Some People Say That Text Messages, Twittering and Emails Are an Accepted Part of the Language We Use in Our Everyday Lives. Other Say That They Are Destroying Our Ability to Spell and Write Properly

Some people say that text messages, twittering and emails are an accepted part of the language we use in our everyday lives. Other say that they are destroying our ability to spell and write properly In a relatively short period of tome high-tech gadgets have become integral part of our lives. Some people say they are an accepted part of our lives, other disagree. In order to have principled opinion, we need to examine both points of view.Firstly, speed is the number one advantage of these ways of communicating. Wheter you are sending your message to next street or to the other side of the planet it takes only seconds to reach its destination. Secondly, life is much simpler with it. People can save messages they received, sent or just make drafts and allways have insight into them. Finaly, it is cheap or even free.Instead of buying all those stamps people can send their messages or photos for free which is important in todays crisis. On the other side, it is impersonal. Peole are not talking face to face. Thus, there are many wrong interpretations of what is written or read. Besides, many people lose touch with reality because they spend more time in cyber space than with real people socializing. Read also Twitter Case StudyOn top of that, research made on Bristol University had shown that people who spend more time on social networks than one reading or doing other activities make forty percent more spelling mistakes while writting. To conclude, twittering and email have many benefits such as quickly delivering important messages or news. However, we have to be careful and think about internet security and what we write about. In my opinion, people should use these ways of communicating but we also have to â€Å"dose its use† because life is all about balance.

Belonging Essay Body, Feliks Skrzynecki

Feliks Skrzynecki Belonging presupposes inclusion and an acceptance of self, satisfying a yearning to be something larger than ourselves. The subjective nature of belonging, however, suggest it is often far more ambiguous and complex. Belonging as a potentially positive force is recognised in the poet’s representation of his father’s connection to his Polis past.The metaphor ‘where his father kept pace only with the Joneses of his minds making’, coupled with the simile, ‘loved his garden like an only child’, captures his father’s immersion in Polish culture and his indifference OR more likely his fathers pretermit to the world around, suggestive of a deep emotive attachment to his garden, which serves as a nexus of his agrarian heritage and ataration or stoic indifference to new cultures.This sense of contentment finds resolution in the tranquillity that shapes his fathers connection to his past, evident in the gentle meandering and lyri cal emotive enjambment where the poet describes his father as he ‘sits out the evening with his dog†¦ happy as I have never been’, suggesting that a profound sense of belonging contributes to a positive sense personal identity. Paradoxically, however, Felik’s immersion into his Polish heritage inhibits his capacity to assimilate and contributes to an emotional and psychological rift between father and son. Did your father ever attempt to learn English? ’, this separation is reinforced through the use of direct, rhetorical question that is seemingly a personal attack, combined with the metaphor ‘dancing-bear grunts’ describing the man who opened the personal onslaught on feliks, indicative of a lack of empathy, as well as, hostility between Feliks and his immediate culture, suggesting that belonging contributes to a negative sense of personal identity. Pegging my tents further and further south of Hadrian’s wall’, this infuse d combination of metaphor and historical allusion, evokes a sense that his inability to comprehend, as well as, his reluctance to assimilate, recognising the inevitable and inexorable process of separation that invariably accompanies belonging in the vacant space between two cultures.

Moral Relativism Essay

At first glance, moral relativism appears to be an appealing, well though out philosophical view. The truth of moral judgments is relative to the judging subject or community. The basic definition of moral relativism is that all moral points of view are equally valid; no single person’s morals are any more right or wrong than any other person’s. As you look closer at the points that moral relativists use to justify their claims, you can plainly see that there are, more often than not, viable objections that can be made against the moral relativist’s arguments. Moral, or ethical, relativism is made up of two types of relativism: cultural and individual relativism. Cultural relativism says that right and wrong, good and evil, are relative to a culture, to a way of life that is practiced by a whole group of people. Individual relativism says that right and wrong, good and evil, are relative to the preferences of an individual. Cultural and individual relativism support the claim that there are no â€Å"universal moral truths† in the world. Universal moral truths are morals that apply to all societies and cultures. I believe that morality is relative to culture simply since our morals develop from the surroundings in which we are raised. Our parents, culture and societal experiences build our individual views on what is moral and immoral. Perceptions are formed through example, especially when we are children as we learn what is right and wrong through our parents and how they react to situations. The theory behind ethical relativism states that ethical standards are not concrete for all societies and times, but rather are relative to the standards of individual societies and time periods. I disagree with this theory because societies should be judged by their moral beliefs on the foundations that time doesn’t change what is morally right and wrong and their should be more emphasis based on the individual rights as opposed to respecting the morals of that individual’s society. Allowing us, as a society, to say that a time or a location makes any ethical belief or theory practiced by the masses of that time/place right and that should be respected by people of other cultures is ignorant. There are a set of universal rights all human beings should enjoy no matter the location or time period, and those cultures that violate these rights shouldn’t be embraced for being different but rather shunned upon for not recognizing the universal basic rights of the indi vidual, despite the fact that it is hard to say what are ALL of these basic human rights. Ethical relativism places more emphasis on the society and not enough on the individual of that society. For example lets say that in some imaginary culture it is perfectly normal to kill or maim people if they annoy you. Ethical relativism says that being of a culture where this is not an accepted practice I cannot say that this is wrong, rather I must respect their culture thereby placing more emphasis on respecting a culture then the rights of the individuals to life no matter how annoying they happen to be. In a system where everything is relative there can be no set ethical belief because then no one is bound by any universal set code of ethics. Nothing is ever immoral since actions can’t be compared to a standard and thus nothing is immoral and nothing is moral. Societies should be judged by their moral beliefs because time and place doesn’t change what is morally right and wrong and more emphasis should be given to the individual rather than to the society. Ethical relativism contradicts the point of ethical theory in that there is no universal standards therefore n o action is moral, and vice versa no action is immoral. Society defines what is moral at a certain point in time. Morality is adaptive and can change over time, however it is still dependent upon its culture to decide whether it is accepted or not accepted. For example, in the early twentieth century, pre-marital sex was considered a huge sin and looked down upon with disgrace. A person’s entire character was jeopardized if they had participated in pre-marital sex. Today however, although pre-marital sex is not considered virtuous, society does not cast aside those who have sex before marriage. It is considered normal as a matter of fact to have several partners before marriage, that is, if you even decide to get married (another topic that has lost importance over time). Benedicts also gives an example to further prove her point that morality and or normality is culturally relative. She gives the example of a man in a Melanesian society who was referred to as â€Å"silly and simple and definitely crazy† because he liked to share and to help people and do nice things for them. In the United States, these are virtuous qualities. If you are stingy and not helpful you are looked down upon, but in this contrasting society, to share and be helpful is so disgraceful that one is ridiculed for possessing those traits or even condemned for them. One who believes that morality is relative could give further example of traits that are despised in one culture but admired in a different culture. History and evolution provide codes of what is accepted in a culture, things such as sorcery, homosexuality, polygamy, male dominance, euthanasia, these things are completely dependent upon its society to define its morality. Within this world that we live on, there is an enormous amount of people. Each of these people belongs to different cultures and societies. Every society has traits and customs that make it unique. These societies follow different moral codes. This means that they may have different answers to the moral questions asked by our own society. What I am trying to say is that every society has a different way of analyzing and dealing with life’s events, because of their cultural beliefs. This claim is known as Cultural Relativism. Cultural Relativism is the correct view of ethics. (a) Different societies have different moral codes. (b) There is no objective standard that can be used to judge one societal code better than another. (c) The moral code of our own society has no special status; it is merely one among many. (d) There is no â€Å"universal truth† in ethics-that is, there are no moral truths that hold for all peoples at all times (e) The moral code of a society deter mines what is right within that society; that is, if the moral code of a society says that a certain action is right, then that action is right, at least within that society. (f) It is mere arrogance for us to try to judge the conduct of other peoples. We should adopt an attitude of tolerance toward the practices of other cultures (Pojman). Above are six claims that help explain the notion of Cultural Relativism. In Rachel’s article, the Eskimos practice infanticide as well as the killing of elders. The elders are too feeble to contribute to the group but; they still consume precious food, which is scarce. This practice is necessary for the survival of the group. The males within the Eskimo tribes have a higher mortality rate because they are the hunters and food providers. The killing of female infants helps keep the necessary equilibrium for the survival of the group. So, this infanticide and killing of elders does not signal that Eskimos have less compassion for their children, nor less respect for human life; it is merely recognition that murder is sometimes needed to ensure that the Eskimos do not become culturally extinct (Pojman). To continue with the subject of murder, there are many questions about murder that our own society faces. Within our own society there are conflicting views on topics such as abortion, capital punishment and, euthanasia. To some these acts are considered to be murder, to others they are necessary to our society. The point of this conflict is that even within our own society, there is a discrepancy between what is morally right or wrong. There is an exception to every so-called moral absolute. This eliminates the possibility of Moral Absolutism, and proves there is no universal truth (Pojman).Ruth states that homosexuals deal with many conflicts that are culturally based (Pojman). For example, in our western society, the Catholic religion believes that is a sin for individuals to partake in homosexual activity. By this I mean, the tendency toward this trait of homosexuality in our culture exposes these individuals to all the conflicts that coincide with this choice of lifestyle. Some of these conflicts include hate groups that partake in â€Å"gay bashing†, public ridicule and even laws against homosexuals taking wedding vows. This differs from what Ruth explains about how in American Indian tribes there exists the institution of the berdache (Pojman). These are men who, after puberty, take up the dress and occupations of women and even marry other men. These individuals are considered to be good healers and leaders in women’s groups. In other words, they are socially placed and not ridiculed by other members of their society. This is an example of how different societies have different moral codes. Ruth states within her article how every society integrates itself with a chosen basis and disregards itself with behavior deemed uncongenial (Pojman). This means societies will choose their own moral standards and ethical codes and, disregard actions that do not lie within the boundaries of these moral standards and ethical codes. She goes on to say that our moral codes are not formed by our inevitable constitution of human nature. We recognize that morality differs in every society. Our own culture and environment will dictate these codes. This explains why different people have different moral standards, because behavior is culturally institutionalized.

The Vost Inspirational leader in the Coca-Cola Company Assignment

The Vost Inspirational leader in the Coca-Cola Company - Assignment Example This research tells that the most inspirational leader in the Coca-Cola Company is the human resources manager. The most important inspirational characteristics of a leader that he demonstrates are several, many of which are based on ethics. He demonstrates responsibility in making sure that moral standards and ethical conducts of the company are adhered to. His leadership becomes more inspirational because he strives for competence in following the company’s rules as well as striving at positively transforming people as well. He is honest and transparent in all his dealings and also seeks to correct those who are under his leadership whenever they seem to be moving away from the desired goals. This makes most of his team members, from all the other company branches to consult with him before taking any major decisions. His honesty in all his undertakings makes us all feel inspired to act like him. In as much as he is goal-oriented, he is people-oriented as well. He also never uses his power as a human resource manager to serve his own interests, but for the good of others and the company at large. Authenticity is an attribute that the Human Resources Manager in my place of work that he demonstrates without compromise. He is genuine, which makes the employees want to believe and trust in him. According to different answers from â€Å"the development of a new transformational leadership questionnaire’’, when leaders break promises or fail to honor commitments, they reveal themselves as being inauthentic thereby losing credibility. The Human Resources Manager has won my trust as an inspirational leader because he undoubtedly understands that trust rests upon a foundation of authenticity, whereby to gain trust he must consistently align words and deeds while showing a degree of transparency.

