Computing in civil engineering proceedings of the 2011 ASCE International Workshop on Computing in Civil Engineering Essay

Studies of construction management address the phenomena of construction problems and explore the nature of construction technology. Manufacturing technologies are categorized into mass, unit and continuous process of productions. Construction technology is classified as a unit production through contrasting construction activities and fabrications. Although the efficiency of construction technology is low in terms of unit production, it is associated with benefits such as zero stocks and flexibility. This report provides a description of materials/techniques used in the current construction of modern domestic properties, industrial unit properties, their comparison and critical analysis of the performance of building structures. It also encompasses on the principles used by builders to perform their functions, characteristics and behaviour of internal materials used in the construction. People have been looking for efficient production systems since the industrial revolution. However, most projects are still built under traditional way of one-of-a-kind production. Application of IT in construction has also failed to produce the intended results. Therefore, nature of construction technology needs to be understood more in order to explain inefficiencies that are surrounding the technology and theory that solves the construction problems (Sarkar 2008). According to Daft (2004), technology refers to the tools, machines, actions and techniques used in transforming organizational information and materials (input) into products and services (output). 1.0 Construction technology                It involves the study of construction techniques to successfully achieve the design of the structure with the recommended specifications (Sabnis, 2011). It includes temporary work and study of construction equipment needed to facilitate the construction process. The recent trend is towards constructing taller and lighter buildings. In order to achieve such buildings, sophisticated equipment needs to be employed in the construction process. 1.1 Current construction techniques/materials                The current methods of construction provide important benefits to developers and housing authorities which reduces the emphasis of on-site activity. This criterion is important particularly in the time of increasing demand of an already stretched labour force. Any new implementation of doing things is faced with risks, but such risks can be mitigated through having good planning and project management. Yvette Cooper, a planning and housing minister quoted, â€Å"people must ensure that the new homes they are constructing are affordable to the next generations.† This report shows that it is easier to build cheaper and faster using modern construction techniques whilst keeping high quality of traditional methods. 1.1.1 Modern methods of construction (MMC)                Modern techniques of constructing houses developed as early as 1945 after WWII, it was used by most of the developed countries such as Germany during buildings fabrication after WWII. Later these techniques spread in many countries and they are commonly used in India during the construction process. As technology, construction knowledge and manufacturing processes increase so do the number of available methods of house construction increases to house builders. Modern Method of construction is a collection of new relatively construction techniques aimed at offering advantages over traditional methods (Altenbach, 2013). Conventionally, this is an area pioneered by self builders, mostly in terms of sustainable construction. As developers’ sticks continually to the proven construction techniques that satisfy buyer demand, self builders have been willing to research, try and invest something different so as to achieve individual homes that meet their need. In an effort of increasing housing demand, shortage of skills and the set targets by Code of sustainable homes, many governments are encouraging the house-building sector to develop and use MMC technique in an attempt to meet these challenges. Most of these modern construction techniques evolved from their traditional predecessors. Techniques such as structural insulated panels (SIPS) and thin joint systems with Air Crete blocks are part of the on going evolution of timber frame and masonry construction (Kuzio 2009). Other familiar techniques have developed in the larger scale commercial construction. This has brought alternatives with interesting qualities of house building. Development of steel frame systems and in-situ concrete techniques led to the development of insulated concrete forms (ICF). 1.1.2 Advantages of modern methods of construction Reduced impact on residents and effect of weather on production Controlled manufacture and reduced fuel consumption and disruptions as a result of fewer materials delivered. Reduced construction defects and time consumed. High quality buildings 1.1.3 Modern domestic properties 1.1.4 Illustrations                Larger construction components can be incorporated into either MMC dwellings or conventionally built. They are not full housing ‘systems,’ but they are factory made or site-assembled. This category comprises of the following components and sub-assemblies. This involves a series of assembled components and pre-fabricated ground beams to form quick and accurate foundations (Koerner 2005). These are pre-fabricated panels designed specifically for floor construction. Fewer on-site labour hours are needed per square meter of floor, and the reduced work at heights has safety and potential health benefits (Hearn 2012). It involves designed pre-fabricated panels specifically for pitched roofs. These panels are very stiff which are designed to leave the loft free of props and struts, thus allowing easy production of ‘room’ in the construction of the roof. These roof cassettes make the building become water weight more quickly than cut roof constructions or conventional trussed rafter. These are roofs assembled at ground level before the shell of the dwelling is constructed. It can be craned into place immediately the superstructure is in place hence creating a weather tight structure more quickly rather than assembling the roof in situ (Corum Scotland 2010). Factory made dormers are used to speed up the roof watertight making process. Pre-fabricated lightweight chimney stacks made from factories are mounted on the roof structure without using masonry flue, thus making them suitable for construction of a lightweight frame. These chimney stacks can accommodate flue liners hence functioning with combustion appliances. Wiring looms                Cabling systems are manufactured in a way that they can quickly be assembled with relatively unskilled labour. They are made of various lengths terminated with plugs that are plugged into sockets and other electrical items (Quinn 2008). Standards are critical steps from development and research to marketplace adoption. Today, many industries are faced not only with managing technological development march, but also with pressures of how to do so cost-effectively, efficiently and with environmental and public safety being in mind. The appearance, energy efficiency, component materials and habitable structures’ environmental impacts have dramatically changed over the last few years. This is as a result of successful standardization of processes, new materials and technologies. This section provides a sample of more recently developed shows and construction technologies, which has been facilitated by provision of the needed standards by ASTM international’s technical committees. These standards have swept off technologies of new construction to the drawing board and into the currently built environment. A Building’s Skin                5488940117475Exterior Insulation and Finishing Systems (EIFS) were used in Germany after WW II to resurface buildings that were damaged by the conflict ravages. They are lightweight, systems of multi-layer barrier that helps in keeping moisture from outer walls. With several components, from foam insulation panels fastened to the base and a substrate coat, to the finishing coat and reinforcing mesh, EIFS is a complex system with materials required to connect successfully for years so as to keep moisture at bay (Noble 2011). EIFS standards development has been the key role of ASTM international Committee E06 on buildings’ performance since 1990’s. Their subcommittee E06.58 on finishing systems and exterior insulation published its first EIFS standard, test methods used in determining breaking strength tensile of reinforcing mesh of glass fibre. This publication was for use in class PB finishing systems and exterior insulation, after it was exposed to sodium hydroxide solution in 2000. Stone masonry Veneer                548894093980The design freedom and cost savings offered by the products of stone masonry veneer have led to their increased use in architectural projects. In comparison to natural stone, manufactured stone veneers can be precisely colored, reinforced with steel, and have a predictable and durable life. The appearance consistency of the manufactured products makes repetitive use of materials as a trim or ornament economically feasible. Additionally, older structures can be renovated with manufactured veneer stones that replicate the deteriorating stone’s appearance (Gunn 2012). It is a technology in which sealant adhesives are used to attach the glass to a building. In the last 20years, structural glazing has experienced exponential growth. It has been in use in industrial construction and other city buildings all over the world. Wood-plastic Composites                Since 1990s, recycled plastic and wood waste has been used as environmentally friendly and economic alternatives for decks. Components such as cladding, railings, molding, siding and trim, door frames and window; and structures such as small park benches. Concrete, which have been in use for a long time in construction of roads and structures is developing in a way that make it less expensive, more varied, safer, easier use and even more environmentally friendly. For example, a self-consolidating concrete that flows into forms was proposed in 1980s’ theory by a Japanese scientist. It has recently become viable as it used in infrastructural projects around the world. It properties are achieved by applying high-range-water-reducing mixtures; it increases the total quantity of fines applying admixtures that modify its plastic state viscosity (Li 2011). The innovative building enclosures’ design relies less on past successful precedents than use of building science. This is a result of changes in methods and materials resulting from building innovation technology. Earlier building enclosures were only expected to provide a degree of environmental separation and be durable, but the recent structures must address issues like day lighting, energy efficiency, fire safety, thermal comfort, and indoor air quality and carbon footprint (Grondzik 2008). In half a century ago, wall performance requirements were outlined which are now applicable to all components and enclosure systems. The following are the major considerations that were identified: Rigidity and strength Control of heat flow Control of airflow Control of water vapour flow Liquid water control movement Durability and stability of materials Fire, aesthetic considerations and cost Since the time of Hutcheon, additional objectives such as environmental impact consideration associated with building materials and methods and the need to provide secure and safe buildings have been adopted. The acceptable requirements of wall performance were implicit within traditional materials and methods of construction. With the modern building science advent, they have become more explicit in response to technological innovation. The table below summarizes the requirements of contemporary performance and their corresponding assessment parameters. Moderator versus separator                A critical principle used in building science involves the difference between moderation versus environmental separation. For example, fire and smoke control movement is a strategy that attempts to completely separate fire and smoke from the indoor environment. The approach employs a fire-related assembly that fully controls leakage of smoke by virtue of the construction of its airtight and in some cases, the air pressures’ control between compartmentalized spaces. Moderation involves a strategy where the difference between outdoor and indoor severity environments is moderated within the tolerable threshold. For example, heat transfer control does not seek to minimize the rate to zero, but to a level that satisfies energy efficiency, comfort requirements, and the control of wetting/condensation. The following table summarizes the key control strategies for building enclosures’ design, which is involved in moderation strategy. A review of the corresponding control strategies and physical phenomena indicates the control of moisture migration is of the most important control function that needs to be addressed by designers. Problems of moisture in buildings are common and vary broadly in consequences and types. These consequences range from cosmetic flaws to structural failure and in some cases the occupants’ health can be affected adversely as in the case of mold growth leading to respiratory and allergic problems. 2.0 Range of construction forms 2.1 Provision and access of internal division of spaces within buildings                Service integration should be jointly considered by the architect/designer, service and structural engineers. The interface between the fabric and the structure together with the service installations can cause problems. These problems can be in terms of the need to have re-route services within the structural elements or the purpose of passing through those elements (Luraghi 2008). Both structural and non-structural integration methods should be considered. The following are some of the spaces and divisions that an architect needs to consider. They should be installed so as to provide access to a building roof. The installation and design of the anchorage and the attachment system for the ladders should be described in MMAH standard supplementary. Fuel-fired appliances should be installed in service rooms from the building’s remainder by fire separations with the fire rating resistance which is not less than one hour. A more than 600 mm high roof space needs to be provided with floor access immediately before the hatchway that is not less than 550 mm by 990 mm or by a stairway. It consists of duct spaces and ceiling, which is more than 600mm wide and 1200mm high, shall have inspection doors. It should not be less than 300mm in both vertical and horizontal dimensions placed so that the entire space or duct interior can be viewed (Kuzio 2009). A fabric is a material structure selection, engineering, proper design, installation and fabrication of all work together to ensure a sound structure (Foster 2010). The role of material in the structure’s performance makes the selection process important. This is true particularly with air-supported and tensile structures because their frames, as well as their membranes carry the load. Membrane materials                Fabrics are typically laminated and coated with synthetic materials for environmental resistance and greater strength. Most of the widely used materials are polyester coated or laminated with PVC, woven fiberglass that is coated with silicone or polytetrafluoroethylene (PTFE). Films, Meshes and other materials also have appropriate applications. Polyesters                It is the most frequently base material used due to its cost, durability, strength and stretch. They are coated or laminated with PVC films and thus they are the least expensive for long-term fabrications. Laminates consist of vinyl films over knitted or woven polyester meshes. Coated fabrics typically use a high-tensile, high-count coated fabric with a bondable substance at the base for extra strength. Lighter fabrics are commonly used insulated and acoustic liners suspended beneath an envelope of a structure. For long-term exterior application, heavier materials are needed: fabrics with top coatings of PVF or PVDF (Zhu 2011). These top coatings are responsible with providing a protective finish to withstand environmental degradation. Vinyl-coated polyester                It is a common fabric used when producing flexible structures, such as canopies, walkways, custom-designed awnings, smaller air-supported structures, tent hall and light member-framed structures (ManCuso 2012). Properties of building materials Group Properties Physical Shape, Density, Size, Specific Gravity etc., Mechanical Strength, Plasticity, Elasticity, Toughness, Hardness, Ductility, Brittleness, Stiffness, Creep, Impact Strength, Fatigue etc., Thermal Thermal conductivity, Thermal capacity, Thermal resistivity, etc., Chemical Corrosion resistance, Acidity, Chemical composition, Alkalinity etc., Optical Colour, Light transmission, Light reflection etc., Acoustical Sound absorption, Reflection and Transmission. Physiochemical Hygroscopicity, Swell and Shrinkage due to moisture changes 3.2 Comparison of materials/techniques used in construction                The use of steel in the residential construction and housing sector has grown rapidly over the last ten years. This has been facilitated due to the growing appreciation of the performance benefits arising from the nature of the off-site of the construction process, which is particularly important in mixed-use or urban buildings. Steel construction technologies of an off-site increase the speed of construction and improve the final quality of the building, and can add points to the Code for Sustainable Homes. The main steel market in this area is in multi-storey residential buildings, and mostly mix-use buildings. Domestic buildings versus industrial buildings                A building classified as domestic is one which an individual uses as a dwelling place and provides separate family living quarters for separate family units (Richardson 2008). On the other hand, building not used in connection with a residence and not located on the same parcel as a residence, it is classified as industrial property. Most of the industrial/commercial buildings have been using pre-fabricated construction such as ceiling panels, prefab wall panels, flooring system and plasterboards to create interiors of offices (Domone 2008). Prefab materials provide the option of buildings’ customizing for specific needs such as water and fire resistance and soundproofing. However, individual owners of homes have not yet gained enough confidence with prefab construction. This increases its demand for commercial spaces and from large developers but use by individuals in their homes is yet to gain popularity. 4.0 Critical review of how building structures perform                Organization structure may be considered the organization’s anatomy, providing the foundation in which the organization functions. Hall (1977) noted from simple observation that an organizational structure affects its members’ behavior. The particular building’s structure is a major determinant of the people’s activities within it. Hall suggested two basic functions of the structure each of which may affect organizational performance or individual behavior within the industry. First, they are designed at least to minimize or regulate individual variations’ influence on the organization (Brown and London 2000). Organizational structure is also the setting in which decisions are made, power is exercised, and organization’s activities carried out. Van de Ven (1976) highlighted the structure’s importance both at the subunit levels and the organization for the performance of organizations. Conclusion                Construction technology produces goods and provides services at the same time. The construction process is having low predictability and is highly uncertain. Many intermediate items are integrated and created by human operations with low standardization, mechanization and automation. The benefits of construction technology include high flexibility, zero stock, and satisfactory social needs. As these benefits appreciated, industry that is responsible with construction should consider improving integration of construction job site activities. Thus, we should examine and understand the construction technology fundamentally before successive e-construction programs and construction automation. References Altenbach, H. (2013). Advanced materials modeling for structures. Berlin: Springer. Brophy, V., & Lewis, J. O. (2011). A green Vitruvius: principles and practice of sustainable architectural design (2nd ed.). London: Earthscan. Domone, P. L., & Illston, J. M. (2010). Construction materials: their nature and behaviour (4th ed.). Milton Park, Abingdon, Oxon: Spon Press. Foster, J. S. (2010). Structure and fabric (6th ed.). Harlow: Longman Scientific & Technical. Grondzik, W. T. (2008). Principles of building commissioning. Hoboken, NJ: J. Wiley & Sons. Kuzio, T., Kravchuk, R. S., & Anieri, P. J. (2009). State and institution building in Ukraine. New York: St. Martin’s Press. Leatherbarrow, D. (2009). Architecture oriented otherwise. New York: Princeton Architectural Press. Luraghi, N. (2008). The ancient Messenians: constructions of ethnicity and memory. Cambridge: Cambridge University Press. Mancuso, C. (2012). Unsaturated soils research and applications. Berlin: Springer. Sabnis, G. M. (2011). Green building with concrete: sustainable design and construction. Boca Raton, FL: CRC Press. Sarkar, S. K., & Saraswati, S. (2008). Construction technology. New Delhi: Oxford University Press. Zhu, Y. (2011). Computing in civil engineering proceedings of the 2011 ASCE International Workshop on Computing in Civil Engineering, June 19-22, 2011, Miami, Florida. Reston, Va.: American Society of Civil Engineers. Gunn, S. (2012). Stone House Construction. Melbourne: CSIRO Pub.. Hearn, L., & Gray, K. r. (2012). Across the nightingale floor / [sound recording] (Unabridged. ed.). Minneapolis, MN: HighBridge. Koerner, R. M. (2005). Geosynthetics Research and Development in Progress (GRI-18) Geo-Frontiers 2005. Reston, Va.: American Society of Civil Engineers. Li, Z. (2011). Advanced concrete technology. Hoboken, N.J.: Wiley. Noble, J. A. (2011). African identity in post-apartheid public architecture: white skin, black masks. Farnham: Ashgate Pub.. Planning appeal by Corum Scotland Ltd: installation of air conditioning cassettes to roof level at 82 Hyndland Road, Glasgow : [letter]. (2010). Falkirk: Inquiry Reporters Unit. Quinn, J. (2008). An Evaluation of the Eclypse ESP Hand-Held Standing Wave Reflectometer. Ft. Belvoir: Defense Technical Information Center. Source document

