Univariate ratio analysis development - Free Essay Example

Sample details Pages: 11 Words: 3261 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Prior to Poors publishing of assets, liabilities, and earnings information in the American Railroad Journals of 1849, credit-worthiness was assessed using qualitative data. Poors publications were the first instances of quantitative data being used to assess the risk of commercial lending. This continued until the early 1930s when the first academic studies were carried out to assess the quantitative differences in financial ratios between well performing and failing businesses (Altman 1968). Univariate Ratio analysis development Between 1930 and 1968, financial ratios were analysed using univariate methodology to establish differences between failing and non-failing companies. This methodology analysed many ratios but individually. However the model could not find relationships between multiple ratios. An example of this was The Bureau of Business Researchs study (1930). It used 24 ratios to analyse 29 failing manufacturing companies. The results were compared to look for similar financial ratio characteristics in the sample. This showed that failing firms had common financial ratio characteristics which meant that it was possible to see potential failure of a firm before bankruptcy occurred. The research found that decline in the following ratios suggested potential future bankruptcy. Working Capital to Total Assets Surplus and Reserves to Total Assets Net Worth to Fixed Assets Fixed Assets to Total Assets Current Ratio Net Worth to Total Assets Sales to Total Assets Cash to Tot al Assets (BBR, 1930) The key weakness of the BBR model was that only failing companies had been compared. There was now a need to compare companies that had failed against companies that were trading successfully in order to see a true difference in ratio performance. Fitzpatrick chose 13 ratios to compare 19 failed and 19 successful companies in order to established a benchmark for average performance. Subjects whose ratios were better than average were deemed successful and those that were below average were deemed unsuccessful. This gave more meaningful results than the BBR study as it made a comparison between failed and non-failed companies rather than comparing failing companies only. Fitzpatrick suggested the most significant ratios were Net Worth to Debt and Net Worth to Net Profits. (Fitzpatrick, 1932) In 1935 BBRs study was repeated using a larger sample. 183 bankrupt companies from numerous industries were sampled. This increased the models generalisability. The re search suggested that the Working Capital to Total Assets ratio was most significant when predicting bankruptcy and the key trend was that the Current Assets to Total Assets ratio fell when companies were failing. (Smith and Wanakor, 1935) These studies were useful for differentiating between bankrupt and non-bankrupt firms and suggested common financial trends of a failing businesses; but they could not predict how soon bankruptcy was likely to occur. However Merwin suggested that trends of reducing Net-Working Capital to Total Assets, Current ratio, and Net Worth to Total Debt could predict company weakness up to five years before bankruptcy (Merwin,1942). The majority of bankruptcy prediction research up to 1946 suggested that the Working Capital to Total Assets ratio and the Current ratios were the most significant indicators of financial distress (Bellovary et al, 2007). However Chudson suggested that bankruptcy prediction models developed for multiple industry types gave greater generalisability but were less accurate than an industry specific model when predicting the bankruptcy timeframe (Chudson, 1945). Don’t waste time! Our writers will create an original "Univariate ratio analysis development" essay for you Create order Multiple Discriminant Analysis Model Development By 1968 the financial academics decided that univariate analysis models were not as accurate at predicting bankruptcy as required and considered the use of statistical evidence of past company performance would be a viable replacement. While academics agreed liquidity, solvency, and profitability were effective, they could not agree on their order of significance. The main issue was that a company could have low profitability but have good liquidity. In this instance a univariate model might give an ambiguous result. (Altman 1968) To address these issues Altman developed a model that established the most significant ratios and gave a weighting to each one so that they could be multiplied together. This created one formula that categorized companies into bankrupt and non-bankrupt entities. The model linked five different ratios into one formula that classified its sample into two groupings according to their characteristics. This technique is known multiple discriminant analysis or MDA. Altman called it the Z-Score model (Altman 1968). Altmans Z-Score Development Methodology 33 bankrupt companies and 33 non-bankrupt companies were chosen from the U.S.A. manufacturing industry. The bankrupt companies had all filed under chapter 10 of the National Bankruptcy Act between 1946 and 1965. To ensure reliability, validity, and generalisability the non-bankrupt companies were chosen using paired sampling and stratified random techniques. They were stratified by asset size and industry. To ensure comparability between samples, non-bankrupt companies were chosen that had continuous trading results for the same time period as the bankrupts (Altman 1968). Altman classified the 22 most common ratios used to indicate financial stress into five categories. They were liquidity, leverage, solvency, profitability, and activity. Out of the 22 ratios, five were chosen for their statistical significance in each category. Computer analysis was then used to establish the most accurate weighting for each ratio (Altman 1968). Ratio Weighting Working Capital to Total Assets (X1) 0.012 Retained Earnings to Total Assets (X2) 0.014 Earnings before interest and tax to Total Assets (X3) 0.033 Market Value of Equity to Book value of total debt (X4) 0.006 Sales to total Assets (X5) 0.999 Z score function formula = 0.012(X1) + 0.014(X2) + 0.033(X3) + 0.006(X4) +0.999(X5) The following financial ratios were selected to create the Z-Score formula: The Significance of the five selected ratios X1, working capital / total assets ratio measures liquidity. The working capital is calculated by taking away the current liabilities from the current assets. If a company continually makes an operating loss, its current assets will be depleting in relation to its total assets, thus reducing liquidity. This was in agreement of Merwin, 1942 who suggested this was the strongest indicator of potential bankruptcy. (Altman 1968) X2, Retained Earnings / Total Assets This measures the companys accumulated profitability. By definition new companies will have less retained earnings than older companies; therefore they are more at risk of failure. Statistics have shown that younger companies are more likely to fail than older companies in real world situations, hence the significance of the ratio. (Altman 1968) X3, Earnings before Interest and Taxes / Total Assets. This ratio measures the companys asset productivity. It eliminates all tax and leverage so that the true earning potential of the companys assets can be measured. Assets are valued by their earning power, and since bankruptcy is defined as when total liabilities are in excess of valued assets, this ratio is of great importance. (Altman 1968) X4, Market value of Equity / Book value of total debt. This is in essence a debt to equity ratio, though it includes the current market value of all the companys shares inclusive of regular and preference shares. The debt part of the ratio includes both long term and current liabilities. This ratio is used to measure how much asset value can be depleted before the company becomes insolvent. Altman has added the market value element to the ratio where previous studies have not. He suggests that this is more effective at predicting bankruptcy than the univariate analysis of net worth to total debt ratio which had been the most commonly used prior to his study. (Altman 1968) X5, Sales / Total Assets This is the capital turnover ratio which measures the companys ability to generate sales from its assets. Individually it is of least significance; however its discriminate ability contribution is ranked second out of the five ratios used so is of great importance to the formula. (Altman 1968) Z-score Meanings After much research and modelling, Altman concluded that if a companys Z-score was above 2.99 it could be classed as definitively non-bankrupt. However if its Z-score was below1.81then it could be classed as definitively bankrupt. However if its Z-score fell between these two figures then it could not be definitively classed as being in either category. This was known as the grey area or zone of ignorance. Altman found that companies who scored within this grey area were open to mis-classification. He suggested that it was difficult to predict bankruptcy in a company whos Z-score fell within the grey area, particularly those that had recently started trading. To address this he developed guidelines for the classification of companies that Z-scored within this area. Eliminating the grey area Altman selected all the companies from his first sample that had fallen into the grey area and classified them by six Z-score ranges between 1.81 and 2.99. The results showed that as the Z-score increased from 1.8, the number of companies whos Z-score falls in each sub range decreases to two companies at 2.67 2.68 and then increases again as it reaches 2.99. Altman suggested that this shows the mid range of the grey area to be 2.67 2.68. Therefore 2.675 is the optimum Z-score value that discriminates between Bankrupt and Non-bankrupt companies. (Altman, 1968) The Z-Scores Accuracy at Predicting Bankruptcy Altman tested his Z-score model accuracy to five years too. The results showed the following: Year Prior to Bankruptcy Accuracy (%) 1 95% 2 72% 3 48% 4 29% 5 36% Altman suggested that on the basis of these results, his Z-score model was accurate at predicting bankruptcy up to two years before the company was bankrupt. However after the second year Altman suggests that the model is unreliable. The reason being that in year three there is less than a 50/50 chance of accurate prediction. Altmans Conclusions Altman concluded that as the companies came closer to bankruptcy, the ratios X1 to X5 showed increasing deterioration. Moreover there was massive deterioration during years three and two before eventual bankruptcy. Hence the Z-score also deteriorates as the company gets closer to bankruptcy. As all samples were from the manufacturing sector the model is most accurate when predicting bankruptcy in companies from this sector. Strengths and weaknesses of the Z-score model Before the Z-score model was developed, bankruptcy prediction models were univariate and not industry specific. Altman revolutionised bankruptcy prediction modelling and from 1968 MDA became the industry standard methodology. Altmans Z-score model has proven to be reliable and valid. He also developed other variations on the Z-Score model including one for non PLC manufacturing companies. On this basis the model is very versatile for predicting bankruptcy in numerous applications. However when developing the private company Z-Score model, Altman used unadjusted financial data the sample was small giving rise to reliability issues. Another possible problem is that the Z-score, was developed using American company data, so there may be generalisability issues when Z-scoring non U.S. companies. https://epublications.marquette.edu/cgi/viewcontent.cgi?article=1025context=account_fac https://www.exceluser.com/tools/zscore.htm However Mandru et al suggest that Z-score models are not suitable in modern credit risk analysis. They suggest that it does not consider the economic and business cycle impact and should consider qualitative variables as well as market trends, market share, and the quality of the companys products and management. Ultimately these variables are reflected in the companies share prices; hence why modern commercial credit risk analysts such as Moodys use this data within their computer modelling systems. https://www.wseas.us/e-library/conferences/2010/Cambridge/AIKED/AIKED-12.pdf Bankruptcy Prediction Model development after Altman Logit Probit Models Bankruptcy prediction modellers continued to use MDA through to the late 1980s. As MDA was being phased out, Logit and Probit analysis models were becoming more popular. They are both regression type analyses that use both univariate and multivariate techniques. The Logit analysis model estimates the probability of an event occurring. It uses a set of independant variables i.e. the financial ratios, and predicts an outcome in the form of a 1 (bankrupt positive) or a 0 (non-bankrupt). Probit analysis models produce a threshold level where if the companys score exceeds it, it is classed as bankrupt. https://www.iasri.res.in/ebook/EBADAT/6-Other%20Useful%20Techniques/5-Logit%20and%20Probit%20Analysis%20Lecture.pdf Neural Network Analysis The Neural network analysis for bankruptcy prediction has been developed since the late 1980s. It is an advanced version of the Logit and Probit regression analyses. Using computer simulation, the model acts like a human brain, creating neural pathways to remember previous events of bankruptcy. The programme then processes the companys data and compares it to the previous bankruptcy events. The result is a statistical probability of the company failing. Thus a quantitative credit risk value can be applied. An example of this type of analysis is a Back-Propagation neural network which can recognise patterns of business behaviour. The downside is that it requires an immense amount of data to be entered in order to train the system to successfully establish the ratio weightings. It also has seven parameters which makes it a complex task to ascertain the correct model structure to gain a meaningful outcome (Shin et al, 2005). https://www.iasri.res.in/ebook/EBADAT/6-Other%20Useful %20Techniques/5-Logit%20and%20Probit%20Analysis%20Lecture.pdf Support Vector Machines Support Vector Machines are another form of artificial intelligent bankruptcy prediction computer programme. They are closely related to the back-propagation neural network but can be used in a more generalised setting. Shin et al suggest they are better than the back-propagation neural networks because they only need two parameters and a much smaller data set to train the system to generate accurate predictions. Hence the SVM is more accurate and gives better generalisability than the BPN. (Shin et al, 2005) Mertons Expected Default Frequency Model However in 1974 Merton developed a new way of calculating credit risk. The emphasis here is placed on predicting when the borrower is likely to default on a repayment loan as opposed to the likelihood of bankruptcy. Though bankruptcy prediction is of utmost importance when calculating credit risk, a company is more likely to default on a loan before ultimate bankruptcy. So in the case of the lender, the risk of default could be construed as more important than the companys risk of bankruptcy; hence the development of the EDF model otherwise known as the Expected Default Frequency. EDF measures three values: The companys current market value (calculated by the market value of total assets) The level of liability in the company (risk to default before further lending) The current market value and its vulnerability to large changes form the external environment. (How volatile are the companys assets?) This was the first time that qualitative and quantitative data had been used to assess credit risk in one model. An improvement over Altmans Z-score and other previous models that used quantitative data only. In 1990 Kealhofer et al, co-founders of KMV the credit ratings agency bought the rights to use this model and called it the KMV-EDF model. Moodys analytics bought KMV in 2002 and the EDF model became the most widely accepted credit default model used today. It is now known as the Moodys KMV RISKCALC with updated versions being developed continuously. (Dwyer et al, 2004) Summing up A key issue with bankruptcy prediction models is the difficulty in comparing models. Karels and Prakesh, 1987 suggest that some studies define financial failure as an inability to pay financial obligations, whereas others define financial failure as filing for official bankruptcy. If this hasnt been defined properly throughout the research topic it is difficult to tell which model it is best to use in which circumstances. Accuracy is essential when predicting bankruptcy. If a company heading for bankruptcy is declared to be healthy there are many implications for the ratings agency such as lawsuits and loss of future clients. In terms of accuracy ratings the neural networks developed 100% accuracy at their peak of development and MDA models did not improve much further than Altman in 1968 at 95%. Although neural networks are 100% accurate, complex computer programmes are needed to run such prediction models. The reason Altmans Z-score model is still so popular is that an acco untant can reliably predict bankruptcy to the same degree of accuracy using only an excel spreadsheet. There is a general consensus throughout the literature that a model that can accurately predict bankruptcy at the earliest stage is the most valuable. There is a trend of models becoming less accurate as they predict further into the future. There is also a theme throughout the literature regarding the limitations of bankruptcy prediction models. The industry sector and time frame of the test subjects must be the same as the samples used to develop the model. If this rule is not kept to, the reliability of the model reduces. (Grice and Dugan, 2001) There have been over 150 bankruptcy prediction models developed with optimal accuracy. It has been suggested that new uses for existing models should be found and that new research should use existing models to be tested on real life situations, such as studying individual industries. https://epublications.marquette.edu/cgi/viewcon tent.cgi?article=1025context=account_fac The gap in the research The literature suggests that prior to Moodys RiskCalc 3.1; MDA and neural network analysis have proven to be the most accurate ways to predict the risk of credit default. However, due to the limitations of this studys scope and relevant resources; the use of Riskcalc 3.1 and neural network analysis is inappropriate. Therefore MDA will be used to analyse the risk of bankruptcy in the automotive industry, ranking firms in order of risk. As Altman revolutionized bankruptcy prediction by becoming the first developer to use MDA methodology, and that the accuracy of this model type did not improve greatly after this time, the Z-score model is most appropriate to analyse the risk of bankruptcy in my chosen industry. Another reason to use Altmans Z-score model is that Moodys riskcalc 3.1 expected default frequency value is derived from the companys share price and most recent financial statements. By using Altman 1968 we can eliminate the influence of the stock market and compare the re al financial performance within the automotive industry and rank them according to risk of bankruptcy on the basis of their published financial accounts only. The advantage of Altmans Z-score models is that accountants can use them to advise potential investors which companies within an individual industry are safest to invest in. Moreover they can accurately predict in ranked order how soon each company will become bankrupt. This information is most valuable in times of recession and global financial instability. With the current economic uncertainty and global financial market crisis, this information will prove invaluable to creditors and investors. Automotive Industry relevance During the recent global economic downturn, with exception to the banking industry, the largest global industry affected was the automotive industry. Hardest hit was General Motors which was nationalised by the United States federal government after chapter 11 bankruptcy. In 2010 this industry produced in excess of 60 million vehicles. Parts manufacturers situated in almost every country worldwide rely heavily on this industry for their livelihood. Many support industries are also reliant on the global automotive industry too. KPMGs 2010 global automotive industry study suggests that the industry is running at almost 40% over capacity and little is being done to address the problem. Worst affected is North America followed by Western Europe and Japan. The problem is being made worse by existing manufacturers moving into the emerging markets in Brazil, Russia, India, and China. It is predicted that these markets will become overcapacities within 5 years, with China becoming 20% o ver built by 2015. The current industry over capacity is unsustainable. The potential financial and human cost if car manufacturers started defaulting on liability repayments could be as catastrophic as the recent banking crisis. Bankruptcy risk assessment in this industry is extremely important to the lives of people worldwide. If we can rank this industry by Altmans Z-score we take away the influence of share trading, thus showing each companys true quantitative financial position and risk of bankruptcy with a high degree of accuracy and will be able to rank each manufacturer accordingly. (KPMG, 2011) Word Count 2953

