The Body in Western and Non Western Cultures - 949 Words

How do people view the body? The answer varies from location, religion and culture. How western cultures view the body and how the body is treated (our body and others) are different from how non western cultures view and treat bodies. We can see the differences in the western and non western bodies in such works as Anne Fadiman’s account of a Hmong child in America and in articles like Genital Surgeries: Gendering Bodies. Along with the many differences between western and non western thoughts there are also several similarities. Especially when it comes to metaphors of the body. The generalized western opinion of the body is that it is akin to an object. Like a car the body is composed of several diverse aspects. From a medical†¦show more content†¦Women find â€Å"that natural female genitals are unclean and ugly and the surgeries create a more pleasing, smooth, and ‘feminine’ genital area† (page 95 Genital Surgeries) For many women practicing genital surgery it is a form of cosmetic surgery. It has the same purpose (to make the body look appealing) and some of the same risks (excessive bleeding and tearing) as many cosmetic surgeries used in western cultures. Although many western cultures denounce these practices as being barbaric and unfair these western cultures actually practice genital surgery on children. For example, many baby boys in the United States are circumcised at birth for both aesthetic reasons and for health concerns. Children born with both male and female genitalia are seen as medical emergencies and surgeries to correct this anomaly are done as soon as possible. The western and non western view of the body is very different. As we infer from comparing the western view of the body to the Hmong view of the body there are many ways to view the body than the one we were brought up to believe. However, we can also see from western metaphors and Hmong metaphors that a sick body is recognized by most people as being sick. We are also able to see with genital surgery that although society standards are different for every culture each culture uses surgery as a way to enhance the body and make it more pleasing to look at. Even with drastically different views of theShow MoreRelatedMedia Consumption Of Non Western Countries1414 Words   |  6 PagesMedia Consumption in Non-Western Countries The usage of media in Non-Western countries has been spreading as technology and social media have become the focus for most teenagers and young adults. 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However, there have been several studies done on binge eating and dietary restraint in non-western citiz ens and in non-Caucasian women in theRead MoreEating Disorders1328 Words   |  6 Pagesas a Western phenomenon due to the fact that non western countries did not have such a wide variety of food available to them. This perspective is now changing. 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Therefore we can readily accept that there are large Read MoreThe Scientific Study Of Personhood1419 Words   |  6 Pagesintellectual movement in Western Europe called Enlightenment (Nurazzura et al, 2014: 155). Enlightenment scholars criticized the previously held notion that empirical knowledge is consistent. Enlightenment movement provides intellectual with a freedom to raise and discuss many philosophical ideas such as the place of man on earth, the relationship between nature and human and personhood (Nurazzura et al., 2014: 156). They question many of the values and practices of western societies such as slaveryRead MoreAnorexia Nervosa And Its Influence On Society1373 Words   |  6 Pagesmostly present in western countries. Anorexia nervosa has been increasing over years. Women are more affected by anorexia nervosa than men. (Makino, Tsuboi Dennerstein, 2004). Anorexia Nervosa is defined as people starving for food as they are afraid to put on weight .People a dopting the western culture find their ideal body type as slim, so they need to do exercise and should not eat fat to stay slim. Mass media has contributed a lot in influencing women in the western culture and is contributingRead MoreThe Spirit Catches You and You Fall Down - Anne Fadiman Essay examples1611 Words   |  7 Pagescommon characteristics, and challenges, of health care today: the need to achieve a working knowledge of as many cultures as possible in health care. The Hmong population of Merced, California addresses the collision between Western medicine and holistic healing traditions of the Hmong immigrants, which plays out a common dilemma in western medical centers: the need to integrate modern western medicinal remedies with aspects of cultural that are good for the well-being of the patient, and the beliefRead MoreWestern Self And Non Western People766 Words   |  4 PagesHowever, the tendency of denial of the idea of self to non-Western people is evident in sev eral other Western anthropologists. Louis Dumont (1985:94) characterizes the Western conception of self with individualism and the non-Western with wholism (the paramount value lies in society as a whole); especially Indians deemphasizes individuality, he observes (1980:185, 231-239). According to Richard A. Shweder and Edmund J. Bourne (1984:190), Western self is egocentric contractual, while the self of otherRead MoreTattoos Have Different Meanings Or Significance1615 Words   |  7 PagesIn various societies, tattoos have had different meanings or significance. They have been popular for thousands of years in different cultures, as a common form of body modification. They can be symbolic of one’s self-expression, ‘a mark of individuality’, and body alteration as a compelling symbol. (Tiggemann Golder, 2006; Patterson Schroeder, 2010 as cited in Atik Yildirim, 2014). Tattoos have been around for so many years that its existence is unclear thus its origin remains a debate inRead MoreEssay on The Fear of Fat Criterion Within the DSM IV1626 Words   |  7 Pages As our society is bombarded with the images of manufactured beauty and â€Å"thinness†, conversations increasingly center on dieting and body dissatisfaction. 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Personal Healthy Living Plan Free Essays

Personal Healthy Living Plan 1. Feb. 19. We will write a custom essay sample on Personal Healthy Living Plan or any similar topic only for you Order Now 2013| Food Eaten| How much Eaten| Breakfast| Milk| 1 cup| Lunch | Salmon Lettace Sandwich | 1 Normal sized Sandwich | Dinner| RiceBeefTomatoesEggs| 1 bowl Few slicesAround 1 whole tomato | Snacks| Candy| 2 piece | Feb. 20. 2013| Food Eaten| How much Eaten| Breakfast| Soy Milk| 1 cup| Lunch | Cup noodle| 1 Serving | Dinner| FruitsCreme SoupSpaghetti | 2 Whole Oranges | Snacks| Chips | 70g bag of Chips | Feb. 21. 2013| Food Eaten| How much Eaten| Breakfast| Water| 1 cup | Lunch | RiceChickenRadish| 1/2 a bowlFew piece 3-4 piece | Dinner| Chow Mein -Carrots-beef-lettace-mushroomsSteamed FishFruit| 1. 5 bowl 1 Orange | Snacks| Candy | 6 piece. | Physical Activities: Job Around the neighborhood every Mon, Wed, and Fri; depends on the weather. 4. Notes of Canada’s good guide -Eat at least one dark green and one serving vegetable each day -Choose vegetables and fruit prepared with little or no added fat, sugar or salt. -Have meat alternatives such as beans, lentils and tofu often – Consume at least two servings of fish each week -Use vegetable oil such as canola, olive and soybean Make at least half of your grain products whole grain each day -Have real Fruits and vegetables Compare your eating habits with the recommendations found in Canada’s Food guide. Base on what the food guide says, what menu changes, if any, would you make to the meals you ate over the three days you tracked and that you eat in general? Why? Compared to my eatin g habits for the past three days, to the eating baits with the recommendations found in Canada’s Food guide, it seems like my habit is a little off from being healthy. I should eat a little more for breakfast, and sometime more healthier during lunch. I might try adding oatmeal and toasts to my breakfast meal, and provide more fruits and vegetables for lunch. After these small changes, I think I eat pretty healthy since I usually eat at least 1-2 servings of rice, noodles, vegetables, and meat for dinner. For the past 3 days, I ate multiply of candies. It contains a lot of sugar and if I continue on eating candies every day, it will affect my health. Regular Exercise Routines 1. Explain what exercise routines youa re currently involved in. Hwo do these connect to the completeion of your daily physical activity (DPA) requirement? 2. What are someof these challenges you personally encounter as you develop or maintain a regular habit of exercise? 3. What benefits does a regular exercise provide you personally? 1. For daily physical acitivity requirement, we must document and report a minimum of 150 per week fo physical activity. The exercises that I involved in are the same as my DPA requirement. I play badminton with my friends every weekend and I job around the neighbood at least once a week. 2. I had a hard time maintaining a regular habit of exercising, due to the weather 3. A regular exercise can improve my mood and help my sleeping schedule. It will also benefit my health by exercising regularly. It also increase the opportunity in finding a better job and creating a better future. Emotional Health Management 1. What does it mean to be emotional healthy? 2. Visit the Canadian Mental Health website and read about stress. Take the stress test and record your scoare. 3. How do you positively manage your emotions when you get uncomfortable with them? Give 2 real life example of this and describe any techniques/strategies you used to help you during these times. 1. Emotional health means the degree to which you feel secure, stable and relax in everyday life. Living a happy life is what makes us worth living. 2. I got 10 score for the stress test. 3. When I get uncomfortable stress, I talk to my friends and family. In certain degree of stress I do varieties of things, including shopping, gaming and movie night. Talking out with my friends helps me relief my stress and other activities allows me to keep my mind off of being unhappy. Positive Health Choices 1. Ive decided to include more vegetables and fruits in my diet, as I lack greens in my diet. It is important so I can have a healthier body. As for exercise, I’ve decided to go to the oval more often to work out. This will make me more fit and it will also help me improve my lever of proactively as exercise help clear mindsets, improve stress management, and make a person more positive. As for emotional health I intend to trust my problems with my current friends and families. 2. Fortunately, I do not consume any illicit drugs or alcohol, and I do not have any plans in the future to do so either. Alcohol will only do harm to my body. It does not only affect my health, it will also affect my family as well. If I were to be in a relationship or any that involves with my sexual health, I would gladly to say no to them; for I am too young. How to cite Personal Healthy Living Plan, Papers