Action Inquiry

The pay for teacher in Ohio will have a partial consideration based on how their students scored on their tests. The pay consideration was the result of legislation signed by Republican Gov. John Kasich. Modifications can still be made prior to this law going into effect. The current protocol for teachers pay requires that Ohio public school districts give each teacher an evaluation and grade prior to beginning the 2013-14 school year. Fifty percent of the grade the teacher receives will base on students test scores.There are mixed emotions in regards to merit pay in the Chesapeake School district especially those that are new to the district or just graduated from college. The district’s goal for implementation of merit pay is that it gives others the opportunity to learn from their colleagues. The other downfall of merit pay is that teachers will be penalized if they fail to meet the goals of merit pay and this could be cumbersome for those just embarking on a new teaching c areer. The positive aspect of merit pay is that it rewards teachers for their performance and it provides job security for keeping their student scores high in their classrooms.Motivation is also a key aspect to merit pay, because several teachers in the district feel this is a better evaluation on their performance versus the traditional evaluations they have had in the past. Recruitment has also plagued the district and merit pay can be an alluring factor to qualified teachers looking to move into the district. Retention of qualified teachers has also presented issues with the district so the incentive of a bonus entices many teachers to remain in their positions.The profession of teaching has had the black cloud over its head due to the low salary that many of our teachers face in the public school systems; merit pay can entice many college students to choose the teaching profession. Why is merit pay such a controversial issues for teachers and teachers unions? When the President got involved in the issue of teacher’s merit pay, it created even more hype about merit pay. Those that oppose merit pay feel that there is very little evidence that merit pay will improve a teacher’s classroom performance. (Steiny, J 2009). There is a federal fund that is set up to attract qualified teachers.It is a six hundred million dollar fund that is set up to attract good teachers to good schools. What questions should be asked prior to implementing? How can school administration implement merit pay to provide a positive impact to the Chesapeake School district? What will be the criteria to earning the incentive of merit pay? How will the school evaluate the effectiveness of merit pay? The school district feels that merit pay will make teachers accountable for their progress with students by having merit pay as a source of evaluation that could either adversely affect their pay.Merit pay in regards to evaluation can weed out bad teachers that plagued our school district. The positive impact it could have on the district is that merit pay will attract high performing teachers to seek positions in a school district that has areas that could use qualified teachers to bring their test scores up in the district. What research can be utilized to measure the effect merit pay has on the school district? There will be several methods used for evaluation of merit pay. Surveys for teachers, students and parents, principal reports and observations will provide a qualitative date resource for the district.The design of the research is for experimental purposes and once the research is reviewed, a decision will be made as to implementing the merit pay system into the district. There will be further research conducted after the school begins the merit pay system to check for satisfaction and teacher performance. It also should reflect the economic impact it had on the school district’s budget. The â€Å"after† effects of merit pay could be nefit from have committees formed by the school board and school administration. The Chesapeake School District utilizes emails and texts to inform parents of important meeting and dates that involve the school.These emails and texts also involve the teaching staff. A meeting could be held that involved forming groups or committees to study the impact the merit pay system is having on the school district. This would provide a checks and balance system. The committees would consist of teachers and parents. The committee will conduct their own research via surveys from parents, students and teachers within the district. The other committee would consist of principals and other school administration. The goal of the groups is to conduct their own research and to meet to discuss any issues that face the newly implanted system.Each committee can bring valuable research to the table in order to make effective changes that could make the system that would be fair to all that is involved an d bring a sense of security to the district. I had heard various opinions on merit pay from many of the teachers at Chesapeake and for the most part many are comfortable with the system. I believe that it could provide a positive impact to the school and provide better retention rates for the school. It also is an effective method of revealing what teachers are ineffective in the classroom, that could either learn from other teacher or relieving those teachers from their duties.Chesapeake district for the most part employ qualified teachers but at times have found themselves in difficult situations in recruiting teachers for subject areas, particularly in special education, math and science. I feel that the merit system will attract highly qualified teachers to fill these positions and retain them. Rural area schools are many times plagued with poor test scores due to the lack of qualified teachers in the school system and having a merit system in place could employ a staff of teach ers that could educate these students and for the district to see a rise in their standardized test scores

Research Methods for Business Proposal Example | Topics and Well Written Essays - 1250 words

Methods for Business - Research Proposal Example This paper is aimed at providing a proposal analysis of the importance of stress management in organisations. In the recent years organisations have provided much importance to the stress management of the employees. Efforts are taken by the employers to reduce the stress from the employees by incurring huge cost in this aspect. Almost every multinational organisation has a dedicated stress management team to provide relief to the workers (Hit, et al, 2006, p.259). The growing importance of the issue makes it an important matter to study in the present business environment. Considering the importance of the stress management, organisations are incurring huge amount of cost towards prevention of the issues. In this context it is important to investigate whether providing importance to this aspect is improving the profitability of the business. It is to be noted that the organisations also provides various financial incentives to the employees in order to improve their efficiency and to make them feel that they are not being over burdened with their work. In this context, the causes of stress developing among the employees are also an important matter of study. The consequence of stress, on the organisation also needs to be highlighted in order to carefully analyze the importance given to stress management. The programs undertaken by organisations in the stress management activities, needs to be investigated to underline the factors which finally help the employees to overcome their stress. The study of stress management will help in providing a clear analysis of the different factors which contributes towards the development of stress among different set of workers. The consequence of such stress on the workers will actually help us to determine how the organisational productivity is being hampered if a large set of workers in an organisation becomes the victim of stress. The study of the stress management

Agreements on Trade Barriers Coursework Example | Topics and Well Written Essays - 1000 words

Agreements on Trade Barriers - Coursework Example The most common way of limiting the number of imports into a country is to increase the taxes levied on imports. These taxes are increased by the government with the aim to ensure that the demand for local goods is promoted and the demand for international goods is decreased. When taxes on imports are increased, the cost of imported goods increases thus the domestic consumers find the locally produced goods cheaper which in turn aids local producers. One example of tariffs is the Tariff Act of 1930, this act was put into action to decrease imports and increase consumption of locally produced goods and services as the US was experiencing the Great Depression during that time (ILIAS, 2008, p.2). Tariffs are even levied on exports to limit the outflow of resources as well as locally produced goods, but these tariffs have mostly hurt local businesses due to which they are quite rarely applied. Another policy that has been put into a position to reduce the imports of goods and services is restricting the number of particular goods and services being imported. When the number of goods being imported into a country is restricted, the imported good becomes short and the prices of these goods increase locally due to which domestic consumers see locally produced items as a favorable option. For example: during the era f 2010, Mexico restricted the amount of sugar being imported into the country to two hundred and fifty tons (SCHMITZ, 2005, p.212).The above-stated trade barriers are direct trade barriers levied by a country on imports and exports of goods and services. Countries even use indirect means to restrict the import of international goods and services. These restrictions are levied in face of standards of goods and services being imported by a country. For example, the US has restricted imports of those goods and services in which child labor is involved. Due to this, those countries that use child labor to produce goods and services can not export their goods an d services to the US. The first world countries have a practice of dumping their old products or used products in third world countries at cheaper prices, due to which the locals of third world countries find these goods more favorable and they heavily import used products. The governments of third world countries have applied restrictions in form of quotas and tariffs to reduce the import of such goods and services to save their local businesses. Governments provide a subsidy to local producers of those goods and services that are being heavily imported. This is done to decrease the cost of locally produced goods and services to make local goods and services much favorable than imported ones.