Diversity And Public Administration By Harvey L. White And...

In the book entitled, Diversity and Public Administration by Harvey L. White and Mitchell F. Rice , White and Rice (2010) stated challenges will form from changes in demographics which are affecting the demands of delivery and visions of products and services. Since 2000, minority population has increased dramatically. In result of minority population increasing, public organizations have a more diverse work environment. In the workplace, diversity can be a benefit. According to the article entitled , â€Å"Advantages and Disadvantages of Diversity in the Workplace† by David Ingram, Ingram(2015) stated that by have a diverse workplace allows the company to utilize their employees’ cultural difference to strengthen the organizations’ productivity. Another advantage of diverse workplace is that it increase employee’s personal growth. By employees being expose to cultural difference and new ideas, this allows employees to have global perspective on how to conduct business (Ingram,2015). Diversity can also have disadvantages in the workforce. One of the disadvantages is the ability of employees to respect each other cultural differences. Diverse workplace has to endure several challenges and issues. One of the challenges of organizations having diverse working environment is gerontology. Managers concerns with workers being older is that they do not have ability to learn and adjust to new policies and methods. In the public organizations, age is a challenge becauseShow MoreRelatedStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesTitle. 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Original Writing †Birkan Akin Free Essays

It was a dark night on a small island off the coast of Maine; I heard a shot, and a gunshot that echoed in my ears it felt like I was wounded. On the night of the gunshot a fisherman disappeared. The body was absent from the day of the gunshot, a young man known as Ryan Adams was accused of the murder. We will write a custom essay sample on Original Writing – Birkan Akin or any similar topic only for you Order Now Years later the fisherman was found, found for just a few seconds he was found by a young girl who was playing in the sea when she suddenly felt a hand. I was at the scene firstly it seemed like the girls was drowning, I went for her rescue thinking that she is drowning, but then a yellow raincoat flicked into my eyes. I screamed out â€Å"its him, its him it’s the fisherman that went missing at the gunshot scene†. I was in shock I couldn’t believe it, then I suddenly saw the fisherman moving he was getting, getting out of the sea. I screamed â€Å"he’s alive he’s alive† I saw for one moment and the he vanished, disappeared he was gone. I couldn’t even say stop, wait, don’t go†¦he was gone. The following day everybody in the island was talking about the return of the fisherman, but just for a few seconds. On the same day the young man Ryan Adams that was accused of murdering the fisherman was set free. A further investigation was in process the investigation was named as ‘who fired the gunshot?’ Since the day the fisherman reappeared he was never seen again. One night I went out to the seaside to catch some fish for dinner, the sky was pitch black I couldn’t see anything. When I was fishing I heard something, something that was thrown into the sea from a distance. I turned around and looked at the shaw it looked like I saw the fisherman it looked he had that same yellow raincoat I was sure it was him because it looked like he was getting closer to me. I packed up my equipment and headed towards my home. I had another look back and I saw the fisherman in distance, he was running, running towards me. When I looked carefully at him it looked like he was carrying something in his hand, it was hard to describe from such distance but as he got closer I started picturing it, it looked like a gun. I was shattered, scared in amazement. He was getting closer and closer and closer and closer, then I heard a gun shot it was echoing in my ears it sounded like the bullet was getting closer†¦then suddenly I flew out my bed and started screaming â€Å"agghhhhhhhhhhhhhhhh†¦its was a dream, a dream, a dream that know one would ever believe. How to cite Original Writing – Birkan Akin, Papers

Examine the Implications for the Organization of an Ageing Workforce in Australia free essay sample