Supporting Change within Organisations for Business- myassignmenthelp

Question: Discuss about theSupporting Change within Organisations for Business. Answer: Introduction This report has been executed on Supporting change within organisations which will discuss the different aspects related to change and management of change in an organisation. Change is an important part of every organisation which affects the functioning and performance of the organisation. Management of change needs to be done in a proper manner for enhancing the performance of the organisation. Farm superstores need to analyse these changes and manage these changes in an effective manner. This report will discuss the various factors responsible for the change, the impact of the change, factors involved in the change process, approach for change management, different behavioural responses and ways for supporting the individuals during organisational change. Factors explaining the reason behind need to change in the organisation Changes are occurring in the different factors present in the business environment which affects the performance of the business. These factors which act as reasons behind the need to change in Farm superstores are stated below: Technology: technological advancements or changes are taking place due to which business need to implement the change. Innovations in the technology forces Farm superstores to adopt the change for enhancing the performance by implementing technological advancements (Kaynak Basi, 2010). Competition: there has been a rise in the level of competition in the industry. This increase in the competition has forced the businesses to adopt the change. Improvement in the process: improvement in the process is another reason which is responsible for the need to change. Change in the legal framework: Change in the legal framework affects the operations or processes of the business. This change in the legal framework results in a need to change. Identification of opportunities: main motive of every business is growth and for the attainment of this objective business need to identify the opportunities and implement the changes for grabbing the opportunities (Jean, 2010). Change in customer needs: change in the taste and preference of the customers can affect the current process or structure of the business. Impact of change on organisation Change can be explained as the alterations taking place in the work environment of the business. Modifications and changes are required in the structure and processes of the business. For the survival of the business, there is a need to implement the changes taking place in the business environment. Changes are taking place at the workplace of the business due to various factors. These changes can affect the farm superstore in different ways. These ways in which change affects the business are discussed below: Change can result in an enhancement in the efficiency of the company. The change will help the Farm superstore in coping with the changing aspects of the business environment. Implementation of change can enhance the quality of the operations of the business which will contribute towards the efficiency of the Farm superstore (Avey, et. al., 2008). Staying current and updated: implementation of the changes taking place in the elements of the business environment helps the organisation is staying updated. It is vital for a business to stay updated so as to identify the opportunities available in a better manner. Grabbing opportunities available: change management will help the Farm superstore in preparing for dealing with the changing aspects and issues by identifying the opportunities available (Smollan, et. al., 2010). Factors involved in change process For the implementation of change, a change management process has to be adopted by Farm superstore for ensuring that process is successful. Change management is considered as a complicated issue which needs to be dealt in a proper manner. Adjustments for the implementation of the change need to be done properly for ensuring the functioning of the business is not getting affected. There are various factors which play a vital role in the change process. Successful chances of the change management are dependent on these factors. These factors are stated below: Plans: plans need to be formulated before implementing the change properly. Plans will outline the base on the basis of which change will be implemented (Frederick, 2014). Communication: communication is the most important factor for the change management process. Farm superstore must communicate the plans and change which it is planning to implement. Farm superstore may face resistance from the employees which can be dealt effectively with the use of effective communication. Motivation: managers of the Farm superstore need to motivate the employees for contributing to the implementation process of the change. Their support is required for successful implementation of the change (Wittig, 2012). Delegation: tasks of the change management process need to be delegated among the workforce for ensuring that the outcomes are achieved (Desson Clouthier, 2010). Comparison between approaches for change management Different approaches are available for change management which can be adopted by Farm superstore. These approaches or models for change management are Lewins Change Management Model, McKinsey 7 S Model and Kotters change management theory. Lewins Change Management Model recognises three stages which are unfreeze, transition and refreeze. In the unfreezing stage, the focus is on gaining the support of the employees by overcoming resistance to change. In the second stage, change management process is initiated. In the last stage, the stable position is attained. Farm superstore can use this model for dealing with the change in an easy manner but it is a time-consuming approach (Quick Base, 2012). On the other hand, McKinsey 7 S Model recognises 7 stages which are structure, systems, shared values, style, staff and skills. This model will help in developing a better understanding of the organisation. Emotional and practical components of change are considered in this model. The focus of this model is on every stage so as to cover every aspect in a proper manner. One limitation of this model is dependence on each other which can affect the performance of the model (Anastasia, 2015). On the other hand, Kotters change management theory recognises 7 stages which help in the implementation of the change in a proper manner. This approach is an easy approach where every stage is performed one after one. This approach focuses on preparation and acceptance of the change (Quick Base, 2012). Comparison between behavioural responses Different individuals can respond in a different manner towards the change which company is planning to implement. Different levels of the Farm superstore can respond in a different manner such as individual level, team level, department level and organisational level. Farm superstore needs to deal with different behavioural responses in an effective manner. Strategies can be used for the purpose of coping with these behavioural responses of different levels of Farm superstore (Reynolds, 2015). At the individual level, an individual may fear of losing the job, lack of clarity in the roles assigned, fear to perform the new roles and fear related to job security. At the team level, the team may fear of the change in the roles may arise due to the change proposed by the business or change in the composition of the teams. At the department level, the department may fear of the restructuring of the department by the organisation. At the organisational level, fear may be related to the restructuring of the organisation, relocation, takeovers and mergers (Pollack, et. al., 2013). Ways which can be used by HR for supporting individuals during organisational change HR can deal with the change and support the individuals working in the organisation for the implementation of change in a better manner. HR can use different ways for coping with the organisational change. These ways include: An HR can respond to the queries of the individuals for explaining them the importance of change for the organisation and making them understand the role of their support in implementing change. Employees may develop fears due to the change and lack of clarity regarding the change. HR can provide clarity to the views of the employees (Domingues, et. al., 2017). HR can define the role of every individual for the implementation of change in a proper manner. HR can explain the responsibilities of every individual which they need to fulfil for the purpose of supporting the proposed change. HR can adopt an approach for engaging the employees so as to ensure that they are in the favour of the change which business is planning to implement the change. The attitude of the staff can be changed with the help of this approach adopted by the HR (Reynolds, 2015). Conclusion Thus, from the above discussion, it can be stated that change management is an important aspect for every organisation. An organisation needs to identify the changes taking place in the business environment so as to eliminate the impact of these changes on the performance of the organisation. This report has covered different aspects related to the change and change management. This report has explained the reason behind the need to change, the manner in which change affects the organisation, key factors forming part of the change process, approaches which can be applied for management of change, analysing the impact of the change and role played by HR in supporting the employees for accepting the change. References Anastasia, 2015, Major approaches and models of change management, Cleverism. Avey, J. B., Wernsing, T. S. Luthans, F., 2008, Can positive employees help positive organizational change? Impact of psychological capital and emotions on relevant attitudes and behaviors, The Journal of Applied Behavioral Science, 44(1), 48-70. Desson, K. Clouthier, J., 2010, Organizational Culture Why Does It Matter?, IAEA. Domingues, A. R., Rodrigo, L., Ceulemans, K. Ramos, T. B., 2017, Sustainability reporting in public sector organisations: Exploring the relation between the reporting process and organisational change management for sustainability,Journal of Environmental Management, 192, pp.292301. Frederick, P. R. H., 2014, Organisational Behaviour and its Role in Management of Business, Global Journal of Finance and Management, Volume 6, Number 6, pp. 563-568. Jean, P. L., 2010, Change Management: Some preliminary key factors to succeed in leading people, Linnaeus University. Kaynak, E. Basi, R. S., 2010, Contextual Management: A global Perspective, Routlege. Pollack, J., Costello, K. Sankaran, S., 2013, Applying ActorNetwork Theory as a sensemaking framework for complex organisational change programs,International Journal of Project Management, 31(8), pp.11181128. Quick Base, 2012, Three Types of Change Management Models, Quick Base. Reynolds, N. S., 2015, Making sense of new technology during organisational change,New Technology, Work and Employment, 30(2), pp.145157. Smollan, R. K., Matheny, J. A. Sayers, J. G., 2010, Personality, Affect and Organizational Change: A Qualitative Study, Research on emotions in organizations, Vol. 6, pp. 85-112. Wittig, C., 2012, Employees Reactions to Organizational Change, OD Practitioner, vol. 44, No. 2.

May SwensonS Women Essays - May Swenson, Literature, British Poetry

May Swenson'S Women In May Swenson's poem, Women, the imagery and structure work very well with the content of the poem. Swenson writes a poem about women and what they should be. At first glance, the image of the poem could be a play on women and their curves. However, once the reader examines the content of the poem, it is clear that Swenson is using the image of the poem to play on what women should be, or perhaps what they are perceived to be. The first stanza says that women should be moving to the motions of men. This is clearly seen in how the poem is moving across the page. However, the perplexing part of this stanza is that Swenson says that women should be pedestals. When thinking of a pedestal, the reader might imagine that a woman should be held as a position of high regard and adoration. This seems to be an impossible task to undertake when Swenson suggests that a woman should be reliant upon the man for her movement. The last part of this stanza discusses how women should be little rocking horses. This seems to portray an image that a woman is merely a childish prize. This relates back to childhood and how the prettiest toy is always the best, and children always want the best toy or prize. Still, this part of the stanza gives another image of how women should be moving, just like the poem. The second stanza, which is swaying back in the opposite direction form the first, seems to take a different turn to how women should be. This middle stanza possesses an almost a negative connotation, which is very hard to interpret. However, this negativity seems to be only sarcasm. Swenson writes about the ears of a horse, which a child might hold onto while riding. This could be interpreted to have a sexual content, but this may not be how the author meant to come across to the audience. The imagery of this stanza, which seems to be rocking back in the opposite direction of the first, is shown in the words of a young child riding their rocking horse. The last part of this stanza brings more of an insight to the structure of the poem. The rocking horse is to be chafed feelingly and unfeelingly. This back and forth movement of emotions could signify how some people viewed women. Perhaps, that once again women are only prizes to be owned and used. However, Swenson writes that these rocking horses are to be rockingly ridden. Once again, what should be of women is in some kind of context involving movement. This movement is then mirrored in the rocking of each stanza. The last stanza begins very strangely with the word immobile. There is a very strong sense of motion in the first two stanzas and now there is a sudden stop and pause. This emphasizes how Swenson characterizes women with the next few words: sweetlipped, sturdy, and smiling. This last thing that Swenson describes women as being is always waiting. This is a very drastic change from moving pedestals and rocking horses. Women are now very still and stagnate, waiting to be set into motion by men. This seems to be an irony that Swenson is working with. First they are moving and almost being used. However now they are very still, and just waiting to be used. The change in each stanza is seen in the visual aspect of the poem. It begins by being like a moving pedestal and a sweet prized rocking horse, rocking back and forth. The poem then takes an ironic turn and shows a dramatic change in the last stanza, which is represented by a shorter and more standstill type of view. This visualization gives a deeper look into the poem, and shows the ironic part which may not be easily detected in the literal terms. Poetry Essays

