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

The United States Contribution to the Rise of Pinochet Essay -- Pinoch

The United States Contribution to the Rise of Pinochet The date September 11th is not only a date of terror for the United States, but for the country Chile it also marks the anniversary of a new error of fear. On September 11th, 1973 General Augusto Pinochet overthrew President Salvador Allende, a democratically elected socialist. For seventeen years after this Pinochet dictated over Chile and caused for the murder of over three thousand Chileans, the disappearance of over a thousand, and the torture and jailing of tens of thousands more. What might be even more shocking though, is that the United States had a direct contribution to this brutal dictators rise. The United States’ fear of communist nations developing and the ignorance of secretary of state Kissinger to mention the human rights abuses that Pinochet was responsible for, allowed for the United States to assist in the brutal tyranny (Kornbluh 2003, pages 19-22). The United States dire fight to end communism caused them to severely overlook the evil of Pinochet. In search around the globe for rising communism President Nixon instructed the CIA to cause the downfall of Allende, despite a 1970 CIA report that stated â€Å"‘the US has no vital national interest within Chile,’ and that the world ‘military balance of power would not be significantly altered’ if Allende came to power† (Kornbluh 2003, page 19). Even before Allende became President the fear of having a successful socialist or...

Lago’s Motiveless Malignancy

S. T. Coleridge regarded Iago as â€Å"A being next to the devil, only not quite the devil whose explanatory soliloquies were ‘the motive hunting of motiveless malignity’†. From your reading so far, to what extent do you agree with this view? Iago is one of Shakespeare’s most compelling and sophisticated villain. He is considered as such because of the trust that Othello puts in him and which he betrays while maintaining his reputation of an honest and reliable man.Shakespeare presents Iago as cynical, quick witted and opportunistic, therefore having all qualities of stage villains in revenge tragedies. He is eaten up by jealousy and hatred, and this leads him to seek ways to destroy Othello by poisoning his mind against Desdemona. Iago is a master in pretending and destroying. Most of the times we see that he enjoys having an audience, because we see that he has a lot of soliloquies where he outlines his plot very clearly. However he is rather mysterious e specially when he refuses to speak at the end of the play.In fact, it is this silence that led to Coleridge concluding that he has a â€Å"motiveless malignity†. The same critic also viewed Iago as â€Å"being next to the devil†. Here Iago is no longer considered as the epitome of evil, but he is seen as an example of an emotionally limited man, driven by jealousy. Most other Shakespearean characters do bad things in order to achieve a particular goal. Often the motive is ambition as in Macbeth or revenge, as in Hamlet. The thing about Iago is that we really never know for certain why Iago acts In this way.However, many people think that the possible motive for Iago’s actions is envy, particularly towards Desdemona, Cassio and Othello. Iago sees them as more noble, generous and in the case of Cassio, more handsome than he is. This is reflected in the line when he says: â€Å"He hath a daily beauty in his life that makes me ugly†. In addition, Iago suspect s his wife, Emilia, of infidelity with Cassio. Iago’s relationship with Roderigo is driven by callous greed, and when his â€Å"purse† becomes a dangerous inconvenience, he kills him.His motives for destroying Othello’s happiness are driven by negative impulses. Iago holds a grudge against Othello for promoting Cassio instead of him. Apart from normal jealousy, Iago is also eaten uo with sexual jealousy. He hates Othello because he suspects that the general has â€Å"twixt my sheets .. done my office†. And because of this paranoia, Iago determines to use the goodness of Othello’s wife, Desdemona to â€Å"enmesh them all†. Another motive, for Iago to hate Othello is racism.His low opinion of him is very clear in many of his speeches, especially in the way that he mentions him. Iago wants to degrade those that he despises. Iago is self-contained, egotistical and confident. These qualities help him in his treacherous quest. He is also very succ essful because he is able to play several roles convincingly, and is able to adapt his style to suit any occasion. Iago only reveals his true nature in his soliloquies. And this is why it is difficult for us to see the real motive beneath the appearance that he creates to cover his true self.

The application of SMS Notification-Based Library

A library management system, also known as an automated library system is software that has been developed to handle basic housekeeping functions of a library. A Library is a temple of learning which plays a pivotal role in the overall development of a society. But, it is a known fact that libraries are not always safe and secure places and they are facing a variety of security concerns which includes the theft, mutilation of library materials and other unethical losses.But, it is the duty of the librarian to pep the library buildings, shelves and stacks open and free without losing items to make available or putting individuals at unacceptable risk from the malicious, avaricious or senseless acts of others. This study aims to develop a Library Management System which is more flexible and less time consuming. According to Manhandling et. Al (201 1), Libraries and information centers are very important in the development of any country,Manhandling(2011). Longitudinal spend on the ALMS is relatively small compared to other core corporate systems.There is an increasing drive for cost reduction through institutional workflow review, yester integration and the streamlining of corporate functions, recognition that the world is changing and that libraries need to change too, taking full account of the complex systems ecology within which they operate ,changing perceptions of what a library collection is and does, including collection and circulation, resource discovery, changes in ownership and control, personalization and seamless access to resources, Veronica, A. T. Al (2008). Comprehensive, flexible and more automated ALMS is yet to be recognized by the community. Libraries are increasingly aware of the need to ‘liberate' their data to allow users to rate new and innovative services and applications. To do so their platforms will require easy-to-use and accessible services for discovery and delivery. It is evident from the cited studies that a Library Managem ent System (ALMS) is very important in the development of any country.This study proposes to make use of a biometric device using a biometric, students can now easily transact in the library as compared to the manual process. This study is expected to contribute positively to establishing a way forward for Library Management. A significant part of the study focuses on the roles librarians lay in support of the research process, and the related expectations of researchers. Librarians believe their current role of providing expert advice and teaching on information literacy will continue to be important in the future.But while many researchers agree with this, libraries will need to ensure that effort is put into securing significant take-up of their expertise and advice by the research community. There are some significant differences between researchers' and librarians' views as to the future role of libraries in supporting research, and there is a need for dialogue teen them to ens ure that library services and expertise are developed and deployed in the most effective way. References: Veronica, A. Et. Al (2008).But the last decade has brought a sea-change in relationships between researchers and libraries. Technological developments and the availability of information resources online have changed how research is done, and also the services that academic libraries provide to their research communities. Both researchers and librarians have welcomed the benefits these changes have brought, adapting rapidly o them and seeking to exploit their potential to the full. And they both look forward to further change in the coming years.Figure 1 – Conceptual Framework of SMS Notification-Based Library Management with Biometric With the help of this system there are new features and process that a user will face in order to manage a Library in a fast and flexible way of working such as in borrowing books and in the process of getting information of the applicant f or registration purpose. Here, we developed LMS foALMShe sake of the user and the applicant in order to reduce the requirements that are manually brought. In Figure 1 above you'll see the new concept of borrowing and registering a mobile user in a private or a public library.This system is designed not Just in a one directed field of service the said system is developed to be a generic Library service. a) We'Ae chose to develop this system in order to make it more helpful and easy to use in a Library station whether it is a public or a private library usage. Here we've included a mobile user applicant in order to make his/her notified by the system automatically when the due date comes after borrowing books in the Library. b) In Bhere there can be no oubt tboutmuch of the literature in this area speculates on the future role oflibrbilberriese of which is particularly clear.Since 1995, or what TenopiTenor the â€Å"postweposted†, libraries have been seen as in danger of  "substitution†, HofmanHofmann. The web is becoming â€Å"a ubiquitous source of information† giving an â€Å"illusion ofdeptoptedomprehensiveness†, GriffiGriffith) that leads to a questioning of the valueovalueries and their collections. This review will not speculate on these future roles, butwilbobtail instead on the certainty of changing technology, increasingly digital nformaunpretentiousnessocietal shifts that have changed user expectations of library services.