A Socitey that Slipped Like the Wind Essay Example | Topics and Well Written Essays - 2000 words

A Socitey that Slipped Like the Wind - Essay Example Almost over two centuries these people were being tortured, brutalized, tormented and murdered by the intruders but finally they started to realize that they also have individual entity and they are not like the beasts as they are treated by the ‘white rulers.’ These people started claiming their rights and equality in the society just same as the white people. However, just the moment these downtrodden people started to express their feeling, it immediately created a great deal of impact over the sense of superiority of the white people the rate of oppression as well as inflicting torture also increased. It is during the time of 1820s that the so-called slaves were rising against the arbitrary ruling system of the white people. Clearly, America during this time was divided between two clear sections the North and the South. People residing at the North, were mainly people belonging to the ruling class and people of the South were mainly dominated by the white men. Perha ps, the first clear indication of such rebellion occurred during the year 1920. In this year Missouri Compromise, though the state is basically a slave state but at the same time it restricted the spread of the system of slavery anywhere else in the territory of Louisiana. Citing from the novel of Mitchell, ‘Gone with the Wind’, we find the word ‘nigger’ used to refer to the afro Americans. (Mitchell) the concept of white skin to be the ideal beauty has been introduced through the appearance of Scarllet. When the author mentions ‘The black bombazine, †¦Ã¢â‚¬ ¦ set off white skin superbly’ (Mitchell), she indicates a kind of contrast where it seems that the white people were powerful at the expense of the blacks. This also indicates a consciousness that aroused as the war was about to begin. Till this time period the white people did not take the whole situation in a very serious way but the white section of the society was also realizing

Effects tillage system, fertilization and crop protection practices on Literature review

Effects tillage system, fertilization and crop protection practices on soil quality parameters - Literature review Example It participates in the C, N, P and S transformations and plays a significant task in the decomposition of xenobiotic organic compounds and the formation of the soil structure. Microbial biomass, C and N and their ratios to the total and light fraction C and N and pools in soils of the organic systems are higher in organic systems than in conventional systems due to the enhanced decomposition of the easily available pool of soil organic matter (SOM) with increasing microbial biomass levels. The higher levels of light fraction organic matter in organically managed soils are from plant residues and manure. The higher microbial biomass in organically managed soils indicates higher quality soil organic matter responsible to nutrient mineralization and short term storage of potentially leachable nutrients indicating comparative advantage of organically managed systems over conventional ones. ... Microbial biomass specific respiration gives the status of the substrate quality and availability in the soil (Insam et al., 1996). Microbial biomass is also used to check the improvement of degraded soils over time and serves as an early indicator of changes in the total organic matter in the soil. Long term cultivation leads to decreased levels of microbial biomass due to dwindled levels of microbial activity and soil organic C pools (Kocyigit, 2008). Higher levels of microbial biomass decrease specific respiration of micro organism, which shows that micro organisms living in low quality soils respond by increasing their specific respiration. 1.1.2 Soil Basal Respiration (SBR) Soil basal respiration is the constant rate of respiration in the soil caused by changes in organic matter levels. The rate of basal respiration in the soil indicates the amount and quality of the carbon source. Basal respiration can be used to analyze the potential of the soil biota to decompose both indigen ous and antropogenically introduced (Bloem et al., 2006). Soil respiration is a key process for carbon flux to the atmosphere. Soil water content, o2 concentration and the bioavailability of carbon are the main factors that regulate soil respiration (Bloem et al., 2006). Soil basal respiration indicates the level of microbial activity in the soil and is positively correlated with biomass activity. It involves the aerobic and anaerobic energy yielding processes where the reduced organic and inorganic compounds are utilized by microbial cells and serve as primary electron donors and oxidized compounds serve as terminal electron acceptors (Bloem et al., 2006). Processes in the soil such as fermentation and abiotic processes release co2. Water is

Human activity increases pollution of the atmosphere Essay

Human activity increases pollution of the atmosphere - Essay Example (Schneider, 103) The protocol is familiar with the fact that most of the scientists are working upon that global warming is a serious threat to the world, against which serious actions must be taken in order to maintain it when we can. Although some critics might be against the statement that there is a contribution from human activity which increases the greenhouse gases which pollute the atmosphere. Some scientists have also researched that if there is an increase of even two degrees Fahrenheit in the greengases and global warming, we are likely to experience more of severly damagable storms, earthquakes, floods, in consequence to which more diseases would arrise. Such consequences would not only damage people, the community or the society, instead it would be harmful to the entire business era and the economic system. The Kyoto Protocol warned the business leaders that the new laws that will formulate are going to not only reduce the greenhouse gases which are produced but infact, may also disturb the flow of many business around the world due to which many producers might have to change the way the produce and manufacture products. In addition, business may have to suffer from a shift in the demand curve due to energy-efficient products whose main aim would be to reduce extra pollution while at the same time providing services to the society. We could say that these are few of the reaons why many business leaders are facing issues with the Kyoto Protocol for reducing the greenhouse gases. When these sort of problems arise, many manufacturers are now thinking of where to begin in order for them to not make any losses in the future due to shifts in the demand and supply curvs. Bad Weather Ahead It is noticed that even though most of the weird weather conditions are often caught by the public eye, severe changes are yet to be introduced which may cause choas within the society.Therefore, companis who are directly affected by the climate change or companies whose demand and supply vary according to the climate, for example clothing companies, should think of the severe consequences which they may face in the near future as the climate change has started to emerge. Public Relations Campaign Environmental initiatives threatened core components of right-wing ideology such as the primacy of individual liberty, the absolute rights of private property, free enterprise and laissez-faire government. (Schneider, 103) Right-wing think-tanks and media outlets thus began a relentless public relations campaign that attacked environmentalism as alarmist or worse. In conjunction with right-wing politics, the fossil fuel industry, wishing to avoid regulation, taxation and negative publicity, used proindustry research and catchy advertisements to persuade the public that climate change was simply not a concern. Though President Bush kept his campaign promise of hosting a conference on global warming, he reversed the strong rhetoric and activist stance that characterized his presidential campaign.Instead the President claimed that scientific uncertainty clouded the issue. He favored more research, the unchanging mantra-along with denial-of most right-wing politicians in the United States. (Schneider, 103) Both public awareness and climate policy in the

Construction Health & Safety Policy at Work Act 1974 Essay - 1

Construction Health & Safety Policy at Work Act 1974 - Essay Example The Act defines the general duties which employers have towards employees, members of the public, employees have to themselves and to each other. In general terms it can be defined as â€Å"It is the responsibility of employer to ensure the health and safety of employees along with welfare at all stages of employment†. The Act with 28 main sections came into force in 1975 with the purpose to bring all the workers of all occupations under the cover of legislation. The revision of the law and new regulations paved way for more comprehensive understanding and implementation of legislation with the passage of time. Mainly most of the legislation in this regard is done through the regulations instead of through parliament. European Six pack The commonly known six pack regulations on health and safety is group of regulations which were introduced in Europe on January 1993.The inspiration to develop such legislation was to harmonize the health and safety law throughout the Europe und er the frame work directive. These regulations put into practice various European directions on health and safety issues and also elucidate how employers must fulfill with their duties under the Health and Safety at Work Act (HASAWA) 1974. ... The Provision and Use of Work Equipment Regulations 6. The Workplace Health, Safety and Welfare Regulations Approved Codes of Practice (AcoPs) The Management of Health and Safety at Work Regulations, the Provision and Use of Work Equipment Regulations and the Workplace Health and Safety and Welfare Regulations mentioned above have Approved Codes of Practice (AcoPs). These have been approved by the Health and Safety Commission and give useful recommendations on what should be done to fulfill the requirement of the law. While employers and others do not have to follow AcoPs needs to prove that their alternative arrangements ensure same or better standards of health and safety. The salient aspects of each regulation are briefly discussed in subse quent paragraphs. 1. The Management of Health and Safety at Work Regulations These regulations contains duties of employers, self employed workers and employees. The rights of trade unions safety representatives are also elucidated in these regulations. The employer duties encompasses on assessment of risk for the safety of workers, arrangements for implementation of health and safety measures, facilitate in compliance of safety measures by effective means, ensure emergency procedures, adequate training/instructions of employees and sharing of work place. The employees’ duties elaborate the use of equipment and substance in accordance with training, reporting of matters and shortcoming in health and safety issues. The trade union safety representative duties mainly focus on consulting the employer on measures for safety and health of workers.

Citigroup Crisis Management and Continuity Plan Essay

Citigroup Crisis Management and Continuity Plan - Essay Example The economic crisis in the recent years had a significant impact over the nation thus impacting the businesses of the Citigroup as well. The current research focuses on the responses of the organizational group to the economic crisis and to learn the concepts and use of business management continuity plans in the process. Citigroup and the Global Economic Recession: The global economic recession that hit the United States in the late 2008 and thereafter the entire world affected the nation’s gross domestic product, led to unemployment, decrease in purchases, and decline in investments (U.S. Economic Downturn Worsened at End of 2008, 2009). Root Cause of the Recession leading Citigroup to a Crisis Situation: With the enhancement of the economic slowdown in the United States, the Citigroup started getting affected and was encountered with the crisis of recession. One of the major crises that led to the crisis in the Citigroup was the decline in the demand level among the custome rs. When a financial slowdown was prevailing in the United States, people tended to invest less and save their funds. When the nation was encountered with the decline in the economic growth, customers feared the failure or lack of performance of the different companies that included Citigroup as well. With scarcity in the availability of funds in the economy of the country customers started saving and stopped investing or lending to the company that ultimately led to a crisis for the company (Beek, 2010; Cochrane, 2010, p. 34). Thus the two primary reasons that could be reflected as the root causes for the crisis in the Citigroup are the economic slowdown in the United States followed by the change in the customer outlook and behavior towards fearing the failure of companies to overcome the global crisis, leading to huge declines in the levels of demand. Citigroup before the Crisis: Before the global recession had hit the United States, Citigroup had been successfully performing its activities. Several innovative strategies have been encouraged within the group. Also, with greater expansion plans the company created several job opportunities (Our commitment is our promise, 2006). The year 2007, which was before the economic crisis, the company reflected positive results with respect to its international consumer related performances, wealth management at an international level, as well as operations of services in its different business divisions. However, the results for the banking and marketing segments of the group were not satisfactory. Too much of lending and written down values might have led to such a condition for the group. The revenue generation was thus affected although the customer growth was increasing. The volume of products and the operating expenses of the group also started rising from the previous years. Credit costs for the financial sector of the group also increased (Citigroup’s 2007 Annual Report on Form 10-K, 2007). Citigroup du ring the Crisis: During the global economic slowdown, the Citigroup suffered huge losses that primarily occurred as a result of increasing costs of credits and the intensifying economic recession. Inflation and increasing levels of unemployment, that were resultant from the global econom

My topic about overweight and obesity Essay Example | Topics and Well Written Essays - 1000 words

My topic about overweight and obesity - Essay Example As compared to 1980s, the rate of obesity has doubled in Australia and now Australians are equal to Americans in the case of overweight and obesity. Long time television watching is said to be the major cause of the increased obesity rate in Australia. Many researchers describe obesity as an epidemic in Australia. According to an Amen Clinic research report â€Å"as one’s weight goes up the function of one’s prefrontal goes down† (GATS Program, 2011). In 2007, WHO surveys on overweight and obesity have found that Australia possesses 21st rank in the world. Indigenous populations are the most affected groups by obesity in Australia. It is alarming that obesity rates among Australian children have rapidly risen during the last two decades. Medical science has proved that obesity and related health features may lead to ranges of severe diseases. Therefore, as Gard (2011, p. 64) opines, this uncontrollable increase of obese persons in Australian badly affects Austral ian healthcare as well as the entire economy. Statistics It is necessary to analyse the both Australian and international statistical data regarding obesity so as to explore the level of difference and thereby potential reasons. Australian as well as international obesity statistics are described below. Australian statistics This diagram indicates the prevalence of overweight in Anglosphere and is based on the data published by World Health Organization in 2007. From the graph, it is obvious that overweight prevalence of Australia ranks 3rd in Anglosphere. We know that United Kingdom is approximately three times bigger than Australia; however, the overweight rate of UK is 63.8% whereas it is 67.4% in the case of Australia. The obesity rate of Australia is much more than that of international obesity rate and this condition reflects the dreadfulness of overweight and obesity in Australia. A study conducted by Janus, Laatikainen, Dunbar, Kilkkinen, Bunker, Philpot, Tideman, Trimacco, and Heistaro (2007) reflects that â€Å"the overall prevalence of overweight and obesity combined was 74.1% in men and 64.1% in women† (Janus et al, 2007,p. 147). Although, obesity is comparatively less prevalent in Australian young women, it is observed that they show a rapid rise in their body mass index. At the same time, According to Gard (2011, p. 64), a higher rate of obesity is observed among women of 35 -44 age group; and Australia spends an average of $13 billion per year in order to tackle the severe issues of obesity and related diseases. WHO also adds that nearly a million Australian people now have type 2 diabetes and a major portion of which can be surely attributed to the aftereffects of obesity. International statistics According to world health organization, ‘there are more than 1 billion overweight adults’ globally including 300 million obese (WHO). Since this disorder is not caused by a specific reason, it is very difficult to control this dise ase by medical treatment. Jones’ (n.d) report on obesity reflects that 1.5 billion adults under the ages 20 and above were overweight in 2008; among these certified overweight figures, 200 million men and nearly 300 million women were obese. This international statistical data indicate that women are the most affected group of obesity while the Australian obesity statistics