Free Essays on Why Drop Out

Why Drop Out? Each fall a new crop of first year college students, wavering between high hopes for the future and intense anxiety about their new status, scan college maps searching for their classrooms. They have been told repeatedly that college is the key to a well-paying job, and they certainly don't want to support themselves by flipping hamburgers or working at some other dead-end job. With notebooks ready, they await what college has in store. Unfortunately many of them, indeed over thirty percent, will not return after the first year. Why do so many students leave? There are several reasons. Students leave college because they either find the academic program too hard, lack the proper study habits or motivation, fall victim to the temptations of the college environment, or simply for preexisting personal reasons. Not surprisingly, the academic shortcomings of college students have strong links to high school. In the past, a high-school student who lacked the ability or desire to take a college-preparatory course could settle for a diploma in general studies and afterward find a job with decent pay. Now that possibility scarcely exists, so many poorly prepared students feel compelled to try college. Getting accepted by some schools isn't difficult. Once in, though, the student who has taken nothing beyond general mathematics, English, and science faces serious trouble when confronted with college algebra, freshman composition, and biological or physical science. Most colleges do offer remedial courses and other assistance that may help some weaker students to survive. In spite of everything, however, many others find themselves facing ever-worsening grade point averages and either fail or just give up. Like academic shortcomings, poor study habits have their roots in high school, where even average students can often breeze through with a minimum of effort. In many schools, outside assignments are rare and so easy that they re... Free Essays on Why Drop Out Free Essays on Why Drop Out Why Drop Out? Each fall a new crop of first year college students, wavering between high hopes for the future and intense anxiety about their new status, scan college maps searching for their classrooms. They have been told repeatedly that college is the key to a well-paying job, and they certainly don't want to support themselves by flipping hamburgers or working at some other dead-end job. With notebooks ready, they await what college has in store. Unfortunately many of them, indeed over thirty percent, will not return after the first year. Why do so many students leave? There are several reasons. Students leave college because they either find the academic program too hard, lack the proper study habits or motivation, fall victim to the temptations of the college environment, or simply for preexisting personal reasons. Not surprisingly, the academic shortcomings of college students have strong links to high school. In the past, a high-school student who lacked the ability or desire to take a college-preparatory course could settle for a diploma in general studies and afterward find a job with decent pay. Now that possibility scarcely exists, so many poorly prepared students feel compelled to try college. Getting accepted by some schools isn't difficult. Once in, though, the student who has taken nothing beyond general mathematics, English, and science faces serious trouble when confronted with college algebra, freshman composition, and biological or physical science. Most colleges do offer remedial courses and other assistance that may help some weaker students to survive. In spite of everything, however, many others find themselves facing ever-worsening grade point averages and either fail or just give up. Like academic shortcomings, poor study habits have their roots in high school, where even average students can often breeze through with a minimum of effort. In many schools, outside assignments are rare and so easy that they re...

Amadeus Essay

Amadeus Is a affectionately account of the relationship between Mozart and Sellers. Mozart Is shown as an exceptional musicals considered today by some to be the greatest of all geniuses in his field having knocked out compositions for assorted solo instruments, opera and symphonic orchestras by the time he was thirty-five years old. Saltier was a talented composer and, had Mozart never lived, he albums might have been available for sale today. . The film Amadeus is fairly accurate although it exaggerates and oversimplifies and appears to take greatest arrant In the area which Is central to the film, the relationship between Mozart and Saltier. II. The relationships of both Mozart and Saltier to life, music and creativity shed some light on the questions raised with respect to the relationship between God and man, although at times that light is confusing and contradictory.Amadeus: Mozart and Salaries The genius Mozart and the frustrated Saltier and their turbulent relationship are the centerpieces of the film, but the setting of Vienna Itself at the hectic end of the eighteenth century Is also a character. It Is an era of great creative turbulence but nee which nevertheless did not take easily to Mozart brilliant compositions. The talented but conventional and limited Saltier, on the other hand, was favored by those with the power to elevate artists to heights of fame.The film delves into this struggle of Mozart for recognition in an allegedly Enlightenment-oriented Viennese society, and In doing so Is certainly not far from accurate. Mozart and his family were needy due to absurdly low fees for his teaching, the neglectful public who did not understand or appreciate his operas, the businessmen who cheated him. The film s not truly biographical with respect to either man. While Saltier, the narrator, does straightforwardly cover the early life of his rival, that period is far less crucial than the final ten years of Mozart life which the film focuses on.That early life depicts Mozart as a musical prodigy, touring with his father Leopold (a great influence in his life) and sister through Europe, his ample and liberal education, and his first serious compositional operatic effort In music. In keeping with M ozart commitment to individuality (one aspect of the Enlightenment he began to show more independence from his fathers influence later in life. For example, Mozart married a woman in defiance of his fathers wishes in Vienna.More importantly than choice in women to Mozart, however, was his artistic and creative freedom. In a letter to his father from Vienna, at roughly the beginning of the ten year period covered in the film, Mozart expresses bitter disappointment at his fathers protest against his sons angry denunciation of the Archbishop (l hate the Archbishop to madness! ) and his All of these basic facts of Mozart life are roughly accurate resignation at Vienna. Is the portrayal of Saltier as a man who is generally more favored by the Viennese, especially the elites. The greater favor Saltier receives does not gratify him, however, because he knows Mozart is the better composer. The film begins to stray into exaggeration when it zeroes In on its true concernthe last decade of Mozart life In Vienna and his relationship with Saltier. Although the film portrays the two as recognize a rivalry but mention Saltier only a few t imes and then with digressiveness. He greatest inaccuracy seems to be in the most compelling and important part of he film in which Mozart dies from Galleries hand after dictating his final work to his rival. In reality, it appears that this murder, in effect, is a storytelling fantasy for dramatic purposes. Davenport states that the murder was a vicious rumor which, unlike what we see in the film, Saltier vociferously denied: No human hand had poisoned Wolfgang, but in his desperate hours [Mozart] wove the idea out of his harried brain. Saltier was horrified when the ghoulish tale reached him. Davenport also notes that Galleries bitter Jealousy of Mozart softened as he aged and in the end e expressed admiration for his dead rival (Davenport Mozart shared the liberalism of the Enlightenment artist in terms of his innovative and revolutionary artistry, but Saltier was far more the rationalist, another essential aspect of the Enlightenment. The difficulty in applying Enlightenment standards to Mozart in particular is that he was far more the genius/artist than he was a philosopher, or scientist, or rationalist, and those concerns were paramount in the Enlightenment.Certainly his music was guided and shaped by an order which Mozart genius Imposed, but what makes Mozart music and personality extraordinary is that they Newer marked by that genius which suggests a more intimate relationship between and him than most human beings ever experience. There is the sense in a prodigy that the raw and brilliant stuff of life is exposed in all its wildness, despite the fact that Mozart labored and studied with great dedication and energy to produce his musical works. Saltier, on the other hand, was far more the controlled man, the man whose passions did not carry him away as they did Mozart.Perhaps it Mould be fairer to see Mozart as the Romantic Genius and Saltier as the Enlightenment Thinker. The latter contrast between Saltier and Mozart makes up the heart and soul of the film. For example, except for the final scene in which Saltier Norms with Mozart and we see the process of the genius of Mozart in its full expression, the film seems to suggest that creating incredible music came easy to Mozart. However, the composer himself declared, People make a mistake who think my art has come easily to me. Nobody has devoted so much time and thought to composition as l. There is not a famous master whose music I have not studied over and over (Secure). The creative, artistic character, especially in its extraordinary or genius form, is complex and contradictory. In order to create a more dramatic and perhaps more simple story, author Peter Shaffer and director Mills Forman chose to emphasize the wilder aspects of Mozart and the more controlled aspects of Saltier. Rhea complexities of both men, apparent in more historically-based accounts, are forfeited to the drama of this exaggerated and simplified contrast.The choice reduced an exciting and popular film (which is amazing itself for the life of two classical composers dead two hundred years), but an inaccurate historical portrait of those men. The films portrayal of the two composers as being so completely foreign to one another is to fail to see that there is indeed in every artist both an active heart and mind. One dominates, but the other must be engaged. The heart must inspire the mind, but the mind must channel the heart. Mozart was no more all heart than Saltier was all mind, but that is the extreme contrast the film tries to portray.Both the Enlightenment. Certainly Mozart sought liberation from religious, social or any other restriction in terms of creative expression, while Saltier, especially as portrayed in the film, was indeed inhibited by many such considerations of conformity and the need for acceptance. On the other hand, Mozart expressed obedience to Gods will, if not to religion. The Requiem sequence in the film is crucial to an understanding of both Galleries and Mozart world views (their perspective on what art is, what their relationship with God is, where they fit into the world, etc.While watching the opera Don Giovanni, Saltier realizes a terrible way that he can triumph over God. It is both a triumph over Mozart as well as God, however that Saltier seeks. In fact, it seems that Saltier himself feels so separate from God, so unappreciated and unrewarded by God, in comparison to Mozart (who appears so close to God in his genius and the sublime music he creates), Saltier feels he must defeat God rather than love or be loved by Him.He madly equates God with the brilliant Mozart, and believes that stealing the life and the music from Mozart will give him a victory over ND Mozart. He disguises himself in the same outfit worn previously by Mozart father Leopold and tricks Mozart into writing a requiem mass. This terrible scene leads eventually to the death of Mozart, directly or indirectly caused by the Jealous and maddened Saltier, but before the end, Saltier enters for the first time (along with the audience) into the thrilling process of Mozart genius in the act of creating.Saltier was talented but unable to create such astounding music himself. At least he has seen what it is like to be near genius in action as Mozart on his deathbed estates his last piece, the Confutation, to the enthralled Saltier. Saltier lived a much more controlled and controlling life than the passionate Mozart, and this is reflected in the film, with, again, the writer and director choosing to emphasize the differences between the two men and excise any signs of similarity in terms of personality.For the sake of film storytelling, the greater the contrast in the two leading characters, the better the drama. The films creators in the most inaccurate part of the film have simply stuck together separate facts which are in evidence (the viably, the creation of the Requiem, the death of Mozart, Mozart deathbed paranoia caused by not only his dying but a life of struggle and lack of appropriate recognition) and produced an imaginary set of scenes in which Saltier played a far more central role than he did in fact play.Certainly, as the sources unanimously state, Saltier in life and history did not take credit for killing Mozart, or even for wishing him dead. To the contrary, he was by all accounts horrified and haunted that anybody would think he would do so. In the film, however, the desire for Mozart death at Galleries hand is expressed explicitly by Saltier: Echo mi. [Behold me. ] Antonio Saltier. Ten years of my hate have poisoned you to death. Mozart cries for God and Saltier responds {in the atheistic position associated with the Enlightenment), God?!God will not help HOLD! God does not Help! God does not love you, Amadeus! God does not love! He can only use! He cares nothing for whom he uses: nothing for whom he denies! The Norms are entirely invented, but they are likely indicative of the true view of Saltier: that his virtuous and hard work was not properly rewarded by God, while Mozart Unawareness and easy genius were flooded with rewards. The latter assumption, of course, is preposterous, for Mozart died in poverty.