Management of Human Resources (MBA) Essay Example | Topics and Well Written Essays - 750 words

Management of Human Resources (MBA) - Essay Example Building rentals accounted for 1.8% of sales in the late 1970's. This was the lowest level for major discounters. Additional building rentals of Wal-Mart took it up by only 0.1%. Wal-Mart was able to keep it's cost of goods as low as possible. It had a centralized purchasing network, and therefore purchased in bulk. It also had distribution centers and a good distribution network that ensured it's stores always had a consistent supply of stock. These steps further reduced cost greatly. Wal-Mart had Goodwill in cities where it was established because of their promotional strategy which was tailored by it's philosophy of "Everyday low prices". It had a high sales turnover and spent just 1.1% of it's net sales in the second half of the 1970's. Costs were greatly reduced here too. Wal-Mart undertook capital investments to improve labor productivity. Salaries and wage expense had declined to 10.1% of sales by 1985. This reduced cost, however employee incentives, like profit sharing were enabled to ensure employee satisfaction. Their employees put in their best to satisfy Wal-Mart customers in return. Cost is minimized as much as possible, allowing for continuous reduction in prices of commodities. The reduction in prices led to increased sales and a high rate of turnover, hence increased profits and more operating income for expansion and performance. How does Wal-Mart have superior profitability Exhibit 2 (page 10) is a financial performance that compares Wal-Mart's performance with that of it's competitors from 1974 to1984 in (%) 2. Wal-Mart has superior profitability because of the high percentage of sales. It was very competitive in terms of prices, Wal-Mart was able to sell at very low prices governed by it's philosophy of "Everyday low prices". It ran a lot of promotional sales and was able to balance this with a low cost profile. Increased sales brought in more profit, Wal-Mart had the highest return on equity of 33.0%, sales growth of 40.3% and earnings per share growth of 38.8%. How do Wal-Mart's retail prices compare to those of it's competitors Wal-Mart was very competitive in terms of prices. The store managers had the liberty to set prices as compared to their counterparts that didn't have. This latitude in price setting enabled prices to be set uniquely to a particular location, while having the overall objective of the organization in mind. In a comparism by Sachs in late 1983 and early 1983 on a location

Event Management Essay Example | Topics and Well Written Essays - 2250 words

Event Management - Essay Example A. Evaluate the current level of understanding of Events Impact and Events Stakeholder Management and how it integrates into the events management process (EMP). Table of Contents Introduction 3 Event Impacts 3 Significance of Culture and Time in Mega Events 7 Event Stakeholder Management 8 Event Management Process 9 Conclusion 12 References 13 Introduction Event management is fundamentally described as the appliance of a significant tool i.e. project management towards the generation and advancement of various types of festivals, conferences as well as events. The study related to event management comprises different valuable aspects that include determining the intricacies of a brand, assessing the target audience, pointing out the concept of the event, planning for logistics as well as coordinating various technical aspects prior to the launch of any event. An event manager has a greater role to play in the context of any major event. It becomes significant for the event manager t o consider the influences of an event all through implementing an effective planning process. Event impacts also capture the minds of the organisational members along with the policy makers for evaluating public expenditure on events and to assess any negative externalities (Damster & Tassiopoulos, 2006). This discussion intends to evaluate the current understanding level of events impact and events stakeholder management and how it integrates into the events management process (EMP). Event Impacts The study related to event impacts have been arrived by the requirement to test the positive as well as negative influences of holding an event for the purpose of justifying public spending on events (Faulkner & et. Al., 2003). The positive as well as negative influences can be observed at the time of conducting an event. The impact of event might be felt by numerous stakeholders along with the participants, local businesses as well as host community. There are different ways in which the event is likely to impact. The various areas upon which event are likely to impact include physical infrastructure, environmental, economic as well as tourism impacts, image enhancements and urban renewal. The inspirational power of any sporting event which further tends to be stimulated by media reach recommends the fact that they can be a useful tool in developing the interests of the people towards involvement in sports. It can be affirmed that the perception of an organiser relating to the socio-economic impacts of the festivals along with other special events tends to possess four main domains such as economic benefits, community cohesiveness, social incentives as well as social costs (Gursoy & et. al., 2004). It can be revealed that the positive inflows of revenues into the country cannot be considered as the only factor towards recognising the success of an event. The negative social influence related to an event can lead to greater damages to the future of an event and the ecological influence might also lead towards premature death of any poorly administered event (Janeczko & et. Al., 2010). It can be identified that an event tends to initiate seasonality of tourism in a particular region. It also assists in evenly distributing the flow of money into a region, escalating the scope for full-time employment. The factors that may lead towards successful event might comprise several imperative factors such as escalating visitors’

Deer Valley Lodge Research Paper Example | Topics and Well Written Essays - 250 words

Deer Valley Lodge - Research Paper Example In making a decision of an investment, value of NPV is critical in deciding if an investment is good or not. A positive value means that an investment is good, but a negative value means that the investment is not worth it. In this case, the value is positive; therefore, I would advise the management to go ahead and invest in the project (Megginson et al. 252). The net income from the investment annually is $560,000. The tax rate on income is 40% leaving us with 60%. 40% of $560,000 is $224,000, meaning that the after-tax net income is $336,000. The rate of return due to taxation consideration is expected to drop down to 8%, therefore, the MACRS recovery period is 10 years in order to save on tax costs. The new NPV will mean $336,000 is multiplied by the factor 9.818. This will with NPV of $3,298,848. Here, there is a new twist as the investment is to be depreciated within 10 years. Some money will be saved on taxes by this move. To find the tax savings, the initial investment ($3,300,000) is multiplied by the tax rate to get $1,320,000. The tax savings are then multiplied by the 8% discount rate for ten years resulting in $931,788, tax savings NPV. $931,788 is then added to $3,298,848 to get $4,230,636. Compared to the $3,300,000, the initial investment we get a resulting figure of $930,636. This is a very big investment as it earns bette r results than the first scenario with the kind of returns it gives. The scenarios painted in the two parts above are just estimates on paper that are hoped will be the case. The figures are assumed that they will remain consistent, but in reality many things could change that might affect the envisioned income streams from the investment. Deer Valley is a resort that depends on the choice of tourists to flock and use the facilities. Many factors can change the situation including weather conditions like heavy rainfall, delayed snowfall which will come at the supposed peak season or any other natural calamity/disaster

US Economic Research Paper Example | Topics and Well Written Essays - 2000 words

US Economic - Research Paper Example In the past, people used to undertake transaction using barter trade, but currently it is done by various mediums of exchange. The achievement of economic stability is not an easy task as it is usually influenced by internal and external factors. This paper seeks to give an in-depth analysis of the current USA economic situation taking into account analysis of labor, marketing, growth, and investing. Economy In the United States of America, numerous changes have been achieved in the economic system. In the year 2008, the recession threatened the economy which has since then been recovering until this year when the European region crises affected various economies across the globe. The reason for the impact to be felt in the United States of America is that there is not a single economy in the world that is entirely independent. This is mainly because economic activities, such as international trade, involve different countries which usually have differences in their economic capacity . In the achievement of the improved overall American economy, the following factors have played a significant part. (A).Technological Evolution It is evident that technological advancements have had great impact on the society, as well as the country as a whole. One of the biggest technological advancement made is the invention of computers and the internet. Through the internet, communication between various persons have been greatly improved which has generally affected the conduction of business transactions. Moreover, the internet provides a platform at which US traders can advertise and sell to various persons across the globe. This has been very rewarding and is evident in the ever-increasing number of organizations conducting both online and offline businesses, with a preference to online transactions. In the industrial sector, the technological advancement has led to the development of more efficient and high capacity machinery, which has significantly reduced the input cos ts and increased production. This directly translates to increased returns, which are currently achieved by many companies. The National security is very essential in ensuring that the economic activities run smoothly in the United States of America. In this regard, the technological advancement has ensured continuous improvement of the security system. This has helped to control various threats from our enemies, as no American citizen would wish to observe our economy being affected by terrorist activities, as in the case of September 11 attack. As for the consumers, technology has ensured that the products availed to them are fit for consumption and they have been provided with various means of payment, such as the use of debit card. (B). Geography The location of United States of America in the geographical map is good to its economic development. The country has a large stretch of it national boundary along the sea. This is equipped with numerous harbors, which have ensured that exports are made timely and effectively. In achieving this, improvements in the ports have been conducted in the twenty first century. A good example is the renovation conducted after the destruction caused by Katrina in 2005. (c). Social Organization The interaction between the American in their daily activities is very essential in the achievement of national success. Major revolutions in these issues were achieved in mid twentieth century with the passage of the Civic rights bill of 1964. Currently, the government has enforced laws that have ensured that discrimination by race, gender

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

Headquarters - Essay Example l built and superior cars that have, in return, drawn the attention of numerous customers in the world market and, has also retained the loyalty of the existing buyers. The high quality vehicles have, therefore, led to the annual increase in sale and hence profit growth. BMW models exist in different sizes. Since it deals with the manufacture of cars, this company is likely to procure materials such as metals, rubber, hammers, glasses, leather, mirrors, paints, fuel, overalls, stationery, wet cells and the necessary tools for the assemblage of the cars. Some of the misconceptions that may come into play in this German company is all the private sector companies have similar terms and conditions when contracting a dealer. This misconception may create a dispute between BMW and the supplier of it raw materials, leading to the termination of a contract. The misconception on terms and conditions may create a disagreement with the international customers. However, the reality is that ther e has never been universal or global set of terms and conditions that govern all private companies during

Week 2 application 6330 Assignment Example | Topics and Well Written Essays - 1500 words

Week 2 application 6330 - Assignment Example A Family nurse practitioner pays special care towards family dynamic and generally assesses how illness affects families (University of Cincinnati, 2013). As Nurse practitioners FNP, nurses dedicate a great amount of time in providing medical services to the community. It is their duty to get directly involved in carrying out treatment and diagnosis procedures making them a fundamental part of care and recovery. Their direct linkage to patients by diagnosing, treating, and prescribing drugs is what makes it very important for them to be proficient in pharmacology. I studied the efficiency of the FNP curriculum by using the table 13.1 provided by Keating (2011) as the baseline and the analysis was as below. The nursing college at University of Cincinnati offers post graduate programs such as the FNP at the campus and online. One can choose to either enroll to the online classes or can visit the institution and carryout a face-to-face registration with the admissions team. In this report, I am mainly going to focus on the online FNP program, which has six semesters done in autumn, summer, and spring for two years. The seventeen courses included in the curriculum include courses such as Advanced Physiology and Pathophysiology, pharmacology for advanced nursing practice, and theoretical basis for clinical reasoning. There are also three seminars and three practicum courses, which are taken within the final two years of pursuing the program. The curriculum itself has The curriculum offered by University of Cincinnati (UC) nursing college recognizes that as a nurse earning an MSN is supposed to be an enhancing process rather than a rebuilding process. The curriculum at UC nursing college is designed to enhance nurses’ skills and prepare them for greater roles in their medical field. The Institution understands that the preparation is key towards a successful and intuitive curriculum. This