Free Essays on Landmines

Reflection The current landmine situation is one that undoubtedly deserves United States’ attention and unquestionably demands our action. Unfortunately, the US has not completely risen to this call. Although under President Clinton in 1994, we became the world’s largest contributor to humanitarian mine clearance, we have yet to sign the Mine Ban Treaty. This critical issue is now under a formal policy review by the Bush Administration in which they will decide if changes are necessary. According to guest lecturer, Dr. Arcangeli, The US Military Demining Program has four main goals. The first is to relieve the plight of the civilian population. This entails going to these countries and aiding them in developing their own system of demining. Though indirectly, this will most certainly assist in the spread of democracy. It begins to place the power, or at least the sense of power, in the hands of the people. Beginning with the feelings of governmental significance, civilians will instinctively become increasingly more involved with their government. The second goal is that is enhancing regional stability. The lands that have all these minefields are very destabilizing to the communities around them. They result in displace population, poor farm production, many lives ripped apart. This also takes a serious toll on the economy of the surrounding areas. Thirdly, the United Sates military wasn’t to promote the US foreign policy. Traditionally, the US ha s leaned to the isolationist side of international relations, but Nixon and the Post Cold War began to bring us out of seclusion. This trend continued with Carter and his involvement with Egypt and Israel, and also with Reagan, who saw the Berlin Wall fall. Our current President, however, is beginning to lean in the direction of isolationism. The military is hoping that through their de-mining efforts other states will see an example of how to deal in the realm or... Free Essays on Landmines Free Essays on Landmines Landmines The definition of a land mine, can be defined, as a device designed to kill or maim the person who triggers it. In other words, whether you’re one of the 87% of soldiers in Cambodia, or, one of the 30% of innocent women and children who are killed on average by land mines land mines kill who ever when ever. Something that can cost less than five American dollars to produce your average AP (antipersonnel mine), is generally small in diameter, frequently less than 10 centimeters across, and is difficult to detect. In some cases, the color and shape of the mine help to camouflage it so that it becomes virtually invisible at a glance. The fact that experts say there are around 60-70 million of these killers scattered throughout 60 countries all over the world is a scary thought. Although the civil war in Angola is over, on average 120 people are killed a month there due to land mines. Afghanistan, Angola, Cambodia, Iraq, and Laos are of the top five countries affected by land mines day in and day out. These people must watch every step in order to survive a daily routine where for there very next step could be there last. Bosnia, Croatia, Georgia, Mozambique, Myanmar, Nicaragua, Somalia, Sri Lanka, and Sudan are also badly mine fertile countries that are known to have very bad problems with land mines. The vast majority of casualties are men, often soldiers. For instance, 87% in Cambodia and 76% in Afghanistan are men. However, in some countries women and children account for over 30%. In some cases, the overwhelming number of casualties have been civilians, this often coincides with a period of refugee return to heavily mined areas. In Namibia 88% of post-1980 casualties were civilians, in Mozambique (1994) 68%, and in Georgia (1994-95) 80% were civilians. Children can be undercounted as it is estimated that 85% die before reaching a hospital. In one instance, refugees returned to Hargeisa in northern Somalia in 1991, 75% ... Free Essays on Landmines Reflection The current landmine situation is one that undoubtedly deserves United States’ attention and unquestionably demands our action. Unfortunately, the US has not completely risen to this call. Although under President Clinton in 1994, we became the world’s largest contributor to humanitarian mine clearance, we have yet to sign the Mine Ban Treaty. This critical issue is now under a formal policy review by the Bush Administration in which they will decide if changes are necessary. According to guest lecturer, Dr. Arcangeli, The US Military Demining Program has four main goals. The first is to relieve the plight of the civilian population. This entails going to these countries and aiding them in developing their own system of demining. Though indirectly, this will most certainly assist in the spread of democracy. It begins to place the power, or at least the sense of power, in the hands of the people. Beginning with the feelings of governmental significance, civilians will instinctively become increasingly more involved with their government. The second goal is that is enhancing regional stability. The lands that have all these minefields are very destabilizing to the communities around them. They result in displace population, poor farm production, many lives ripped apart. This also takes a serious toll on the economy of the surrounding areas. Thirdly, the United Sates military wasn’t to promote the US foreign policy. Traditionally, the US ha s leaned to the isolationist side of international relations, but Nixon and the Post Cold War began to bring us out of seclusion. This trend continued with Carter and his involvement with Egypt and Israel, and also with Reagan, who saw the Berlin Wall fall. Our current President, however, is beginning to lean in the direction of isolationism. The military is hoping that through their de-mining efforts other states will see an example of how to deal in the realm or... Free Essays on Landmines Landmines: Deadly Leftovers â€Å"Landmines are the thing for defense in the future. We have covered the works with them and they have done much execution.† -General Gordon, British Army, 1884. General Gordon’s analysis of landmines in the future has proved to be startlingly true, but it’s hard to imagine Gordon or anyone else for that matter predicting that most landmine casualties would be innocent civilian’s decades after the mines were planted. The modern mine was created during WWII with the development of 16 different anti-tank mines, and 10 anti-personnel mines. Since these first mines were planted in the earth’s soil and waterways millions of people, mostly civilians have been killed and maimed. Along with the physical harm to humans, the environment has been dramatically altered in the areas where mines are present. The major problem with a mine is that it is a killer that will not discriminate. A mine can be tripped by the foot of a soldier, the snout of cattle, or the hand of a child. It will kill all three equally. It is estimated that 71 people die every day from mine explosions. Some are killed instantly; others bleed to death hours later. In Cambodia there are more mines than people and it is not uncommon to see whole families of amputees. Once the mines are positioned it is almost impossible to track exactly where it is. Mine fields have caused the troops placing them to retreat because of their inability to determine where they are. Areas that have been found to be laden with landmines have forced whole villages to leave their land behind and move into larger towns and cities. This greatly throws off the social and economic balance in the areas where these refugees move too. Most are farmers or herders and have no skills other than agricultural which makes it almost impossible to find work. With over 110 million landmines buried in the earth’s soil around the world there is undeniab...

Lingo - Definition and Examples

Lingo s An informal term for the special vocabulary of a particular group or field: jargon.Language or speech that is perceived as strange or unintelligible. Plural: lingoes. Etymology: From the Latin lingua   , tongue Examples and Observations Cowboy Lingo The various buildings on the ranch had their various slang names. The main house, or house of the owner, was known as the white house (its usual color, if painted), the Big House, Bulls Mansh, or headquarters. The bunkhouse was equally well known as the dog-house, dice-house, dump, shack, or dive, while the cook-shack, if it was a separate building, was spoken of as the mess-house, grub-house, feed-trough, feed-bag, nose-bag, or swallow-an-git-out trough.   (Ramon Frederick Adams, Cowboy Lingo. Houghton, 2000) Australian Lingoes To speak the lingo is to become a member of a group that shares a sense of itself and expresses that sense in its own language. In the sense of the Great Australian Lingo that group consists of all its speakersmost Australians, in fact. There are also many other lingoes, past and present, that are and have been spoken in Australia by different groups, or speech communities as they are called. . . .What does the term TALK RIVER mean, for example? You almost certainly will not know unless you worked in or were close to the Murray River boat trade. In that speech community, it means to talk about matters relating to the river, its people and its business. Unless you are involved with the welding trade you would be unlikely to know that STICK and TIC refer to different forms of weldingSTICK is with flame heat and TIC with an electric arc. Nor would you know what a KROMER CAP is.​  (Graham Seal, The Lingo: Listening to Australian English. UNSW Press, 1999) Hospital Lingo Like any specialized jargon, the shoptalk used by residents not only conveys facts but provides a running commentary on the absurdities of hospital life...A sampling of current resident-speak follows, drawn from the wards of a busy teaching hospital.Banana bag: an intravenous solution containing a liquid multivitamin that colors the fluid a bright yellow, used in undernourished or alcoholic patients. Doc-in-the-box: an urgent-care walk-in clinic. Hes moonlighting at a doc-in-the-box downtown.Gomer: shorthand for Get out of my emergency room. Any undesirable patient, usually one that is unkempt, demented, combative or any combination of the above...Tail-light sign: when a patient (usually elderly) is dropped off at an emergency room by relatives who drive away before an evaluation is complete, forcing the patient to be admitted to the hospital whether or not his medical condition requires it.Wallet biopsy: checking a patients insurance or financial status before embarking on expensive procedures.  (adapted from Hospital Lingo: Whats a Bed Plug? An L.O.L. in N.A.D. by Sheilendr Khipple. The New York Times, May 13, 2001) The Use of War Lingo by Journalists Back in August, the [Associated Press] issued a memo about how to convey campaign coverage, and it included this passage: war lingo - use criticized instead of attacked, or choose a better verb to describe what the candidate is doing, i.e., challenging, doubting, etc. Also avoidable: launch an assault, take aim, open fire, bombard. AP Deputy Managing Editor for Standards Tom Kent lays out the thinking behind the rules: We’ve long felt it’s a good idea to avoid weapons metaphors when we’re not talking about real weapons. Even beyond evoking memories of violent events, we think frequent use of these terms in non-military situations smacks of overdramatization and hyping, writes Kent via e-mail.  (Erik Wemple, No More Taking Aim,’ ‘Blasting,’ ‘Sniping’! The Washington Post, December 20, 2012) A Parody of Social Science Lingo The lingo used by sociologists and such annoys many reasonable people. Richard D. Fay of M.I.T. is one of them. Last week the Washington Star picked up a letter he had written to the Harvard Alumni Bulletin in which he showed how the Gettysburg Address would sound, lumbered up in that lingo:​ Eight and seven-tenths decades ago, the pioneer workers in this continental area implemented a new group based on an ideology of free boundaries and initial conditions of equality. We are now actively engaged in an overall evaluation of conflicting factors . . . We are met in an area of maximum activity among the conflicting factors . . . to assign permanent positions to the units which have been annihilated in the process of attaining a steady state. This procedure represents standard practice at the administrative level.From a more comprehensive viewpoint, we cannot assignwe cannot integratewe cannot implement this area . . . The courageous units, in being annihilated . . . have integrated it to the point where the application of simple arithmetical operations to include our efforts would produce only negligible effects . . .It is preferable for this group to be integrated with the incompleted implementation . . . that we here resolve at a high ethical level that the deceased shall not have been annihilated without furthering the projectthat this group . . . shall implement a new source of unhampered activityand that political supervision composed of the integrated units, for the integrated units, and by the integrated units shall not perish from . . . this planet. (Lumbering Lingo. Time, August 13, 1951) The Decline of Lunch Counter Lingo [T]he vitality of lunch-counter speechcats eyes for tapioca, baby for a glass of milk, jerk for ice cream soda, and Adam and Eve on a raft for fried eggs on toasthad a raciness about it that many people sought to put an end to in the late 1930s.  (John F. Mariani, The Dictionary of American Food and Drink. Hearst Books, 1994) Pronunciation: LIN-go