Nursing Shortage in the United States Essay Example | Topics and Well Written Essays - 1000 words

Nursing Shortage in the United States - Essay Example This paper will describe the impacts of the nursing shortage on health care consumers, nurses, and public health. It will examine the debate surrounding the nursing shortage and explain how the issue is being addressed on local, state, and national levels. Finally, the paper will propose some ideas for minimizing the nursing shortage problem. The shortage of nurses in America's hospitals results in negative impacts for health care consumers, nurses, and the health care system. A survey conducted by Beurhaus et al. (2005) examined the experience of RNs, physicians, hospital CEOs and CNOs with the nursing shortage and analyzed the results in terms of nurses' ability to meet the six Institute of Medicine (IOM)-established aims for high quality health care systems: patient-centered, effective, safe, timely, efficient, and equitable. The survey found that each of these criteria for quality of care suffered due to the nursing shortage (ibid.). In terms of direct patient care, the nursing shortage results in a decline in the quality of patient care. The Beurhaus et al. survey (2005), found that patient care suffered specifically because of a delayed response by nurses to pages or calls, patients increasingly complaining about care, staff communication problems, and increasing physicians' workloads. The results of the decline in patient care are worrisome. An American Nurses Association (ANA) fact sheet about the national nursing shortage (2008) highlights the results of recent studies published in medical journals that show how the shortage puts patient's lives in danger: "If hospitals increased RN staffing, more than 6,700 patient deaths and four million inpatient days could be avoided each year." "Every additional full-time nurse per patient day was associated with a 9% reduction in mortality in intensive care patients and a 16% reduction in mortality in surgical patients. In addition, every additional patient per RN shift was associated with a 53% increase in pulmonary failure, a 43% increased risk on unplanned extubation, a 7% increased risk of hospital acquired pneumonia, and a 17% increased risk in other medical complications." "Nursing shortages were found to correlate with longer lengths of stay, increased incidence of urinary tract infections and upper gastrointestinal bleeding, higher rates of pneumonia, shock and cardiac arrest. Increased hours of RN care resulted in fewer "failure-to-rescue" deaths from pneumonia, shock or cardiac arrest, upper gastrointestinal bleeding, sepsis and deep venous thrombosis." The impact of the nursing shortage also adversely affects nurses. In relation to their interaction with patients, nurses suffer because they have less time for collaboration within staff teams, face greater difficulty maintaining patient safety, are less able to detect complications early on, and have less time for patients (Beurhaus et al., 2005). In order to compensate for a lack of staff,

Compare and Contrast Research Methods Essay Example | Topics and Well Written Essays - 1250 words

Compare and Contrast Research Methods - Essay Example To begin with, the prime reason for the development of increasingly complex research methods is to enhance their effectiveness regarding to their ability to predict human attitudes and behaviors (Malhotra, 2008). In order to establish the comparison between various research techniques, it is mandatory to define the key terms. Management Style Guide online (2008) explains Projective Techniques  as the methods of investigation developed by psychologists, which are unstructured and indirect. The aim is to uncover the projection of the subjects regarding the underlying motives of the researcher. It provides information about the intentions of participants which cannot be obtained by direct questioning owing to certain limitations e.g. inability of participants to figure out the issue themselves, resistance to reveal, etc. It is in fact a disguised-unstructured qualitative technique in which aim of the researcher is kept veiled from the subjects from which information is obtained (Steinman, 2009). Due to the same reasons, attitude surveys nowadays use the help of projective surveys and so do motivational studies and researches. Examples: Projective techniques are applicable in various fields of life, ranging from psychological and social all the way to business and marketing researches. Will et al (1996) as cited by Steinman (2009) demonstrates some of the uses of projective techniques when it comes to opening discussions are extremely useful in opening discussions or in socially sensitive issues which might not be successfully elucidated owing to social and cultural norms and to avoid embarrassment on part of the subject. In social research, these may include; In the field of business and consumer research, an example can be taken from the work of Donoghue (1998) who demonstrated the use of projective techniques with the purpose of revealing consumers’ hidden attitudes, feelings, beliefs and motives that are intimately associated

Run a Better Business with Accounting Essay Example for Free

Run a Better Business with Accounting Essay Accountants are a crucial part to my business success. The key is finding the right professional to provide the services that my business needs to advance. ( http://www. wahm. com, paragraph 1) I as a business owner/manager must educate myself on the questions to ask and the services that will help me achieve my goals. I realize that it can become a little overwhelming, but here are 5 things you need to consider before you hire that accountant. ) Does the accountant demonstrate the ability to help find ways to get you financial gain? 2) Will the accountant be accurate and trustworthy? 3) Is the accountant up to date with their own taxable responsibilities? 4) What tools does the accountant harbor that will help you in your financial gains and losses? 5) Does the accountant’s references hold credibility? These are crucial questions to use when searching for the right financial advice and planning. The accountant or accounting classes are crucial to keep finances, documents, and records balanced, as well as being organized. It is proof for the operation of any business. Financial statements show the physical numbers of the cash flow and losses, they also make it easier to prove to a bank if ever a loan is needed. (http://www. oakhillbp. com paragraph 2) Having an accountant or the skills of one is beneficial and highly crucial to keep your business clear and clean for government and mind. The three other reasons accounting knowledge is helpful to a business owner or a person starting his/hers business are knowing where the money is going to be used on. Knowing what your cash flow is and how much you have in bank accounts here in the states or over seas Of all the troubled businesses I have looked at, I have never seen one that had a good up-to-date small business accounting system in place. Good accounting may have kept them out of trouble all along. And yet, it is one of the single most important aspects of starting up and operating your small business.

The Role of Women in Homer’s Iliad Essay -- Iliad Thetis Andromache He

The Role of Women in Homer’s Iliad Homer’s Iliad is undoubtedly focused on its male characters: Achilles, primarily, but also Hector and Agamemnon. Nevertheless, it seems that the most crucial characters in the epic are female. Homer uses the characters of Thetis, Andromache, and Helen as a basis for comparison to the male characters. Homer wants his audience to see and understand the folly of his male characters in choosing war over peace, aggression over kindness, and honor over family. While the behavior of these characters clearly speaks for itself, the contrasting attitudes and behaviors of the female characters proffer an alternative; in comparison, the reader can hardly fail to concur with Homer’s message that war, aggression, and honor are misplaced and self-defeating values. The men of the Iliad are very emotional individuals; however, the emotions they express are consistently rage, pride, and jealousy. Achilles and Agamemnon jealously bicker over Briseis, a war prize that neither man particularly values. Agamemnon eventually returns her to Achilles with the admission that he never actually coupled with her; Achilles is less-than-enthused to have her back. Not only is Briseis, as a woman, regarded less as a human being as she is chattel, but the real issue dividing Agamemnon and Achilles is petty jealousy and pride. This is symptomatic of a general attitude among men that "might makes right," and the only priority is to exert a dominance over others whenever possible and at any cost. Achilles is willing to risk the lives of his compatriots and eventually forfeits his own life in pursuit of glory. Hector also loses his life and fails his family and country for glory despite having weighed the alternatives and con... ... remembered for their great glory. Kindness, to them, is a weakness; yet ironically, it is their kindness for which they are remembered and mourned by those who loved them best. One role of the women of ancient Greece was mourning for the dead; the lamentations of the women in the Iliad are a role well fulfilled. Works Cited and Consulted: Calame, Claude. Choruses of Young Women in Ancient Greece : Their Morphology, Religious Role, and Social Fucntion.  Trans. by Derek Collins and Jane Orion. 1997. Sissa, Giulia. 1990. Greek Virginity. Trans. by Arthur Goldhammer. Cambridge, MA: Harvard University Press. Orig. pub. as Le corps virginal. 1987. 000: Librairie Philosophique J. Vrin. Steiner, George, and Fagles, Robert, eds. Homer: A Collection of Critical Essays. Twentieth Century Views, ed. Maynard Mack. Englewood Cliffs, N. J.: Prentice Hall, 1962.