International Human Rights Essay Example | Topics and Well Written Essays - 1500 words

International Human Rights - Essay Example The corrective conventions- these expedient tools focused on the mitigation of particular social problems which undermined the position of women in the society. It includes efforts to prohibit prostitution and sale of women for slavery or forced labor, child labor, and other forms of personal abuses. The elimination of discrimination conventions- these are the recent and the foremost form of tools used to provide protection to women against any sort of discrimination extended towards them due to their gender. The UN developed the Convention on the Elimination of All Forms of Discrimination Against Women 1979 in order to place non-discriminatory rules in place. Convention on the Elimination of All Forms of Discrimination Against Women 1979 (CEDAW) Convention on the Elimination of All Forms of Discrimination Against Women is an internationally acceptable UN convention, which aims to demolish the practice of discriminating women in all sectors of life, be it employment, justice seeking, provision of public services, healthcare, education, domestic relations, political participation etc. By the 11th August 2006, the Convention had a massive following and support from around the globe, which was substantiated by the fact that 98 countries signed the convention and it was ratified or acceded to by 184 nations worldwide (Blanchfield, 2006). The United Nations claimed that this convention was an expedient tool of ensuring non-discrimination and that it was a valuable mechanism for the extension of human rights to woman who are subjected to tyranny and oppression around the globe and yet not provided with due rights before the law. Therefore, it forces the member states to implement certain measures which would ensure that women receive their due rights and freedom. Its popular acceptance is also substantiated by the fact that 90% of United Nations member states have ratified it. It cannot be denied that CEDAW is a move towards more equality between men and women, howev er the enactment of laws and policies does not ensure that the aim would be achieved, since it is the effectiveness based on the practicality of the convention and its acceptance in real life and not just on mere paper which determines its success or failure. The Effectiveness of CEDAW The effectiveness of the measures carried out under CEDAW vary in accordance with certain factors such as the development level of a nation, the political ideology in place, the commonly practiced religion and cultural relativism prevalent in the region etc. It has been observed by institutions such as Amnesty International Organization, which carry out surveys and research for social welfare, that this convention has worked for the betterment of women around the globe, but there still remain obstacles pertaining to the above mentioned factors which hinder the complete implementation of these measures, resulting in the continuous and ever increasing subordination of women in different spheres of the w orld (Amnesty Internatio

Social Capital and how it Influences Migration Essay Example for Free

Social Capital and how it Influences Migration Essay Several scholars have given varying definitions of the term social capital. Social capital is a term used to refer to: â€Å"features of social organization such as networks, norms and social trust that facilitate coordination and cooperation for mutual benefit† (Putman 67). Fukuyama, another scholar, refers to it as an instantiated norm that is informal in nature and promotes cooperation among the members (1). Among the various definitions suggested by different scholars, the key notion they all agree to; is that social capital can only be present within relationships (Fukuyama 1). In these relationships, co-operation is facilitated by shared norms and understanding among the individuals involved for mutual benefit. Unlike human capital that is attributed to an individual, the whole concept of social capital involves social connectedness, neighborliness, civic involvement, trust, reciprocity and norms of co-operation. Researchers have been able to prove individuals with high levels of social capital tend to have higher educational achievements, better health, better jobs and less criminal activities. Social capital is a result of co-operation among individuals who share a similar status within the situation, have common objectives and are guided by particular customs. Certain aspects of the social structure facilitate social capital, aspects such as common historical backgrounds and shared religion. Repeated community interactions lead to the rising of numerous co-operative norms that set the basis for spontaneous generation of social capital. The shared norms and beliefs that persons ought to or ought not to act in a certain way determine the extent to which individuals interacts, for example vacating a seat for an expectant woman on the bus. From time to time, people experience social needs that they have to satisfy. Socially, an individual is helpless if left all by himself and must interact wi th other in order to generate social capital to satisfy his needs. Human needs that are non-social in nature and can be satisfied without assistance from other individuals are very few making the satisfaction of both social and non-social products of a single process. Fukuyama asserts that: shared historical experience can shape informal norms and produce social capital (16). Individuals with similar historic backgrounds tend to share a set of norms that in turn lead to co-operation amongst themselves. Religion is a significant contributor to the larger social capital theory by setting some common grounds for co-ordination among its followers. Over the years, religious institutions have been governed by a set of regulations that its members have to adhere to giving rise to certain norms among the community of members. Sometimes social capital is generated for specific purposes; Individuals may create social networks that will enable him/her achieve a specific objective. Reciprocity norms results in the generation of social capital as it creates in an individual the need and willingness to help others. The desire for better living has also facilitated the generation of social capital where Individuals can acquire and accumulate other forms of capital through social capital. Both formal and informal networks form the basis of social capital concept. Alberto Douglas confirm that there has been the emergence of social structures based on kinship or friendship. Those related socially to migrants; current migrants or former migrants can access social capital significantly increasing their likelihood of migration (Alberto, Douglas, et al1272). The hypothesis has been time and again invoked to give an insight to the concentration of particular types of migrants in certain areas and the magnitude of their migration. Migration is facilitated by Migrant Networks; interpersonal connections that link migrants, non-migrants, and former migrants to one another th rough shared community origin. (Alberto, Douglas, et al., 1262). These set of networks are as a result of the already generated social capital. International migration is further fueled by core families already settled in which out-migrants cohere and the established social institutions campaigning in favor of migration. This kind of a connection increase the chances of International migration since the cost and risk involved in the movement is substantially lowered. Chances of out-migration increase each time a relation relocates to a different location. â€Å"Over time migrant networks become self-sustaining as a result of the social capital that they provide to prospective migrants† (Alberto, Douglas, et al., 1286). This fact is commonly observed among siblings where the younger siblings are more likely to follow suit after the elder ones. The migrant families over time establish themselves first by building social networks among themselves and then with the rest of the local population as they accumulate experiences. The migrant grows to the point where it can sustain itself and continues to admit more migrants into its social relationship. This kind of setup is a social tie the makes it simple for the out-migrants to settle in as it provides a link between sending and receiving communities. Through social network with relatives or friends, the migrants can secure housing, jobs or even financial assistance. Complementary social roles and interpersonal relationships maintained by an informal set of expectations and prescribed behavior keep in bondage both migrants and non-migrants through social capital. This kind of social capital generates over time by virtue of being in a similar region under similar circumstances and not by the migratory process. Through such social ties, those left behind by the migrants can mitig ate the loneliness of having a loved one away from them. The migrants also draw upon these ties to share the often, not so favorable conditions of life in exile. The types of social capital people generate while relating to each other are very multidimensional in nature. Different network structures present a different social capital, the goal to be achieved being the determining factor. Social capital can be specific in nature when it is generated specifically to satisfy a given situation, i.e.; some kinds of ties are more important for the attainment of particular goals. This network is only instrumental in the achievement of the task. For example, sales managers sitting to strategize on the means to boost the sales of a new product through promotions. Close ties are often than not general social capital and are in most cases informal promoting the well-being of the individual members. Example, offering advice, spiritual support et. Cetera. References Alberto Palloni, Douglas S. Massey, Michael Spittel, Kristin Espinosa, Miguel Ceballos and Michael Spittel. â€Å"Social Capital and International Migration.†American Journal of Sociology. 106. 5 (2001): 1262-1298. PrinDouglas Massey, Rafael Alarcon, Jorge Durand, Humberto Gonzales. Return to Aztlan: The social Process of International Migration from Western Mexico. Berkeley: University of California press, 1987. Print.Francis Fukuyama. â€Å"Social Capital and Civil Society.†Conference on Second Generation. (1999): web 15 Nov. 2008. www.imf.org/external/pubs/ft/seminar/1999/reforms/fukuyama.htmPettigrew, T. F. Annual Review of Psychology† Intergroup contact theory. 49.2 (1998):65-85. Print. Putnam, R. â€Å"America’s declining social capital Journal of Democracy† Bowling Alone.6.1 (1995): 65-78. Print. Source document

