Personal position on Inclusionary practices

The crusade for comprehensive instruction has been going on since Mann’s suggestion of â€Å"common schools† in the mid nineteenth century. The ebb and flow American culture is progressively heterogeneous henceforth, the method of reasoning for inclusionary training practices.Advertising We will compose a custom examination paper test on Personal situation on Inclusionary rehearses explicitly for you for just $16.05 $11/page Learn More Nevertheless, what is comprehensive instruction? Consideration alludes to a network of students, which includes an assortment of races, societies, religion, and level of students as far as various learning styles, qualities and shortcomings, physical and intellectual inabilities (Miller and Katz, p. 20). Consideration in this way makes an inviting learning condition that awards students an encounter of the heterogeneity in the general public. Consideration implies teaching understudies with inabilities in the standard homerooms just as bl ending understudies from various ethnic, strict and financial foundations under one study hall (Hastings and Oakford, p. 87). This gives a free and proper state funded training framework for all kids regardless of their race, culture, budgetary foundation, and capacities. Consequently, incorporation guarantees accomplishment for the impeded youngster. Inclusionary rehearses give a vehicle to acknowledging government and state commands, for example, the No Child Left Behind Act (NCLB) and the Individuals with Disabilities Education Act (IDEA) that expect instructors to concede all youngsters an equivalent chance to training. Further, placing understudies with inabilities and other restricting elements in a normal study hall gives a chance to the less lucky youngsters to encounter their maximum capacity in a comprehensive network and consequently have a feeling of having a place both in school and in the network. Comprehensive instruction by and by is progressively entangled hencefort h requires certain methodologies for its prosperity. For comprehensive training to be fruitful, all gatherings must share the estimations of consideration. This implies everybody associated with the training framework must know about the significance of blending a wide range of understudies independent of their race, culture, money related foundation, incapacities, etc in one study hall. This will go far towards guaranteeing that students don't learn about left and victimized. Thusly, kids will build up a feeling of having a place and will have the option to perform to their maximum capacity academically.Advertising Looking for research paper on training? How about we check whether we can support you! Get your first paper with 15% OFF Learn More Children with psychological constraints may think and reason at a much more slow rate than normal kids. Placing them in a class with understudies who have a higher IQ causes them in that their brains are activated to work nearly as quick as their partners do. Such youngsters ought to be urged to have the option to adapt in the study hall. Thus, it is significant for educators and understudies to esteem these people and value their disparities (Hastings and Oakford, p. 90). As Shafik Abu-Tahir states, â€Å"Inclusion is perceiving that we are one despite the fact that we are not the same† (Dattilo, p.26) One of the significant boundaries to incorporation is negative mentality. Understudies and instructors have an inclination of growing terrible perspectives towards understudies who are not of their race, or in light of the fact that they originate from a helpless foundation. Instructors might not have any desire to remember them for school exercises, for example, school trips and conferences. This may cause such understudies to feel undesirable and left out and in the long run build up a low confidence. Therefore, such understudies may get insubordinate, and register helpless scholastic execution, hostile to soci al conduct and other boisterous qualities. In this way, it is basic that educators and understudies comprehend and value each other paying little mind to their various foundations. All in all, consideration is the answer for the issues our schools face because of expanded social heterogeneity in the general public. When understudies from different foundations, incorporating those with inabilities and different confinements build up a feeling of having a place, their confidence will rise and their enthusiasm for school will be at its pinnacle. Consequently, understudies will have the option to understand their maximum capacity in view of the equivalent chances conceded to them. Works Cited Dattilo, John. Comprehensive Leisure Services: Responding to the Rights of People with Disabilities. second ed. State school: PA Venture Publishing, 2002. Print. Hastings, Richard, P. also, Oakford, Suzanna. Understudy Teachers’ Attitudes towards the Inclusion of Children with Special Needs. Instructive Psychology 23.1 (2003): 87-94. Print.Advertising We will compose a custom exploration paper test on Personal situation on Inclusionary rehearses explicitly for you for just $16.05 $11/page Learn More Miller, Frederick and Katz, Judith. The Inclusion Breakthrough: Unleashing the Real Power of Diversity. San Francisco: Berrett-Koehler Publishers, 2002. Print. This examination paper on Personal situation on Inclusionary rehearses was composed and presented by client Blaze Banks to help you with your own examinations. You are allowed to utilize it for exploration and reference purposes so as to compose your own paper; be that as it may, you should refer to it as needs be. You can give your paper here.

Entrepreneur Essay -- Entrepreneurial Theories

The investigative system above uncovers the character characteristics that cause a person to turn into a business visionary and the traits are represented from origination to the end procedure. It is comprised of a mix of enterprising hypotheses that suggest the mental attributes of a person. An assortment of enterprising hypotheses will be utilized to clarify the system. Origination of the character characteristic of a business visionary is the will to set up a realm, trailed by the requirement for accomplishment, at that point inward locus of control firmly followed by non-conventionalist lastly the climax of all the character credits lead to a business person. As indicated by Goss (2005), Joseph Schumpeter recommended that one of the mental qualities of a business visionary is the ‘will to build up a private kingdom’. This isn't just a character trait however it is a type of innovative inspiration that can be found in business people and people who may become business people. In the system above, it is featured as the principal phase of one of numerous character characteristics ascribed to business visionaries. Goss (2005) contended that Schumpeter’s enterprising inspiration with respect to the will to build up a private kingdom’ is centered around an individual picking up and losing economic wellbeing for example the thought process is one increases power which shields one from the sentiments of disgrace. Goss (2005) sees Schumpeter’s three innovative thought processes from a sociological crystal and not a mental one. After much assessment of Schumpeter’s compositions, Goss (2005) come to the end result that social collaboration and feelings are key factors in pioneering activities. Additionally, Barnes (2000) sees the intentions from a sociological crystal and contends in any case that ... ...individual assets. Kets De Vries (1977) contends that business people are ‘anxious people, who are non-conventionalist, ineffectively sorted out and not an alien to foolish behaviour’. The quality of non-conventionalist can be applied to Victoria yet the attributes of poor association or foolish conduct can't be applied to Victoria as she doesn't depict these characters. Despite the fact that Victoria uncovers she has an inward bearing with independence, she doesn't disregard relational relations with her family, work partners and customers. Generally speaking, the fantasy to set up a private realm, a serious requirement for accomplishment, inner locus of control and non-conventionalist conduct all contribute towards the character traits of a business person. Taking everything into account, business visionaries need to have a significant requirement for accomplishment and a high inward locus of control.

The Environment And Effect On Human Health Environmental Sciences Essay

The Environment And Effect On Human Health Environmental Sciences Essay Polychlorinated Biphenyls are a gathering of synthetic synthetics. They make up a gathering of 200 and nine individual chlorinated biphenyl rings, known as congeners. In the concentrated structure, PCBs are sleek fluids, slick solids, and clear to yellow in color.(EPA, 2012). They have no smell or taste. (EPA, 2012). They are truly steady blends that are impervious to outrageous temperature and weight. They have a low level of reactivity. PCBs are not combustible, have high electrical obstruction, and are acceptable insulators.(Barbalace, 2002) PCBs were viewed as a modern forward leap, on account of its synthetic properties. Prior to their boycott in 1979, Polychlorinated biphenyls entered nature during their production and us in the United States. The natural synthetic concoctions were first produced by Monsanto in 1929. Before their boycott, PCBs were utilized in several mechanical and business applications, as electrical protectors. Utilizations for PCBS included transformers, electrical hardware, water powered liquids, oil based paint, carbonless carbon paper, blowers, heat move frameworks, colors, glues, fluid cooled electric engines, bright light bulbs, link protection, plastic, and the rundown goes on.(EPA, 2012). Household utilizes included grain boxes and bread wrappers. Due to its job in forestall fires and a blast, the compound was required by fire code. PCBs were viewed as the perfect encasing for organizations and shoppers. The characteristics that make PCBs needed by shoppers and organizations are additionally the ones that make it unsafe to nature and human wellbeing. PCBs high warm and substance obstruction implies they don't separate effectively when presented to warmth or synthetic medicines making it be difficult to escape the earth. Since they don't separate they stay in nature and keep on working up. Today, the synthetic compounds can at present be discharged in nature through spills, spills, and ill-advised removal and capacity. The greater part of the PCBs delivered during 1929-1979 have been discharged into the earth. (Barbalace, 2012). In spite of the fact that PCBs are not, at this point monetarily produced or generally utilized , there are still ways individuals can be presented to concentrated Polychlorinated Biphenyls. The most widely recognized exposures incorporate through food, surface soils, drinking and ground water, indoor air, and in the work environment. PCBs are a natural poison. Organizations that utilized the substance defiled the earth through its uses and removals. In 1935, the Monsanto Company bought the Theodore Swann synthetic organization and started producing PCBs in the United States. Monsanto kept on creating PCBs at its Anniston plant until 1971.(Lyons, 2004). During its forty years of assembling PCBs as an electrical protector, the Monsanto Company flushed a huge number of pounds of PCBs into close by brooks and covered millions additional pounds in a slope landfill. (Lyons, 2004). The Monsanto Company was sued by a huge number of present and previous occupants of Anniston, who guarantee the organization knew about the risks presented by PCBs and effectively plotted to conceal this data from the close by open. (Firestone, 2002). In 1966, Monsanto chiefs found fish close to the waste locales turned tummy side up erupting blood and destroying skin, inside ten seconds of the PCBs disposal.(Firestone, 2002). The organizatio n shrouded their discoveries. In 1969, fish were found with multiple times the legitimate PCB level.(Grunwald, 2002). Organization records uncover the companys choice that there was no motivation to go to costly boundaries in restricting release structure the plant.(Grunwald, 2002). The organization was requested to pay $53 million in cleanup cost and consented to a worldwide settlement including present and future cases in Alabama.(Lyons, 2004). There are various known sullied destinations around the U.S. Among the most hazardous of these,â is the Hudson River Valley. In 1947-1977, General Electric (GE) started dumping PCB in the stream. By the boycott in 1979, an expected 1.3 million pounds of the manufactured concoction had entered the Hudson stream. The Hudson River was debased with PCB contamination. After twenty years, authorities despite everything need to manage the natural impact of PCBs in the bedrocks of the Hudson River. (Mele, 1998). PCBs are presently found all through the Hudson River biological system, in dregs, water, and untamed life. (Mele, 1998). The spread of PCBs all through the Hudson River and the evolved way of life has made one of the most far reaching, unsafe waste issues in the nation. The EPA requested the General Electric Company to pay 460 million dollars to dig the PCBs it had dumped into the Hudson River. (Grunwald, 2002). The Environmental Protection Agency Prevention manages PCBs through the Toxic Substances Control Act (TSCA). The Act bans the utilization, appropriation, assembling, and preparing of PCBs. TSCA gives EPA the power to create and implement guidelines concerning the production, use, cleanup, and legitimate removal of PCBs. (EPA, 2012). Through nature, people came into contact with the compound. Polychlorinated Biphenyls are connected to various wellbeing peril. It has an intense harmful effect. Skin aggravations can happen in individuals presented to elevated levels of PCBs. Studies in the working environment recommend that introduction to PCBs may likewise cause bothering of the nose and lungs. PCBs are a likely human cancer-causing agent. EPAÂ's guidelines on malignant growth causing synthetic compounds utilize the term 'probableâ' when a substance is known to cause disease in creatures and where there is proof that recommends that it causes malignant growth in people yet which isn't convincing. Investigations of PCBs in people have discovered expanded paces of disease patients that might be associated with the engineered concoction. PCBs are known to cause an assortment of sorts of malignant growth in rodents, mice, and other investigation creatures. (EPA, 2012) Polychlorinated Biphenyls are connected to formative impacts. Appropriate improvement of the sensory system is basic for early learning and can have conceivably critical ramifications for the strength of people all through their lifetimes. (EPA, 2012). Ladies presented to PCBs previously or during pregnancy can bring forth kids with noteworthy neurological and engine control issues. These issues incorporate brought down IQ and poor transient memory. (EPA, 2012). PCBs disturb hormone work. PCBs with just a couple of chlorine iotas can mirror the bodyâ's regular hormones. PCBs are likewise thought to assume a job in decreased sperm number, changed sex organs, pubescence, and modified sex proportions of youngsters. PCBs with more chlorine particles act like dioxins in modifying the digestion of sex steroids in the body, which change the ordinary degrees of estrogens and testosterone. PCBs likewise furious the parity of thyroid hormones, which may influence the development, scholarly, and social turn of events. (EPA, 2012). PCBs are found all through nature, and it might be difficult to abstain from coming into contact with Polychlorinated Biphenyls. Individuals can have a go at maintaining a strategic distance from contact with defiled soils and residue. (Wisconsin, 2012). Practice great cleanliness propensities. Breaking point their utilization of game got fish. Wash leafy foods before eating them. Additionally, if any individual from the family unit works with old electrical hardware be certain the gear is appropriately kept up and the territory is all around ventilated. (Wisconsin, 2012). Polychlorinated Biphenyls are a compound that won't leave. The Environmental Protection Agency is attempting their best to free the earth of its belongings. The qualities of the engineered sedate reason it to be moved effectively and difficult to separate. The medication has made harmed the earth, and the individuals around nature. Polychlorinated Biphenyls will have a lifetime impact on the earth and individuals. Sources Barbalace, Roberta C. The Chemistry of Polychlorinated Biphenyls.â : PCB, The Manmade Chemicals That Wont Go Away (EnvironmentalChemistry.com). N.p., n.d. Web. 27 Aug. 2012. . Natural Protection Agency. Polychlorinated Biphenyls. EPA. Natural Protection Agency, n.d. Web. 7 Sept. 2012. . Firestone, David. Alabama Jury Says Monsanto Polluted Town. The New York Times. N.p., 23 Feb. 2002. Web. 7 Sept. 2012. . Grunwald, Michael. Monsanto Held Liable For PCB Dumping. The Washington Post. Crude Food Info, 23 Feb. 2002. Web. 7 Sept. 2012. . Lyon, Steve. PCB Pollution in Anniston, Alabama. Reading. Commonweal. Teacher Raquel Pinderhughes. San Francisco State Unversity . Urban Studies and Environmental Programs, 2004. Web. 7 Sept. 2012. . Human Health Hazards PCBs and Your Health. Human Health Hazards PCBs and Your Health. N.p., n.d. Web. 7 Sept. 2012. . The Hudson River PCB Story A Toxic Heritage. Dir. Andy Mele. W. Alton Jones Foundation, 1998. Short Film. The Hudson River PCB Story A Toxic Heritage. Web. 7 Sept. 2012. . What Are The Human Health Effects Of PCBs? What Are The Human Health Effects Of PCBs? N.p., n.d. Web. 7 Sept. 2012. .

