Managerial Economics Individual Work wk1 Essay Example | Topics and Well Written Essays - 750 words

Managerial Economics Individual Work wk1 - Essay Example Some of these are discussed below: Scarcity is the excess of human wants over the resources he holds (Devlin, 2014). As the resources available to the world are limited while wants are unlimited, therefore we say that the resources are scarce in relation to human wants. Opportunity cost means trade-off of one desire for the choice of another. Since resources are scarce compared to human wants, every person needs to make choice of what he should purchase with his limited resources (ICAP, 2013). It is not possible for a person to buy everything with his resources. Hence if a person has two choices of buying a burger or some bread and he chooses to buy a burger, then the amount of bread he ignored for that burger is the opportunity cost of that burger. It shows those economic activities in which income earned by one factor is the expense of the other factor (Hirschey, 2008). For example, in a commercial organization, labor provides factor services and in return the organization pays the labor wages. These wages are income for the labor whereas expense for the organization. Market efficiency is directly related to property ownership. It may be explained as whenever there is a factor of property ownership in a specific region, there will be economic stability which will then lead to efficient markets. Let us take the example of America where property ownership is not very difficult. For this reason, the people in that region, after ownership of the property, look towards further investments in the region. It is a well-known fact that where investment increases, markets get more and more competitive leading to market efficiency. Illegal immigration means moving or living in a country without its citizenship or legal visa of the country. In almost all the countries of our world, illegal immigration is strictly prohibited. These countries quickly deport such immigrants as soon as they

English Language Learners Research Paper Example | Topics and Well Written Essays - 3250 words

English Language Learners - Research Paper Example This essay discusses that when one viewed the wealth of materials regarding the topic ‘English Language Learners’ from the online search medium, one would be awed at the magnanimity of results amounting to more than 16 million in various informational categories. The fact signifies the extensive interest on the topic manifested by an array of practitioners and users, especially in the field of education. This area of education would thereby be more explored in the current research to proffer pertinent details that led to the development and continued focus on English Language Learners (EELs) in the contemporary academic setting. This area is chosen to enhance one’s awareness on the subject of interest and thereby enable one to share the knowledge, including crucial information to assist and guide other ELLs that one would potentially interact with in the near future, specifically in terms of improving learning outcomes. The discourse would initially present the de finition of key terms, evolution, historical development and continued growth within this area of academic discipline. Likewise, one would determine current legislation that shapes it in contemporary times; in conjunction with expounding on the best practices related to curriculum and instruction utilized in English as the Second Language (ESL) setting. In addition, one would also identify and describe specific technological applications and future trends that influence and affect English Language Learners (ELLs). ... 1). On the other hand, the National Council of Teachers of English (NCTE) differentiated analogous terms such as ELL, ESL (English as Second Language), LEP (Limited English Proficiency) and EFL (English as Foreign Lanuage), as summarized in Table 1 below: Table 1: Definitions of Key Terms KEY TERMS DEFINITIONS ELL (English Language Learner): an active learner of the English language who may benefit from various types of language support programs. This term is used mainly in the U.S. to describe K–12 students. ESL (English as a Second Language): formerly used to designate ELL students; this term increasingly refers to a program of instruction designed to support the ELL. It is still used to refer to multilingual students in higher education. LEP (Limited English Proficiency): employed by the U.S. Department of Education to refer to ELLs who lack sufficient mastery of English to meet state standards and excel in an English- language classroom. Increasingly, English Language Lear ner (ELL) is used to describe this population, because it highlights learning, rather than suggesting that non-native-English-speaking students are deficient. EFL (English as a Foreign Language)Students:nonnative- English-speaking students who are learning English in a country where English is not the primary language. Source: (National Council of Teachers of English (NCTE), 2008, p. 2) Historical Development The origin of instruction to ELL was actually traced as early as the 1600s and 1700s when some states were reported to establish private and public schools with bilingual education regulations during the European colonization of the United States

The Fears Of Crime And The Outcomes Criminology Essay

The Fears Of Crime And The Outcomes Criminology Essay The outcomes of the fear of crime were for very long time overlooked by criminologists and psychologists and only in last 25 years fear has become a important research topic (McGarrell et al 1997). Recently, more attention has been put on this matter which is now recognised as a growing phenomenon which significantly influences the quality of life. Some may argue that the fear of crime is a consequence of individual having contact whether directly or indirectly with criminal events (Sparks, 1992). Saying that, it is important to remember that the indirect contact with crime may occur through the media representation or interpersonal communication and have a damaging effect on individuals quality of life. Worrying fact is that many researchers such as Hindelang (1974), Fowler and colleagues (1974) or Boggs (1971) have established that the relationship between the levels of fear of crime and experience of it are two different things. This means that although, the number of reported cri mes continues to drop and according to statistics, the chance of becoming the victim of crime is the lowest it has been for last twenty years (Home Office, 2009), society is increasingly becoming more anxious about safety (Home Office, 2006). Therefore, from this observation it can be speculated that the fear of crime is the problem itself, not the crime. So, this essay will firstly introduce to overview of the crime and the fear of it, including statistics and the lack of accordance between what has been found about the crime levels and the fear of crime. Secondly it will engage with theoretical assumptions related to the topic and critically evaluate theoretical assumptions. Thirdly, this paper will demonstrate the influence of the mass media on the increase of the fear of crime. And finally, it will draw the relevant conclusion based on proposed arguments and clarify that the fear of crime is a problem in its own right. To begin with it is relevant to familiarise with statistics of the actual levels crime, the fear of it and demographic groups. According to the Law Enforcement Assistance Administration (LEAA) the relationship between these three aspects is rather not proportional. As found by Skogan (1976), the fear of crime is more common within the demographic groups which were least frequently victimised such as women or elderly. He found that although, the most incidents of victimisation were reported by young, Black male this group is least fearful of becoming a victim of crime. Instead, older females, both Black and White have been accounted to be most fearful of crime (Skogan, 1976). Many researches challenged this inconsistency and for instance, Stinchcombe and colleagues (1977) introduced the idea of vulnerability in order to explain the higher levels of fear in the elderly and women. Briderman (1976) however, made the connection between the primary fear of crime and strangers and came up with the hypothesis that fear of crime is the fear of strangers. However, this theory can not be confirmed in practice. Although women are being told from the young age to be conscious of strangers, they are actually more likely to become a victim of an intimate partner, friend or another relative than by a stranger and according to study by Rennison (2001) fifty four percent of violent assaults reported by women are carried out by someone known to the victim. Although, there is a noticeable progress within the victimization perspective which has occurred in recent years in order to distinguish difference between the fear, worry, risk and concern the results did not change drastically (Sparks, 1992). Analysing the more recent statistics it can be noticed that this kind of demographical segregation of fear is still prevalent (Home Office, 2006). In general, according to the findings from the British Crime Survey in 2008/09 it has been found that 16 percent of people, who were asked, thought that they were very likely to become a victim of crime; however it has been found that only 2 percent were actually a risk (Home Office, 2006). Moreover, the segregation of crime, such as personal/property, single/multiple or direct/indirect was designed to improve the understanding why some demographic groups are more fearful of becoming a victim, however in fact did not have much effect in practice. The following part of this paper will link the issue of the fear of crime to the broader theoretical assumption and introduce to different models of victimisation. The earliest research on the fear of crime was based on the victimisation model which linked the fear of crime to experience of it (Snell, 2001). Although Skogan and Maxfield (1981) documented that association, others found that such as connection does not exist or the impact of victimisation on the level of fear is minimal (Liska et al, 1988). Furthermore, this model was repeatedly questioned as those who are at the highest risk of victimisation are least fearful and those who are at the lowest risk are the most concerned about becoming a victim (Skogan, 1976). Therefore the Indirect Victimisation Model was developed. This theory assumes that people who recognize themselves as the most defenceless and vulnerable to crime, such as elderly or women, will have the highest levels of fear (Snell, 2001). The Community Concern Model, firstly recognised by Taylor and Hale (1986) assumes that the level of the fear increases within the communities which report their neighbourhood as less satisfying due to the loss of the social control over them. There is a lack of attachment between the neighbours what increases the fear of victimisation within own neighbourhood (Snell, 2001). However, it can be argued that by introduction of CCTV or the Neighbourhood Watch and therefore increase of the social control could cause even higher concern of criminal activities in the area and therefore, higher fear of crime. The Subcultural Diversity Model theorises that the fear of crime increase if living close to someone whose has got a different cultural background (Snell, 2001). The study suggests that foreign behaviour due to the cultural beliefs may become difficult to understand and therefore fearful (Merry, 1981). Secondly, it is important to acknowledge the power of media representation, or rather we should say, misrepresentation, which increase the level of the fear of crime. According to the study by Surette (1998) who measured the impact which media representation has got on the fear of crime, it has been found that readers of those newspapers which tend to report crime in dramatised and excessive way are more fearful of crime. The concept of the moral panic feed by the mass media was firstly acknowledge by Cohen(1987) who described it in the term of amplification of the perception of disorder between the Mods and Rockers. The relationship is that similarly, the tabloid press is responsible for the misrepresentation of the actual level of crime by focusing on selective crime news which win the audience and therefore sell the newspaper. He also believed that by the increase of misrepresentation by the media can increase the level of reporting crime and therefore pressure the police to incre ase arrests (Cohen, 1987). Therefore, it needs to be recognised that through the exaggeration and overrepresentation, media can stir up public indignation and create the social problem and moral panic in society. Even more worrying is the fact that although the media covers only those erratic stories not sensible ones, the majority of people, when asked about the actual level of crime; attribute their knowledge to TV and newspaper gossip (Williams and Dickinson, 1993). This use of the limited information gained from the unreliable sources such as media is also called symbolic interactionism (Ferraro, 1995). However, as it has been noticed by Yin (1980), media representation of crime has got the most influence on the elderly people especially if the victim of the story was also an elderly person. Therefore, that is another example of the fear being greater that the actual level of crime as older people are least likely from all demographical groups to experience the victimization (Lee, 1982). That may be attributed to the fact that elderly are not to be seen on the busy street on Friday night as most of young people, therefore they less likely to become victimise. Lawton (1981) suggested that vulnerability of elderly may become the foundation of the fear of crime. He also researched that during the criminal activity such as robbery of physical attack, elderly are more likely to experience serious physical injuries which in effect may lead to helplessness and dependency which they may fear more than the crime itself. Consequently, that can have an effect on the quality of life of elderly. It has been speculated that if the incident of attack on older person took place outside his/her home that may lead to this person fearing to stay out the house for any reasons. The same can be hypothesised about the burglary. If elderly persons house was robbed while they were not there, they may not want to leave the house again as they feel they should stay in and protect they belongings in case of another robbery. Therefore, it shows the loose of control, freedom and quality over their lives and some may say isolation from society. The study by Hough (1995) is a great example of life deprivation due to the fear of crime as he found that among women age 60 who live in the city more than one in ten never went out after dark. The media representation of crime is also accountable for the formation of social exclusion which is mainly concerned with inequalities between different groups of people and different areas. It has been argued by Young (1988) crime itself is an exclusion: as are the attempt to control it by barriers, incarceration and stigmatization (p. 26). It has been found that the fear of crime whether on the street or at home is higher among poor population than privileged (Home Office, 2009). That may be due to the fact of allocation, as residents of housing estates are more likely to witness the violence on the street or antisocial behaviour in their local area in comparison to privileged population. Crime is seen both as a product of social exclusion and a cause of it, where social exclusion is seen as a series of linked problems such as unemployment, poor skills, low incomes, poor housing, hight crime environments, bad health and family breakedown. (Pantazis et al 2006, p.275) Furthermore, it is fundamental to acknowledge the current concern about terrorism which by the attack on the innocent, civilian people made the society realise that we are all potential victims. However, in this case it is the government and the military officials who with the facilities of mass media deliver information, or rather we should say, fear to society (Balkin, 1979). Some may argue that crime is politically popular as it sets out new moral targets for the government which can use it as a tool during the campaigns. However, in fact it is another example of creation of the moral panic which separates differences between nationalities and therefore limits social mixing between them and increases fear, paranoia and the mistrust between different groups (Cohen, 1987). Meads (1934) has argued that there is an existence of the generalises other in society which recognises us as good and them as bad. Therefore there is a tendency to exclude them for our security due to the fear of crime from them and that is an evident example of social exclusion. Summarising, the primary purpose of this essay was to indicate that the fear of crime is a problem itself not the actual level of crime. It has been demonstrated that although the level of crime is falling down and is at the lowest point for last twenty years, public fear of victimisation is growing up. Statistics from the British Crime Survey (BCS) and Law Enforcement Assistance Administration (LEAA) have been used in order to demonstrate that paradoxical phenomenon. In order to validate the statement that the fear of crime is a problem in its own right and to help with understanding why some groups are more fearful of crime than others, the theoretical models have been included. These, demonstrated that some populations due to the physical inability to defend themselves also called vurnability (women, elderly) or social and economic position may fear the crime grater than others (man, privileged). Moreover, this essay has critically evaluated the media misrepresentation of the act ual crime level and how that falsification can shape the moral panic and social exclusion in society. It has been also acknowledged that the concern about terrorism acts, which are often used by politicians during campaigns, is responsible for increasing the level of the fear of crime is society. Overall, it has been learnt that the fear of victimisation is greater than the actual level of crime therefore the fear of crime is a problem in its own right because it affects peoples lives and controls their everyday actions. It is suggested for the society to not relay on the media representation and discontinue thinking about being victimised since as the real statistics show it is not very likely to become a victim of crime. However, it is important to remember that the fear of crime may also not always be a negative thing as it may encourage assertiveness and prompt the implementation of preventative measures.