Analysis on the Conclusion of Tennessee Williams’s Book, A Streetcar Named Desire vs the Film Adaptation

Analysis on the Conclusion of Tennessee Williams’s Book, A Streetcar Named Desire vs the Film Adaptation The endings of A Street Car Named Desire in the movie and in the play by Tennessee Williams are very different. Initially, they both follow the same storyline, which follows Stella’s struggles between choosing Blanche or Stanley. Near the end, Kazan changes the turning point from what Tennessee Williams wrote. The impact of the different endings dramatically changes the reactions from the audience. In the play, Eunice is telling Stella that she cannot believe what Stanley did because her life needs to go on. Stella takes the baby, and she goes back to Stanley, and when the baby stopped crying it is as if life is back to normal. When Blanche is gone they treat their lives no differently than when she was there. In this case, Stanley wins the â€Å"poker game,† because he has a better hand than Blanche. Stella cries frantically and it shows how badly she feels about admitting Blanche into an insane asylum. The end of the play says â€Å"7 card stud.† This tells the audience that the play has gone back to normal. This ending is very different from the movie because Stella makes a different decision than she does in the book. In the movie, Stella does not go back to her normal life. The book has Eunice giving Stella the baby, but in the movie Eunice does not give Stella the baby and as Blanche is being forced to leave Stella thinks about what Stanley has done. It makes her too sick to even think of Stanley, and she says â€Å"Don’t you touch me, don’t ever touch me again.† She relays the amount of hatred she has toward Stanley and it impacts the decision she makes in the end. When Mitch watches Stella being taken away he yells at Stanley and says, â€Å"what have you done to her?† and this skepticism was not shown during the play. The movie does not have life going back to normal and although Blanche did not win the poker game, Stanley did lose. Stella goes back inside to Eunice as Stanley continues to call for her. This change is very difficult to comprehend because the result of the play and the movie are opposite. This ending shows the change between who has won the pot: Sta nley, Blanche or No One. As a result of the alternate endings the audience becomes very confused as to why they are so different. If a change had been made earlier in the movie it would not be as drastic as making a change to the ending. This alters the meanings that can be interpreted by the play and movie. The question that many still wonder is why are the endings different if the movie was produced only a couple years after the book? The alternate endings have a negative impact on how people interpret the endings.

Colourimetric Assay for Paracetamol Essay Example | Topics and Well Written Essays - 1000 words

Colourimetric Assay for Paracetamol - Essay Example ble results. The chief advantage of colourimetric methods is that they provide a simple means for determining minute quantities of substances. The upper limit of colorimetric methods is in general the determination of constituents which are present in quantities of less than 1 or 2 per cent (J. W. Robinson). The principle behind any colourimetric technique for paracetamol analysis is that paracetamol undergoes oxidation-reduction reaction with an aqueous solution of iron(III) ion. In the reaction, iron(III) ions are being reduced to iron(II) ions. The iron(II) ions produced in the redox reaction is reacted with potassium hexacyanoferrate(III) solution forming prussian blue which is an intense blue colored complex. The concentration of the paracetamol in a given solution may be determined by measuring the color intensity of the Prussian blue solution. ... Upon measurement of the intensity in terms of absorbance, Beer’s law is used to calculate the concentration of the paracetamol in micrograms per milliliter. To permit selection of the most advantageous technique, effects of variables such as temperature, heating time, acidity and reagent concentration have been evaluated. Another simple, accurate and fast method of determination of paracetamol is based on the measurement of the intensity of the yellow color that will develop when the sample containing paracetamol is reacted with p-dimethylaminobenzaldehyde in 2 molar solution of hydrochloric acid after heating (Usifoh, et. al.). This yellow color is usually absorbed in the visible region where the wavelength is 450 nm. It is normally stable for several hours and its intensity is directly proportional to the concentration of the drug, that is, Beer’s law is obeyed. This colorimetric technique is mainly used for analysis where the paracetamol is contained in a particular raw material or in pharmaceutical dosage forms such as tablets and syrups. Finally, a fast, automated colorimetric method for the determination of samples containing paracetamol is the latter’s reaction with acidic hypochlorite followed by coupling with alkaline phenol which produces a blue indophenol dye, which is measured colourimetrically (J.W. Murfin). This method is generally used for tablets containing paracetamol and a granule formation containing paracetamol. MATERIALS AND METHOD A stock solution of paracetamol has been prepared for analysis. The stock solution is prepared by dissolving appropriate amount of 0.0023 mol/L paracetamol solution in 10 mL of NaCl solution and made

Discovery in the Amazon Case Study Example | Topics and Well Written Essays - 500 words

Discovery in the Amazon - Case Study Example It can also be speculated that the pipeline will give rise to cases of dispossession. The orthodox frame might argue that the pipeline will finally help in the integration of the tribes into the market economy and thus introduce them to the benefits o the development, but a more critical perspective would go further and question, â€Å"what/who has kept them out?† – thus referencing a historical divergence point that has created a global system wherein the wealth of one class limits the development possibilities of the other. In diametric opposition to the claim that it was the birth of capitalism (and the ability to produce capital) that was the turning point in the West and what freed people from poverty, there are arguments that the beginnings of formal property rights was what led to the extinction of customary and collective rights and the deprivation of access to land and other resources of the marginalized. And while the Capitalist-driven frame traces the roots of poverty to the existence of barriers to the market exchange of land and resources, the counter-frame questions the logic of this commodification and exposes the flaws of an unfettered market exchange. This would result in a slew of other human rights violations such as food sovereignty and land sovereignty. Moreover, there is a clear violation of the autonomy and self-determination of the indigenous tribes that occupy the areas in Ecuador to be affected by the pipeline. Western thought has cultivated the notion that there is but one trajectory towards progress and development, and this can be quantified in material terms. Development, according to Western thought, means roads and infrastructure, access to markets and trading, a quality life that approaches, if not approximates Western life as it is known. But this kind of thinking is in itself an imposition of a Western imaginary that obscures equally legitimate ways of living and

Case study/ final paper Study Example | Topics and Well Written Essays - 500 words

/ final paper - Case Study Example Integrative approach however involves parties to a conflict in developing solution to a problem rather than seeking a decision while attitudinal structuring is a social based approach that aims at changing people’s behaviors in a set up and intraoganizational bargaining defines extensive discussion within an organizational framework. Either aspect of the theory therefore undermines summery dismissal without a defense opportunity. Another applicable theory to both parties is the contract theory that provides for legality of relationships based on terms and actions rather than intentions of parties to an agreement. It therefore has a legal basis for protecting parties interests (Miller and Jents 497; Denisi and Griffin 330). Initial jurisdiction of the case rests with the industrial court. The contract theory will prevail over the Behavioral theory of labor negotiations because of its foundations from common law that is a recognized source of law while the Behavioral theory of labor negotiations is a secondary approach to the judicial system. I would advise Fred that his action has legal consequences and recommend a favorable resolution outside court before Wilma seeks a legal address. His reference to payback and the mode of expression that communicated intense anger together with slamming of the door identifies apprehension to danger, amounting to tort of assault. A resolution outside the legal framework may therefore reduce or mitigate the possible consequences of Fred’s action if Wilma agrees to forgive him (Miller and Jentz 87). We are interested in recruiting Mr./Mrs. X (Name of applicant) for an important position in our organization, he/she has named you as a referee and we would wish gain the following information from you. The additional information on the applicant’s alcoholism does not change the proposed plan because the condition can be managed by a strong organizational culture. The search committee should be keen on

What you think quality is and your perceptions of quality Essay

What you think quality is and your perceptions of quality - Essay Example Quality is a highly desirable concept that is normally and sometimes wrongly associated with money especially in matters of ostentation goods. People have been known to buy products, especially jewelry for exorbitant prices simply because they are stocked in high-end stores, others purchase the same in different shops for lower prices but the two stores may be selling identical products. The word is normally used in business and advertising by firms that wish to convince their customers that their products and services are the best. However, despite the term being relative, in many commodities the standards of quality set are quite inflexible and have to be enforced. This is because the quality of goods such as food, medicines and construction materials cannot be compromised and for any of these and other commodities whose misuse could lead to damage or loss of life and property. Therefore, quality cannot be left in the hands of money-minded producers of uniformed consumers. As a result, many countries have quality assurance bodies mandated with the task of licensing products and declaring them fit for consumption, or use before they can be allowed into the distribution chain. One of the main hindrances to achieving to achievement of quality standards is the increasing rate at which goods are pirated, and fake products are passed for the real products. This costs th e manufactures millions each year and risks customer’s lives by selling them substandard

Intermediate Macroeconomics Essay Example | Topics and Well Written Essays - 1000 words - 1

