Coping, Stressor Anticipation and Endurance Assignment

Adapting, Stressor Anticipation and Endurance - Assignment Example ctions can incorporate displeasure, blame, nervousness, trouble, or hopelessness; physical responses like dozing issues, change in craving, medical problems can happen. Unsettling influences in social viewpoints might be through taking over other family duties, associating with loved ones, capacity to come back to work and so forth. In such circumstances, sorrow guiding and distress treatment can be exceptionally successful. It encourages the individual to acknowledge the misfortune, to live without the cherished one and to decide, enthusiastic partition from the individual, and makes the griever more grounded intellectually, sincerely and genuinely. Permitting the grievers to encounter the whole sorrow process helps in diminishing them from pain and discouragement, and in taking their lives back to ordinariness (Cancer, 2003). Kissane et al.’s (2006) inquire about distinguished that a family-focussed melancholy treatment is best in adapting the distress from loss of adored one. This explicitly realizes decrease in confusions of mourning, enables the relatives to work ordinarily, and helps in union and correspondence among relatives. Taking everything into account, adapting to misfortune and distress because of sickness is explicit to each person and ought to be drawn nearer considering all the affecting variables and their

Psychotherapy via Bellow in Seize the Day Essay -- Seize the Day Essay

Psychotherapy by means of Bellow in Seize the Dayâ â â â   â â The closure of Seize the Day is unexpected and uncovering about the topic of the whole novella.â When Tommy Wilhelm incidentally goes to a burial service for a more unusual, he starts to wail wildly at seeing the obscure corpse.â It is his very own excruciating token mortality and a purifying arrival of feeling he has been developing over the descending spiraling course of his life.â However, it is amusing in light of the fact that Tommy is the just one at the memorial service who is communicating such feeling and it causes others in participation to accept he probably been extremely near the perished to be so devastated.â as it were, nobody is sobbing for the dead man, not by any means Tommy, yet Tommy is weeping for himself.â This isn't just incongruity yet serves to underscore the whole subject of the novel-giggle and the world chuckles with you; cry and you cry alone.â Instead of holding onto the day and living in the present time and place, Tommy is torn by uneasiness over the future and lament over the past.â Because of this, he accepts he needs some help, or break, or sympathy.â However, he comes to understand that, similar to the tears we frequently shed for ourselves, feel sorry for is regularly an individual exercise of self and occasional anticipated from others.â He perceives this since he discovers that from the viewpoint of others, he is the just one to fault for his rehashed slip-ups and his rehashed failures.â As he muses at one moment that needing compassion, And why, Wilhelm further asked, should he or any other person feel sorry for me; or for what reason should I be felt sorry for sooner than another fellow?â It is my infantile brain that thinks individuals are prepared to give it since you need it (Bellowâ 93).â Tommy sees himself as a disappointment since he has acknowledged... ...isis causes him to acknowledge the inconveniences that accompany being free and completely alive, and, as the novella closes, we can dare to dream from that second on Tommy will start to hold onto the day every day in the present as he endeavors to make a big deal about himself in the present time and place for the future, his own and others.â  WORKS CITED Roar, S.â Seize The Day.â (ninth printing).â New York, The Viking Press, 1968. Christy, M.â Bellow's pleasure in nonexistent states.â Boston Globe Online. http://www.boston.com/globe/search/stories/nobel/1989/1989e.html, Nov. 15, 1989:â 1-4. Stein, H. T. what's more, Edwards, M. E.â Classical Adlerian hypothesis and practice.â http://ourworld.compuserve.com/landing pages/hstein/theoprac.htm,â Aug. 21, 1998:â 1-19. Stevenson, D. B.â Freud's division of the psyche. http://landow.stg.brown.edu/HTatBrown/freud/Division_of_Mind.html, Oct. 4, 1999:â 1-2.