Interview Essay Example | Topics and Well Written Essays - 250 words

Meeting - Essay Example I believe I need a PhD to empower me add to society in an extended limit attributable to the gigantic information I will have gained. Should you send an American educator to tech here in Saudi Arabia, I would be more than ready to assist him with understanding the nourishment circumstance in the nation, and the most ideal approach to pass his insight, and how to conquer social and ecological obstructions in his work. Over the span of my instructing at the college, I have interfaced with incredible personalities prepared to make Saudi Arabia proficient undoubtedly. Upon their graduation, I am sure these youngsters and ladies have taken up this job in different limits. We have likewise held various classes and workshops to instruct both the college and the network on nourishment. I accept a decent study hall is one that consolidates both the distributed gathering and educator drove designs. Such a study hall should grasp the utilization data innovation, for example, PCs different contraptions in the spread of information. I would not have any issue with respect to the training in doctoral examinations, where the understudy doesn't simply get data from the instructor. This is on the grounds that I accept training is a two-way process where both the teacher and the understudy assume their individual jobs. Regardless I would lean toward a more understudy focused learning framework to an educator focused

The Crucible vs. Japanese Internment free essay sample

Dread can make individuals not think straight and over respond in difficult circumstances. In The Crucible, dread caused Tituba and Abigail to reprimand guiltless individuals for associating with the fallen angel so as to spare themselves. This activity later developed into the entire town being frightful of the villain being in their quality. Moreover, after the assault on Pearl Harbor numerous U. S. residents dreaded another assault causing doubt of Japanese Americans all through the nation. In both of these circumstances, dreading for ones security was one of the elements prompting widespread panic. Much the same as dread, terrorizing was another purpose behind craziness to spread through masses of individuals. In the two cases, terrorizing was utilized to constrain ground-breaking pioneers to consent to the desires of the majority. With doubt of Japanese Americans ascending all through the United States, numerous residents needed the Japanese individuals gone. Weights from state agents in the end prompt President Roosevelt to require the rejection and internment of every Japanese resident from the West Coast. We will compose a custom exposition test on The Crucible versus Japanese Internment or then again any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page In the Crucible, when Judge Danforth would address Abigail of coming clean Abigail would scare him by blaming him for working with Satan. This made the adjudicator tune in to whatever Abigail said. Both of these cases show that regardless of how huge or little the gathering of individuals, terrorizing can cause even ground-breaking pioneers to oblige the craziness. After all the unrest the townspeople of Salem and the Japanese individuals managed, the individuals in power came to acknowledge how the circumstances were turning crazy. When things began to quiet down in the U. S. furthermore, individuals perceived how inadequately the Japanese Americans were dealt with, they were discharged structure the camps in 1945. AS an approach to offer some kind of reparation, Congress gave the Japanese a minimal expenditure to help pay to recover their territory. In the Crucible, huge numbers of the pioneers began to see that the hangings were gaining out of power and the craziness was heightening. With an end goal to stop it, they attempted to get individuals to admit to black magic to put the entire thing to an end. Lament and movement of delirium had the option to put the two issues to an end. The Salem Witch Trials and Japanese internment were both deplorable occasions cause by widespread panic. At the point when dread and terrorizing of the majority is constrained upon pioneers it can make them settle on rash and awful choices. At the point when choices dependent on mania are made they wind up being lamented and to be halted. The Salem Witch Trials and Japanese American Internment both show how craziness can draw out the most noticeably terrible in an individual, a network, and a nation.

Over here

Over here I took a picture today that pretty well reflects the mood around this place at the end of finals week. Last night there was a dance party. Today, all gone, gone, gone. I woke up this morning to a quiet snowstorm outside my window. So I sat in bed for an hour watching it. The light outside was grey and a bit yellow and when it deepened to blue I went for a walk. Freshman year I made a big deal about having a final on my birthday. Then sophomore year I had 2 finals on my birthday. Junior year I turned 21 the day before my 8.05 final, studied til about 4am and didnt even notice when it stopped being my birthday. This year it was 8.09 in the afternoon, then 8.07 all night and in the morning. I answered my moms birthday phone call in the Hayden Library staircase. And then remembered I hadnt eaten all day. You know that sense of entitlement that were accustomed to on our birthdays? Well, I think Ive lost that a while ago, but in its place is a sense of accomplishment. Every year understanding a little better, every year drawing a little closer to a defining something that might pave way for the rest of my life. I got my first shot at teaching, impressed some unimpressionable people, finally really learned to speak the language of EM. I think more importantly, Im creeping closer to the all important yet elusive conviction that Im doing right by me, that I can hold my own. Im beginning to really take pride in my work and in what Im capable of. And maybe one of these days I can finally shake the self-doubt that plagues so many women whove found themselves doing the things only men were supposed to do. Heres hoping. Either way, happy birthday to me.

The Investment Decisions Of Britannia Company Finance Essay - Free Essay Example

INTRODUCTION: The given case deals with the Britannia Company; the report is divided into four parts, the first part deals with the investment decisions of the company, which I should take by calculating the Net Present Value (NPV). The next part of the report deals with the calculation of the future cash flows of the project. The third part deals of the case deals with answering whether investment decisions of the company will decide the future of the company or not. And the final part of the case asked to evaluate why NPV is the best technique for the evaluation of the capital projects PLANT AND MACHINERY OPEN WDV [email  protected]/* */% CLOSING WDV 1 500 125 375 2 375 94 281 3 281 70 211 4 311 78 233 5 233 58 175 6 175 44 131 7 131 33 98 8 98 25 74 9 74 18 55 10 55 14 42 BUILDING OPEN EDV [email  protected]/* */% CLOSING WDV 200 20 180 180 18 162 162 16 146 146 15 131 131 13 118 118 12 106 106 11 96 96 10 86 86 9 77 77 8 70 Here total depreciation is sum of depreciations calculated for PLANT AND MACHINERY, BUILDING, FURNITURE AND FITTINGSMOTOR VEHICLES. 1. A) If I was in the place of Mukesh, I totally dont agree with the companys management claim of justifying the value creation of the project on the share price. 1. B) Step 1: I calculated the NPV for the proposed project and observed that the spike in the share value was because the project was producing positive NPV. I would describe the process in which I have solved the problem or calculated NPV. Firstly I calculated the depreciation for different fixed assets except for the land. Different fixed assets are Plant and machinery. Buildings. Furniture. Motor vehicles. I calculated the depreciation of different fixed assets using the WDV method and then calculated the total depreciation by summing the individual depreciations. Step 2: Using the different variables, like number of units sold, selling price, variable cost and fixed cost, I calculated the total sales or revenue generated by the product over a time horizon of ten years. Now considering the initial cash flows which mainly consist of initial investment and working capital. In the project working capital is said to be considered as twenty percent of sales or revenue of that year. After calculating the working capital requirement for all the years it is preserved for calculating the change in working capital at the later stage. Now from sales or revenue variable cost, fixed cost and depreciation are subtracted so that we get the Earnings Before Interest and Tax (EBIT). EBIT represents the earnings of a company before paying interests to lenders and tax to the Government. Now I subtracted the corporate tax that has to be paid to the Government and according to the case corporate tax is given as thirty per cent. After that I added back t he depreciation to the original figure, then subtracting additional capital expenditure, in the case additional capital expenditure was added in the fourth year, and subtracting change in working capital requirement. Then finally we arrive at net annual cash flows. The initial cash flows are the investments. The cash flows between the years one to nine are calculated as described in the above process. The terminal cash flows are the cash flows that we get at the end of the project life. The terminal cash flows are calculated by adding the salvage values of the fixed assets, except for land, and recovery of working capital. In this step two I calculated the annual cash flows for the project. Step 3: Calculating the cost of capital using the Capital Asset Pricing Model. The Formulae is: Cost of capital or interest rate = Risk free market Rate + Beta * (Average Market Return Risk free market rate). Step 4: Calculating the cost of debenture using the Internal Rate of Return method. Here in the case the coupon amount is calculated as coupon amount = coupon rate * face value. Step5: Calculating the cost of debenture using the Internal Rate of Return method. Here the dividend amount is calculated as dividend amount = dividend rate * face value. Step6: Calculating the Weighted Average Cost of Capital using both Book Values and Market Values. WACC = We*Ke + Wp*Kp + Wd*Kd (1-T) We ƒ   Weight of Equity share capital. Ke ƒ   Cost of Equity share capital. Wp ƒ   Weight of preferential share capital. Kpƒ  Cost of Preferential share capital. Wd ƒ  Weight of Debenture capital. Kdƒ   Cost of Debenture capital. Step7: Using this Weighted Average Cost of Capital I calculated the NPV for the project. Here NPV means Net Present Value. C) I strongly recommend that Enam Securities should not buy the shares, this was drawn based on the above given calculations when the share price is 1540/-. Because at the current prize of 1400/- the net present value is 1376.17 cr and when divided by 10 cr the value is 137.6/-, this indicates that the current market price should increase by 137.6/- but the share price has gone by 140/- rupees 2) The future cash flows are shown in the above calculations. 3) Investment Decisions of the Company decides the future growth risk complexion of the Firm I totally agree with the given statement. Generally companies evaluate many investment decisions for expansion but the principle behind doing this is for taking a right decision so that the company will thrive. Growth The results of investment decisions lead into the future and have to be persisted for a longer period than the consequences of the current operating expenditure. A companys decision to invest in long term assets has decisive influence on the rate and direction of its growth. If the decision taken is wrong it can prove disastrous for the continued survival of the company; unprofitable or unwanted expansion of assets will result in heavy operating costs to the firm. On the other hand inadequate investment in assets would make it difficult for the firm to compete successfully and maintain its market share. Risk A long-term commitment of funds may also change the risk complexity of the firm. If the adoption of an investment increases average gain but causes frequent fluctuations in its earnings, the firm will become more risky. Thus, investment decisions shape the basic character of a firm. Take an example of Tata group, the investment decision that the company took and its diversification into various sectors and were very right at that point of time and the succeeded as the largest private group in India, in terms of market capitalization and revenues. 4) NPV is the best technique for the evaluation of capital projects. Net Present Value: Given that NPV seems to be telling us directly what we want to know, we might be wondering why there are so many other procedures and why alternative procedures are commonly used. We should keep in mind that we are trying to make an investment decision and that we are frequently operating under considerable uncertainty about the future. We can only estimate the NPV of an investment in this case. The resulting estimate can be very soft, meaning that the true NPV might be quite different. Because the true NPV is unknown, the financial manager seeks clues to help in assessing whether or not the estimated NPV is reliable. For this reason, firms would typically use multiple criteria for evaluating a proposal. By considering an example, when Cisco systems decided whether to acquire the Linksys Group in 2003, it had needed to consider both the costs and the benefits of the proposed acquisition. The costs included the initial purchase price and the ongoing costs of operating the busi ness. Benefits would be future revenues from sales of the Linksys products. The right way for Cisco to evaluate this decision was to compare the cash value today of the costs to the value today of the benefits by computing the NPV of this acquisition. Cisco should have undertaken the acquisition only if it had a positive NPV. A company has to decide whether to introduce a new product line. The new product will have startup costs, incoming cash flows and operational costs over six years. This project will have an immediate (t=0) cash outflow of $100,000 (which might include machinery, and employee training costs). Other cash outflows for years 1-6 are expected to be $5,000 per year. Cash inflows are expected to be $30,000 each for years 1-6. All cash flows are after-tax, and there are no cash flows expected after year 6. The  required rate of return  is 10%. The present value (PV) can be calculated for each year: Year Cash flow Present value T=0 frac{-100,000}{(1+0.10)^0} -$100,000 T=1 frac{30,000 5,000}{(1+0.10)^1} $22,727 T=2 frac{30,000 5,000}{(1+0.10)^2} $20,661 T=3 frac{30,000 5,000}{(1+0.10)^3} $18,783 T=4 frac{30,000 5,000}{(1+0.10)^4} $17,075 T=5 frac{30,000 5,000}{(1+0.10)^5} $15,523 T=6 frac{30,000 5,000}{(1+0.10)^6} $14,112 The sum of all these present values is the net present value, which equals $8,881.52. Since the NPV is greater than zero, it would be better to invest in the project than to do nothing, and the corporation should invest in this project if there is no mutually exclusive alternative with a higher NPV. Conclusion and Recommendations: The case says that Britannia Industries spent 10 cr for the research, this cost was not taken in any calculations because this is sunk cost. Sunk cost is considered as cost that cannot be reversed and irrespective of the use of that product the cost is incurred. This case helps Enam Securities to take the correct decision on whether to invest or not in the companys shares. Based up on my calculations, the recommendations to the Enam securities is they should not buy the share because the market price should have been increased by 137.2/- only, but the announced market price has increased by 140/- ruppes, therefore there is no scope in buying the shares of the company. The companys cost of equity is very high that is close to 21% and it should reduce that. This case clearly explains the answer to the third question that is Investment decision of the company will decide the future growth, because the company wanted to invest in a new project their share prices have increased in a way the company is expanding and this project will up to certain extant will decide the future of the company. My learning, from accepting NPV as a superior for evaluation of capital projects, made me use NPV for the evaluation of this case. I used IRR, for finding the cost of capital, when there were equal cash flows and used NPV when there were unequal cash flows.