The Effects of Symbols In Tobias Wolffs Say Yes Essay -- Tobias Wolff

The Effects of Symbols In Tobias Wolff's "Say Yes"   Ã‚  Ã‚  Ã‚  Ã‚  The author of the short story "Say Yes," Tobias Wolff, uses a number of symbols to express his different views on racism throughout the story. Wolff uses this literary device to express a message to his readers. Symbols, something representing something else by association resemblance or convention, are used efficiently in this short story. Wolff uses colors to symbolize a hatred for an alternative race in this short story. The husband more than once makes reference to dark colors which shows the reader that the husband sees this world in black and white. The husband sees the world as good vs. evil, white vs. black society. Furthermore, the reference to color in the short story ?Say Yes?, symbolizes the husbands strong dislike for African Americans. Wolff symbolize the husbands strong dislike for African Americans when the husband states, ?The water had gone a flat gray? (Wolff 518). To some this statement might not mean much. Wolff?s decision to make reference to dark colors symbolizes the characters dislike for an alternative race. The choice of dark colors shows it is one of the African American race. The husband made reference to colors briefly after he and his wife started discussing differences over the idea of interracial relationships. The heated argument caused the wife to clean the dishes poorly resulting in dirty dishes. The husband threw the dishes back into the sink and the water se...

Mirror: Sylvia Plath Essay

Sylvia Plath is the author of the poem â€Å"Mirror†, written in the early 1960s. Plath had a history of severe depression due to her father’s death when she was a child and her failed attempts of suicide throughout her life. Many of her poems reflect her emotions, whether they are sad, angry or depressing, and â€Å"Mirror† is one of those poems. â€Å"Mirror† deals with the topic of a woman’s self-consciousness and her vanity in a way that is unusual, yet very effective to the reader. Part of the unusual aspect of this poem is that the entire piece is written from the perspective of the mirror. This is just one example of the personification used in â€Å"Mirror†. Another example is â€Å"The eye of a little god† which contains the woman’s vanity in the way that it is almost a self-worshipping and the fact that the mirror is a very powerful item. This one line depicts the woman’s view of what the mirror is to her and her image. The mirror is given many different actions throughout the poem. For example, â€Å"I meditate on the opposite wall† and â€Å"I have looked at it so long† both describe the mirror performing very human actions and this gives the mirror a personality. The impact on the reader is one of interest and curiosity and this continues throughout â€Å"Mirror† when the theme of personification is explored even further. The mirror is claimed to be â€Å"exact† and â€Å"truthful† in this piece. There is a word in almost every line that continues this theme until the reader gets to line 14: â€Å"She rewards me with tears and an agitation of hands†. There are a few interesting techniques used in this to make the reader question the truthfulness of the mirror. For example it is an oxymoron as tears are usually regarded as a bad thing and to be rewarded is usually something good. Just those five words make the reader think that the mirror could potentially have emotions, and a dark side. The impact on the reader at this point is huge as the mirror’s personality is not only one of cruelty but it had been lying and saying it was fair. The words â€Å"I am† are repeated several times in the poem and is another example of personification as the mirror is not a being yet it is still calling itself â€Å"I†. This shows that the mirror is very important and thinks highly of itself, yet further continuing the personification. A woman appears in this poem and is similar to Narcissus, who stared at his reflection in a river and didn’t dare touch the water or go away in fear of losing his image. He eventually died of thirst due to his own vanity. The woman clearly treasures the mirror and the mirror knows this: â€Å"I am important to her† and she is said to repeatedly use the mirror many times a day for quite a while, as shown by the references to a great passing of time in â€Å"she comes and goes† and â€Å"day after day†. Plath uses this form of repetition very well in describing a passing of time and making it seem as if no time had passed at all for the reader which leaves an impact. The woman isn’t mentioned until the middle of â€Å"Mirror†, when the mirror personifies itself as a lake and that the woman was â€Å"bent over it†, which is yet another link to the Narcissus myth. Shortly thereafter, the poem describes the candles and the moon as â€Å"liars† as they only shed a little light upon her features and don’t show every little detail as the mirror does. When the woman observes her own reflection in the mirror she was very distraught and started crying which shows the reader that she didn’t like the way that she looked and went back every day to try and discover what she really was on the inside. However, the line that has the largest impact on the reader are the very last lines of the poem: â€Å"In me she has drowned a young girl, and in me an old woman Rises toward her day after day, like a terrible fish. † These lines – especially the final one – make the reader shocked and horrified at the woman’s horrible self image. For someone to think of themselves as a terrible fish is almost unimaginable yet the woman feels so strongly about this image that she is openly admitting that she looks like one. Additionally, these two lines continue on with the original themes of the poem to counteract that phrase. â€Å"In me she has drowned† is an extended metaphor of the lake description and â€Å"day after day† continues the theme of time passing by quickly. As previously explored, Plath has used many powerful poetic techniques to have a huge impact on the reader. Although it is a short poem – only 18 lines – it perfectly outlines the themes of vanity and superficiality and the pain this can cause a person. The unusual narrator in this poem gives the reader an entirely different viewpoint on vanity: what it actually looks like from an unbiased source. The poem outlines many aspects of vanity and all of its cruel components that makes the reader contemplate what it really means to be vain. An obvious effective technique used was personification; of the mirror and the candles and the moon. This gives the reader a sensation that an animate object is narrating when it is only a mirror: something so simple and ordinary that it completely changes the perspective of the poem. To conclude, â€Å"Mirror† is a very powerful piece of literature that was written with great expertise. Plath successfully used many poetic techniques and utilised them effectively. Both the style in which it was written and the narrator deal with the topic of self-image very well and gives the reader a great impact. Secondly, the use of the surprising language in the poem had a great effect. The word â€Å"fish† at the end is completely different to the rest of the poem which makes it stand out greatly. The reader doesn’t expect such a vulgar description of the woman and that impact is also huge. Finally, the message portrayed in â€Å"Mirror† was delivered very well. It says that we should look beyond the superficial and value what we are on the inside, something that Plath had struggled with over her life.