The Most Important Metrics Used by Successful Bloggers

The Most Important Metrics Used by Successful Bloggers We often hear or read the phrase “blog metrics” being thrown around. The concept sounds so complicated that not everyone bothers to look deeper and fully understand what it is. However, serious bloggers cannot just ignore these blog metrics, not if they want to have a successful blog. © Shutterstock | Bakhtiar ZeinIn this article, we will discuss the 7 most important metrics for building a profitable blog.BLOGGING METRICSFirst off, what do we mean by blog or blogging metrics?The term “metrics” generally refers to any method of measuring something. It is also synonymously used to refer to the results that are obtained from the method or mode of measurement applied. When we say “blogging metrics”, we are referring to the methods (and the numbers obtained from the methods) of measurement to gauge the overall performance of a blog. In simpler terms, these metrics are indicators of the success of a blog.Bloggers greatly rely on these metrics to see whether they are on the right track, or how fast (or slow) they are moving towards the direction they are aiming for. Using these metrics, they can employ strategies to move things along or to do better. For the most successful bloggers, these blog metrics are closer than best friends.More than just figures or stats , blogging metrics play a more important role in blogging. Let us try to break them down.Blog metrics provide bloggers a clearer and better understanding of how each piece of content performs.Blog metrics lets bloggers be better “acquainted” with their audience, such as what interests them and what doesn’t.Blog metrics allows bloggers to perform quality control on their blog content.Blog metrics not only give you a clear picture of your blog’s overall performance, but also a look at its growth.METRICS THAT SUCCESSFUL BLOGGERS CARE ABOUTThere are a lot of metrics that measure blog performance, and we do mean A LOT. In fact, there’s just so many of them that they can practically drown you if you try to closely monitor all of them. Some bloggers monitor all of them, while others â€" most likely the successful ones â€" only pay attention to the metrics that “matter”. Let’s face it: some blogging metrics are more important than others, so why waste your time tracking all blogging metrics when you can just pay attention to those that actually say something about your blog performance?That is another one of the differences that separate the successful bloggers from the less successful ones. In the following discussion, we will do as the successful bloggers do, and that is to take a look at the relevant and important blogging metrics.#1 Page ViewsWhen a visitor goes to your blog, it will register one page view on your home page. If they click on, say, one blog post, that is another page view. If he likes what he is seeing, his interest will be high, and he is likely to click to go to other pages on your blog. That will certainly increase the number of page views for your blog. But let us break that down further.Number of views per page â€" You may be wondering which of the posts on your blog draws the highest amount of interest. You can determine that by looking at the number of views that each page gets. A travel blog may find that its posts on budget travel tips gets more views than content that talks about luxury cruises. That will be the blogger’s cue to come up with more content that pertains to budget travel because readers are more interested in the topic. This metric will clue you in on which pages or content gets the most interest and drives the most traffic.Number of pages per visit â€" In one visit, how many pages do your visitors view? If you notice that many of them view only one or two pages, it means that they most likely do not find your content to be interesting. Alternatively, your links could be in places where your visitors’ eyes do not go. It is a sign of having a good page layout and quality content if you are able to engage your visitors long enough to check out other pages in your blog. If you are sure that your content is high quality, you should try changing the positioning of the various elements on the various pages. Improving content and layout are two of the most important ways of improving your blog’s page views per visitor.#2 VisitorsThere is a general perception among new bloggers that the higher the number of visitors to their blogs is, the more successful it is. To a certain extent, this may be true. However, it is inconclusive, since you also have to take note of the kind or quality of visitors that you blog is getting. Once you are sure that you are attracting the right visitors to your blog, you can go ahead and analyze these metrics.Unique VisitorsThis lets you know the number of unique visitors, or actual people, to your blog. You will be informed on how many are actually seeing the content you put up on your blog. In Google Analytics, this metric is now simply referred to as “Users” so don’t get confused.High numbers indicate that you are going a good job and should keep at it. Low numbers mean you need to put in more work, particularly in promoting your content and your blog as a whole. The