Introduction Over the past decades, Australia, as a whole, has been facing the challenges of aging workforce which present difficulties not only for small business but also large enterprise. Proven by many researchers, niche capabilities and potential development of any organization are largely dependent on its employees. Geok, Pok and Noi [2002 pp9] claim that â€Å"the impact of graying population on country’s social and welfare systems, infrastructures as well as economic growth is substantial, several developed nations have been promoted and adopted social policies to address this specific issue†. Many business cases studies regard mature workers at the age of 45 and over are as ageing workforces who are believed to introduce difficulties in business planning and strategies to retain and sustain the balance in workforce within an organization. At the same time, it cannot be denied that the present of older generation within an organization is absolutely essential in term of providing necessary knowledge and working experiences to the younger generation worker. Therefore, it is important for organizations to examine the implications of Australian ageing workforce in order to achieve its targets and development. This paper will discuss the demographics of Australian population and workforce. Benefit of mature workforce within an organization will also be addressed. The consequences of ageing workforce will in turn be examined by in term of Human Resource management as well as cost and productivity level of the company. Finally, this study attempts to indicate certain management measures to maximize the productivity of ageing workforce. The demographics of Australian population and workforce Firstly, it is essential to examine the Australian population as ageing within population will most likely lead to the ageing in the workforce. It can be indentified that the current ageing population within Australia is primarily due to the rapid decreasing in the birth ratio. The fundamental reason behind such decreasing ratio is due the post World War II â€Å"baby boomer† generations that is entering to the age of retirement in the next ten years. In the mean time, birth rate is considerably lower within Australia. The proportion of people aged 65 years and over in Australia has witnessed an increase of 12. 9% between June 2004 and June 2009 [Australia Bureau of Statistics 2009 cat. no. 3235. 0]. In addition, there is an increase in the average life expectancy as a result of the improvements in health and advances in medical service. This emphasizes that there is currently a larger number of older people than ever before and according to Productivity Commission 2005, this trend will continue for several decades. Furthermore, the current generations tend to marry in a later age and have fewer children than previous generation. According to Australia Bureau of Statistics [cat. no. 3306. 0. 55. 001], the median age of males getting married in 2007 was at the age of 31. 6 and that of females was 29. 3. Both males and females median age at marriage has been increasing gradually over the past 20 years. Moreover, in recent decades, there has been tendency for women to delay childbearing until forties, not to mentioned some remained childless [Australia Institute of Health and Welfare cat. o. PER 50]. These have resulted in a rather low supply of young employees while older employees are retiring and leaving the workforce. Figure 1: Average age of full time workers and civilian population ages 15-64 years Source: Parliamentary Library Over the past two decades, workforce has been ageing faster than the general population. The chart indicates that the average age of the civilian population in 2004 is 2. 2 years greater than it was in 1994, rising from 36. 6 to 38. 8 years. On the other hand, an increase in the average of all full-time workers of 3. years, from 35. 9 to 39. 4 can be observed in figure 1. The workforce ageing faster than population is because of the participation of baby boomer women later in life. As a result of social reason such as financial pressure, there is an increase in the number of women in the labor market. The average age of full-time female worker has risen by 5. 6 to 38. 5 years [Parliament of Australia]. Women have been moving to part-time jobs that have more advantages for them than previous decades. Another factor which impacts on the ageing workforce is hat there is currently a trend for mature aged worker to keep working past their retirement age as they still possess the physical capability to make a significant contribution to the economic growth of Australia. Essentially, with the advancement in medical system, people are able to have better health care and in turn live longer life. Consequently, the working period of aging workers can be much longer as their ability and flexibility is still sufficient for the allocated tasks. This in turn affects the decision to retire as it is directly related to required physical capability. Current government’s policies and incentives reflected that the retirement decision, nowadays, depends not only on the organizations but also on individual. Benefits of a mature workforce Current status of ageing population is a controversial topic in society. This requires companies to pay more attention to older personnel resources. Majority of older employees believe that they are still at the peak of their job performance. Organizations with its main employees are matured workers; therefore, need to consider the benefit of its older generation staff in order to look for appropriate measures to attract and retain older workforce. Firstly, flexibility, maturity and patience are one of the most important benefits of the ageing workforce. With the older employee’s experiences, better quality work will be ensured which allow business to reduce a significant amount of production cost. In addition, older employees can help company maintain a stable workforce, reliability, and dedication to work. Secondly, the older generation workers have higher working morality in punctuality as well as ensuring the completion of assigned tasks. Moreover, honesty is the common characteristics of older workers. They understand the value of life, the causes and effects of working and social relationships as well as responsibility. As a result, older generation workers will always come to ensure the integrity of their action by dedicating it to the truth. Furthermore, the intangible value of older workers is meticulous, thorough, focused and attentive which can help companies to deliver a higher quality work package and in turn gaining better niche reputation in the market. Additionally, older workers are also valuable resources within a company as they have the ability to listen and understand the objective of a given task. Therefore, when they are allocated a duty, with certain working experiences, the mature workers know what needs to be done within the entire process to finish their job. They are likely to be more efficient and productive. Next, older employees tend to have more pride within their completed tasks in term of quality which can be difficult to find in younger employees. The younger employees are not attentive with the assigned work which can be completed without any further consideration on quality and improvement of their work. Comparatively, older employees will more likely to spend more time to measure and improve the quality of their given tasks. Older employees understand that working for a company that has meaningful life rather than getting a monthly wage. They are more likely to spend more time, while receive similar wages to complete their assigned tasks as well as fulfilling their goal in life Besides, performance and trust, mutual sharing ideas and advice have made older workers become more ideal. These years of experience working in various fields had given the employees a great insight on how to have the work done more efficiently, saving more time and money for the company [NSW Business Chamber]. Compared to younger workers, older workers with broader experience have greater ability to solve certain problems such as communication or technical errors that might arise during the completion of their task. With their good organizational, planning skills as well as competencies that are built over the years, the mature aged workers have the ability to face and troubleshoot errors without seeking advice from colleagues and high management. Moreover, through experience, older generation workforces also possess better communication skill to negotiate and persuade partners in order to achieve the objectives. These skills allow them to be flexible in a difficult situation. The better working practice and morality characterized older employees as essential resources which can lead to positive influence on other younger employees. Consequently, they can become excellent teachers, the typical example, helping to train other staff to be more reliable and efficient [NSW Business Chamber]. In general, business owner should no longer wonder on whether or not to recruit older workers and should recognize benefits of ageing workforce. The competencies and reliability of older workers ensure that their recruitment become truly more productive and efficient than hiring a younger labor force. With the buildup experience as well as the ability to think thoroughly, older employees should be considered for further business recruitment. A report from Queensland Government states that â€Å"Studies of older people in the workforce have also found that they are flexible in their working hours and conditions, and have good coping skills when faced with changes†. Companies who value to the reliability, competencies and working morality within their employees should consciously consider hiring mature workforce. Their contribution and performance can have positive impact on the company’s turnover and profit for years. Consequences of an aging workforce The aging workforce in Australia has caused certain economic and social concerns such as labor shortage when personnel resources reach retirement stage, difficulty in planning [Shacklock 2005] and aged care workforce issue [Spoehn 2008] and [Kryger 2005]. To begin with, the proportion of ageing population in Australia is increasing, in fact, people aged 65 years is predicted to take 25% of total population in 2045 [Spoehn 2008]. This may lead to labor crisis which is forecasted with a shortage of 1. 