Intermediate Macroeconomics - Essay Example These countries include the United States, Russia, China, Canada, Venezuela, Nigeria and Libya among others. Today, the economic structures of these countries are dependent on crude oil, as the primary source of energy.Ordinarilly; the oil plays a significant role in the strength and stability of these economies. Oil influences global consumption and expenditure rates through international trade to a substantial extent. . (Bernanke & Gertler 1995) The time under consideration in this research paper is between 2004 and 2013. During the period, Libya and other Arab countries underwent a revolution that caused disruptions in crude oil mining. The troubled oil production fronted a resurgence of demand for the product and hence the situation sharply sent the oil costs up. During the period, economists believe that disrupted production in various Arab countries contributed to the slow growth for 2011 henceforth. The messy markets over the last few years saw oil prices fluctuate making it hard to predict the economy The demand for crude oil is rapidly increasing with the growing industrialization in developing countries. This is because the calorific value of crude oil is very higher as compared to that of the other alternative sources of energy such as solar energy, bio-fuel, and other sources of energy. (Bernanke & Gertler 1995) Moreover, the other alternative sources of energy are not feasible to be used in some of the industries and vehicles. These competitive benefits of crude oil over the other alternatives create the aggregate demand of the precious natural resource. However, this natural resource is continue to deplete at a similar pace to that of increasing demand due to the over exploitation of the same. In addition, as crude oil is a non-renewable source of energy, hence it cannot be replenished after the complete use of the same. This has resulted in the constant price

Case study/ final paper Study Example | Topics and Well Written Essays - 500 words

/ final paper - Case Study Example Integrative approach however involves parties to a conflict in developing solution to a problem rather than seeking a decision while attitudinal structuring is a social based approach that aims at changing people’s behaviors in a set up and intraoganizational bargaining defines extensive discussion within an organizational framework. Either aspect of the theory therefore undermines summery dismissal without a defense opportunity. Another applicable theory to both parties is the contract theory that provides for legality of relationships based on terms and actions rather than intentions of parties to an agreement. It therefore has a legal basis for protecting parties interests (Miller and Jents 497; Denisi and Griffin 330). Initial jurisdiction of the case rests with the industrial court. The contract theory will prevail over the Behavioral theory of labor negotiations because of its foundations from common law that is a recognized source of law while the Behavioral theory of labor negotiations is a secondary approach to the judicial system. I would advise Fred that his action has legal consequences and recommend a favorable resolution outside court before Wilma seeks a legal address. His reference to payback and the mode of expression that communicated intense anger together with slamming of the door identifies apprehension to danger, amounting to tort of assault. A resolution outside the legal framework may therefore reduce or mitigate the possible consequences of Fred’s action if Wilma agrees to forgive him (Miller and Jentz 87). We are interested in recruiting Mr./Mrs. X (Name of applicant) for an important position in our organization, he/she has named you as a referee and we would wish gain the following information from you. The additional information on the applicant’s alcoholism does not change the proposed plan because the condition can be managed by a strong organizational culture. The search committee should be keen on

Intermediate Macroeconomics Essay Example | Topics and Well Written Essays - 1000 words - 1

Intermediate Macroeconomics - Essay Example These countries include the United States, Russia, China, Canada, Venezuela, Nigeria and Libya among others. Today, the economic structures of these countries are dependent on crude oil, as the primary source of energy.Ordinarilly; the oil plays a significant role in the strength and stability of these economies. Oil influences global consumption and expenditure rates through international trade to a substantial extent. . (Bernanke & Gertler 1995) The time under consideration in this research paper is between 2004 and 2013. During the period, Libya and other Arab countries underwent a revolution that caused disruptions in crude oil mining. The troubled oil production fronted a resurgence of demand for the product and hence the situation sharply sent the oil costs up. During the period, economists believe that disrupted production in various Arab countries contributed to the slow growth for 2011 henceforth. The messy markets over the last few years saw oil prices fluctuate making it hard to predict the economy The demand for crude oil is rapidly increasing with the growing industrialization in developing countries. This is because the calorific value of crude oil is very higher as compared to that of the other alternative sources of energy such as solar energy, bio-fuel, and other sources of energy. (Bernanke & Gertler 1995) Moreover, the other alternative sources of energy are not feasible to be used in some of the industries and vehicles. These competitive benefits of crude oil over the other alternatives create the aggregate demand of the precious natural resource. However, this natural resource is continue to deplete at a similar pace to that of increasing demand due to the over exploitation of the same. In addition, as crude oil is a non-renewable source of energy, hence it cannot be replenished after the complete use of the same. This has resulted in the constant price