next steps you’d take should focus on increasing awareness of your blog.New and Returning VisitorsMetrics that show a high number of new visitors have a lot to do with your efforts to promote your blog and content. If the number is low, then you have to find better ways and avenues to promote your blog.Unfortunately, most bloggers are fixated on the number of people visiting their blogs so they promote it, in the hopes of attracting new visitors. In this instance, they run the risk of ignoring those who have already visited.Visitors or readers have a tendency to return to a blog that left a very good impression on them during their first visit. They tend to develop a loyalty for this blog, so that they keep returning to check out what new content it has to offer. If metrics show a high number or percentage of returning visitors, it means one thing: the quality of your content is high and they offer value, so they keep coming back. If the percentage is low, that means you have to take another look at the content that you offer and find ways to make it more appealing and offer more value. #3 TrafficIn the past, there seemed to be a general consensus among websites and blogs that “traffic is everything”. Traffic, in this context, refers to web traffic, or the amount of data that is sent and received by visitors to a website or a blog. We could also define it as the number of visitors to a website or blog, the number of web pages that they click, and the length of time or duration that a visitor views a page on the website or blog.But do not just stick on those numbers. You have to look beneath the surface in order for those numbers to make more sense.Traffic sourcesTraffic to your blog comes from various sources, and you have to be able to identify them in order to determine which source provides the most traffic, and which sources need to be worked on even more. Some of the most common traffic sources include:Search engines. You will find that one of the most common advices given to new bloggers is to increase their bl og’s search engine visibility. That is because search engines are the biggest sources of traffic. If you manage to consistently create content that ranks you high in search engine rankings, the chances are very high that more people will visit your blog. If you notice that there are only a few people who come by your blog through search engines, then you have to reconsider your content and how you create them. Maybe you should pay more attention to the use of keywords and terms that will be more search-engine-friendly. This is where search engine optimization tools come in very handy.Through direct visits. Direct traffic involves directly typing the URL of your blog on the address bar. These could be spurred by many different things. Perhaps the visitor happened to have heard about your blog on the television, or they read about it on an article in the newspaper. It could also be that the site came up in a conversation with a friend. Maybe they visited the site in the past and the name was memorable enough to stick in their minds. There are many things that could result in direct traffic on your blog.Referrals. This is no longer a new concept. What makes it different from direct traffic is that it is generated through visitors clicking a link to your blog from another website or blog. A very important information provided by this metric is the most effective referrer. What search engines, social media networks, websites, blogs, or listings are sending traffic over your way?Image searches. Humans are visual creatures by nature. They like a picture they see, they click to find out more about it. Which is why you have to make sure to make good use of photos in your blog. Successful bloggers also pay attention on how they tag the images that they use, using descriptive image file names and choosing the keywords carefully. This is because image searches on search engines are also using these file names as basis on what to return to every visitor’s image search. Other websites or blogs. If other sites or blogs puts up a link to your blog on their page, they are considered as referrers, effectively turning them into sources of traffic. This metric will also help bloggers, especially those who are just starting out, to build relationships and start their own networks in the blogging community. They will reach out to these sites or blogs that referred them, and go from there.Social networks or platforms. People who like a content in a blog are likely to share its URL on their personal social media accounts, such as on Facebook, Twitter, Instagram, Pinterest, or Reddit, to name a few. This will make the link to your blog visible to other people in their circles, and so they will click in order to visit your blog. That will certainly increase traffic to your blog through referrals. Low numbers in this category means you have to step up your game in the social media networks.Web directories or listings. If you list your blog in the relevant direc tories, then you are bound to expect some traffic through that channel. Business blogs, for example, make sure they are listed on YellowPages.com or Yelp.com, and visitors to that site will have more chances of stumbling on them when searching