Case Study Investigation Essay

Abstract This scientific research investigates about nowadays scientific advances. Two scientific advances which are RTerg and ultra-low-power digital memory have differences and similarities that were analyzed from 6 different internet resources. RTerg contribute more in human progress compared to the ultra-low-power digital memory because it can reduce death toll caused by tsunami. This research confirmed the thesis statement although some may have different opinions according to their different point of views, but it is recommended that RTerg should be properly placed and people that operate RTerg should be properly trained. 1.0 Introduction These days technology keeps improving and becoming more helpful to human beings. Now, technology can even prevent/reduce unnecessary death and can increase an object ability to its maximum capacity. This investigation purpose was to compare and contrast 2 different scientific advances. The  first scientific advance is called RTerg. RTerg is a new system which can warn of tsunamis within minutes. The second scientific advance is called ultra-low-power digital memory. This ultra-low-power digital memory is a new technology that would dramatically extend battery life for mobile devices. This research was expected to show that RTerg contribute more in human progress compared to the ultra-low-power digital memory. 2.0 Methodology This scientific case study investigation was based on 6 different internet sources. The first 3 sources were about the tsunami and the system, and the other 3 were about the new technology which can extend battery life. These sources were used to support the fact of this scientific investigation. The sources were used to compare and contrast the data and to find the differences and the similarities of the text discussed. The data was used to present the table. 3.0 Findings Topic 1 Aspects to be examined Topic 2 RTerg Scientific advance? Ultra-low-power digital memory Tsunami Issue? Battery life Earth science Part of science? Chemistry, Physics Andrew Newman, March 4, 2011 Discovered by? When? Eric Pop, March 10, 2011 Measurement of magnitude Previous strategy? Array of memory bits Reduce death tolls Contribution to human progress? Improves anything that uses battery Similarities: Cause good impacts Efficient New invention Contribute to human progress There are differences and similarities between both scientific advances. Both have different issue and historical perspective. The first scientific advance (RTerg) discuss about reducing death toll caused by tsunami and before it was invented, they used a strategy by measuring the magnitude. The second topic discussed about the battery life which drain fast. And before, the strategy used was by creating arrays of memory units which operate together. The first topic is part of earth science since tsunami is a natural disaster and was discovered by Andrew Newman, March 4, 2011. The second topic is part of chemical and physical science because they need to count the energy use and the material they should use to produce efficient battery, and was discovered by Eric Pop, March 10, 2011. The similarities contribute in bringing good impact and efficient in human life, also both are still considered as new technologies. 4.0 Discussion The new system which can warn of tsunamis within minutes (RTerg) is very useful because tsunamis may occur anytime and people usually are unaware of the signs, which may cause large amount of death. The most destructive and deadliest tsunami happened in 2004. The tsunami killed almost 250,000 people in Sumatra, Indonesia (Phillips 2011) because the citizens/communities didn’t get enough information of what will happen and some didn’t get the proper knowledge about the signs before tsunami that made them unaware and became victim of this destructive and deadly disaster. With this new system, death rate caused by tsunami can be reduced or even prevented. This new system inform the population near the location to evacuate to safer place only minutes after the initial earthquake because people usually didn’t realize the signs of tsunami since the earthquake felt like an order of  magnitude smaller than it supposed to be (New system can warn of tsunamis within minut es 2011). This new ultra-low-power digital memory is also useful to human progress because people can communicate longer and save their time waiting for their mobile devices to fully charge. Gadgets these days usually run out of battery after few hours of full use and wouldn’t last for a day. This new technology is also important to other devices that use battery, for example, satellites, military equipment, etc. (New technology would dramatically extend battery life for mobile devices 2011). Apart from long lasting battery life, this new battery is small in size. This battery use ultra-low-power memory to minimize the energy used for mobile activity. The battery also use nanotubes which is known for its extraordinary stability, since they are not vulnerable to degradation which can cause plague metal wires. (New technology would dramatically extend battery life for mobile devices 2011) RTerg is expected to contribute more in human progress because RTerg warn peoples/citizens near impact zone before the tsunami happens and they can be more prepared to what will happen next. Lives will be saved, those lives may be one of the peoples who will be successful in the future and they may invent more advanced technology. The research was effective since the sources used for this research was easy to obtain. 5.0 Conclusions and Recommendations To conclude, RTerg contributes more to human progress compared to the new technology which can extend battery life because the warning by the RTerg can save thousands of life. It is recommended that: 1. RTerg should be installed in places where tsunamis happen often 2. People who operates RTerg should be properly trained so RTerg can work with its maximum ability 3. People should read about this report so they may know more about this information References New technology would dramatically extend battery life for mobile devices (2011), (e) Science News [online]. Available from: http://esciencenews.com/articles/2011/03/10/new.technology.would.dramatically.extend.battery.life.mobile.devices [Accessed 10 March 2014] Two Technologies Could Significantly Increase Your Next Smartphone’s Battery Life (2011), Brighthand [online]. Available from: http://www.brighthand.com/default.asp?newsID=18391&news=Battery+technology+Qualcomm+Mirasol+displays+Improving [Accessed 10 March 2014] Nanostructures Boost Battery Life Fivefold (2013), MIT Technology Review [online]. Available from: http://www.technologyreview.com/news/509501/nanostructures-boost-battery-life-fivefold/ [Accessed 10 March 2014] New system can warn of tsunamis within minutes (2011), (e) Science News [online]. Available from: http://esciencenews.com/articles/2011/03/04/new.system.can.warn.tsunamis.within.minutes [Accessed 10 March 2014] Phillips, C. (2011), The 10 most destructive tsunamis in history, Australian Geographic [online]. Available from: http://www.australiangeographic.com.au/topics/science-environment/2011/03/the-10-most-destructive-tsunamis-in-history/ [Accessed 10 March 2014]

Global disaster management Essay

Disaster management became global; financial resources together with the establishment of several associate and group organizations sprang up. Mass media took up the root with each major and minor disaster reported universally. Disaster tradition were formed and disseminated by the mass media. Until this global agenda was affirmed, environmental issues were still in their infancy and the number of research or consulting organizations focused on disasters was exceptionally small. The concern of disaster research units (mainly university-affiliated) and disaster management units in public administrations only became noticeable in the second half of the century in the late fifties. By the start of new millennium, the number of disaster-related organizations had grown exponentially. The U. S. government alone has no fewer than twenty-six major agencies as well as dozens of regional offices dealing with disasters. There are a further ninety-five specialized units established for contradictory disaster situations. To this can be added eighty U. S. domestic non-govermental organizations (NGOs). This number can be used as a rough suggestion of the same process occurring all through the Western world. The sharing of disaster-related global-based agencies likewise grew, comprising over ninety major public agencies with offices all through the world. This guide of the globalization of disaster management also supported the hold of public administration on the area of disasters. It has also led to interagency divergences and problems of management, as well as protective imperatives, turf wars, and competition (International Decade for Natural Disaster Reduction, 1996). What was evident at the national or state level-at which public administrations subjugated the definition of disaster, who was capable to be a disaster victim, what help would be afforded, and so on-was now extensive at the global level by other forms of public administration in diverse guises. As some critical reports have noted, the results have been at the similar mediocre levels of disaster management (on a larger scale), where in several cases such â€Å"assistance† was more unfavourable than supportive. The most observable of these have been linked with the droughts in Africa, where NGOs and international aid have in fact harmed more people than they have helped.

Managing Financial Resources Example

Managing Financial Resources Example Managing Financial Resources – Article Example Managing the financial resources of a company is a very important function that must be administer well by the managerial staff of the firm. The mostimportant financial resource that must be tightly controlled is the cash account of the organization. Without cash a company will seize to exist. The movement of cash in a company is depicted in the statement of cash flow of a firm. The statement of cash flow divides the movement of cash in three activities which are operating, financing, and investment activities. The assets of the company are a resource that also must be administer well. A ratio that tells a manager whether the organization is using its assets well is the return on assets (ROA) metric. Return on assets measures how effective a company has been at generating profit from its assets (Garrison & Noreen). It is important form managers to establish control mechanisms to protect the financial resources of a company. A way to monitor the use of financial resources is by doing recurrent internal audits of the resources of the enterprise. I agree that managing the financial resources of a company is a very important function. When companies do not protect its financial resources it could lead to bad economic outcomes. Take for example the case of the Enron corporation. This company filed the largest bankruptcy in the history of the United States at the time because the managerial team did an extremely poor job of protecting its financial resources. Instead the executives robbed Enron of millions of dollars in bonuses by cooking up the books. The success of a business is highly depend on the ability of the company to manage its financial resources well. Work CitedGarrison, Ray, and Eric Noreen. Managerial Accounting (10th ed.). Boston: McGraw-Hill Irwin. 2003. Print.

Global Development Strategy of Siemens AG Case Study

Global Development Strategy of Siemens AG - Case Study Example It is evidently clear from the discussion that in order to capitalize on the strength of the systems that the company has produced over the years as well as opportunities with the advancement of information technology, Siemens AG has come up with the â€Å"EWSD NetManager project.† This project aims to integrate the EWSD network nodes and networks into a user-friendly and graphics based software product to telecoms customers. This integration aims to provide the customers a complete range of facilities in order for them to operate, administer, and maintain the functions of their customers EWSD network nodes and networks. This project requires the expertise in the EWSD technology as well as expertise in desktop computing languages. Siemens over the years has developed distinct specializations in its independently running RDCs. The company RDC in Florida, for example, has developed a significant technical expertise in handling EWSD. However, because the Boca Raton RDC in Florida has been given much independence in their operations, their expertise is usually tailored to those of the needs of the local customers. Thus, the expertise that they have developed has been different from those of the main office in Munich, Germany. Siemens another RDC in Bangalore, India, however, has the technical expertise when it comes to desktop computing languages. These RDCs provide different advantages when it comes to the decision of which one should handle the NetManager project. In pursuing this project, Horst Eberl and Karl-Friedrich Hunke, the two subdivisional co-heads of Siemens Information and Communications Network, have unearthed several hindrances to the implementation and commencement of the NetManager project. When the company has decided to give the task to its Bangalore RDCs because of its technical expertise on desktop computing languages as well the lower costs of operations, the difference in the RDCs way of doing things has to lead to a major crisis in Si emens.