Cyber Bullying Speech Bullying - 1009 Words

Cyber bullying Speech Many people in the world don’t seem to comprehend how much of a big problem bullying is. Bullying is so common now a days, that when is occurs, no one seems to notice it or worse, no one seems to care. Usually when is occurs, parents say â€Å"There kids, they’ll get over it† or â€Å"It will make them stronger for when they grow up† but in reality, it tears us apart into little pieces that take a long time to mend back together. Why should people have to give in to bullies? Why do we have to let them harass and hurts us in both ways: physically and emotianally? Is it because we’re different? Or is it because we’re not normal. You see the funny thing is, no body knows what normal is or nobody can even define what normal is. Contemporary studies show, there are approximetly 4,959,870 elementary and highschools in canada and 55% have experienced being bullied. 57% are successful in stopping bullying within the time of 10 seconds. Bullying can occur at anytime and anyone can be a target. However, the harrasment doesn’t stop even when you step foot at home. Cyberbullying is becoming common on so many social networks; Facebook, Twitter, Instagram, Myspace ect. What some people don’t realize; people interact with people virtually more than they interact with people face to face. Cyber bullying can take in many forms †¢ Sending mean messages or threats to a person s email account or cell phone †¢ Spreading rumors online or through texts †¢ Posting hurtful orShow MoreRelatedEssay about Cyber Bullying and Hate Speech1161 Words   |  5 Pages Free speech is both a universal and national liberty. The United Nations and the United States of America believe that free speech is something that humans should be allowed to exercise. However, each respective group has their own limitations. These limitation, although broad, protect against free speech being taken too far. Like any liberty or privilege there must be a line in the sand to keep extremists from aggressively using and abusing this right. The United Nations formed The UniversalRead MoreHiding One s Identity Is Nothing New1602 Words   |  7 Pages Hiding one’s identity Is nothing new. Alexander Hamilton, James Madison, and John Jay authored The Federalist Papers in 1787 under pseudonym Publius. The ability to communicate anonymously is viewed as part of our basic right to free speech . With the advent of computers and ease of access to the internet, becoming anonymous as never been easier, and is far more reaching than the colonial newspapers of 1787. For some this ease at which we can communicate anonymous is cause for concern. AlthoughRead MoreCyber Socializing Has Effects Essay1715 Words   |  7 PagesMany of us know about cyber socializing, and have used some form of it. Whether it’s texting on a cell phone, chatting on Facebook, or sending e-mails, it’s become a part of everyday life. All of these types of modern technology not only make things easier to contact people, but it can go deeper than that and help you stay in touch with maybe a close relative who lives far away, or a friend who just moved away from home. But at the same time, all of these things need to be used carefully becauseRead MoreMy Family - Original Writing Essay1131 Words   |  5 Pagesalong with my other brother immediately start crying as well. The only thought that came to my head is why would someone as perfect as she, hate her life so much to want to end it. To better understand cyber bullying, it s crucial to look at the causes and effects it has on teenagers. Teens cyber bully other teens because they want to feel in power. Bullies start out by feeling nothing, but when they begin to threaten or hurt someone else they feel like somebody. They want to make others fear themRead MoreCriminalization of Cyberbullying1026 Words   |  5 Pageseffects of cyber bullying are becoming a growing problem, the criminalization of cyber bullying is needed to prevent its harmful repercussions to the United States and serve as a deterrent. Cyber bullying has become the 21st century version of bullying; it has extended beyond the classroom and onto a virtual world that seems to have no real-life effects. The world is now able to bully someone in the comfort of his or her own home, at any given point, with the use of technology. However, Cyber bullyingRead MoreCyber-Bullying and Teen Suicide2391 Words   |  10 PagesUnited States, there is a need for legislation that promotes awareness and education about Cyber-Bullying. by R. Hassan February 8, 2011 Fourth Period Mr. Cicala Robinson Secondary School Since Teen suicide is the second leading cause of teenage death in the United States, there is a need for legislation that promotes awareness and education about Cyber-Bullying. Due to the growth of technology in the American society, the younger generations of adolescentsRead More Cyber Bullying Essay1447 Words   |  6 PagesHalligan kill[ed] himself after months of harassment, including instant messages calling him gay† (Billitteri.) Cyber bullying is much more dangerous than traditional bullying, and should be punished with much stricter guide lines, not just within schools but within criminal courts as well. Traditional bullying was done on school grounds, at the bus stop, or walking home, but today cyber bullies leave teens vulnerable to the abuse with no place to seek refuge. â€Å"Its a non-stop type of harassmentRead MoreWhat Causes People From The Others?957 Words   |  4 Pagesothers? Facebook. Twitter. LinkedIn. Myspace. YouTube. Flickr. These are all social networking sites and they’re all part of what is at present known as social media. Ever since the creation of social media had occurred there have been another type of bullying that’s in our everyday life. The study from the cyberbullying research center, shows 20.4 percent of females of middle school reported to be the victim pf cyberbullying at least once at the age of 11-18, compared to 14 percent of male children, inRead MoreCyber bullying extended essay2325 Words   |  10 PagesTHE REALITY BEHIND THE CYBER WORLD: My thoughts on Cyber Bullying â€Å"Bullying builds character like nuclear waste creates superheroes. It’s a rare occurrence and often does much more damage than endowment†. (Van, 2011). Nowadays, our world is facing different problems, issues, and concerns that people hardly realize. Some of these issues are not properly addressed by our government for there are other issues that need to be taken first of. One of these issues is cyber bullying. I know that all ofRead MoreThe Necessary Inclusion of Cyber-Bullying Legislation in Canada2188 Words   |  9 PagesIn Canada, the emergence of bullying has risen to new heights as advancements in technology have allowed almost anybody to conduct harmful acts against another person while maintaining vast amounts of anonymity (Shariff, Cyber-Bullying: Issues and solutions for the school, the classroom and the home, 2008; Li, Cyberbullying in Schools: A Research of Gender Differences, 2006; Shariff Jaishankar, Cyber Bullying: A Transnational Perspective, 2009; Froese-Germain, 2008). Cyberbullying is broadly defined