for specific services or goods.Traffic locationWhen starting your blog, you must have a target audience in mind, and you know where they are from. Take a look at where the visitors to your site are coming from. If, in the beginning, you only had one area or location in mind, you may notice that your visitors are also coming from other locations. That will make you arrange and rearrange your content creation strategy accordingly.Bounce rateYou also have to pay attention to the amount of traffic or number of visitors who click to your blog, and immediately leave right after they have arrived. It could be that your blog did not leave enough of an impression at first glance so they just clicked away.High bounce rates will urge you to rethink your blog’s layout and design, as well as the content and how you present them so that they will immediately catch one’s attention even at first glance. #4 Time on SiteIt is not enough to see how many views a page gets, or how many pages are viewed by visitors in each visit. You also have to consider the length of time or duration that is spent by the visitors on your blog. Take a look at the average time that a visitor stays in your blog.If it lasts just a few minutes, there is a chance that your content did not engage them enough. If they stayed for more than several minutes, that means they have spent a longer time reading many of the posts on your blog.#5 Inbound and Outbound LinksInbound links, also known as backlinks, are hyperlinks in another website that leads directly to your blog, while outbound links are links on your blog that will take those who click it someplace else, away from your blog.When measuring inbound links, you have to monitor the number of sites or blog that link into your blog. An example is when another site or blog liked the content on your blog and post a link on their pages, thus encouraging their audience to visit your blog. Of course, the number is not the only thing that matters. You will also be able to ascertain the quality of these sites that link back to you. Obviously, it bodes well for your blog if the inbound links come from influential or popular sites.In the case of outbound links, you might be confused. How can they help your blog if they will take them away from it? Believe it or not, outbound links are very helpful in improving your blog ranking and give it more authority. These outbound links will enable search engines to identify your blog under a specific niche. High clicks on outbound links on your blog indicates that you have inspired trust in your visitors; you “recommended” that link, so it must be worth checking out.[slideshare id=40366879doc=metricsslidesharev13i-141016141429-conversion-gate01w=640h=330 ]#6 Social interactions and Social Media MetricsIf a visitor likes what he saw or read on your blog, chances are high that he will be encouraged to interact with your blog, maybe even engage you â€" the blogger â€" in conversation. The amount of social interaction that your blog gets is also indicative of interest in your blog’s content.Comments. Some bloggers measure the success of a blog post in the number of comments it receives. Usually, there are certain types of blog posts that get the most comments in a blog. If you’re smart, you will keep creating that type of content in order to keep the level of interest high.Social media shares and clicks. We have mentioned earlier that happy visitors are those who will share your content on their social media accounts. This is another type of social interaction. Let us say, for example, that you tweeted about your content. Your followers on Twitter will check out the content and, if they liked it as well, they will also share it to t heir own followers through the Retweet button. Great content is highly likely to be shared the most, so take note of the type of content that gets these high percentages of interaction. If the rate is low, then you have to work harder to make sure your blog becomes more visible.#7 E-mail and RSS Feed StatisticsBlogs also have RSS feeds and set up email lists, created for the purpose of helping the blog build an online community or following. These metrics will also help you in creating and managing content. Two important metrics that you may want to pay attention to are the Number of Subscribes and Unsubscribes. How many sign-ups did your email list and RSS feed get? How many unsubscribed, and what is their reason for leaving your list?WHICH BLOGGING METRIC TO CHECK?Finally, let us try to answer the questions on most newbie bloggers’ minds: Why do some blogging metrics hold more weight than others? When is a blogging metric more important?At the end of the day, choosing which blog ging metrics are the most relevant and important will depend on what you want to achieve for your blog. While blogging, what do you care about? What is important to you? What do you want to achieve from blogging, or what do you foresee for the future of your blog?How do you define success in blogging?These questions apply whether you are maintaining a personal blog or a business blog. Once you have fully answered these questions, it will be easier for you to decide which among the blogging metrics discussed will be most relevant and important.