Health Literacy and its Impact on Patients Essay Example for Free

Health Literacy and its Impact on Patients Essay Health literacy is the degree to which individuals have the capacity to obtain, process, and understand basic health information and services needed to make appropriate health decisions. Low health literacy has a negative impact on a patients health status and use of the health care system. Patients with low health literacy levels cannot make decisions regarding their health care or follow instructions on medications and health maintenance behaviors. This can affect health care in a variety of ways. It is the health care provider’s responsibility to ensure that patients with low health literacy levels are identified and measures are taken to ensure those patients understand their options and instructions. To educate these patients, health care providers need to develop resources that are easily understood and interview skills that can ensure patient comprehension. Research has shown that patients with a low health literacy level may be more likely to have problems following verbal or written medical advice and medication instructions or understanding health-related materials. This review discusses the commonness of health literacy and its impact on patients and the health care system, and provides recommendations for creating supplemental literature at the appropriate level. The use of these tools and improved physician interview skills will establish a better physician/patient relationship and continue to encourage patient participation in the health care process. By providing the patients with the basic knowledge to understand and adhere to the instructions given to them and the confidence to communicate any questions or concerns, the hospital is promoting a better patient/physician relationship. There was a study conducted in 2003 by the National Assessment on Adult Literacy that was released in 2006 that included a Health Literacy component that evaluated patient’s health literacy in three main categories: clinical, preventative, and navigation of the health care system. These three categories were designed to reflect things that patients would see or be asked to do in their daily lives. There were examples such as following medication instructions, scheduling health screening tests and finding one’s way to the appropriate location for a medical appointment within a health care facility. The results of this study indicated that 36-38 of adults in the United States had a basic or below health literacy level or were not literate in English and could not participate in the assessment. Another 55% of U. S. adults reported having a mid-range level of health literacy which showed room for improvement. Patients who have low health literacy levels often are not able to comprehend and follow the instructions on a medication bottle or determine the dosage information on over-the-counter medications. The inability to understand the information requested on a health care form can prevent an individual from having adequate health care coverage or having access to care when it is needed. If a patient does not have the ability to identify when treatment is needed for a medical condition, make the appointment and navigate through the health care system to be treated, their health can suffer. By not seeking medical attention at the beginning of an illness or not accessing the appropriate point of entry in a health care clinic, the patient is reducing the chance of having a positive health outcome. People with lower health literacy may wait to seek medical attention rather than utilizing preventative health services. These patients often have higher rates of admission and use services that are designed for more critical patient care. When faced with a disease or health care condition, patients are often turning to a variety of places for health information such as the internet, magazines, or books. Adults with basic or below basic health literacy levels did not turn to such resources. Physicians are with a patient such a short amount of time at each visit, yet they have so much they need to provide to the patient. At a visit to the physician several new concepts are being introduced to the adult such as discontinuing a the use of a current prescription, modification of the prescribed dose, or introducing a new medicine. It is of great importance to verify that the patient understands what is being said to them. Asking the patient to demonstrate what they just heard is more effective in gauging whether a patient understands the information. There can be additional time spend with patients, or supplemental materials can be provided to patients who have difficulty processing this critical information. Other factors that can have a negative impact on a person’s comprehension of health-related materials include limited English language skills, chronic health conditions, hearing problems, or vision problems. In order for patients to be able to most effectively use these health education materials, they should be written at lower reading levels using simple words and pictures to emphasize points. Low health literacy is a problem that continues grow in patients in the health care system, contributing to a lack of use of services, often leading to negative health outcomes. Hospitals should focus attention on their forms and the health education materials they are distributing to the patients to ensure that there materials are appropriate for all levels of health literacy. Having forms that are more easily understood may increase a patient’s ability to access and utilize appropriate hospital services. Also by giving patients more appropriate health education materials will encourage them to become more actively involved in their care by providing them with the confidence to make decisions about their treatment. As the individual relationship is built between patient and care team, the trust will follow to ask questions about information that is not clear and seek assistance when it is first needed instead of when it is a critical situation. DeMarco, Joanna. ( 2011, Spring). The Importance of Patient Education Throughout the Cotinuum of Health Care. 295-301. Journal of Consumer Health. Retrieved April 4, 2012 from EBSCOhost.