4 million skill workers in various industries within Australia [Hannah 2009]. In general, the labor shortage affects not only entrepreneurs but also the government. The shortage is mostly on scientific and technical fields which requires high level of knowledge as well as the necessary skilled and experience. According to [Hudson 2004], within 12 years from 1982 to 2000, the requirement of post-secondary increased more than 50%. Meanwhile, the Hudson study [2004] also showed that nearly 60% of Australian at the age of 17 studying year 12 did not go on to tertiary education in 2001. This information presents a long term a problem for Australian’s scientific and technical industry as it will not be having enough talent pool for further research and development. Essentially, this would lead to the degradation in Australia’s academy system, technical advancement and future development. To the government, high rate of retirement is possibly synonymous with social concern as well as welfare problems. In 2004, the Australian Federal Treasurer – Peter Costello called people to keep working longer since the national budget was suffered rising demand by high aging population [Eric 2005]. Moreover, in the term of human resource, companies are also facing difficulties in personnel planning when choosing the suitable candidates for any specific tasks. For companies to succeed in their respective market human resource planning plays a significant role in term of delegating tasks effectively and efficiently. According to various study, the longer the period of time an aging personnel works, the more difficult it is for human resource department to come up with a scheme to manage and sustain the workforce balance within a company. To clarify the aforementioned point, it is rather ambiguous for either human resource or management to predict the exact retirement day for an aging worker. If retirement day for aging worker is not clearly defined, human resource department may not be able to recruit the appropriate replacement in time to continue the delay works. This delay works would in turn introduce costs in every aspect of the company as productivity level is reduced and it takes time and effort to find and train suitable candidate for the vacancy. [Patrickson and Ranjin 2008]. Therefore, high level of collaboration as well as management had to be performed in order to produce an appropriate future personnel panning. It takes time and effort to find and test if one person is suitable for the vacancy in company or not. In term of salary and cost, due to the experience and responsibility senior employees possess, the company, by nature, will have to assign a relatively high portion of its turnover as salary for older generation worker [Hudson 2004]. Furthermore, aged care workforce issue is one other large amount of cost that Australian government has to solve. Generally, there is currently an imbalance of gender and age in workforce, the lack of health care staff as well as the variety of health care package amongst industries. High number of woman and old people in workforce may lead to increase of cost budget raised from maternity care, incident care, and retirement pension. As a result, companies and government had to allocate large sum of money for ageing workers. According to Spoehn [2008], community aged care rose 6 times from 1995 to 2003 and from 2001 to 2006 and this led to the aged care package went up to 48%. As mentioned above, having older eneration worker would introduce certain benefits into the company’s profile, however, with the rapid developing rate of technology, it was studied that the old worker may find it difficult to accept and adapt to new changes [Patrickson and Ranjin 2008]. For instance, various survey has been done and shown that worker in the age of 65 and over normally assume that new technology is ha rd to deal with. On the other hand, it seems rather easier for younger employee to accept changes and quickly adapt with the new technology in order to complete their tasks at a higher productivity level. Thus, having to train the older workers with new set of skills and technology will result in a large amount of cost as well as time which might be utilized for other aspect of the company. In fact, Patrickson and Ranjin [2008] concluded, human’s ability and flexibility weakens as they age, especially when they reach seventy. However, with the extensive working experience in the industry, it was shown by many research authors, working procedures and strategies resulting from ageing worker increase the effectiveness of the work when compared to the younger generation worker’s [Hudson 2004]. Managing an ageing workforce As a result of a continuing ageing workforce in Australia, it is necessary that all the involved parties such as the government, the trade union and firms implement different policies in order to maximize the benefits of an ageing workforce and reduce the negative aspects. The Australian government and the labor union could essentially cooperate to support mature aged workers. According to Patrickson and Ranzjin (2005), the government has enforced a policy that allows workers to receive higher pension welfare if they continue to work at the age of 65 and over. This incentive is done to encourage older employees to devote their experience to the economic growth for a longer period of time. Moreover, in 2005, the Queensland government has implemented the â€Å"recreation leave on half-pay† policy [Price and Colley 2007 p11]. Essentially, the working age of labor force can be lengthening by the extension of leave which provide the social balance for mature aged workers. Price and Colley [2007] also suggested that the Queensland public services have been supporting older workers to have a social balance between life and work by providing flexibility in the workplace location such as working at home. Apart from the direct assistance for workers, the government’s policies also aim to help employers. These legislations consist of statements revolving around the advantages of employing older workers such as the public acknowledgment for firm’s marketing plan [Patrickson and Ranzjin 2005]. In addition, the labor union has also assisted the government to enforce appropriate policies to an ageing workforce. An example of this is Australian Council of Trade Unions (ACTU)’s campaign to mobilize proper working hours. ACTU’s campaign has leaded the Queensland government to negotiate with enterprises and develop the workload management methods in order to monitor the employees’ issues [Price and Colley 2007]. Managing mature aged workforce is rather difficult for organizations and firms. It was indicated that managers must confront the conflict between the special values of older workers and the requirement sustaining the efficiency and productive capacity [Patrickson and Ranzjin 2005]. However, as it was mentioned above, mature aged workers can benefit firms with their experience while young workers might be dynamic with technology and innovation but tend to lack working experience. Therefore, manager should maintain an ageing diversity workforce. Moreover, firms and organizations should also encourage older workers continue to devote their working ability for longer period of time so that the experience of ageing employees can be best valued. There are four main human resource management strategies that managers can follow to keep older workers stay with their organizations. First of all, as older employees may have devoted to the companies for long time, it is necessary that the firms have a database of information about them such as their expectations and their opinion [Patrickson and Ranzjin 2005]. Although the elderly worker may not be able to acquire new knowledge as quickly as the younger generation do, ageing workers can still be retrained. In reality, according to Burke and Ng [2006], younger employees are likely to be disloyal and can quickly change their jobs because of their desire to grow higher in their career’s â€Å"ladder†. Meanwhile, older workers are possibly worth training as they will continue to contribute to the firms after they are trained. Furthermore, the employment of ageing workers with the aim to train other employees is probably a common but useful HR management strategy. For small and medium firms, this strategy which is also referred to as â€Å"on – the – job training (OJT)† will ensure that the transfer of experience and knowledge from the former generation to the new employees [Beaver and Hutchings 2005 p9]. This allows managers to not only utilize the experience of ageing workforce but at the same time reducing the cost of training new employees. Finally, since the problem of health is the major reason why older workers decide to retire, managers should take actions in order to improve workers’ well – being. For example, it was explained that the improvement in working condition to prevent occupational illnesses as well as a better assistance for workers who have health problems can increase the working age of the workforce [Ilmarinen 2006]. Conclusion Human resource is the most important key in maintaining productivity in a company in particular and in an economy in general. That is why employers and government is putting effort into encouraging people to remain at work as long as they can by introducing certain policies and incentives such as guarantying the health care, welfare, extra-education as well as increasing the role of labor union. Furthermore, within an organization, managers are responsible to create an equal opportunity during recruiting process for all workers regardless of age as well as the experience of the employee. It is necessary for human resource department to manage and sustain the balance in company’s workforce which ultimately will bring out the potential for future success. References BEAVER G and HUTCHINGS K [2005] â€Å"Training and developing an age diverse workforce in small medium enterprises: The need for a strategic approach† Education and Training Vol. 47 Issue 8/9 pp 592 – 604 BURKE R and NG E [2006] â€Å"The changing nature of work and organizations: implications for human resource management† Human Resource Management Review Vol. 6 Issue 2 June pp 86 – 94 FED: Australia Faces Shortage Of 100,000 Tradespeople, says MBA. [1 June]. AAP General News Wire,1. Retrieved March 29 2011, from Academic Research Library. [Document ID:  847581101] GEOK, POK and NOI [2002] â€Å"The employment of mature and older workers: Strategies for managing work and career transitions† The Asian Business Case Centre 13th September ILMARINEM J [2006] â€Å" The ageing workforce—challenges for occupational health† Occupational Medicine Vol. 56 Issue 6 September pp 362 -364 PARLIAMENT OF AUSTRALIA [2005] â€Å"Australia’s ageing workforce† Parliament Library Vol. No 35 7th March PATRICKSON M and RANZJIN R [2005] â€Å"Workforce ageing: the challenges for 21st century management† International Journal of Organisational Behaviour Vol. 10 Issue 4 pp 729 -739 PRICE R and COLLEY L [2007] â€Å"Assessing HR strategies for retaining an ageing workforce† In: 15th International Employment Relations Association Conference: Working Lives, Working Choices England QUEENSLAND GOVERNMENT [2005] â€Å"Valuing older workers† The State of Queensland, Department of Industrial Relations, Queensland AUSTRALIA BEREAU OF STATISTICS http://www. bs. gov. au/ausstats/[emailprotected] nsf/Products/3235. 0~2009~Main+Features~Main+Features? OpenDocument#PARALINK0 [accessed 17th March 2011] http://www. abs. gov. au/auss tats/[emailprotected] nsf/mf/3306. 0. 55. 001 [accessed 17th March 2011] AUSTRALIA INSTITUTE OF HEALTH AND WELFARE http://www. aihw. gov. au/publication-detail/? id=6442472399 [accessed 20th March 2011] HANNAH E [2009] Shortfall of 1. 4m workers threatens pension age, http://www. theaustralian. com. u/politics/shortfall-of-14m-workers-threatens-pension-age/story-e6frgczf-1225798395249 [accessed 31st March 2011] HUDSON [2004] The ageing population: Implications for the Australian Workforce, http://au. hudson. com/documents/emp_au_Whitepaper_ageism. pdf [accessed 01st April 2011] LESSER E Addressing the challenges of an aging workforce, A Human capital perspective for firm operating in Asia Pacific, http://wenku. baidu. com/view/636175707fd5360cba1adbc7. html [accessed 31st March 2011] NSW BUSINESS CHAMBER â€Å"The benefits of an ageing workforce† http://www. nswbusinesschamber. om. au/? content=/channels/Training_and_apprenticeships/Training_and_apprenticeships/Skills_shortag e/the_benefits_of_an_ageing_workforce. xml [accessed 23rd March 2011] SHACKLOCK K and SHACKLOCK A [2005] The aging workforce: Ethical implications for HRM Practitioners, http://www98. griffith. edu. au/dspace/bitstream/10072/2881/1/29406_1. pdf [accessed 20th March 2011] SPOEHN J and BARNETT K [2008] Aging nation, Aging workforce – challenges of aged care provision in 21th century, http://www. sapo. org. au/binary/binary8383/AISR. pdf [accessed 20th March 2011]