Chronic Obstructive Pulmonary Disease ( Copd ) - 1839 Words

Nursing Teaching Paper Synopsis All over the world, chronic obstructive pulmonary disease (COPD) is a very significant and prevalent cause of morbidity and mortality, and it is increasing with time (Hurd, 2000; Pauwels, 2000; Petty, 2000). Due to the factor of COPD being an underdiagnosed and undertreated disease, the epidemiology (Pauwels, Rabe, 2004) is about 60 to 85 % with mild or moderate COPD remaining undiagnosed (Miravitlles et al., 2009; Hvidsten et al., 2010). The risk factors of COPD include genetic factors as well as environmental causes. The chief risk factor for COPD is smoking; which also includes people exposed to enormous amounts of secondhand smoke. However, there are certainly other causes that can increase the risk of a person developing the disease such as dust and chemicals. Long term exposure to their fumes, vapors or particles can also cause the swelling of lungs (Eisner et al., 2010). My patients demographic was an older, Caucasian women, who had a 10th grade education. She had a rough up bringing which led to her turning to substances abuse to help with the difficulties. She started smoking cigarettes as well as marijuana at the age of 15. Ever since she found out the she has COPD, she has quit smoking and being corporative with learning how to cope with it. The main characterizing feature of Chronic obstructive pulmonary disease is that there is limitation of airflow because the smoke of cigarette directly damages the epithelial cells of theShow MoreRelatedChronic Obstructive Pulmonary Disease ( Copd ) Essay1722 Words   |  7 PagesChronic obstructive pulmonary disease (COPD) is a group of gradual, incapacitating respiratory conditions, which include emphysema and chronic bronchitis. It is generally characterized by reduced breathing capacity, airflow restriction in the lungs, a persistent cough, and other various symptoms. 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Chronic Obstructive Pulmonary Disease occurs in other countries instead of just the United States. It is increasing rapidly and therapies currently do not alter the disease (Gross â€Å"Abstract†). Chronic Obstructive Pulmonary Disease can be caused by smoking, environmental factors and or geneticRead MoreChronic Obstructive Pulmonary Disease ( Copd ) Essay2079 Words   |  9 PagesIntroduction The topic is Chronic Obstructive Pulmonary Disease (COPD). It is an umbrella term used for respiratory disorders such as chronic asthma, chronic bronchitis and emphysema. It is a serious condition that restricts airflow to the lungs and is not fully reversible. It is a major cause of morbidity and mortality in Australia. More than 1 in 20 Australians over 55 have COPD and is also the fifth leading cause of death. There is also a rate of 1,008 per 100,000 of the population aged 55 andRead MoreChronic Obstructive Pulmonary Disease ( Copd )1098 Words   |  5 Pagesprovided; the three differential diagnosis that are being considered include; chronic obstructive pulmonary disease (COPD), bronchitis and community acquired pneumonia (CAP) (Papadakis, McPhee, Rabow, 2015). COPD Symptoms of COPD often begin in middle age and is commonly caused by years of smoking. COPD is progressive, irreversible and made up of chronic bronchitis and emphysema (Goolsby Grubbs, 2011). Symptoms include; chronic productive cough for three consecutive months each year for 2 sequentialRead MoreChronic Obstructive Pulmonary Disease ( Copd )907 Words   |  4 PagesMatt McGuire Dr. Wilson 25 November 2014 Chronic Bronchitis Chronic obstructive pulmonary disease (COPD) affects an estimated 24 million individuals in the United States, where half of these people do not even know they have it (COPD Foundation 2014). COPD governs a deluge of ailments including: emphysema, refractory asthma, some forms of bronchiectasis, and the very prevalent chronic bronchitis. Chronic Bronchitis is a long-term pulmonary disease where there is a problem in the airway of the lungs

Privacy concerns with social networking services - 1656 Words

Privacy concerns with social networking services Social networking sites vary in the levels of privacy offered. For some social networking sites like Facebook, providing real names and other personal information is encouraged by the site(onto a page known as a ‘Profile‘). These information usually consist of birth date, current address, and telephone number(s). Some sites also allow users to provide more information about themselves such as interests, hobbies, favorite books or films, and even relationship status. However, there are other social network sites, such as Match.com, where most people prefer to be anonymous. Thus, linking users to their real identity can sometimes be rather difficult. Nevertheless, individuals can†¦show more content†¦A study of Facebook profiles from students at Carnegie Mellon University revealed that about 800 profiles included current resident and at least two classes being studied, theoretically allowing viewers to know the precise location of individuals at specific times.[4] AOL attracted controversy over its instant messenger AIM which permits users to add ‘buddies’ without their knowing, and therefore track when a user is online.[4] Concerns have also been raised over the relative ease for people to read private messages or e-mails on social networking sites.[13] Unintentional fame[edit] Privacy concerns have also been raised over a number of high profile incidents which can be considered embarrassing for users. Various internet memes have been started on social networking sites, or been used as a means towards their spread across the internet. 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Social media is one of the greatest business gifts of our generation and theRead MoreEthics in Technology Essay1555 Words   |  7 PagesDifferent forms of computer technology provide unique functionalities that allow people to perform daily activities effectively and efficiently. In modern society, we use computer and cyber technology to communicate with friends and family via social networking sites, participate in business transactions, and get current news. Different tasks require unique technological feature in computer technology to function properly. Although, unique technological features increase people’s proficiency in accomplishing

