles, 1997: 3). Treatment Of Taxes Taxes have a direct and considerable impact, on the project viability. For a complete project appraisal, it is important to consider the complete taxation implications, over the cash flows. It is vital for the purpose of investment appraisal, to consider the cash flows after paying taxes, since only these are available to shareholders. There are many important aspects to be considered, regarding taxation. According to Arnold (2008) if the tax liabilities of the firm gets increased due to the project, then the increased tax effects must be incorporated in the analysis, to reach the actual cash flow figure. Secondly, taxes are not generally paid in the same year in which they occur. Companies pay a part of the current years taxes and part of the accrued taxes, which must be considered accordingly. The time factor must be correctly accounted for, while analyzing the cash outflow of taxes. According to Rohrich (2007), due to the investment, tax would arise and NPV must be calculated only after taxation. The implications of taxation would affect the NPV considerably. Firstly with taxes, cash flow will decline and so will the NPV calculated out of that cash flow. Secondly, the capital structure of the project also results in the decline in discount rate, with an increase in gearing ratio. Since the interest on debt is tax deductible, it reduces the cost of capital, and thus leads to fall in the discount rate. Besides these Lumby (1988) has also thrown light on one more important aspect. This is the system of writing down balances, which also provides tax relief on capital expenditure. Thus, the net effect of the taxation could be seen as a decline in NPV, due to a decrease in cash flows, on one hand. On the other hand there was an increase in NPV, due to a decrease in discount rates. Cost Of Capital â€Å"The cost of capital is the rate of return that a company has to offer finance providers to induce them to buy and hold a financial security. This rate is determined by the returns offered on alternative securities with the same risk† (Arnold, 2008: 717). The definition given shows that the rate of return on the capital, is what determines its cost. This rate of return is the discount rate used by the companies. If it is evaluated higher than what actually it should be, then it constrains the investments. Like Arnold (2008) has quoted Michael Haseltine, one time President of the Board of Trade â€Å"Businesses are not investing enough because of their excessive expectations of investment returns† (Arnold, 2008: 717). High Rate Of Return According to Ashford et al. (1988) companies use considerably high discount rate than required, as per the opportunity cost of capital. The reason for this, is the risk premium which companies apply, especially in case of investments made in the projects using new technology. Such projects are considered to be more uncertain, so the discount rate is higher than in other investments (Ashford et al., 1988: 2). Arnold and Hatzopoulos (2000) have quoted Antle and Appen (1985) and Antle and Fellingham (1990) that managers in order to keep a strict control over corporate resources and to reduce the tendency to over invest, keep high discount rates (Arnold and Hatzopoulos, 2000). Similarly according to Dimson and Marsh (1994) in Drury and Tayles (1996) firms in UK use excessively high discount rates, which in turn, have led to the under-investment in UK firms. In USA too, firms use hurdle rates for project evaluation, which are higher than their estimated cost of capital (Drury and Tayles, 1996: 12). Wacc In order to attract investors, companies have to provide returns, higher than the opportunity cost of capital. Companies use a standard means to express their cost of capital, using weighted average cost of capital (WACC). According to Bruner et al (1998) WACC is the method used by most of the companies, advisors and even textbooks, as a method to derive the discount rate used as the cost of capital. Bierman (1993) conducted survey in which 74 Fortune 100 companies participated. The results obtained showed that all the companies use some form of discounting in their capital budgeting, and 93% use a weighted-average cost of capital (Bruner et al, 1998: 2-3). Arnold and Hatzopoulos (2000) presented information given by Westwick and Shohet (1976) stating that companys bank overdraft rate was the most popular method among UK companies for selecting the rate of return to be used for evaluating capital investment. At the same time WACC was in practice by less than 10% of firms. However, th is trend changed substantially over the period of time and according to the data collected by Arnold and Hatzopoulos (2000) more than half of the firms use WACC to calculate the cost of capital (results attached in appendix 2). In addition to this, it is also notable that still significant minority firms use interest rate payable on debt