Project Management Meaning

Organizational Behavior Research Paper Example

Organizational Behavior Research Paper Example Organizational Behavior Paper Organizational Behavior Paper When organizational behavior researchers collect data in real-life organizational settings, the research method of case studies is being used. Question 3 Demographic trends indicate that, in the future, people of color will constitute the majority of the U. S. Population. True Question 4 The proportion of African-Americans, Hispanics, and Asians in the labor force is increasing. Question 5 Laboratory studies are being used when organizational behavior researchers collect ATA in simulated and controlled settings. Question 6 psychology, sociology, criminal Justice, and anthropology. Question 7 Todays labor force is composed of fewer women than in prior years. Question 8 According to Archie Carroll, an immoral manager does not subscribe to ethical principles, but instead makes decisions and acts to take best personal advantage of a situation. Commonly used organizational behavior research methods include case studies, survey studies, meta analyses, field studies, and laboratory studies. Question 10 Organizational behavior clearly indicates that managers should be held accountable or task performance results, but not Job satisfaction results. Question 1 1 According to Archie B. Carroll, the majority of managers are: amoral. Question 12 Important dimensions of emotional intelligence include all of the following human skills EXCEPT: technical skill. Question 13 The following statements are accurate descriptions of the evolution of the scientific study of organizations EXCEPT: the primary focus on the human factor began in the 18th century. Question 14 for accomplishing them, they are engaged in which management function? Planning Question 15 Since organizations obtain resource inputs from the environment and transform hem into outputs that are returned to the environment in the form of finished goods or services, they may be viewed as: open systems. Question 16 From its scientific heritage, organizational behavior has developed all of the following EXCEPT: an emphasis on finding the one best way to complete a task. All of the following are examples of organizations EXCEPT: a government representative. Question 18 Henry Integers identified a set of roles that managers perform. These roles are grouped into which of the following three categories? Interpersonal, informational, and decisional Question 19 According to Robert Katz, the essential skills of management can be grouped into which of the following three categories? Technical, human, and conceptual Question 20 Suppose a manager starts an affirmative action program to increase opportunities for minority advancement and then clearly and convincingly communicates the objectives of the program to all employees. By doing this the manager gains their support and participation. This manager is engaged in which management function? Leading Question 21 A collection of people working together in a division of labor to achieve a common purpose refers to a(n): organization.

Production Plan for Riordan Manufacturing Essay

Production Plan for Riordan Manufacturing - Essay Example A production function is a unit which represents the relationship between output variables with respect to input constraints. In mathematical terms, an effective production function is a demonstration of input-output relationship. Just as the equation shows Y= f (c1, c2, c3, c4†¦) the production output Y depends on production quantities c1, c2, c3, and c4 respectively (Khanna, 1980). To settle this relationship Riordan manufacturing will have to design an integrated production plan. Process modeling is the very first stage of an effective production plan which is done by dividing production phase in three major phases, planning phase, action phase and control phase. In the planning phase, Riordan manufacturing should include product design and order writing activities. Similarly, in the action phase the firm should include process routing, material handling, tool control, loading and scheduling as the action operations (Patil, 2008). In the last, the firm should include expediti ng and re-planning as control activities. On establishing the three production phases, an integrated relationship will be settled in the Riordan production system. Once it is settled, the relationship of production output and input will be assured. But before designing the process stage it is necessary that Riordan manufacturing set initial production objectives. Just as lowering production, inventory and shipment costs to maximize profits or improving employee skill to maximize productivity.... In the planning phase, Riordan manufacturing should include product design and order writing activities. Similarly, in the action phase the firm should include process routing, material handling, tool control, loading and scheduling as action operations (Patil, 2008). In the last, the firm should include expediting and re-planning as control activities. On establishing the three production phases, an integrated relationship will be settled in the Riordan production system. Once it is settled, the relationship of production output and input will be assured. But before designing the process stage it is necessary that Riordan manufacturing set initial production objectives. Just as lowering production, inventory and shipment costs to maximize profits or improving employee skill to maximize productivity can be set as production goals. In this forecast is also very important like forecasting sales or turnover will determine how much efficiently the new production plan is working (Patil, 2 008, pp. 242). Strategic Capacity Planning for the New Process Design For international business firms especially those which believe in supply chain principles, capacity planning is vibrantly important for such firms. Riordan, which is specializing in integrated production management must adopt the approach of integrated capacity management (Jacobs, 2006). Planning the capacities of production facilities, workmen, machinery, equipment, distribution or inventory will bring proficient results for Riordan. Once the capacity management approach is there in all sections of the firm (procurement, production, inventory, and transportation) it will have stability to control supply and demand

News framing Essay Example | Topics and Well Written Essays - 250 words

News framing - Essay Example The PBS Newshour reported that, there were no signs of give from sequester despite the gloomy urgings. In the above examples, the reporters interpreted the information in different theorems and themes although the case is the same. The New Republic analyzed that the sequestration for the automatic budget cuts have started to take effects but it will take some time for most Americans to notice. According to the media, the effects are discernible to proof that the government can operate on less money. On its perspective, the Fox News reported of how the President Obama and the top administration are struggling in accurately explaining the effects of cutting billions in federal budget. Carlos Elias, the superintendent of the Capitol Building sent a memo reminding staffers of the pay cut. The president proposed the pay and agreed by Congress in the year 2011. This was agreed after the Republicans and Democrats failed in agreeing how to measure and reduce the budget deficit. The PBS News summarizes the transcripts of each speaker of the President Obama’s meeting with the nation’s governors. He urged the governors to forget politics in order to prevent the automatic spending

History Western Civ Essay Example | Topics and Well Written Essays - 750 words - 1