HR Activities: Nestle, Pakistan

HR Activities: Nestle, Pakistan Abstract The research pursues an eminent theme of human resource management, the costs and benefits of human resource activities in an organization. Importance of the HR-activities in an organization can not be under estimated, as the HR-activities directly or indirectly influence the performance of the organization. The following research will study the costs and benefits of HR-activities and its long-term and short-term influence on the performance of Nestlà ©, Pakistan. The study will be useful in those organizations which prospect an increment in the performance related to the HR-activities. The study will also identify if which activities are beneficial and less cost incurring for the organization, and how managers can make the investment decisions regarding the HR-activities. The positivism along with qualitative method of research have been adopted for the study, data will be collected from primary and as well as secondary resources. Research will be pursuing the objectives of the stu dy and will contribute to the vast subject of human resource management, namely the Human resource activities, the costs and benefits associated and its influence on the performance and management decisions. 1. Introduction: 1.1. Nestlà ©: The Case under Discussion Nestlà © headquartered in Switzerland, is a multinational organization carting the human needs and having its substantial presence in more than 86 larger countries of the world. Nestlà © has been serving Pakistani consumers since 1988. With market capitalisation increasing yearly at average rate of 28% till 2008, Nestlà © Pakistan having great diversity of workforce, employed 2377 people in 2008, with a net profit of 3005 (PKR) billion, which grew by 94% in 2009, Nestle shared 20.7 % of its profit to its employees in 2009. Nestlà © Pakistan has designed a number of programs to develop the human resources activities e-g world-wide training programs, benefit and compensation programs, adoption of new technologies etc. The following research will look into the costs and benefit of HR-activities of Nestlà © Pakistan, how these activities are conducted, invested and developed to achieve the objectives of the HR-unit and organization as a whole. 1.2. Background Good people produce good customers; is the philosophy of modern era. Efficient and effective human resources are vital for the successful organizations. An organization is said to be exultant if its human resources activities enhance its performance. It is very difficult task to manage the human resources in competitive and challenging environment. Organizations should consider specific proportion of the profit for investment in Human Resources to achieve high returns. Human resource activities mean the actions performed within all functions of the human resource management. Usually Human Resource activities include Payroll, Benefits, Recruiting, Training, Labour Relations, and Human Resources Information Systems. The reason of the following research is to study the costs and benefits of the HR-activities of Nestlà ©, Pakistan, to know that how Nestlà © develop and use its HR-activities to run its business successfully. What value the HR-activities are adding towards the Nestlà ©. 1.3. Rationale HR activities play key role in the development of organizational performance. So investment in Human Resource activities is an important decision to achieve the various objectives of the organization. However, investing without setting the clear objectives can prove to be disastrous for the business. Cost-benefit analysis should be kept in consideration before making the investment plan for HR-activates. Nestlà © has strived to achieve the best results through the strong strategies related to the investment in HR-activities. The intention to conduct this research is to explore the issues related to the costs and benefit of HR-activities at Nestlà ©, how Nestlà © develop its cost-benefit analysis, how it makes its HR related decisions and to what extent these decision are successful. Nestlà © has to evaluate the cost and benefit of an activity before investing in it, e-g should Nestle invest in training of existing employees or recruit new people with the required skills. To know whether to invest in the training program or in the recruitment program, organization must project the costs and possible benefits of the both HR-activities, and then take the relative decision. The research will probe that how Nestlà © decides about the human resource activities, how it considers the costs, benefits, and how it decides that whether the activity will be outsourced or will be performed within the organization. The research will be helpful to the small and large organizations working in the same industry. It may help managers about how to decide about investing the different HR-activities and what could be the possible choices and ways they can perform these activities, and which activities can be beneficial and less cost incurring. The research has been divided into five sections, after covering the detailed introduction, the next section will discuss the preliminary review of the literature, and the third section of the research will cover the methods. Fourth section of the research will consist of the interpretations and findings and fifth section of the research will comprise of the discussion, limitations and recommendations. 1.4. Research Question The research will focus on the costs and benefits of the human resource activities at Nestlà ©, Pakistan. Hence the research question is, Why to invest in the HR-activities, the costs and benefits of HR-activities at Nestlà © Pakistan. 1.5. Aims and Objectives Besides pursuing the research problem, the research will pursue the following aims and objectives: To elaborate that which human resource activities are being conducted at Nestlà ©. How these activities affect the overall performance of Nestlà ©. To investigate that how Nestlà © make investment decisions about different HR-activities To explore that how much human resources costs to Nestlà © and how much return the it is getting back from these activities in both monitory and non monitory terms, and which are the activities giving higher return and incurring lower costs at Nestlà © To describe that how Nestlà © , Pakistan is deciding about the HR-activity, whether it is out sourcing the activities or performing it within the organization To discuss the issues related to human resources at Nestlà © To achieve the following objectives, firstly research will study the organization (Nestlà ©) thoroughly, its HR Unit, and HR-activities will be studied deeply, and related data will be gathered from available resources to achieve research objectives. 2. Preliminary Review of the Literature Human resources are the part and parcel of the management from the day of commencement of the idea of a business; According to Guest (1997) human resources are required to carry the business activities of the organization. In the past, HRM was known as the personnel management. However, with the advent of humanistic movement the concept of personnel management was broadened and it covered many other aspects which were not included previously in the subject. It was the time when HRM was realized as a vital part of the business to sustain. It was the time when researches on recruitment, wages, leave and leisure were revised, Employees and employers relations were redefined and concepts of monetary benefits for the workers were introduced with social benefits. Today human resources are considered the most important asset of an organization and the philosophy of having good human resources is vital to ensure the good customers and better performance of the organization. 2.1. HR Activities: Human resource activities are the functions and actions performed with in the business by the people of the organization. Armstrong (2006) conducted a study; the purpose of the study was to analyse the importance of the activity and suggest the HR-managers to evaluate the benefit of the HR-activity under consideration. Human resources in any organization have to perform some stereo type functions like Payroll, Benefits, Recruiting, Training, Labour Relations, employees planning, selection, interviews, placement, transfers, development and Human Resources Information Systems etc., and a crucial practice is to calculate the benefit of each single activity, because every organization incurs a cost on each HR-activity. The justification of the existence of the activity must be provided. In the broader perspective it is one of the basic jobs of HR department in the recent era of high competition to justify the existence of a particular activity to interpret the costs incurred and benefits gained out of the activity. Study concluded that without calculating the benefit for a HR-activity, organization may invest or incur cost on a wasteful activity and benefit out of that activity may be less than the cost incurred. Managers should first conduct the cost-benefit of the activity; this way organization minimizes the wastes. 2.2. Why to invest in HR-activities? There might be an argument as to why invest in HR-activities, which activities to be invested in and why? Amit and Shoemaker (1936) conducted a study according to which, human resources becomes the invisible tools to promote the organization and develops the core competencies. According to Becker et al. (2001), the purpose of the study was to know that how investments in HR-functions create value through out the organization. It directs the managers to project that which activity should be invested and why. Managers should clarify their goals before embarking on costing a project to ensure that the return over the investment exceed the cost. The more worthwhile activity according to the authors is to calculate the cost-per-hire or to determine the most effective way to increase employee competencies (training) in a certain area; HR-score card can also help managers to identify the most salient HR achievable(s) and deliverables. These elements should be primary focus of cost-benefit analysis of the HR-activities; strategic importance, financial significance, widespread impact, links to a business element of considerable variability, focus on a key issue, problem, or decision facing line managers. Study concluded that the HR-activities influence the over all performance of the organization, so when investing in these activities managers should keep in view that how a particular activity will be beneficial for the organizational performance and for its long term and short term objectives. According to Arthur (1994), the role of HR-activities for the organization is very crucial. This causality may or may not be calculated in term of money only. The monetary or non-monetary aspect of the correct selection of the activity could lead towards the corresponding performance of the selected activity and the benefit towards the organizational goals. For example, the training cost incurred on an employee can be seen as expenditure but when these employees help the organization to have a competitive advantage, it is not calculable in terms of money only, but it will enhance the performance of the organization may be in terms of higher quality of the product, higher productivity, lower absenteeism, lower turn over or greater satisfaction from the job. So the research concluded that it is necessary to invest into the HR-activities. However; According to Barney (1986), organizations that compare the costs and benefits of these HR activities, Should keep into consideration that the benefits out of the HR-activities will be received into the future. 2.3. Cost-benefits of HR practices: All HR practices involve a substantial level of costing but there is a resultant benefit out of the activities for the organization. The realization of the cost of the whole process or any of the practice therefore may easily be identified but the benefits of the whole process and its parts, are not identifiable just in terms of money but there can be some non-monetary benefits as well, (Becker and Gerhart, 1996). Boudreau (1990) conducted a research; the purpose of the research was to apply the cost-benefit analysis to HRM decisions. Cost-benefit analysis is a technique through which the decisions regarding the human resources activities can be made. The cost and benefit analysis consist of the relevant cost of the activity and the benefit out of it, which assist in decision making. It is widely used to make consistent, organized and accurate decisions. Although most of the decision making techniques focus on dollar value but the cost-benefit analysis can be used to improve the decisions and can make usage of the information more effective. Therefore, cost-benefit analysis is a simple method that assists to recognize the positive and as well as the negative outcomes of the decision choices to improve the quality, efficiency and communicability of the decision. The research concluded that the cost-benefit analysis can be used; to justify the expenditure on HR-activities and programs, it can he lp in improving the quality of the human resources, it can help in decision making regarding the investment in alternative HR-activities (such as training versus selection, or two different compensation systems), it can help in managing the uncertainty and reduces the risk of failure, and it can help in determining that when to invest in human resources and to forecast the outcomes. Further the research concluded that the cost-benefit models are compatible with financial analysis, but they are different from human resource accounting, because it focuses on HR-decisions. According to Rauschenberger and Schmidt (2005), methods that allow estimating the dollar impact of human resource programs are now available to Industrial-Organizational psychologists and other human resource professionals. These Dollar estimates have been established for numerous recruitment, selection and training programs. But even then the large part of the work has gone unobserved by typical business communities. The human resource professionals and Industrial-Organizational psychologists are unable to communicate their research findings in a clear and credible way to organizational decision makers. The research concluded that Industrial-Organizational psychologists and other technical human resource professionals should place more emphasis on adequately communicating cost-benefit estimates to managers and other organizational decision makers, to improve the decision making regarding the HR-activities. Cost-Benefit Analysis can also help in knowing that whether it would be beneficial for an organization the in-house production of its HR-activities or not and what will be the cost-benefit of outsourcing it. Brown and Wilson (2005) have defined the outsourcing as the act of obtaining services from an external source, while elaborating information technology (IT) outsourcing Kern and Willcocks (2000) state that outsourcing is the practice of contracting out or selling the organizations IT assets, people and/or activities to a third party supplier for monetary payments over an agreed time period. Patry et al., (1999) conducted a study in Canada to develop and estimate a descriptive model of Human resource outsourcing. Six HR-activities were taken into consideration: Payroll, Benefits, Recruiting, Training, Labour Relations, and Human Resources Information Systems. As per the question that what will determine that whether the organization should outsource the HR-activities are not, the field of the organizational analysis, strategy formulation methods and transaction-cost theory were used. The results of the study indicated that the factors of the outsourcing the HR-activities are specific to each type of activity. Prior experience of the organization with outsourcing the other activities, business stability/instability, and the existing union have a powerful influence over the decision that which activity will be out sourced and which will not be out-sourced. However cost-benefit analysis can also be used to compare the costs of performing the HR-activities in-house or outsou rce it, and benefits against the both can be compared to improve the decision. The previous research has identified many HR-activities but the following research will only discuss the major HR-activities; Payroll, Benefits, Recruiting, Training, Human Resources Information Systems and the costs-benefits of the following HR-activities at Nestlà ©, Pakistan, in order to achieve the prescribed objectives of the following research. 3. Methodology It is very significant to plan which data will be useful and how it will be collected to achieve research objectives. The data in the following research follows case study on human Resources. Mostly this research covers qualitative method and will include quantitative, if needed in future to obtain research objective. 3.1. Data Collection Methods The following sources are used to collect the data, in order to achieve the objectives of the study. Primary Research Secondary Research 3.1.1 Primary Research Primary data will be collected to gather information about the HR-activities and to conduct cost and benefit analysis. The research will assemble the results by the study of Nestlà ©s website and case studies of Nestlà © Pakistan and will conduct interviews with peoples working in different sections of Nestlà ©, by online communication, phone calls, emails, instant massaging. 3.1.2 Secondary Research Secondary research will help the researcher to obtain the data which will covers different aspects of the research topics. Following sources will be used to collect the data; online HR journals and articles, newspapers, books, publications of Nestlà ©, magazines, financial statements, business news letters, articles, annual reports and records. 3.2. Instruments The following Instrument will used in the study: 3.2.1. Interviews The research will use online interviews to collect the required data. Following questionnaire will be used to collect latest and effective information about the subject area. What are the Human Resource activities being conducted at the Nestlà ©? What Role the HR- activities play at Nestlà © and generally why these activities are important in any organization? What are, the investment decisions regarding the HR-activities and how they are made? How costs-benefit analysis is conducted at Nestlà ©? What is monetary performance of the organization regarding the HR-activities? Which activities are the value additives and less cost incurring? What are the non-monetary benefits of the HR-activities? Can these activities be conducted differently? If yes then why? What innovations can be brought into the ways of conducting the HR-activities? Does Nestlà © need to conduct the activities in a particular fashion according to its operation or it just do it conventionally? What are the various possible alternatives of the current HR-activities at Nestlà ©? Does Nestlà © consider the ethical issues regarding its HR-activities? What is Nestlà ©s philosophy about the worldly issue changing the machines with human beings? What are other issues related to the HR activities? How the issues related to HR-activities are handled at Nestlà ©, Pakistan? Does Nestlà © consider the cultural constraints, demographics, geographic, various labour laws, environmental constraints, while making policies related to HR-activities? What cultural, environmental and geographical constraints might affect the HR-activities at Nestlà ©? How these constraints are handled? 3.2.1.1. Interviews framework The interviews have been scheduled as follows, to complete the primary research and to collect maximum information possible related to the following research. Table: 3.1. Interview Framework No. Interview Date Interview Time Interviewee Name Designation of Interviewee 1 22,September,2010 12:00 pm Raymond Franke Chief Financial Officer 2 24,September,2010 3:00 pm Uzma Qaiser Butt Head of Human Resources 3 25,September,2010 3:00 pm Ali Sadozai Head of Legal Affairs No. Interviewee Name Responsibilities Discussion Topics 1 Raymond Franke Manages the finance department, facilitate the investment decisions, sets the profit goals, financial goals, finance the business operations etc. Investment decisions regarding the HR-activities; how they are made? How costs-benefit analysis is conducted at Nestlà ©? Monetary performance regarding the HR-activities Value additives and less cost incurring activities 2 Uzma Qaiser Butt Head of Human resource department handles all the issues related to the human resources, plan, career development, organizational development, people development, compensation and benefit programs and all HR-functions are handled under her supervision. What are the Human Resource activities? Role of HR- activities at Nestle Non-monetary benefits of the HR-activities Can these activities be conducted differently? If yes then why how? What innovations can be brought into the ways of conducting the HR-activities? Does Nestlà © need to conduct the activities in a particular fashion according to its operation or it just do it conventionally? What are the various possible alternatives of the current HR-activities at Nestlà ©? What is Nestlà ©s philosophy about the worldly issue changing the machines with human beings? 3 Ali Sadozai Looks after and handles all the legal affairs of the company, related to all departments including finance, HR and marketing. Does Nestlà © consider the ethical issues regarding its HR-activities? What are other issues related to the HR activities? How the issues related to HR-activities are handled at Nestlà ©, Pakistan? Does Nestlà © consider the cultural constraints, demographics, geographic, various labour laws, environmental constraints, while making policies related to HR-activities? What cultural, environmental and geographical constraints might affect the HR-activities at Nestlà ©? How these constraints are handled? 3.2.2. Other instruments Required data will also be collected from: Calculated costs and benefits from HR-score cards (last 5 years) ROI(s) Financial statements (2005-2010) Published Business news letters Articles Annual reports and records 3.3. Sample of the study As the research is about the case of Nestlà ©, related to the costs and benefits of its HR-activities, hence the sample of the study is Nestlà © Pakistan. 3.4. Techniques of the Analysis Due to the most up-to-date information primary research data is considered more reliable and significant. To check the validity of the data, contents of the data will be checked through face- validity technique which involves an expert opinion and the expert opinion will be taken from Nestlà ©s Head of Legal Affairs; Mr. Ali Sadozai, after taking the notes from the interview. 3.5. Strengths of the Methodology The strength of the research methodology depends upon the relevance with the topic and objectives of the study. The following methodology provides all the relevance provided; the requisite data is retrieved from the quarter concern. As the data is to be gathered from the internal sources of the organization, it is therefore supposed that management and the staff will facilitate with the required data, the best results may be achieved, as the source of the data is quite reliable. 3.6. Ethical Considerations As the research focuses on role of HRM in multinational, no ethical issues is involved in the study apparently, however, if during the course of the study any ethical issue arises, then it will be dealt in accordance with the best practices available. 3.7. Project plan The research has been planned as follows, and will be completed with the given objectives and concerns. The time schedule will be strictly followed, in order to conduct the research successfully. S. # Month( Days) Task 1. August 25-30 Introduction 2. September 01-15 Literature review 3. September 21-29 Methodology 4. October 01 -15 Data collection, Analysis 5. October 18 -28 Conclusion and Finalizing 6. November 01-15 Proof reading 4. Analysis Data collected through primary research is usually considered as important because of the high reliable source of the data, besides it also provides up-to-dated information. So secondary data will be used to support the research objectives and primary data will be collected to deeply analyse the issues. The following research will cover the in depth analysis of the issues raised into the research, using primary and secondary sources of data to fulfil the various objectives of the research effectively. 5. Conclusion The following research will analyse the issues regarding the HR-activities at Nestlà ©, Costs-Benefits of these activities for Nestlà © and for other organizations in general, and will probe that what are the issues which the other organizations working on same level and in same industry might face. The research will then provide the various recommendations and suggestions and limitations of the following research to help the future researcher to increase the effort in the following subject area.

