Discuss critically the central aspect of the US Chapter 11 model of Essay

Discuss critically the central aspect of the US Chapter 11 model of corporate bankruptcy and reorganisation - Essay Example PART I: CHAPTER 11 BANKCRUPTCY STATUTE: In term so of Chapter 11 Bankruptcy1 the influential commercial law2 process starts â€Å"with the filing of a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements3. A voluntary petition must adhere to the format of Form 1 of the Official Forms prescribed by the Judicial Conference of the United States. Unless the court orders otherwise, the debtor also must file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a schedule of executory contracts and unexpired leases; as well as (4) a statement of financial affairs.† Further, the law indicates that the debtor is an individual (or husband and wife), there must be more document filing prerequisites4. The debtors must: fil e a certificate of credit counseling and a copy of any debt repayment plan crafted through credit counseling; evidence of a possible payment from employers that had been received 60 days prior to the filing; a statement of monthly net income as well as anticipated ballooning in income or expenses after the debtor’s filing; and a record of any interest that the debtor has in either federal or state qualified education or tuition accounts5. Further, a husband or wife is allowed to file a joint petition or individual petitions6. After filing the $1,000 case filing fee7, Bankruptcy Court Miscellaneous Fee Schedule, Item 8, the law also indicates the limits to only four the number of installments for the filing fee8. In addition, when filing a voluntary petition for relief under chapter 11, the debtor is automatically metamorphosed as a "debtor in possession9." The term refers to a debtor who keeps possession and control of the entities’ assets during the reorganisation exp lained under chapter 11, without the appointment of new case trustee. The debtor in possession can run the business. The debtor remains a debtor in possession until the debtor's plan of reorganisation is approved (confirmation); the debtor's case is dismissed or converted to chapter 7, or when a chapter 11 trustee is selected. The selection of a trustee happens rarely. Normally, the debtor, as "debtor in possession," controls the entities’ operations and implements many acts of the job responsibilities that a trustee sets into motion in cases under other chapters10. Further, the contents of the plan must include a classification of claims and should indicate how each class of claims must be treated under the plan11. The entities’ creditor claims can be identified as "impaired," i.e., those whose contractual rights are to be enhanced or who will be paid less than the full value of their claims under the plan, put the proposed rehabilitation plan to a ballot box voting12 . After the disclosure statement is approved by the United States court and the ballots are collected and tallied, the court will put into motion a confirmation hearing to determine whether to confirm the plan13. In terms of Debtor in Possession. Chapter 11 bankruptcy law dictates a corporation or entity lives as distinct and apart from its investment

Man or Brute Essay Example for Free

Man or Brute Essay The Analysis of the Monster of Frankenstein: Man or Brute What is the difference between man and beast? The answer to that question is as grey as the gloomy clouds that constantly hang over Dr. Frankenstein’s head. Mary Shelley’s characters Dr. Frankenstein and his monster from her novel Frankenstein blur the lines between civilized and animalistic. Before chapter ten the monster is an ominous character, only being seen a few times. The true disposition of the character has yet to be established. Through the setting of the passage, and rhetorical questioning Mary Shelley builds on the motif of redemption and using invectives is able to build layers of depth and complexity of the character. Shelley characterizes the monster as isolated, self pitying, vulnerable, and aggressive. Mary Shelley uses the dismal and frigid setting of chapter ten to indirectly characterize the monster as isolated and cut off. During the paragraphs preceding the meeting of the monster and Dr. Frankenstein, he orates the scene in great detail, saying that â€Å"A mist covered the surrounding mountains. Presently a breeze dissipated the clouds, and I descended upon the glacier† (Shelley 80). The description generates an icy and desolate ambiance surrounding the setting right before the entrance of the monster. By introducing the monster into a dismal and frigid atmosphere Shelley deepens the layers of the monster’s character by creating an indirect link between him and the setting. The setting is elaborated when the monster himself describes his habitat by saying, â€Å"dreary glaciers are my refuge† and â€Å"These bleak skies I hail, for they are kinder to me than your fellow-beings† (82). Shelley repeatedly uses the word â€Å"glacier,† first when Frankenstein describes the scene and again when the monster describes them as his â€Å"refuge†. The word glacial, which means of ice, or icy,   builds the foundation to make the connection between glacial and the synonym frigid. Also, the utilization of words such as â€Å"dreary† and â€Å"bleak†, which are synonyms with dismal, reinforcing the fact that the monster, himself feels more secure in the remote and abyss like caves than in civilization. Therefore, he is an isolated creature cut off from the human world, which leads to the formation of feelings of indignation towards humans and his self pitying nature. Through the use of rhetorical questioning Shelley expresses the monster’s feelings of indignation, inducing the characterization of his self pitying nature. Feeling wronged by humans, especially his creator, the monster eludes to his distress through questions such as, â€Å"Have I not suffered enough that you seek to increase my misery? (81). The monster uses phrases like this in the effort to make Dr. Frankenstein aware of the pain he has inflicted. However, Dr. Frankenstein is not remorseful for his actions, so again the monster floods Frankenstein with statements such as, â€Å"am I not alone, miserably alone? You my creator abhor me† (82). The â€Å"misery† that the monster refers to is the neglect and rejection that he feels from his creator, which in return fuels his hatred towards humans, and his feelings of sadness for himself. The repetitive use of the polarizing structure of â€Å"I† verses â€Å"You† shows the monster’s tendency to blame Dr. Frankenstein for all his misery in order to feel the gratification of his self pitying actions. In the eyes of the monster the only way to justify the matter is   for Frankenstein to accept him. The motif of redemption is prevalent throughout out the passage as the monster pleads for it, which characterizes him as vulnerable. The monster beseeches Frankenstein for redemption and acceptance by saying â€Å"I am thy creature Remember that I am thy creature;   I ought to be thy Adam† (81). In the simile of the monster and Adam, the monster hints at the fact that he has sinned, and yearns for compassion and redemption from his creator. Like Adam in the biblical story when he sinned and ate from the tree of knowledge he became aware of his nakedness. In the context of the monster the nakedness represents vulnerability. The comparison of Adam and the monster is used by Shelley to bring humanistic characteristics to the monster by hinting at his corruption and vulnerability. On multiple occasions the monster says â€Å"I entreat you to hear me† (81) and â€Å"How can I move thee? † and again saying â€Å"Listen to my tale† (82). At least three separate times the monster pleads for a chance. By asking for redemption the monster puts himself at the mercy of Dr. Frankenstein, making himself emotionally vulnerable. The layers of the monster are built by having constant contrast between the monster emotional vulnerability and physically dominance. Mary Shelley contrasts the monsters emotional vulnerability with physical aggressiveness; shown through short invective outbursts. After seeing that Frankenstein was unmoved by his plea the monster resorts to contemplating physical retaliation. The invectives, short intense emotional verbal attacks, can also be described as verbal threats. For example the monster says, â€Å"Do your duty towards me, and I will do mine towards you and the rest of mankind†¦but if you refuse, I will glut the maw of death, until it be satiated with the blood of your remaining friends† (81). The graphic threats towards Frankenstein help to characterize the monster as aggressive. Not only does the monster threaten Frankenstein’s friends he threatens all humans saying â€Å"deliver them from the evil†¦ Not only you and your family, but thousands of others, shall be swallowed up in the whirlwinds of its rage† (82). As the passage goes on the threats become darker and more horrific contemplations, resemble   more animalistic than civilized thoughts. Shelley clouds the line of reason on whether or not the monster is human or beast. Mary Shelley is able to create an antagonist with such depth, by using the setting to indirectly characterize the monster as isolated and cutoff. She comments on the natural need for acceptance and how when this is not met, it leads to the formation of emotional vulnerability. Shelley adds complexity to the monster by exploring the cause and effect relationship between the lack of acceptance of his creator and his constant need for Dr. Frankenstein’s affirmation. The aggressive tendencies shown in the text through invectives as threats, also hints at the monster’s animal like origins. This passage is essential to the understanding of the monster, because it offers immeasurable insight to the minds and mannerisms of the characters. The lines that separate human from brute become blurred and the criteria for being a man are questioned. Work Cited Shelley, Mary. Chapter 10. Frankenstein. New York: Penguin Group, 2000. 78-83. Print.