The War Of 480 479 Bc History Essay

The War Of 480 479 Bc History Essay The invasion of 480-479 BC was a revenge attack on the Greeks; the reason was that the Persians having attempted severally to invade Greece and failed in their attempts. Emperor Darius is known to have set out his army to Athens to punish them for their revolt. Darius was a proud king, his pride in his big empire and the fact that he had a big army, made the Persians confident in their armys resources and their strength. This gave the Persian army the confidence that they would take over Athens. It is important to understand the reasons for the Persians insistent invasion of the Greeks and the vigilant campaign to take over Athens. When Athens encouraged these cities to rebel against Persian rule, emperor Darius set out a campaign not only to increase his empire but also to punish the rebelling cities. His first invasion and war was fought at marathon, this is the invasion of 490 BC, and this was the deciding war that lead to the invasion of 480-479 BC. It is the disposed leader Hippias who joined Dariuss army in this invasion. It is clear that they set out to invade with vengeance in their hearts, their sheer numbers and massive forces gave them a clear victory over Athens. They attacked Eriteria and won and on they moved to Athens. The humiliation of the Persians and Darius in the invasion of 490BC was the deciding factor in the invasion of 480-479 BC. Importantly what really fuelled Darius anger and drive to invade Greece in the invasion of 480-479BC was the defeat they encountered at marathon in 490BC. The Persians had a massive army and materials during this invasion, and their success was assured. Darius felt humiliated because despite their assured victory, they still lost to the Greeks. Of interest is the fact that Greeks had sort the help of the Spartans, unfortunately they could not engage in war as they were celebrating a religious feast. The Athenians went to war with the Persians manned two to one. They were simple infantry men who were against a well equipped Persian army. Looking at the history of the invasion of Greece by Persian, it is easy to understand why the Persians were defeated at every invasion. Their confidence in their numbers and might blinded them to the fact that with out strategy they would easily loose a war to a smaller and less equipped army. The loss at marathon was a humiliation to the Persians. It was the poor decision to break up, with the larger army attacking from the sea, and a smaller force at marathon that lead to their defeat. While they set out to attack from the sea, the Greeks seized the opportunity and attacked the remaining forces. They fought and won this group, then they drove them away towards the sea, as the second Persian unit arrived by sea, they found the retreating forces with the Greeks this time ready and waiting at the banks of the sea. Evidently strategy in war was a key factor in the victory over the Persians. It is important to remember that the period covered by these wars was the age in which these two great empires were expanding. The Persian Empire and the Greek empire were constantly in competition for cities to concur. After the loss of 490 BC it took another 10 years before the Persians could attack in 480-479 BC, with the death of Darius it took time for his son to gather forces and attack Athens. It is this time the Greeks got ready for battle, they had time to prepare, as they were well aware of the fact that the two empires were constantly colliding over territory. During this period the Greeks put up a naval defense force at Aegean. The Persian invasion of 480 BC under Xerxes began, with a huge army of hundreds of thousands. Xerxes was carrying out his fathers plan of taking over Greece. The conquest of Greece was seen as very important in the establishment of the empire. A boost to their morale, as it was before was their massive army. Xerxes was defeated because in as much as he had a great army, he was not prepared in the strategies of war. Xerxes was blinded by the desire to fulfill his fathers dying wishes that he forgot to prepare his army fro the battle ahead. Xerxes ambition in concurring Athens and making the Greek empire part of the Persian Empire blinded him to the fact that the Greeks may have been preparing themselves for another attack. Xerxes failed to prepare his army for this invasion since, it was a well known fact that the Persian army was used to battle on the plains of Asia. They were not physically prepared to battle in the Greek environment. This is a decisive factor in battle as the condition of the soldiers is paramount in the winning of a battle. Another major reason that Xerxes lost to the Greeks was that his army, in as much as it was massive in sheer numbers they lacked equipment as compared to the Greeks. The 10 year break during which the Persians did not attack, all the time the Greeks needed to train, arm and equip themselves fro war. The failure of Xerxes to realize that fact was an error on his part. It was common knowledge that the two empires were in constant conflict over their boundaries, with each trying to defend its concurred cities. Therefore Xerxes should have been amply prepared to have a complete take over of Athens. He should have strategised more in considering the fact that Athens was not a small city, it was the seat of the Greek empire, an empire that had a large territory and had concurred the east. The Persian army apart from having adapted to the Asian plains, they were defeated because; they were not able to properly scout. A reason fro this is the fact that on their way into Greece they decided to make a stand at Thermopylae, this was a mountain pass. This was a poor decision because they were used to waging war on vast battle fields not narrow path ways. They war strategy and training was on the open ground. The other fact was that they had deployed a huge army; this army was using the mountain pass into Greece. This was a huge error because it restricted their movement in the ground. The Persian army had invested heavily in numbers and not equipment. The moment they got into this pass, and the fact that they were ill equipped gave the Greeks an advantage. The ten year period between the invasion of 490 BC and 480 BC, apart from giving the Greeks time to prepare, it also assisted them in building a good relation with the Spartans. This is evident due to the fact that the moment the Persians attacked the Spartans were there alongside the Greeks fighting them. The naval force that the Greeks had built at Aegean helped defend Athens from the sea. The Spartans just like the Greeks were familiar with the Greek territory and landscape. It is for this reason that they were able to beat a large Persian army at the mountain pass at Thermopylae. Xerxes on the other hand should not have waited for too long to wage war on Athens. He should have immediately followed up on his father plans of attack soon after the first defeat. It is the pride of the Persian that made him loose the invasions. They gave the Athenians time to adequately prepare themselves and fortify their cities. I believe if they had followed up a repeat attack immediately after the loss at marathon they would have defeated Athens. The Persians pride in his army also resulted in his defeat, this pride blinded him to the fact that though they seemed superior in size to the Greeks. The Greeks on the other hand was also a formidable force. The Greeks were also a people that had waged war on communities both large and small and had conquered for themselves large areas. They were an innovative people that leant from their experiences and travels. It goes without saying that the Greeks learnt the first few times, each time the Persians invaded and lost the Greeks were left preparing themselves for the next attack. They prepared they ground troops and fortified their beaches; they even built a naval base to defend their beaches. The Persians overlooked the fact that the Greeks were a formidable force that was not to be reckoned with. What the Greeks lacked in numbers they made do in preparation and equipment. For the many reasons that are given for the defeat of the Persians in the invasion of 480 BC, the most convincing fact is the armys preparation in war. The Persian may have had a huge army, but the Greeks had a well armored army, after the attack at marathon they went a head and prepared themselves even creating a naval force, they even sort the assistant of the Spartans. The Persians did not have a clear war strategy, it seemed they were driven by the blind rage that emperor Darius had created and natured. They did not seem to have a clear strategy apart from attack and conquer and acquire Greece for their empire. The Greeks took advantage of this to their success; they knew when to break franks and when to attack. The Persians would have won the battle of 480 BC had they not used the mountain pass in their sheer numbers blocking them in, concentrating them in a small area, that left them venerable. If they had used a scout they would have marked out the territory to their advantage.