A Comparison Of Ben Franklin And The Puritans Religion Essay

A Comparison Of Ben Franklin And The Puritans Religion Essay John Winthrop once proclaimed to the Massachusetts bay colony that we shall be as a City upon a Hill, the eyes of all people are upon usà ¢Ã¢â€š ¬Ã‚ ¦Therefore let us choose life (Winthrop, City Upon a Hill). Winthrop was part of a group of Protestants that separated from the Church of England in order to begin a new life of religious freedom in the New World, and they deemed that God should be central to their existence. Benjamin Franklin, however, viewed God as peripheral and did not orient his life around religion. These fundamental religious differences manifested themselves through alternate ways of thinking and living, and their opposing conceptions of God and humanity elicited specific views of government, relationships, suffering, and Scripture. The Puritans also concluded that Christ was the exclusive way to obtain salvation, and everyone who did not trust in Christ was going to hell (Wigglesworth 3). This belief about Gods exclusive offer of salvation and humans inherent sin interacted to affect their interpersonal relationships because they wanted their family and friends to be saved. Most interpersonal relationships had some spiritual focus. For example, Dane recounts that he was educated under godly parents and that my conscience was very apt to tell me of evils that I should not do (Dane 6). People also comforted each other with the promise of salvation, like when Rowlandson and her son Joseph read the Bible together during their captivity (Rowlandson 18). Franklin, however, had strikingly opposing views than the Puritans because his religion had no mark of any of the distinguishing tenets of any particular sect (Franklin 35). Therefore, in his relationships with others, virtue is the central theme, because he conclude s, the importance of virtue did not depend on Christian dogma or the rewards and punishments of the afterlife (Franklin 29). Therefore, in his interactions with people, he focuses on acting virtuously while avoiding specific tenets of religion (Franklin 35). In addition, the Puritans concluded that God intimately involved Himself in the details of human lives, while Ben Franklin believed that God existed as a peripheral figure. This belief in Gods omnipresence led the Puritans to have complex, spiritual interpretations for all events. John Danes account supports this idea in that he often credits God for good things. For example, John Dane returned some lost gold he had found, and credited Gods goodness in then giving me restraining grace to preserve me from such a temptation (Dane 7). He also sees something as small as a wasp stinging his thumb as a chastening from God, and he proclaims that, God had found me out (Dane 9). Since the Puritans believed that God was omnipresent in every aspect of their lives, their interpretations of even small occurrences had considerable spiritual meaning, and it was up to them to interpret these occurrences correctly. Contrary to these views, Franklin was a thorough deist in that he thought God was very separate and detached from human lives (Franklin 26). He did not believe in the Bible or in the Christian God (Franklin 25), so he voiced that humans were responsible for directing their own lives and improving their circumstances (Franklin 37). He exerts a confidence in his control over his own life by using phrases such as I would conquer, I conceived, I considered, and my circumstances (Franklin 32). He does not used the Bible to guide his decisions, and he does not interpret events as if God was somehow involved, which is very different than how the Puritans lived. These differences in their fundamental beliefs about God led to antithetic techniques for interpreting life circumstances. Also, The Puritans idea that sin led humans astray and needed Gods discipline interacted to affect their perception of hardship (Rowlandson 20). In comparison, Ben Franklin posited that pain and pleasure existed in equal proportion in the world and was not controlled by God (Franklin 27). This idea caused them to attribute difficult circumstances to independent (outside their control) variables, such as God dispensing hardship. Therefore the Puritans often rejoiced in the midst of difficulty because it meant that God still cared about them. Mary Rowlandson exclaims at one point in her narrative that when she saw others under many trials and afflictionsà ¢Ã¢â€š ¬Ã‚ ¦I should sometimes be jealous (Rowlandson 20). Rowlandson was thankful for the Indian raid, because Hebrews 6 says that Whom the Lord loveth he chasteneth. The way that Rowlandson interprets events in her life coincides with the hopeful way that the Puritans approached hardship, and it reflected their core spiritual belie fs. Ben Franklin, on the other hand, believed that pain and pleasure happened in equal proportion during a persons life, and states in his dissertation that this uneasinessà ¢Ã¢â€š ¬Ã‚ ¦produces desire to be freed from it, great in exact proportion to the uneasiness (Franklin 27). Franklin is proposing that pain is just a natural part of life, and is dispelled by actively seeking pleasure, because pleasure is the satisfactionà ¢Ã¢â€š ¬Ã‚ ¦which is caused by the accomplishment of our desires, and those desires beingà ¢Ã¢â€š ¬Ã‚ ¦caused by pain (Franklin 27). The inerrancy of Scripture was another integral tenet of the Puritans religion that diverged from Franklins beliefs. The Puritans thought that the sinful nature misguided humans and that they needed the Bible to show them the truth, and these views interacted to produce total trust in the Scripture for guidance. Mary Rowlandson often peppers her account with Scriptures that she deems appropriate for a situation. In Marys extreme suffering, she refreshes herself with passages from the Psalms recounting God helping his people in their time of need (Rowlandson 18). Another example of this is when Dane decides to depart to the New World when he tells his father, if where I opened my Bible there met with anything either to encourage or discourage that should settle me (Dane 11). These accounts exemplify the way in which the Puritans viewed Scripture relative to their lives. Franklin, however, regarded the Bible as mostly fables (Franklin 26), and did not recognize it as a divine authority . His opinion about the Bible produced skepticism toward the Scriptures that the Puritans lacked. As a young boy he found the Scripture disputed in the different books I readà ¢Ã¢â€š ¬Ã‚ ¦and I began to doubt of Revelation itself (Franklin 25). As a result, he dismissed the bible as divine and instead used the stories about Jesus as a moral guide (Franklin 33). In conclusion, the Puritans Christianity differed significantly from Ben Franklins deism. The colonists conducted all manners of affairs with regard to the religious implications it would have, and all of their decisions were made in light of the faith that was central to their existence. Unlike the Puritans, Ben Franklins philosophy of God and humanity was deistic in nature, and he had a much more hopeful outlook on humanity because he thought that they were capable of living morally without the Christian God. The Puritans and Franklins worldviews shaped their thinking in early colonial New England, and their alternate views resulted in divergent interpretations of the world at large.

World Rulers :: essays papers

World Rulers Alexander the Great, Julius Caesar, and Genghis Khan This paper will explore the lives of three of the most well known rulers in human history, Alexander the Great, Julius Caesar, and Genghis Khan. This will first consist of an examination of the personalities and gifts of each of these rulers. Details of the course and extent of the conquests and achievements of each individual will follow this. The lasting contributions made by these three men will then be noted. The first ruler under consideration is Alexander the Great. He was the son of Philip II , King of Macedonia, and his wife Olympia, in the year 356 B.C. (^Alexander^). He was a student of Aristotle, and gained interests in the areas of philosophy, medicine, and scientific investigation (^Alexander^). Aristotle took great care in providing Alexander with a very structured and disciplined education (Williams 7-9). However, Alexander^s father, Philip II, would not allow Alexander to form the habits of a recluse. Philip initiated Alexander early with the duties of his high station. It was in this role that Alexander showed his ability to lead men, and be a great administrator. At age sixteen, Alexander was appointed Regent of Macedonia, while Phillip was detained at the siege of Byzantium (Williams 10). It has been noted that Alexander, by this point, had already astonished some Persian deputies by the pertinency of his questions, and the acuteness of his intellect (Williams 10). By the time he was eighteen, Alexander had commanded the left wing of the army at the battle of Chaeroneia, and defeated the Thebans (Williams 10-11). The following is an account of the words of Arrian, an acquaintance of Alexander. He spoke these words Alexander^s death on June 13, 323 B.C.: Let him who would vilify Alexander, not select a few blameworthy acts, but sum up all his great deeds and qualities, and then consider who and what he himself is who would thus abuse the man who attained the pinnacle of human felicity^who was the undisputed monarch of both continents^and whose name has pervaded the whole of the earth^ My own opinion, therefore, I will profess, that not without especial purpose of the deity such a man was given to the world, to whom none has ever yet been equal (Williams 409). The date of Julius Caesar^s birth is in dispute. The probable date was July 12 or 13, 100 B.C. (David 12). His father was Gaius Caesar, who died when Julius was only sixteen.

Graduation Speech -- Graduation Speech, Commencement Address

When they were trying to find someone to give this speech they first asked the most intelligent, smart person they could find. But she turned them down. So then they asked the most beautiful, lovely, attractive person they could find. She also turned them down. Next they asked the nicest, sweetest, kindest, most sincere person they could find. Then I decided it would be rude to turn them down three times in a row, so here I am. How many people here like tomato soup? Come on, raise your hand if you like tomato soup. OK, thank you. That was a really simple question, you either like it or you don't. I wish high school had been that easy. However, as we all know, it wasn't. As the National Honor Society speaker, you probably expect me to speak about something very scholarly, but I'm not....

Digestion and Metabolism of the Koala :: Microbiology Marsupials Essays

Digestion and Metabolism of the Koala Koalas’ diets consist solely of Eucalyptus, which has many defensive mechanisms to deter herbivores. The foliage contains chemicals that are toxic and interfere with digestion, such as condensed and hydrolysable tannins, phenolic compounds, cyanogenic glycosides, and essential oils. The leaves also contain low concentrations of nutrients, making it even more difficult for the extraction of nutrients. In order to obtain the maximum amount of nutrients, koalas select leaves that have high nitrogen content, minimum levels of water and essential oils, and low in condensed tannins. The amount of nutrients absorbed in the gut is dependent on mastication due to the small size of the stomach. The cecum of the koala is 1.3 meters in length and has 8 to 14 folds, allowing epithelial relationships with 45 different species of bacteria. Tannin-protein-complex-degrading enterobacteria, one of the most important species, degrades tannin-protein complexes to remove nitrogen for absorption in the cecum. Juvenile koalas must obtain microflora by ingesting a special form of feces, called pap, from the mother. Introduction Koalas, Phascolarctos cinereus, are classified in the Order Diprodontia of Marsupiala. The major distinguishing characteristics of Diprodontia are syndactyl hind feet, forcipate forepaws, and one functional pair of incisors in the lower jaw (Martin and Handasyde, 1999). Koalas live in the eastern portion of Australia, from coastal and inland Queensland, through New South Wales, and on to Victoria. Among koalas, the size of the animal increases southward. Male koalas in Victoria weigh from 9.5 to 14.9 kilograms, while in Queensland, they weigh 4.2 to 9.1 kilograms. This trend also occurs in the female populations. In Victoria, females can weigh 7 to 11 kilograms and in Queensland can weigh 4.1 to 7.3 kilograms (Martin and Handasyde, 1999). Three subspecies of koala have actually been classified due to the difference in size and fur color. P. cinereus victor is found in southern Australia and is characterized by thick cinnamon-colored fur and is the largest of the koalas. P. cinereus cinereus is found throughout the koala range and has mixed gray fur.