History Western Civ - Essay Example News of such atrocities by the Muslims angered the Christian peoples of Europe so that nobles and commoners alike were summoned over for the mission of recovering the Holy Land from Islam. Numerous knights joined the crusades because the popes promised them forgiveness of their sins as a reward for fighting for Christ. In short, Christians considered crusades as holy wars against the enemies of God. However, not all the crusaders had such pure and noble motives for many of them had selfish intents as well. To the landless, the crusades were an opportunity to acquire lands in Asia whereas to the adventurous, the crusades offered excitement. For the greedy, the crusades meant the possibility of rich loot from the East while the ambitious ones chased after glory and monarchical recognition. The Muslims, perceiving their own advantage of defending Islam to be the chief benefit that would eventually influence Islamic nations, regarded wars against European crusaders as jihads or ‘holy wars’, believing that these were means to fight for their god ‘Allah’ against the unbelievers. Crusades were also launched to address the growing suppression in pilgrimages of Christians. Being a pilgrim is an aspect of Christian life which greatly affects the religious as well as the socio-political grounds of living as a Christian at the period Europe was experiencing the height of political turmoil in several respects among its nations. European Christians to this day have adhered to the faith that pilgrimages, like the essence of penance, is able to purify or atone one of all the present iniquities once a passionate journey to Jerusalem is successfully carried out. In the absence of pilgrimage, it would be difficult for Christians to claim authority and possession of a certain region thus, crusade was necessitated to intervene and cease oppression and persecution of Christians by Muslims who took extensive

Negative Effects Of Divorce On Children

Negative Effects Of Divorce On Children Divorce is the worst situation that a child experiences in the growth and development life which they have to cope up with. The effects divorce has on children depend on age of the child when divorce occurs. Other factors that determines the effects the divorce impacts on children depends on childs personality and the gender, the support offered by other family members and relatives besides the frequency of conflicts and disagreements between parents determines the magnitude of the effect. In consideration of age, young children who are below two years of age are less affected by divorce although this might not be the case when there is a close relationship between the children and the parent (s). These infants do not get to understand the nature of the conflict but nevertheless they react to the changes that accompany divorce. When such a situation is prone to happen, the concerned parents should make special and prior arrangements on childcare and parenting to reduce the negative i nfluence their separation would impact on children (Alison and Cornelia 34). Children who are yet to join school (preschool children) usually takes the blame incase divorce and separation occurs. This is facilitated by their fear of been abandoned and left alone by parents separation. However if separation through divorce occur, preschoolers responds by turning to be uncooperative, angry and depressed. Their personality is also greatly affected and they change completely from their initial socialization when they become aggressive and disobedient towards any adult near them while living a life of denial that nothing happened (DeBord 12). Divorce has the greatest and long lasting effect on school aged children than the young ones. Their personality and emotional attachment to their parent is so strong that they find it extremely difficult to cope up and adjust with the new situation of loneliness of either parent. The difficult situation experienced by elementary children who are school age results from their maturity to understand every bit of situation that is happening with their parents. This age is mature and old enough to comprehend and feel the pain associated with separation from divorce of their parents. The unfortunate part that school age children undergo is the inability they have to control the internal pain caused by divorce (Mary 1). The manifestations associated with effects of divorce on this age group of children are resentment, grief, intensive anger, embarrassment, resentment and divided loyalty. They also tend to be isolated from other children and may develop total withdraw from other childrens activities like creative playing and games. These children live with a hope that their parents will still return together; in case of otherwise, these children feel rejected by the parent who left. Apart from personality and emotional effects, divorce at this age may affect the health of children who may frequently complain of stomachaches and headaches (Eileen and Josephine 23). When divorce occurs during adolescent stage of children, its effects are more severe than any other stage in childs development. Some teenagers feel abandoned, guilt and a sense fear. Their emotional set up is severely disrupted by divorce; they experience loneliness, depression and anger towards other people and mostly their parents especially the one who has left. During this age, the children are mature enough to handle some family responsibilities. However they feel punished and burdened especially when they are responsible for the childcare of their younger siblings. Their response is always swift and they try to fill the gap by assuming adult responsibilities due to high levels of stress and low energy levels with their parents. Some teenagers struggle with sexual desires since they have no one to confine to and experience low self esteem of handling marriage and getting married. Since teenagers understood well the causes and situations surrounding their parents separation and subsequent divorce, their stability in education greatly declines due to lack of concentration and stability, in addition, they are not in a position to deal with future changes occurring in their family life. Children in this age bracket gets themselves in a confused state of mind since they are unable to decide which parent to accept over the other (Hughes 12). The pressure they experience on deciding who to blame for the cause of divorce stress them up affecting negatively their academic life declining in performance since they spend much of their school time evaluating and thinking about the situation back at home. They are also occupied with many thoughts especially if they have assumed responsibilities to take care of their younger siblings. Their emotional status is greatly affected since they experienced whatever happened with their parents; they lose confidence with marriage institutions and do no longer have ability and confidence to handle their family life (Mary 1). Based on gender, children who are raised by parent of the opposite sex are greatly affected by divorce more than boys raised by fathers and girls raised by mothers after divorce. Children raised by opposite sex tend to develop aggressive behaviors and resentment. Emotional disorders are common to children brought up by opposite sex parent while those raised by same sex tends to be responsible and respond to their environments more quickly. Although age, gender and other factors have been identified as influencers of the extent to how children respond or/ and affected by divorce, the most determining factor is the parent to children relationship (Alison and Cornelia 43). However, children should be assisted to adjust to divorce situations in their life. The parent in custody of children should consistently maintain communication and discussion of divorce regardless of how painful it is to the children to help them overcome it. This process will also assure their confidence and adequately prepare them for the future especially the adolescent group who requires understanding in a more detailed manner than younger ones. To recover quickly and reduce the effects of divorce, conflicts and aggressiveness of parents after divorce should be minimized and avoided if possible. Finally disruptions of children should be kept at low levels always and parents should have proper plans of how to deal with after divorce events. Work Cited Alison Clarke and Cornelia Brentano, â€Å"Divorce: causes and consequences,† Yale: Yale University Press, 2006 DeBord Kennedy, â€Å"Focus on Kids: The effects of divorce on children,† North Carolina, Cangage Learning, 1997 Eileen Hetherington and Josephine Arasteh,† Impact of divorce, single parenting and step parenting on children, New York: Routledge, 2001 Hughes Recker, â€Å"Parenting on your own:† Illinois, Routledge, 1999 Mary Temke, â€Å"The effects of Divorce on Children: Family and Consumer Resources,† Retrieved on April 5th 2010 from: http://74.125.153.132/search?q=cache%3AQPgXCQMt0pcJ%3Aextension.unh.edu%2FFamily%2FDocuments%2FDivorce.pdf+The+negative+effects+of+divorce+on+childrenhl=engl=ke

The Character of Phoenix Jackson in Eudora Weltys A Worn Path Essays

The Character of Phoenix Jackson in Eudora Welty's A Worn Path 'A Worn Path' is the tale of the unstoppable love and care of a grandmother for her grandchild. Phoenix Jackson is Eudora Welty's main character and protagonist in   A Worn Path.? Phoenix is an old, frail woman who attempts to proceed on a long and treacherous journey through the woods to Natchez. Phoenix strives forward despite frequent obstacles in her way that include her own failing health and her grandchild's slim chance of survival. As she takes this prolonged trek across the woods, many of her characteristics are revealed. Her tenacity, senility, and consideration that she displays throughout her long worn path emphasize her character. Phoenix's precarious journey may seem dangerous, but her determination is what carries her through the obstacles she faces as she makes her way through the woods. Phoenix makes her way across the worn path and discovers many active opponents. She continues forward over barriers that would not even be considered a hindrance for the young. The long hill that she takes tires her, the thornbrush attempts to catch her clothes, the log that Phoenix goes across endangers her balance as she walks across it, and the barbed-wire fence threatens to puncture her skin. All of these impediments that Phoenix endures apparently do not affect her because she is determined that nothing will stop her on her journey. She keeps proceeding onward letting nothing deter her determination. ?The hunter(tm)s attempt to instill fear in Phoenix, a fear she disposed of years ago as she came to terms with her plight in society, fail   (Sykes 151). She ?realizes that the importance of the trip far exceeds the pos sible harm that can be done to her brittle ... ...es in Short Fiction. 14.3 (1977): 288-290. Evans, Robert C., Anne C. Little, and Barbara Wiedemann. Short Fiction: A Critical Companion. West Cornwall, CT: Locust Hill, 1997. 265-270. Gretlund, Jan N.. Eudora Welty(tm)s Aesthetics of Place. Odense UP, 1994. 322, 337-338. Isaacs, Neil D..   Life for Phoenix.? The Critical Response to Eudora Welty(tm)s Fiction. ed. Laurie Champion. London: Greenwood, 1994. 37-42. Marrs, Suzanne.   Eudora Welty(tm)s Photography: Images into Fiction.   Critical Essays on Eudora Welty. W. Craig Turner and Lee Emling Harding. Boston, MA: G.K. Hall, 1989. 288-289. Sykes, Dennis J.. ?Welty(tm)s The Worn Path.   Explicator. 56.3: 151-153. 1998 Spring. Welty, Eudora. ?The Worn Path.? Literature: An Introduction to Reading and Writing. Edgar V. Roberts and Henry E. Jacobs. 6th ed. Upper Saddle River, NJ: PH, 2001. 150-155.