Nairobi Securities Exchange

Investors use earning information to calculate the level of cost of equity capital. The cost of equity for a firm is computed by adding up the risk free rate and a premium for exposure to systematic risk as follows: Cost of equity = Risk-free rate + (risk measure) x (Market risk premium) 1.4 Nairobi Securities Exchange The Nairobi Securities Exchange offers a trading platform for both the local and international investors who are looking to gain exposure to Kenya and Africa's economic growth. NSE play a critical role in the growth of Kenya's economy by encouraging savings and investment by helping local and international companies access cost-effective capital. NSE is regulated by the Capital Markets Authority of Kenya. CMA approves public listing and fosters investor's confidence by ensuring rules, regulations and requirements for trade are complied with and market integrity is sustained in order to guarantee orderly, fair and efficient markets (CMA, 2016). CMA retains investor's confidence by ensuring rules, regulations and requirements for trade are complied with and market integrity is maintained. CMA also plays an important responsibility of mobilization and allocation of capital resources in the economy in order to provide incentives for long term investments (NSE, 2016) In Kenya, listed firms are required to produce quarterly, semi-financial statements and audited annual reports. Financial statements are prepared according to International Financial Reporting Standards (IFRS) and audited using International Standards on Auditing (ISA). The CMA guidelines encourage firms to disclose additional information on director and management remuneration (CMA, 2016). The performance of the NSE is an indication as to whether the investors have trust in the safety of their investment, trading goes down significantly with low investor's confidence.NSE is categorized into three different market segments namely the Main Investment Markets (MIMS), the Alternative Investment Markets (AIMS) and the Fixed Income Securities Market Segment (FISMS). According to CMA (2017) as at December 2017, listed companies at the NSE were 64, categorized into 11 sectors namely: Agricultural sectors, Automobiles and Accessories sector, Banking sector, Commercial and Services sector, Construction and Allied sector, Energy and Petroleum sector, Insurance sector, Investment sectors, Manufacturing and Allied sector, Telecommunication and Technology sector and Growth and Enterprise Market Segment sector Banking sector is the largest sector represented with 18% of the total firms listed at the NSE, second is commercial and Services sector and Manufacturing and Allied with 15% each, Agricultural sector which is one of the country major economic sector is represented by 11% of the total firms quoted. Telecommunication and Technology and Growth and Enterprises Market sectors were the lowest each with 2% of the total firms quoted. Through NSE, disclosures have had an impact on how investors trade, when the level of disclosure is high, investors confidence increases hence higher level of trading. The CMA guidelines encourage firms to disclose additional information on director and management remuneration (CMA, 2016). The performance of the NSE is an indication as to whether the investors have trust in the safety of their investment, trading goes down significantly with low investor's confidence.1.5 Statement of the Problem Inherent shortcomings of traditional reporting have prompted development of voluntary disclosure models. Transparency and disclosure creates and sustains confidence of investors, stakeholders and the winder society and provides opportunity for continuous improvement of business structure and processes. Corporate governance is currently an area broadly being researched on by many scholars, due to increased application of corporate governance practices all over the world after major corporate scandals due to lack or improper disclosure. This study targets one pillar of corporate governance on the cost of equity capital, which is voluntary disclosure. Disclosed information provides a signal with an aim of revealing the state of a company to the investors for consideration in investment activities. Information has important and vital role, information should be understandable, complete, accurate, timely and reliable (Fahdiansyah, 2013). Information is considered informative if it is relevant and can change stakeholder's belief and gives confidence to investors. Annual reports are important tools in communicating essential information about a company both financial and non financial information (Barako, 2007). The key drivers of corporate value in critical areas of the business are not reported under the traditional accounting model, as such theorist and researchers have begun to develop models for additional voluntary information disclosure. The concept of voluntary disclosure has been growing given the needs to keep with the clients expectations. Investors and clients have challenged companies on the need to provide more than what is required by the law and regulations. In Kenya, investors obtain essential information regarding trading activities of listed companies in NSE through their annual reports and other bulletins from CMA. Studies done in Kenya context include a study Mwangi and Mwiti (2015) investigated the impact of voluntary disclosure on stock performance, Mutiva (2015) examined the effect of voluntary disclosures on financial performance of firms quoted at NSE, Lopokoiyit (2012) investigated the effect of the corporate governance practices on share prices of companies listed at the NSE, these studies found a direct relationship between voluntary disclosure and company performance. Study by Asava (2013) investigated the effect of voluntary disclosure on stock returns of listed companies, her study reveals that there was no correlation between voluntary disclosure and stock returns. Barako (2007) in his study of determinants of voluntary disclosure in Kenyan listed company's' annual reports, observed that companies cannot link their board disclosure, foreign ownership and firm size significantly affect financial performance. Studies by Diamond and Verrecchia (1991), Botoan (1997), Hail (2002), Botosan and Plumlee (2002), Richard and welker (2001) and Lopes and Alencar (2008), shows a negative association between voluntary disclosure and the cost of equity capital using direct approach. However these studies were done in developed economies with few studies done in the context of developing nations, these studies tested the association between voluntary disclosure and several aspects such as profitability (Verracchia and Webber, 2006) stock liquidity. However most of these literatures are leaning more on factors that influence the extent of voluntary disclosure. Literatures from previous studies conducted locally have skewed more to factors that influence extent of voluntary disclosures with few on the effect of voluntary disclosure on the cost of equity capital on firms listed in NSE, the motivation of this research is developed by the fact that majority of past research have given conflicting arguments creating a dilemma that necessitates further research on the effect of voluntary disclosure on the cost of equity capital of firms in Kenya. 1.6 Objective of the study The general objective of this study is to examine the effects of voluntary disclosure on the cost of equity of capital. The following are the specific objectives.i). To examine the effect of forward-looking information voluntary disclosure on the cost of equity capital.ii). To determine the effect of financial information voluntary disclosure on the cost of equity capital.iii). To evaluate the effect of corporate social responsibility information voluntary disclosure on the cost of equity capital. iv). To establish the effect of Board information voluntary disclosure on the cost of equity capital. 1.7 Research question The study will be guided by the following research questions.i. What if the effect of forward-looking information disclosure on the cost of equity capital?ii. What is the effect of financial information disclosure on the cost of equity capital? iii. What is the effect of Corporate Social Responsibility information disclosure on the cost of equity capital? iv. What is the effect of Board Size information disclosure on the cost of equity capital? 1.8 Significance of the study Voluntary disclosures provide an extra way for investors to judge a company's performance. This study will therefore enable the investors to make better investment decisions and better capital allocations. It will also emphasize on increased transparency which reduces information asymmetry that may exist between the investors and the management team. This study will likewise extend the literature on voluntary disclosure to academicians. The study will also help listed and unlisted companies in Kenya in understanding the role of voluntary disclosure in the management of their firms with aim to reduce cost of its equity capital.CHAPTER TWO LITERATURE REVIEW2.1 IntroductionsThis chapter introduces theories that explain the subject of voluntary disclosure and past empirical studies relating to the variables under the study.2.2 Theoretical ReviewReporting and disclosure are the most important tools that companies use to communicate with interest-related parties. Several theories have been documented to relate voluntary disclosure. They are Agency theory, Capital Need theory, Signaling theory and Stakeholder theory. Literature review presents theories about the subject of voluntary disclosure. 2.2.1 Agency TheoryAgency theory was developed by Jensen and Meckling in 1976 who defined agency relationship as a contract under which one or more persons delegate decision making authority to another person to perform some services on their behalf. Agency theory explores the relationship between a principal and an agent. In the context of a company, the manager (agent) acts on behalf of the shareholder (Principal). Company owners empower managers to make decisions on their behalf. Shareholders do not actively participate in the management of their investments instead they engage managers to act on their behalf. This makes managers have information advantage hence creating incentive to maximize their own value as opposed to that of the shareholders. Scott (2012) stated that the application of agency theory is used to explain the conflict of interest between managers and investors. The agency problem arises due to conflict of interest between the investors and management because their goals are not in agreement. Agency theory is concerned with solving two problems arising in the agency relationship: an agency problem arises when there is a conflict between the goals of the principal and that of the agent making it difficult for the principal to accurately evaluate and determine the value of decision made by the agent. Secondly problem of risk sharing arising from diverse attitude of the principal and the agent towards risk, the problem is each tends to select a different action when the risk happens (Depoers, 2000). One way in which agency problem can be minimized is by means of contract, it helps in bringing shareholders interest in line with managers' interests (Healy and Palepu, 2001).These contracts require management to disclose relevant information to investors and to creditors. Consequently principal can check if the management complied with the contract agreements and evaluate if their decisions are in alliance with their interest, monitoring managers by mean of contract comes with a cost at the expense of manager's compensation and in order to reduce any potential conflict, principals incur monitoring costs while agents incur bonding costs which guarantees the interest of the principal is prioritized. Agency costs are the total of monitoring costs, bonding costs and residual loss. According to agency theory, disclosing information voluntary is viewed as a better mechanism of mitigating the agency problem between the agents and principals (Hawashe, 2014). Managers who posses private information about a firm are able to use their information they posses to make credible and reliable communication to interested parties to optimize the value of the firm (Barako, 2007), these disclosure may include investment opportunity and financing policy of a company, however managers who pursue their own interest may fail to make proper information disclosure. Managers increases the level of voluntary information which is expected to reduce the agency cost (Barako et al., 2006) and also to convince the external users that managers are acting in an optimal way (Watson et al., 2002). OCED (2004) states that a strong disclosure policy is one of the expected monitoring forms that is useful as a basis of adequate information for investment decision making by investors. 2.2.2 Capital Need TheoryThe main aim any company is to attract external finance to increase their capital either through debt or equity, however companies are disclosing more information voluntary as a measures of minimizing costs of raising its capital. The capital need theory can help to explain the reasons behind the disclosure

lasswells model of communicat essays

lasswell's model of communicat essays An Evaluation of the 2004 Philippine Election Campaign Using Lasswells Model of Communication Comparing the recent Philippine election with the past ones, one would notice the great dependence on media during the campaign of the candidates in the recent race. It seems that most candidates really knew the extent of medias influence in the outcome of the elections. Moreover, the results of the election further indicate how much media plays a part in our decisions for our country. Harold Lasswells communication model can be used to evaluate this recent event and see why some candidates prevailed and others did not. The first stage of Lasswells model, Who, seeks to explain who is in control. It would be reasonable to argue that those who were in control in the campaign period were those who won seats in the government. In relation to George Gerbners model, those who were in control were those who had access to the media. During the campaign period, TV audiences were bombarded with political advertisements, of which candidates spent millions for, especially during prime time. Because of this expensive way of campaigning, we can conclude that riches played a great part in the recent elections. Money was one way of gaining access to the media in order to reach people of different sectors. Their frequent appearances have helped them gain recognition. Gloria Macapagal-Arroyo reportedly spent P333 million while Fernando Poe Jr. used up 92.1 million. Noli de Castro was said to have spent P89.6 million while his main vice presidential rival, Loren Legarda spent P64.9 million. Another VP candidate, Herminio Aquino declared in his statement of expenditures and contributions a total of P6.58 million, way below compared to that of the other two other candidates expense. Among the senatorial bets, Manuel Mar Roxas, the candidate with the most vote...