Fin 331 Study Guide

Finance Final Study Guide FIN 331 – Moser – Study Guide for Exam 1 – Spring 2011 Important Concepts * Forms of Business Organization * Proprietorship- an unincorporated business owned by one individual * Partnership- legal arrangement between two or more people who decide to do business together * Advantages * Ease of formation * Subject to few regulations * No corporate income taxes * Disadvantages * Limited life * Unlimited liability * Difficult to raise capital * Corporation- legal entity created by a state, and it is separate and distinct from its owner and managers. Advantages * Unlimited life * Easy transfer of ownership * Limited liability * Ease of raising capital * Disadvantages * Double taxation * Cost of set-up and report filing * Conflicts between Managers and Stockholders * Managers are naturally inclined to act in their own best interests (which are not always the same as the interest of stockholders). * But the following factors affect managerial b ehavior: * Managerial compensation packages * Direct intervention by shareholders * The threat of firing * The threat of takeover * Shareholder Value The price at which the stock would sell if all investors had all knowable information about a stock. * The primary financial goal of management is shareholder wealth maximization, which translates to maximizing stock price. * Value of any asset is present value of cash flow stream to owners. * Most significant decisions are evaluated in terms of their financial consequences. * Stock prices change over time as conditions change and as investors obtain new information about a company’s prospects. * Intrinsic value * In equilibrium, a stock’s price should equal its â€Å"true† or intrinsic value. Intrinsic value is a long-run concept. * To the extent that investor perceptions are incorrect, a stock’s price in the short run may deviate from its intrinsic value. * Ideally, managers should avoid actions that reduc e intrinsic value, even if those decisions increase the stock price in the short run. * Capital allocation process * In a well-functioning economy, capital flows efficiently from those who supply capital to those who demand it. * Suppliers of capital – individuals and institutions with â€Å"excess funds. † These groups are saving money and looking for a rate of return on their investment. Demanders or users of capital – individuals and institutions who need to raise funds to finance their investment opportunities. These groups are willing to pay a rate of return on the capital they borrow. * Direct transfers * Investment banking house * Financial intermediaries * Types of financial markets * Physical asset markets versus financial asset markets * Physical asset markets are for products such as wheat, autos, real estate, computers, and machinery. * Financial asset markets, on the other hand, deal with stocks, bonds, notes, and mortgages. Spot markets versus futu re markets * Spot markets are markets in which assets are bought or sold for â€Å"on-the-spot† delivery. * Future markets are markets in which participants agree today to buy or sell an asset at some future date * Money markets versus capital markets * Money markets are the markets for short-term, highly liquid debt securities. The New York, London, and Tokyo money markets are among the world’s largest. * Capital Markets are the markets for intermediate- or long-term debt and corporate stocks. The NYSE * Primary markets versus secondary markets Primary markets are the markets in which corporations raise new capital. If a company were to sell a new issue of common stock to raise capital. * Secondary markets are markets in which existing, already outstanding securities are traded among investors. * Private markets versus public markets * Private markets, where transactions are negotiated directly between two parties, are differentiated from†¦public markets. Ex. Com mon stock and corporate bonds * Public markets, where standardized contracts are traded on organized exchanges. Ex.Bank loans and private debt payments to an insurance company. * Importance of financial markets * Well-functioning financial markets facilitate the flow of capital from investors to the users of capital. * Markets provide savers with returns on their money saved/invested, which provides them money in the future. * Markets provide users of capital with the necessary funds to finance their investment projects. * Well-functioning markets promote economic growth. * Economies with well-developed markets perform better than economies with poorly-functioning markets. * Derivatives A derivative security’s value is â€Å"derived† from the price of another security (e. g. , options and futures). * Can be used to â€Å"hedge† or reduce risk. For example, an importer, whose profit falls when the dollar loses value, could purchase currency futures that do well w hen the dollar weakens. * Also, speculators can use derivatives to bet on the direction of future stock prices, interest rates, exchange rates, and commodity prices. In many cases, these transactions produce high returns if you guess right, but large losses if you guess wrong. Here, derivatives can increase risk. * Financial institutions Commercial banks * Bank of America, Citibank, Wells Fargo * Investment banks * Help companies raise capital * Financial services corporations * Conglomerates that combine many different financial institutions within a single corporation. * Credit unions * Employees, members or organization * Pension funds * Life insurance companies * Mutual funds * Hedge funds * Largely unregulated * Large minimum investment * Exchange traded funds (ETF’s) * Private equity companies * Like hedge funds * IPO * An initial public offering (IPO) is where a company issues stock in the public market for the first time. â€Å"Going public† enables a companyâ €™s owners to raise capital from a wide variety of outside investors. Once issued, the stock trades in the secondary market. * Public companies are subject to additional regulations and reporting requirements. * Efficient market hypothesis – implications * Securities are normally in equilibrium and are â€Å"fairly priced. † * Investors cannot â€Å"beat the market† except through good luck or better information. * Efficiency continuum * When markets are efficient, investors can buy and sell stocks and be confident that they are getting good prices.When markets are inefficient, investors may be afraid to iinvest and may put their money â€Å"under the pillow,† which will lead to a poor allocation of capital and economic stagnation. * Balance sheet * Provides a â€Å"snapshot† of a firm’s position at a specific point in time. The left side shows the assets that the company owns, while the right side shows the firm’s liabilities and stockholders’ equity, which are claims against the firm’s assets. * Assets * Current assets: * Cash and equivalents * A/R * Inventories * Total Current Assets * Net fixed assets: Net plan and equipment(cost minus depreciation) * Other assets expected to last more than a year * Total Assets * Liabilities and Equity * Current liabilities: * A/P * Accruals * Notes Payable * Total current liabilities * Long-term bonds * Total debt * Common equity: * Common stock * Retained earning * Total common equity * Total liabilities and equity * Income statement * Summarizes a firm’s revenues and expenses over a given period of time. * Sales * (COGS) * (Other Expenses) * (Depreciation) * EBIT * (Interest Expense) * EBT * (Taxes) * Net Income Statement of cash flows * Reports the impact of a firm’s activities on cash flows over a given period of time. Shows how much cash the firm is generating. * Cash @ end 2007 * O/A * I/A * F/A * Cash @ end 2008 * Working capital * An ything that is cash or can be converted to cash within a year. A/R and Inventory * Net working capital (NWC) * Current assets (A/R, Inventory, Cash) – (Payables + Accruals) * Free cash flow (FCF) * Everything left over for investors. Amount of cash that can be withdrawn to investors without harming the ability of the company to operate and produce. FCF = EBIT(1-T) + Depreciation – (Capital expenditures + Increase in NWC) (Income Statement) ( in gross FA/current) Balance Sheet * Corporate and personal taxes * Both have a progressive structure (the higher the income, the higher the marginal tax rate). * Corporations * Rates begin at 15% and rise to 35% for corporations with income over $10 million, although corporations with income between $15 million and $18. 33 million pay a marginal tax rate of 38%. * Also subject to state tax (around 5%). * Individuals * Rates begin at 10% and rise to 35% for individuals with income over $349,700. May be subject to state tax. * Tax t reatment of interest and dividends * Interest paid – tax deductible for corporations (paid out of pre-tax income), but usually not for individuals (interest on home loans being the exception). * Interest earned – usually fully taxable (an exception being interest from a â€Å"muni†). * Dividends paid – paid out of after-tax income. * Dividends received – Most investors pay 15% taxes. * Investors in the 10% or 15% tax bracket pay 0% on dividends in 2008-2010. * Dividends are paid out of net income which has already been taxed at the corporate level, this is a form of â€Å"double taxation†. A portion of dividends received by corporations is tax excludable, in order to avoid â€Å"triple taxation†. * Taxes – carrybacks and carryforwards * Tax Loss Carry-Back and Carry-Forward – since corporate incomes can fluctuate widely, the Tax Code allows firms to carry losses back to offset profits in previous years or forward to offs et profits in the future. * Taxes – capital gains * Defined as the profits from the sale of assets not normally transacted in the normal course of business, capital gains for individuals are generally taxed as ordinary income if held for less than a year, and at the capital gains rate if held for more than a year.Corporations face somewhat different rules. * Importance of ratios * Ratios standardize numbers and facilitate comparisons. * Ratios are used to highlight weaknesses and strengths. * Ratio comparisons should be made through time and with competitors. * Trend analysis. * Peer (or industry) analysis. * 5 categories of ratios * Liquidity: Can we make required payments? * Current = current assets/current liabilities * Quick = Current assets-inventories/current liabilities * Asset management: right amount of assets vs. sales? * Inventory T/O Ratio = Sales/Inventories * Days sales outstanding(DSO) = AR/(Sales/365) Fixed Asset T/O Ratio = Sales/Net Fixed AssetsNet FA=Balanc e Sheet * T/A Turnover = Sales/Total AssetsTA=Balance Sheet * How many times the PM is earned each year * Below avg. T/A T/O means that it has more assets than it needs * Debt management: Right mix of debt and equity? * Debt Ratio = Total Debt/Total AssetsBalance Sheet * Times-Interest-Earned(TIE) = EBIT/Interest ExpenseIncome Statement * Profitability: Do sales prices exceed unit costs, and are sales high enough as reflected in PM, ROE, and ROA? * Operating Margin = EBIT/Sales * Profit Margin = Net income/Sales PM is how much a firm earns on its sales * Below avg. PM means that the firm’s costs are not being controlled as well as they should be, therefore they cannot charge premium prices * Basic Earning Power(BEP) = EBIT/Total Assets * ROA = Net Income/Total Assets * ROE = Net Income/total common equityBalance Sheet * ROE and shareholder wealth are correlated, but problems can arise when ROE is the sole measure of performance. * ROE does not consider risk. * ROE does not co nsider the amount of capital invested. * Might encourage managers to make investment decisions that do not benefit shareholders. ROE focuses only on return and a better measure would consider risk and return. * Market value: Do investors like what they see as reflected in P/E and M/B ratios? * Price/Earnings (P/E) ratio = Price per share/Earnings per share * Earnings per share * Market/Book Ratio (M/B)= Market price per share/Book value per share * Book Value per share = Common equity/Shares outstandingBalance Sheet * P/E: How much investors are willing to pay for $1 of earnings. * M/B: How much investors are willing to pay for $1 of book value equity. For each ratio, the higher the number, the better. * P/E and M/B are high if ROE is high and risk is low. * DuPont system * ROE = Profit Margin(PM) X Total Asset Turnover X Equity Multiplier(EM) NI/Sales Sales/TA TA/Total common equity I______ _______I I ROA * ROA Focuses on expense control (PM), asset utilization (TA TO), and debt ut ilization (equity multiplier). * Uses of freed up cash * Old A/R * (New A/R) * Cash freed up * Uses: * Repurchase stock * Expand business * Reduce debt * All these actions would likely improve the stock price. * Limitations of ratio analysis Comparison with industry averages is difficult for a conglomerate firm that operates in many different divisions. * â€Å"Average† performance is not necessarily good, perhaps the firm should aim higher. * Seasonal factors can distort ratios. * â€Å"Window dressing† techniques can make statements and ratios look better. * Different operating and accounting practices can distort comparisons. * Sometimes it is hard to tell if a ratio is â€Å"good† or â€Å"bad. † * Difficult to tell whether a company is, on balance, in strong or weak position. * Sales forecast * Use historical sales data (approx. 5 years) Collect input from product development, marketing, and operations * Sales growth has a cost * Bad forecasts have a cost * Forecasting sales is the most important input in predicting future financial performance * Additional Financing Needed (AFN) * AFN = (A*/S0)? S – (L*/S0) ? S – M(S1)(RR) * = Projected asset increase – Spontaneous liabilities increase – Increase in retained earnings (How many assets to buy)L*(liab. Bs) M(S1)=future profits * A* = assets * L* = spontaneous liabilities * S = sales * M = profit margin * RR = retention ratio * FIN 331 – Moser – Study Guide for Midterm II – Spring 2011Important Concepts * Time Value of Money * The  idea that money available at the present time is worth more than the same amount in the future due to its potential earning capacity. This  core principle of finance holds that, provided money can earn interest, any amount of money is worth more the sooner it is received. * Future Value (FV) * The amount to which a cash flow or series of cash flows will grow over a given period of time when compounded at a given interest rate. * Finding the FV of a cash flow or series of cash flows is called compounding * What is the FV of an initial $100 after 3 years, if I/YR = 10%? N=3I/YR=10PV=100PMT=0FV=CPT * Future Value = 133. 10 * Present Value (PV) * The value today of a future cash flow or series of cash flows * What is the PV of $100 due in 3 years, if I/YR= 10%? * N=3I/YR=10PV=CPTPMT=0FV= 100 * PV=-75. 13 * Solving for Interest Rate * Solving for I: What interest rate would cause $100 to grow to 125. 97 in 3 years? * N=3I=CPTPV=100 PMT=0FV=125. 97 * Interest Rate = 8% * Solving for # of Time Periods * N = Number of periods involved in the analysis. * If sales grow at 20% per year, how long before sales double? * N=? I/YR=20PV=-1PMT=0 FV=2 * N=3. 8 * Ordinary Annuity vs. Annuity Due Ordinary Annuity * Payments occur at the end of each year(deferred annuity) * Set calculator to END * FV * 3-year ordinary annuity of $100 at 10%? * N=3 I/YR=10 PV=0 PMT=100 FV=CPT * FV=331 * PV * N=3 I/YR =10 PV=CPT PMT=100 FV=0 * PV=-248. 69 * Annuity Due * Set calculator to BEGIN * The payments are made at the beginning of each year * FV * 3-year annuity due of $100 at 10%? * N=3 I/YR=10 PV=0 PMT=100 FV=CPT * FV=364. 10 * PV * N=3 I/YR=10 PV=CPT PMT=100 FV=0 * PV=273. 55 * Perpetuity * An annuity with an extended life. * N=infinity * PV of a perpetuity = PMT/I * PV=PMT/I=$100/0. 