The Theory Of The Attachment Theory - 1362 Words

Humans are social beings by nature; from the day one is born, an immense amount of time must be dedicated to the individual in order for them to develop properly and to their maximum potential. Without this interaction with others, the child will become stagnant in their progress and fail to grow both mentally and physically. Because of its importance, infants and children have been hardwired to attach to their mothers and/or caregivers in order to fulfill this basic need. This instinctual need for attention and security was originally studied by John Bowlby in his creation of the â€Å"Attachment Theory†. Expanding from infancy to the entirety of a human life, one may see the Attachment Theory and importance of interaction in early†¦show more content†¦From these measurements, Schaffer and Emerson were able to develop the Stages of Attachment. Throughout their developing stages, infants were expected to experience each of these phases: 1. Asocial (0-6 weeks) – The infant will form attachments with nearly any human or human figure without any real bias. 2. Indiscriminate Attachment (6 weeks-7 mo.) – The infant enjoys human interaction and attention from a caregiver and get upset when not payed attention to. Can tell people apart but no bias. 3. Specific Attachment (7 mo.-9 mo.) – The infant looks to a particular person(s) to care for them, experiences separation anxiety and stranger fear much more intensely than before. 4. Multiple Attachment (10 mo. +) – The infant is able to form more attachments as it becomes more independent. Attachments may be with family members, caregivers, or anyone else who responds well to them. (SOURCE) With these stages constructed and the structure of attachment theory in place, psychologist Mary Ainsworth delved further into this theory and began her study titled â€Å"The Strange Situation†. In this study, Ainsworth’s aim was to measure the quality of attachments in one to two year olds with their parent or caregiver (SOURCE).Show MoreRelatedAttachment Theory And Attachment Theories1053 Words   |  5 Pages To begin with attachment theory, first everyone should understand what the attachment is. According to attachment means bonding between a child and caregiver or vice versa. The attachment theory is the theory that describes the long term interpersonal relationship between the humans. Also, it can be defined as the strong bond between parent and child, and later in peer and romantic relationship (Metzger, Erdman, Ng 85). It generates a specific fact that how the humans react in relationshipsRead MoreThe Theory Of Attachment Theory795 Words   |   4 Pages The theory from chapter 1 that I chose was attachment theory. Attachment theory, coined by John Bowlby, is a concept in developmental psychology that concerns the importance of attachment in regards to personal development. It states that the ability for an individual to form an emotional and physical attachment to another person gives a sense of stability and the means necessary to take risks, branch out, and grow and develop as a personality. One of Bowlby’s main points in attachment theoryRead MoreThe Theory Of Attachment Theory1426 Words   |  6 PagesJohn Bowlby’s Attachment theory is relevant to serial murderers since it looks at the child’s early life experiences, focusing on the bond between the mother and child (Bretherton, 1992). It argues that a break in the bond will lead the child to a life of crime and delinquency. In this paper we will discuss two points. The first point is discussing Aileen’s Wuornos life from childhood to adulthood and t he second point is explaining how her life is relevant to Bowlby’s Attachment Theory. We will finallyRead MoreThe Theory Of Attachment Theory1607 Words   |  7 PagesAttachment theory is accepted by most psychologists and psychiatrists as the best explanation for how we develop the capacity to form relationships with others and relate to our environment. It asserts that the methods we use to relate to others, manage our needs, express our demands, and shape our expectations for the world are rooted in our relationships with our early caregivers. Through these interactions we learn to balance our feelings and need states with others and to establish our varyingRead MoreThe Theory Of Attachment Theory Essay1847 Words   |  8 PagesThe concept of attachment was first introduced by John Bowlby (1969), who emphasizes the importance of mother-child relationship when he was studying children who had been separated from their mothers. Attachment is the close, enduring emotional b ond to parents or other caregivers, and it is necessary for normal social and emotional development. Mary Ainsworth expanded Bowlby’s attachment theory by devising the â€Å"Strange Situation† method to observe children’ behavior during episodes of repeated separationRead MoreThe Theory Of Attachment Theory1281 Words   |  6 PagesIntroduction Attachment theory centers around relationships and bonds formed between people. It generally focuses on long term relationships such as parents or caregivers and children. The theme of the theory is that if the primary caregiver is responsive to a child’s needs, then he or she will develop a sense of security. If a parent or caregiver does not provide this, a child will have trouble attaching and forming relationships in the future. There are theorists who have explored and researchedRead MoreThe Theory Of Attachment Theory Essay1224 Words   |  5 PagesB1/A2/A*1-John Bowlby’s attachment theory is a positive aspect to this transition as the child are likely to gain secure attachments with their key worker which enables them to work closely with each other, this then allows the child to be more comfortable with any support they receive throughout the process, however the child may become too attached to their key worker and may face issues later when the times comes f or them to separate therefore it is important for children to spend time with otherRead MoreThe Theory Of Attachment Theory1510 Words   |  7 PagesAttachment theory was advanced in 1951 by British psychoanalyst and psychiatrist John Bowlby. According to this theory infants have an inborn need to be close to their main caretaker. If the attachment is deprived from an infant Bowlby argued that the infant could suffer from negative impacts on their development. This could possibly imply that children places in early daycare will later in life suffer consequences for this. The basis of attachment theory can be linked to Sigmung Freud s (1926)Read MoreThe Theory Of Attachment Theory1421 Words   |  6 Pages There are a lot of close relationship theory that are studied in social psychology but one of the main theory is attachment theory. This theory not only provides a framework for understanding emotional reactions in infants but also in love, loneliness, and grief in adults. In adults there are attachment styles that are a type of working model that explains certain behaviors that are developed at infancy and childhood. An infant requires two basic attitudes during their earliest interactionsRead MoreThe Theory Of The Attachment Theory1742 Words   |  7 Pageswith their caregiver. From determining a child s early attachment patterns, it can help further the child s behavior in later development, and the way the child will relate to others in her years to come. The acknowledgment of this simple fact has led many psychologists to create theories and findings to support this idea. Bowlby’s creation of the Attachment Theory sparked many famous psychologists to come up with ways to support his theory. Mary Ainsworth is known to be most famous for her â€Å"Strange

Legal and Ethical Issues in Medical Sales Free Essay Example, 2500 words

Off-label use can be defined as the use of drugs by doctors for purposes other than those approved by the FDA. It has become evident from various studies that a considerable proportion of patients are subjected to off-label use. This is so because doctors are free to prescribe any legally marketed device for uses other than the ones allowed by the FDA. This is so because Section 906 of the Federal Food, Drug, and Cosmetics Act points out that the Act does not interfere with the authority of a healthcare practitioner to prescribe or administer any legally marketed device for any condition or disease within legitimate health care practitioner-patient relationship (FDA, n.d). Thus, as a study by Kesselheim, Mello Studdert (2011) from the Brigham and Women s Hospital, Boston, points out, there is widespread off-label marketing of medicines in the US which cannot be controlled under the existing laws. The study identified three methods of off-label marketing. They are the expansion of d rug use to unapproved diseases, expansion of drug use to unapproved disease subtypes, and expansion of drug use to unapproved dosing strategies that often involve higher doses. We will write a custom essay sample on Legal and Ethical Issues in Medical Sales or any topic specifically for you Only $17.96 $11.86/page

A View from the Bridge by Arthur Miller as a Tragedy...

A View from the Bridge by Arthur Miller as a Tragedy A view from the Bridge was written by Arthur Miller in 1955 and set in the 1950s Brooklyn, New York. Most of this area was inhabited by immigrants that arrived from countries such as Italy and Sicily, before the restriction of immigrants law was passed. Although the law denies people to migrate to the country. Illegal immigrants will often be smuggled in from countries like Sicily. The main area is based in Red Hook. Illegal immigrants come into the country and work on the dockyards and Sicily at the time was in great poverty and hardship. The people in this area of red hook are Italian American civilian citizens that have travelled the Island of Sicily because of the hard†¦show more content†¦The inevitable death of the protagonist takes place. Arthur Miller in this play uses quite a lot of Aristotelian elements of tragedy, such as using a ?chorus? to introduce themes and ideas and inform the audience that the protagonist will have a ?fatal flaw? that will lead to his downfall because of his hubris pride. It contains ?universal truth? and has to be didactic so the audience can learn from the play. Aristotle also believed that the audience had to experience ?Catharsis? meaning that the audience will have a feeling of extreme emotions which will help keep the audience interested. Arthur Miller also uses Aristotles way of ending the play by the realisation of the protagonist?s mistake and the rightful order and time is restored. Although Alfieri has the smallest part in the play, nevertheless he is very important to introducing the scene atmosphere and the set. Alfieri is introduced to us by Arthur Miller ?Enters Alfieri a lawyer in his fifties turning grey; he is portly, good humoured, and thoughtful.? We get a feeling that he is a wealthy person because he is ?portly? telling us his got plenty of food to eat. The fact that he is ?turning grey? makes the audience assume that he is wise and understands what is really going on in the play. Also the prologue, Alfieri becomes informative straight away and explains to the audience. At the beginning Alfieri tellsShow MoreRelatedConventions of Tragedy in A View From The Bridge By Arthur Miller1100 Words   |  5 PagesConventions of Tragedy in A View From The Bridge By Arthur Miller Arthur Miller manipulates his characters and uses literary devices to effectively convey to the audience the trajectory of Eddie Carbone and his flaws of misconduct in the play, A View From The Bridge. He uses all the conventions of a modern tragedy adequately to help arouse sympathy, suspense and fear from the audience at significant intervals of the playRead MoreHow Arthur Miller Hints at Tragedy in ‘A View from the Bridge’1370 Words   |  6 PagesIn this essay I will describe the way in which Miller hints at the tragedy in the beginning of the play ‘A View from the Bridge’. Miller gives us lots of clues in the opening section to try and get the audience thinking. He wants us to think about how the main character dies not what happened in the end because everyone knows that in a tragedy the main character dies. Miller uses a range of devices e.g. uses of plot devices, the structure foreshadowing o put an impact on the audience understandingRead MoreThe Dramatic Importance of the Role of Alfieri in A View From the Bridge1115 Words   |  5 PagesImportance of the Role of Alfieri in A View From the Bridge First performed in 1956. Arthur Millers play A view from the bridge was originally set in the 1940s and started life as a one act verse before Arthur Miller converted it to a two act play to enhance and make it more enjoyable for the audience of today. In the title A view from the bridge Arthur Miller is referring to the Brooklyn Bridge which used to be the largest cable bridge in the world and its main purposeRead MoreArthur Millers Dissatisfaction with the American People Expressed in Three of His Major Works1632 Words   |  7 Pagesconflict and tragedy. Every man has his own way of dealing with issues. After the Second World War, people had the opinion that play writer Arthur Miller transferred the theater. The work Miller created was influenced by the worldly depression and the war that started after. Arthur Miller â€Å"tapped into a sense of dissatisfaction and unrest within the greater American people; his probing dramas proved to be both the conscience and redemption of the times; allowing people an honest view of the directionRead MoreIs Eddie a Tragic Hero? (the View from the Bridge)1230 Words   |  5 Pagescharacter who makes an error of judgment or has a fatal flaw that, combined with fate and external forces, brings on a tragedy.† (http://dictionary.reference.com/browse/tragic+hero) The play, A View from the Bridge written by Arthur Miller defines the character Eddie, the protagonist, as occupying most of the qualities for a tragic hero. Eddie in A View from the Bridge came from a noble family background and had failed to realize his weakness that he had love for his niece. In this case, this loveRead MoreSelf-Discipline Is the Best Discipline: A View from the Bridge by Arthur Miller1484 Words   |  6 Pagesconnections with others often exhibit a flaw that directly correlates to their downfall. While researching the underworld of the Brooklyn docks, Arthur Miller overheard a story that demonstrates just this. Naturally, the plot follows tragic form; however, in retelling the storing, Miller adds a few twists. Miller fuses elements from Greek and Christian tragedies, all the while redefining a tragic hero. Expectedly, the main character, Eddie, exhibits a tragic flaw. Because Eddie cannot accept his responsibilitiesRead MoreThe Dramatic Techniques Arthur Miller Uses in His Play A View From the Bridge600 Words   |  3 PagesThe Dramatic Techniques Arthur Miller Uses in His Play A View From the Bridge A View from the Bridge was written by Arthur Miller. It is set in the early 1950s, Miller was interested in the lives of dockworkers and longshoremen of New Yorks Brooklyn harbour, where he had worked and where the story is set. Miller heard the story from a lawyer friend who had mentioned that he knew of a longshoreman who rattled to the immigration Bureau on two brothers, his own relativesRead MoreThe Domination of Female Characters in A Streetcar Named Desire and A View from the Bridge1278 Words   |  6 PagesThe plays A Streetcar Named Desire and A View from the Bridge are both plays that focus on mainly the theme of domination of the female characters by the males. Where A Streetcar Named Desire is a Southern Gothic, A View from a Bridge is a tragedy that is actually similar to Williams’ play as they both end tragically for the main character. Each playwright uses their own method and techniques in order to get the message or point of view across to the audience members. In A Streetcar Named DesireRead MoreHow far do you agree with the view that the tragedies in ‘Ethan Frome’ and ‘A View from the Bridge’ are brought about by individual characters rather 2084 Words   |  9 PagesWithin A View from the Bridge and Ethan Frome the main protagonists are tragic figures. The origin of a tragedy comes from Greece, where the basis of the idea was a drama in which the protagonist is overcome by some superior force or extreme circumstance; this usually resulted in either disaster or death. As is true to most Greek tragedies the ending of the shown before the downfall itself. Most victims of tragedy were written to be of a high stature such as royalty, yet both Ethan Frome and EddieRead MoreEddies Death in Arthur Millers A View From the Bridge Essay examples1237 Words   |  5 PagesEddies Death in Arthur Millers A View From the Bridge Arthur Miller described this play as being the slum that faces the bay on the seaward side of Brooklyn Bridgeà ¢Ã¢â€š ¬Ã‚ ¦the gullet of New York Arthur Miller was born on October 1915, in New York City. His parents were both immigrants to the USA. Millers family lived in prosperity due to the success of his fathers clothing manufacturing business. However as the clothing manufacturing collapse, the family became bankrupt

What different tactics were used by both sides in an attempt to win the conflict in Vietnam between 1956 and 1968 Free Essays