APN Professional Business Plan

APN Professional Business Plan Yinusa Moshood Adeyemi Introduction As advanced practice nurses (APN), we have invested a lot of time and money in our education and seeking knowledge around. We have gone through dealing with the state laws and nurse practice acts, also gone through the principle of autonomy / collaborative approach of practice with physician depending on the state of practice. We are at the point where our career is at the turning point. Most people are in the nursing profession because of the passion they have for it, but we need to cater for our daily needs and family. At this stage, we are able to decide if we are going to establish a business or work for someone. Moving forward in the business like direction, there is a necessity for a business plan which will be further discussed in this writing. Who is being referred to in the business proposal is the Advanced Practice Nurse (Nurse practitioner). What they do is to work independently or in collaboration with a physician to fulfill their practice obligations which may include bu t not limited to evaluating patients via physical thorough assessment (either head to toe or focused), they have prescriptive privileges, and are also able to interprete common laboratory orders. They can order labs if they need further clarification with a current lab value, and so forth. In the state of Illinois, it is mandated that collaboration with a physician is a requirement of practice to be fulfilled. This paper will address the steps and documentation procedures that will be fulfilled to establish a mini clinic in the south side of Chicago neighborhood. Why this is being done is to fulfill the requirement of the APN professional business plan requirement and also to have an insight to what it takes to set up a clinic after licensure as an APN with practice privileges. Description of proposed APN business profile Proposed vision statement Our vision is to bring quality and affordable healthcare to Chicagos south side neighborhood. South Chicago clinic is aspiring to bring special healthcare services, health educational programs (primary preventive measures) as well as personal health and wellness programs to the south side Chicago population where there are a lot of populations of low class income families, helping them to meet their basic health needs and to engage in active primary health care practice. South Chicago clinic will be located in the Chicago neighborhood on the Chicago’s Southside; it will enhance the community with specialized care for the low class populations in the city and also the people in need. Proposed services South Chicago clinic is an affordable clinic that will be situated amid south side of Chicago neighborhood that will be especially dedicated to meet the exceptional needs of the low income populace. Proposing to bring services like vaccination, wellness visits, physical visits, health screenings, periodic health assessments and tests, minor injury treatments and so forth. Proposed services will be cheap and affordable. Most preventive medicine approaches helps early detection of diseases and prevent the expensive cost of complications treatment regimen, because prevention is better than cure. Proposed process for obtaining all anticipated registrations According to the information published on the website of Hudquarters.com, an article titled â€Å"How to get a DUNS number and CCR- 10 steps†, they laid out the guidelines and steps required to get these credentials. The steps are as follows:- Step 1 was identified as the planning stage. This is the step that all the paperwork will be gathered. As it is known that proper planning will prevent poor performance. This is the step where the name and address of the clinic, trade style, contact phone number and fax, number of anticipated employees, management team, EIN/TIN information which will correlates with the clinic`s tax paperwork and so forth. After all these planning have been done, step 2 involves contacting the company that issues the DUN number is next (Dun and Bradstreet). They can be reached via phone or online at 866-705-5711 or http://www.fedgov.dmb.com/webform respectively. The other steps involve providing the required information, obtaining a free DUNS number and creating a central contractor registration via http://www.ccr.gov. A 3 to 5 days processing / wait time is needed to complete the registration paperwork. Other registration paperwork such as CLIA, EIN, MPIN, NPI, NAICS, SBA, TPIN and so forth will be contracted to a professional business consulting firm due to the nature of its complexity and being on the safe side to avoid mistakes. Presentation of proposed APN service delivery The proposed / anticipated staffing teams are as follows:- Jimmy Khan OTR/L, member and partner Jimmy khan has been an occupational therapist for 15 years and has a graduate degree in Occupational therapy. Before the agreement to entering into this current partnership, Jimmy have extensive practice experience working as an occupational therapist. He started as an occupational therapy assistant before he made the decision to go back to school to obtain a degree in occupational therapy. In recent years, Jimmy is pursuing his doctoral program at the University of Chicago and currently retains a position as a consultant to a rehab facility in a nearby Chicago suburb. The need of an occupational therapy office space in our clinic cannot be underestimated. They will be in place to help stroke (cerebrovascular accident) victims regain their optimal functioning ability to assimilate with the community. Yinusa Moshood-Adeyemi RN, MSN (executive track) Clinical Coordinator and Clinical Compliance Officer (Co-owner) Adeyemi will be the Clinical Coordinator of south shore clinic and will be responsible for day to day clinical operations and compliance. Operating as an independent provider (Advanced Practice Nurse) with the collaborative agreement with Dr. Taiwo (hospitalist). Adeyemi will be working to make sure that quality and competent care will be readily accessible to the member of the south Chicago community. A care that will also be cost-effective and affordable. Adeyemi has 4 years of managing the operations of a home health business and also over 2 years of experience as a registered nurse. This is coupled with 4 years of military training and leadership experience. Dr. Taiwo will be the collaborative practice physician. Studied in Nigeria and moved to the United States 9 years ago. After passing his USMLE, he has been in in practice for 6 years. Works as a house physicians in couple of hospitals and he is willing to have a collaborative practice agreement due to state practice act. Consultants (Legal Counsel and Attorney) Jumbo consulting group provides clients in diverse industries, improve performance, complying with complex regulations, recover from distress leverage technology and statement growth. They will be taking care of other registration paperwork such as CLIA, EIN, MPIN, NPI, NAICS, SBA, TPIN and so forth due to the nature of its complexity and being on the safe side to avoid mistakes. Staffing South Chicago clinic staffing will be composed of (1) occupational therapist and (3) occupational therapy assistants. Also, there is a physician, a Medical assistant, a receptionist, a license practice nurse, a nurse practitioner and a physician. We will also be opened to giving people volunteer opportunities. Funding for this project will be obtained from bank loans. There are 2 banks that are willing to help fund this prospective business plan, Chase bank and Navy federal credit union. Hoping to get referral for patients having Medicare and Medicaid. In conclusion, the professional business of an APN requires credentialing and organizational business skills. Basic credentialing paperwork will be taking care of and the complex business documentations will be contracted to a consulting firm. Due to the nature and requirement of the Illinois practice act for advanced practice nurse, a collaborative agreement will be signed (contract) with a physician to fulfill licensure and credentialing requirement. The clinic will be located in the south side of Chicago neighborhood known to have high numbers of low class income. Affordable, competent, and quality healthcare are all included in the primary motives of the clinic and its location. The source of funding for the clinic is by loans from two different banks. Repayment of loans is set up to be completed in about 7 years if everything work out as planned. References How to Get a DUNS Number and CCR – 10 Steps. (2011, February 2).. Retrieved June 13, 2014, from http://hudquarters.com/2011/02/how-to-get-a-duns-number-and-ccr-10-steps/

Summary of Bless Me, Ultima Essay -- Literature Bless Me Ultima Essays

Summary of Bless Me, Ultima Bless Me, Ultima is a story about the maturation of a young Mexican-American boy, Antonio M’arez, struggling with many questions about his destiny, life and death, and good and evil. Ultima who comes to live with Antonio becomes his caretaker and his teacher. Antonio learns there are powers in the world that differ from his beliefs in the Catholic faith. Ultima teaches Antonio â€Å"that the tragic consequences of life can be overcome by the magical strength that resides in the human heart†. Ultima shows Antonio how to experience the magic of life with his heart and not with his eyes. For the first time, he sees the river not as something to be feared but as a source of life, â€Å"I had been afraid of the awful presence of the river, which was the soul of the river, but through her I learned that my spirit shared in the spirit of all things†. The river is both creative and destructive in nature. It is this new magical way of seeing the river that will help Antonio understand many of the events that occur in the novel. Ultima also teaches Antonio to appreciate nature and helps him develop a spiritual relationship with the plants of the llano. It is this growing harmony with the earth that will later help Antonio connect with his heritage and the ancient ways of his ancestors. Ultima teaches him the magic of nature, â€Å"even the plants had a spirit, and before I dug she made me speak to the plant and tell it why we pulled it from its home in the earth†. Antonio learns which plants are good for healing but more importantly he learns of Ultima’s nobility and grace as they wonder the llano together. Ultima teaches Antonio that one must give back to the earth what has been taken away. It is this spirit... ... will build his own dreams, â€Å"out of those things that were so much a part of my childhood†. In the novel, Bless Me, Ultima, Antonio learns about his relationship with his universe. Through the teachings of Ultima, he learns to see with his heart and to appreciate all the magic that nature beholds. The river of life is never ending like the river that binds the llano to Guadalupe. All that Antonio has experienced is symbolized in the river and the life that surrounds it. Ultimately, it is his teacher and friend, Ultima, which teaches Antonio that life is a cycle and that understanding oneself brings peace and harmony. The river also serves to bind the past, present, and future. Antonio learns that his future is tied to his past and that his destiny will be guided by an understanding of his heritage and â€Å"the magical strength that resides in the human heart†.

Teachers Responsibility Should Be Replaced by Robots

TEACHERS’ RESPONSIBILITIES SHOULD BE REPLACED BY ROBOTS For ages, human beings learn from teachers over the world to live their life. They learn how to read, to count and even to speak. However, certain parties have recently proposed that the teachers responsibilities should be replaced by robots; the fully programmed machines. People with sound mind and wise thinking would strongly believe that the proposal is ridiculous. They are totally opposed this issue in terms of reducing the quality of human touch, increasing number of unemployment and wasting money.Naturally, robots cannot replace human beings as teachers because they do not have what human have; feeling, passion, love and determination. So, let us turn back to the purpose of school in the first place. It is not only about passing the examination or obtaining good grades, but it is about becoming a good Samaritan as whole. If we pull out the presence of teachers in class, the spiritual and emotional quotient of the st udents would be disturbed by this action. It is a big waste to produce human capital without human value that can distinguish them from the machines.Equally important, increasing number of the unemployment will also take place. In the country itself, we are facing with the situation where a lot of people are unemployed. By replacing the teachers with robots, it will exacerbate the condition. The principle of utilitarianism should be applied as to reduce the problem of unemployment. Presently, if the government were to purchase the robots, and to replace the teachers, the compensation money that should be paid to the teachers is too costly for the government.Even after purchasing all the robots, the government will still need to pay for the monthly maintenance of those robots. Isn’t that consumed more money? Many would say that by having robots as teachers in school, the education system would be standardized. No more good and bad teachers. However, this misconception should b e tied off quickly. The system that is programmed to the robots, is not sufficient to cater all types of student as in reality we have excellent, average and weak students in our schools.This is a very serious issue that will need an extra attention from the government before accepting the proposal. All in all, it is strongly believed that teachers responsibility should not be replaced by the robots because they are lack of human touch, exacerbate the matter of unemployment plus it will be a waste of money. Thus, in order to have a better education system, we should have a good quality teacher that owns the x-factor to teach the students to become a perfect human beings as whole.

How to Use phpMyAdmin for Your Database

How to Use phpMyAdmin for Your Database Abhilash writes I am using phpMyAdmin†¦ so how can I interact with the database? Hi Abhilash! phpMyAdmin is a great way to interact with your database. It allows you the flexibility of using the interface, or simply using SQL commands directly. Lets take a closer look at how to use it! First navigate to your phpMyAdmin login page. Enter your username and password to access your database. Now that you have logged in, you will see a screen that has all of your databases basic information. From here there are several things you can do. Lets say you want to run a bit of SQL script. On the left hand side of the screen, there are some small buttons. The first button is a home button, then an exit button, and the third is a button that reads SQL. Click on this button. This should prompt a popup window. Now, if you wish to run your code you have two options. Option one is to type or paste in the SQL code directly. The second option is to choose the Import Files tab. From here you can import files full of SQL code. Often when you download software they will include files like this to help you install it. Another thing you can do in phpMyAdmin is browse your database. Click on the database name in the left hand column. It should expand to show you a list of tables within your database. You can then click on any of the tables it contains. There are several tabs of options on the top of the right page now. The first option is Browse. If you select browse, you can view all of the entries in that table of the database. You can edit, or delete entries from this area of phpMyAdmin. It is best not to change data here if you arent exactly sure what its doing. Only edit what you understand because once deleted it is irreversible. The next tab is the Structure tab. From this table you can view all of the fields within the database table. You can remove or edit the fields from this area too. You can also change the data types here. The third table is the SQL tab. This is similar to the pop up SQL window that we discussed earlier in this article. The difference is that when you access it from this tab, it already has some SQL pre-filled in the box pertaining to the table from which you accessed it. The forth tab is the Search tab. As its name implies this is used to search your database, or more particularly the table form which you accessed the tab. If you access the search feature from the main phpMyAdmin screen you can search all of the tables and entries for your entire database. This is a very useful feature, that could be completed using only SQL but for many programmers as well as non-programmers its nice to have the simple to use interface. The next tab is Insert which allows you to add information to your database. It is followed by the Import and Export buttons. As they imply they are used to import or export data from your database. The Export option is particularly useful, as it allows you to make a backup of your database from which you can restore if you ever have an issue. It is a good idea to backup data often! Empty and Drop are both potentially dangerous tabs, so please use them with caution. Many a novice has clicked through these tabs only to have their database disappear into the great unknown. Never delete unless you are absolutely sure it wont break things! Hopefully that gives you some basic ideas of how you can use phpMyAdmin to work with the database on your website.