1 = $1,000 Compound Interest * A 20-year-old student wants to save $3 a day for her retirement. Every day she places $3 in a drawer. At the end of the year, she invests the accumulated savings ($1,095) in a brokerage account with an expected annual return of 12%. * How much money will she have when she is 65 years old? * N=45 I/YR= 12 PV=0 PMT= 1095 FV=CPT * FV = 1,487,262 * Solving for annual payment * PV of uneven cash flows * * Effect of compounding more often * Compounding more often results in building interest upon interest * Nominal vs. Periodic vs. Effective Interest Rate * Written into contracts, q uoted by banks and brokers.Not used in calculations or shown on time lines. * Nominal rate (INOM) – also called the quoted or stated rate. An annual rate that ignores compounding effects. * INOM is stated in contracts. Periods must also be given, e. g. 8% quarterly or 8% daily interest. * Periodic rate (IPER) – amount of interest charged each period, e. g. monthly or quarterly. * * IPER = INOM/M, where M is the number of compounding periods per year. M = 4 for quarterly and M = 12 for monthly compounding. * Effective (or equivalent) annual rate (EAR = EFF%) – the annual rate of interest actually being earned, accounting for compounding. Used to compare returns on investments with different payments per year. Used in calculations when annuity payments don’t match compounding periods. * EFF% for 10% semiannual investment * EFF%= ( 1 + INOM/M )M – 1 * = ( 1 + 0. 10/2 )2 – 1 = 10. 25% * Should be indifferent between receiving 10. 25% annual inte rest and receiving 10% interest, compounded semiannually. * Semiannual/quarterly/monthly compounding * Annually * N=3 I/YR=10. 25 PV=0 PMT=100 FV=CPT * FV=331. 80 * 100(1. 025)^3=331. 80 * Semiannual * N=6 I/YR=5. 125 PV=0 PMT = 100 FV=CPT * FV=682. 33 * 100(. 5125)^6 * Quarterly * N=12 I=2. 6 PV=0 PMT=100 FV=CPT * * Loan Amortization * Amortization tables are widely used for home mortgages, auto loans, business loans, retirement plans, etc. * Financial calculators and spreadsheets are great for setting up amortization tables. * A loan that is to be repaid in equal amounts on a monthly, quarterly, or annual basis * Bonds * A long-term debt instrument in which a borrower agrees to make payments of principal and interest, on specific dates, to the holders of the bond. * Treasury * Government bonds * No default risk * Municipal * Bonds issued by state and local governments * Some default risk Advantage: Munis are exempt from Federal Taxes and from state taxes if the holder is resident of issuing state. * Corporate * Issued by business firms * Exposed to default risk * Higher the risk, the higher interest rate is demanded * Foreign * Issued by a foreign government * Currency exchange issues * Par value * face amount of the bond, which is paid at maturity (assume $1,000). * Coupon interest rate * Stated interest rate (generally fixed) paid by the issuer. Multiply by par value to get dollar payment of interest. * Maturity date * Years until the bond must be repaid. * Yield to maturity Rate of return earned on a bond held until maturity (also called the â€Å"promised yield†). * Call Provision * Allows issuer to refund the bond issue if rates decline (helps the issuer, but hurts the investor). * Borrowers are willing to pay more, and lenders require more, for callable bonds. * Most bonds have a deferred call and a declining call premium. * Sinking Fund * Provision to pay off a loan over its life rather than all at maturity. * Similar to amortization on a term loan. * Reduces risk to investor, shortens average maturity. * But not good for investors if rates decline after issuance. * Convertible Bond May be exchanged for common stock of the firm, at the holder’s option. * Warrant * Long-term option to buy a stated number of shares of common stock at a specified price. * Puttable bond * Allows holder to sell the bond back to the company prior to maturity. * Indexed bond * Interest rate paid is based upon the rate of inflation. * Valuing a bond * Problem * Discount bond vs. Premium bond and how you can tell by comparing the coupon and the YTM * Bond Values over time * Solving for YTM * Expected Total return= YTM = (Expected Current Yield) + (Expected Capital Gains Yield) * CY=Annual coupon payment/Current Price . 09(1000)/887 * CGY= Change in price/Beginning price * Or CGY = Current yield + Capital gains yield * Interest rate risk * The concern that rising interest rates will cause the value of a bond to fall. * 10year bond has more r isk than just a 1 year bond * Reinvestment rate risk * Reinvestment rate risk is the concern that rd will fall, and future CFs will have to be reinvested at lower rates, hence reducing income. * EXAMPLE: Suppose you just won $500,000 playing the lottery. You intend to invest the money and live off the interest. * You may invest in either a 10-year bond or a series of ten 1-year bonds.Both 10-year and 1-year bonds currently yield 10%. * If you choose the 1-year bond strategy: * After Year 1, you receive $50,000 in income and have $500,000 to reinvest. But, if 1-year rates fall to 3%, your annual income would fall to $15,000. * If you choose the 10-year bond strategy: * You can lock in a 10% interest rate, and $50,000 annual income for 10 years, assuming the bond is not callable. * Semiannual bonds * Multiply years by 2: Number of periods = 2N * Divide nominal rate by 2: Periodic rate (I/YR) = rd/2 * Divide annual coupon by 2: PMT = Annual coupon/2 * Yield to Call * Problem * Default risk If an issuer defaults, investors receive less than the promised return. Therefore, the expected return on corporate and municipal bonds is less than the promised return. * Influenced by the issuer’s financial strength and the terms of the bond contract. * Mortgage bond vs. debenture * Mortgage bond- backed up by collateral e. g. house,car,jewelry * Debenture- Not backed up * Investment-grade vs. junk bond * Investment grade-GE bond, lower risk and thus lower return * Junk bond- Speculative bonds that have high risk, but sometimes higher return * Significant risk of going default * 2 chapters of bankruptcy Two main chapters of the Federal Bankruptcy Act: * Chapter 11, Reorganization * If company can’t meet its obligations †¦ * It files under Chapter 11 to stop creditors from foreclosing, taking assets, and closing the business and it has 120 days to file a reorganization plan. * Court appoints a â€Å"trustee† to supervise reorganization. * Management u sually stays in control. * Company must demonstrate in its reorganization plan that it is â€Å"worth more alive than dead†. * If not, judge will order liquidation under Chapter 7. * Chapter 7, Liquidation * Typically, a company wants Chapter 11, while creditors may prefer Chapter 7. Priority of Claims in Liquidation * Secured creditors from sales of secured assets. * Trustee’s costs * Wages, subject to limits * Taxes * Unfunded pension liabilities * Unsecured creditors * Preferred stock * Common stock * Reorganization * In a liquidation, unsecured creditors generally get zero. This makes them more willing to participate in reorganization even though their claims are greatly scaled back. * Various groups of creditors vote on the reorganization plan. If both the majority of the creditors and the judge approve, company â€Å"emerges† from bankruptcy with lower debts, reduced interest charges, and a chance for success.Formulas that will be provided * Chapters 5 and 7 from Appendix C * Instructions on switching your calculator from END to BGN mode Chapter 8 * Investment Risk * Investment risk is related to the probability of earning a low or negative actual return. * The greater the chance of lower than expected or negative returns, the riskier the investment. * stand-alone risk * The asset is considered by itself * The risk an investor would face if he or she held only this one asset. * Portfolio risk * Asset is held as one of a number of assets in a portfolio * Average returns (stocks vs. bonds) Bonds offer relatively low returns, but with relatively little risk * Stocks offer the chance of higher returns, but stocks are generally riskier than bonds * Expected return r^ * The rate of return expected to be realized from an investment; the weighted average of the probability distribution of possible results * Standard deviation (sigma) * A statistical measure of the variability of a set of observations * The tighter the probability distributio n, the lower the risk * Measure of how far the actual return is likely to deviate from the expected return * Coefficient of variation (CV) The standardized measure of the risk per unit of return; calculated as the standard deviation divided by the expected return * CV= ? /r^ * Risk aversion * Assumes investors dislike risk and require higher rates of return to encourage them to hold riskier securities. * Risk premium * The difference between the return on a risky asset and a riskless asset, which serves as compensation for investors to hold riskier securities. * Portfolio expected return r^p The weighted average of the expected returns on the assets held in the portfolio * The weights being the percentage of the total portfolio invested in each asset * Diversification effects on a portfolio * ? p decreases as stocks added, because they would not be perfectly correlated with the existing portfolio. * Expected return of the portfolio would remain relatively constant. * Eventually the diversification benefits of adding more stocks dissipates (after about 10 stocks), and for large stock portfolios, ? p tends to converge to 20%. * Market risk vs. diversifiable risk Stand-alone risk = Market risk + Diversifiable risk * Market risk – portion of a security’s stand-alone risk that cannot be eliminated through diversification. Measured by beta. * Diversifiable risk – portion of a security’s stand-alone risk that can be eliminated through proper diversification. * Failure to diversify * If an investor chooses to hold a one-stock portfolio (doesn’t diversify), would the investor be compensated for the extra risk they bear? * NO! * Stand-alone risk is not important to a well-diversified investor. * Rational, risk-averse investors are concerned with ? , which is based upon market risk. * There can be only one price (the market return) for a given security. * No compensation should be earned for holding unnecessary, diversifiable risk. * Ca pital Asset Pricing Model (CAPM) * Model linking risk and required returns. CAPM suggests that there is a Security Market Line (SML) that states that a stock’s required return equals the risk-free return plus a risk premium that reflects the stock’s risk after diversification. * ri = rRF + (rM – rRF)bi * Primary conclusion: The relevant riskiness of a stock is its contribution to the riskiness of a well-diversified portfolio. Beta * Measures a stock’s market risk, and shows a stock’s volatility relative to the market. * Indicates how risky a stock is if the stock is held in a well-diversified portfolio. * Can the beta of a security be negative? * Yes, if the correlation between Stock i and the market is negative (i. e. , ? i,m < 0). * If the correlation is negative, the regression line would slope downward, and the beta would be negative. * However, a negative beta is highly unlikely. * The Security Market Line (SML) (calculating required rates of return) * SML: ri = rRF + (rM – rRF)bi * ri = rRF + (RPM)bi Assume the yield curve is flat and that rRF = 5. 5% and RPM = 5. 0%. * Market risk premium * Additional return over the risk-free rate needed to compensate investors for assuming an average amount of risk. * Its size depends on the perceived risk of the stock market and investors’ degree of risk aversion. * Varies from year to year, but most estimates suggest that it ranges between 4% and 8% per year. * Portfolio beta * The beta of a portfolio is the weighted average of each of the stock’s betas. * bP = wHTbHT + wCollbColl * bP = 0. 5(1. 32) + 0. 5(-0. 87) * bP = 0. 225 * Portfolio required returns The required return of a portfolio is the weighted average of each of the stock’s required returns. * Or, using the portfolio’s beta, CAPM can be used to solve for expected return. * rRF + (rpm)(stocks beta) * Discounted dividend model * Value of a stock is the present value of the future divide nds expected to be generated by the stock. * * Valuing stock with constant growth * A stock whose dividends are expected to grow forever at a constant rate, g. * D1 = D0(1 + g)1 * D2 = D0(1 + g)2 * Dt = D0(1 + g)t * If g is constant, the discounted dividend formula converges to: * * Dividend yield vs. capital gains yield Dividend yield * = D1/P0 = $2. 12/$30. 29 = 7. 0% * Capital gains yield * = (P1 – P0)/P0 * = ($32. 10 – $30. 29)/$30. 29 = 6. 0% * Valuing stock with nonconstant growth * During nonconstant growth, dividend yield and capital gains yield are not constant, and capital gains yield ? g. * Corporate Valuation model * Also called the free cash flow method. Suggests the value of the entire firm equals the present value of the firm’s free cash flows. * Remember, free cash flow is the firm’s after-tax operating income less the net capital investment. * FCF = EBIT(1 – T) – Net capital investment * Terminal value Often preferred to the discounted dividend model, especially when considering number of firms that don’t pay dividends or when dividends are hard to forecast. * Similar to discounted dividend model, assumes at some point free cash flow will grow at a constant rate. * Terminal value (TVN) represents value of firm at the point that growth becomes constant. * Firm Multiple method * Analysts often use the following multiples to value stocks. * P/E * P/CF * P/Sales * EXAMPLE: Based on comparable firms, estimate the appropriate P/E. Multiply this by expected earnings to back out an estimate of the stock price. Preferred stock * Hybrid security. * Like bonds, preferred stockholders receive a fixed dividend that must be paid before dividends are paid to common stockholders. * However, companies can omit preferred dividend payments without fear of pushing the firm into bankruptcy. Chapter 10 * Sources of capital * Long-term capital * Long-term debt * Preferred Stock * Common Stock * Retained earnings * New common stock * Weighted average cost of capital (WACC) * WACC=Wdrd(1-T) + Wp rp + Wc rs * W’s refer to the firms capital structure weights * r’s refer to the cost of each component Before-tax vs. after-tax capital costs * Stockholders focus on A-T CFs. Therefore, we should focus on A-T capital costs, i. e. use A-T costs of capital in WACC. Only rd needs adjustment, because interest is tax deductible. * Historical costs vs. Marginal costs * The cost of capital is used primarily to make decisions that involve raising new capital. So, focus on today’s marginal costs (for WACC). * How weights are determined * Use accounting numbers or market value (book vs. market weights)? * Use actual numbers or target capital structure? * Cost of debt * WACC = wdrd(1 – T) + wprp + wcrs rd is the marginal cost of debt capital. * The yield to maturity on outstanding L-T debt is often used as a measure of rd. * Why tax-adjust; i. e. , why rd(1 – T)? * Cost of preferre d stock * rp is the marginal cost of preferred stock, which is the return investors require on a firm’s preferred stock. * Preferred dividends are not tax-deductible, so no tax adjustments necessary. Just use nominal rp. * Our calculation ignores possible flotation costs. * The cost of preferred stock can be solved by using this formula: * rp= Dp/Pp * = $10/$111. 10 * = 9% * Cost of equity * Is there a cost of retained earnings? Earnings can be reinvested or paid out as dividends. * Investors could buy other securities, earn a return. * If earnings are retained, there is an opportunity cost (the return that stockholders could earn on alternative investments of equal risk). * Investors could buy similar stocks and earn rs. * Firm could repurchase its own stock and earn rs. * CAPM * CAPM: rs = rRF + (rM – rRF)b * DCF * DCF:rs = (D1/P0) + g * Bond-yield-plus-risk-premium * rs = rd + RP * Flotation costs * Flotation costs depend on the firm’s risk and the type of ca pital being raised. * Flotation costs are highest for common equity.However, since most firms issue equity infrequently, the per-project cost is fairly small. * We will frequently ignore flotation costs when calculating the WACC. * What affects WACC * Market conditions. * The firm’s capital structure and dividend policy. * The firm’s investment policy. Firms with riskier projects generally have a higher WACC. * The composite WACC reflects the risk of an average project undertaken by the firm. Therefore, the WACC only represents the â€Å"hurdle rate† for a typical project with average risk. * Different projects have different risks. The project’s WACC should be adjusted to reflect the project’s risk.