Corporate Budgeting Systems: Overview and Analysis

Corporate Budgeting Systems: Overview and Analysis Joo Hee Kim Accounting and Financial Management Budgeting is the Process of expressing quantified resource requirements (amount of capital, amount of material, number of people) into time-phased goals and milestones (BusinessDictionary.com, 2017). Budgets help decision makers to identify problems and to increase their understanding of the task environment (Ahrens 1997). For this reason, budgeting is still regarded as an organizational imperative if costs are to be controlled and financial performance to be achieved (Frow, Marginson and Ogden, 2010). The budget has historically entered the central stage of the management control system in most organizations (Otley, 1994). One of the main reasons that big companies get their budgets in the first place is to coordinate different parts of the business. By sharing accurate information publicly and based on a common set of decisions, ensuring harmonious interactions between units can lead to efficient processes, high-quality products, low inventories and satisfied customers (Jensen, 200 1). As such, traditionally, budgeting system has been considered to provide effectively four major benefits to the most organizations. (1) First of all, budgeting system provides the capability for managers to quantify the necessary resources and distribute these to the involved organizations prior to the beginning of the project. (2) Throughout the budget planning activities, the involved organizations will have a better interaction and communication to identify the problems, understand issues, pertaining to the tasks and then, finally allocate the necessary budgets to each organization. (3) Consequently it encourages each organization to conduct their task diligently and efficiently without wasting their resources. (4) Finally, It provides the persistent evaluation how the project performed under the budgeting planned and the great future index for the next budgeting plan. However, under the current increased competitive global environment, requiring more dynamic and imminent resource allocation have raised the concern that the traditional budgeting systems are inefficient and incapable to satisfy dynamically changing environments and suggested the myopic decision making and budget games in which they proposed (Hansen et al., 2003; Ostergren and Stensaker, 2011). Also, Welch has described the unnecessary wage increase due to the misguided performance evaluation, inherited by the incorrect budgeting planned (Welch, 2005). In addition to the inherited slow adaptive functionality and misguided performance evaluation. Jensen has described that the traditional budgeting process wastes time, twists decision making, consuming a huge amount of wasting executives time, due to the intentional false forecasts or manipulating critical information, consequently, twisting the resource allocation (Jensen, 2001; Jensen, 2003). In addition to these human and organizational barriers, genuinely, it takes lots of unnecessary time and resources to create a proper budget, prior to the beginning of the tasks. Statistically, organizations spend 20-30% of their time in the budgeting process. Also, budgeting generally limits the likelihood of achieving high growth or significant cost savings by setting an upper limit of the allowable budgets. At the same time, budgets can hinder high growth because overspending over budget would cut costs in the short term in order to achieve margin goals, consequently, hindering long-term goals (de Waal, Hermkens-Janssen and van de Ven, 2011). Recently, in order to overcome of the issues in the traditional budgeting system described above, a number of alternative methodologies have been proposed for the budgeting process, including activity-based budgeting, profit planning, rolling budgets and forecasts, zero-based budgeting, and beyond budgeting (Hansen, Otley and Stede, 2003). In particular, Jensen proposed a A Linear Compensation Plan to remedy the current budgeting process in which actual performance, regardless of budgetary goals, will be utilized to provide senior executives unbiased estimates for the planned achievable goal. However, later, Jensen described that it can be problematical for organizations to simply adopt or implement the proposed linear compensation system. It is because Target-based bonuses are deeply ingrained in the minds of managers and in the managerial codes of most organizations. More than that, if the measures and evaluation were not correctly performed, executives will have the more risk of distorting managerial decisions, even under a linear bonus system. In addition, the positioning and slope of the bonus line are based on the prior years performance. Of course, it would reduce the risk of overcompensating for the performance, but it can cause the reduction of incentives for the increasing performance, which results in dropping the motivational effects of the performance targets. Also, the increased performance compensation would require companies to increase bonus caps way beyond traditional compensational levels, which can make organizations discomfort (Jensen, 2001). In addition, more difficulties have described that the cost of changing the current budgeting process can be high due to the initial cost to implement the new system which requires the staffing time change, strategic planning, resource allocation, cost management (Neely, Sutcliff and Heyns, 2002), and eventually results in impacting on other unrecognized management processes, due to the lack of understanding of the current and future adopted systems (Waal, Jap Tjoen San and Zwanenburg, 2006). To overcome the raised issues on the linear compensation schemes, the curvilinear schedule methodology has been proposed which actually, reintroduces a strong incentive in terms of the budget. Jensen has also later agreed that the budget process itself is not the root cause of unproductive behavior. Rather, determining the compensation should combine the budget goals to have proper performance measurements. He has also point out that performance indicators should reflect the functionality of other business units, to align with the departmental performance measures. Management flexibility, decentralization and delegation can also minimize the risk of measuring performance (Jensen, 2001). Jensen criticizes managers for damaging their business because they lie to get more incentives. But currently, companies do not set incentives based only on manager reporting. Annual bonuses can be organized into three basic components: performance measurement, performance standards, and the sensitivity of the pay-for-performance relationship. Most companies rely on two or more measures of performance when evaluating manager performance, such as sales or revenue, earnings per share, operating profit or profit (Towers Perrin, 2005). Historically, accounting-based performance indicators are backward-looking and easy to lie, so firms can avoid cheating by using other measures such as operational or strategic performance goals, quality improvement, and scorecard-based systems. If managers were still cheating as Jansen criticized, the incentive system would not have spread like it does today. In recent, the percentage of SP 500 firms using multiyear accounting-based performance (MAP) incentives for CEOs increased from 16.5% in 1996 to 43.3% in 2008 (Li and Wang, 2016). There are many good reasons to explain why long-term incentives are an effective wage component. First, it provides the most direct correlation between company performance and wages. In other words, incentives can motivate directors to work hard and help them make shareholderoriented decisions. Second, long-term incentives can provide valuable human capital to the board and increase the loyalty of incumbent directors (Irani and Gerayeli, 2017). Furthermore, there is a way to hire a compensation consultant company to get rid of the possibility of any remaining lie. Compensation consultants such as Towers Watson, the Hay Group, and Hewitt Associates can assist the board in setting up wages with knowledge of industry and other peer groups compensation package design. In particular, they can give advice and assistance to the compensation committee (Bender, 2007). In the UK, virtually all companies show that they hire compensation consultants (Conyon, Fernandes, Ferreira, Matos and Murphy, 2011). The existence of an independent board is also important in the process of receiving incentives. Directors must have sufficient pay-performance sensitivity (PPS) for managers (Bruce, Buck and Main, 2005). Jensen insisted Corporate budgeting is a joke. and Corporate budgeting consumes a huge amount of executives time. But I disagree with him. Therefore, I strongly believe that instead of simply tossing off the budgeting process, the efficient budgeting system, combined with a proper performance measurements to determine the correct compensation, is necessary and essential for the company to achieve their goals in a rapidly changing 21st century international economic environment. In particular, from the Abogun and Fagbemis research, budgeting is still selected as a most effective and necessary tool for planning, controlling, communicating, making decisions and creating value (Abogun and Fagbemi, 2011). For instance, on the survey conducted by Libby and Lindsay, most managers have rated the budgeting as good value to achieve their organizational goals, regardless of budget games occurred to some extent in the organization (Libby and Lindsay, 2013). They have also agreed that the right u se of budgeting is of significant value to management. As an additional valuable evidence of the budgeting system, more than 150 organizations in North America uses frequently cost management tool to budget resources that can include everything from raw materials to human resources and facilities (Horngren, Sundem, Stratton, Burgstahler Schatzberg, 2008). In the same opinion, at a meeting on the traditional role of the budget in the organization organized by CIMA and ICAEW in 2004, the budgeting and accompanying process were indispensable and also noted that the traditional budgeting processing was widespread. Significant number of European companies has a budget and continues to use this process (CIMA-ICAEW, 2004). Most of current companies in Australia, Japan, the United Kingdom and the United States prepare budgets (Anand, Sahay and Saha, 2004). Is corporate budgeting really just a waste of time, as Jansen argues? If his argument was correct, now that more than 15 years ago, many companies would have to abandon the budgeting system. However, since the economic crisis that started in 2008, the survey and historical data have showed that the budget became more important in planning and resource allocation and companies emphasize specific budgeting features over other companies in response to economic crises (Becker, Mahlendorf, Schà ¤ffer and Thaten, 2016). In Case Study Evidence (Frow et al., 2010), the paper introduces the concept of continuous budgeting to emphasize how an organization can coordinate these potentially conflicting goals. By integrating the use of other budgetary controls with other management controls, the process of continuous budgeting encouraged management to exercise operational discretion when unexpected events occur in which it has placed a strict burden on managers to ensure that they continue to str ive to achieve their financial goals. Again, it has proved that Budgeting effectively contributes to the flexibility and financial principles to implement effective strategies. Therefore, its the right path to adopt alternative budgeting process rather than giving up entirely the budget. For example, continuous budgeting or traditional budgets can be supplemented by other management controls such as Balanced Scorecard (Frow et al., 2010) or Rolling Forecast (sandalgaard, 2012). For other management controls, according to a study by Choe, Dey and Mishra (2014), analyzing diversified companies in Australia by 2004-2008, companies that rely on long-term incentives for executives have achieved even greater progress. Long-term compensation consists of options, equity and other long-term incentive payments. Most of these compensation factors are based on company-wide performance. On the other hand, short-term rewards mainly consist of salaries and bonuses. In some cases, bonuses are targeted at company-wide performance, especially CEOs. For department managers, bonuses are often based on departmental accounting performance. Therefore, we need to develop some compromise schemes to set an upper bound of compensation, for instance, using the all department compensation difference and same time setup the ratio of long-term compensation and the short-term compensation ratio depending on the nature, scale, and profit of the company. Of course, as mentioned before, this compensation system depends on the previous years data to setup the compensation plan for the future potential growth. It may also be a necessary to evaluate company financial system regularly auditing from an independent accounting company that is not related to the companys incentive system. Corporate budgeting is like a knife. Knife would be a weapon when it is caught in the hands of robber, but it can serve as a tool for making delicious food in the hands of a cook, and it can save people when it is in the hands of a doctor. As Jensen argues, when corporate budgeting lefts in the hands of immoral managers, it is easy to become a weapon that damages the company for the benefit of the individual. But if a conscientious manager catches it, it becomes a tool for creating a happy company. If a wise CEO control it, it can also play a role in saving the company. Hence, I strongly believe that we should move toward improving the budget system by incorporating various suggestions described above. Question 2. Typical Executive Compensation Plan in a traditional pay-for-performance compensation plan, managers receive a hurdle bonus when they reach a certain level. The bonus will be improved until the maximum challenge is reached. When managers have a good year and performance is nearing the budget limit, there can be a desire to push the remaining profits into the future. Because they do not receive additional compensation even if they performance exceeds the cap, they will increase their chances of raising their expenses in current year or postpone their sale and gain to next year, in order to increase bonus next year. Suppose there is the organization named ABC, which has fiscal year end December 31 and Fiscal year 2016 budget goal for research expense is $100,000 and service contract revenue is $500,000. Fiscal year 2017 budget will be the same. Currently, ABC financial reports for fiscal year 2016 shows that research expense is $20,000 and service contract revenue is $500,000. ABC research department received a request from a research engineer to purchase $50,000 equipment for beginning of January 2017 and ABC sales department expects to sign on a two months service contract with a client amount of $200,000 in December 2016, but start date could be either December 2016 or January 2017. Because of timing issue of recording expenses and revenues, the managers are able to meet budgetary targets for 2016 and 2017, if they plan to expense more in current year and record revenues in the next fiscal year. The research department manager could record $50,000 equipment expenses for Fiscal year 2016 askin g a vendor to deliver the equipment and send out the bills to accounting departments few days earlier before January 1, 2017, unnecessarily, because research expense for the year 2016 already met budget goal, which means research manager still can get bonus for the year 2016 even though the research department recognizes $50,000 more expense in 2016. By doing so, the research department probably will exceed budgetary expense targets in 2017, because the department lower actual 2017 expense by $50,000. Also, sales manager could push revenue to the next fiscal year, by choosing the two months service contract start date as 1/1/17, instead of 12/1/16, because FY16 sales budget goal is already achieved. Even if the company ABC financial statement for FY16 can show more revenues if the service contract starts on 12/1/16, sales manager could take 1/1/17 start date, considering his FY16 bonus is guaranteed already, and it would be easier for him to achieve FY17 sales goal since he already achieved $200,000 out of $500,000. It is highly unlikely that any refinements to the budgeting process will ever enable budgets to be perfect because budget is plan for future. However, I think few refinements to the budget plan can prevent Jensons business scenario from real business world. First, senior management can set up their budget comparison method by adopting advanced IT budget system. In Jensons scenario, senior management set the budgets with limited input from line personnel. Because of limited input from same personnel, the budget could be manipulated for the purpose of getting more bonuses. If senior management set up IT budget system, such as uBase and add the procedure to their budget report review procedures, comparing generated report out of uBase to the prepared budget report by limited personnel, and researching the variances between two reports and fluctuation between months, senior management might identify what are the most common unfaithful ways used for management to consistently exceed finan cial targets. Second, the organization uses an incremental budgeting system for a full year. If an organization changes budget period from a full year to half year, and change distributing bonus from annual basis to semi-annual basis, the organization can reduce a lot of cut off issues management used to exceed financial targets. To avoid connecting budgets and sales goals to bonus, Jensen proposed Linear Compensation Plan is an incentive system that compensates for actual performance regardless of your budget goals. Administrators will receive the same bonus for some level of performance even if the budget target is set below or above that level. By eliminating kinks, the unit manager no longer collects cash beyond the target and would not need to make lower the target by putting false information into the budgeting process. As a result, senior management receives unbiased estimates of what they can achieve in the future, and the quality of planning and coordination is significantly improved. In order for Jensens proposed linear compensation scheme to be successful, we need to obtain the following refinements: First, when using multiple performance indicators for individual managers, companies must carefully set up a single, well-defined measure of overall business success, such as economic value added. Ratios such as sales margins or asset returns inevitably result in games. Second, management tends to concentrate in the short term. If you earn a high bonus within a year, it will be harder to get a higher bonus next year, so you will lose incentives to improve performance. A better way is to look at the future in more detail by setting a line of bonuses over the years based on long-term forecasts of growth and profitability. Finally, define the upper limit of compensation as a salary. Also, we need to set absolute objective criteria such as activity-based costing to determine performance by how many tasks have been done in certain time, rather than how many hours an employee worked. Question 1. (1) Answer is d. (2) If Sanjay Ltd sells all 1000 units, it needs not pay for scraping costs, so the minimum price is $ 2. But if it cannot sell all of them, it has to add $ 500 to its sales because it shoud pay for scraping costs. For example, if it sells 100 units, $ 5 is added per unit, so the minimum price is $ 7. However, if it sell 500 units, it will add $ 1 per unit, so the minimum price is $ 3. In the worst case, if Sanjay Ltd cannot sell any units, its better to give them away for free. (3) Total cost = DM(Direct materials) + DL(Direct labour) + OH(Overhead) $25,000 = $20,000 + DL + 1.5 DL $5,000 = DL + 1.5 DL = 2.5 DL DL = $2,000, $25,000 = $20,000 + $2,000 + Overhead As the result, Overhead is $3,000. (4) Total costs = Direct material + Direct labour + Overhead = $1,475 + $1,500 + {50(labour hour=$1,500/$30) $35} = $1,475 + $1,500 + $1,750 = $4,700 As the result, Total costs is $4,700. (5) Profits = Total sales Fixed costs Variable costs Profits ($100,00) = Total sales(Selling price 500,000) Fixed costs($400,000) Variable costs(0.75 Selling price 500,000) $100,000 = Selling price 500,000 400,000 0.75 Selling price 500,000 $500,000 = 0.25 Selling price 500,000 $500,000 = 125,000 Selling price As the result, Selling price should be $4. (6) Total Manufacturing Costs ($ 900) = Direct Materials ($ 455) + Direct Labor ($ 300) + Variable Manufacturing Overhead ($ 45) + Fixed Manufacturing Overhead ($100) Target Sales Price ($ 1440) = Total Manufacturing Costs ($ 900) + {Total Manufacturing Costs ($ 900) Mark Up 60% ($ 540)} It does not need to pay Fixed Manufacturing Overhead if Diamond Interiors accepts Mr. John Lees one-time only special order, because of Diamond Interiors has an excess capacity. In this case, Fixed Manufacturing Overhead should be excluded when calculating Total Manufacturing Costs. But Mr. Lee wants the cabinet in a metallic finish rather than laminate, so direct materials will increase by $30 per unit. Total Manufacturing Costs ($ 900) Fixed Manufacturing Overhead ($100) + additional direct materials ($30) = 830 Therefore, the minimum selling price is $830. (However, this minimum selling price did not include the mark up fee. Therefore, the actual selling price may vary depending on the sellers decision.) (7) The net present value (NPV) is the difference between the present value of the cash inflow and the present value of the cash outflow. NPV is used in capital budgeting to analyze the expected investment or profitability of the project.The following is the formula for calculating NPV: where Ct = net cash inflow during the period t Co = total initial investment costs r = discount rate, and t = number of time periods {20,000/1.1 + 25,000/(1.1)2 + 30,000/(1.1)3 +15,000/(1.1)4 + 12,000/(1.1)5 } 75000 = {18181.8 + 20661.2 + 22539.4 + 10245.2 + 7451.1} 75000 = 79078.7 75000 Net Present Value of the computer system is $ 4078.7 A positive net present value indicates that the projected income generated by the project or investment (in present dollars) exceeds the projected cost (also in present dollars). In general, investment with a positive NPV is a profitable investment, and investment with a negative NPV is a net loss. It is the basic element of the net investment value rule that a project or investment must be performed only if the NPV value is positive. Since the NPV of the computer program in question is positive, it is a wise choice for the mayor to purchase this computer program. (8) The cost of equipment is the items purchase price. Knowing the internal rate of return and the expected life of the equipment, the cost of equipment purchase can be calculated using the following formula. 