Spontaneous Consumer Free Essays

The impacts on ’Spontaneous Consumer’ have resulted in the trend on Auckland Theatre Company. Impacts such as raising demands in the sales of tickets at the last minute. As inferred from the case study, â€Å"on average, 25-30 per cent of a season is booked in advance by subscribes. We will write a custom essay sample on Spontaneous Consumer or any similar topic only for you Order Now This may create loss of sales revenue from the particular group of ‘Spontaneous Consumers’. However, Auckland Theatre Company may extend their registration dates to cater to this particular group’s needs. Extended registration dates such as having two sessions. First session registration dates to be launch earlier in the month, second session registration dates to be launch end of the month to cater to busy consumer who are not able to make it for the first launch dates. Other impacts such as disputes consumers may derive from ‘the spontaneous consumers. ‘ The inability to purchase a ticket to the play due last minute decision may result in poor customer experiences and thus poor customer retention. As inferred from the case study, â€Å"Part of the reason for the success of Auckland Theatre Company lies in the company’s ability to recognize and address the safety, social, ego and self-actualization of the consumers. The inability to purchase a ticket to the play due last minute decision may also result in the lack of ego needs toward consumers. In addition to minimize the negative impacts on Auckland Theatre Company. Auckland Theatre Company can accommodate to this particular group of ‘spontaneous consumer’ by using the power of marketing strategic to enhance attractive promotion such as ‘ early bird promotion’ to attract spontaneous consumers to purchase their tickets in an earlier timings. This may help to increase the impulse of spontaneous consumers and influence their buying decision through marketing strategic and also help generate revenues for their company. How to cite Spontaneous Consumer, Papers

Quantitative, Qualitative and Mixed Methods free essay sample

Assignment Denise Brown Walden University Application 1 Assignment Qualitative method is one of three methods of conducting research. According to Creswell (2009). Creswell (2009) additionally shares collecting data to analyze and interpret behavior is significantly different from quantitative method due to purposeful sampling. In this process open-ended data is observed unlike the traditional process in quantitative method. Qualitative method is more of hands on inquiry going directly to the scene of where the problem occurs. Speaking directly to the participants is required in the qualitative process. Creswell (2009) states that the process of qualitative research is put together from the bottom up when organizing back and forth resources using different databases that ignite ideas to themes. To begin research there is a question that needs to be answered regarding a problem that has to be solved. An example sample question is there a grieving process that women who recently miscarried go through? Speaking to women who have endured this experience best captures the research. We will write a custom essay sample on Quantitative, Qualitative and Mixed Methods or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Open-ended questions allow for concepts to be expressed while sharing the experience. The assumption that a woman would be much more comfortable in a small group setting or singularly interviewed could result in data that would lead to learning the meaning behind experiencing such an ordeal. Qualitative method proves to be the better method for studying this experience for the shift in process will bring about thoughts that can occur from a in person interview. Quantitative method utilizes surveys and case study data. Extensive testing is involved in the process of this method. The use of statistical data proves valuable regarding the repetitiveness of what happens the more an experience occurs that can be shared among many different groups of people. Creswell (2009) asserts specific types of experiment are pre-experimental, quasi-experimental, true experimental or single-subject design. Morley (2012) reviewed an article of five different doctors of five different disciplines all using qualitative analysis. The disciplines are phenomenological psychology, grounded theory, discourse analysis, narrative research, and intuitive inquiry. Combing the different disciplines offers more angles for hypothesis testing. Another research question is what factors predict good marital communication? Quantitative method was used for this problem because marital communication data can be acquired by case studies, focus groups that lead to generalizations that are conclusive regarding communication. The result of this method is to aide the researcher with large sample sizes of data. Exploring this question can be done with inductive reasoning. Marriage is a social phenomenon that can be studied in advance of themes being discovered. Additionally, some forms of this research can be case studies, and ethnographies.