During the Vietnam War, there were many different tactics used by American and Vietcong in order to win the war. These tactics had an influence over the opposition’s use and the choice of tactics. From the beginning of the war the Vietcong realised that in order to win they must win the â€Å"hearts and the minds† of the peasants. We will write a custom essay sample on What different tactics were used by both sides in an attempt to win the conflict in Vietnam between 1956 and 1968? or any similar topic only for you Order Now This way they could be provided with shelter, food and such like, also they would be able to enlist more fighters for their cause and above all else the peasants would see that communism was the war which their country should be heading. In order to do this they operated by a special code dealing with the peasants, they brought up rules such, not to damage the land and crops or spoil the houses, not to insist on buying or borrowing land, never break the rule, to help them with their daily work. These rules ensured that the peasants would support the Vietcong and help them at any opportunity. As well as these gestures of kindness towards the peasants, they would also educate them as to why they were so poor and, explain how much better communism would be to them. The American on the other hand although realising to some extent that the war was only going to be won with the support of the peasants were far less active in their approach to helping, and indoctrinating them. On the news and publicly they were seen to be helping them but the soldiers were far willing as well as the peasants were already prejudice against the US involvement in the war. An example of the American focussing on the peasants was the â€Å"Strategic Hamlet†. Under the guidance of the CIA they uprooted whole villages and took the peasants to an enclosed area and kept them under guard. The idea was to stop the peasants influenced by Vietcong, however, this was an understandably very unpopular tactic, and moreover it turned more peasants against the Americans than it did win the support. American used high technology weapons that were capable of destroying practically anything. They were particularly keen on using their advance and bombs. At first they bombed specific targets but when they realized that this had a little effect, then they began to use blanket bombing, this was known as â€Å"Operation Rolling Thunder†. It was a bombing campaign that was put over the North of Vietnam in 1964. It was originally set up to last about eight weeks but in actual fact it continued for over three years. The Vietcong had no such armaments and technology compared to USA, so they relied on using Guerrilla warfare. This was originally adapted by Mao Zedong for use by China; Ho Chi Minh exploited Chinas tactics very carefully. The Guerrilla warfare made it almost impossible for the US to know who was their â€Å"friend or foe†. Also, they used Ambush techniques to attack enemy and isolated units. The â€Å"Hit and Run† tactics were designed to put small holes in the enemy that eventually amounted to winning the war. The Vietcong resource from the beginning were stretched, not necessarily manpower but weapons and other resources were scarce. So the Vietcong used unexploded bombs to produce Traps such as â€Å"Bouncing Bettys†, mines that one triggered would jump up and explode around main victim that stands on it. â€Å"Booby Traps† such as concealed holes in the ground usually covered by leaves and just deep enough so someone cannot get out. Also such traps as the â€Å"Punji Trap† which is similar to the concealed hole, but with spikes in the bottom. There was also the grenade attached to a trip wire, which meant that when a soldier walked through the wire, the grenade would spring out and explode on them. The idea of these traps was not actually meant to kill the enemy but to maim them. The important point of this was that if someone is dead then they only needed a body bag, but if they are injured the enemy has to spend time and resources healing them instead and the other troops had to hear their comrades scream with pain, which is very draining on morale. When fighting the Guerrillas would go out in groups and only engage in ambush situations. This meant that they used their knowledge of the area they were fighting in to hinder the USA. This led the American to develop chemical weapons that were used to make the Vietcong more visible. Agent Orange was a chemical defoliant that was used to clear areas of terrain where the Vietcong was suspected to be, but it also caused birth defects among women. Another favourite weapon used by the USA was Napalm. It was a mixture of petroleum jelly with phosphorous that was dropped from fighter – bombers over suspected Vietcong inhabited areas. All that needed was one drop and then it would burn through to the bone and this caused the victims would die of phosphorous poisoning. America would use a combination of troops that were closely supported by planes and helicopters. The planes would be mounted with a gun known as â€Å"Puff the magic dragon†, a devastating 30mm cannon that could rip up any thing with a â€Å"wall of lead†. The Vietcong were ill – equipped compared to the Americans but they had an establish route called the â€Å"Ho Chi Minh Trail† that was a complex web of jungle tracks which ran from North Vietnam to Saigon carrying about 60 tons of aid per day. In the beginning of the war it took six months for a soldier to navigate his way the trial but as the route became to used more often the experienced soldiers was able to get through in six weeks. The Americans was desperately try to bomb the route but it was invisible from the air so it was impossible to hit with any accuracy. As the war progressed the USA became more and more frustrated because of the increasing number of soldiers they were getting, and the tactics they used became more aggressive. They started to use policies of â€Å"Search and Destroy†, where groups of troops would go out with the aim of killing any members of the Vietcong they find. They sent small platoons into areas where the tunnels had opening and send men into there with grenade to blow up the Vietcong and shoot any survivors. The troops were trained to think of the Vietcong as scum and had no problem in slaughtering them, and any Vietcong supporters were also killed. Jets, boats tanks and helicopters would support all of these patrols if they found a suspect target. Whole villages were often raised to the ground to stop a couple of Vietcong members or supporters. The Vietcong used a similar tactic called ‘Find and Kill’, although this was conceptually the same as ‘search and destroy’ it was much more successful. One reason for this was that the USA soldiers wore uniforms, therefore it was easier to recognize who the troops was. Another reason was that the USA soldiers had to contend with Vietcong mines and traps. America also used â€Å"Fire Zones†, where a village was warned that they were going to be destroyed by leaflet drops or by word of mouth etc. anyone then found on the area after a specific time was either shot, napalmed, or pineapple bombed which is a single bomb that would explode into thousands of tiny fibreglass balls, so they couldn’t be picked up by x – ray. In another attempt to stop the Vietcong Operation Ranch Hand was used, planes would drop chemicals (agent blue) that would destroy crops, the idea being to starve the Vietcong but unfortunately it just turned more of the peasants against the USA. One USA success was the Tet Offensive. The Vietcong used conventional warfare. It was a disaster and was the closest the US ever came to victory. However it was nowhere near enough to win the war for the US. The USA campaign suffered further after the ‘My Lai’ massacre. This was when the USA attacked a small village in Vietnam. Its 700 inhabitants were made up mostly of the elderly people, women and children. The soldiers were ordered to kill all the inhabitants in cold blood and burn the village to the ground. The USA appeared cold and heartless with no regard for human life. When the USA press got hold of the story the American public was shocked and the war became even less popular. Particularly so as it was revealed that most of the inhabitants of My Lai were not in fact Vietcong. By the late 60’s America became desperate, and decided to employ a much-feared and unpopular tactic, the use of chemical weapons. These weapons included napalm and Agent Orange, which stripped the land bare, making guerrilla tactics harder to carry out. However the use of such weapons produced some horrific injuries and pictures, which the press thrived upon, there were already several active peace movements in America. The US made a terrible mistake in allowing them to be covered by the press. The Vietcong were party to some terrible atrocities, but because they never allowed themselves to be followed into battle these were never seen. The media portrayal of the war was a major factor, as it is n any modern war. Already horrific stories and pictures are sensationalized, and can influence people almost totally. By 1967 the career soldiers had almost all been used and so the government introduced conscription. This meant that many soldiers were there against their will and wanted only to finish their tour of duty. They started to care less and less about winning the war as they were more occupied with staying alive. Consequently the morale suffered, ragging occurred more often for unpopular commands. The Vietcong on the other hand were highly motivated, they were fighting for a cause they believed in, and were there on their own free will, even women were allowed and willing to fight. As the war went on they became more confident, better armed and trained. This led to the â€Å"Tet Offensive†. On the January 31st, 1968, more than 70, 000 Vietcong launched an attack on more than a hundred cities and towns. I Saigon they managed to enter the US Embassy building and kill 5 marines, and take over a local radio station. In military terms the Americans won, an estimated 37,000 Vietcong soldiers were killed compared to the 2,500 American troops, but it proved to the soldiers and the American public that the Vietcong had an inexhaustible supply of people and that the Americans would not win the war. How to cite What different tactics were used by both sides in an attempt to win the conflict in Vietnam between 1956 and 1968?, Papers