Safeways Human resources management Essay Example for Free

Safeways Human resources management Essay Introduction I will be looking at the way Safeways Human resources management is run, Safeway is one of the leading grocery retailers in the UK with annual sales of around à ¯Ã‚ ¿Ã‚ ½9 billion, 90,000 employees and nearly 480 stores nationwide. Their stores attract around 8 million shoppers every week. Originally they were a US owned company called Safeway Food Stores Ltd. Their first UK store was opened in Bedford in 1962. Over the next two decades the companys portfolio of stores rose to 133, establishing it as a serious player in the booming UK food retailing market. This success reflects the radical changes they have made in the way they do business and their strategy is based on four key objectives which is focus on product and price, best at fresh, best at availability and best at customer service Argyll was formed in 1977 by James Gulliver and named after his Scottish birthplace, the company grew rapidly through acquisition, and during the 80s Argyll focused its retailing operation on the Presto brand while also operating a range of other food and drinks businesses. By 1987, Argyll had the necessary financial muscle to make a bid for the Safeway name and estate. In February 1987 Argyll bought the UK arm of Safeway for à ¯Ã‚ ¿Ã‚ ½681m and with it came a distribution network and the Safeway name, a programme was launched to integrate the best systems and processes from each company and convert many of the larger Presto stores to the Safeway fascia. As its food retailing operations became more important, Argyll began to sell its non-core businesses and invested in a massive store opening programme. In 1996 the company name was changed to Safeway plc and all stores reframed under the Safeway identity. Their human resources support management in recruitment, induction and training. HR policies on terms and conditions of pay and benefits, performance management, training and career development apply to all Safeway people. It believes that by building sustainable advantage over our competitors it can only be done through Safeway people. We are creating a business culture in which our people are passionate about our products, our stores and everything we do. If their employees have an unbreakable will to compete and have the skills, knowledge and resources to do their best every day. The Human Resources operation within Safeway affects all departments and impacts on all members of staff. Human Resources Managers are responsible for attracting, developing and retaining people who are great assets to the stores. They provide expert advice on a range of employee issues and work to help people achieve their full potential. Their HR strategy has been broadened to ensure they prepare both their business and people for the future and will continue to develop managers in the key areas needed to support this phase, e.g. change. Leadership will be a requisite skill to support their people and managers will receive ongoing development in this area. Safeways entire Supply and HR Divisions recently became Investors in People accredited. In the case of the Supply Division this achievement was unique as they employ both permanent employees and contractors at third party depots. Human Resources Planning The function of human resources within a business is considered to be one of very important elements in running private and public enterprises besides the financial capital. It envisages manpower planning which focus on the various ways of attracting sufficient candidates with the right qualifications. Broadly speaking, the role of human resources include among others manpower planning, recruitment and selection, training and development and performance of management so that a business can have the best people for jobs who are able to perform their respective tasks to the highest level possible. Other responsibilities also include designing jobs that are interesting, keeping within the law on issues such as health safety, equal opportunities, sex race discrimination and termination of employment. Another responsibility also include dealing with trade unions, staff association, disputes, industrial tribunals and other legal actions, also ensuring that organisational structures and procedures allow employees to express their views, ideas, complaints and worries. If a business is expected to be effective and efficient it needs to manage its employees or human resources well. If workers are well managed they will be happier, better motivated, more responsive and more productive. Badly managed employees are more likely to be less enthusiastic, less willing to show initiative and likely to miss work. and finally less productive. The external labour market is also considered to be a very important factor when dealing with human resources. It is made up of potential employees whether they are locally, regionally or nationally that may have the skills and experience required for a particular business. Manpower planning should cover the analysis of both internal staffing resources, and the monitoring of the availability of labour from external resources. If a business fails to analyse the pool of recruits within the working population both local national then it runs the risk of not being able to satisfy any additional manpower requirements from external sources. There are many different factors that affect the size and nature of the labour market. Labour Market The Labour market is defined as the combination of labour demand and labour supply. Labour demand refers to the total number of workers or even working hours required by employers and is usually measured by the number of jobs plus vacancies. Labour supply refers to the total numbers of hours that labour is willing and able to supply at a given wage rate. It can also be defined as the number or workers willing and able to work in a given occupation or industry for a given wage. National Labour Market A business must consider its ability to meet its manpower requirements so that it can operates efficiently and at the same obtain profit or at least cover its running costs in the short run. Overall a national labour market is influenced by the following factors: * Trends in the size of the working population. * Competition for labour within businesses industry. * Overall level of economic activity. * Education and training opportunities. * The effect of government legislation. A national external source also has to be considered, these include national policies, demographics trends and developments which can affect the ability of a business to recruit certain types of labour. Similarly all these factors can have an implication of salary levels and the conditions of employment. We can easily say that manpower planning must also take into account the following factors: * Economic trends which will affect the demands for different types of labour e.g. in todays environment there is a greater demand for people with technology skills. * National demographic trends may have particular implications for the growth of the working population. * Education and training trends which change the structure and emphasis of university courses and the provision of technical and vocational education in schools and colleges. * New legislation including government policies and European Union directives on wage and salary negotiations, the role of staff associations and trade unions, equal pay, sex discrimination, employment protection, working time and industrial relations. Local Labour Market Business needs to be aware of the labour supply in the location they are operating, they need to know about future and current supply trends. In order for a business to gain a clear understanding of the local supply conditions they must have access to such statistics. Other information can be obtained by local employment offices and job centres which have details of unemployment figures for their particular area, local employers also want information on local wage rates and income levels in order for them to pitch an appropriate wage level to recruit or attract the right sort of employees. The types of information a business needs to know about local employment trends are the following: * Local employment gives an indication of the general availability of labour and state how easy or difficult it will be to recruit. * Local Skills shortage, there are job roles that go into decline because the skills required for certain jobs are becoming redundant. * Competition for employees, it is in a business best interest to know whether its competitors are expanding. * Availability of labour. Local external sources have to be looked over when assessing future manpower requirements and how it can be satisfied by local labour markets and manpower planning should take into account the following: * Developments in the local transport system that determine the effective catchments for labour area. * Demographic trends paying particular attention on the overall size and age structure of the local working population, e.g. if there a lot of graduates in the area they might consider recruiting them. * Housing and the availability of different types of accommodation. * Environmental developments that influence the attractiveness of the area as a place in which to live, more homes and people. * The local effect of any changes in the governments regional and urban development policies, e.g. if a new retail park opens, there will be more jobs. * Unemployment rates and the availability of workers with particular skills, qualifications and experience for example higher labour market available for work higher demand for certain jobs then wages get higher. * The availability of part time and casual labour, e.g. students and mothers. * The quality of local education and training providers, people will be more skilled which means higher wages. * Local competition for labour and its impact on pay rates and fringe benefits e.g. one company might look at what benefits another company offers. Manpower planning and internal staffing resources The purpose of manpower planning within different organisations will vary and it is important to identify this purpose i.e. why your organisation needs to do manpower planning. Once the purpose is clear, then it is important to develop a consistent approach to meet these needs. Manpower Planning is the process by which an organisation determines its human resource management needs and issues, and develops and implements plans to address them, it also gives a clear picture of the supply of labour available to a business internally for example skills, attributes and the potential of the current employees. At this level the manpower planning function deals with understanding the staffing requirements necessary to implement the organisations overall plans. The focus here is on the wider implications of the organisations manpower plans in terms of, for example, skill mix and development programme requirements, as they affect the organisation as a whole. Manpower planning at an operational level deals with specific programmes defined as necessary by management to meet their objectives. Research and experience shows that workforce planning fails when it is applied in a manner which is inconsistent with the needs of the organisation. If it is viewed as too complicated, lacking serious senior management support or focused on issues which are not important to the organisations success, it may be perceived as just another personnel procedure. However, when it involves managers in meaningful and significant ways, when it provides useful information and stimulates effective decision making and when it addresses important issues before they become expensive problems, then workforce planning is seen as a valuable process of management. This should be based on a manpower inventory consisting of computerised personnel records on each employee which cover the following: * Age, gender and martial status. * Date employment commenced, the first day of their work. * How the employee first heard of the vacancy with the business, whether it was recommended. * Job title. * Department, section and job location. * Employment status (hourly, full-time, part time, shift). * Previous job titles within the organisation, whether they were once a checkout assistant and now a manager, we know that skills are there. * Previous work experience with other employees. * Performance and attainment, their ability. * Qualifications. * Training and development, what type of training they have and if they need more strengths. * Potential for transfer or promotion. Information from manpower planning can be analysed to help determine the resources that an organisation possess, and also identify important trends that may have implications for its future labour requirements. This plan should include records of employees that are no longer within the business and the reasons why these employees left for example if it was the companys fault or employee personal reasons. It gives an opportunity for measuring and analysing: Labour Turnover Labour turnover occurs when workers leave an organisation and need to be replaced by new recruits. The main reasons that workers leave are: à ¯Ã‚ ¿Ã‚ ½ Resignation (both voluntary and due to incapacity pregnancy, ill-health, etc) à ¯Ã‚ ¿Ã‚ ½ Dismissal (including redundancy). à ¯Ã‚ ¿Ã‚ ½ Retirement. It is calculated in percentage terms using the following formula: Labour turnover = number of employees leaving over specific period x 100 Average number of people employed A labour turnover ratio of 25% is generally considered acceptable, however when the rate reaches 30% or more, an organisation will need to pay attention to this particular area. High labour turnover can be expensive, although the actual costs are difficult to estimate. To get some indication, organisations can start by adding up the most obvious expenses those of advertising, recruitment and training, together with the cost of associated management and supervisory time. The annual total could well convince the organisation that time and effort spent reducing labour turnover is cost-effective. Increased expenditure on recruitment and training represents only a small proportion of the total cost of labour turnover. Much greater costs may be incurred through: * Poor recruitment with the wrong people being selected for the job, perhaps interviewer did not select the right person. * Low levels of motivation within a department. * Employee dissatisfaction with unfavourable wage rates or working conditions maybe not getting enough for their use and may introduce fringe benefits to keep their employees. For example Safeway offer a competitive salary and an employee can look forward to a range of benefits including: * Generous holiday entitlement. * Contributory pension scheme. * Staff discount card. * Subsidized meals and drinks. * Share save scheme to become a Safeway shareholder. * Safeway Lifestyle Voluntary Benefits which are a wide range of discounts on services including mortgages, electrical services, personal travel services and fitness. * Bonus scheme. * Staff