Starbucks updates on annual meeting of shareholders Essay

Comparing capital expenditure Introduction                   Certain companies are considered as the front runners in their respective industries judging from their spending and the annual profits they get in their operations. For example, in the search engines industry, Google is well thought –out to be the trailblazer having billions of users. However, there are small companies which try to thrive in the same industries. The small companies possess some unique features which help them to survive in those industries. They distinguish themselves by differentiating their products brand and surroundings to meet their target market needs. Capital expenditure has been used to determine a company’s worth. It focusses on the properties, buildings and the equipment that a company considers as assets. The funds needed to buy, maintain and refurbish these assets are the ones referred to as capital expenditure.                   Centred on the profit margins of a company, the capital expenditure is conjectured as a percentage of the gross profit during equivalent distribution. This paper will contrast the capital expenditure of Starbuck Corporation and Dunkin Brands in the coffee industry of the United States. Starbuck being the frontrunner in the industry and Dunkin as its leading competitor. The paper will focus on the capital expenditure of the two companies for the past three years.                   Dunkin’ Brands Corporation has for years thrived as a competing franchise in the coffee industry. It is the sole owner of two restaurants in the United States, that is, Baskin- Robbins and Dunkin’ donuts. Since it acts as the franchise for these two restaurants, the capital requirements has been lower making it easy to open up the restaurants. Dunkin’ Donuts derives its income from the franchises through royalties and fees. A fraction of the total capital expenditure is incurred by Dunkin’ Brands from these franchisees. It owns a global market share of roughly 23 percent while Starbucks owns around 32.6 percent, leading in the list as far as coffee market is concerned.                   In 2011, the capital expenditure for Dunkin’ Brands mounted to $19 million due to the addition of other outlets in the states. In the same year, the company had incurred huge expenses due to some few factors. These factors include, costs from giving out new stock for public sale from a firm which has already made its preliminary public offering. , loss on debt when the creditor accepts a higher security, and written off goodwill charges from a corporation with South Korea. In the year 2012, the company had incurred capital expenditures of $23.4 million which is considered as restrained bearing in mind the number of site launches.                   In 2013, the capital expenditure for Dunkin’ Brands elevated to $31.1 million. This shows that the value of the expenditure was consistent throughout the three years. The company’s price- earnings ratio had been so low but due to the establishment of new stores the P/E ratio is expected to rise over the next fiscal year. The initial public offering that the company issued, raised funds to settle the long term debt creating a progressive cash flow. In the calculation of capital expenditure of Dunkin’ Brands, the net amount of fixed assets recorded in the financial statements for the previous year is subtracted from the net amount of fixed assets recorded for the year just ended. The amount of depreciation is also done the same and the result is added to the net change of the fixed assets. The final answer is the amount of capital expenditure of the company.                   Starbuck Corporation as the juggernaut in the coffee industry has continued to show growth especially towards the Asian countries ( Byrd,2013). Sales have increased steadily due to their market strategy enabling an equal increase in capital expenditure. The expansion to these Asian countries which include, Chinese/Asian/Pacific division, has been considered as one of the factors that has contributed to the faster growth of the corporation.                   Starbuck Corporation continues to be successful due to the low interest rate that persuade the management to enlarge its capital expenditure. However this may upsurge the total quantity of liabilities on the balance sheet of the corporation. China/ Asian/ Pacific Division has an extraordinary economic growth with interest rates at its lowest making it an enormous and worthwhile investment opportunity caused by the increase in the company’s liabilities.                   The need to increase these liabilities of the company is to capitalize on the returns in that new market environment. Starbuck has incurred some debt which has been getting lower considerably throughout the years. Its financial debt to total debt ratio in 2010 was 11% to 31% in 2013. Initially the decision for Starbuck Corporation to increase its capital expenditure, did not lower the profit margin which was the expectation of many. However, since 2010 to 2013, the profit margins heightened significantly. The company is expected to improve the income GDP per capita worldwide from 2010 which was at $7329 ( Byrd, 2013). This will in turn increase the visits the consumer makes to the stores resulting in growth with foreign revenue by additional 45% in the next 10 years.                   In the company’s annual financial statements, the capital expenditures in the investing activities column shows that in the year 2011 was at $531.9 million. In the year 2012 the amount rose to $856.2 million and $1.15 billion in 2013. The capital expenditure has been consistent over the three years like the Dunkin’ Corporation. This was due to the opening of new stores across the country. Depreciation has grown in the years as a result of increased capital spending and procurements. 2012 has been Starbucks development phase since it increased the new stores to up to 1300. Most of the stores were located in China. The capital expenditure value has been derived from getting the net fixed assets of the preceding year and subtracted it from the net fixed assets of the year just ended. The value is then added to the depreciation amount gotten from the difference between the depreciation value from the year just ended and the preceding year.                   The focus on the company’s capital expenditure has been used to acquire the desired information to determine and predict its future earnings according to financial and accounting models. Managers counter information from the private operation about the future costs and demands over and done with their investment judgements.                   In the quick food service industry, Starbuck Corporation and Dunkin’ Brands are the key participants. They try to counter the rising consumer demands for fast food products. However they are somewhat different since Starbuck Corporation principal concentration is on the expensive coffee, but has trailed on other product lines such as teas and juices. Conversely, Dunkin’ Brands has focussed primarily on marketing their products to everyone by combining coffee and donuts. The rate of growth for Dunkin’ has been considered to be moderately strong by financial analysts, but Starbucks has been a stronger growth with very minimum amount of debt.                   Capital expenditure is the most commonly used determiner for how well a company operates since the funds are used to upgrade an existing business asset or purchasing a new asset for example a new building. The cost or the value of the business assets is always adjusted for tax purposes. Capital expenditure is measured to be deductible for tax determinations, because it signifies an improvement to the industry. The following table represents the capital expenditure comparisons between Starbuck Corporation and Dunkin’ Brands a franchise to the Dunkin’ donuts and Baskin Robbins.(2013). SBUX DNKN Qtrly Rev Growth (yoy): 0.11 0.06 Gross Margin (ttm): 0.57 0.79 Operating Margin (ttm): 0.14 0.39 Net Income (ttm): 1.51B 106.11M P/E (ttm): 33.59 44.29 P/S (ttm): 3.47 6.61 Employees: 160,000 1,104 Revenue (ttm): 14.02B 667.67M EBITDA (ttm): 2.59B 313.12M EPS (ttm): 1.97 0.94 PEG (5 yr expected): 1.61 1.72 Market Cap: 49.50B 4.42B References Starbucks updates on annual meeting of shareholders. (2013). Entertainment Close – Up, Retrieved from http://search.proquest.com/docview/940899804?accountid=32521 Mergent database in the Ashford University Library. Mergent Online Quick Tips [accessed Nov 14th, 2014] Byrd, J., Hickman, K., & McPherson, M. (2013). Managerial Finance. San Diego, CA: Bridgepoint Education Inc. Source document

Reduse Usage of Plastic Bags

Plastic bags are not biodegradable, so they get littered onto a wasteland which causes soil erosion causing damage and harm to the trees. If plastic bags are burnt, they emit hazardous gases causing air pollution which causes damage on the ozone layer. The Plastic can be reduced by u not using lots of plastic and use things in yr homes then going to buy a plastic bottle from the shop. Plastic bags are made out of non-biodegradable substance. (not organic)Because they are durable they do not rot. Scientist believe that it would take up to 1,000 years to break down. In that time plastic bags separate into smaller toxic particles that contaminates the soil and even waterways. Even if we try to burn them, it pollutes the atmosphere Each year, an estimated 500 billion to 1 trillion plastic bags are made worldwide. That means that 1 million plastic bags are made each minute, but then billions end up as litter each year. Making plastic bags can lead to exhaustion of oil, because to make a lot of plastic bags, we need a lot of oil. If we reduce oil we could save much more oil. You can actually drive about 460 meters with the oil which is used for only one plastic bag. Plastic bags even kill a lot of marine animals. Plastic bags gets blown into the ocean and floats around like a jelly-fish. A lot of sea-creatures choke and die for mistaking them as their food. Each year, thousands of sea turtles choke on plastic bags after mistaking them for jellyfish, their favourite food. Even other sea critters like sea lions and dolphins have also been found with their stomachs filled with plastic bags! GOVERNMENT SHOULD BAN PLASTIC BAG The society's consumption rate is now estimated over 500,000,000,000 plastic bags annually. The Malaysian Federal Government is considering banning plastic bag for environmental reason. There are some big company have take the challenge to make â€Å"say no to plastic bag† campaign such as IKEA, AEON and Factory Outlet Store (F. O. S). There are many drawbacks of the use of plastic bags. In some other countries, there are proposals to charge for the use of plastic bags. The objective of this paper is to educate shoppers to use reusable bags instead of plastic bags whenever possible. In the other hand, many people think it would be nuisance because there are so many practical uses for plastic bags. The United States Environmental Protection says paper bags are worse for the environment than plastic. Plastic bags require much less energy to manufacture and recycle because of this plastic generates less greenhouse gas. Plastic bags cause less air and water pollution. They compress to a small size in landfills. Nevertheless, this paper is to agree that government should ban plastic bags because of several factors which are environment, economy and health. Firstly, the idea of banning plastic bags and use reusable bag is good for the environment. In the other hand, many people think it would be ineffective because, according to Hilary Chiew (Chiew, 2009) in article high usage from Startwo’s newspapers, paper degrade at a slower rate compared to plastic in a landfill. In modern landfills nothing completely degrades due to the lack of water, light and oxygen. University of Arizona have done a research on paper, paper does not degrade even in 3 decades. So, paper takes up more space than plastic in landfill. While according to Abu Bakar Yang (Bakar, 2009) in article â€Å"Ancaman plastik dan botol plastik† about 100,000 of marine animals like†¦