The effectiveness of the opening chapter of Fitzgerald The Great Gatsby Essays

The effectiveness of the opening chapter of Fitzgerald The Great Gatsby Essays The effectiveness of the opening chapter of Fitzgerald The Great Gatsby Paper The effectiveness of the opening chapter of Fitzgerald The Great Gatsby Paper In order to discuss the effectiveness of an opening chapter it is first necessary to outline what defines an effective first chapter. Undoubtedly it is essential that we be given a feel for the book, a clear sense of the writers style. Moreover it is within this section we would expect to be introduced to the main characters of the novel and hints as to what may happen next. Finally it is equally important the author describes the setting; both of the physical surroundings and references that allow us to place the text in terms of time and place. In the first chapter Fitzgerald sets up a first person narrator, Nick Carraway, who is omniscient due to his seemingly non-judgmental nature. Within the opening paragraph Carraway informs us he is inclined to reserve all judgments and as a result is privy to the secret griefs of wild, unknown men. Consequently we are able to witness interesting revelations as Nick opens up many curious natures which enhances the effectiveness of the opening chapter. Some admissions add to our enjoyment of the book for example Daisy tells a humorous, anecdotal family secret about the butlers nose. Other disclosures expose more of the characters. This is evident when Miss Baker hesitantly tells Carraway of Toms affair. However some may argue Carraway occasionally contradicts his claims of fundamental decencies. This is possibly suggested when he opinionates himself on the topic of Toms acute limited excellence: I felt Tom would drift on forever seeking for the dramatic turbulence of some irrecoverable football game. Furthermore it could be said he passes judgment on Toms racism. Carraway responds to Toms pathetic attempt at escaping complacency with criticism. He indicates he feels Tom did nibble at the edge of stale ideas as his sturdy physical egotism no longer nourished his peremptory heart. Alternatively this could be seen as understanding of the rich. Despite being from a prominent family of well to do people, he represents Americas traditional moral codes. He is different from the American aristocracy of old money and hedonistic lifestyles, a fact illustrated by his home: a small eyesore all for eighty dollars by contrast to the huge places that rented for twelve or fifteen thousand a season. Bearing this in mind Carraway may not be passing judgment upon Tom; he simply understands the essential emptiness of the world of the rich. This point is further reinforced when he feels the basic insincerity of Daisy. In this respect the narrative voice is also effective. We can use Carraways perceptions as a moral gauge we can use to form our own conclusions on characters and the cultural setting. When introducing Tom Buchanan, in the main Nick does reserve judgment, although in places his descriptions could be interpreted not as fact but his own opinion. Much of what Carraway says of Tom suggests the way he treats people: contempt, aggressively, fractiousness. Furthermore he describes him as cruel and arrogant. Many would agree this is a good way of introducing the character as we are left to our own opinions of Tom his behaviour is simply inferred. It is also suggested Tom is never satisfied or happy as he is always looking for something else: he drifted restlessly. Nick indicates this is a result of the anti-climax that is Toms life; the pinnacle of his achievement was when playing football at college. Here perhaps it is necessary for Nick to voice opinion, thus increasing the effectiveness of the chapter by deepening our knowledge of characters and the lives of the rich. The character of Daisy Buchanan is set up as an equally unsatisfied and unfulfilled character, which consequently impacts upon their relationship. Daisy has an excitement in her voice and a stirring warmth that was charming. However we are given an impression that the gay, exciting exterior is simply a front beneath which there is an unhappiness and absence. This is best portrayed when she absently talks about the baby until she can describe her own sophisticated feelings on the baby and life. This reveals her character lacks maternal love and is self-absorbed. Nick also suggests the basic insincerity of her words as though the whole evening had been a trick. Under the idyllic visage of Daisy there is ultimately nothingness, a lack of direction. The life of the young and rich is not enough she been everywhere seen everything and done everything. The notion that their life is a fai ade is indicated further by the cracks in their relationship. Tom has some girl in New York and his behviour becomes increasingly cross and at points violent as he becomes impatient with Daisy. Furthermore Nick suggests Daisy has membership in a rather distinguished secret society to which she and Tom belonged as though their relationship is held together only by money. The fractious relationship making the first chapter effective in gaining our attention and creating interest in us as readers that encourages us to read on. In the same way we are intrigued as to the development of the character of Miss Baker. She helps to set the book in its cultural context, as she is representative of the girl of her time; her young cadet like figure was fashionable at the time. She is an androgynous character, with mingingly gender characteristics slender, small breasted girl, with an erect carriage reminiscent of the flapper girls. Fitzgeralds use of her character is also effective in creating curiosity within us as readers. There is a mystery surrounding her character as Nick recognizes her having seen her, or a picture of her, somewhere before. This mystery is later developed as we discover she is a famous golfer who Nick once heard a critical, unpleasant story. We are lured into reading on to discover her secret. Gatsby is introduced only at the very end of the chapter as Nick catches his first glimpse of the mysterious Gatsby. At this point he is the only character we have not met and this coupled with the fact he is only a figure from the shadow creates a sense of mystery. His behaviour is perhaps troubling to us: alone stretched out arms toward the dark rembling before he vanishes. To what he is stretching to we are not informed, simply a single green light in the distance. Perhaps it symbolic, a green light indicating going forward or future with its connotations of advancing. This makes for an effective ending of the first chapter, as we are certainly intrigued as to what and why he was behaving so strangely. This is particularly so as he is the man who gives his name to the book and his importance within the plot is also suggested is frequently mentioned throughout the first chapter. Despite never meeting Gatsby, we are given a sense of his character for example he had an extra ordinary gift for hope, a romantic readiness. Moreover early on tension is created about Gatsby and the events of the novel: it is what preyed on Gatsby, what foul dust floated in the wake of dreams. Again these hints at what may happen next were outlined as defining an effective first chapter. Throughout the first chapter Nick refers in detail to his surroundings describing colour and movement which helps the reader to understand the characters and their way of life. Tom and Daisy Buchanans home suggests their class and children of wealthy aristocracy. Their Georgian Colonial Mansion indicates an established family history as it goes back a relatively long way in American history, to the 18th century before the War of Independence. Furthermore the house glowing in reflected glory implies they do not have to work for their money, they bask in the benefits of others hard work. Furthermore the colours of the house red and white perhaps illustrate more of their characters. The rosy and wine colours could represent the passion and anger whilst the gleaming white and pale rosted weeding cake of the ceiling indicate the nothingness and absence within their personalities and relationship. Similarly Gatsbys home a factual imitation of the Hotel de Ville in Normandy indicates the artificiality and fakeness that surrounds Gatsby. Its thin beard of raw ivy is an attempt at creating some history, though the spanking newness of a home in the less fashionable W est egg reveals to us Gatsby is one of the nouveau riche. In the same way the descriptions of movement within the Buchanan house help the unveil more of their characters. The fluttering of the womens dresses alongside rippling, with its connotations of water, indicates natural beauty with a hint of ephemerality as though their splendor is not long lasting. Furthermore the twisting again indicates delicate movements suggesting elegance perhaps the result of money. Additionally we learn that the womens characters have very little physical presence as their movement is described as completely motionless making only an attempt to rise. This suggests within life they are not going anywhere, they lack direction. As well as relating Gatsbys story the novel explores upper class society in the 1920s and Fitzgerald paints a vivid picture of their existence. We are given the impression the upper class live in their own world, oblivious to what goes on outside it. For example Daisy letdown at Nick not coming to her wedding be cause he wasnt back from the war. Furthermore despite the prohibition at the time, they were drinking cocktails which presumably contained alcohol. Fitzgerald suggests they have little responsibilities or ties drifting here and there herever people played polo and were rich together. It is obvious the Buchanans, as would others of their type, do not have to do much for themselves; dinner was prepared for them, the table laid by two young ladies, a butler answered the phone. Moreover Daisy seems unaccustomed to doing anything for herself when asking, what do people plan? . We are also given an impression these people care very much about appearance. This is suggested by Daisys ecstatic cry at hearing people miss her indicates she cares very much about what people think of her. Furthermore there were no such intentions for Daisy to leave Tom despite his on-going affair which gives the impression she likes the family image with the baby. Tom also expresses a care for what others think when, after Nick expresses a light-hearted remark about feeling uncivilized at the table with Daisy, Tom violently begins a racist debate. Even Nick shows some pride at telling of his solid background of well-to-do people. Fitzgeralds use of language and style also contributes to the effectiveness of the opening chapter in ways other than the descriptive of surroundings explored earlier. Firstly Fitzgerald writes in a retrospective manner looking back over last summer. The summer, if interpreted as a metaphor, indicates to us the novel is perhaps about youth and the prime of life. Most importantly he uses direct speech a greatly which helps us to understand the characters of the book. For example it is suggested that within Daisys life there is a lack of direction and unhappiness when Miss Baker informs us they had been lying on that sofa for as long as I can remember. This indicates that they have no purpose in their lives; their days are filled with nothing. Moreover Daisy retorts she had been trying to get to New York, it is an effort for the women to exert themselves. This is again indicated when she reveals, I always watch for the longest day of the year as it suggests she looks trivial milestones in her life as she has nothing to look forward to. We also see Daisys childish, immature side through her speech; Look! I hurt it and you did do it. In conclusion the first chapter of The Great Gatsby is effective as it does succeed the criteria outlined. In particular Fitzgerald is successful in introducing the main characters especially through vivid descriptions and direct speech. Additionally the narrator, as a character with an understanding of the rich due to his background and non-judgmental nature, is used to comment on the events and characters gives greater insight into these characters and the life of the rich. Throughout the first chapter we are given enough hints as to what may happen within the novel to keep an appropriate pace and enough mystery through characters such as Gatsby and Miss Baker to keep us intrigued. Furthermore we are encouraged to read on to the end of the novel due to the peculiar ending that concludes an effective first chapter.

Battle Of The Beasts Essay Research Paper

Battle Of The Animals Essay, Research Paper In 1954, with nil but their originative heads, the Toho Movie company produced the first elephantine monster film. Japan s Godzilla was brought to life. In 1998, with nil but Lucas Arts particular effects, and a name which guaranteed a blockbuster, the Centropolis Movie Company produced the All American Godzilla Flick. U.S.A. has eventually found its ain Godzilla. But is this new animal better than the Asiatic one? Despite the technological progresss and successful advertisement, the U.S. Godzilla has truly no comparing to the Nipponese one. Cinema has changed a batch in 45 old ages. In the times of King Kong and Dracula, # 8221 ; chilling # 8221 ; had a really important significance. Nowadays we are excessively smart for that. To do a batch of money, one might state a scientific discipline fiction film needs to look existent. In this regard, the American film is far better. The American audiences want to see an exciting film. In this regard besides, the American film is better. The film is besides, in most respects, a better film so any which came out in Japan. It is non nevertheless, Godzilla. The American monster doesn t even look like Godzilla. The visual aspect of Japan s Godzilla is better. The American Godzilla leans frontward at the hips when he walks. He has triangular bony home bases and a thin pointy tail. His oral cavity is like an iguana s. The Nipponese Godzilla is non a lizard. He is a mutated animal unlike any other. His bony home bases are really flimsy growings that are all over the topographic point. Godzilla, who was meant to mean atomic holocaust, besides closely resembles a human. In this manner, we can see a character out of him, non merely another elephantine lizard. His eyes are both pointed forward like a human, he walks unsloped like a human, and he has long forearms like a human. Godzilla doesn T have graduated tables, he has large perpendicular channels in a leathery tegument. He has a broad stance, muscular legs, and an look that merely takes some peoples breath off. And his illustriousness goes far beyond his expressions ; you can besides see it in his bosom. The Nipponese Godzilla is better because he has a psyche. He is powerful, yet sometimes defeated. He is an unstoppable force of nature, but besides a warrior. Godzilla is a elephantine monster, but he is besides a character. His face has looks, and he has a batch of motive. Such minute nsters are about non-existent in American civilization besides a few. King Kong, Frankenstein, and Dracula are all successful because the monster made sense. If the audience can t experience regretful or understanding for an evil animal, the animal has non done its occupation. Today s American audiences do non hold monsters with psyches. Our monster films are about the people in the movies, non the monsters. For illustration, Alien, Predator, Jurassic Park, Jaws. They are large computerized props. The audience has no emotion towards them. When they are on the screen sometimes we might desire them off. The American Godzilla is a lizard, nil more, even if it looks realistic. Last, the Nipponese Godzilla is better in the regard that it does non look existent. No Godzilla film has of all time been 100 % realistic. The U.S.A. Godzilla movie is realistic. When an audience tickers it, they believe their eyes. When you watch a Nipponese Godzilla film you can appreciate the fact that it is a film. It neer one time seems existent. The audience can play over the eldritch scientific discipline and rubber suits in their heads. Nipponese Godzilla films aren t existent, they re fictious ; beyond existent. They are like we imagine when we read a book. Most of all nevertheless, Japan s Godzilla is fun to watch, America s is non. America s Godzilla is merely a cool lizard from the find channel. We have possibly to many particular effects. Ever since Jurassic Parks improbably realistic dinosaurs, we are non as excited by the awful lizards we see and read about. When something fabulous becomes existent, it is no longer every bit interesting as it was earlier. One of the best Godzilla films of all time made would hold to be Godzilla V. King Kong. The conflict between the big E and west monster. There are a batch of good scenes in it, including when King Kong shoves a large tree down Godzilla s pharynx, and he coughs it back up. At the terminal King Kong and Godzilla are contending when they all of a sudden fall over the side of a drop. They fall in H2O, and King Kong is seen swimming to shore, presumptively stating Godzilla is dead. But is he? Remember he can swim underwater! Godzilla International Relations and Security Network t an animate being. He isn t a lizard or a firedrake or a dinosaur or even a cat in a gum elastic costume. Godzilla is a universe broad film fable. Truly, Godzilla is excessively large to melt off. Godzilla is truly one of a sort.