The Future of Books in the Information Age Essay

The Future of Books in the Information Age Essay The Future of Books in the Information Age Literature Essay The Future of Books in the Information Age Literature Essay Reading books is one of the biggest joys people have. Throughout history people enjoyed spending time reading books and devoting their time to writing. However, the modern times are changing this process greatly by giving way to e-books and different way of writing. The future of writing will be very different since the texts produced now and later on will include various features they did not have before such as hyperlinks and multimedia content. The future of the books in the information society will change in a similar way because there will be a significant shift to e-books and digitalization, and the paper books will lose their dominant role. Therefore, the reading and writing industry awaits significant changes. The Future of Writers and Books in the Information Society When it comes to the future of books in the information society, it is important to speak about e-books and relation of the modern customers to them because e-books will be the major tool for future readers. The publishers believe that the amount of e-books will increase greatly due to their low costs and high revenues they are about to bring. This view is supported largely by American publishers, whereas European publishers consider e-books as a step backwards: they see more risks than opportunities in using them. Representatives of the companies doubt the prospects of the digital industry. They act slowly, being afraid to reduce sales volumes of printed books. The fact that the reading industry is changing is seen in the innovations of the business giants that introduce and focus on e-books. Amazon, which is one of the biggest world companies, focuses on e-books greatly and digitalizes books with a specific emphasis on Kindle series. When speaking about the future of reading such e-books, it is also important to mention that writing will change as a result. Thus, people will be able to use hyperlinks or become co-authors, which was not possible before. Also, the changes transform the book phenomena in a new reality, presenting users with updated possibilities in such spheres as bookmarks, libraries, donative inscriptions, donation and borrowing books, thus making the entire reading and writing process digital. The Future Decrease of Paper Books According to the conservative forecast, by 2016, a half of the people who read will begin to read on their own electronic readers. However, it is important to mention that not many people read; for instance, in America, half of the population does not read at all. 80% of American citizens did not buy any book during the last year. For instance, 33% of the people without degrees never bought any books, and there are 42% of college graduates who never bought books (Zickuhr and Rainie). However, according to some researchers, the mankind will never cease to read, but the way of reading will strongly change soon (Gaiman). E-books will give readers a set of opportunities inaccessible during an era of paper books, but it will be difficult to replace paper books completely. A strong argument in favor of keeping paper books is the sensation they give, like different experiences when touching paper pages and so on. Those experiences are absent in e-books with their smooth plastic or glass covers. The real book, as people often refer to traditional paper books, unlike electronic, evokes deeper feelings on the readers, involving different areas of a brain, which may contribute to a slower change of the reading approach. A person reading a paper book feels the book with his or her hands and enjoys other pleasant experiences. Of course, an e-book also can assist a person in his or her reading progress and has many different features, but it is perceived absolutely differently from the paper experience. Besides tactile perception of pages, people can feel the books’ smell, see different fonts, feel textures and material of a cover; and these features appear to be extremely important and even irreplaceable for some readers. The more actively and more variously the brain interacts with the book, the better a person remembers what he or she reads. However, despite all this, paper books will become rare souvenirs, subjects of symbolical but not practical appointment in the near future, as mentioned by various modern researchers (Lincoln). Lincoln draws an apocalyptic picture of how the mankind will get rid of a huge number of paper books, which will be taken away at first by enthusiasts and libraries, and then they will become unnecessary even for them; this way, reading will be completely different from the way it is now. New Opportunities of E-Books E-books will change the way annotation in the books is presented. Reading books on devices from Amazon and Sony, everyone can already highlight snippets of text. In her article, a journalist Agresta focuses on the fact that Amazon and Sony develop their own storage system annotations and work with them; however, there is a problem synchronizing annotations in books on different devices. It is necessary not only to the reader at a particular moment; his or her descendants will certainly be interested in seeing the notes of their relatives, which will be difficult to manage with the access to various accounts. Annotation Agresta sees a niche for a startup that could become an annotation engine not only for all formats of e-books and documents but also for printed books. For example, any active housewife cookbook contains a large number of additions and comments to recipes that have an obvious intrinsic value. The idea of the engine was created by Larry Page; however, in the process of working on it, it somehow turned to Google (Agresta). Inscriptions There is also a problem with donative inscriptions and autographs on books. Perhaps, in each family there will be sentimentally guarded a small volume that was signed to the owner by mother, the grandmother or the author of the book. E-books do not yet include a feature similar to the opportunity to write something personal on the blank cover. Naturally, it has to appear in the future - as well as an opportunity to store these inscriptions. Apple or Amazon for certain will create such an opportunity for book readers - and readers will need to pray that Apple and Amazon were not closed, having carried away with itself all their precious autographs. However, even here there is a niche for a startup – a hipster boutique hotel, which will be printed for the people to their favorite eBooks with all the inscriptions and annotations. Borrowing E-Books The idea of renting e-books belongs to the largest publishing and book-selling company Barnes Nobles (â€Å"About BN†). Borrowing books appears to be a very romantic thing to do. Thus, if someone gives a friend his or her favorite book, the former will read it and understand the book owner better. In such a way, the general literary experience can connect people. Therefore, the owner of an e-book must have an opportunity to give it to someone else to read (without being afraid that he will tear it or will forget to return it) (Convissar). Secondary E-Book Market Legally authorized and second-hand technically functional market of e-book readers does not exist yet, but it will inevitably appear. Publishing houses will allow users to resell books bought from them on special sites. Most likely, they will set a specified period after the release of the book a year or two after which the book can be resold. Such option is going to appear in the near future. Thus, in 2013 Amazon patented a technology of selling already used digital goods, including books (Wohlsen). In fact, the service that enables the user to store digital goods and transfer the rights over them to other users was patented; thus, there will be an opportunity to share books or music move between users (Thompson). Changes in Content and Book Distribution Actually, the process of borrowing, renting or reselling digital goods would be reduced to manipulation with the rights of access to this product and its reproduction on the users device. Books which are stored on devices as local files are already on the way out. Digital goods will not belong to people soon. Now there is at least an illusion of owning a book as a file - everyone can download, share from one device to another, copy or send it by mail. Similarly, books will be soon delivered to one’s device by a streaming continuous broadcasting, page by page as in case with music or movies now. Having read a book, nothing remains from it on the device. Actually, Google Books already works in such a way. People do not buy a book but the right to read it. Humanity goes back to the previous stage in the evolution of entertainment when there were only radio receivers and TVs accepting transfers, showing them to us; there were not even audio- or videotapes. There will be completely new and unexpected formats and genres of literature such as, for example, the past decade’s SMS-novel. The first such novel was composed and sent to readers in Japan in 2003. It is written in the form of instantly dispatched SMS, one message after another, to readers, without being published as a book. However, the first Japanese novel was so popular that, nevertheless, a printed book was published and a movie and a TV series were released. By 2007, 98 phone novels have already been released in the form of printed books. Now their popularity grows both in Asia, Africa and in Europe. These are short works, the authors of which develop their own language and style of literary minimalism (Norman). Books as Social Networks Even now, reading a book on Kindle, people can see public summaries from other readers. Already, there are services that allow sharing their own annotations, bookmarks and comments of others. There are some obvious technological steps before the transformation of each e-book into a small thematic social network uniting people in any countries who discuss it with each other. Perhaps, it will be one social network for all books, and each separate book will have its own channel of discussion moderated by an expert or an enthusiast. Naturally, the author will be able to participate in discussions of the book, give sessions of questions and answers, receive feedback, etc. It will be a kind of virtual book club in which communication is not necessarily limited to a discussion of a particular book. It may be only a pretext, the beginning of the conversation; and it will be possible to communicate with many people at once or with one person who interested the most in a private chat. Moderators can select the most interesting discussions and save them for reading as after they were discussed in conversations in chat rooms or in social networks comments. This, strictly speaking, is not new for example, in the Judaic tradition there existed an ancient genre of writing comments to the sacred texts that were released as a book, even comments to the comments (Carlin and Macke). The Death of the Author The concept of authorship of the books will be diluted and changed after the readers will be able to actively communicate with the writers. An eBook is easy to modify and re-release with other characters and alternative plot moves, thus readers can become co-authors. The book will become more similar to a video game, the founders of which develop landscapes and heroes, and what exactly is done by these heroes, depends more on the players. IDEO writes that all the books in the world are actually one big book Facebook of books. Within this network, the book related to each other as people in the Facebook in a relationship of friends, colleagues, parents and children and so on. No book exists by itself; it has something to do with other books and is included in the total cultural and historical context. Reading books should be the same as browsing websites on the Internet with the ability to follow links from its pages, to see information referred to in the text field or people, or ev en move to another book, read it and come back or not (IDEO). The New Book Economy When someone reads the e-book, information about the page he or she is in is constantly transferred to the manufacturing company of the reader. It is necessary to synchronize reading on different devices. But thanks to this, it would be receive information about the speed with which a person reads a particular book and how far he or she has advanced. Receiving such information from different people will make it clear what books are read up to the end and what books are often thrown away, what chapters in a book people pass and what re-read. Booksellers and publishers can use this information and transmit it to the author for the improvement of the book. Perhaps the author will rewrite paragraphs overlooked in easier terms, provide the reader with explanations, or add illustrations. Authors will find an opportunity to test different versions of the story on different audience groups. And, of course, it will be possible to target advertising in a book or on foreign markets on the basis of what people are reading right now or have already read. Through advertising, books will be cheaper or even free. Why People Will not Stop Reading Nevertheless, SMS-novels and interactive broadcasts on a device can hardly be called books. Sturgeon believes that people will continue to read in the future. The beauty of the book lies in the fact that it forces to work more actively on imagination to turn abstract letters into experiences and stories, into emotions and bright images. As long as people know how fun this is, the book will exist, albeit in a completely new sort. According to the view of some publishers expressed in the forum, e-book is a natural form of paper books. It is likely that at first digital literature paper publication will be stimulated because since the time it elapsed since the invention of the printing press, this form has become habitual. A similar situation took place at the dawn of the automotive industry. The first car resembled a horse without a crew because its creators could not imagine another vehicle. Perhaps in the future, e-books will get additional features that will distinguish them from paper predecessors. Nevertheless, electronic books are unlikely to fully replace traditional publications. As the theater did not disappear with the advent of the cinema and television, so traditional printed books are will not be completely replaced by e-books. Therefore, the given paper provides argument that the reading and writing industry are likely to experience significant changes thanks to the technological progress. The latter will provide people with more opportunities whenever they will be reading books, and enable them to change the way they write. However, these are only predictions while it is impossible to know for sure how the technology will develop and what preferences people will have in the following decades.

ITM501 SLP 1

ITM501 SLP 1 A web browser is a piece of software that requests, decodes and then presents the files that constitute internet pages. â€Å"Without doubt Microsofts Internet Explorer and Mozillas Firefox are by far the frequently used browsers, but there are most certainly at least 50 to 70 others that are readily available for public use, and nearly all of them have their loyal followers and supporters† (Ackoff, 1989, p. 3).Advertising We will write a custom essay sample on ITM501 SLP 1 specifically for you for only $16.05 $11/page Learn More On the other hand, two other main players in the web browser business are Googles Chrome and Opera, which have superseded many versions. Different browsers give the impression to have diverse degrees of utility reliant on the materials to be gained access to and the use to be made of the material by the recipient. The progressive growth of the internet in the 1990s and 2000s shows that present browsers with small market stock s have increased their market share as compared to previous times. For example, 90% market segment in 1997 represented approximately 60 million users, but by the end the 2007 fiscal year, 9% market segment represented over 90 million users. (Bellinger, Durval Mills, 2009, p.1) Microsoft’s Internet Explorer has gone through evolution since 1995 when it first appeared for use up to date. Mozilla which appeared in market much later as compared to Internet Explorer in 1998 also has evolved albeit at a faster rate. Apart from the two that are widely used, there is Opera and Phoenix which developed later, but their progress has not been so fast. Different web browsers are compatible to different operating system which in some way affects the processing speed of browsers. There are settings that can make different browsers (especially earlier versions) to be compatible with different Operating Systems (Ackoff, 1989). Mozilla’s Firefox and Microsoft’s Internet Explorer are more compatible with many both earlier and later versions of the Operating System while on the other hand Opera and Phoenix are not compatible with earlier versions since they do not have in-built settings of compatibility (Blair, 2011). Internet Explorer and Mozilla Firefox are the browsers that I often use. They are easy to access and their speed is relatively high. The news sites that I visit most are nation.co.ke and eaststandard.net since I like remaining updated with world events taking place in the news. These are news sites which have clear pictures.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Using the above browsers is easy since they do not need authority to get access the sites (Prince, 2008). Microsoft’s Internet Explorer which is inbuilt in new laptops and computers further makes it affordable to more people since no expenses are incurred of buying it (Ackoff, 1989). Internet Explorer and Mozilla they are user-friendly because they have dialogue boxes which appear on the screen during browsing. Such dialogue boxes help one to avoid suspicious sites and viruses. They offer different internet suggestions which would be helpful to the user depending on the sites that are commonly accessed by the user. Moreover, browsing is much faster and direct as opposed to Opera and Phoenix which are relatively harder to use while browsing (Bellinger, Durval Mills, 2009). With recent development of mobile internet, it is of concern that there could be web browsers that are compatible with mobile settings. However, research (Blair, 2011) shows that results are unknown when these web browsers can be installed in mobile phones for full time use. The explanation for this is that some the software required is bulky in size (in terms of their storage requirement in Mega Bundles (MB)) which may exceed most phone memories. As a response to this challen ge, Opera has developed its browser to be able to fit most mobile phone settings which is called Opera mini which makes phone browsing fast and reliable (Gadomski, 1999). â€Å"Browsing features like Bookmark, Download and Password Management as well as Spell checking, Search engine, toolbar, and Per-site security configuration have been used to make browsing easier and friendlier† (Gadomski, 1999, p.48). All these features are accessible when one is using Internet Explorer and Mozilla Firefox but Opera and Phoenix have limited access to such features. As technology continues to develop more and more so is web browsing development, and the corollary of these developments is that there has been an increase in features, utilities and tools that are user friendly and more affordable for users.Advertising We will write a custom essay sample on ITM501 SLP 1 specifically for you for only $16.05 $11/page Learn More References Ackoff, R.L. (1989). From data to wisdom. Journal of Applies Systems Analysis, 16(2), 3-9. Bellinger, G.H., Durval, C.K., Mills, A.J. (2009). Data, Information, Knowledge, and Wisdom. Retrieved from systems-thinking.org/dikw/dikw.htm Blair, A.H. (2011). Information Overload, Then and Now. The Chronicle Review. Retrieved from https://www.chronicle.com/article/Information-Overload-Then-and/125479/?sid=crutm_medium=enutm_source=cr Gadomski, A.M. (1999). Information, Preferences and Knowledge: An Interesting Evolution in Thought. Yeppoon, Qld: Capricorn Press. Prince, B.Y. (2008). Test Finds Google Chrome, Apple Safari Weakest in Browser Password Management. Upper Saddle River, NJ: Pearson.