Economic Analysis of Germany

Question: Discuss about theEconomic Analysis of Germany. Answer: Germany in central Western Europe is a federal republic. It is regarded as Europes strongest economy, accounting fourth largest nominal GDP in the world and for GDP (PPP), fifth largest. The countrys economic form is based on social market economy. It is also regarded as the biggest capital exporter globally after its highest traded surplus of $285 billion recorded in 2014 and also the 3rd largest exporter globally. 70% of Germanys total GDP is due to service sector contribution, industry contributes 29.1% and 0.9% contributed by agriculture (The Economist, 2016). In the following sections we look into various other economic factors which shows how Germany had been performing over the years. Analysis of Production Output Performance While analyzing the performance of an economy a number of indicators are considered. The key indicators are nominal GDP, real GDP and per capita GDP. Gross domestic product or GDP is the total amount of final goods and services produced in monetary terms within a countrys borders at a specific point of time or period (Mankiw, 2003). The GDP calculated at current market prices is known as the nominal GDP whereas Real GDP is the GDP calculated adjusting for inflation based on the prices of some base year. The total GDP divided by the countrys total population is called the real GDP per capita. This indicator helps in comparing a countrys performance to another country. Real GP per capita or real GDP are regarded as suitable measures of economic activity because these take price fluctuations into account (Samuelson et al, 2010). We can see the trends in these indicators of Germany in the table given below. We consider the data for the country from 2005 to 2015. We see that the minimu nominal GDP had been in 2005 which had been on an increasing trend till 2014 with few dips in between. But after 2014, the GDP has significantly fallen in 2015. A clearer picture can be obtained from the real GDP values which also shows an increasing trend with dips in 2009 to 2010 and then the highest dip in 2015. On the other hand the GDP per capita has been on a consistent trend after 2005 with highest being in 2015. The real GDP growth rate shows that the economy faced a recession in 2009 because of the global financial crisis which cause a dip in growth rate by -5.62%, though it again rose to 4.1% in 2010 but had been low in 2012, 2013 and also considerably in 2014. The years after 2010, were overshadowed by the Euro-zone crisis which resulted in fall in demand in Europes southern countries. The federal government of Germany plays a very important role in the countrys economy both directly and indirectly. The government makes influential changes via reforms and policies. The many offices in the government has wide ranging effects on the economy. The government had made effective changes via its socio-economic welfare schemes, tax decisions and investments in energy, education, research and science. The government had been targeting the strengthening of both private and public sector investments in the country and the formation of a modern and efficient infrastructure along with pro-growth fiscal consolidation. In 2014, for the first time the federal budget did not require any kind of net new borrowing and also the 2016 budget draft also doesnt include new debts. The European Commissions investment initiative is also welcomed by the government. Fiscal policies of increased government expenditures or reduction in taxes increase aggregate demand in the economy which boosts output and economic growth. Expansionary monetary policies which increases money supply and reduces interest rates induces rise in investment and hence boosting the GDP of an economy (Mankiw, 2007). Year Nominal GDP (Current US $) Real GDP GDP per capita Real GDP growth rate (annual %) 2005 2861410272354 30177172367 38971.64189 0.706713948 2006 3002446368084 31568592648 40459.26614 3.700159572 2007 3439953462907 35564993567 41834.35772 3.260535297 2008 3752365607148 38472258386 42367.61987 1.082315404 2009 3418005001389 34439033759 40088.49145 -5.618860435 2010 3417298013245 34172980132 41788.04479 4.079933305 2011 3757464553795 37176677787 43306.50245 3.660000155 2012 3539615377795 34502743504 44223.65407 0.405170675 2013 3745317149399 35760363744 43433.55434 0.297847586 2014 3868291231824 36304896519 44755.17894 1.599770392 2015 3355772429855 30859428968 45269.78914 1.687723781 Source: World Bank Data Source: World Bank Data Source: World Bank Data Source: World Bank Data Analysis of Labor Market The percentage of total persons unemployed in a country out of the total labor force is known as the unemployment rate of that country (Lipsey et al, 2011). Unemployment is of 4 types. These are: Structural unemployment: Unemployment caused due the labor market inefficiencies and the structural problem in the economy. Example: Industrial revolution introduced weaving machines which caused weavers to be jobless. Frictional unemployment: Shifting of people from one job to another or people in search of new jobs. Example: An individual quitting if he/she dislikes their job or getting fired for poor work. Cyclical unemployment: When there is a lack of adequate aggregate demand in the economy there is lesser jobs and hence resulting in individuals to be unemployed who are actively searching for jobs. Example: Low aggregate demand at recession periods resulting in less creation of jobs. Classical unemployment: Real wages for a specific job is put above the clearing price of the labor market (Sikder, 2006) We see the trends in the unemployment rates of Germany since 2005 to 2015 in the table given below. A graphical representation of the trend is also seen in the graph. As we see in the table, the unemployment rate of Germany had been the highest in 2005 and had been decreasing since then reaching its minimum in 2014, i.e., 5%, which is considerably low. Hence, Germanys unemployment rates had been decreasing considerably over the years with significant low unemployment in the present time. The data shows the improvement in the German labor market despite the European crisis. YEAR UNEMPLOYMNET RATES (%) 2005 11.10000038 2006 10.30000019 2007 8.600000381 2008 7.5 2009 7.699999809 2010 7.099999905 2011 5.900000095 2012 5.400000095 2013 5.300000191 2014 5 Source: World Bank Data Source: World Bank Data The steady decline in unemployment over the years is due to some particular reasons. These are: Fall in the working age population higher growth during the crisis short-time working also increased wages are also seen to have risen much less than productivity The labor market is said to have profoundly changed because of the Hartz reforms implemented between the years 2003 and 2005. (Bauer, 2013) It is seen to appear that the fall in the German unemployment is of the structural type. Since, 2005 wages are seen to increase by just 2% though the unemployment rate had been halved. The term sclerosis is also often used to characterize the German labor market to indicate the phenomenon where rigidities in the country leads to an economic structure which is less flexible implying a sluggish labor market. Hence the type of unemployment in the country is generally found to be structural in nature. The recent low levels of unemployment is generally because of the fall in the working age population and high growth whereas in previous periods the type of unemployment in the country had been because of the structural changes coming in economy (Institute for employment research, 2015). German government had opted for various labor market reforms and wage constraints to accomplish its objective to achieve full employment. Germanys unemployment as seen had considerably declined over the years resulting to low levels of employment. The wage restraint and Hartz reforms (Krebs, 2010) before 2005 had contributed to the fall in the structural unemployment which included decrease in wage unit costs and provision of benefits and support to the jobless. In general, the government curbs unemployment by fiscal and monetary policies. Increase in government expenditures, increases aggregate demand, inducing firms to produce more hence hiring more workers which reduce unemployment. Monetary policies also help in reducing unemployment. For instance, expansionary monetary policies, increases the money supply in the economy, lowering interest rates and hence increasing investments which boosts employment (Schnieder et al, 2010). Analysis of the Price Level Inflation is the persistent increase in the price level of an economy. Inflation can be caused from sources resulting from either the demand side or the supply side. A state of full employment in an economy results in an increase in the aggregate demand which gives rise to a situation of excess demand causing prices to rise. (Sowel, 2010) This kind of inflation is called demand pull inflation. As for the supply side, firms often pass on rising costs to consumers in form of higher prices charged which causes cost push inflation. The following table shows the trends in the inflation rates of Germany since 2005 to 2015. The inflation rates are seen to be more or less in the initial years though reaching its highest in 2013 with 2.09% and its second highest in 2015 with an inflation rate of 2.06%. The graph gives us a clearer insight into the peaks and dips of the inflation rates showing us how prices have fluctuated in Germany over the years. We hence, see that the inflation rates do show that the inflation rates in the country had been considerably low over the time periods. The low trend in inflation for too long also is not seen by the economy too optimistically as it results in lower investments, less jobs and hence low economic activity. The European Central Bank has set certain objectives to give a push on inflation upwards hence, focusing on price stability. The major causes of the low inflation are considered as global factors which may be settled with time (Watkins). The ECB had been focusing on various monetary policies to bring inflation up (ECB, 2016). The government takes in various measures to bring price stability in the economy via fiscal and monetary policies. Monetary policies which reduce the money supply in an economy is called contractionary monetary policy. This results in fall in spending and hence, reduced aggregate demand. Lower demand causes fall in prices and hence curbing inflation. Policies adopted by the government in form of reduced expenditures are fiscal policies which also educe demand and hence lowers price (Bromley, 2015). YEAR INFLATION 2005 0.620694358 2006 0.304045355 2007 1.697387271 2008 0.838791683 2009 1.7569942 2010 0.757704408 2011 1.070476908 2012 1.502824785 2013 2.090240731 2014 1.734273628 2015 2.058846634 Source: World Bank Data Source: World Bank Data Conclusion In the above sections we saw how the German economy has evolved over the time periods with increase in real GDP, significant decrease in unemployment and an overall consistently low levels of inflation rates since 2005 to 2015. The data and trends in those, show the economy had been performing really well. The government also had been taking necessary reforms to increase the total labor force with the fall in the working age population and also focusing on bringing price stability by prober monetary policies. The economy had also gone through the the global economic crisis and had been able to come out of it effectively bouncing back to higher economic growth. The country had evolved with increasing standard of living of the people, maintaining norms of sustainable development. References Samuelson, P. Nordhaus, W. (2010). Economics. New Delhi: Tata McGraw Hill Lipsey, R. Chrystal, A. (2011). Economics. New Delhi : Oxford Mankiw, G. (2007). Economics: principles and applications. New Delhi: Cengage learning Sowell, T. (2010). Basic economics. USA: Basic books Sikdar,S. ( 2006). Principles of Macroeconomics. New Delhi: Oxford. Mankiw, G. (2003). Macroeconomics. New York: Worth publishers, Schneider, H Zimmermann, M. (2010). Strategies to achieve full employment in Germany. Available at: https://ftp.iza.org/pp15.pdf [Accessed: 15 November. 2016] Institute for employment research. (2015). Structural employment in selected countries. Available at: https://doku.iab.de/aktuell/2015/aktueller_bericht_1504.pdf [Accessed: 15 November. 2016] Bauer, G. (2013). Unemployment in Germany. Available at: https://graphitepublications.com/wp-content/uploads/2013/04/Unemployment-in-Germany.pdf [Accessed: 15 November. 2016] European Central Bank. (2016). ECBs fight against low inflation. Available at: https://www.ecb.europa.eu/press/key/date/2016/html/sp160404.en.html [Accessed: 15 November. 2016] Bromley, R. (2015) Nominal growth real growth and the inflation rate. https://www.raybromley.com/notes/realnominterest.html [Accessed: 15 November. 2016] Krebs, T. (2013). German labor reforms. Available at: https://voxeu.org/article/german-labour-reforms-unpopular-success [Accessed: 15 November. 2016] The Economist. (2016). Germany. Available at: https://country.eiu.com/germany [Accessed: 15 November. 2016] Watkins, T. Economic history of Germany. Available at: https://www.sjsu.edu/faculty/watkins/germany.htm [Accessed: 15 November. 2016]

Battle of Verdun free essay sample

Battle of Verdun† It has been described as one of the bloodiest battle of WWI. The battle of Verdun first sparked in February, 1916 and ended in December. It was a battle between Germany and France. What made Verdun significant is that France did not expect the Germans to attack at that location, so France had to send in troops that weren’t ready to that battle field to protect the Verdun; a place that has a deep meaning to France. This made the French troops more spreaded out into small groups around Verdun. Many deaths were the result of this surprise attack of the Germans. In the battle field, trenches were made to help avoid the bombardment from both sides. Bombardment was the main weapon used in this battle and millions of shells from both sides were shot, which made this battle very chaotic. Gases were used too to blind the enemy, also known as chemical warfare. We will write a custom essay sample on Battle of Verdun or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This battle has arisen never before seen weapons in wars at that time, and one of them is the gas. After the battle, there were hardly any trenches left because of the explosions from the bombardment and more than over three-hundred thousand soldiers at both sides have died, and over seven-hundred thousand were wounded. The goal of this tactic from Germany was to drain France of their resources, also known as attrition, which happens a lot in WWI, but this battle was one of the chaotic battles. You might wonder why did France send in troops to Verdun instead of letting that place be taken. The answer to that is because Verdun is a historical place to France; it’s the birthplace of France. They will protect a place that they are very sentimental to and that became one of France’s goal during that war; to protect Verdun. The aftermath of this battle was the death of hundred thousands of soldiers with no advances into each territory.

Stephen Crane Essays - Stephen Crane, The Open Boat

Stephen Crane Stephen Crane was the youngest of fourteen children. His father was a strict Methodist minister, who died in 1880, leaving his devout, strong mother to raise the rest of the family. Crane lasted through preparatory school, but spent less than two years in college, excelling at Syracuse in baseball and partying far more than academics. After leaving school, he went to live in New York, doing freelance writing and working on his first book Maggie, A Girl of the Streets. His times in New York City were split between his apartment in the Bowery slum in Manhattan and well-off family in the nearby town of Port Jervis. Crane published Maggie, a study of an innocent slum girl and her downfall in a world of prostitution and abuse, in 1893 at his own expense. It was especially scandalous for the times, and sold few copies. It did attract the attention of other critics and writers, most notably William Dean Howells, who helped Crane receive backing for his next project, The Red Badge of Courage. Published in 1895, The Red Badge was quite different from Maggie in style and approach, and brought Crane international fame and quite a bit of money. Rather than plod through moral tropes, the book is subtle and imagistic, while still being firmly entrenched in the realism of the late 1890's in America. Crane's rich portrayal of Henry Fleming's growth through the trials and terrors of a Civil War battle betray the fact that he himself had not yet seen any fighting or battles when he wrote the book. Many veterans of the Civil War (only thirty years had gone by since its end) praised the book for capturing the feelings and pictures of actual combat. Bolstered by the success of The Red Badge and his book of poetry The Black Riders, Crane became subsumed with ideas of war. He was hired to go to Cuba as a journalist to report on the rebellion there against the Spanish. On the way to the island, Crane was in a shipwreck, from which he was originally reported dead. He rowed to shore in a dinghy, along with three other men, having to swim to shore and drop his money in the sea to prevent from drowning. This experience directly led to his most famous short story "The Open Boat" (1897). For various reasons, Crane stopped writing novels during this time and moved primarily to short stories?probably because they could sell in magazines better but also because he was constantly moving. When staying in Jacksonville, Florida, he met the owner of a brothel, Cora Taylor. She accompanied him to Greece as he reported on the Greco-Turkish War for New York newspapers; and stayed with him until the end of his life. At this point, rumors abounded about Crane, few of them good. There was talk of drug addiction, rampant promiscuity, and even Satanism, none of them true. Crane was disgusted with them and eventually relocated to England. After reporting on the Spanish-American War and Theodore Roosevelt's famed Rough Riders, Crane returned home to England. He then drove himself deeply into debt by throwing huge, expensive parties, reportedly at Cora Taylor's insistence. While he could now count Joseph Conrad, H. G. Wells, and other authors in his circle, most people sponged off of Crane and his lavishness. He worked on a novel about the Greek War and continued writing short stories and poetry, at this point to pay off his large debts. The stress of this life, compounded by an almost blatant disregard for his own health, led to his contracting tuberculosis. He died while in Baden, Germany, trying to recover from this illness. He was not yet 29 years old.

Existentialism throughout the works of Camus essays

Existentialism throughout the works of Camus essays Camus The Myth of Sisyphus provides the philosophical basis for his additional novel, The Stranger. The two main characters of the novels both support Camus beliefs of existentialism. According to this philosophy, existence is emphasized, while abstract ideas are disregarded. It suggests that the meaning of life cannot be defined by human reason and that an individual must live solely based on what is known and discard anything that is not entirely certain. Through their inevitable fate, disrespect, assertion of freedom and choice, and indifference towards society, the reader can come to see a philosophical parallel between this mythological figure and modern freeloader. The existentialist person must live solely based on what is known and discard anything that is not entirely certain. This is shown by both characters through their understanding of fate. Sisyphus is sentenced to ceaselessly rolling a rock to the top of a mountain only to watch the rocks decent. Instead of living unhappily and dissatisfied for eternity, Sisyphus accepts his challenge of fate. The only certainty of his life is his fate, therefore, he must live by this challenge without question. Similarly, Meursault is sentenced to death and forced to ponder societys evils. When seeking to the chaplain, Meursault says that he wants to live with the certainties of his life, even if his only certainty is the each that awaits him. Both Sisyphus and Meursault hold the same existentialist belief seen by the understanding of each characters fate. Both Sisyphus and Meursault show a lack of respect towards their society. This disrespectful behavior of Sisyphus and Meursault may be justified by their yearn for freedom and choice. Sisyphus is accused of a certain levity toward the gods. He steals their secrets, ignores their orders, and all together shows no honor or obedience. This same a...