With close reference to a small business of your choice, submit a Essay - 1

With close reference to a small business of your choice, submit a written analysis highlighting the relationship of theory to practice - Essay Example There are standardized as well as customized products offered by the company. In current scenario the company encompasses a total employee base of 2,410. This employee base constitutes 547 R&D experts who develop application technologies, new products, core platform technologies, etc. Business behavior reflects upon strategies undertaken by managers in order to solve critical scenarios. The owner manager of Shenzhen Inovance Technology was approached through sending official emails. The concerned people were convinced through highlighting outcomes of this study which can be utilized later in business operations. Shenzhen Inovance Technology is regarded as the top-most small business in China. Owner manager has been chosen for the study since they are the ones who can state appropriately business behavior in varied circumstances (Johnson and Christensen, 2008). It was an opportunity to interact with owner manager directly in order to identify basic principles implemented by small busi ness for long term survival. Research methodology forms an essential part in this kind of study. It sets a framework that helps in accomplishment of research objectives. There are two forms of research study – qualitative and quantitative study (Tracy, 2012). Quantitative study encompasses analysis of market related data whereas qualitative study is centred towards opinions or views given by experts. This is a qualitative study where opinions and ideas shall be acquired from owner manager in context of small business management. Data collection measures are usually of two forms like primary and secondary data collection tools (Silverman, 2010). Primary measure will be suitable for this study where data shall be collected through structured interview process. The first question asked to owner manager was – ‘What do you feel are essential factors behind small business success?’ Factors highlighted

Healthcare Service in America Essay Example | Topics and Well Written Essays - 500 words

Healthcare Service in America - Essay Example The American Association for Labor Legislation (AALL) of 1915 was one of the legislative attempts prior to WWII that sought to get the government intervening in healthcare provision but it failed due to opposition from different quarters. The limited government involvement in healthcare provision prior to WWII is an important factor why the average American of that time was serviced poorly than American of today. This is because limited government involvement in healthcare provision Americans vulnerable to unscrupulous healthcare service providers who charged unreasonably high prices for treatment. Today, the government is deeply involved in healthcare service provision at different points of healthcare providers seeking to safeguard better service to the average American. The government regulates the manufacturing of pharmaceuticals, procurement, and administration. It also monitors and regulates the provision of healthcare insurance (Dranove, 2002). The clash between interest group s The average American who lived prior to WWII was serviced poorly than today’s average American because of a clash between different interest groups. Organizations such as the American Medical Association (AMA) and National Physician Committee (NPC) had influence enough to oppose attempts of protecting the average American. For example, in 1932 when Franklin D. Roosevelt initiated legislation for universal health care linking it to the Social Security Act, AMA and NPC successfully opposed it.

Arth 1380 Assignment Example | Topics and Well Written Essays - 1500 words

Arth 1380 - Assignment Example Despite using marble in their compositions, people of this period also introduced bronze and used it frequently, thus that age was known as Bronze Age. The reclining female figure found in Menil collection is carved in marble with less obvious facial features except prominent nose that is the only visible portion in the face. The shape of face is oval which is connected to neck with a slender torso depicting two round shapes showing breasts of a female. The female figure is made in nude form with breasts and sexual organ shown; the only features that consider the figure as feminine. However, the figure has a slightly slender waist that is also indicative of a female figure. The female figure is shown with arms folded below breasts in a manner as if both of the arms are tightly enclosed around the body. The shoulders are angular and the legs are shown closely connected with each other and giving an illusion of being separated, however they had been carved in a same marble. The feet are carved in an upward style which gives an impression that the figure might have been of a lying human as it seems difficult to keep the figure stand w ithout support. (McGill, 1987) The formal analysis of the reclining female figure has been done here by highlighting the color, form and shape, space, line and texture of the piece. Firstly, the color of the statue is dull with cool color and the value of color is light with not bright intensity. The color of the figure seems to be close to grayish brown with dull outlook giving the impression of seriousness. As the color used is not a warm color such as red, orange or yellow, the figure cannot be considered an indicative of a delightful occasion. The figure incorporates certain hue stains all over which suggest use of paint on marble to give it a colorful look. It conveys the message of seriousness and the impression created on the minds of viewers

Arts and culture of Baroque period Research Paper

Arts and culture of Baroque period - Research Paper Example Artists in this period were known for their habit and love for artwork that revealed the fantastic energy and induced emotional reactions from various individuals in the society. Thus, the onlookers and admirers of various artworks exhibited a range of emotional reactions. Equally important, Baroque art was widely known for the use of bright colors and selective illumination of figures. The artists were dynamic in their works revealing various senses of movement while drawing. Furthermore, these artists drew images that were direct and distinct to different people in the community. Although these images were obvious, creative artists made them dramatic. They did this by using dramatic colors and effects on their work. Moreover, they enhanced their artworks by ensuring continuous overlapping of element and figures in their drawings. During this period, there were numerous talented artists whose work were admirable and highly demanded. Although the artists were many, the rules required the every artist to work specifically for or under one patron at a time. The number of patrons at that time was equally large since the demand for the artwork was high. According to the article Baroque art, patrons such as the church, secular government and the courts among other were in need of artists. The rules and regulations set by the artist/patron relationship act empowered patrons giving them total control and authority over contracted artists. Although this rule worked for a very long period, it later changed.

Global Warming Research Paper Example | Topics and Well Written Essays - 1000 words - 2

Global Warming - Research Paper Example uses of global warming and researchers have been in constant conflict on the issue of whether global warming is a creation of human beings or it is a naturally occurring phenomenon. This research will focus on the history, prevalence, cause & effect as well as ways to counter global warming. The term global warming first came into limelight during the period of 1975 when an American scientist named Wallace Smith Broecker utilized the term in his scientific research paper (pmm.nasa.gov 1). The term global warming reached the ears of people and policy makers throughout the world when the term was used by a scientist named James Hansen who was employed by NASA and he used the term during 1988 while presenting a testimony to the Congress (pmm.nasa.gov 1). Since the term became quite popular, several researches were conducted to figure out whether the temperature of the earth was actually increasing or it was simply a myth. According to Zedillo, the temperature of the earth was actually increase year after year and an increase in earth’s temperature of 0.74 degree Celcius was recorded between the period starting from the 20th century and ending during the 21st century (Zedillo 15). Other studies that have identified similar changes in the rise of the earth’s temperature were conducted by Climatic Research Unit which identified that the earth’s temperature was highest during the period of 1998 while the increase in the temperature during the year of 2005 as well as 2010 was quite tremendous but not as high as the rise in temperature noted during 1998 (Jones 1). The occurrence of global warming is considered as a natural phenomenon and one of the natural reasons due to which global warming is taking place is that the there has been an increase in the amount of energy released through solar energy. NASA has reported that that huge number of changes in the quantity of solar energy produced by sun have been experienced over a period of 11 years and during this

Initial Public Offering Research Paper Example | Topics and Well Written Essays - 1250 words

Initial Public Offering - Research Paper Example Underwriting firms assist the issuer in the IPO process by determining what type of security to sell to the public, how much to sell, and at what price to sell. One example of a large, strong private company that sought to become public is Google, which first sold shares to the public on August 19, 2004 at a price of $1.67 billion, fewer than ten percent of the total shares of the company, which made employees at Google instant millionaires (Webb, 2004). Like Google, Twitter is another successful, new internet company that faces the choice of whether to go public. However, the decision to go public is complicated by the issue of the method of selling those first shares to the public: whether in an auction, online format like Google, or in a traditional format like other kinds of new companies. Twitter is a microblogging service that allows users to post updates. It was founded by Evan Williams under the banner of â€Å"Odeo† (Carlson, 2011). When Apple’s new iTunes made the new product worthless, Evans and his friends Biz Stone and Jack Dorsey created the concept for Twitter. Together with Noah Glass, who developed the idea for Odeo, development began on the new concept, which meant more employees, a new office, and investors. Glass developed the name â€Å"Twttr† that eventually evolved into â€Å"Twitter†. Five years after Odeo’s initial founding, $5 million in investments had increased in value by one thousand percent, to nearly $5 billion. Given Odeo’s (and now Twitter’s) original context, it seems that the investor class most interested in the company are the kinds of analysts who were initially attracted to the promise of Google. Today, the investor class that might be interested in the public promise of Twitter may not be so different from those who were originally interested in the concept of Odeo. Nevertheless, Evan Williams bought back most of the ownership in Odeo before its share prices skyrocketed, w hich narrowed the original investment pool considerably. Some of those original investors, knowing they missed a one thousand percent spike in prices, were part of the Silicon Valley demographic that invest in the early stages of hot new internet companies with the next great idea. Considering the progress that a privately held Twitter has made in its young history, it seems that the investors who might be interested in holding the company as public shareholders may belong to larger funds and investment bankers, rather than the relatively minor, private shareholders that Twitter was accustomed to appealing to in its younger days. Clearly, an IPO of a company such a Twitter, which has substantial private assets, would create a large splash in the worldwide markets. Although the company may not be in critical need of financing for its short-term projects, an IPO would dramatically increase the market share of the company relative to its competitors. In the traditional IPO, an investme nt bank underwrites the issuance of shares to the public by determining the price and amount of shares to be dealt. The underwriter then shops the shares around to wealthy institutional investors; based on their reception, the underwriter will allocate shares and collect a percentage of the IPO. This method is incredibly effective because it happens primarily behind closed doors with entities that handle a considerable