uniform. * Premium payments for Sunday working. Safeway employees become eligible for further benefits such as medical cover as their career progresses, and their store social committee organizes different number of activities like theatre trips to Christmas parties. * Failing induction process and employees are not made to feel comfortable. It is also important that Safeway measure the labour turnover rate to warn of potential problems, so that the management can take appropriate action. The replacing of employees can cause a lot of disruption in the efficiency; it can also create costs for recruitment and training. For Safeway to meet its manpower planning it is important that it minimises labour turnover. Labour stability index This outlines stability because it emphasizes the employees that stay within the business rather than those that leave, this is another important ratio that is used and a measure which is more suitable is the labour stability index, as the labour turnover is generally measured. The labour stability index is measured by this formula: Labour stability = number employed with more than 12 months service x 100 Total number of staff employed one year ago The labour stability for Safeway is: 157 x 100 196 Labour stability = 80 The index stability represents stability because it emphasizes those employees that stay rather than leave. The labour stability, which is 80, means that only 20% of workers leave, so this is a very good employment for Safeway. Sickness and accident rates Absences are bad for companies as work is not done, and sickness rate is measured using the following formula: Sickness rate = number of working days lost per year due to illness x 100 Total number of available working days Due to the Health and safety at work act 1974, an organization is required by law to investigate a keep a detailed record of its accident rates, accidents can be caused by factors such as: * Insufficient safety training. * Stress, caused by too much to do. * A lack of safety equipment. * Poor motivation, money related perhaps due to unhappy with their work surroundings. These factors can result in ineffective working practices and reduced efficiency, keeping records allows an organization to protect itself from legal actions and will help identify and deal with causes of accidents before problems occur. Safeway circulate an annual health and safety report to employees in order to illustrate where we are and actions underway to improve our health and safety performance. They are always encouraging employees to consider key health and safety challenges facing Safeway and how they can make a difference: * Protecting members of public and visitors visiting Safeway premises. * Reduction in stock handling injuries to staff. * Motivation and training of staff in health and safety. * Improving the safety of contractors during construction and maintenance operations. Age Structure This information is useful for several reasons, it will help highlight a potential staff shortage that may be caused by a large number of employees all reaching retirement age, mostly students are most willing for jobs. When deciding the allocation of training opportunities a detailed analysis of the age structure of the workforce is needed, for example who is in need of training and you would not give training to pensioners, elderly as they are not in need of it. Succession This analysis identifies any managerial and supervisory posts that face a weak replacement position and for this reason the assessment of employees must be a continuous process, the manpower plan allows plans to be made for the effects of retirement or resignation among supervisory and managerial employees. An organization needs to know if it has the appropriate employees in order to promote and transfer them to the managerial positions. Safeways are committed to the provision of a full outplacement and career-coaching service at all levels. This will be supported by the development of their own internal re-deployment framework. They also plan to further enhance their system provision, enabling automated succession planning and competency modelling, which will support the above. To support improved communication across their Business. In October 2002 the ten year old Human Resources System was replaced by a new, more efficient management information system (People soft). This manages the companys and facilitates our performance management and succession planning processes:- * Recruitment administration. * All personal and job details. * Information about absence, discipline and grievances Recruitment and Selection The ultimate success of a business depends upon the quality and contribution of its workforce, businesses recruit staff for a variety of reasons. Before recruiting it is essential to ensure that there is actually a need to recruit workers. External influences such as technological developments can change job roles within the business creating a need to recruit new people with specific skills. Other reasons why businesses recruit include the following: * The growth of the business When existing jobs are being expanded human resources management simply needs to copy existing practice on a larger scale. In creating new jobs more detailed thought is required particularly if the jobs are quite different from those that already exist within the organisation. * Changing the job roles within the business Due to the rise in information and communication technology, there has been a change in businesses job structures. When developing new jobs requires considerable amount of research, which is often done by examining best practice in businesses or by looking at the development of new jobs in other countries. * Filling vacancies created by resignation, retirement or dismissal In all businesses people move on, they become older they either hand in their notice or are dismissed. So it is necessary for employers to replace their employees. * Internal promotion In any successful business there will be opportunities for internal promotion, this allows an employee something to aim towards in a business rather than looking elsewhere for something better. When one employee is promoted, sometimes they need a replacement. The recruitment process as illustrated is a tried and tested process that aims to reduce the risk of selecting the wrong person. It can be costly in terms of resources devoted to the process and costs associated with recruiting poor performing employees, it is important to select people accurately for interviews. Businesses need to be very clear always about the requirements of the job and about the kind of person they are seeking for. The following ways can be achieved through: * Job descriptions A job description is used as a job indicator for applicants, it is also used by managers to identify their roles and responsibilities within the business. This also can be used by businesses to provide information to be used in making a vacancy advert and for briefing interviews. A job description normally follows a similar pattern of headings: * Title of post, this should give a good indication of what the job is. * Position within business structure, state who the post holder is accountable to and who is accountable to them. * Duties and responsibilities that need to be performed by a job holder and the skills and qualities required. * Responsibilities for assets and materials, the rage of materials and physical assets the job holder will be responsible for. * Person specifications this describes the characteristics and attributes which a person needs to be able to do the job to the required standards. It can also be used to make sure a job advertisement conveys the qualities that prospective candidates should have and check candidates have the right qualities. * Achievements, what education, qualifications and experiences does the applicant need? * Personal attributes they have e.g. works well in teams or on their own. * The amount of experience in the business industry or related areas. * Carefully planning how and when to advertise This process is to attract only those people who fit the companys person specification Advertisements must reach those who have the qualities to fill the vacancy, the business needs to be aware of who there target audience is(manager, supervisor, etc) and also where the advert will be placed(on a notice board, broadsheet paper, local job centre).The presentation of the advert is very important as it gives prospective employees a first impression of the business. A good advertisement needs to contain the following information: * Job title, details about the business and who would I am working for. * Job description, what would I be doing. * Location, where would I be working. * Salary, what financial reward would I get and an indication should always be given. * Qualifications needed for the business must be stated clearly. * Address and contact, so that the applicant can contact the business for further information. * Fringe benefits, additional things an employee will receive other than pay. * Organisational identity, this may be in the form of a logo. Safeway as a Company undertakes a positive and proactive approach to equality and diversity. They recognize the benefits of providing a working environment in which everyone feels valued, respected and able to contribute to the success of the business and also wish to employ a workforce that reflects the diverse society of which they live in and serve. To ensure that all colleagues remain committed to and involved in promoting diversity, it undertakes the following activities:- * Dignity and respect training entitled Appreciating Differences is provided for managers throughout the Company. * Conduct diversity profiling across their workforce and this information is fed back to each of their stores, to ensure that the workforce in each location reflects the profile of their local community. * They advertise vacant positions both within their stores and through the distribution of fliers to local communities. * Use both internal and external posters and recruitment materials targeted at workers of different ages. * They also utilize the Age Positive and 50 Plus websites when advertising positions. * Springboard is used to target school leavers. * They are accredited to use the Positive about Disability symbol on our recruitment literature. * They are committed to interviewing all disabled people who meet the minimum job requirements. * They make any reasonable adjustments required to meet the needs of disabled applicants and colleagues. * We have developed partnerships with around 40 external providers such as Re-employ and the Shaw Trust. In 2002/3 we employed approximately 140 people on supported placements. * Identify the strengths and weaknesses of job application: CSVs and letters of application A CV is a document usually prepared by the job seeker, it is similar to an application form. It supplies an employer with the job seekers details. It must be truthful and positive and should have the following information: * Personal details. * Education. * Qualifications. * Work experience. * Interests. * Ambitions. Letters of application should be written to support a CV, it should have A clear structure, with beginning, middle and an ending. Which should state the following: * The reason applying for the job. * The contribution that can be made to the business. * The developed capabilities through training and education. * The skills and knowledge acquired that will help in the job. * Short listing candidates This process involves looking through the completed applications to narrow the number down to a manageable number, it helps eliminate all the applicants that do not meet the job requirements. * Taking references Most businesses an applicants reference will be considered by the employer before a contract of employment is agreed. It is an opinion usually in writing of a persons character, ability, honesty and reliability. Some employers tend to not even consider the job applicant until they have seen a reference from a college or previous employer. * Job analysis The first stage is to conduct a detailed analysis of the job, which may involve questioning the current job holder at work. It might be obtained through discussions with the job holders manager or supervisor. The job analyst compiles a description of the main responsibilities of the job by asking: * What are the main tasks of the job and how often do they need to be completed. * What mental processes are required to do the job. * Is the job holder required to take decisions and use initiative. * Is the output from the job a part or a whole. * Does the job holder have to work with others or control the work of others. * What are the required performance standards. Recruitment and selection are linked, selection interviews also present candidates with a realistic picture of what the job entails and what it will like to work for the business. Selection interviews are well organised they must be arranged at convenient locations and times. The selection should attempt to get the best people within the existing budgets i.e. candidates with the most appropriate skills, experience and attitudes. It should also select people who will stay with the business for a reasonable time and minimise the costs of recruitment and selection relative to returns. In Safeways selection depends on the position you have applied for, one of the following selection processes will apply: At this level, we call our store recruitment process Selecting for Excellence. It usually consists of 2-3 stages depending on the position youve applied for. Selection Process * Completion of the Application Form. * You may be required to complete a pencil and paper test, followed by a short practical exercise which measures a range of skills and abilities. * Attend a selection interview. The recruitment process in Safeway is highlighted below: * During 2002/3 they created 1500 net jobs (permanent roles only), principally in stores across the Company. * This year they have centralised recruitment centre in Warrington became fully operational, and received a weekly average of 11,300 phone calls to their recruitment hot line. * They advertise vacancies for all stores on-line in the Careers section of their website and receive approximately 820 job applications via the Internet each week. * 32 graduates have joined the business this year, 12 on the new store specific graduate programme. * The retention of people is a key part of their HR strategy on an ongoing basis. Safeways work with other External organizations concerned with diversity or are members of include:- * The Employers Forum on Disability. * The Disability Rights Commission. * The Retail Employment Development Group (RED Group). * Diversity Network. * Re-employ. * The Employment Services (Job Centre Plus). * Age Positive. * Commission for Racial Equality (CRE). * DEXTRA, Diversity Network Group. * The Employers Forum on Age. The Employment Rights Act 1996 states that the employees should receive certain information within the first two months of starting their employment. All contracts of employment should include