The Crime of Mayhem Essay Example | Topics and Well Written Essays - 500 words

The Crime of Mayhem - Essay Example For example, earlier this summer there was a report of a â€Å"woman whose dismembered body was found inside a suitcase and black plastic bag in a West Virginia creek [who] apparently was stabbed to death† (http://www.wjla.com/news/stories/0806/354752.html). This appears to be a classic case of attempted disposal of the evidence following a murder. Another case, reported in 2005, was that of a Purdue University graduate student whose dismembered remains were found in a vehicle that has been abandoned in parking garage (http://www.findarticles.com/p/articles/mi_qn4155/is_20050901/ai_n15613591). In this case, the victim’s wife was the prime suspect, as he was reported missing â€Å"the same day his wife was expected to plead guilty to injuring him in a stabbing last Christmas in their Lafayette, Ind., apartment.† There is some international intrigue involved in this scenario, as the victim’s wife apparently fled to China following the crime. Mayhem has proven to be a shocking and depraved crime that has served such purposes as disposal of evidence, victim torture and sexual gratification of the perpetrator. As such, it is a severe aggravating factor when other crimes are present, as they often

Marketing plan Research Paper Example | Topics and Well Written Essays - 1000 words

Marketing plan - Research Paper Example The UK has one of the most stable political environments. The political leaders have ensured that politics does not affect the performance of the business in the market as this aspect would lead to loss of job opportunities for the locals. This can be ascertained by the latest election which was concluded days ago. Despite heightened political activities in the country, business operations were running normally (Paley, 2007). In addition, political steered clear of any issues that might destabilize the business environment. As a result, the country provides a serene environment for Americana. The UK population has an adventurous culture. Therefore, they like to taste other people’s culture. In addition, they appreciate other people ways of doing things and diet. However, they like to be associated with products and services that are produced locally. This aspect will be significant because Halal will meet the interests of the target market. In addition, this will create an opportunity for the local population to taste Muslim delicacies. This will attract more non-Muslim customers towards the product, some of which will end up becoming loyal to the products (Malhotra & Sciglimpaglia, 2009). UK has a stable economy. Although the country was affected by the financial crisis in 2008, it has been able to recover slowly. Initially, people were more reserved with their spending. However, this has changed over the years. People are now spending on their food of choice. The pound remains strong and stable. In addition, the interest rates in the country remain low in comparison with the neighboring countries. Therefore, in case the business will decide to expand its operations in other European countries using UK as its main base, it will be able to enjoy favorable exchange rates (Shankar & Carpenter 2012). This will be significant in enabling the business to penetrate and segment other markets. The largest market