Global Warming Research Paper Example | Topics and Well Written Essays - 1000 words - 2

Global Warming - Research Paper Example uses of global warming and researchers have been in constant conflict on the issue of whether global warming is a creation of human beings or it is a naturally occurring phenomenon. This research will focus on the history, prevalence, cause & effect as well as ways to counter global warming. The term global warming first came into limelight during the period of 1975 when an American scientist named Wallace Smith Broecker utilized the term in his scientific research paper (pmm.nasa.gov 1). The term global warming reached the ears of people and policy makers throughout the world when the term was used by a scientist named James Hansen who was employed by NASA and he used the term during 1988 while presenting a testimony to the Congress (pmm.nasa.gov 1). Since the term became quite popular, several researches were conducted to figure out whether the temperature of the earth was actually increasing or it was simply a myth. According to Zedillo, the temperature of the earth was actually increase year after year and an increase in earth’s temperature of 0.74 degree Celcius was recorded between the period starting from the 20th century and ending during the 21st century (Zedillo 15). Other studies that have identified similar changes in the rise of the earth’s temperature were conducted by Climatic Research Unit which identified that the earth’s temperature was highest during the period of 1998 while the increase in the temperature during the year of 2005 as well as 2010 was quite tremendous but not as high as the rise in temperature noted during 1998 (Jones 1). The occurrence of global warming is considered as a natural phenomenon and one of the natural reasons due to which global warming is taking place is that the there has been an increase in the amount of energy released through solar energy. NASA has reported that that huge number of changes in the quantity of solar energy produced by sun have been experienced over a period of 11 years and during this

Spirit and clotted Essay Example for Free

Spirit and clotted Essay Free masonry began as a labor union but turned into a fraternal order when its leaders sought to expand their political clout by admitting members of royalty, government officials and other men of influence. Modern masonry is populated primarily by three different personality types; he leaders who are often little more than school yard bullies with few skills and abilities, its workers who thanklessly devote their lives to learning and teaching rituals, conferring degrees and perpetuating the organization and its silent majority who seldom (if ever) attend lodge because they are ashamed that the â€Å"secret† allegedly revealed to them, halve entirely escaped their grasp. (Robinson pg 128) The essence of freemasonry. a) Brotherly love- it is a mythical initiatic tradition to unite all those of honor virtue, truth and honesty in a fraternal union of diversity for the betterment of humanity. b) Relief- it is an organization where masons and lodges apply to best humanity and the fraternity has identified and developed, solving problems, righting wrongs and alleviating burdens of distress while ensuring a holistic progressive and cosmopolitan way of life. c) Truth- it is a life long process of learning, reflection, and improvement to identify, acknowledge and address internal contradictions in physical, spiritual, and psychological ways. (Robinson pg129) The lessons in freemasonry are brotherly love, tolerance, charity. It encourages its members to scientific inquiry, industry, and reverence for daily life. Freemasons claim that their practice is almost entirely harmless to the world at large. They also believe that individuals who practice it are always improved. The tradition of freemasonry refers to God whom they call the â€Å"Grand Architect of the Universe†. They also have biblical images such as the Temple of Solomon. The masons cultivate group solidarity, stress the cultivation of ethical virtues and perform solemn rituals like religions. Freemasons do not agree that their fraternity is the same as religion. They claim that it is meant to encourage and complement the previous religion identities of its members. It can be joined by men of any religion except atheists. However, they are challenged to ascertain what the difference between them and other groups who have the same features. Scouting for instance has the flag ceremony which is considered to be a ritual. (http://www. helium. com/tm/796093/freemasonry-multi-series-masonic. ) Freemasons believe that every degree of masonry is progressive and cannot be obtained but by time patience and assiduity. In the first degree, they are taught the duties they owe to their neighbors and to themselves. In the second degree, they are admitted to participate in the mysteries of human science, and to trace the goodness and majesty of the Creator, by minutely analyzing His works. The third degree is the cement of the whole; it is calculated to bind men together by mystic points of fellowship as in a bond of fraternal affection and brotherly love, it points to the darkness of the death and to the obscurity of the grave as a fore warner of a more brilliant light which shall follow at the resurrection of the just, when these mortal bodies which have been long slumbering in the dust shall be awakened, reunited to their kindred spirit and clotted with immortality. (http://www. helium. com/tm/796093/freemasonry-multi-series-masonic. ) Freemasonry is today under greater interest and scrutiny. This is especially by young men who are seeking a better understanding of their own place in society and spirituality. People hope that the ancient rituals can help provide a rite of passage lacking in the society now and bring them back in touch with the lost spiritual truths. (http://www. helium. com/tm/796093/freemasonry-multi-series-masonic. )

How has Reapportionment Affected Nevada?

How has Reapportionment Affected Nevada? After the Census of 2011, how have reapportionment affected the State of Nevada. Does it benefit or hurt the least populated areas/cities/counties versus the larger cities/counties. Please provide facts and details to support your findings. ABSTRACT Nevada is one of the states of the mountain west. A lot of demographic amendments were witnessed by the state in the first decade of 21st century. It was seen in the census that it was one of the highest population gaining states in the country. Due to this reason, it is believed that this region has become a home for a lot of people who are diverse in terms of the demography and geography. With the help of these factors, it has been seen that Nevada has become one of the new swing regions in the country. With the help of this paper, we will try to examine the impact of reapportionment in the Nevada state. Apart from this, we will also try to draw a comparison between the impacts of redistricting on areas with varied number of population. It is believed that the area of Nevada before redistricting was considered as rural area. So the process of reapportionment is considered to have been a boon for the area as the policies were amended in a manner the rural interests were taken care o f on the costs of the urban requirements. INTRODUCTION Apportionment is the process with the help of which the seats in the House of Representatives in the united nations of America are divided. As per the apportionment of 2010, the total population in the Nevada state was reported to be 2709432 out of which 2700551 were the resident population and 8881 were reported to be overseas. The numbers of representatives in this state as in 2010 were reported to be 4. Nevada was of the 6 six states which gained one seat each as an apportionment that was done on the basis of the census of 2010. The population of the region constantly rose and this was one main reason due to which a gain in the seat was observed in this area. It was also seen that the seats from a lot of states of the U.S. were cut down. New York and Pennsylvania lost two seats each and there were 8 other states as well which lost one seat each as a result of apportionment. (Damore D. F., 2013) It has been keenly observed that the population of the country is constantly shifting towards the southern and the western parts of the country from the northeast and the Midwest parts. Since Nevada belonged to one of these parts, the population in this state of the country trolled to a higher level and thus an additional seat was given to the state. The nation growth rate of the population in the time period of 2000 to 2010 was seen to be 9.7%. But in the Nevada state this rate was outpaced to 35.1% being the highest in the country. Due to this, the Las Vegas metro area is believed to have the highest population in the area and hence is highly concentrated in the entire region. One important factor that is worth noting here is that a lot of ethical diversity has been seen in the state. The minority population in the Nevada state increased by almost 11 percent in the last decade. Due to this, around 45% of the residents in the Nevada region are believed to be non-whites. These change s proved to be highly important in terms of politics. Due to the electoral factors, the maximum seats in the region belonged to the Democratic Party. DISCUSSIONS On the basis of the brief overview that has been presented above, it can be seen that the increasing population was one of the main reasons behind the reapportionment and redistricting in the Nevada state. It is believed that the interests of the minorities and urbanization will increase in the region in such a way that the politicians take an advantage of it. It has been seen that population is not one of the most important factors that results in apportionment or redistricting of any states in the U.S. the population in a country migrates from one part to another and therefore leads in changing the political preferences. In many cases, it is believed that the apportionment should be done on the basis of the number of population in that particular area. The most basic formula that is used to carry out the process of the apportionment also works on this factor only. In cases when the number of seats or representatives is less or high in comparison to the population of that area, it i s termed as misapportionment or malapportionment. However, in case of the United States, it is a rule that there have to be two seats in each senate irrespective of the population, geography or demography in that region. Also, after each census’s result, the process of apportionment has to take place in the United States of America. Since, the population in the Nevada region increased, with the process of apportionment, one additional seat was given to this region. However, this criterion holds true only for the lower house. The process of apportionment of the upper house is carried out through several other processes. (Crocker, 2011) The impact of the process of apportionment holds a lot of importance when it is done on the basis of the population distribution in the states. Since the number of people belonging to a particular region or state is more in comparison to any other state, it becomes important that they are paid more attention in the House of Representatives as well as the senate. Obviously the least populated areas of the cities are often at a loss in comparison to the benefits that are enjoyed by the highly populated areas of the city or county. The concept of misapportionment is highly prominent in the country but it does not in any way confer to the benefits attributed by its defenders. It is seen that misapportionment has often lead to different views of people. The minorities often have proved to be the biggest sufferers in the course of this process. The number of minority groups in the country is quite high. However, the representation to these minorities is only given in the smaller states whi ch are considered to be unnecessary. One more argument that is prevalent in this regard is that the senate was formed only to protect the rights of the residents living in smaller state which is not accurate in any case. In comparison to the senate, the house of the representatives is considered to be way more balanced in this regard. (Brown, 2014) After discussing the benefits that are associated with the apportionment, it is also important that we pay some attention to the costs associated with it. As per the census of 2010, it was seen that around a quarter of the country’s population resides in the states of New York, California and Texas itself. The biggest political disadvantage associated here is that the political candidates face a lot of arduous issues in winning a seat in the constituencies which is larger in size as well as in terms of population. However, this expense stays to a minimum level in smaller states. Apart from campaigning, the process of fund raising too isn’t an easy task for the contenders in bigger states. Due to this, the contenders in the smaller states often win by a larger percentage in comparison to their counter colleagues in larger states. The advantages given to the senators of smaller states often help in augmentation of their influence in comparison to the other senators. (Damo re, 2012) CONCLUSIONS Seeing all the above made arguments, it is seen that there is a strong need of a new convention of the constitution. The abandoning or reducing the powers of the senate can be a good process in this direction. Also, apportionment should be done on the basis of the needs of the people living in a particular area as well. Although population holds an important place in this entire process, it is important that work is done on other areas as well. Judicial intervention is considered to play a very important role in this process thus leading to a fair process of equal state apportionment. It is important to pay attention on the demographic as well as the geographic factors of every state. With the visible trend, we can see that Nevada would surely see a rise in the population in the next census and therefore, it will become important to take a note of the needs of various groups and communities of people living in that area. Another factor that needs to be mentioned here is that the popu lation of the U.S. is increasing at a drastic rate. However, the number of members in the House of Representatives and the senate has not increased with the same pace. This clearly shows that the number of leaders to represent the people of various areas is insufficient. In the states like Nevada, the rate of growth of population in the last decade was almost 35% but the number of seat added to the state was only one which sounds inappropriate. There are a lot of rules mentioned in the constitution regarding the process of apportionment. But the number of amendments made in this regard is quite low. The leaders of the leading parties need to become more lenient in this direction. On the basis of the discussions made above, it can be clearly concluded that there are benefits as well as costs that are associated with the process of apportionment in the United State of America. It is also believed that with the course of time, work will be done in the areas in order to cure the disadva ntages that are associated with the process of apportionment in respect to the population of various cities and counties in the states. (Burnett, 2011)