Contract law Essay Example | Topics and Well Written Essays - 2000 words - 1

Contract law - Essay Example Consideration refers to something of value which is provided for a promise and must be provided to enforce the contract. An agreement not supported by a consideration is not binding An offer portrays a will to contract on the basis of the specified terms and once accepted by the other party, the offeror is bound if through the offer, the contracting party is convinced that the offeror intends to transact as per specified terms. For instance in the case of Carlill v Carbolic Smoke Ball Company [1893] 2 QB 256, a medical firm placed an advert for its new drug called carbolic smoke ball would cure flu. The advert further stated that buyers of this drug would be paid ?100 if the drug did not cure as provided. The court held that the advertisement was actually an offer which was biding. The following section is an advice to Cleanaway Limited as to whether they are contractually bound to provide cleaning services to the Council. Evidently, Cleanaway made an offer to the Council by agreeing to provide a quotation for their service on Monday 21 September. Initially, Cleanaway had made an offer for house cleaning services on hourly basis which was placed at ?40 per hour. However, the Council seemed not satisfied with initial offer that was made on their standard form. On Monday 28th September, the Council sent a fax asking for another quote now on per unit basis, to which Cleanaway Limited responded via fax the following day at ?200 per house. The second offer stipulated that both the standard terms and conditions applied. Based on this, Cleanaway Limited had made two offers to the Council and on the part of acceptance; Cleanaway expressly stated that the council must do it in writing by Friday 2 October. This is a clear indication that the offer had a stipulate period after which it could no longer apply. According to MARSHALL (2012), acceptance to an offer represents unqualified and final expression of assent to the terms of an offer. It represents a manifestation by the recipient to be bound by the terms of the offer. Ideally, an offer has to be accepted precisely to form an agreement. Such an offer must be accepted and all terms complied with. According to ZYWICKI (2008), acceptance has no legal effect until it is communicated to the offeror since it is important for the offeror to know that his offer has been accepted. In this vein, the common law provides that postal acceptance becomes effective when the acceptance letter is posted regardless of whether the letter is delayed, destroyed on misplaced when in transit. However, the postal rule fails to apply when the offer excludes such provisions expressly. Communication via post creates some practical difficulties considering that an offeror can withdraw an acceptance before it reaches the offeree. In this regard, there is an exception to the mode of communication. In Adams v Lindsell (1818) and Household Fire Insurance v Grant (1879), the court held that the decision to treat postage as a sig n of completion of an acceptance can be risky due to problems of loss and delays. As such, postal acceptance rule can only apply in circumstances where use of postage was reasonably contemplated by both transacting parties or was indeed stipulated by the offeror in the offer. Having said that and by considering technology advancement, the court is presently trying to confine the scope of postal acceptance principle. In Holwell

Chemical engineering course work in clean process technolgy Coursework

Chemical engineering course work in clean process technolgy - Coursework Example Nuclear energy provides a carbon free alternative to fossil fuel, but after the Fukushima disaster in 2011, the acceptance of nuclear plants has become very difficult. Most new generating plants will continue to be based on fossil fuels. A study by BP plc., titled â€Å"Energy Outlook 2035†, quoted by Mark Webster, shows that over the next 20 years CO2 emissions from the non-OECD region will grow as shown in Figure 1 (Webster). The chart shows that CO2 emissions from the OECD countries would level off at the levels prevailing in 2013 but the emissions from the non-OECD countries would rise rapidly. The red line marked IEA 450 is the target of 450 ppmv (parts per million volume) of CO2 concentration in the atmosphere that the International Energy Agency considers as the absolute upper limit to prevent a temperature rise exceeding 20C. This is considered the upper limit of temperature rise to prevent disastrous climate change (Webster). The vast majority of these new power plants will be coal fired since coal is the most abundant fossil fuel. A coal plant has an operating life of about 50 years and the need is for a technology that can be retrofitted to existing fossil fuel power plants to capture CO2 emissions from the flue gases before they are emitted into the atmosphere. Post-combustion chemical absorption technology is the most promising of the carbon capture technologies presently available. Carbon dioxide emissions also occur from many other industrial processes other than power generation. These include steel mills, cement plants and oil refineries. Post-combustion chemical absorption technology can be readily applied to these industries as well. The schematic diagram of the post-combustion chemical absorption process is as shown in Figure 2 from a presentation by Dr. Stanley Santos of the International Energy Agency. The flue gases

The chuseok Essay Example | Topics and Well Written Essays - 750 words

The chuseok - Essay Example Culture is very important to the people of the world. According to the dictionary, culture is defined as â€Å"the totality of socially transmitted behavior patterns, arts, beliefs, institutions, and all other products of human work and thought† (The American Heritage ® Dictionary). Culture allows people to experience the world and carry out daily functions based on their traditions. We often learn our culture from the people in our environment, such as family members, close friends, and our community. Culture consists of the foods that we cook and eat, our living arrangements, communication with society, and our behavior. In order to get a full picture of Korean culture in my speech today I am going to give you a glimpse into a celebration that is called Chuseok or Korean Thanksgiving! I first learned of this holiday when an acquaintance of mine travelled overseas to Korea. When I learned more about Chuseok, I realized just how close the similarities were to our Thanksgiving holiday. Chuseok is celebrated on the 15th day of the 8th lunar month. It is the most important holiday to the Korean people. It is a time in which they honor their ancestors and give thanks for the fall harvest. Although there are no pilgrims in Korea, ancestors are similarly valued. Students and parents alike rarely take time off in Korea but during this holiday everything shuts down. People join their families to celebrate, bearing harvest fruits or vegetables. The celebration begins in the morning when food and wine is offered to the spirits of the late ancestors. (Encyclopà ¦dia Britannica. 2010) After this the families often go to visit the graves of their ancestors and care for the site. I recently interviewed a young Korean about the celebrations. He told me the following: â€Å"All Korean children look forward to Chuseok as one of the funnest times of year. The food is delicious and the fact that you are surrounded by brothers and sisters and