15,000/1.12 + 15,000/(1.12)2 + 15,000/(1.12)3 + 15,000/(1.12)4 + 15,000(1.12)5 = 54071.7 As the result, Cost of the equipment is $ 54,071.7 (9) Return on investment is a simple rate of return without a concept of time. The IRR is calculated by compounding the time it takes to enter a profitable point. There is a limit to the evaluation by simple profit rate calculation that does not consider time. Internal rate of return (IRR) is the interest rate at which the net present value of all the cash flows (both positive and negative) from a project or investment equal zero. Internal rate of return is used to evaluate the attractiveness of a project or investment. If the IRR of a new project exceeds a companys required rate of return, that project is desirable. If IRR falls below the required rate of return, the project should be rejected (Investinganswers.com, 2017). When a minimum desired rate of return is 12%, the present value of project is calculated as $ 1,646. Because the IRR is positive, Imperial Airways Ltd. should accept this project. 75000/1.12 + 75000/(1.12)2 + 75000/(1.12)3 + 75000/(1.12)4 + 75000/(1.12)5 + 75000/(1.12)6 280000 50000/(1.12) 4 + 10000/(1.12)6 = 308355.6 280000 31776 + 5066.3 = 1645.9 As the result, Present Value of the Project is $ 1,646. When a minimum desired rate of return is 12%, the present value of project is over than zero (calculated as $ 1,646). Thus, the internal rate of return is more than 12%. (10) Year1 Inflow1 + Year2 Inflow + Year3 inflow = $22,000 Inflows from Year1 to Year 4 = $28,000 The payback period is between Year 3 and Year 4. Accurately calculated PBP = minimum period + shortage of inflows / inflows in event = 3 + 3000 / 6000 = 3.5 As a result, payback period is 3.5 years. REFERENCE Abogun, S. and Fagbemi, T. (2011). The Global Debate on Budgeting: Empirical Evidence from Nigeria. International Business Research, 4(4). Ahrens T. (1997). Strategic interventions of management accountants: everyday practice of British and German brewers The European Accounting Review 6(4), 557-588 Anand, M., Sahay, B.S. and Saha, S., 2004. Cost management practices in India: An empirical study. ASCI Journal of Management, 33(1-2), pp.1-13. Becker, S. D., Mahlendorf, M. D., Schà ¤ffer, U. and Thaten, M., 2016. Budgeting in times of economic crisis. Contemporary Accounting Research, 33 (4), pp.1489-1517. Bruce, A., Buck, T. and Main, B.G., 2005. Top executive remuneration: A view from Europe. Journal of Management Studies, 42(7), pp.1493-1506. BusinessDictionary.com. (2017). What is budgeting? definition and meaning. [online] Available at: http://www.businessdictionary.com/definition/budgeting.html [Accessed 15 Jan. 2017]. Choe, C., Dey, T. and Mishra, V., 2014. Corporate diversification, executive compensation and firm value: Evidence from Australia. Australian Journal of Management, 39(3), pp.395-414. CIMA ICAEW, (2004). A report on Better Budgeting Forum. July, 2004. Retrieved December 16, 2008 from http:// www.icaew.com./index.cfm/route. Conyon, M.J., Fernandes, N., Ferreira, M.A., Matos, P. and Murphy, K.J., 2011. The executive compensation controversy: A transatlantic analysis. de Waal, A.A., Jap Tjoen San, R. and Zwanenburg, E. (2006), Budgetteren in Nederland: stand van zaken en ontwikkeling, Tijdschrift Controlling, Vol. 3, pp. 8-11. De Waal, A., Hermkens-Janssen, M. and van de Ven, A., 2011. The evolutionary adoption framework: explaining the budgeting paradox. Journal of accounting organizational change, 7(4), pp.316-336. Frow, N., Marginson, D. and Ogden, S. (2010), Continuous budgeting: reconciling budget  flexibility with budgetary control, Accounting, Organizations and Society, Vol. 35 No. 4,  pp. 444-61. Hansen, S.C., Otley, D.T. and van der Stede, W.A. (2003), Practice developments in budgeting:an overview and research perspective, Journal of Management Accounting Research, Vol. 15, pp. 95-116. Hope, J. and Fraser, R. (2003), How Managers can Break Free from the Annual Performance  Trap, Harvard Business School Press, Boston, MA. Horngren C. T., Sundem, G. L., Stratton, W. O., Burgstahler, D. Schatzberg, J. (2008). Introduction to Management Accounting. (14th Ed.). New Jersey: Pearson Prentice Hall. Investinganswers.com. (2017). Internal Rate of Return (IRR) Definition Example | Investing Answers. [online] Available at: http://www.investinganswers.com/financial-dictionary/investing/internal-rate-return-irr-2130 [Accessed 21 Jan. 2017]. Irani, M. and Gerayeli, M.S., 2017. Relationship between Corporate Governance and CEO Compensation among Listed Firms in Tehran Stock Exchange. International Journal of Economics and Financial Issues, 7(1), pp.285-292. Jensen, M.C. (2001), Corporate budgeting is broken lets fix it, Harvard Business Review, Vol. 79, pp. 94-101. Leahy, T. (2001), The top 10 traps of budgeting, Business Finance, Vol. 7 No. 11, pp. 20-34. Libby, T. and Lindsay, R.M., 2010. Beyond budgeting or budgeting reconsidered? A survey of North-American budgeting practice. Management Accounting Research, 21(1), pp.56-75. Li, Z. and Wang, L., 2016. Executive compensation incentives contingent on long-term accounting performance. Review of Financial Studies, 29(6), pp.1586-1633. Neely, A., Sutcliff, M. and Heyns, H. (2002), Driving Value through Strategic Planning and Budgeting, Research Report, Cranfield School of Management and Accenture, Cranfield. Ostergren, K. and Stensaker, I. (2011), Management control without budgets: a field study of  beyond budgeting in practice, The European Accounting Review, Vol. 20 No. 1, pp. 149-81. Otley, D.T., 1994. Management control in contemporary organizations:  towards a wider framework. Management Accounting Research 5, 289-299. ROZENFELD, G.C., 2017. CHAPTER FOUR DISSIDENT OPINIONS ON BUDGETARY CONTROL SYSTEMS IN THE 21ST CENTURY: EVIDENCE FROM A MULTINATIONAL RETAIL ORGANISATION LOCATED IN THE UK. Dissident Voices in Europe? Past, Present and Future, p.41. Zhang, C., Wang, S., Gao, Z. and Zhao, X., 2015. Study on the Manipulation Effect of CEO Power on Executive Compensation Level: A Literature Review. Reflective Essay: Grief and Bereavement Reflective Essay: Grief and Bereavement This essay is a reflective journey through the loss I have experienced in my life. The essay will discuss two models of bereavement, dual process and continuing bonds. Towards not only understanding self in the process of loss, but also to understand some of the theories used to assist those who are grieving. Relevant referenced literature will be used to demonstrate understanding of the models of loss chosen for the assessment. The loss that has impacted my world most recently began with the wonderful knowledge of pregnancy. That beautiful piece of news set in motion a series of events beginning with the primary loss of membership within a band, which I had created and maintained for six years. The band was a manifestation of hopes, dreams and realisations I had carried since childhood and finally began actualising in my early thirties. The secondary losses were simple I thought, as in losing the social network associated with being a band member, and the loss of a portion of identity. However, a major friendship was also lost in the process and this in reality lay far deeper than the apparent primary loss. This friend and fellow band member M was actually my x partner and soul mate, with who I had shared my life and musical experiences from the age of nineteen. Even though we had separated as partners we were still very close as friends and involved musically. I had lost my x, my best friend, my band membe r, fellow song writer, and pain in the butt. I acknowledge that adjusting to motherhood and the happiness of my new family life overshadowed the losses I was experiencing, and also my resilience, spirituality and being quite differentiated contributed to my ability to cope, move forward and adjust to yet another segment of my very interesting, challenging and rewarding life. Attachment and meaning, family systems, social support, cognitive process in adjustment and coping, are all factors and terms associated with the theories of loss and bereavement which have preceded and assisted Stroebe and Schut (2007) to generate the dual process model. Their model perceives a person oscillating between loss-orientation and restoration-orientation. Loss-orientation deals with the process of having a good cry and experiencing and dealing with the emotion of loss, and restoration-orientation deals with getting oneself back into feeling okay to proceed with life emotionally, physically and psychologically. Within this process of oscillation it is important to understand the need for both negative and positive thought processes within both loss and restoration. Furthermore it is important that one experiences and adjusts to both aspects of thought processes in life, even when it appears that loss is not perhaps a prominent focal point. Stroebe and Schut (2004) discuss how attachment theory plays a role within the dual process model, by aligning loss-orientation with the experience associated through loss of a relationship where the bond of attachment is deep. Secondly their restoration-orientation process can align with cognitive stress theory by making use of tasks or coping strategies to assist a grieving person to find balance in their process of loss. The strength of the dual process model as Stroebe and Schut (2004b) explain is the ability to understand that people fluctuate between positive and negative thoughts and emotions. Additionally by applying certain aspects of cognition tools and the understanding of attachment, a balance between the swaying emotions and thoughts can be normalised and processed in a comfortable and personal manner as adaption takes place. In my experience of grief I certainly experienced the swapping of emotional positions such as sadness that our friendship had ceased, and feeling okay that M wanted to disconnect. I am able to reflect with both sadness and joy, when I ponder our shared love and experiences. However I also take great strength from my husband and son, my parents and siblings in an almost unconscious process of living and loving. Continuing bonds resonated with me in that it recognised attachment bonds dont disappear when one experiences loss or death, instead the connection and bonds change and continue. Klass and Walter (2004) explain continuing bonds as recognition that the human condition in both life and death is far more complex and unique than many theorists previously had argued. In addition research discovered that many diverse people carried on conversations and relationships with the dead. Klass, Silverman, Nickman (1996) relate that continuing bonds means that those left behind feel a real sense of the person they have lost, either unconsciously or on a conscious level, therefore their changed relationship with the deceased is a continuous process of adjustment. It is now realised people dont get over a loss of a loved one, they continue to have an internal relationship or tell stories to keep their meaning alive. From what I have understood of continuing bonds dealing with grief, is simply not a s simple as getting over a loss, but a process of mourning, grieving, adjusting and changing. Packman, Horsley, Davies Kramer (2006) cite Hogan and DeSantis who refer to attachment in connection with continuing bonds such as reaffirming relationships, search for understanding, checking in with deceased, reconnecting, asking for guidance, and seeking to meet again, it seems the process demonstrates once more that attachment and love does not cease with the death or loss of our loved ones. Nadeau (2007) discusses continuing bonds around how families make meaning via conversations and shared feelings through storytelling, family conversation or verbalising experiences of the person who has died. In addition to dreaming, comparing and experiencing interpretations of personality, joining or linking of events or perhaps considering fatalistic observations, through which these processes assist a person to deal and adjust to the loss and life without the physical presence of their loved one. It almost seems ridiculous in my mind to consider those Ive lost in life as being completely gone just because they died or have disconnected their friendship. In my personal culture of beliefs, values, and spirituality, death is but a single part of an enormous cycle where as human beings we experience the physical plane of existence, which is only a fraction of our total cycle of being and knowing. The process of writing this assessment has made me consider exactly what losses I have experienced. I began by making a time line of losses, and realised that through death I had lost four grandparents, friends, one x mother-in-law, and one current mother-in-law, nine cats, one bird, and one dog. The losses consisted of my heart at least three times, contact with aunts and uncles, and my cousins, jobs, dreams, my band, friends, even my respect at certain times, and the most significant friendship of my life prior to meeting my husband and my baby. Through contemplating my losses I can identify with certain aspects of poor self-esteem that has occurred in my life, and understand how feeling unworthy of certain considerations from friends is mixed in with the manner in which I handle loss in general. Being strong inside even though I feel alone is part of the coping mechanism loss in my life has taught me. For me being differentiated and resilient are the real keys to handling lifes my riad of experiences. Walsh (2006) suggests that beliefs and values build our cultural and family historical story that in turn builds resilience, which is strongly tied in with ones spiritual beliefs and life meaning. Weiten, Lloyd, Dunn, Hammer (2009) cite Gallagher and Chase who suggest that children benefit immensely from having their sense of resilience strengthened and nurtured by cherishing close relationships between children and parents. Resilience can help with the development of coping strategies, for example how to release anger, or help children be able to differentiate between risk assessment of traumatic event and management of possible danger. Furthermore the importance of relating and sharing of values and beliefs, not only in self, but also in a wider social arena, and encourage the ability to see and endeavour towards a positive future. My sense of myself as a differentiated and resilient person has also been a driving force behind my search of spiritual answers outside my birth religion. I live my life through my sense of spiritual knowing, which I align with the Buddhist concept of dharma, reincarnation and karma. My foundation of spirituality and knowing in God as my belief and value system is how I function through lifes loves and losses. I now understand how positive functioning is interconnected with a sense of differentiation. Corey (2009) discusses, differentiation is the process of becoming an individual with a positive sense of separateness from family of origin, able to live life with an ability to accept responsibility for ones own emotions, thoughts, feelings, perceptions and behaviour. I am truly thankful for the two strengths of resilience and differentiation, as in whenever I feel alone in my experiencing of loss, be it as simple as feeling I have no one to talk to, I can draw from inside myself the strength to escape negative emotional spirals. I also have an immense sense of connection to a higher spirit and find great comfort in lifes meaning and feeling of universal love. Since life, love, death, loss and grief all are experienced, affected, and expressed, in highly individual styles and approaches it seems logical there should be different methods and theories attached to grief and loss counselling. Therefore when I look at the two models of dual process and continuing bonds, I feel it important to understand attachment in life and loss. Machin (2009) discusses that the sense of self and independence is born out of the relationships of attachment we experience across our lifespan. These attachments are what allow a person to develop resources such as coping mechanisms, resilience, and the predisposition towards either positive or negative outlooks on life as well as death and loss. Sigelman and Rider (2009) refer to Bowlbys theory of attachment, concerning how a person copes through lifes challenges and stages, which can depend a great deal on the style of attachment they have developed, such as securely attached opposed to avoidant or resistant atta chment. These attachment styles play out through life in the manner of relationships beginning with family relationships, meaningful friendships, and marriage relationships, a person experiences through life and through their losses. Sigelman and Rider (2009b) cite Parkes who in conjunction with Bowlby constructed their theory of attachment model of bereavement, based on the simple fact that loss and love are counterparts that cannot be separated. Furthermore our interpersonal connections are built through attachment and centred on the conveying and sharing of love. Machin (2009b) also considers that attachment styles are also impacted through family culture, especially in how a person is taught the norms, values and beliefs surrounding appropriate mourning and grief, and life and love. As I reflect on how I seek and find support around my loosing M as a close friend, the cultural influence and norm my family advocates, is that of behaving as if nothing has changed. Almost like sayi ng, what are you worried about, and ignoring any deep feelings that need sharing to complete the cycle of grief. In relation to attachment within my family history I would say I have learnt secure attachment as a child, but as I grew my sense of attachment to my parents and siblings had a feeling of separateness, which funnily enough I feel was the grounding for my sense of differentiation and resilience, self reliance, sense of spiritual belonging and an ability to have a positive life mindset. On the flip side that separateness I felt when younger was the underlying force behind my poor self-esteem which was an enabling factor in the attachment style of relationship I shared with M. No matter the type of grief or loss one experiences or suffers in some way or another, love is at the heart of the felt experience. Even if the loss is as simple as the loss of a job, or perhaps a beloved cat, or friend, a partner, a mother or father, sister or brother, or sadly a child, it is love that binds us, it is love that makes life and death worthwhile. Kubler-Ross (1998) put it very succinctly when she wrote, you should live until you die, no one dies alone, everyone is loved beyond comprehension, everyone is blessed and guided, and the hardest lesson to learn is unconditional love, everything is bearable when there is love, and finally the only thing that lives forever is love (p288). To conclude this essay I would reflect on the importance of a counsellor taking the time to experience and deal with lifes losses and loves. Whether one chooses a particular model or process to assist the journey of self discovery, it is important to understand the underlying concepts of the attachment bonds that are formed over a life span. The bonds we form also bring the love that not only continues but also fluctuates between positive and negative emotional balancing and adjustment.