Laws Restricting the Paparazzi Essay -- Celebrity Photographer Media T

The paparazzi - a fusion of the Italian words papatacci, meaning gnat and razzi meaning the popping of flashbulbs. It is also known as aggressive photography. The word paparazzo was coined by Federico Fellini, the name he gave to a prying society cameraman in his 1959 film "La Dolce Vita". Paparazzi photographers are fueled by large sums of money offered by the tabloid press. They try to catch the rich and famous in unflattering situations. The new breed of journalism grew by leaps and bounds after the Watergate scandal first broke in Washington, DC (Petersen's, 57). At first the paparazzi were an annoying group of photographers who were persistent when trying to get the perfect shot of a celebrity so they could sell the image for large sums of money but as technology became more advanced so did the equipment the paparazzi used - telephoto lenses, hi-tech listening devices, and powerful zoom lenses on video cameras. No major celebrity can avoid them. Emerging from cars, entering glittering parties or trying to take a secluded vacation, the glamour figures of the '90s are hounded mercilessly by the men-and a few women-who wield long lenses and a brazen shamelessness (Maclean, 38). Today, paparazzi's tread on private property, film celebrities during intimate moments, and even go as far as stalking a public figure. Some of these photos can be worth in the millions of dollars. A single photograph of Prince Charles seen together with his mistress Camilla Parker-Bowles is estimated to be worth 5 million English pounds. The prince says he "would love to figure out a way for the proceeds to go to charity" (Newsweek, 95).The prince and his mistress usually arrive and depart at different times in order to avoid the paparazzi when they attend a function together. The prince has been lucky. Almost all well known faces have had run-ins with the paparazzi but many have horror stories to tell. The Screen Actors Guild has been concerned with the paparazzi and how it affects many of it's 100,000 members. "The death of princess Diana was the final straw" according to the SAG president, Richard Masur. He, along with California Senators Diane Feinstein, Barbara Boxer, and three respected constitutional scholars had a meeting to discuss what could be done about the paparazzi. In less than four hours, they came up with the rough wording of S. 2103 (Quill, 27). Before... ...g with the intent to capture audio or video images of a celebrity or crime victim engaging in a personal or family activity. It will allow the celebrity or crime victim to recover damages from the paparazzi and people who employ them (Victorville). According to Andrea Brown, a spokesperson for former governor Pete Wilson, "The governor thought it was important because of safety issues for normal everyday people. These people deserve to conduct their personal lives in private. Technology requires changes in any law. It creates new ways for people to commit crimes." After all the research done on the pro's and con's of new laws that would affect the paparazzi it's easy to see how these laws could affect people on both sides of the issue. Paparazzi photographers have to make a living and the famous deserve their privacy. Celebrities know that with fame comes the loss of privacy but they do not deserve to loss all privacy and not all paparazzi photographers are ruthless, shameless, aggressive people. The laws that came into effect on January 1st, 1999 were only to restrain the most aggressive of photographers. We can only hope that the paparazzi will learn when they've gone too far.

Oprah Winfrey Essays -- essays research papers

"The Oprah Winfrey Show". Her show is known to not only all over the United States, but also known to all around the world. Today she is known as the America's most famous and powerful woman. Every woman in America envies her great fortune and her intelligence. But Oprah insists that she is not special or gifted. She had overcome many hurdles and reached to the top of America's national T.V host. What makes her so popular and most loved entertainer in the United States? Oprah Winfrey, a talk show host, actress, producer and philanthropist, and business woman is the chairwoman of HARPO entertainment in Chicago. She joins the elite company of Lucille Ball and Mary Pickford, as the only woman in T.V and film to own their own production studios. Through HARPO productions, she produces and hosts America's number one popular show, "The Oprah Winfrey show". (Oprah Winfrey talk show bio 1997 p.1) Today many woman in America envies her life; her popularity, intelligence and her great fortunes. Though her success was gained from her hard work and education. She did not have any special background to be a most loved woman in America. She has overcame number of obstacles that most people have encountered in their own lives. She had to deal with poverty, sexual abuse, racism as a child, and her lifelong battle with weight. Oprah Gail Winfrey was born in Kosciusko, Mississippi on January 29, 1954. As a child, she moved to Milwaukee, Wisconsin, then moved back to Nashville. She has lived through poverty, repeated sexual abuse, and a sentence to a juvenile delinquent home. (Hyde 1997 p.57) Oprah was crowned Miss. Black Tennessee at age 19. In 1973. She left Tennessee State University and became a newscaster for WTVF in Nashville. Three years later, Oprah became a news anchor in Baltimore at an ABC station but after 9 months, she was pulled off the air because of an emotional ad-lib delivery. She eventually ended up in Chicago hosting a morning show called "AM Chicago". In less than a year, the show became number one and was expanded to one hour and re-named "The Oprah Winfrey Show". (http://pilot.msu.edu/user/bresnah2/oprahbio.htm 1997 p.1) From there, she has been an actress in the "Color Purple", "The women of Breuster place" and "There are no children here".(Oprah Winfrey)Today, "The Oprah Winfrey Show" is the highest rated talk show in T.V history, and ... ...not, though many women are hoping her to remain in the show and share her power and intelligence with them. Oprah's effect on T.V is so great that since she started to appear on the show, many similar talk shows increased dramatically. And most of these talk show hosts are very popular just like Oprah. Though I believe no one among them can influence American women just like Oprah did. REFERENCES 1. Benezra, K. (1997). Products pitch talk hosts. Media week, pp. 6.2. Dickerson, D (1997). A womans's woman. U.S News & World Report. pp.10. 3. Hyde, W.S (1991). Television and Radio Announcing. Boston:Houghton Mifflin Company. 4. Schlosser, J (1997). Oprah watch. Broadcasting & Cable. pp. 10.5. Stanley, T.L (1997). What they've got. Media week. pp. 34-35.6. http://pilot.msu.edu/user/bresnah2/oprabio.htm. (1997). Oprah Winfrey. pp1.7. http://www.datalist.idsite.com/oprah-table.html. (1997). Oprah Winfrey. pp1.8. http://www.tvtalkshows.com/oprah/bio/. (1997). Oprah Winfrey Talk Show Bio. pp1-2.