as a measuring tool to calculate the cost of capital (Arnold and Hatzopoulos, 2000: 17). For calculating the WACC a company needs to acquire information about the cost of various sources of capital and their proportions in the capital structure. Considering that we have two sources of finances i.e. equity and debt, here cost of capital is determined by the formula: WACC = KEWE + KDWD Here, KE = cost of equity KD = cost of debt WE = proportion of equity finance to total finance WD = proportion of debt finance to total finance Cost Of Debt Debt entails to more or less fixed payments, so estimating the cost of debt is relatively easy. Arnold (2008) has covered three factors which determine the cost of debt, these are: 1. Existing rate of interest on debt capital. 2. The risk of default by the debtor and recovery rate or chances in case of default. 3. Benefit derived from debt capital due to the tax shield. Cost Of Equity While the estimation of cost of debt is easy, the cost of equity is rather difficult to estimate. This is due to the fact that companies do not have any commitment towards the shareholders to pay dividends. However, companies have been reaching some reasonably good estimates of the cost of equity using some prevalent methodologies like Capital asset pricing model. Although, some firms mention other models as well like arbitrage pricing theory but these are in small proportion. Another model which was most influential in 1960s was Gordon growth model. However, there was a problem of obtaining a reliable estimate of future growth rate of dividends in this model. This was obtained objectively using past data which was not considered to be a trustworthy estimate (Arnold, 2008: 726). According to Bruner et al. CAPM is the most popularly used model for estimating the cost of equity. In a wide survey conducted by Trahan and Gitman (1995) of 84 fortune 500 large firms and best small Forbes 200 companies it was found that 30% of respondents use the capital asset pricing model. Similarly, in a survey conducted in Australia, CAPM is the most commonly used method in estimating the cost of equity, with 72% of the companies under survey, using this model (Truong et al., 2006: 3). In contrast to this Arnold and Hatzopoulos (2000) has mentioned views from several sources stating that According to Bruner et al there are theoretical, practical and empirical doubts cast on the most heavily promoted method of calculating the equity component of WACC, that is, the CAPM (Lewellen, 1977; Mullins, 1982; Lowenstein, 1989; Tomkins, 1991; Fama and French, 1992; Rosenberg and Rudd, 1992; Mills et al., 1992; Strong and Xu, 1997; and Adedeji, 1997). The difficulty faced under this model is to determine a particular divisional beta and cost of capital. This problem has been discussed in quite an elaborate manner by Bruner et al. using different beta rates and expected market return. The result produced shows substantial variation in the cost of equity and in turn had a great variation on cost of capital (result attached in appendix 3). To conclude, what can be seen is the result drawn out of study on the corporate cost of capital and the return on corporate investment. This shows average corporate investment produced returns that exceed the cost of capital. This is analyzed for the period of 1950-96, the real cost of capital for non-financial firms is high, 5.95 percent. The real return on cost is higher, 7.38 percent as a result on average investment seems to be profitable (Fama and French, 1999). Analysing The Level Of Usage Of Appraisal Techniques Since decades companies have been in continuous search of reliable investment appraisal techniques. These techniques helps to rank the multiple competing projects on the basis of benefits that can be derived out of each one as against the costs incurred over the same. Conventional Methods The first analysis studied here is the survey conducted by Arnold and Hatzopoulos in the year 1997. The survey examines the level of usage of four main conventional appraisal techniques – payback method, accounting rate of return (ARR), internal rate of return (IRR) and net present value (NPV). 300 companies are surveyed which are ranked in the Times 1000 companies according to capital employed (results attached in appendix 4). This survey is also compared with two previous surveys one is by Pike covering the period from 1975 to 1992; and Alkaraan and Northcott for the year 2002. These are chosen for comparison because of similar characteristics in all the three surveys. According to the results, it is quite clear that payback method has been the most widely used technique till early 1990s as compared to discounted cash flow methods – IRR and NPV. However, thereafter rise in the usage of NPV can be seen and as for now it became the most popular appraisal technique. Yet, this was not at the expense of a decline in the usage of the payback method. Even payb