the following: * The names of the employer and the employee. * The name and address of the place of. * The date when employment began. * The job title. * Employment conditions e.g. full time, part time, permanent, temporary. * The salary. * The intervas in which the employee will be paid e.g. monthly or weekly. * Any terms and conditions relating to holiday entitlements (including public holidays, sick pay and pensions). * The length of notice required from either party. * If the employment is temporary, how long it is expected to continue. * Any disciplinary rules to which the employee may be subject. * Signatures. Training and Development Training envisages all types of planned learning experiences and activities aimed at making positive changes to the performance of the employees and other behaviour, which will help them gain new knowledge, skills, beliefs, values and attitudes. As the technology develops and advances with a very high speed, it is necessary for the business to acquire these new innovations which will be available in the market and provide appropriate training to its human resources so that it will be in a position to operate efficiently and be able to compete with other business of the same nature. The training programme for a business is part and parcel of manpower planning which require a through analysis and continuous adjustment over time in relation to the existing and the new technology. Safeway believes that its employees are its best assets, they are provided with knowledge, skills and tools to be the leading retailer in our markets. Whether its providing customer service, offering exceptional products at a competitive price or learning the latest in merchandising and display. The companys training program provides the individual with a solid foundation to achieve their best. There are different forms of training, namely; * Induction Training It is when employers introduce new employees to the business. Employers also have to make sure the employees are aware of the new environment and have the necessary information on specific areas of the business so that they can perform their tasks. The new recruit is sometimes given an induction pack by the employer, also an overview of Health and Safety, Security and Equal Opportunities. * Mentoring It is used by businesses so that employees can develop a good working relationship and it also provides employees a chance to learn new skills. Mentoring is mainly when a trainee is allocated to a more experienced employee. If and when the trainee faces any difficulties or problems with their duties, they must seek advice from the mentor. * Coaching This is when an employees performance is assessed by the manager, which helps the manager to identify the employees strengths and weaknesses which intern they will need to work together to develop their skills. The manager needs to develop their coaching skills, otherwise this will affect the success of any coaching programme. The manager coaching has to have the appropriate skills and sufficient time should be allocated so that the time could take place. * In-house training This is when a business builds its own training department, which provides employees with training and development using resources within the business. * External training External training always takes place away from the real working environment, which is an external course that employees are sent on. * The national training system: * Training enterprise councils This is sponsored by the government and led by local people, which helps businesses to identify their own training needs. * Investors in People The initiative is that investing in people is the most effective way of improving the performance of the business. The Tecs help to asses businesses that want to be recognised publicly as investor in people. * Individual learning accounts This is a sort of bank account which the government, the employer and the individual all contribute money which is then used to buy training and education. * Modern Apprenticeships- Modern Apprenticeships have been designed for people whose learning styles are more suited to a job with training, most of your training is done while you are at work, and lasts for around three or more years. It is very flexible which can be structured to meet different needs of employers. * National vocational qualifications the national vocational qualifications are indicators which show occupational qualifications. It is the ability of an employee to reach a specific kind of skills or competence in carrying out a specific job. An NVQ is awarded to an employee after an assessment done by the appropriate institution or work place. Additionally, 210 Bakers have completed the craft baking NVQ and over 7,000 colleagues have received craft skills and systems training at one of Safeways three Regional Training Centres. The NVQ is a vital part of management training, awarded by city guilds it is nationally recognised and on successful completion they will become a qualified NVQ assessor in their own right * National learning targets the national learning target is set by the government and it is expected that every business institution in the private or public sector to achieve those targets. These targets for example includes target for young, adults and for a businesses as a whole. Training and development is a continuous process helping Safeway to deliver its goals and benefits to its colleagues as their skills, competence and capability grow. Training for skills remains critical, and this year they launched apprenticeship programmes for Butchers, Fishmongers and Florists, with over 200 colleagues attending the Fishmonger course and 116 the Meat course. They have continued to provide support to the growing Non food offer by delivering training to support our 6 Mega stores and 50 Home Entertainment centres. Driving improvements in customer service continues to be critical and their Star Service programme was broadened this year to include Friendliest Store in Town. To support this, their Selecting for Excellence recruitment tool was extended to assess this key area. By Safeway building sustainable advantage over our competitors can only be done through their people, they create business culture in which their people are passionate about their products and have unbreakable will to compete and have the skills, knowledge and resources to do their best. Purpose of Performance Management The purpose of performance management is to achieve objectives of the business, to provide better customer service, to increase market share (volume, units, and value). Also to maximize profit, to motivate employees (encourage hard work and set targets) and to improve competition within the business. To make the purpose of performance management understandable along with my businesses approach it is important to understand how the HR manager measures performance. * Performance Management The performance management process provides an opportunity for the employee and performance manager to discuss development goals and jointly create a plan for achieving those goals. Development plans should contribute to business goals and the professional growth of the employee. The planning process must also involve consideration of the emerging business environment, for some performance managers the changing environment offers many new challenges and opportunities. Performance managers and their employees are increasingly being asked to become generalists who step outside of traditional narrowly-defined job descriptions in support of team objectives and goals. These changes are resulting in the development of new approaches to human resource management. * Management by Objectives This is a system in which specific performance objectives are jointly determined by managers and their employees, the progress toward objectives is reviewed periodically and rewards are allocated on the basis of this progress. The principles of management by objectives are specific objectives for each employee, performance evaluation and feedback and explicit time period. All objectives should be discussed with both managers and employees, this process is used and is likely to be successful if the businesses objectives met the SMART criteria. These are known as the following: S Specific M Measurable A Agreed R Realistic T Time related * Monitoring Performance This process requires the measurement of performance which then needs to be linked with these performance measurements against the achievement of objectives. What needs to be taken into account when comparing performance with targets is the general context that a particular operation is taking place. * Individual Performance Review This process is for individual employees, which is usually implemented with the following review systems: All Safeway colleagues have a performance review at least once a year, although more frequent reviews may be requested by individual colleagues. The progress of new colleagues is reviewed at six, twelve, eighteen and twenty-six week intervals after appointment. * Appraisal This system is used by the employer to help them review the standard of work being done by employees within the business, and also assess the value or contribution of individual employees. It is used by employers to reinforce company goals, identify training needs and career opportunities, recognise good performance and review and set targets. Appraisals can be expensive and time consuming, but good appraisals have positive effect on employees motivation. Instead of appraising employees by rating their performance, which could intern discourage employees involvement and will not help overcome weaknesses. Some managers may use personal performance interview, which should cover a review of performance objectives over the previous year, an assessment of an employees strengths and weaknesses based upon key job related criteria and a personal job improvement plan. * Self Evaluation This is when an employee is asked to review their own performance before attending a performance review interview, this enables employees what their objectives are and identify training and development needs. * Peer Evaluation Peer evaluation can be a useful and valuable tool in helping employees to develop their critical skills and insight into the evaluation process. By making a critical appraisal of another employees work or performance, they can begin to understand the requirements of the business and what it entails. The only problem with this objectivity is that some employees might be in competition for a promotion or perhaps favour a friend to promote their own personal interests. * 360 Degree Evaluation This is one of the instruments that is used to evaluate the performance appraisal based on data collected from all around employee, such as customers, supervisors, peers and sub-ordinates. This evaluation provides feedback on abilities, skills, knowledge and effectiveness of the employee with the business. Based on the findings of the evaluation it can be highlighted the areas that need to be improved and type of training that needs to be undertaken to further develop the skills and the knowledge of the employees, further more the data collected will serve as a basis for any future improvement of the business activities as well as giving a new guideline for the management. This kind of evaluation will also help deal with emergency situations and build up a strong relationship between management and employee. * Managing performance in the modern business environment The business environment is subject a continuous changes and it is the most critical aspect of effective management. The performance management has to reflect these constant changes which have an extensive and complex impact on business. Managing Change These changes are of different nature, and the response varies with the situation. If these changes are badly handled can lead to serious consequences, which may include: * The frustration of sound strategies and the lack of its implementation. * The costs of implementation may rise. There might be unnecessary delays, spoilt work and emergency action to reduce the impact of delay all add to costs. * Benefit of the market may be lost due to the inability to compete with businesses in the market. * The human consequences of the change may be high. For example when people lose their jobs due to change or when the change is handled carelessly or without adequate planning. * Motivation reduced or lost within the business as people become confused due to poor management. * Resistance to future change may increase when they see their worst fears about the change are justified. The management has to adapt new methods in response to the changes in the labour, consumer, world and technological markets. The management has also to ensure that all measures in response to the changes should be smooth and effective with minimum damage to the employees and the business itself. Employee Welfare Any organization has the obligation to provide its employees with suitable and safe working environment and abide by the employees rights and interests. An organization has also the obligation of abiding by new government legislation and regulation and if it fails to do so it can face prosecution or financial costs. Some employers and business organizations are of the opinion that the recent legislation on working hours has limited their ability to operate flexibly and made it more difficult to improve their performance. Working Time Directive In October 1998 the UK government has introduced a new Working Time Directive as a measure designed to protect the health and safety of employees. This Directive covers seven areas: * Maximum working weekly hours- it should exceeds 48 hours, but it leaves the option for an employee to increase if he or she wishes. * Employees are entitled to have 11 consecutive hours in each 24hr period of daily rest. * An employee that has worked six hours is entitled to a 20 minute rest break. * In each seven day period employees are entitled to an uninterrupted rest period of 24hrs. * An employee must get at least four weeks paid annual leave by their employer. * An employer should make sure that employees take regular breaks and are not subjected to high risk tasks. * An average of eight hours in any 24hr period should be worked by night workers but if they should get sick they then must have the option to move to day jobs. Maternity and paternity leave According to the Sex Discrimination Act 1975 and the Employment Rights Act 1996 have entitled pregnant employees, maternity leave regardless their length. The maternity leave has been extended from 14 to 18 weeks, under the 1999 legislation. Employees are entitled to their statuary and fringe benefits during their leave period, and are free to come back to work after maternity leave. The earliest time that can be taken is 11 weeks before the baby is due. Many employers do not grant paid maternity leave, and there is no legal legislation for it. Although some companies and local councils grant paid leave, and the average leave period for paternity is ten days. Safeway aims to assist both male