CapitalPunishment essays

CapitalPunishment essays The murderer and rapist of an eight-year-old girl was sentenced to death and then released after an appeal case only to commit nearly the exact some crime again. Is this justice? Why was it so easy for this menace to society to go out and rape and kill again? This is but one of the many tragic stories that have occurred over the last 50 years. Those sentenced to death row rarely ever make it to the electric chair or gas chamber. The question is why and how. Why do we let these crimes occur over and over again? How can we make them stop? The answer is to make our system, namely capital punishment, more effective. Capital punishment is one of the oldest institutions in our country and is still in existence today. It has not only been used here in America but around the world for many centuries. There is even biblical reference to the death penalty. However debates have arisen on whether or not capital punishment is actually effective. The death penalty is very controversial in the US. And some states have even outlawed it. Capital punishment could and would be a highly effective form of punishment if the government would be more consistent in its use. Capital punishment is defined as the execution by the state of those who have committed a crime. Methods of execution include the electric chair, lethal injection, and the gas chamber. Each of these methods are designed so that no pain is felt. The convict is killed almost immediately and feels nothing. However, the death penalty is still highly controversial and remains a source of argument among American's today. Some say it is cruel and inhuman, however over 60% of the American population believe in the implementation of the death penalty in our court's judicial system. They feel the act of execution of a criminal is ok. If the execution of a guilty capital murderer deters the murder of an innocent life, the execution is just ...

Famous Scarface Movie Quotes

Famous Scarface Movie Quotes Quotes from the 1983 film Scarface are by far some of the most popular movie quotes. Devout fans of the legendary gangster film  will always rate  quotes by the infamous protagonist, Tony Montana, as the best among the movie quotes category. How many of them do you know offhand? Test your memory skills with this collection of the best of Scarface quotes. I always tell the truth. Even when I lie.Every day above ground is a good day.In this country, you gotta make the money first. Then when you get the money, you get the power. Then when you get the power, then you get the women.Tony Montana: Me, I want whats coming to me.Manny: Oh, well... whats coming to you?Tony Montana: The world, Chico, and everything in it.You wanna waste my time? Okay. I call my lawyer. Hes the best lawyer in Miami. Hes such a good lawyer, that by tomorrow morning, you gonna be working in Alaska. So dress warm.Why dont you try stickin jou head up jour ass – see if it fits.Say goodnight to the bad guy.Dat chick hes with   she like me.I like you, Tony. Theres no lying in you.Amigo, the only thing in this world that gives orders is balls. Balls. You got that?So you wanna dance, Frank, or do you wanna sit here and have a heart attack?I got ears, ya know. I hear things.

Written Assignment 2 Term Paper Example | Topics and Well Written Essays - 750 words

Written Assignment 2 - Term Paper Example More to this, the recruitment process does not allow for the integration of diverse skills as the organization considers employees from only two sources. Allowing managers to set their own interview questions introduces bias in the interview process, because the questions may not reflect the overall goals of the organization. The human resourced department also gets many interruptions from the other departments. The president, for example, influences the recruitment process, and managers dictate the payment terms of a number of employees. One of the major concerns in this company pertains to the recruitment of staff from two main sources. Given that one of the sources relate to the President’s former University, handling the issue may be a challenge, due to the involvement of top management in the recruitment process. Therefore, the director may be compelled to face the president intent on changing the unhealthy recruitment process. This practice inhibits diversity of the organization as it concentrates on two types of employees who have the same orientation, thus hindering creativity and innovation in the organization (Shaheen, 2010). Creativity and innovation in an organization boosts the competitiveness of an organization. Consequently, absence of such aspects in the organization may hinder the organization from reaching its potential. The second issue facing this company relates to the way employees get rewarded. Managers determine the compensation of some employees, without considering their education, experience, as well as geographic region. This results in imbalances in the reward system, which may hinder the morale of the workers when they compare their salaries with that of their peers (â€Å"Vanderbilt University†, 2014). Managers cause this problem by discriminating among employees. They favor a number of the employees at the expense of the others, which leads to internal inequity in the

Asthma and nitric oxide Essay Example | Topics and Well Written Essays - 1750 words