Irish Scrappage Scheme Essay Example | Topics and Well Written Essays - 3750 words

Irish Scrappage Scheme - Essay Example Recall that the questions we are concerned with are (i) whether the scrappage scheme has had a positive impact on the aggregate sales of cars in the domestic market and (ii) whether the introduction of the scrappage scheme has created a substitution effect from G and C band vehicles to A and B brand vehicles. The hypothesis and the basic setup In order to empirically examine these questions, the easiest and simplest methodology adoptable is that of using two different OLS regressions for cases (i) and (ii) to test whether the introduction of the scheme led to any significant departures in the time series observations of our dependent variables. As mentioned earlier, our dependent variable for case (i) are the quarterly car sales over the sample period of 2003 to 2010. Incorporating an indicator variable for the time periods which were under the coverage of the scrappage scheme as an independent variable, one can conceive an OLS specification to see if the there was a significant impact of the dummy on the dependent variable. However, in order to obtain precise, valid estimates it is crucial to control for other factors that may have influenced car sales during the sample period. To better understand the reasoning, consider the following regression: (1) represents the dependent variable, denotes the constant, i.e., the inte rcept, denotes the dummy for the scrappage scheme, represents a vector of controls and is the stochastic disturbance or the error term . can be defined as : And Thus, the coefficient signifies the impact of the scrappage scheme on the dependent variable . If we find is statistically significant from zero, the implication will be that the scrappage scheme had an impact. The sign on the coefficient will indicate the direction of the impact. Therefore, if the coefficient is found to be significant and positive, that will imply that the scrappage scheme led to an increase in the dependent variable . If on the other hand we find the coefficient to be negative, that will imply that the scrappage scheme led to a decline on the dependent variable. The coefficient vector includes the coefficients on the individual variables included as controls. The signs and significances of these coefficients will reveal the direction and importance of the control variables for the determination of the dep endent variable. Therefore, for case (i), we can take the time series of car sales as our dependent variable

The approach of English law towards duty of care has been Case Study

The approach of English law towards duty of care has been inconsistent, illogical and unfair on the claimant - Case Study Example The author is of the belief that it is when one looks at the cases involving gender orientation discrimination that one sees best how English law is inconsistent, illogical and unfair on the claimant. The cases examined will demonstrate not only legal contortionism at play, but language contortionism as well. After all, as stated by Andrew Altman in the article Legal Realism, Critical Studies and Dworkin, (1986) the law is infused with irresolvably opposed principles and ideals, and this legal indeterminacy, as it is called, compels the judge to make a choice that is not dictated by law. Once-sacrosanct legal precepts are being dismantled, stare decisis as a doctrine is being reexamined, and the infallibility of the courts as repository of truth and justice is being questioned. The law is no longer a fabric of clearly-defined spectrums, but is rather a patchwork quilt of various shades of gray. Taking this view is important in that it stimulates self-interrogation. It does away with the all-too-convenient givens of a legal system - that there is but one set of "correct" rules and that legal decisions are but logical outcomes of tested principles that are empirically-replicable. It aspires to expose the ideological content of the law obscured by layers upon layers of social conditioning by demonstrating how the large areas of legal indeterminacy provide fertile ground for the cooptation of the legal system to reinforce existing power arrangements. This brings us to our discussion on tort cases involving gender discrimination. Conaghan (1996) states: From a social perspective, feminists have argued that women suffer particular harms and injuries as women: their experience of pain and injury is indistinguishable, to a large extent, from the experience of men. This claim has at least two dimensions. On the one hand, pregnancy and childbirth, menstrual and/or ovulation pains are obvious examples of gender specific "harms". Men do not/cannot experience these traumas directly. On the other hand, the concept of gendered harm can also embrace those harms, which, although not exclusive to women in any biological sense, are risks which women are more likely to incur than men - the risk or rape, incest, sexual harassment, spousal abuse, or, more contentiously, the risk of harmful medical intervention. By and large, there is no dearth of legislation prohibiting discriminatory practices against women. However, in practice, jurisprudence has made it difficult for women to raise tort-related claims. Certainly, there are cases that are cut-and-dried; for instance, when it is patently obvious that there is discrimination on the basis of gender. However, in this day and age, it is less likely to find a case wherein the discrimination is so obvious that it unquestionably amounts to an illegal act. One would be hard put to find an employer who would dare violate the stringent regulations against workplace-related discrimination, instance. There is a greater likelihood that the discrimination would be insidious, perhaps having to do with a careless statement loosely made that betrays the

The Causes Of The Urban Unrest That Broke Out In A Number Of English Essay

The Causes Of The Urban Unrest That Broke Out In A Number Of English Cities In The Early 1980s - Essay Example By any account, the riots that broke out were caused by something; even though everyone is not in harmony about what the exact cause was. Either way, the unrest leads to several problems that could be seen by urban conflict that occurred. John Benyon is one person who tried to pinpoint the exact cause of the riots. He believed that the riots "were a consequence of the malfunctioning of the social system, of its inability to adapt to new demands, coupled with the growth of generalized beliefs which provided an account of why the system had failed and offered a new basis for reconstituted social action. These factors yielded a potential for collective violence: this became actual violence following the occurrence of a precipitator, some development which put discontent into a specific, and reinforcing, context, leading to a build-up of fear and antagonism which was eventually expressed in rioting"(Benyon). Benyon lays most of the blame on the crippling social system, and believes that it was the failure of this system that lead to the unrest that eventually broke out into violence and rioting. He likens riots to the idea of "mere hiccups which took place when social systems were unable to adjust", and believes that the riots also were to blame on the ethnic minorities which were living under these social conditions. Young black kids often found that they had to turn to lives of crime in areas such ads Brixton, due also in part to the lack of support from their families and the lack of needed work, both social conditions that lead to the unrest in these minority strong areas. Scarman however, puts a strong emphasis on the part of the local police forces, which he claims were not doing their best to reduce the crime and unrest that was stirring in Brixton. The police found themselves in a dilemma he claims, a "policing dilemma in Lambeth stemming from, on the one hand, the duty of the police to prevent and detect crime, and on the other, the need to create and sustain good relations with the ethnic minorities (Scarman). Caught between this conflict of work and interest, the police force was not adept in their duties to keep the civil unrest from boiling over into the riots that soon ensued. The police also suffered from many other criticism of how they handled the situation as it arose. The police has been accused of everything from racial prejudice, harassment, failure to stop crime, and many other accusations. Many people feel that the police area almost just as much to blame as everyone else involved in the riots, for as long as the police were not stopping the crime they were letting it expand unrestrained. Not acting against violence is just as bad as promoting it, and the inefficiency of the police force were just as responsible as the people doing the crimes. "Harassment does occur: and in Brixton even one isolated instance of misconduct can foster a whole region of rumors which rapidly become beliefs firmly held within the community", and it was this belief which became ingrained into the community. When people feel like they are being mistreated they will act like they are being mistreated, and this unrest can lead to violence and riots. One of the main areas of unrest was Brixton, and many people have spent sufficient time trying to understand and get to the bottom of the problem as it started there. Previous to the unrest that broke out in the late 1900s, Brixton was a thriving centre of worldly goods and movement, and it was hard to tell of the civil unrest that would soon breed in the upcoming years. "Brixton was a lively and prosperous place in the late nineteenth and early twentieth centuries. The railway gave it excellent access to the centre of London: business and professional people

Diet analzing project Essay Example | Topics and Well Written Essays - 750 words

Diet analzing project - Essay Example 54.01 mg 75 mg/d 29% 1 cup vegetable salad 1 cup lemonade 1 cup peach slices B12 2.4 ug/d Folate 400 ug/d Nutrient Intake DRI (RDA/AI) Percent (%) Foods Calcium 847 mg 1,000 mg/d 85% 1 Fast food chicken fillet sandwich 1 McDonalds Egg McMuffin 1 slice of 9" cheesecake Iron 10.99 mg 18 mg/d 61% 1 pc. Porterhouse steak 1 cup spinach 1 cup legumes Sodium 4525 mg 1.5g/d 301% Fried breaded shrimp Chicken fillet sandwich McDonalds Egg Mc Muffin Cholesterol* 566.79 mg 300 mg 189% Egg Mcmuffin Fried breaded shrimp Chicken fillet sandwich Fiber* 3.89 g 25 g/d 16% 1 cup All-bran cereals cup Mature lentil seeds cup Split peas NOTE: For Sodium and Cholesterol: If the numbers are 67%, you do not need to provide foods to increase your intake. *No DRI available- use the amount listed under the recommended daily nutrients on your personal profile page. Answer the following essay questions in a minimum of one page typed (double spaced). (25 pts.) 1. Assuming your calculated recommended calorie requirements are accurate according to your print-out, should you be gaining, losing or maintaining your body weight With an average calorie intake of 2059 kcal, I should be maintaining my body weight. Although the recommended calorie requirements in my personal profile suggest a daily calorie intake of 2000 kcal, the 59 kcal, in excess of that will not affect my body weight too much. However, if I continue to take in 2060 kcal a day, there might come a time that I would gain weight. 2. What are the 2 main food sources of fat and calories in your diet What does this tell you about your food intake Most of my intake of calories comes from carbohydrates. The carbohydrates come from the various types of bread that I consume...If your percent is greater than 67%, list 3 foods (from your printout- day 1, 2, or 3) that contributed the greatest amount (in order- 1st, 2nd, and 3rd greatest contributor) of this nutrient (example provided)- provide the serving size of the food (1 cup, cup). (30 pts) With an average calorie intake of 2059 kcal, I should be maintaining my body weight. Although the recommended calorie requirements in my personal profile suggest a daily calorie intake of 2000 kcal, the 59 kcal, in excess of that will not affect my body weight too much. However, if I continue to take in 2060 kcal a day, there might come a time that I would gain weight. Most of my intake of calories comes from carbohydrates. The carbohydrates come from the various types of bread that I consume each and everyday. In the three days that I analyzed my diet, I did not consume pasta or rice. However, in each of those three days, I consumed a particular type of bread. On the other hand, much of the fat in my diet comes form the fried items that I eat. These are usually from fast food restaurants. The fat comes from the oil that is used in cooking such food items. What this says about my diet is that I rely too much on fast foods that may not be as healthy and nutritious as home-cooked meals. Among the aforementioned nutrients, I have the lowest intake of fiber with only 16%.