Analysis of Hannibal: Enemy of Rome by Leonard Cottrell Essay -- Hanni

Analysis of Hannibal: Enemy of Rome by Leonard Cottrell   Ã‚  Ã‚  Ã‚  Ã‚  The author of Hannibal: Enemy of Rome, Mr. Leonard Cottrell, inspired by the book, The Histories of Polybius, translated by W. R. Paton. Mr. Cottrell, endeavored to recreate the journeys of Hannibal by traveling by car nearly the same route in 1959. Mr. Cottrell traveled by car the journey of Hannibal through northern Spain, the modern day Swiss Alps, and down into the Italian peninsula while constantly referring to Polybuis' writings. Mr. Cottrell describes Hannibal's motives, his journey, his battles to conquer the Roman Republic, his defeat, and his eventual withdrawal.   Ã‚  Ã‚  Ã‚  Ã‚  Mr. Cottrell describes Hannibal as an ambitious warrior from boyhood. He learned soldierly virtues and hatred for the Romans from his father at an early age. Hannibal was the son of Hamlicar, a distinguished leader and veteran of the first Punic War against Rome. Hannibal's motives derived from loyalty to his father, his lineage, and hate for the Roman Republic. Following the first Punic War, Sicily had been taken by Rome, Corsica and Sardina were lost, but Spain remained as a powerful Carthaginian settlement. By the efforts of his father, Hannibal was taken to an altar in Spain to witness the offerings; and laying his hands upon such, sweared an oath to prove himself to forever be an enemy of the Roman Empire.   Ã‚  Ã‚  Ã‚  Ã‚  Hannibal proved to be an excellent leader. He had the support of both his troops and of the government above him. This was ...

Sex and Sexuality in Dracula Essay -- European Literature Bram Stoker

Bram Stoker's novel Dracula, published in 1897, explores various sexual erotic possibilities in the vampire's embrace, as discussed by Leonard Wolf. The novel confronts Victorian fears of homosexuality; that were current at the time due to the trial of playwright Oscar Wilde. The vampire's embrace could also be interpreted as an illustration of Victorian fears of the changing role of women. Therefore it is important to consider: the historical context of the novel; the Victorian notion of the `New Woman' specifically the character of Lucy Westenra; the inversion of gender roles; notions of sexuality; and the emasculation of men, by lessening their power over women; in the novel Dracula. In doing this I will be able to explore the effects of the vampire's embrace in depth, and achieve a wider understanding of the variety of erotic undercurrents Stoker incorporated into the novel. Stoker was born in Ireland in 1847, and later he graduated from Trinity College in 1867, and joined the civil service. While working, as a freelance journalist and drama critic enabled him to meet Henry Irving and entered London's literary circles, which included figures such as Arthur Conan Doyle and Oscar Wilde. In the course of Irving's tours he also had the chance to travel around the world. Stoker later married Florence Balcome, who had previously had a romantic affair with Oscar Wilde. In my opinnion Stoker could not fail to be infuleced by these people while he was writing Dracula. In Dracula, Stoker relied greatly upon the conventions of Gothic fiction. Traditionally gothic elements such as dark and sublime settings, and the innocent threatened by the ineffable evil obviously feature in Dracula. Stoker modernises his novel by bringing the set... ...toker, B. (1994) Dracula, Penguin Classics, London. Weissman, J. (1988) Dracula as a Victorian Novel in Dracula: The Vampire and the Critics, UMI Press. Wolf, L. (1993) The essential Dracula, Byron Preiss. Wolf, L. (1972) A Dream of Dracula: In Search of the Living Dead, Popular Library, New York. (1997) Oscar Wilde [internet] can be found at http://www.neuroticpoets.com/wilde/ [accessed 10-11-2005] (2000) Clash of Cultures: The New Woman [internet] can be found at http://history.osu.edu/Projects/Clash/NewWoman/newwomen-page1.htm [accessed on 10-11-2005] (1997) Thor [internet] can be found at http://www.pantheon.org/articles/t/thor.html [accessed on 10-11-2005]