Reverse Logistics

REVERSE LOGISTICS SUPERVISED BY: ASSOCIATE PROFESSOR M. RAKOVSKA PREPARED BY: TATYANA BLAGOEVA FACULTY NUMBER: 10114004 Contents A Supply Chain Opportunity3 What is Reverse Logistics? 3 Case Examples4 Money is Hidden in Returns5 Reverse Logistics Completes the Supply Chain System6 Reverse Logistics and the Supply Chain Maturity Model11 Concluding Case Study Example13 The results were impressive:14 A Supply Chain Opportunity Most practitioners have their own understanding of the fundamental processes involved in an extended supply chain network.The novice will tell you it starts upstream with suppliers supplying suppliers, moves through manufacturing and production and goes downstream through distributors or direct to the business customers. An improvement effort starts within the four walls of a business by drawing a process map and working on product, information and financial flows to improve the key steps in the linkage that will save time, money and use of assets. The journeyman will go further and explain that a supply chain continues externally, until products and services have been delivered to the end consumer.System improvement involves order management, planning and distribution, inventory management and effective customer satisfaction. This counselor knows that supply chain is about bringing the key process steps to best practice and optimized conditions, while receiving high satisfaction ratings from the customers and consumers. The seasoned professional will shake his or her head and calmly explain that the journey is not ended until the products and services elivered have been accepted. If there is dissatisfaction with the results of the supply chain and something is returned, the processing continues. We stand with those who favor this extended enterprise view of supply chain, which results in the total satisfaction of the end consumer. There is a great opportunity in that sense, to focus on the generally forgotten or too often lower priority are a of attention given to finishing the job – going the last few feet in the linkage.When it comes to completing the end-to-end processing, companies should do two things: * Take the full view and understand the total cost of supply chain, which includes having and dealing with returns * Realize the opportunity that an analysis of the return part of the system offers in terms of finding and solving problems, better satisfying customers and consumers, and discovering a way to increase revenues What is Reverse Logistics?When considering any area of business as an opportunity for improvement, begin with having an understanding of just what you are trying to change. What is Reverse Logistics? The broader concept of  logistics  is described by The Council of Supply Chain Management Professionals (CSCMP) as:   The process of planning, implementing, and controlling the efficient, cost effective flow of raw materials, in-process inventory, finished goods and related information f rom the point of origin to the point of consumption for the purpose of conforming to customer requirements.Wikipedia defines the narrower concept we are considering as:  Reverse logistics is the logistics process of removing new or used products from their initial point in a supply chain, such as returns from consumers, over stocked inventory, or outdated merchandise and redistributing them using disposition management rules that will result in maximized value at the end of the item’s useful life. For our purposes, reverse logistics includes all the activities that are mentioned in the definition above, with the difference that reverse logistics encompasses all of these activities as they operate in reverse.Therefore, according to authorities Dr. Dale S. Rogers and Dr. Ronald S Tibben-Lembke, reverse logistics becomes: The process of planning, implementing, and controlling the efficient, cost effective flow of raw materials, in-process inventory, finished goods and related information from the point of consumption to the point of origin for the purpose of recapturing value or proper disposal. To settle on a specific definition, reverse logistics is the process of moving goods from their typical final destination for the purpose of capturing value, or achieving proper disposal to the satisfaction of the customer or consumer.Remanufacturing and refurbishment activities may be part of the procedure. Reverse logistics includes processing returned merchandise due to damage, seasonal inventory, restock, salvage, recalls, and excess inventory. It also includes recycling programs, hazardous material programs, obsolete equipment disposition, and asset recovery. For a practitioner, the disposition choice is determined by the most profitable alternative: * Reconditioning –  when a product is cleaned and repaired to return it to a â€Å"like new† state Refurbishing –  similar to reconditioning, except with perhaps more work involved in re pairing the product. * Remanufacturing –  similar to refurbishing, but requiring more extensive work; often requires completely disassembling the product * Resell –  when a returned product may be sold again as new * Recycle –  when a product is reduced to its basic elements, which are reused – also referred to as asset recovery. Case Examples A business printer field service and reverse logistics model helps explain how an operating system works.The process for such a firm starts when a business customer with a problem calls an original equipment manufacturer (OEM) or third party customer support contact, both of which are used in an attempt to diagnose the problem and provide problem resolution instructions if applicable. An OEM field technician or third party certified technician attempts to repair the equipment on-site. If unable to make the repair, the unit is sent to the OEM or certified third party repair facility, where a regional-based loan er or exchange program may be available. The unit is then repaired at the OEM or third party repair facility.The OEM then ships the returned unit or comparable unit back to the customer, or places the unit in used stock if an exchange is previously provided. A field technician is then scheduled to install the loaner unit, exchange units, or repair equipment at the customer site   As an example, consider firms involved in the aftermarket sales and services business, and how reverse logistics plays a role. Products in this business can include accessories, replacement parts, and repair and service parts. The services could include: product and technical support, training, product documentation, warranty and claims management, and field service repairs.As an adjunct to these products and services, reverse logistics fits the definition by providing for: exchanges and in-warranty repair, out-of-warranty repair, maintenance, upgrades and retrofits, remanufacturing, and end-of-life asset recovery and hazardous material disposal. In the aftermarket business, field services and reverse logistics are generally considered one of the harder areas to manage, coordinate and operate efficiently. The area is often forgotten or given little consideration regarding launch of new products, importance to overall customer satisfaction and loyalty, and company profits.In a specific case example of how complex the situation can become and how allowances are made to assure proper services are provided, we can take a look at what Microsoft did when it decided to introduce its XBOX. The details help make the point about the importance of paying attention to the full supply spectrum, including reverse logistics. Microsoft decided to have the main product manufactured by Flextronics. Accessories would be produced by a variety of manufacturers. Distributors and electronics retailers were to perform the warehousing, distribution, and end customer sales functions.Solectron was used for af termarket warranty and customer repair services. Microsoft took the time to ensure the above capabilities were fully operational before the first XBOX was sold to an end consumer and that any returns would be processed effectively by the designated party. In another example, a cell phone reverse logistics model proved very beneficial for a firm selling such products under their brand name. This firm had the cell phones manufactured by LG Industries, Samsung, Motorola and others. Accessories were again manufactured by a variety of firms.Order taking and initial end consumer billing was performed by Amazon. Forward logistics, including warehousing, carrier service programming and order fulfillment were performed by CellStar. Cellular carriers such as Verizon and Sprint provided the monthly service. Extended warranty and product protection insurance was provided by lock/line. The customer call center service and reverse logistics was performed by CellStar. Money is Hidden in Returns Re asonable estimates made of the costs involved in the area we are considering indicate that reverse logistics as a part of supply chain could equal a half percent of the U.S. Gross Domestic Product, an enormous sum that often simply detracts from financial performance. Saving some of that money is one avenue for finding benefits. Understanding how to use reverse logistics to differentiate a business and build satisfaction and revenues with customers is generally hidden in the twilight of this area. If we take a look under the covers of this often neglected part of supply chain, we’ll see how a company can better understand the opportunities to eliminate many of the reasons for returns and turn dissatisfaction into satisfaction.The idea is to take a look and consider where you might do a better job with a nuisance part of your business. Let’s start by considering some common objective for reverse logistics initiatives. These include: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Improved customer satisfaction and loyalty †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Reduced repair / replacement unit costs †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Reduced replacement turnaround times †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Feedback on hardware design and ease of use †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Feedback on OEM quality †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Feedback on end consumer education and first level customer support †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Improve understanding of real reasons for hardware returns †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Reduce overall level of returns   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Standardize returns processes across enterprise where possible/desired †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Utilize common systems across enterprise and automate the returns process to the extent possible/desired †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Handle increased volumes of returns due to new products, programs, business par tners †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Enable demand driven supply chain concepts for returned products †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Differentiate company services from the competition Reverse Logistics Completes the Supply Chain System Exhibit 1 – Reverse Logistics: Returns, Customer Service, Field Service, Repair and  ReplacementNow let’s look at how you turn the objectives into benefits. A glance at Exhibit 1 shows reverse logistics can include a multiplicity of actions, from returning goods from a consumer to the retailer or provider, receiving customer service or   having field service take place to repair or fix the item in question, or having the product sent to a third party for repair or replacement. The fact is that reverse logistics includes virtually all of these services, and we counsel a broad perspective should be taken to not let this area be a burden to the business.Most companies tend to place the involved operations in the hands of a subsidiary part of an existing logistics function and pay little attention to the effect it can have on the company’s brand, financial performance or supply chain efficiency. A better view is to take a harder look at this area of the supply chain and find ways to turn what is typically a nuisance into something of value to the business. To make sense out of what we’re considering, let’s remember that reverse logistics includes all of the activity related to the final disposition of products that must be removed from the supply chain system.Such activity involves the processes related to removing products from a supply chain that do not have value for the customer or end consumer. These products may be the result of poor workmanship, over-stocked inventory, outdated or obsolete design, damages, or general dissatisfaction with product performance. For whatever reason, someone at the end of the downstream side of the supply chain says â€Å"I don’t wa nt it† and the smart supplier will make it easy to return the goods.The goal is to make certain the least damage is done to the firm’s brand and reputation, and to handle the process so it results in a positive rather than a negative impression. A system of disposition management is required to handle such situations in an effective and rewarding manner, with the understanding that reverse logistics is far different than forward logistics. In the return situation, there must be a convenient point of collection for receiving the goods or to remove these goods from the supply chain.This process step can require inspection, re-packaging, storage, and salvage of any residual value that might exist; and the development of a transportation mode that is compatible with the existing forward system of supply. The range includes credits for unwanted goods that are returned to inventory, payment for damage that may or may not be a fault of the supplier, replacement of obsolete pro duct, and simply accepting the return of goods that have no apparent problem. Much of the goods in the last category are re-conditioned or re-packaged to go back into the system or to an alternate buyer.There are many examples of firms using this type of system to turn what used to be an out-of-pocket loss into a profit by re-selling the returned goods to a satisfied customer. Exhibit 2 – Reverse Logistics Model – Small Logistics Partner In the model depicted above, the partner receives the returned goods and makes a test to determine if the need is for disposal, there is a major defect and the unit must be repaired, or there is a cosmetic defect and the unit can be refurbished. In either of the latter cases, the unit is repaired and placed in stock for subsequent used stock order fulfillment.In a broader situation, as shown in exhibit 3, the process becomes more involved. Now we see the unit is returned based on the â€Å"return from† location and goes to a des ignated center. The same type of processing takes place, but may also include factory direct repair if authorized by the OEM. This model is more appropriate where large volumes of product are to be processed. Exhibit 3 – Reverse Logistics Model – Large Repair Partners A model used by a satellite TV service provider is described in exhibit 4, where we see different business partners being used for returns processing and minor defect removal versus major product defect repair.Exhibit 4 – Model for Satellite TV Service Provider Where there is sufficient volume, cost savings for using a regional test and refurbishment center can be significant. As shown in exhibit 5, we see the results of an actual example. In this case, the total annual savings of $3. 5 million was based on 1. 4 million returns. Exhibit 5 – Projected Cost Savings for Refurbishment Center Reverse Logistics and the Supply Chain Maturity Model Improving the reverse logistics process starts with making selections from the list of objectives a firm wants to accomplish with its attention to this generally neglected area of supply chain.Our list includes the following common intentions: * Improved customer satisfaction and loyalty – don’t lose customers because of a bad experience * Reduced repair, replacement or re-shipment costs – handle the process in an effective manner * Gain feedback from the process to eliminate root causes – demonstrate to the customer that the firm studies its problems and makes them go away * Improve understanding of the reasons for returns – get to the bottom of why the system did not function in a fail-safe manner * Utilize common systems and automate the returns process to the extent possible – Find the way to turn a problem into an opportunity for better customer satisfaction and a source of revenue * Differentiate the firm’s services from those of the competition – Use the experience to ga in customer confidence and build new sales With such a list in hand, the next step is to determine what is currently taking place to meet the objectives versus what must be done to assure they are fully met. The procedure must follow some basic principles, including: * Move credit/flag product receipt point for returned product as close to the customer as possible * Minimize shipping costs * Minimize refurbishment/repair costs * Minimize hand-offs between organizations, facilities, systems, etc. in order to reduce costs and overall cycle time CSC has developed a proven methodology for helping take this step. In Exhibit 6, we see the characteristics and capabilities a firm demonstrates, as it moves up the familiar supply chain maturity model.Beneath each level of the model, we see industry examples showing what a company can achieve as it makes its progress to higher levels of achievement. CSC has been very successful using this calibration matrix to help a firm position its reverse logistics activities against what can be achieved. Exhibit 6 – Maturity Grid – Reverse Logistics Concluding Case Study Example A concluding case study will help demonstrate the kind of hidden values we’ve been considering. The firm is a major provider of logistics services to the wireless communications industry, serving network operators, agents, resellers, dealers, and retailers, located in North America, South America and Asia. Sales are in excess of $2 billion. The business problem was typical of the industry.Strong competition and low margins were prevalent factors on traditional forward logistics services. The firm needed to improve its business customer and end customer service levels. There were increasing business customer demands for more timely and useful data. Existing processes were fragmented, inconsistent and error prone. It was a very labor and paper intensive situation. The company did have a vision: Focus on diversification into higher margin p roduct and service lines. Position the firm to provide more value added customer services with higher profit margins – especially around reverse logistics including end customer support, advanced exchange programs, asset recovery, warranty and repair services.The solution that emerged included some very typical steps in a reverse logistics situation. The firm assessed its existing application architecture and technical infrastructure along with the high level business requirements needed to achieve its vision. A packaged application was recommended to address gaps in reverse logistics capability and leverage existing IT infrastructure. The firm reviewed its existing operations and business processes and introduced industry best practice concepts for reverse logistics. Business process improvement workshops were conducted, which were used to highlight opportunities for standardization and guide new application software configuration, enhancement and implementation.Finally, the firm performed custom enhancements as needed and implemented new software to enable enhanced reverse logistics capability. The results were impressive: * Re-designed business processes, new reverse logistics application capability and outsourcing of non-core functions allowed them to expand and improve level of service to customers, increase sales revenue stream by adding new customers, and increase overall profit margins * The new reverse logistics solution enabled the following typical improvements for their business customers (before versus after): –  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Reconcile warranty credit – from 30+ days   to