Osborn-Parnes Model Essay Example | Topics and Well Written Essays - 1750 words

Osborn-Parnes Model - Essay Example However, by searching for several good answers through the combination of divergent and convergent thinking using imaginative techniques at all stages of the Osborn-Parnes model, it becomes possible to arrive at several workable and innovative solutions. This model has five major steps, although the mess-finding step, which is preliminary in nature, is also added to locate a problem or challenge to which the model can be applied. These steps are mess or objective finding, fact finding, problem finding, idea finding, solution finding or evaluation of ideas, and acceptance finding or implementation of ideas (Treffinger et al, 2012). Each of these steps first employs divergent thinking, whereby there is generation of ideas, after which convergent thinking is applied for the selection of the most promising ideas to be explored further. This paper will apply the Osborn-Parnes model to solve a problem related to opening a maternity shop in a retirement village. The mess-finding or objective-finding stage is the preliminary phase of the creative problem solving process. During the start of the creative problem solving process, one may not have an idea concerning where their creative thinking skills are applicable. This is the phase where one becomes aware of the concerns, challenges, and problems that require to be solved, during which opportunities and challenges are identified (Arp, 2012). Here, both divergent and convergent thinking styles are used with the aim of identifying the business, objectives and concerns. To begin with, because people living in retirement villages are not looking to get children, the sales and marketing process will face several objections. This type of shop, firstly, would be quite profitable if it was opened in a retirement village because there are no such shops open, which would provide first move competitive advantage.

Human Resource Planning Case Study Example | Topics and Well Written Essays - 1500 words

Human Resource Planning - Case Study Example This paper outlines that it is also necessary to establish a framework for the competency of the team. This will involve all employees from every department within the organisation. It is also vital to consider the long-term requirements to make the framework more relevant. This involves the process of collecting information and hence the most important step that dictates the success of the entire project. It includes the adoption of the best techniques for collecting the information concerning the roles and responsibilities of each member. It includes observing people while they perform their roles in case of those that are observable, interviewing the workers to learn what people believe and know and creating a questionnaire that will assist in obtaining the most important data. There is the need for spending more time while considering the issues of validity and reliability of the data. The use of standardized job assessment questionnaires can greatly provide good assistance. It n ow follows the analysis of the work and includes an understanding of the behaviours used in performing the job. Key considerations may include business plans, objectives, strategies, job descriptions, principles of the organisation, future predictions as well as the needs of customers and suppliers. It is necessary to employ the best techniques to achieve accurate and comprehensive results. Moving to the next step means reorganizing the information gathered into greater competencies to help in analyzing and groupings of the data in an effective manner. The step requires the grouping of the skills and behaviours into core competencies.

Diet analzing project Essay Example | Topics and Well Written Essays - 750 words

Diet analzing project - Essay Example 54.01 mg 75 mg/d 29% 1 cup vegetable salad 1 cup lemonade 1 cup peach slices B12 2.4 ug/d Folate 400 ug/d Nutrient Intake DRI (RDA/AI) Percent (%) Foods Calcium 847 mg 1,000 mg/d 85% 1 Fast food chicken fillet sandwich 1 McDonalds Egg McMuffin 1 slice of 9" cheesecake Iron 10.99 mg 18 mg/d 61% 1 pc. Porterhouse steak 1 cup spinach 1 cup legumes Sodium 4525 mg 1.5g/d 301% Fried breaded shrimp Chicken fillet sandwich McDonalds Egg Mc Muffin Cholesterol* 566.79 mg 300 mg 189% Egg Mcmuffin Fried breaded shrimp Chicken fillet sandwich Fiber* 3.89 g 25 g/d 16% 1 cup All-bran cereals cup Mature lentil seeds cup Split peas NOTE: For Sodium and Cholesterol: If the numbers are 67%, you do not need to provide foods to increase your intake. *No DRI available- use the amount listed under the recommended daily nutrients on your personal profile page. Answer the following essay questions in a minimum of one page typed (double spaced). (25 pts.) 1. Assuming your calculated recommended calorie requirements are accurate according to your print-out, should you be gaining, losing or maintaining your body weight With an average calorie intake of 2059 kcal, I should be maintaining my body weight. Although the recommended calorie requirements in my personal profile suggest a daily calorie intake of 2000 kcal, the 59 kcal, in excess of that will not affect my body weight too much. However, if I continue to take in 2060 kcal a day, there might come a time that I would gain weight. 2. What are the 2 main food sources of fat and calories in your diet What does this tell you about your food intake Most of my intake of calories comes from carbohydrates. The carbohydrates come from the various types of bread that I consume...If your percent is greater than 67%, list 3 foods (from your printout- day 1, 2, or 3) that contributed the greatest amount (in order- 1st, 2nd, and 3rd greatest contributor) of this nutrient (example provided)- provide the serving size of the food (1 cup, cup). (30 pts) With an average calorie intake of 2059 kcal, I should be maintaining my body weight. Although the recommended calorie requirements in my personal profile suggest a daily calorie intake of 2000 kcal, the 59 kcal, in excess of that will not affect my body weight too much. However, if I continue to take in 2060 kcal a day, there might come a time that I would gain weight. Most of my intake of calories comes from carbohydrates. The carbohydrates come from the various types of bread that I consume each and everyday. In the three days that I analyzed my diet, I did not consume pasta or rice. However, in each of those three days, I consumed a particular type of bread. On the other hand, much of the fat in my diet comes form the fried items that I eat. These are usually from fast food restaurants. The fat comes from the oil that is used in cooking such food items. What this says about my diet is that I rely too much on fast foods that may not be as healthy and nutritious as home-cooked meals. Among the aforementioned nutrients, I have the lowest intake of fiber with only 16%.

Human Resource Planning Case Study Example | Topics and Well Written Essays - 1500 words

Human Resource Planning - Case Study Example This paper outlines that it is also necessary to establish a framework for the competency of the team. This will involve all employees from every department within the organisation. It is also vital to consider the long-term requirements to make the framework more relevant. This involves the process of collecting information and hence the most important step that dictates the success of the entire project. It includes the adoption of the best techniques for collecting the information concerning the roles and responsibilities of each member. It includes observing people while they perform their roles in case of those that are observable, interviewing the workers to learn what people believe and know and creating a questionnaire that will assist in obtaining the most important data. There is the need for spending more time while considering the issues of validity and reliability of the data. The use of standardized job assessment questionnaires can greatly provide good assistance. It n ow follows the analysis of the work and includes an understanding of the behaviours used in performing the job. Key considerations may include business plans, objectives, strategies, job descriptions, principles of the organisation, future predictions as well as the needs of customers and suppliers. It is necessary to employ the best techniques to achieve accurate and comprehensive results. Moving to the next step means reorganizing the information gathered into greater competencies to help in analyzing and groupings of the data in an effective manner. The step requires the grouping of the skills and behaviours into core competencies.

Ballard Integrated Managed Services Essay Example for Free

Ballard Integrated Managed Services Essay When Barbara Tucker, General Manager for Ballard Integrated Managed Services, Inc., realized that her employee’s attitudes and behaviors were on a declining course, Barbara knew she must act promptly. Barbara oversees 452 workers divided into three divisions, each including its own management team; these divisions are food service, hospitality and maintenance. In order to fix the problems with employees, Barbara had to identify the problem first; with the help of coworkers, Barbara was able to create a plan. The plan identified and stated the problem, purpose, research questions and hypothesis for the research; Barbara also had to decide which instrument to use for data collection. Barbaras research plan identified how the data would be collected and identified measurements for the variables involved in her study. Once the study was completed, the data was analyzed by eliminating the data input errors. In the end, a conclusion must be made about the appropriateness and applicability of the data to meet the ultimate purpose of the study. A closer look into the research and the execution of the plan will give management the answers to their questions about employee morale. BIMS management has noticed negative changes within the company over the past 4 months. The turnover rate for the company has increased by close to 9%, the use of sick time has increased, management is noticing a large amount of employees killing time throughout their work day instead of working, and the quality of work has declined as well, creating complaints from the Douglas Medical Center administration, which contracts BIMS. Unfortunately for Barbara and her team of managers, employees leaving the company have not left any clues as to why these things are happening when exit interviews were conducted, leaving this management team to explore on their own in hopes of finding solutions. Barbara and the managers  involved in finding solutions to the obvious problems decide to use an employee survey instrument in order to collect data which is thought to be relevant; HR manager Debbie Horner was put in charge of creating the employee survey since she completed her MBA and based her thesis on employee motivation. Debbie created a survey with ten questions asking workers to express their view about working conditions, shift hours, quality of training, and level of compensation, fair treatment, internal company communications, and job security. The employees were asked to answer the following questions on a scale from one to five, with five being very positive; 1. How well do you enjoy working for BIMS? 2. You enjoy your assigned shift. 3. Your request for your desired shift was fulfilled. 4. How many times have you called in sick in the last month? 5. You are well trained for your work. 6. You are paid fairly for the work you do. 7. Your supervisor treats you fairly. 8. Your supervisor’s boss treats your division fairly. 9. The company is good at communicating. 10. You do not fear that you will lose your job. A few demographics were also included so that Debbie could separate responses by division; Debbie included demographics because she wanted to compute descriptive and frequency techniques, and then further study the data for possible correlations. The Quantitative research done in this case was created as an employee survey in order to get a glimpse at employee’s thoughts and feelings about their job and to decipher whether employees feel they are being treated fairly. This survey was distributed with payroll checks originally and a reminder message was sent out with the following payroll checks. The instrument to be used is a survey based on the questions that were asked of the employees, the type of statistical questionnaire was inferential statistics it was based on questions asked of the employees and was given to a sample size of estimated 449 employees; however, the way the survey was administered was not effective for the 449 employees to complete and only 78 employees completed the survey. The variable is quantitative and coded with discrete information, which is conducive to the type of survey used, and clearly shows gaps between values, however it is not representative to concluding a finding due to the sample size being smaller then what the survey was designed and planned for. Unfortunately, the General Manager was not successful at administering the survey that resulted in a 17% response rate, which does not show a good  sample size nor does it generate the results intended to make concrete improvements and changes to the company. Reference Descriptive vs. Inferential Statistics Whats the Difference. (December 1, 2011). Retrieved from http://www.mymarketresearchmethods.com/descriptive-inferential-statistics-difference/