Capital structure and approaches to capital structure

Capital structure and approaches to capital structure It is defined as the mix or proposition of a firms permanent long-term financing represented by debt, preference stock, and common stock equity. Capital structure theory suggests that firms determine what is often referred to as a target debt ratio, which is based on various tradeoffs between the costs and benefits of debt versus equity. The term capital structure refers to the percentage of capital (money) at work in a business by type. Broadly speaking, there are two forms of capital: equity capital and debt capital. Each has its own benefits and drawbacks and a substantial part of wise corporate stewardship and management is attempting to find the perfect capital structure in terms of risk / reward payoff for shareholders. This is true for Fortune 500 companies and for small business owners trying to determine how much of their startup money should come from a bank loan without endangering the business Lets look at each in detail: Equity Capital This refers to money put up and owned by the shareholders (owners). Typically, equity capital consists of two types: 1) contributed capital, which is the money that was originally invested in the business in exchange for shares of stock or ownership and 2)  retained earnings, which represents profits from past years that have been kept by the company and used to strengthen the  balance sheet  or fund growth, acquisitions, or expansion. Many consider equity capital to be the most expensive type of capital a company can utilize because its cost is the return the firm must earn to attract investment. A speculative mining company that is looking for silver in a remote region of Africa may require a much higher  return on equity  to get investors to purchase the stock than a firm such as Procter Gamble, which sells everything from toothpaste and shampoo to detergent and beauty products. Debt Capital The debt capital in a companys capital structure refers to borrowed money that is at work in the business. The safest type is generally considered long-term bonds  because the company has years, if not decades, to come up with the principal, while paying interest only in the meantime. Other types of debt capital can include short-term commercial paper utilized by giants such as Wal-Mart and General Electric that amount to billions of dollars in 24-hour loans from the capital markets to meet day-to-day working capital requirements such as payroll  and utility bills. The cost of debt capital in the capital structure depends on the health of the companys balance sheet a triple AAA rated firm is going to be able to borrow at extremely low rates versus a speculative company with tons of debt, which may have to pay 15% or more in exchange for debt capital. Other Forms of Capital There are actually other forms of capital, such as  vendor financing  where a company can sell goods before they have to pay the bill to the vendor, that can drastically increase return on equity but dont cost the company anything. This was one of the secrets to  Sam Waltons success at Wal-Mart. He was often able to sell Tide detergent before having to pay the bill to Procter Gamble, in effect, using PGs money to grow his retailer. In the case of an insurance company, the policyholder float represents money that doesnt belong to the firm but that it gets to use and earn an investment on until it has to pay it out for accidents or medical bills, in the case of an auto insurer. The cost of other forms of capital in the capital structure varies greatly on a case-by-case basis and often comes down to the talent and discipline of managers. SEEKING THE OPTIMAL CAPITAL STRUCTURE Many middle class individuals believe that the goal in life is to be debt-free. When you reach the upper echelons of finance, however, that idea is almost anathema. Many of the most successful companies in the world base their capital structure on one simple consideration: the cost of capital. If you can borrow money at 7% for 30 years in a world of 3% inflation and reinvest it in core operations at 15%, you would be wise to consider at least 40% to 50% in debt capital in your overall capital structure. Of course, how much debt you take on comes down to how secure the revenues your business generates are if you sell an indispensable product that people simply must have, the debt will be much lower risk than if you operate a theme park in a tourist town at the height of a boom market. Again, this is where managerial talent, experience, and wisdom comes into play. The great managers have a knack for consistently lowering their  weighted average cost of capital  by increasing productivity, seeking out higher return products, and more. To truly understand the idea of capital structure, you need to take a few moments to read Return on Equity: The DuPont Model  to understand how the capital structure represents one of the three components in determining the  rate of return  a company will earn on the money its owners have invested in it. Whether you own a doughnut shop or are considering investing in publicly traded stocks, its knowledge you simply must have. Question on our minds: Can the total valuation of a company (debt+equity) and the cost of capital be affected by changing the financing mix. The imperfections in the market play a vital role in the valuation of a company. This data is of utmost importance to the suppliers of capital. Changes in the financing mix are assumed to occur by issuing debt and repurchasing common stock or by issuing common stock and retiring debt. Example 1. Assume a company whose earnings are not expected to grow and which pays out all of its earnings to its shareholders in the form of dividends. All kinds of market imperfections are not considered in the current example, for simplicity in calculations. We are concerned mainly with 3 different rates of return. The first is The yield on companys debt, ki = = The second rate of return that we are concerned with is ke = = With our assumptions that the firms earnings are not expected to grow and which has a 100 percent dividend payout, the firms earning per price represents the market rate of discount that equates the present value of the perpetual stream of expected constant future dividends with the current market price of the common stock. The third rate to be calculated is ko = = These 3 different rates of return affect the amount of financial leverage, which is the debt to equity ratio. ko is defined as the overall capitalization rate of the firm. It is designed as the weighted average cost of capital, and can also be expressed as ko = ki [] + ke [] Calculating A Companys Capital Structure Review your companys most recent financial statements to find all of the capital components. Highlight all of the debt of the company and the equity (including common and preferred shares, capital contributions and retained earnings). Add up the total debt and equity It will be equal to your companys assets on the balance sheet because the debt and equity is what paid for those assets. Your capital structure is the percentage that each funding source represents of your companys total funding. Lets look at an example. Lets say you have the following capital components: bank loan $176,500, retained earnings $54,300, common stock $12,500. That makes your total capital $243,300. To calculate your capital structure, take the dollar amount of each capital source and divide it by the total capital. In the above example, the bank loan is 72.5%, retained earnings 22.3%, capital stock 5.2% for a total of 100%. Monitor your companys capital structure over time. Debt tends to be the most expensive source of capital and, over time, you will determine the most effective blend of debt versus equity financing for your particular situation. Calculating your actual capital structure will allow you to track how closely you are following your ideal capital structure. Factors Affecting Capital Structure The factors that affect the decisions taken regarding capital structure can be divided into three major types: Internal Factors External Factors General Factors INTERNAL FACTORS Cost of Capital The cost of capital is the cost of the companys funds. It consists of debts and equity. When a company raises funds for its operations there are certain costs involved. When decisions regarding the capital structure are taken, managers ensure that the earnings on the capital are more than this cost of capital. In general, the cost of borrowing capital is less than the cost of equity capital. This is because the interest rate on loans and borrowings is less than the dividend rates and also the dividends are a function of the companys profits and not expenditure. Risk Factor When decisions regarding capital structure are to be taken, the risk factors considerations are an important issue. If company raises its funds through debts, the risks involved are of two types: The company has to repay the lenders in a fixed time period and at a fixed rate, whether or not the company makes profit or goes into loss. The borrowed capital is secured capital. Hence, if the company fails to make the payments, the lenders can take possession of the companys assets. If the company goes for funds through equity capital there are minimum risks. As the dividends are an appropriation of the companys profits, if it does not make any profit, it is not obliged to make the payments. In contrast to debt capital, here the company is not expected to repay its equity capital. And also the equity capital is not secured. Control Factor When additional funds are to be raised, the control factors are very essential in deciding the capital structure of the company. When a company decides to issue further equity shares the control of the company may be at stake. Hence, it may not be acceptable to its shareholders and owners. This factor is not vital in case of debt financing, except when financing institutions stipulate the appointment of nominee directors in the Board of Directors of the company. Objects of Capital Structure Planning They are- Maximize profit of the owners Issue transferable securities Issue further securities in a way that does not dilute the holdings of the present owners EXTERNAL FACTORS General Economic Conditions: If the economy is in the state of depression, equity funding is considered as it involves less risk. While, if the economy is booming and the interest rates are forecasted to fall, debt funding is given preference. Interest Rate Levels: If the interest rates are high in the capital market, equity funding is preferred until the interest rate levels fall down. Policy of Lending Institutions: If the terms and policies of the financing institutions are rigid and harsh, debt financing should be ignored and equity financing should be tapped. Taxation Policy: The government has taxation policies which include corporate taxes as well as individual taxes. The government includes individual taxes on both borrowings as well as dividends. Also income tax deductions are offered on interests paid on borrowings. All these factors have to be considered while planning capital structure. Statutory Risks: While planning Capital Structure, the statutory risks given by the Government and other statutes are to be considered. GENERAL FACTORS Constitution of the company: If the company is private limited, the control factors are essential while if the company is public limited, the cost factors are essential. Characteristics of the company: Companies which are small and in the early stage have weak credit standings and bargaining capacity, hence they have to rely on equity financing. While big companies have strong credit standings and they can source their funds from borrowings with acceptable interest rates. Stability of earnings: The companies which have stable earnings and the risks involved are less, go for debt funding as they can handle the high risk factors. While companies whose earnings are forecasted to be fluctuating, usually go for less risky equity funding. Attitude of the Management: For a company with conservative management, the control factor is more important, while a company with a liberal management considers the cost factors to be more important. Approaches to Capital Structure Net Operating Income Approach Traditional Approach Net Income Approach Modigliani Miller Approach Net Operating Income Approach David Durand proposed the net income approach to capital structure. This approach looks at the consequence of alterations in capital structure in terms of net operating income. Under this approach, on the basis of net operating income, the overall value of the firm is measured. Therefore this approach is identified as net operating income approach. The NOI approach entails that: Largely the value of the firm does not depend on the degree of leverage in capital structure and hence whatever may be the change in capital structure the overall value of the firm is not affected. In the same way, the overall cost of capital is not affected by any change in the degree of leverage in capital structure. The overall cost of capital is independent of leverage. Under the net income approach, the overall cost of capital is unaffected and remains constant irrespective of the change in the ratio of debts to equity capital when the cost of debt is less than that of equity capital whereas it is assumed the overall cost of capital must decrease with the increase in debts. How is this assumption justified? With the increase in the amount of debts the degree of risk of business increases. As a result the rate of equity over investment in equity shares thus on one hand the WACC decreases with the increase in the amount of debts; on the other hand cost of equity capital increases to the same tune. Therefore the benefit of leverage is mopped away and the overall cost of capital remains at the same level. In other words there are two parts of the cost of capital. Interest charges on debentures. The increase in the rate of equity capitalization resulting from the increase in risk of business due to higher level of debts. OPTIMUM CAPITAL STRUCTURE This approach suggests that whatever the degree of indebtedness