and female colleagues in managing their individual work-life balance, through a wide range of employment policies and practices in areas such as maternity and paternity leave and flexible working, many of which offer benefits over and above any minimum legal requirements. The Minimum wage In order to protect employees from exploitation this law was introduced in April 1999, it covers any UK employee who is aged 18 or older. The legislation covers agency workers, home workers, casual and temporary employees, and people on fixed term or freelance contracts as well as full and part time employees. Currently there are three bands for minimum wage: * A rate of à ¯Ã‚ ¿Ã‚ ½3.60 per hour for those aged 22 and over. * A rate of à ¯Ã‚ ¿Ã‚ ½3.00 per hour for those aged 18 to 21. * A rate of à ¯Ã‚ ¿Ã‚ ½3.20 per hour for those who are 22, and are within the first six months of a new job. * Improving performance through raising employee motivation * Motivation A strong team needs individuals who are dedicated to giving their best at work. Highly self-motivated, committed, ambitious employees give the most to their company and get the most from their work. But if employees are lacking motivation the effects can be dramatic, such as low team morale, lack of initiative, lack of energy, mistakes and high staff turnover. Motivational experiences improve employee attitudes, confidence and performance. Good leadership demands good people-motivation skills, motivational methods are wide-ranging, from inspirational quotes and poems, to team building games and activities, as ice-breakers or warm-ups and exercises for conferences, workshops, meetings and events which are great for staff motivation. When you break down barriers such as misunderstandings, prejudices, insecurities, divisions, territories and hierarchies you begin to build teams. If you take a group of people in a room having fun with juggling balls or spinning plates and barriers are immediately removed, teams unite and work together when they identify a common purpose. It can also be generated by a pay increase, by promotion or by simply by the status and satisfaction associated with possessing a new skill using the most up to date machinery or equipment. Managers can use non financial and financial means to motivate employees. This year the key areas for them to focus on with regards to their colleagues will be retention, development, motivation and maintaining morale. They will need to do this whilst preparing for and responding to any changes which the business may face. * Hertzbergs two factor theory Hertzbergs two factor theories is a simple but powerful way to understand an employees needs. Hertzberg believed that Hygiene and Motivator are two levels of needs which are as equally important for job satisfaction even though they worked in different ways. If the lower needs are inadequate workers will quickly become dissatisfied, however, as these needs are satisfied trying to motivate staff by just adding more hygiene factors such as wages or work hours is an inefficient and short term solution. A better way would be to appeal to their higher level needs by giving them more responsibility or giving them greater scope for advancement, in this way the individuals goals are satisfied as well as those of the business. The two factors are the following: Hygiene Hygiene factors are based on the need to for a business to avoid unpleasantness at work. If these factors are considered inadequate by employees, then they can cause dissatisfaction with work. Hygiene factors include: * Company policy and administration. * Wages, salaries and other financial remuneration. * Quality of supervision. * Quality of inter-personal relations. * Working conditions. * Feelings of job security. Safe has implemented its own hygiene management, a review of cleaning standards within stores has commenced with the objective of building on existing cleaning procedures. This has involved a comprehensive review of their cleaning procedures assessing developments in the cleaning industry to enable the best and most effective use of consumables and equipment used to clean their stores. Motivator Motivator factors are based on an individuals need for personal growth. When they exist, motivator factors actively create job satisfaction. If they are effective, then they can motivate an individual to achieve above-average performance and effort. Motivator factors include: * Status * Opportunity for advancement * Gaining recognition * Responsibility * Challenging / stimulating work * Sense of personal achievement * Personal growth in a job * McGregors theory X and theory Y Douglas McGregor, an American social psychologist, proposed his famous X-Y theory in his 1960 book The Human Side of Management, he suggested that there were two types of employees each with different needs. McGregors X-Y theory is a simple reminder of the natural rules of managing people, which under the pressure of day-to-day business are easily forgotten. He also argues that the type of employee a person will become is influenced by the management style they are under. Theory X It conveys negative view of human nature, but is the primary source of most employee motivation. A Theory X manager assumes the following: * Work is inherently distasteful to most people, and they will attempt to avoid work whenever possible. * Most people are not ambitious, have little desire for responsibility, and prefer to be directed. * Most people have little aptitude for creativity in solving organizational problems. * Motivation occurs only at the physiological and security levels of Maslows Needs Hierarchy * Most people are self centred and must be closely controlled and often pushed to achieve business objectives. * Most people resist change. Theory Y This argues that employees gain reward from the job itself and are not money motivated, a theory Y manager makes the following assumptions: * Work can be as natural as play if the conditions are favourable. * People will be self-directed and creative to meet their work and organizational objectives if they are committed to them. * People will be committed to their quality and productivity objectives if rewards are in places that address higher needs such as self-fulfilment. * The capacity for creativity spreads throughout organizations. * Most people can handle responsibility because creativity and ingenuity are common in the population. * Under these conditions, people will seek responsibility. * Maslow`s hierarchy of needs Maslow`s theory consisted of two parts the classification of human needs and consideration of how the classes are related to each other. The classes of needs were summarized by Maslow as follows: A person starts at the bottom of the hierarchy and will initially seek to satisfy basic needs (e.g. food, shelter).Once these physiological needs have been satisfied, they are no longer a motivator. The individual moves up to the next level which is safety needs at work could include physical safety (e.g. protective clothing) as well as protection against unemployment, loss of income through sickness etc. Social needs recognize that most people want to belong to a group, these would include the need for love and belonging (e.g. working with a colleague who supports you at work, teamwork, communication) Esteem needs are about being given recognition for a job well done, they reflect the fact that many people seek the esteem and respect of others even perhaps a promotion at work might achieve this. Self-actualization is about how people think about themselves which often measured by the extent of success or challenge at work. Maslows model has great potential appeal in the business world. The message is clear if management can find out which level each employee has reached, then they can decide on suitable rewards. * Taylors principles Frederick Taylor in his 1911 book Principles of Scientific Management intensified the view that employees are motivated by money. Taylor discussed what he called a struggle for control of production between management and labour. In order to control production he developed methods for the measure and design of machining methods as part of a general plan for increasing the planning functions of management. By management planning and providing the support to show the workforce how best to do the job. It showed this clear line and staff organisational structure, productivity would increase because the employee recognizing the higher output would lead to higher pay. Taylors principles would support the use of these three pay systems, which are as follows: * Performance Related pay (PRP) Performance related pay has been much advocated by governments as a means of promoting labour market flexibility and generating higher productivity, this links output and performance to pay. Due to employee ability to reach specific targets they receive bonuses, PRP rewards good performance so it should motivate. Small increases can prevent feelings of dissatisfaction but to create motivation in a person who will be motivated by money it is necessary for the amounts to be large. Some think that this demotivating employees because it categorises them as good and bad performers because they fail to achieve their targets. * Piece rates Employees are encouraged to produce as much output as possible and maximize productivity, this allows employers to identify good performers. It provides employees with a variable income and payment is directly linked to output. Although by paying for quantity not quality, standards can be sacrificed as employees strive to gain rewards. * Commission based pay Is for sales staff and employees and are paid a percentage of the value of goods they sell. This motivates employees because due to the level of their salary is determined by their own performance ad help sell the company products. There is no doubt that the human resources management constitutes one of the important elements which contributes to the success of a business. Besides capital, the element of human resources management requires proper utilization, planning and investment. Investing in human resources includes staff training and development, motivation, recruitment and their wellbeing so that they can be retained in order to carry out their tasks and avoid the unnecessary turnover. Promotion, improvement of staff working conditions, better salaries all contribute to the high standard of production and to the high level of competition in the market. The healthier way of using capital is positively related to the better human resources management. Qualified human resources improve the competitiveness of business and allow it expansion. As the production technology develops and improves almost on daily basis, it is necessary to have staffs who are properly training to use the new technology. The use of new technology will allow competing with other businesses, reducing costs of production and increasing business profits. Safeway works very hard to maintain their competitive edge, but there will always be times when products are cheaper in one supermarket chain than another. In fact there are often times when Safeway are cheaper and they aim to stay ahead of their rivals by offering the best balance of quality and value and they trust that customers feel that in general they succeed. Here are some of their pioneering initiatives in this area: * Every week they offer customers great value promotions in Safeway Mega-Deals leaflet. * They were one of the first to introduce an economy range, Safeway Savers, which offers low prices. Conflicts may arise between different human resources management within the same business activities due to lack of coordination, understanding and proper planning. Activities need to be coordinated before undertaking. Conflicts can cause lost time, resources, and efficiency in any work team. But when managed well, conflicts can result in new ideas, more informed decision making, and better performance. But managing conflict effectively requires skill, knowledge and experience. These days every organization must train its employees to effectively manage conflict and resolve issues that block performance. If this were to occur at Safeway they should again need to use communication skills to avoid this problem, because this is a simple conflict that can be resolved by simple communication with the two human resources functions. If this was done they will see that the employee was the one who was not following his training techniques. However the member of staff may have not been trained and the performance management team may think he has and think his performance standards are not acceptable. These tools will help training and human resources professionals to provide members of their organizations with critical Conflict Management capabilities. These training programmes include workshops on management, leadership, communication, negotiation and diversity. Conclusion Effective Human Resources management is critical to the success of any firm. Human resources practices will contribute to the greater financial performance and productivity as well as reduced employee turnover. The changes expected in the next twenty years will cause many challenges to human resource professionals. Therefore, in order to facilitate these changes, many roles and competencies must be developed and the necessary tools such as information technology should be sought to aid along with the process. Over the last 20 years, the workplace has changed in more ways that one could have ever imagined, resulting from the increase in technology, innovation and globalization. The next decade will bring even greater change, impacting all facets of the workplace, including major changes for the Human Resources Department and human resource managers. In order to respond to the demands of globalization, HR managers will require new skills and competencies relating to language and culture, technological capabilities to facilitate overseas communication, methods to measure and quantify effectiveness and evaluate strategies and return on investment. Evidently, these new skills and competencies will result in an emerging new role for HR managers, requiring them to be strategic business partners, supportive of the overall corporate strategy. The future of role of human resources professionals will change from a less administrative role to more of a strategic role (Workforce, January 1998, 89). HR managers will continually be required to prove their effectiveness and their existence. They will be expected to understand international business practices and promote cultural diversity within the organization. They will need to understand the core business of the organization and become partners with line managers. They will need to prove that their initiatives and programs are results-oriented, providing specific measurable results in terms of business competitiveness that contribute positively to the bottom-line of the organization. They will be required to stay current with leading-edge as more and more organizations are faced with the demands of globalization and strategic alliances with other organizations around the world