Bus405 Final Project

Final Project Ashford University Trena Mealor Dr. James Prentice August 27, 2012 ? Final Project Investing in the total stock market allows an investor to capture the return of the stock market while at the same time diversifying an investment portfolio. The easiest way to build a total stock market portfolio is with a mutual fund or an exchange traded fund. This particular portfolio is diversified with Vanguard ETF’s that were carefully chosen to seek the highest return with moderately aggressive to aggressive risk strategy.The investment strategy associated with this portfolio is short-term with an aggressive attitude of â€Å"more risk more reward†. 7/24 priceInvestment Amount# of Shares8/13 priceValue Vanguard Consumer Discretionary ETF – (VCR)67. 8910000147. 2970971. 7410567. 0932 Vanguard Financial ETF – (VFH)30. 2510000330. 578531. 5810439. 6690 Vanguard Growth ETF – (VUG)66. 9110000149. 454570. 4810533. 5531 Vanguard Information Technology E TF – (VGT)66. 9310000149. 409871. 7710723. 1413 Vanguard Intermediate-Term Corporate Bond ETF – (VGIT)86. 9410000115. 154386. 579968. 9077 50,00052232. 36Exchange Traded Funds, also known as ETFs, are mini-portfolios of securities and derivatives that track an asset like an index and/or commodity. When creating a portfolio, it is important to note that there is a difference between diversifiable risk and market risk. According to Elton (1977), diversifiable risk may be caused by random events that are particular to an individual firm. Since these events are random, the influence of events, such as a lawsuit or strike can be almost eliminated via diversification. However, diversification cannot entirely eliminate market risk. Market risk ffects most firms. Examples of market risk include war, recessions and high interest rates. By researching the portfolio funds, the investor can gain an understanding of risk and how it fits into diversification. A single stock has more risk of not creating a positive return than a stock portfolio. In a market dominated by risk-averse investors, riskier securities must have higher expected returns Ross, Westerfield & Jordan (1993) indicates, the principle of diversification tells us that the spreading of an investment across a number of assets will eliminate some but not all the risk.Unsystematic risk is essentially eliminated by diversification, so a relatively large portfolio has almost no unsystematic risk. Ong (1982) mentions that diversification can reduce the overall portfolio risk. However, the possibility for the risk reduction depends on the correlation coefficient and the proportion of the total funds invested in each. According to Jordan, etal (2012), the benchmark for a well-diversified portfolio would be a portfolio of all stocks in the market. Relevant market risk of the stocks within the portfolio is calculated using a beta coefficient.Accordingly, a stock with a high beta will bring a lot of risk t o the portfolio. The authors further explain, as you calculate the beta for various stocks, you may begin to see groupings of low, average and high beta risk. Beta measures the stock’s risk relative to the stock market average. Calculate the weighted average of these groupings, and you will discover the market risk for the entire portfolio. A â€Å"low† beta is generally 1. 0 or below. The average beta is 1. 00 and assets with a beta greater than 1. 00 have more than average systematic risk.Rosenberg and Guy (1995) further explain the importance of beta as the value of beta measures the expected response to market returns and because the vast majority of returns in diversified portfolios can be explained by their response to the market, an accurate prediction of beta is the most important single element in predicting the future behavior of a portfolio. To the degree that one believes that one can forecast the future direction of market movement, a forecast of beta, by predicting the degree of response to that movement, provides a prediction of the resultant portfolio return.To the degree that one is uncertain about the future movement of the market, the forecast of beta, by determining one's exposure to that uncertainty, provides a prediction of portfolio risk. We begin with the first description of the portfolio. Unlike mutual funds or index baskets, the investor does not have to make multiple transactions in order to achieve a market price. With ETFs it's one trade, one price. The first fund in this portfolio is Vanguard Consumer Discretionary ETF. From July 24, 2012 to August 13, 2012 the value has risen from $67. 9 to $71. 14. The annual investment returns of this ETF are: Annual investment returns as of 12/31/2011 (Vanguard, 2012) Year EndedVanguard Consumer Discretionary ETFSpliced US IMI Consumer Discr 25/50* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20112. 28%1. 42%3. 71%3. 70%3. 83% 201029. 30%1. 27%30. 57%30. 62%30. 87% The Vanguard Consumer Discretionary ETF is generating 0. 16% of daily returns assuming volatility of 0. 71% on return distribution over 30 days investment horizon.MERGENT online indicates, the one month beta on this investment is 1. 03. This EFT includes stocks of companies that manufacture products and provide services that consumers purchase on a discretionary basis. The following risks are associated with this type of ETF: Stock market risk, Sector risk, Non-diversification and Investment style risk (Vanguard, 2012). Vanguard Consumer Discretionary ETF fund’s manufacturing segment includes the following industries: automotive, household durable goods, textiles and apparel, and leisure equipment.The services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing. The next fund in this portfolio is Vanguard Financial ETF, which includes stocks of companies that provid e financial services. The investment has a one month beta of 0. 73 which indicates that the investment is 73% less risky than the average. This ETF fund is classified as aggressive is subject to extremely wide fluctuations in share prices.The unusually high volatility associated with these funds may stem from one or more of the following strategies: a concentration of fund holdings in a relatively low number of individual stocks, or in a particular sector of the stock market, or in a particular geographical region of the world; a heavy emphasis on small-capitalization stocks or growth stocks with relatively high market valuations; holdings of international stocks or bonds, which are subject to price declines caused by changes in the value of the U. S. ollar against foreign currencies; or investments in bonds that have exceptionally long average durations, whose prices are highly sensitive to changes in interest rates. According to the Wall Street Journal online, the annual investmen t returns of this ETF: Annual investment returns as of 12/31/2011 (Vanguard, 2012): Year EndedVanguard Financials ETFSpliced US IMI Consumer Discr 25/50* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 2011-16. 04%1. 69%-14. 35%-14. 35%-14. 24% 201013. 15%1. 58%14. 74%14. 77%14. 7% Vanguard Financials ETF seeks to track the investment performance of the MSCI US Investable Market Financials 25/50 Index, a benchmark of large-, mid-, and small-cap U. S. stocks in the financials sector, as classified under the Global Industry Classification Standard (GICS). This GICS sector is made up of companies involved in activities such as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, financial investment, and real estate (including REITs).The next ETF in this portfolio is the Moderately-Aggressive Vanguard Growth ETF with a closing p rice of $66. 91 on July 24, 2012 and an ending close of $70. 48 on August 13, 2012. The one month beta on this investment is 0. 99 with a positive strong direction. Annual investment returns as of 12/31/2011 (Vanguard, 2012): Year EndedVanguard Growth ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20110. 0%1. 27%1. 87%1. 84%1. 96% 201015. 66%1. 46%17. 11%17. 15%17. 23% An investment in this the fund could lose money over short or even long periods. The investor should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. Vanguard funds classified as moderate to aggressive are broadly diversified but are subject to wide fluctuations in share price because they hold virtually all of their assets in common stocks.In general, such funds are appropriate for investors who have a long-term investment horizon (ten ye ars or longer), who are seeking growth in capital as a primary objective, and who are prepared to endure the sharp and sometimes prolonged declines in share prices that occur from time to time in the stock market. This price volatility is the trade-off for the potentially high returns that common stocks can provide. The level of current income produced by funds in this category ranges from moderate to very low.The type of risks associated with this investment is: stock market risk and investment style risk. The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market. The chance that returns from large-capitalization growth stocks will trail returns from the overall stock market.Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. The next investment in the portfolio is Vanguard information technology ETF. This ETF seeks to track the performance of a benchmark index that measures the investment return of stocks in the information technology sector. With a one month beta of 1. 1, this fund is passively managed, using a full-replication strategy when possible and a sampling strategy if regulatory constraints dictate.Includes stocks of companies that serve the electronics and computer industries or that manufacture products based on the latest applied science. The risk potential for this fund is aggressive, more risk more reward. Annual investment returns as of 12/31/2011 (Vanguard, 2012) Year EndedVanguard Information Technology ETFMSCI US Prime Market Growth Index* Capi tal Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 2011-0. 28%0. 80%0. 52%0. 53%0. 66% 201012. 08%0. 66%12. 74%12. 67%12. 99%Vanguard Information Technology ETF is made up of companies in the following three general areas: technology software and services, including companies that primarily develop software in various fields (such as the Internet, applications, systems, databases, management, and/or home entertainment), and companies that provide information technology consulting and services, data processing, and outsourced services; technology hardware and equipment, including manufacturers and distributors of communications equipment, computers and peripherals, electronic equipment, and related instruments; and semiconductors and semiconductor equipment manufacturers.Vanguard Intermediate-Term Corporate Bond ETF which seeks to provide a moderate and sustainable level of current income. Invests primarily in high-quality (investment-gra de) corporate bonds. Moderate interest rate risk, with a dollar-weighted average maturity of 5 to 10 years. Vanguard Intermediate-Term Corporate Bond ETF seeks to track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity. The fund invests by sampling the index, meaning that it holds a range of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. Annual investment returns as of 12/31/2011 (Vanguard, 2012)Year EndedVanguard Intermediate-Term Corporate Bond ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20113. 77%4. 17%7. 94%8. 97%8. 03% 20106. 16%4. 48%10. 65%9. 88%10. 80% All of the fund’s investments will be selected through the sampling process and at least 80% of the fund’s assets will be invested in bonds included in the index. The fund maintains a dollar-weighted average maturity consistent with that of the index. An investment in the fund could lose money over short or even long periods. The fund’s performance could be hurt by: Interest rate risk: The chance that bond prices overall will decline because of rising interest rates.Interest rate risk should be moderate for the fund because it invests primarily in intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds. Income risk: The chance that the fund’s income will decline because of falling interest rates. Credit risk: The chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Index sampling risk: The chance that the securities selected for the fund, in the aggregate, will not provide investment performance matching that of the index. In dex sampling risk for the fund should be low. Annual investment returns as of 12/31/2011 (Vanguard, 2012)Year EndedVanguard Intermediate-Term Corporate Bond ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20113. 77%4. 17%7. 94%8. 97%8. 03% 20106. 16%4. 48%10. 65%9. 88%10. 80% ETFs combine the advantages of both index funds and stocks. They are liquid, easy to use and can be traded in any quantity just like stocks. At the same time an ETF provides the diversification, market coverage and low expenses of an index fund. These characteristics combine to create an investment tool that provides investors with the broad exposure they require, at the level they want; at the moment they need it.As such, they are fast gaining a reputation as an innovative investment solution – a claim greatly supported by the accelerated growth in ETFs. Reference Elton, E, & Gruber, M. (1977), Risk, reduction and portfolio size: an analytical solution. Journal of Business. Vol. 50, 415-437. Hope-Bell, E. (2008). Focus on: Index investing – exchange traded funds – an innovative investment solution. Professional Wealth Management, , 1-n/a. Retrieved from http://search. proquest. com/docview/205081570? accountid=32521 Jordan, B. , Miller, T. , & Dolvin, S. (2012). Fundamentals of investments, valuation andmanagement (6th ed. ). New York, NY: McGraw-Hill. MERGENT Online. Retrieved from http://www. mergentonline. com/companydetail. php? pagetype=highlights&compnumber=116548 Ong, Poh Wah (1982).Measuring the expected return and risk of combining several shares in an investment portfolio. Securities Industry Review. Vol. 8, No I, 6-16. Rosenberg, B. , & Guy, J. (1995). Prediction of beta from investment fundamentals. Financial Analysts Journal, 51(1), 101-101. Retrieved from http://search. proquest. com/docview/219118485? accountid=32521 Ross, S. , Westerfield, W. , & Jordan, B. (199 3). Fundamentals of corporate finance, 2nd ed. , Richard D. Irwin, Inc. https://personal. vanguard. com/us/home Vanguard (2012). Retrieved from https://personal. vanguard. com/us/home Wall Street Journal online. (2012). Retrieved from http://online. wsj. com/home-page