of the company, market value remains constant. Despite the change in the ratio of debt to capital in the market value of its equity shares remains constant. This means that there is no optimal capital structure. Each capital structure is optimal in approach of net operating income The market value of the firm is determined as follows:   The value of equity can be determined by the following equation and   The Net Operating Income Approach is based on the following assumptions: Example: ABC Ltd., is expecting an earnings before interest tax of Rs.1,80,00,000 and belongs to risk class of 10%. You are required to find out the value of firm % cost of equity capital if it employs 8% debt to the extent of 20%, 35% or 50% of the total financial requirement of Rs. 90000000. Solution Statement showing value of firm and cost of equity capital   20% Debt 35% Debt 50% Debt Earnings before interest tax EBIT ($) 18000000 18000000 18000000 Overall cost of capital 10% 10% 10% Value of firm (V) = EBIT Cost of Capital{EBIT/Cost of Capital} 180000000 180000000 180000000 Value of 8% debt (D) 18000000 (20% ÃÆ'- 90000000) 31500000 (35% ÃÆ'- 90000000) 45000000 (50% ÃÆ'- 90000000) Value of equity (V D) 162000000 148500000 135000000 Net profit (EBIT Interest) 16560000 (18000000 1440000) 15480000 (18000000 2520000) 14400000 (18000000 3600000) (Cost of equity (Kc) 10.22% 10.42% 10.66% (Net profit/value of equity) ÃÆ'- 100 (16560000/ 162000000) ( 15480000/ 148500000) ( 14400000/ 135000000) It is apparent from the above computation that the overall cost of capital value of firm; re-constant at different levels of debt i.e., at 20%, 35% and 50%. The benefit of debt content is offset by increase in the cost of equity. The overall cost of capital (k0) remains constant and can be verified as follows: Overall Cost of Capital k0 = kd   (D/D+S) + Ke   (S/D+S) 20% Debt K0 =   $4,00,000/$40,00,000   ÃÆ'-8% + $36,00,000/$40,00,000 X   10.22% = 0.008 + 0.092 = 0.10 or 10% 35% Debt K0 = $7,00,000/$40,00,000   ÃÆ'-8% + $33,00,000/$40,00,000 X   10.42% = 0.014 + 0.0859 = 0.0999 Or 10% 50% Debt K0 = $10,00,000/$40,00,000   ÃÆ'- 8% + $30,00,000/$40,00,000 X   10.66% = 0.02 + 0.07995 = 0.0995 or 10% Traditional Approach Traditional approach is a  middle-way approach between net operating income approach the net income approach. According to this approach: (1) A best  capital structure  does exist. (2) Market value of the firm can be increased and average cost of capital can be reduced through a prudent manipulation of leverage. (3) The cost of debt capital increases if debts are increases beyond a definite limit. This is because the greater the risk  of business  the higher the  rate of interest  the creditors would ask for. The rate of equity capitalization will also increase with it. Thus there remains no benefit of leverage when debts are increased beyond a certain limit. The cost of capital also goes up. Traditional Approach Thus at a definite level of mixture of debts to equity capital, average cost of capital also increases. The  capital structure  is optimum at this level of the mix of debts to equity capital. The effect of change in  capital structure  on the overall cost of capital can be divided into three stages as follows; First stage In the first stage the overall cost of capital falls and the value of the firm increases with the increase in leverage. This leverage has beneficial effect as debts as debts are less expensive. The cost of equity remains constant or increases negligibly. The proportion of risk is less in such a firm. Second stage A stage is reached when increase in leverage has no effect on the value or the cost of capital, of the firm. Neither the cost of capital falls nor the value of the firm rises. This is because the increase in the cost of equity due to the assed financial risk offsets the advantage of low cost debt. This is the stage wherein the value of the firm is maximum and cost of capital minimum. Third stage Beyond a definite limit of leverage the cost of capital increases with leverage and the value of the firm decreases with leverage. This is because with the increase in debts investors begin to realize the degree of financial risk and hence they desire to earn a higher rate of return on equity shares. The resultant increase in equity capitalization rate will more than offset the advantage of low-cost debt. It follows that the cost of capital is a function of the degree of leverage. Hence, an optimum  capital structure  can be achieved by establishing an appropriate degree of leverage in  capital structure. Net Income Approach This approach states that, the cost of debt and the cost of equity do not change with a change in the leverage ratio(when D/E changes), due to which it is observed that there is a weakening in the cost of capital as the leverage increases. The cost of capitalcan be calculated by the use Net income approach; weighted average of cost of capitalcan be explained by the following equation; http://lh6.ggpht.com/cemismailsezer/R4_ZkNJ-ThI/AAAAAAAAADY/RZYaGVynnUw/image%5B5%5D where: Ko: average cost of capital Kd: cost of debt Ke: cost of equity B: market value of debt S: market value of equity As we know that cost of debt is less than cost of equity (Kd http://lh6.ggpht.com/cemismailsezer/R4_ZlNJ-TjI/AAAAAAAAADo/de5aDk2tbUo/image%5B8%5D The Net Income Approach assembles the investment structure of the firm which has a major influence on the value of the firm. Therefore, the use of control will change both the worth of the organisation cost of capital. Net Income is exploited in approaching the market value that firm possesses. In this analysis Ka decreases when the D/E ratio increases as the proportion of debt, cheaper source of finance, increase in the capital structure vice versa. Assumptions of net income approach the perception of risk is not altered by the use of liability for the investors; as a result, the equity capitalisation rate i.e. ke, and the debt capitalisation rate kd, remain constant with changes in leverage The debt capitalization rate is less than the equity capitalization rate The corporate income taxes are not considered. Numerical example: Assume that a firm has an expected annual net operating income of Rs.2, 00, 000, an equity rate, ke, of 10% and Rs. 10, 00,000 of 6% debt. The value of the firm according to NET INCOME approach: Net Operating Income NOI 2, 00,000 Total cost of debt Interest= KdD, (10, 00,000 x .06) 60,000 Net Income Available to shareholders, NOI I 1, 40,000 Therefore: Market Value of Equity (Rs. 140,000/.10) 14, 00,000 Market value of debt D (Rs. 60,000/.06) 10, 00,000 Total 24, 00,000 Note: The cost of equity and debt are respectively 10% and 6% and are assumed to be constant under the Net Income Approach Ko = Kd (D/V) + Ke (S/V) = 0.06 (10, 00,000/24, 00,000) + 0.10 (14, 00,000/24, 00,000) = 0.025 + 0.0583 = 0.0833 or 8.33% Modigliani Miller (MM) Approach Assumptions of the MM Approach Capital market is perfect. It is so when: Information is freely available Problem of asymmetric information does not exist Transaction cost is nil There is no bankruptcy cost Securities are fully divisible 100% payout ratio Investors and managers are rational Managers act in interest of shareholders Combination of risk and return is rationally chosen Expectations are homogenous Equivalent risk class No taxes Investors can borrow in personal A/C at same terms of firm. Proposition I Value of the form is equal to the expected operating income divided by discount rate appropriate to its risk class. It is independent of capital structure i.e. where, V = Market Value of the Firm D = Market Value of the debt E = Market value of the equity O = Expected Operating Income r = Discount rate applicable to risk class to which firm belongs Proposition I is almost similar to the Net Operating Income Approach. MM used arbitrage argument to prove this approach. MM argues that identical assets must sell for same price, irrespective of how they are financed. Arbitrage Process If the price of a product is unequal in two markets, traders buy it in the market where price is low and sell it in the market where price is high. This phenomenon is known as price differential or arbitrage. As a result of this process of arbitrage, price tends to decline in the high-priced market and price tends to rise in the low-priced market unit the differential is totally removed. Modigliani and Miller explain their approach in terms of the same process of arbitrage. They hold that two firms, identical in all respects except leverage cannot have different market value. If two identical firms have different market values, arbitrage will take place until there is no difference in the market values of the two firms. Example: Let us suppose that there are two firms, P and Q belonging to the same group of homogenous risk. Firm P is unlevered as its capital structure consists of equity capital only Firm Q is levered as its capital structure includes 10% debentures of Rs.10,00,000 According to traditional approach, the market value of firm Q would be higher than that of firm P. But according to M-M approach, this situation cannot persist for long. The market value of the equity share of firm Q is high but investment in it is more risky while the market value of the equity share of firm P is low but investment in it is safe. Hence investors will sell out equity shares of firm Q and purchase equity shares of firm P. Consequently the market value of the equity shares of firm Q while fall, while the market value of the equity shares of firm P will rise. Through this process of arbitrage therefore, the market values of the firms P and Q will be equalized. This is true for all firms belonging to the same group. In equilibrium situation, the average cost of capital will be same for all firms in the group. The opposite will happen if the market value of the firm P is higher than that of the firm Q. In this case investors will sell equity shares of P and buy those of Q. Consequently market values of these two firms will be equalised. Proposition II MM Proposition II states that the value of the firm depends on three things: Required  rate  of return on the firms assets (ra) Cost of debt of the firm (rd) Debt/Equity ratio of the firm (D/E) An increase in financial leverage increases expected Earnings per Share (EPS) but not share prices. Proposition II states that an expected rate of return of shareholders increases with financial leverage. Expected ROE is equal to expected rate of return on assets plus premium. The formula for re is: re = ra + (ra-rd)x(D/E) Implications of Proposition II- rd is independent of D/E and hence re increases with D/E. The debt crosses an optimal level, the risk of default increases and expected return on debt rd increases. Limitations of MM Approach- Leverage irrelevance theory of MM is valid if perfect market assumption is correct but actually it is not so. Firms are able to pay taxes and investors also pay taxes. Bankruptcy cost can be very high. Managers have their own preference of a type of finance. Managers are better informed than shareholders i.e. asymmetry of information exists. Personal leverage is not possible to be substitute of corporate leverage. 100% payout ratio is not possible normally. Analysis of Companies TVS Motors: TVS Motors hold one of the top ten two wheeler manufacturer and number three positions in Indian market, with turnover of $1 billion in 2008-2009 and is the flagship division of TVS group which is of worth $4 billion. TVS Motors manufactures wide range of two wheelers ranging from two wheelers for domestic use to two wheelers for racing. Manufacturing units are located at Housar and Mysore Himachal Pradesh Indonesia Has production capacity of 2.5 million units per year with strength in design and development TVS has recently launched 7 new products. Till now TVS has sold more than 15 million two wheelers and has employed 40000. TVS motor is the only Indian company to win Deming award for quality control in 2002. TVS Network spans over 48 countries. Particulars 2007-08 (in crores) 2008-09(in crores) OPERATING INCOME 45.31 121.08 INTEREST ON DEBT( I) 11.47 64.61 EQUITY EARNING 33.84 56.47 COST OF EQUITY (Ke) 4.13% 4.21% MARKET VALUE OF EQUITY 819.37 1341.33 COST OF DEBT (Kd) 1.72% 7.13% MARKET VALUE OF DEBT 666.34 905.98 VALUE OF FIRM 1485.71 2247.31 COST OF CAPITAL (Ko) 3.05% 5.39% WACC Calculation: For 2007-08 WACC= weke + wdkd We = E/(D+E) Wd = D/(D+E) = 1/(1.84) x 0.413 + 0.84/(1.84) x 0.172 = 0.2284 +0.078 = 3.051% For 2008-2009 WACC= weke + wdkd We = E/(D+E) Wd = D/(D+E) = 1/(2.11) x 4.21 + 1.11/(2.11) x 7.13 =1.995 +3.750 = 5.75% Hero Honda: Hero Honda Motors Limited is largest and most successful two wheeler manufacturers in India and it is India based. Hero Honda was a joint venture between Hero group and Honda of Japan till 2010 when Honda sold its entire stake to Hero. In 2008-09 Hero Honda sold 3.7 million bikes with 12% growth rate and captured 57% of Indian markets share. Hero Honda Splendor is worlds largest selling motorcycle sold more than 1 million units in 2001-03.C:UsersAAdityaDesktopindex.jpg In December 2010, the Board of Directors of the Hero Honda Group have decided to terminate the joint venture between Hero Group of India and Honda of Japan in a phased manner. The Hero Group of India would buy out the 26% stake of the Honda in JV Hero Honda. Under the joint venture Hero Group could not sell into international markets and the termination would mean that Hero Group can exploit global opportunities now. Since last 25 years the Hero Group relied on their Japanese partner Honda for R D for new bike models. So there are concerns that the Hero Group might not be able to sustain the performance of the Joint Venture alone. WACC calculation: For 2007-08 WACC= weke + wdkd We = E/(D+E) Wd = D/(D+E) = 1/(1.07)x34.73%+0.07/(1.07) x 8.33% = 33% For 2008-09 WACC= weke + wdkd We = E/(D+E) Wd = D/(D+E) = 1/(1.04)x32.41%+1.04/(1.04)x10.20% = 31.55% Particulars 2007-08 (in crores) 2008-09 (in crores) OPERATING INCOME 1201.96 1367.77 INTEREST ON DEBT( I) 13.76 13.47 EQUITY EARNING 1188.22 1354.3 COST OF EQUITY (Ke) 34.73% 32.41% MARKET VALUE OF EQUITY 3421.25 4178.65 COST OF DEBT (Kd) 8.33% 10.20% MARKET VALUE OF DEBT 165.18 132.05 VALUE OF F