Free Essays on Federalist Papers

The Federalist Papers Alexander Hamilton wanted to help the ratification of the ‘new’ Constitution, in 1787, so he decided that he would write and publish articles in order to explain the concepts of this Constitution. James Madison and John Jay were two other contributors that Hamilton added to help defend the new Constitution by writing articles as well. Although they are not part of the Constitution or legal documents, The Federalists Papers gained much popularity in the midst of the ratification of the Constitution. However, the ratification occurred with a small influence from these arguments. These Papers have been very important in American history because of the vital and genuine explanation of the Constitution. The Publius, pseudonym for the writers, describes certain concepts that were considered very crucial to the government. These concepts consisted of human lives, interests, federalism, and separation of powers. The Federalist Papers are best interpreted and understood through a republican argument and republican guidelines than those of democracy or other conflicting views. What are the concepts of a republic or republican argument? The Federalist No. 39 goes on to define the concept of a republic as a â€Å"government which derives all its power directly or indirectly from the great body of people, and is administered by persons holding their offices during pleasure, for a limited period, or during good behavior.† This same paper goes on to say â€Å"it is sufficient for such a government that the persons administering it be appointed, either directly or indirectly, by the people; and that they hold their appointments by either of tenures just specified† (Madison No. 39). These are some of the specific arguments made by Madison in a republican mannerism. No. 39 also describes how many officials in the government are to be elected in a republics as well as their duration. Another example of the ‘republic’ i... Free Essays on Federalist Papers Free Essays on Federalist Papers The Federalist Papers Alexander Hamilton wanted to help the ratification of the ‘new’ Constitution, in 1787, so he decided that he would write and publish articles in order to explain the concepts of this Constitution. James Madison and John Jay were two other contributors that Hamilton added to help defend the new Constitution by writing articles as well. Although they are not part of the Constitution or legal documents, The Federalists Papers gained much popularity in the midst of the ratification of the Constitution. However, the ratification occurred with a small influence from these arguments. These Papers have been very important in American history because of the vital and genuine explanation of the Constitution. The Publius, pseudonym for the writers, describes certain concepts that were considered very crucial to the government. These concepts consisted of human lives, interests, federalism, and separation of powers. The Federalist Papers are best interpreted and understood through a republican argument and republican guidelines than those of democracy or other conflicting views. What are the concepts of a republic or republican argument? The Federalist No. 39 goes on to define the concept of a republic as a â€Å"government which derives all its power directly or indirectly from the great body of people, and is administered by persons holding their offices during pleasure, for a limited period, or during good behavior.† This same paper goes on to say â€Å"it is sufficient for such a government that the persons administering it be appointed, either directly or indirectly, by the people; and that they hold their appointments by either of tenures just specified† (Madison No. 39). These are some of the specific arguments made by Madison in a republican mannerism. No. 39 also describes how many officials in the government are to be elected in a republics as well as their duration. Another example of the ‘republic’ i...

The critical analysis of the role of MLD in clinical practice Essay

The critical analysis of the role of MLD in clinical practice - Essay Example Lymphoedema: It usually occurs due to the damage to the lymphatic system and as a result proteins keep entering the tissues from the smaller blood vessels called capillaries and the resulting effect is the buildup of fluid in the tissues whose draining lymphatic are blocked. The excessive accumulation of proteins in the tissue result in the retention of increased amount of fluid within the tissues and causes them to swell. Lymphoedema also hampers the ability of the vessels to oxygenate the tissues and their normal functionality is impaired and the healing is also delayed. If the accumulation of the lymph in the tissues is mild then the resulting proteins in the tissues can be removed by the tissue macrophages but if the accumulation of proteins is more resulting into Lymphoedema then the macrophages cease to work If the protein content in the tissues is increased then it stimulate the process of chronic inflammation and as a result fibrosis starts to develop in the affected area, ne w blood vessels are formed due to inflammation and these vessels are dilated resulting in the rubor effects of the inflammation due to which the temperature of limb is felt high. This increased temperature along with the protein stasis favors the bacterial growth which can result in acute inflammation. Such patients can present with repeated infections and may need hospitalization. These patients also suffer from frequent fungal infections and these are quite difficult to treat and these also put load on the lymphatics resulting in the worsening of the Lymphoedema. If the process is rapid then the sudden increase in the size of tissues can result in severe pain owing to the tissue damage by the pressure effects. The areas adjoining the edematous areas also feel painful but otherwise the pain is not present usually in case of primary Lymphoedema until and unless there is superadded infection. It is usually thought that the arms and the legs are the only sites of Lymphoedema but any o rgan of the body can be affected like genitals, the gut, the lungs or the liver. Other consequences of Lymphoedema can be decreased mobility and the swelling can cause embarrassment leading to depression in the patient and results in the worse quality of life of the patient. The edematous limb becomes heavy and is difficult to move which makes it more vulnerable to injury and resulting bacterial infection. The drainage of lymphatic from lower limb is less efficient as compared to upper limb, so the walking of such patients gets troublesome which further severe the condition, so the Lymphoedema of the leg is worse than of the upper limb. Initially Lymphoedema is of pitting type but with increasing severity the edema becomes non-pitting. If Lymphoedema remains for extended period of time like years then the overlying skin’s color changes along with loss of hairs and change in the texture of the nails is seen in the affected arm. The skin becomes very thick with large folds and warts resulting in the appearance called Elephantiasis. If the Lymphoedema is left untreated then it can lead to a malignant condition called Angiosarcoma. The symptoms of Lymphoedema include; a. Limbs become heavier and felt tighter. b. Pain which is severe in intensity and

How Sports Run the World Essay Example | Topics and Well Written Essays - 1000 words

How Sports Run the World - Essay Example As the research stresses modern sports provide a common cultural and social currency between people of different backgrounds. Sporting events promote social integration and foster a sense of unity. Across the globe, the ball games and athletic competition activate a collective spirit that tends to enhance participation of different social groups. According to the report findings people take part in the sports as players, athletics, sponsors, media personalities, politicians, business people, and spectators. The participation of persons of varied backgrounds in the sporting events helps in bridging the cultural, as well as, ethnic divides. Similarly, sports promote cultural tolerance, non-discrimination, and social integration. In cases where politics, culture, national passions, and culture often divide people, sports facilitate the achievement of unity at local and international levels. The sporting events have the potential of fighting discrimination and raising the awareness about the rights of women and marginalized societies. Sporting events offer a platform that assists different fans to bond in pursuit of collective action to achieve strong sporting communities. Local, as well as, the international fans display strong allegiances to the sport teams and athletes. Such base of fans tends to provide a focus for intergener ational discussions and development of solidarity at the community, national, and international levels. Apart from the solidarity, sport is an indispensable tool for social mobilization targeting to empower different groups of people.

Academic Cheating Essay Example | Topics and Well Written Essays - 250 words

Academic Cheating - Essay Example Students are adept and exam cheating methods are dynamic and this fact reduces the chances of catching students cheating. Exam administrators prefer to discourage exam cheating by severe punishment and proactively, positively altering student’s idea of cheating in exam. Cheating is a desperate move that results from desperation and luck of confidence in one self. It does not however guarantee success. Loyola Marymount University like many other academic institutions have set up systems and procedures of dealing with academic dishonest. Punishment if found guilty depend on severity of the violation of examination codes and extenuating circumstances. Such Punishment may include cancelation of exam, suspension and expulsion. Server punishment when caught, still show how important passing exam is. Education should not be about passing exam, there would be no difference anyway between those who cheated and those who passed the paper honestly. Education should be learning. It is evident; cheating in exam cheating is a moral behavior that is triggered by luck of confidence in one’s self, and probably pressure from parents and teachers. Exam should test skills that are useful at work place or in contemporary life. It is not sufficient to condemn our academic system by looking at what it has done to our society (where those failing exam and dropping out of college employ those who pass and graduate). Students should be at the center of anti-cheating policies and results of exams should not be allowed to be the basis of discrimination and scale if it should determine whether a student is graduating or not. Habit of honest should be built. The academic community should therefore shift there focus from creating anti-cheating policies to addressing the cause of cheating. McCabe, Trevino and Kenneth found that students not only develop academic dishonest be observing peers but also actively learn how to