Media Essays Music Industry Work

Media Essays Music Industry Work Music Industry Work Analyse changes in technology and global communication that have revitalised the music industry in the past ten years. Your account should concentrate on cultural and promotional aspects rather than an analysis of the music. How might you apply these innovations to your own field of work? The last decade has witnessed a period of rapid change in technology and global communication. In music, the Ipod has changed the way we buy and swap music. I tunes has just sold its billionth song. The rise of the Arctic Monkeys is almost directly attributable to the internet and sites like MySpace, where teens can spread trends in an instant. All this is happening while many traditional channels struggle to keep pace. When the Arctic Monkeys hit number one, the newspapers were left saying where did they come from? The four big companies that dominate the production and distribution of music, Universal, Sony, BMG, Warner and EMI, have been slow to embrace the internet, which has seemed to them not an opportunity but their nemesis. Rather than putting their product on file-sharing applications, they are prosecuting free-download users for theft, but now they are left with no opportunity but to welcome the digital age ahead. All it takes to get the music you most love is to find a website such as Rhapsody, Itunes Store, Urge, Rapster, or any one of what is probably a thousand such, download, and transfer to an MP3 player. Hours and hours of portable music, and unless you want to, you never have to listen to two songs by the same group. A wonderful innovation for the music loving public, The Kinks are still being worked out by the music industry. But one thing is clear. The Digital Music age is here to stay. Over the last ten years album sales have been in freefall all over the world. The 10% drop in the UK over the past year is dwarfed by a 15% slide in the US, 25% in France and 35% in Canada. The bankruptcy this summer of the CD retail chain Fopp, HMV’s announcement that its profits halved in the first six months of this year and Richard Branson’s recent decision to dump the Virgin Megastores, which have reportedly lost him more than  £50m in 2007, are all evidence of the revitalization of the music industry. The point isn’t just that people are buying fewer CDs; they are paying as much as two-thirds less in real terms today for the music they listen to on their iPods than they used to when the compact disc first took over the market. Twenty years ago a chart CD cost about  £14. Today you can buy the same in a super-market for  £9. The online market may have grown recently, but not enough to fix the hole. Here, too, margins have shrunk. A download of a single track now costs 79p against the  £4 a CD single cost in 1999. The impact on the bottom line of the record labels has been catastrophic. When EMI’s subsidiary Virgin put out the Spice Girls’ debut album in 1996 the company cleared roughly  £5 in profit on each copy sold. That margin has since shrivelled to around  £2, and only then for albums that are significant hits. Industry insiders estimate that only one of the new British acts that became popular in 2007, the pop star Mika, will actually make his record company any money. When the private equity firm Terra Firma bought EMI recently it paid about a third, in real terms, what the company nearly fetched 10 years ago when a sale to its competitor Universal was mooted. That decline mirrors what has happened over thesame period to the retail price of new CDs, and it also reflects the scale of the cull ofEMI’s workforce, which has shrunk in 10 years from more than 10,000 worldwide to about 4,000 today. There are no obvious solutions in sight. In America the recently appointed co-chairman of the Columbia label Rick Rubin, formerly a record producer by trade, has spoken of his ambition to turn the company around by refocusing it along the lines of a cable TV business, making Columbia’s entire catalogue downloadable to customers who pay a monthly subscription. The reprioritisation in recent years of live music over the recorded variety has been dramatic. Attendance at arena shows rose here by 11% last year. By the time 2007 bows out, 450 music festivals will have taken place in the UK. Ticket-master reported that 20,000 tickets for the Spice Girls’ first reunion concert at London’s O2 arena in December sold out in 38 seconds, with 1m fans registering to buy. more than a million clamoured for seats at the forthcoming Led Zeppelin reunion. Glastonbury disposed of its 135,000 weekend passes for this year’s event within two hours, taking more than  £21m in the process. Ticket prices, especially for A-list artists, have soared as the price of CDs has tumbled. You could have bought Madonna’s entire catalogue for less than half what it cost to see her perform at Wembley Arena last summer where the best seats in the house went for  £160.CD’s are almost a thing of the past.   With more more people downloading and sharing MP3’s, both legally and illegally i.e. Limewire, the music recording business is faced with a huge problem. Technology has advanced far quicker than the Music Industry’s ability to change and keep a viable business model. Downloading of MP3’s illegally has caused such a massive drop in sales that the music business in general is at a loss to provide a solution, and thus is failing. In my opinion, to suggest CD’s are almost redundant is not unreasonable.   The marketing power and speed of the Internet now means users are aware of the product long before the record label is promoting it locally and nationally.  With the connection speed of broadband Internet, users can have almost any desired song in seconds (and if prepared to break the law, for free). I can’t see the music business trying to fight this type of technology for much longer, as file sharing is not actually an illegal activity, as no cash is exchanging hands. Already deals are being announced to allow users to legitimately download songs and for a fraction of the cost of a CD single. Recording labels will have to start to offer subscription services, or small download fees per single in order to quell the hugeamount of customers currently downloading for free.The roots of the â€Å"Rip, burn and mix† (RBM) culture have been growing for a long time now. The â€Å"RBM† culture represents a powerful change to the business world as a whole and to the music industry in particular. The change in delivery method is at the heart of the â€Å"RBM† culture. To begin with it can be described from the music industry’s standpoint. Now consumers have much more control, and because of each individual’s ability to rip or copy, burn or produce, and mix or change music, the term consumer fails to capture the essence of the user’s involvement. As is apparent to everyone, this has thrown the traditional music industry on its head. In retaliation, there are battles being waged against people who have accepted the changes, the traditional consumers. Of course, as has been well documented, these battles are being fought with copyright laws that have failed to accept great change since the explosion in popularity of the internet. Questions about how this affects the individual artists and bands who rely on selling their music for an income must be addressed. First, within this culture there is still the possibility to sell records based on the traditional methods. The RBM culture has had a great deal of influence in this area of style as well. It can be viewed as a type of fusion. Everyone now has the opportunity to take what they want from a culture and fuse it with their own culture, which to many is what creativity is. Rap music is a definite example of â€Å"RBM† culture in music. An artist may take a track from another song, mix it with their own work and then produce it as a new style of music. Without conscious effort, millions of people have already accepted this culture and moved towards the empowerment of the individual artist. It is especially apparent in the popularity of collaborations between artists. Artists each bring their own work to the studio or stage and seek to mix, â€Å"burn† or create an entirely different piece of music. A closer look at the music industry from the perspective of a RBM culture reveals that the principles which are at the base of the culture are not revolutionary. However, technology has changed the scale on which these principles can be implemented, thus giving birth to the RBM culture and the vast consequences it has for the music industry. There are many unique ideas on how music should be shared and subsequently handled. An artist listed under the simple Sampling License allows the user to manipulate and change the music for their own or commercial use; however, entering it on a file-sharing network is prohibited. The Sampling-Plus License works in basically the same way except the music can be entered on a file-sharing network. The â€Å"rip, burn and mix† culture coincides with many other changes in the way people think about purchases and commercial entities. The ClueTrain Manifesto is a series of essays that deals with changes in consumer behaviour because of the Web. The Manifesto discusses ideas that need to change in the business world due to the changes in consumer behaviour. People now expect to try before they buy and buy only what they want to buy. Requiring the customer to buy fifteen songs when they only want one has become unacceptable; Furthermore, the limited variety of music that a company has to offer is unacceptable. With such easy access to seemingly endless variety, the old music industry lost one of its key competitive advantages. To be fair the industry is starting to recognize the need for digital music and has been quite successful operating with Apple’s iTunes technology. It may be too little too late but it has stemmed the tide of change for the large media companies to an extent. With all these changes taking place, it is interesting to speculate about the path of the next musical superstar or if there will even be such a concept. Everyone having access to a personal computer means that everyone is eligible to do their own recording, publishing, distributing and venue booking. Even with all this technology, a live show is still a unique experience that can only be captured by physical attendance. Excellent artists will still be sought out to play live music which will allow them to sell their products to support themselves. This process is very important even in the new music industry where everyone can be heard. The reason for its importance is the fact that a live band can carve out its own niche using the extremely effective word of mouth advertising. Unless the consumer knows an artist exists it can be extremely difficult for a consumer to find and hear that artist among all the other choices. Live touring would still be an effective medium for a band whose quest is to reach a certain degree of fame. However, there is also the possibility for a band or individual artist whose sole medium is the web. Video and audio technology could be combined to produce a â€Å"virtual stage† for the artist to perform over the internet; a distinctly new technology artist. This could take many different forms but, again, it takes advantage of the increased scope of the artist. The artist has the great opportunity to perform virtually over the web, satisfying both the fan and the musician. The Web will also act as a tool between the musician and the fan. An increase in interaction between the two might birth a new form of musical partnership. The fan might have an idea or a poem that they want made into music. Certain artist may be interested in catering to this desire to have one’s work made into music. Without a doubt, fans have been able to interact and learn more about their favourite bands because of the web. Websites would then act as virtual clearing houses by matching song writers with those who play music but are not interested in writing their own. One interesting idea that someone working in the industry could consider is that labels may only be willing to pay the artist to produce one or two songs for air play and sale.The â€Å"Rip, Burn and Mix† culture may be the end of the traditional album as it has been. If songs are available for free or are sold separately for a dollar, the experience of listening to a number of songs as a coherent work will be lost. But the artists may adapt to this new culture and change the way in which they release their music. Rather than one album with twelve songs on it released at one time, the artist could release one song each month for a year. This method could stimulate interest from fans as a continual stream of music over time. References: I tunes- http://en.wikipedia.org/wiki/ITunes, http://itunes.com EMI group 2006, statistics and figures: http://www.emigroup.com Waters, D., 2003. Music industry slow to change available: http://news.bbc.co.uk/1/hi/entertainment/music/3019948.stm Gordon, G., 2007, Effects of technology on the music industry, 2007 WC Business Management Senior Capstone Experience, available: http://dspace.nitle.org/handle/10090/2694 Music industry forced to warm to Arctic Monkeys, 2007, Unlocking digital music, Oxford Journals ,Volume 49, Number 4, Pp. 14-16 http://www.mad.co.uk/Main/Home/Articlex/5897d0927dea4, Illegal mp3 downloads: http://www.limewire.com Digital Music Report 2006 Facts Figures 2006 available: http://www.ifpi.co.uk/content/section_news/DMR-2006-b.html Regan, K., 2007, EMI Revenue Falls but DRM-Free iTunes Sales Promising, E-Commerce Times, available: http://www.ecommercetimes.com/story/entertainment/58684.html Why do they think they have it figured out now?200, http://www.futureofmusicbook.com/ Honan, M., 2001, Rip. Mix. Burn. Steal? Does Using Your Mac to Burn Your Own Audio CDs Make You a Thief? http://www.macworld.com/2001/10/macbeat/rip/

Nuclear Tragedy on Three Mile Island :: History Nuclear Essays

Nuclear Tragedy on Three Mile Island The Three Mile Island accident can be attributed to both human error and mechanical failure. This story begins on March 28, 1979 at about four o'clock in the morning. Every thing seemed to be running efficiently down at the nuclear power plant in Three Mile Island. Little did anyone know the catastrophe that was about to occur. The problem started in the secondary loop. There was a slight malfunction, which caused the pumps to shut down automatically. The alarms sounded immediately within the control room. Water pressure and water temperature began to build in the primary loop, because the heat could no longer be transferred to the secondary loop. However, this seemed normal and was no cause for immediate concern. At this point, the pressure relief valve (PORV) had opened automatically and released the steam into a holding tank. The backup pumps, which are located in the secondary loop, automatically turned on. Then, the cut-off valves disconnected the pumps from the system. The operators in the control room still felt that everything was running normal and there was nothing to worry about. Then, the PORV light went out indicating that the valves were then closed; however they were not. The steam and water continued to be released causing a loss of coolant accident (LOCA). The emergency injection water (EIW) was set in motion in the primary loop. The EIW is activated in the case of a LOCA. This did not concern the operators because it had happened before during numerous false alarms. However, they kept their eye on it, and noticed that the water in the primary loop was rising, while the pressure was decreasing. They turned off the EIW, but the water still appeared to be rising. However, that was not the case at all. The water along with the steam was being released through the PORV, without the operators knowing. By this time, over three thousand gallons had escaped from the primary loop. The instrument that checks the level of radioactivity levels was not functioning, so the operators had no reason to suspect a LOCA. The gauges in the control room continued to falsely state that the water levels were up. At this time, two of the four pumps were turned off in the primary loop caused by the amount of pressure from the steam traveling through them. Then, the last two pumps in the primary loop shut off.