The Significance of Mergers and Acquisition in India

The Significance of Mergers and Acquisition in India The term mergers and acquisition refers to the facet of corporate finance, strategy and management dealing with buying and selling or amalgamating different companies that can help in financial aid or help in increasing the market share and growth without creating another business entity. Important terms used in the world of mergers acquisition, their brief explanation: Merger: is defined as the combination of two or more companies into a single company where one survives and the other loses its corporate existence. The survivor acquires the assets as well as liabilities of the merged company or companies. Amalgamation: Halsburys Laws of England describe amalgamation as a blending of two or more existing undertakings onto one undertaking, the shareholders of each blending company becoming substantially the share holders in the company which is to carry on the blended undertaking. Section 2 (a) of Income Tax Act defines: Amalgamation in relation to companies means the merger of two or more companies to form one company in such a manner that: All the properties of the amalgamating company or companies just before the amalgamated company by virtue of amalgamation become the properties of amalgamation. All the liabilities of the amalgamating company or companies just before the amalgamation become the liabilities of the amalgamation; become the liabilities of the amalgamated company by virtue of amalgamation. Shareholders holding not less than three-fourth in value of shares in the amalgamating company or companies becomes the shareholders of the amalgamated company by virtue of amalgamation. Consolidation: is the fusion of two existing companies into a new company in which both the existing companies extinguish. The small difference between consolidation and merger is that in merger one of the two or more merging companies retains its identity while in consolidation all the consolidating companies extinguish and an entirely new company is born. Acquisitions/Takeovers: This refers to purchase of majority stake (controlling interest) in the share capital of an existing company by another company. It may be noted that in the case of takeover although there is change in management, both the companies retain their separate legal identity. Leveraged Buyouts: It means any takeover which is routed through a high degree of borrowings. In simple words a takeover with the help of debt. Management Buyouts: It refers to the purchase of the corporation part or whole of shareholding of the controlling / dominant group of shareholders by the existing mangers of the company. Sell Off: General Term for divestiture of part or whole of the firm by any one or number of means: i.e. sale, spin off, split up etc. Spin Off: A transaction in which a company distributes all the shares it owns in a subsidiary to its own shareholders on pro-rata basis then creates a new company with the same proportional shareholding pattern as in the parent company. Split Off: A transaction in which some, but not all, shareholders of the parent company receive shares in a subsidiary, for relinquishing their parent company shares. Split Up: A transaction in which a company spins off, all of its subsidiaries to it shareholders and ceases to exist. Equity Carve Out: A transaction in which a parent company offers some common stock of one of its subsidiaries to the general public, so as to bring in a cash infusion to the parent company without losing the control. TYPES OF MERGERS AND ACQUISITIONS Mergers can be classified into three categories: On the basis of movement in the industries Horizontal Mergers These involves merger of two firms operating and competing in the same line of business activity. It is performed with a view to form a larger firm, which may have economies of scale in production by eliminating duplication of competitions, increase in market segments and exercise of better control over the market. It also helps firms in industries like pharmaceuticals, automobiles where huge amount is spent on RD to achieve a critical mass and reduce unit development costs. Example: India cements acquiring Raasi Cement. Vertical Mergers These take place between two or more firms engaged in different stages of production. The main reason for vertical merger is to ensure ready take off of the materials, gain control over scarce raw materials, gain control over product specifications, increase in profitability by eliminating the margins of the previous supplier/ distributor and in some cases to avoid sales tax. Example: Tea Estate Ltd merging with Brooke Bond Ltd. Conglomerate Mergers Conglomerate merger refers to the merger of two or more firms engaged in unrelated line of business activity. Example: GNFC acquiring Gujarat Scooters. Two important characteristics of conglomerate mergers are: A conglomerate firm controls a range of activities in various industries that require different skills in the specific managerial functions of research, applied engineering, production and marketing. The diversification is achieved mainly by external acquisitions and mergers and not by internal development. Consolidation Mergers This involves a merger of a subsidiary company with parent company. The reasons behind such mergers are to stabilize cash flows and to make funds available for the subsidiary. In consolidation mergers, economic gains are not readily apparent as merging firms are under the same management. Still, Flow of funds between parent and the subsidiary is obstructed by other consideration of laws such as taxation laws, Companies Act etc. Therefore, consolidation can make it easier for to infuse funds for revival of subsidiaries. One the basis of method or approach Leveraged buyouts Management buyouts Takeover by workers On the basis of response/relation Friendly Takeovers Hostile Takeovers Acquisition is buying of Target Company by another. It may be friendly or aggressive. In friendly acquisitions the companies cooperate and negotiate with each other whereas in aggressive the target company is not willing to be sold but it is with no prior knowledge. The word acquisition is used when a large company overtakes small but when the small overtakes large it is called reverse takeover or merger. MERGER MOTIVES The merger motives are as follows: Growth Advantage / Combination Benefits: The companies would always like to grow and best way to grow without much loss of time and resources is too inorganically by acquisition and mergers. Example: Merger of SCICI with ICICI ITC Classic with ICICI Acquisition of Raasi cement by India cement Dharani Cement and Digvijay cement by Grasim Modi cement by Gujarat Ambuja. Diversification: The companies could diversify into different product lines by acquiring companies with diverse products. The purpose is to diversify business risk by avoiding putting all eggs into one basket. Example: All Multi-product companies Synergy: When the companies combine their operations and realize results greater in value than mere additions of their assets, the synergy is said to have been resulted. Example: Merger of Ranbaxy and Crossland Laboratories. Market Dominance / Market Share/ Beat Competition: The predominant market share or market dominance has always driven the executives to look for acquiring competitive companies and create a huge market empire. Example: Acquisition of Tomco by Hindustan Lever Computer Associates International Acquired around twenty software companies. Consolidation in cement industry Nicholas Piramal Ltd. has merged into itself. Technological Considerations: It refers to enhancing production capacities to derive economies of scale. Example: Acquisition of Corus by Tata. Taxation Benefits / Revival Of Sick Units: Section 72 A provides for revival of sick units by allowing accumulated losses of the sick unit to be absorbed by the healthy units subject to compliances to the conditions of the provisions. Acquiring Platform: When a company would like to expand beyond geographical limits and acquire platform in the new place the best way would be to acquire the companies. Example: Acquisition of Parle by Coke. METHODOLOGY ANALYSIS Objective: To inspect and analyze the trends and progress of MA in Indian market and corporation. To analyze year-wise trends with the variance. Hypotheses: With the above objective in mind certain hypotheses are: No major difference in the amount and number of deals in MA between the industries and between the years No major changes between service and manufacturing sector in MA growth The table 1 shows the trends of MAs in India from the year 2000 to 2007. Food Beverages India is the second largest producer of food Beverages, first being China. The food market is expected to be USD 182 billion and it is two thirds of the total retail market in India. The carbonated drinks market is worth USD 1.5 billion whereas the market for juice is worth USD 0.25 billion. The market for fruit drinks is growing at 25%. The major reasons for MA concept commenced in this industry are deregulation, restructuring of parent companies, disinvestments and existing foreign players. Textile Industry The Indian textile industry was unorganized until liberalization of economy of India. After that there was an astounding growth in this industry and it is one of the largest in the world. 27% of foreign exchange is from textile exports. This industry is 3% of GDP and it involves 21% of the total employment in the country. The major reasons for growth of MA are the growth of handlooms, closure of mills etc. Chemicals, Drugs and Pharmaceuticals This sector accounts for 70% of the demands for drugs, formulations, tablets, chemicals etc. There are almost 250 large and 8000 small manufacturers and suppliers in Pharma sector. The growth rate of this industry is almost 14%. The reason for the growth of MA in this sector is due to the fundamental changes in this sector and the emergence of WTO Non-Metallic Mineral Products The major reasons for the growth of MA in this sector are mainly because the Indian economy has slowed down, SME are finding difficult to raise the funds and are not able to handle the pressure from global market. Information Technology and Telecom The factors for the growth of MA are up-gradation and expansion of the telecom industry, services and networks. Automobiles and Ancillaries Globalization is approaching and pushing foreign players merge and upgrade the technology and infrastructure, increase the product range and cut costs. Also there is huge competitive pressure due to the existing foreign players leading to growth in MA. The pie chart (Figure 2) gives the sector-wise division in 2007 Figure 2: Sector-wise division Analysis of MA in manufacturing and service sectors Table1 shows the Trends and progress in terms of number of deals and Table 2 in terms of value of deals. Table1: Industry-wise Trends Growth of MAs in India (Number of deals) Table2: Progress and Trends in MA in number of deals (as calculated from Table1) Table 3: Industry-wise Trends Growth of MAs in India (in Rs. Cr.) Table 4: Progress and Trends in MA in value of deals (as calculated form Table 2) Number of Deals Value of deals: The progress and trends of MA considered in number and value of deals in manufacturing and services sectors have been calculated by using t-test and ANOVA analysis. On the basis of Table 2 and Table 4 the number of deals in service sector is lower in the first 4 years but reverses in the last 3 years. So there is no major association between these two sectors Table5: Two-way ANOVA- Sector-wise Number of Deals (as calculated from Table 1) Table6: Two-way ANOVA-Sector-wise Value of Deals (as calculated from Table 3) ANALYSIS OF THE SURVEY DATA RESEARCH AND FINDINGS From the calculations done above, it is observed that the number of deals has decreased from 1300 to 1007 i.e. almost 18%. There can be various reasons for this decrease, some are as follows: The slowdown of the economy With no prior knowledge management makes a choice of MA leading to decrease in profits Economic crisis in the period of 2004-2007 Dropping market capitalizations and uncertainty in the economy From the above analysis it is concluded that: Total amount of deals increased by 613% In manufacturing sector the value of deals increased by 273% whereas it increased by 1217% in service sector Total number of deals decreased by 18.5% i.e. from 1322 to 1075 In manufacturing sector the number of deals decreased by 844 to 440 i.e. 47.2% decrease whereas in service sector deals increased from 480 to 636 i.e. 33% increase. THEORIES OF MERGER The phenomenon of merger and acquisitions has been explained by different theories as under: Efficiency Theories Differential Efficiency: If the management of firm A is more efficient than the management of firm B and if after firm A acquires firm B, the efficiency of firm B is brought up to the level of efficiency of firm A, efficiency is increased by merger. Features: There would be social gain as well as private gain. This may also be called managerial synergy hypothesis. Limitations: If carried to its logical extreme, it would result in only one firm in the economy, the firm with greatest managerial efficiency. Inefficient / underperforming firms could improve performance by employing additional managerial input through direct employment / contracting. Inefficient Management: Inefficient Management refers to non performance up to its potential level. It may be managed by another group more efficiently. Features: Inefficient Management represents management which is inept in absolute sense. Differential management theory is more likely to be basis for horizontal merger; inefficient management theory could be basis for mergers between firms of unrelated business. Limitations: Difficult to differentiate differential management theory from inefficient theory. The theory suggests replacement of inefficient management. However empirical evidence does not support this. Operating Synergy: Operating synergy or operating economies may be achieved in horizontal, vertical and even conglomerate mergers. Features: Theory is based on the assumption that economies of scale do exist in this industry and prior to merger, firms are operating at the levels of activity that fall short of achieving the potential for economies of scale. Economies of scale arise because of indivisibilities such as people, equipment overhead which provide increasing returns if spread over a large number of units of output. Pure Diversification: Diversification of the firm can provide the managers and employees with job security and opportunity for promotion and other things being equal, results in lower costs. Even for owner manager diversification is valuable as risk premium for undiversified firm is higher. Diversification has value for many reasons: Demand for diversification by managers, other employees Preservation of organizational and reputation capital Financial and tax advantages Diversification helps preserving reputational capital of the firm, which will be lost if firm is liquidated. Strategic Realignment to Changing Environment: Strategic planning is concerned with firms environment and constituencies, not just operating decisions. The speed of adjustment through merger would be quicker than internal development. Features: Strategic planning approach to mergers implies either the possibilities of economies of scale or tapping an underused capacity in the firms present managerial capabilities. By external diversification the firm acquires management skills for augmentation of its present capabilities. A competitive market for acquisitions implies that the net present value from merger and acquisition investment is likely to be small. Nonetheless if synergy can be used as a base for still additional investments with positive net present values, the strategy may succeed. Agency problems Agency problem arises when a manager owns a fraction of ownership shares of the firm. This partial ownership may cause managers to work less vigorously than other wise and / or consume more perquisites, (luxurious offices, company cars, membership of clubs) because majority owners bear most of the cost. Agency costs include: Cost of structuring a set of contracts Cost of monitoring and controlling the behavior of agents by principals. Cost of bonding to guarantee that agents will make optimal decisions or principles will be compensated for consequences of sub-optimal decisions. Residual loss: i.e. welfare loss experienced, by the principals arising from the divergence between agents decisions and decisions to maximize principals warfare. This residual loss can arise because the cost of full enforcement of contracts exceeds the benefits. Takeover as solution to Agency Problems: Agency problems can be controlled by organizational or market mechanism: A number of compensation arrangements and market for managers may mitigate agency problems. Stock market gives rise to external monitoring device, because stock prices summaries the implications of decisions made by managers. Low stock prices exert pressure on managers to change their behavior and to stay in line with interest of shareholders. When these mechanisms are not sufficient, market for takeover provides an external control device of last resort. A takeover through a tender offer or proxy fight enables outside managers to gain control of decision process of Target Company, while circumventing the existing managers and Board of Directors. Free Cash flow hypothesis Pay out of free cash flow can play an important role in dealing with conflict between managers and shareholders. Payout of free cash flow reduces the amount under control of managers and reduces their power. Further they are subject to monitoring in capital market when they seek to finance additional investment with new capital. A free cash flow must be paid out to shareholders if firm is to be efficient and to maximize share price. Further they are subject to monitoring in capital market when they seek to finance additional investment with new capital. Managers arrange cash flows also by issuing debts / leveraging. In leveraged buyouts, increased debt increases risk of bankruptcy cost in addition and agency costs. Optimum debt / Equity Ratio will be where the marginal cost of debt equals marginal benefit of debt. Market Power Mergers increase a firms market share. It is argued that larger volume of operations through Mergers and Acquisitions result in economies of scale. But it is not clear whether this price required by the selling firm will really make acquisition route more economical method of expanding a firms capacity either horizontally or vertically. An objection often raised against permitting a firm to increase its market share by merger is that it will result into undue concentration in the industry. Value increase by Redistribution Value increases under merger on account of redistribution among the stake holders of the firm. Shifts are from the Bond holders to stock holders and from labor to stock holders and / or consumers. DE-MERGER AND REVERSE MERGER DE-MERGER De-merger essentially means bonafide separation of the key business assets and reorganizing the business in such a manner that though there is separation in favor of another company, atleast 50% of the equity stake in two companies continues to be common. Section 2 (19AA) was introduced by Finance Act of 1999 defining De-Merger Examples: Sterlite Industries and Sterlite Optical Sterlite which was a diversified company with presence both in non-ferrous metal as well as Telecom cables decided to de-merge both the business into separate companies. The spin off was done in the ratio of 1:1. Raymonds Ltd: Raymonds sold of Cement and Steel business to become one again, a purely fabric and garment company. The whole exercise fetched Raymonds Rs. 1140 crores. This enabled it to reduce high cost debts as well as buyback its own shares. Thus financially as well as in terms of shareholder value it was a correct step. REVERSE MERGER Reverse merger takes place when a healthy company merges into a financially weak company. Under the Companies Act there is no difference between regular merger and reverse merger. It is like any other amalgamation. On Amalgamation merger automatically makes the transferee company entitled to the benefits of carry forward and set off of loss and unabsorbed depreciation of the transferor company. There is no need to comply with Section 72 of Income Tax Act. On amalgamation being effective, the weak companys name may be changed into that of a healthy company. Example: Case Study- Kirloskar Oil Engines merging into Prashant Khosla Pneumatics Ltd In April, 1994, Kirloskar Oil Engines Ltd. (KOEL) took over the management control of Prashant Khosla Pneumatics Ltd. (PKPL) a Delhi Based Company having its works at Nasik. PKPL became a sick unit as on 31st March, 1994 and went into BIFR in June 1994. ICICI was appointed as Operating Agency who invited bids for PKPL for revival. KOEL made a bid although PKPL was already under its control. KOELs bid was accepted and confirmed by BIFR. Main objective in the takeover was to make use of PKPLs engine plant for KOELs large engine activity. PKPL take over added to KOELs assets, two plants located at MIDC, Nasik on MIDC leased land of 80,000 sq. mtrs. A scheme for revival of PKPL through reverse merger of KOEL with PKPL was submitted to BIFR and was sanctioned in February 1996. Accordingly, KOEL merged in PKPL, and name of PKPL stood changed KOEL on 1st March, 1996 which was the effective date of amalgamation. Again of merged company for 1994-95 was held in April 1996 and consolidated accounts for the year ended 31st March, 1995 were adopted. Delay of 7 months for holding AGM was condoned by BIFR. This merger did not affect in any way KOEL shareholders. PKPL capital of Rs. 218 lakhs was reduced by 95% to 11 lakhs and KOEL shares were exchanged for PKPL shares in the merged company in the ratio of 1 for 20. PKPL shareholders were paid 5% dividend for 1994-95 and full dividend for 1995-96. 56% of PKPLs capital held by its holding company was transferred at agreed price of Rs. 75 lakhs to KOEL associate company which subsequently got shares in the merged company. The scheme provided for certain matters without going through the formalities under companys Act, under powers of BIFR such as Change of name of Transferee Company from PKPL to KOEL. Memorandum of association (MOA), articles of association (AOA) of Transferor Company becomes MOA and AOA of Transferee Company. Auditors of Transferee Company to automatically cease to hold office and auditors of the transferor company to become auditors of the transferee company. MD and ED of Transferor Company to continue as such in Transferee Company without reappointment and without break. Authorized capital of Transferee Company to stand increased from Rs. 5 crores to Rs. 27 crores. Transferee Company to allot to shareholders of Transferor Company, shares in Transferee Company. Share certificates of Transferor Company not to be called back and replaced by new certificates. ICICI to be issued 4,75,000 equity shares in transferee company without complying with Section 81 (1A) and SEBI guidelines on preferential issue. Stamp duty on transfer of property and share certificates was saved. Premium payable to MIDC saved only loans for fee paid. PKPL revival resulted into both the plants being operative- Direct employment to more than 300 people working. POST MERGER SCENARIO Key steps to successful Post Acquisition Management (Figure 3) Figure 3: Steps for Successful Acquisition Success constitutes two important factors: Meeting the objectives Enhanced shareholder value Short lived mergers: Some Examples Merger of ICICI and Anagram: When employees of Anagram Finance heard that ailing firm was to be merged with ICICI there was a sigh of relief. But two months later, reality was bitter. Out of 450 staff only 140 were repaired and all others were given pink slips with 3 months severance pay. Takeover of Merind by Wockhardt: There was exodus of top management team of Merind. CIBA and Sandoz merged to form Novartis: 115 out of 120 managers of new corporate office were Sandoz people with Sandoz Indias erstwhile MD John Simon ailing the shareholders. POST MERGER INTEGRATION SEVEN RULES BY MAX HABECK- FRITZ MICHAEL TRAM Vision Guide post merger Integration with a clear and realistic vision derived from through business due diligence. Research Findings: 78% of mergers are mistakenly driven by fit, and not vision. Around 58% of mergers fail. Examples: M A Cases That Have Failed On Account Of Lack of Vision or Unrealistic Vision AT T and NCR: In the late 1980s American Telephone and Telegraph still had assets such as Bell Labs to go with long distance telephone services it kept after the 1984 anti-trust break up. The company had a grand vision of a technological synergy between its expertise in telecommunications and NCRs expertise in computer technology. After years of intense searching, hampered by management changes as well as cultural frictions, no synergies were found. The presumed fit between telecommunication equipment and computer hardware failed to turn up. AT T spun off the remains of NCR around five years later at a loss of around $ 3.5 billion, nearly half of what it initially paid. Sony Pictures: Sony acquired Columbia Pictures in 1989 for $ 5 billion. However, Columbia had difficulties in generating the successful software to begin with. Rapidly rising salaries of stars and lack of success at box office culminated in Sony making operating loss of around $ 500 million. The company wrote off $ 2.7 billion. The losses were attributed to abandonment of large number of projects and settlement of outstanding lawsuits. However, instead of divesting the unit, Sony made management changes and imposed stricter controls. Columbia is now a part of Sony Pictures Entertainment, which represented just fewer than 10% of Sony Groups Worldwide Sales of around $ 50 billion. Examples of Successful cases of M A driven by Vision: Acquisition of Salomon Inc. by Citigroup Ford Motor Acquisition of AB Volvo. Leadership- Its Critical Establish It Quickly Research Findings: Leaderships urgency is often neglected. Some 39% of all companies faced a leadership vacuum because they failed to make the establishment of leadership a priority. A merger without strong leadership in place from its early days will drift quickly and drift is deadly. Growth- Merge to Grow, Focus On added Value not on Efficiency Synergies Research Findings: 76% of the companies surveyed focused too heavily on efficiency synergies. 30% of the companies virtually ignored attractive growth opportunities such as cross selling possibilities or knowledge sharing in research and development. Most Successful Growth through Mergers: Cisco Systems: This fortune 500 company has grown since its founding in 1984, thanks to a combination of organic growth and successful integration of 25 acquisitions. Cisco has almost quadrupled its revenue since 1995 to $ 8.5 billion and its net income tripled to $ 1.3 billion. It holds a market share of around 80% routers and switches which form the internet infra structure. Making mergers is and will continue to be absolutely essential for Cisco to maintain its rapid growth and enhance its competitive advantages. CONCLUSION The practice of Mergers and Acquisitions and restructuring of business entities has achieved a lot of importance and significance in todays corporate world. Due to the cut-throat competition in the global market pushed Indian companies to opt for this strategic option in order to sustain in the marketplace. There are various factors for making MA deals constructive in India such as Government policies are dynamic, stability in the economy, ready-to-experiment approach of the firms etc. Some additional and recent facts about MA: The value of MA is increasing every year in India; it almost increased seven fold to USD 4.2 billion in August 2010 from USD 629 billion in 2009 The number of deals (outbound) increased to USD 3.35 billion in 2010 from USD 60 million The number of domestic deals increased from 20 to 27 but the value of deals decreased from USD 521 million to USD 364 million in2010. From the study it is observed that companies get involved in MAs to increase the shareholders earnings by increasing the revenue or decreasing the cost. It also increases the market share provided if management is careful about the MA and has a prior knowledge of it. Synergy should be achieved with MA but at times it does not happens so the companies need to work to control the synergy and allow new company to go ahead and look for new business growth possibilities.