Environmental Views of Arctic National Wildlife Reserve (ANWR) Essays

Executive Summary The Arctic National Wildlife Reserve (ANWR) is a beautiful 19.6 million acre coastal plain, and is located in the Northeastern part of Alaska. ANWR is home to numerous species of wildlife and one of the largest untapped oil preserves in the United States. There is an immense debate between the opposing environmentalists and the politicians who want to drill for oil on a section of ANWR, which is only 1.8% of the refuge. Environmentalists who oppose drilling for oil in Alaska say the wildlife and the native populations are threatened by drilling for oil in ANWR, even though most of the natives are strongly in favor of drilling. ANWR could save the US from having to import $800 billion worth of foreign oil, creating hundreds to thousands of American jobs, and generate hundreds of billions in royalties and taxes (anwr.com). Three different environmental ethic views will be addressed, Utilitarian, Deontology, and Lockean. The Utilitarian argument is that the greatest function of ANWR will be reached through drilling. It implies that the intrinsic qualities of the land are of lesser value, and that ANWR serves the people better by being given over to the purpose of oil production. Deontology views ANWR rationally. The question is asked: what would a rational person do when developers propose to convert an unspoiled landscape to commercial use? In the Lockean view, man has a right to use property and the various resources of the earth as he wills, to support his life and values. The development of ANWR overshadows the minimal risk of environmentally disrupting the wildlife. The US economy and the citizens of Alaska would benefit from the development, not to mention the wildlife would be monitored and thus receive more attention. Introduction Alaska is surrounded by ocean and mountainous terrain and has one of the most beautiful landscapes in the United States. Alaska is home to the Arctic National Wildlife Reserve, in which hundreds of thousands of wildlife reside alongside with one of the largest oil preserves in the United States. Environmentalists are vexed about the possible disruption in the wildlife’s natural habitat and the effects it may have on the Alaskan Natives. Congress is being faced with the challenge of mergin... ...s.org/releases/pr2005/pr031105.html Rodger Schlickeisen. Fight to Protect the Arctic Refuge Reaches Critical Point Refuge Faces Most Dire Threat in Decades. Retrieved April 10, 2005 from http://www.defenders.org/wildlife/arctic/ardrill.html http://www.defenders.org/wildlife/arctic/news/arcticpoll.pdf Retrieved on April 9, 2005 http://encarta.msn.com/sidebar_1741573203/1987_Alaska.html "Alaska," Microsoft ® Encarta ® Online Encyclopedia 2005 http://encarta.msn.com  © 1997-2005 Microsoft Corporation. All Rights Reserved. http://www.globalethics.org/newsline/members/issue.tmpl?articleid=04210222393811 http://www.google.com/search?hl=en&lr=&oi=defmore&q=define:Property+Rights N.A. Retrieved April 10, 2005 http://www.jdnews.com/SiteProcessor.cfm?Template=/GlobalTemplates/Details.cfm&St oryID=30570&Section=NIE http://www.msnbc.msn.com/id/4542853/ http://www.newsviews.info/environment05a.html http://www.savearcticrefuge.org/learnmore.html Retrieved on April 9, 2005 http://www.washingtonpost.com/wp-dyn/articles/A11332-2004Sep10.html Stephen Segaller. PBS: Extreme Oil (2004). Retrieved April 10, 2005

Capital investment analysis and inflation and capital investment analysis with taxation Essay

Inflation refers to persistent increase in price of goods and services. It is also referred to as average general increases in the price of goods and services. Prior to this time, there had been lots of argument amongst writers in finance on whether or not to ignore or include inflation when computing capital budgeting. The argument has always being that inflation affects both the discount rate and the cash flow hence the effect will always cancel out. During inflation shareholders will always demand for higher rate of return because inflation has a way of eroding the purchasing power of the shareholders but the impact of inflation on the company’s rate of return and the expected cash flow are not always the same. Shareholders are not likely to reflect the entire inflation rate on a single investment because of risk diversification strategy employed by most shareholders. Besides, inflation will not affect all the cash flows in exactly the same way. The impact of inflation on labour for instance will not be the same for material cost and cannot automatically reflect on selling price. Whichever way it is, the question is, How do we incorporate the effect of inflation in capital investment decisions? How do we adjust for inflation? Will the project still be worthwhile after adjusting for inflation? In analysing the effect of inflation in capital budgeting analysis two things should be taken into consideration. i. The effect of inflation on the discount rate – As inflation increases shareholders will demand for increased return to compensate for the reduction in the value of their capital. So there will be increase in the minimum return required by an investor. ii. How to take account of the impact of inflation on future cash flows. There are basically two types of inflation: i. General inflation – this is an increase in the average price of all goods and services in an economy. General inflation affects both the discount rate and the cash flow hence it should be properly estimated. Changes in consumer price indexes are used as a measure of general inflation in Nigeria. ii. Specific inflation – refers to changes in prices of the various components that make up the project under consideration. Various components such as sales prices, labour cost, variable cost etc. Specific inflation affects only the cash flows of the project. The treatment of specific inflation should be detailed as possible. Money Cash flow and Real Cash flow In an inflationary period there is a difference between N10,000 cash and goods and services worth N10,000. The first is the money cash flow while the later is real cash flow. Money Cash flow refers to the actual amount of cash flows in nominal term. To arrive at the money cash flow we adjust each item by its specific rate of inflation. Real Cash flow on the other hand refers to purchasing power equivalent of the actual amount of cash flows. To arrive at the real cash flows we deflate (i.e. discount) money cash flows using the general rate of inflation. In project appraisal, general inflation is usually assumed to be the same throughout the project’s life. It becomes easier to analyse the impact on both cash flows and the discount rate. However specific inflation rate need not be the same throughout the project’s life. Money Cost of Capital (MCC) & Real Cost of Capital(RCC) MCC – Measures the actual discount rate in terms of the actual money. That is, it is the discount rate in nominal terms. RCC – Measures the discount rate in constant price level terms. Return on an investment are usually based on expected returns. The anticipated rate of inflation will be reflected in required rate of return for a project. This relationship has long been recognised in financial economies and it is referred to as fisher’s effect. It is expressed as (1+m) =(1+r)(1+I) Where m= Money cost of capital R= real cost of capital I = General rate of inflation From the equation above, if ‘r’ & ‘i’ are given, m could be computed as: M=(1+r)(1+i)-1 If m and I are given the r can be calculated as r = – 1 If m and r are given, then i can be calculated as follows i = – 1 Rules to follow using MCC & RCC 1. Cash flows in money or nominal terms should be discounted at money or nominal cost of capital 2. Cash flows stated in money terms can be converted to real cash flows by discounting at the general rate of inflation. The real cash flows should then be discounted at real cost of capital. 3. Discounting money cash flow at the money cost of capital and real cash flows at the real cost of capital will give the same NPV for a project. 4. The specific rate of inflation should be effected on specific cash flow only. The cash flow arrived at should then be discounted at the relevant cost of capital which in most cases is the money cost of capital except otherwise stated. 5. Money cash flows should be discounted with money cost of capital and real cash flow should be discounted with the real cost of capital. Raze Ltd is considering a project costing N50,000. The project is expected to have a life of 4 years with a residual value of N4,000. Annual cash revenue from the project is expected to be N35,000 in year 1 rising by 6% per annum for inflation. Running cost are expected to be N15,000 in the first year of the project but would increase by 11% per annum because of inflating labour costs. The general rate of inflation is expected to be 8% and the company’s money cost of capital is 18%. Advice the company on whether or not to accept the project. Rex Ltd have been considering a 5yrs project costing N3m which on an initial estimate would earn N1.1m per annum in contribution without incurring any additional fixed cost but with a nil residual value at the end of year 4. Cumulative discount rate at 15% for 5years is 3.352. The company’s director believes that the project should be undertaken because its NPV was N687,200.00 However, further investigation into the cash flow reveals the following. a. The contribution consists of annual sales of N2.7m and variable costs of N1.6m for 1million units of sales per annum. These are the expected money values in year one. b. The sales would be made through a single distributor, who has asked for a fixed selling price of N2.70 per unit for 3yrs after which prices could increase by 18% for year 4 and held constant for year 5 c. Variable costs of N1.60 per unit in year one consists of material cost of N0.80 which are expected to increase by about 5% per annum and labour costs will rise by an expected 10% per annum for each year because of existing wage agreements with the trade unions concerned and a shortage of skilled labour for the work. Required 1. Is the initial NPV calculated correct 2. Is the project viable Solution Workings Yr 1 2 3 45 Sales2,700,0002,700,0002,700,0003,186,000 3,186,000 Less Material (800,000)(840,000)(882,000)(926,000) (972,405) Labour(800,000)(880,000)(968,000)(1,064,800) (1,171,280) Net MCF1,100,000980,000 850,0001,195,100 1,042,315 Labour at 10% Material at 5% Sales at 18% in years 4 & 5 Yr Cash flowsMCC @ 15%PV 0(3,000,000)1(3,000,000) 11,100,0000.8696956,560 2980,0000.7561740,978 3850,0000.6575558,875 41,195,1000.5718683,358 51,042,3150.4972518,239 The project is viable because it has a positive NPV of N458,010 The initial NPV calculated does not take into consideration the adjustment is sales, material and labour because of inflation. Summary We have looked at the impact of inflation in capital investment appraisal. Inflation refers to the persistent increases in prices of goods and services thus affecting the financing needs if the organisation as well as its cost of debt and WACC. Inflation is treated in capital investment appraisal by discounting inflated values of future cash flows at the money cost of capital or real cash flows at real cost of capital. Review question Idi araba town council plans to build a bridge over the local river to replace the existing ferry service. Building will start in one year’s time, that is 2006 and will take 4 yrs. It has planned to sub contract the building work to a major construction company and the best tender will involve the council in a cash expense of N10m at the start of building and further payments of N5m each year until 2010 once completed, the annual maintenance cost for the bridge will be N1m per annum according to today’s prices; the annual cost is expected to rise with the general inflation rate of 7% p.a. In addition, a major overhaul is expected to be required after the first 15years of use, this will comprise N10m of material plus wage costs of a further N10m in current prices. Material prices are expected to rise with the general rate of inflation for the next 16years and then remain constant; wage cost is expected to increase by 6% over the general inflation rate for the next 3years and then increase in line with general prices. The market interest rate the council consider relevant for the whole life of the project is 17.7%. You can assume that for calculation purpose the life of the bridge is infinite. The expected use of the bridge is 20,000 vehicles per day and toll charge is expected to increase in line with general inflation. Required a. Calculate minimum toll charge in the first year of operation necessary for the bridge to break even over its life, and explain your treatment of inflation. Note: Assume all annual cash flows arise on the last day of the relevant year. b. What other factors do you think the council should consider when deciding upon the toll charge? Note: The statement that â€Å"in addition, a major overhaul is expected to be required after the first 15yrs of use† should be interpreted to mean at the end of the first 15years of use (i.e. year 20.5 +15) (ICAN , 1993) Capital Investment Analysis and Taxation Tax is an important factor to consider when computing capital investment appraisal because of its implications on cash flows. Capital investment appraisal is based on after tax incremental cash flows arising from the project. Thus, when appraising the viability of a project tax that has to be incorporated and then discounted at the relevant cost of capital. Corporation tax This is charged on the profit made on projects that is positive cash flows and then discounted at the appropriate ruling rate. Currently in Nigeria, it is charged at 30%. It is usually charged on a preceding year basis because tax is expected to be remitted 6-11 months after the end of the period in which profit were earned. In capital investment appraisal we assume a year lag for corporation tax payment, that is, tax on taxable profits made in year one will be deemed payable in year 2 except otherwise stated. Also, when losses are made on a project the losses are used to reduce tax liability hence, it is treated as tax benefit. The amount by which tax is reduced is equivalent to cash inflow to the project. Investment Incentives – This is given to encourage investment in fixed assets. The main types include investment allowance and capital allowance. Investment allowances – are receivables which should be brought into the project appraisal in the period in which they are receivable. They are use to reduce the tax liability. Capital allowance- is available to reduce a tax liability if a business is carried on and it has a balance of qualifying capital expenditure. The reduction is treated as cash savings. Capital allowance could be treated on a straight line basis or a reducing balance basis. In Nigeria it is claimed as initial allowance and annual allowance. The Nigerian law permits a company to leave at least N10 in its book as written down value for an asset that is not yet disposed by the company. The Nigerian law also restricts the capital allowances a company can claim in any year of assessment to a certain percentage of the adjusted profit so that companies that have made profit can always increase their tax liability. On disposal of an asset no capital allowance can be claimed in the year of disposal. When disposal is finally made, the difference between the proceeds on disposal and tax written down value treated as: i. A balancing charge – if the sales proceeds exceed the tax written down value. ii. A balancing allowance if the tax written down value exceeds the sales proceeds. Assumptions on Investment allowance and capital allowance claims Two possible assumptions can be made on when to deduct capital allowance claims i. We can assume that the first claim is set – off on profits that occur in year one and it is deductible in year 1 ii. The most acceptable by examiners and in practice is to assume that the first claim occurs in year one and the tax savings occur one year later that is, year 2. Illustration 1 A company purchases a machinery at a cost of N10,000 in respect of a project which has a life of 5years and a residual value of N500. Calculate the capital allowance on a straight line basis that will be used to reduce tax payment in each year of the project. The initial allowance is 50% while the annual allowance is charge at 25%. Year ClaimsPoolAllowance 1. Initial allowance (50% x 10,000) 5,000 10,000 Annual allowance (25% x 10,000) -5,000 -10) 1,247.50(6,247.5)6,247.5 2. written down value c/f3,752.5 Annual allowance(1,247.5)1,247.5 3. written down value c/f2,505 Annual allowance(1,247.50)1.247.5 4. written down value c/f1,257.5 Annual allowance(1.247.5)1.247.5 5. written down value c/f10 Sales proceed(500) Balancing charge 490(490) Illustration 2 XYZ company is considering investing in plant and machinery costing N100,000. The machine has a life of 5 years after which it can be sold for N5,000. The machine would generate annual cost of saving of N35,000. Investment incentive on the machinery will be available as follows: Investment allowance 20%, initial allowance 20%, annual allowance 10% on a straight line basis. Tax rate 35% payable one year in arrears and after tax cost of capital is 15%. Should the machine be purchased? Solution Workings Investment allowance = 20% x 100,000 = N20,000 Capital allowance computation. Year Claims Capital Tax written allowance N down value N 1 Initial allowance ( 20% x 100,000)20,000 Annual allowance(10% x 100,000) – 20,000) 8,000 28,00072,000 2 8,00064,000 3 8,00056,000 4 8,00048,000 5 48,000 – 5000 Computation of tax liability Year 1 2 3 4 5 Cost of savings35,00035,00035,00035,00035,000 Investment allowance(20,000)—- Capital allowance(28,000)(8,000)(8,000)(8,000)(43,000) Taxable profits13,00027,00027,00027,0008,000 Tax at 35%4,550(9,450)(9,450)(9,450)2,800 Computation of NPV Year Machinery Savings Tax Net cash DCF @15% PV 0 (N100,000)- – (N100,000)1 (N100,000) 1 35,000 – 35,0000.869630,436 2 35,000 4,550 39,5500.756129,903.76 3 35,000 (9,450) 25,5500.657516,799.13 4 35,000 (9,450) 25,5500.571814,609.49 5 50000 35,000 (9,450) 30,5500.497215,189.46 6 2,800 2,8000.43231,210.44 8,148.28 The NPV is positive and thus, the machinery should be purchased. Illustration 3 New ventures Nigeria Ltd is considering a project with an initial cost of N5m. The project is to last for 5years with a scrap value of N10,000 .The project involves the production and sales of product X. Estimated future sales quantity and fixed costs are given below: YearSales QtyFixed Costs UnitsN,000 1100,0001,000 2110,0001,100 3120,0001,200 4120,0001,250 5125,0001,300 The selling price of product X is expected to be N50 per unit in year 1 rising by 5% per annum because of inflation. Variable costs are expected to be N25 per unit in year 1 rising by 8% per annum because of inflation. General level of inflation in the country is currently 7.5%. The company can claim capital allowance at the rate of 20% on the reducing balance basis on this project. Tax is currently at the rate of 35% payable one year in arrears. If the company’s after tax real cost of capital is 7%, should the company invest in the project? Solution Workings Computation of cash profit Year Sales Revenue Variable cost (N) Fixed CostProfits(N) 1100,000(N50)100,000(25)1,000,0001,500,000 2110,000(50)(1.05)110,000(25)(1.08)1,100,0001,705,000 3120,000(50)(1.05)2120,000(25)(1.08)21,200,0001,915,800 4120,000(50)(1.05)3120,000(25)(1.08)31,250,0001,916,614 5125,000(50)(1.05)4120,000(25)(1.08)41,300,0002,045,386 Computation of capital allowance(Reducing balance basis) Year Capital allowance Written down value 120% x 5,000,0001,000,0004,000,000 220% x 4,000,000800,0003,200,000 320% x 3,200,000640,0002,560,000 420% x 2,560,000512,0002,048,000 52,048,000 – 10,0002,038,000- Computation of tax liability Year 12345 Profits1,500,0001,705,0001,915,8001,916,6142,045,386 Less cap allowance(1,000,000)(800,000)(640,000)(512,000) (2,038,000) 500,000905,0001,275,8001,404,6147,386 Tax @ 35% 175,000316,750446,530491,6152,585 Cost of capital to use: (1+m) = (1+r)(1+i) i+m = (1.07) (1.075) M = 1.15025 – 1 M = 0.1503 x 100 M = 15.03% Computation of NPV Year Cost/Residual Cash profits Tax liability Net cash flow DCF@15.03% PV 0 (5,000,000) – -(5,000,000) 1 (5,000,000) 1 1,500,000-1,500,000 0.86931,303,900 21,705,000(175,000)1,530,000 0.75571,156.221 31,915,800(316,750)1,599,050 0.65701,050,576 41,916,614(446,530)1,470,084 0.5712839,712 5 10,0002,045,386(491,615)1,536,771 0.4965776,412 6(2,585) (2,585) 0.4317(1,116) 125,755 The company should embark on the project because it has positive NPV Illustration 4 SCG limited is considering a project that has the following cash flow estimates YearCash revenueCash Operating Expenses 1N’000N’000 21,600900 31,8001,100 41,400600 51,200500 500200 The project cost is N1.4m and has an estimated residual value of N10,500. The above cash flow profile has not taken into consideration the effect of changing prices. If effect on changing selling prices are taken into consideration cash revenue are expected to rise by 10% after year 1 and operating expenses by 11% after year 1. General level of inflation in the country is currently 15%.SCG Ltd can claim capital allowance at the rate of 25% on the reducing balance basis on this project. tax is currently at the rate of 35% payable one year in arrears. If the company’s after tax cost of capital is 20%,should the company invest in the project? Solution Workings Computation of cash profit Year Cash revenue (N) Operating expenses(N) Profits(N) 11,600,000 900,000700,000 21,800,000(1.10) 1,100,000(1.11)759,000 31,400,000(1.10)2 600,000(1.11)2 954,740 41,200,000(1.10)3 500,000(1.11)3913,384.50 5 500,000(1.10)4 200,000(1.11)4428,435.92 Computation of capital allowance Year Capital allowanceWritten down value 125% x 1,400,000350,0001,050,000 225% x 1,050,000262,500 787,500 325% x 787,500196,875 590,625 425% x 590,625147,656.25 442,968.75 5N442,968.75 – 10,500432,468.75 Computation of tax liability 12345 Profits 700,000 759,000 954,740 913,384.50 428,435.92 Less capital allowance 350,000 262,500 196,875 147,656.25 432,468.75 Taxable Profit 350,000 496,500 757,865 765,728.25 4032.83 Tax@ 35% (122,500) (173,775) (265,252.75) (268,005) 1,411.5 Computation of NPV Year Cost/Residual Cash Profits Tax liability Net Cash flow DCF@20% PV 0 (N1,400,000) — (1,400,000)1 (N1,400,000) 1 700,000- 700,0000.8333583,310 2759,000(N,122,500) 636,5000.6944441,986 3954,740(173,775) 780,9650.5787451,944 4913,385(265,253) 648,1320.4823312,594 5 10,500428,436(268,005) 170,9310.4019 68,697 61,412 1,4120.3349 473 459,004 The company should embark on the project because it has a positive NPV Summary The effect of taxation on a project will be to increase or reduce tax liability a company pays to the tax authority which will in turn increase or reduce the cash flows that will be used in arriving at the NPV of the project. When taxation is reflected in the cash flows, a post tax cost of capital should be used in evaluating the viability of the project. Review questions 1. Turnaround Nig Ltd is considering an investment that requires an outlay of N100,000 to be spent on the acquisition of necessary plant and machinery. The investment is expected to last for a period of 5 years by which time the residual value of plant and machinery is expected to be N18,000.The net revenue is estimated at Period 12345 Net revenue 30,000 45,000 50,000 52,000 20,000 In addition, turnaround Nigeria Plc expensed an investment of N10,000 in working capital and advertising expenses of N2,000 in period 1 and period 2. Turnaround Nigeria Plc has an after tax cost of capital of 10% and the application tax rate is 40% while the rates of capital allowance are initial allowance 20%,annual allowance 10%.Payment of tax claim may be assumed to be exactly one year in arrears. Required: Determine if the investment is worldwide 1. Links Ltd is considering investing in a project that will involve purchase of plant and machinery costing N150,000.The plant and machinery are expected to have a life span of 5 years and a residual value of N8,000. the project will generate cash profits as follows: Capital allowance is available on the plant and machinery at the rate of 25% of cost on the reducing balance basis. Tax is currently payable at 35% payable one year in arrears. The company’s after tax cost of capital is 18%.advise if the project is worthwhile.