Asthma and nitric oxide - Essay Example The European Respiratory Society has indicated its conviction in the method that it has already published guidelines to standardize analysis, diagnosis and reference levels in using nitric oxide as part of respiratory treatment (Buchwald, 2005). In the United States alone, 6% those aged below 12 have been diagnosed with asthma and as high as 40% in urban areas. This reflects a 75% from data gather in the 1980's a trend that is reflected globally (World Health Organization [WHO], 2005). Nitric oxide is a highly reactive, prevalent gas in human chemical activity. It can be found in neurons as n NOS or NOS1, in macrophages as iNOS or NOS-2, and in endothelial cells as eNOS or NOS-3 (Bor-Kucukatay, 2005). Nitric oxide is cellularly synthesized by the enzyme nitric oxide sythases denoted by NOS from arginine, molecular oxygen and NADPH. Nitric oxide interacts rapidly molecularly and disperses through cell membranes acting in a paracinic or autocrinic behavior1. Endogenous nitric oxide is a product of L-argining amino acid and NOS. All three isofrms, NOS or NOS1, iNOS or NOS-2, eNOS or NOS-3 are found in the respiratory tract functioning a part in vascular and airway smooth muscle tone, inflammatory respiratory response, ciliary action and in eliminating bacteria, viruses and mycobacteria in the respiratory tracts (Smith et al, 2004). Through connecting throu... Mechanism and Metabolism Through connecting through a metal ion in the cell's protein or through cystine or other S atoms, nitric oxide causes allosteric change in the cell's protein. An example of this reaction is nitric oxide directed at the protein guanylyl cyclase which then creates the second messenger cyclic GMP (cGMP). The body produces oar manufactures nitric oxide to fight bacteria. TH 1cells as part of inflammatory response mechanisms secrete nitric oxide to attach bacterial macrophages or by the production of nitric oxide by through the conversion of nitrates found in food into nitrites (Maddox & Schwartz, 2002). Reaction with super oxide anions the result to the formation peroxynitrite2 (ONOO-) which can lead to break up of DNA and oxidation action in lipids. This can lead to nitric oxide toxicity. Peroxynitrite causes mitochondrial respiratory chain (I-IV) and manganese super oxide dismutase (MnSOD) to generate suroxide anions and hydrogen peroxide, both of which can cause fatal cell damage ("Nitric Oxide Metabolism", 2006). Figure 1 illustrates nitric oxide actions in the body. Functions Nitric oxide serves various functions in the human body. It can act as a catalyst for reactions to microbial attacks, as a messenger or inhibitor among others. It functions significantly in the circulatory and nervous system influencing blood flow, oxygenation of red blood cell and neural messaging (Maddox & Schwartz, 2002). The following are the functions of nitric oxide physiologically ("Nitric Oxide", 2006): Blood Flow Diffusion of nitric oxide into smooth muscle cells allowing for the efficient flow of blood as endothelial cells release nitric oxide at every systole

Mothers in William Shakespeares The Tempest Essay -- William shakespe

Mothers in William Shakespeare's The Tempest Although Miranda’s mother and Sycorax never actually appear in The Tempest, their memories occupy a precarious position in Prospero’s will to power. Prospero invokes the memory of Miranda’s mother to legitimize his lineage, yet feels threatened by the control she exerts over it. His narration deftly erases his wife’s presence from Miranda’s memory, rendering him the sole purveyor of his daughter’s imagination. Prospero employs a discourse which affirms maternal authority through the denial of female sexuality. He negates the legitimacy of Sycorax’s matriarchy by constructing Sycorax as not only an evil witch, but also an unchaste mother. Such a discourse opposes Caliban’s claim to the island while justifying Prospero’s usurpation of power. Although Miranda recalls having four or five female attendants, she has no memory of a mother. Indeed, Prospero alludes to his wife only once during his recount of the events which forced him from Milan to the island: Prospero: Twelve years since, Miranda, twelve years since, Thy father was the Duke of Milan, and, A prince of power – Miranda: Sir, are not you my father? Prospero: The mother was a piece of virtue, and She said thou wast my daughter; and thy father Was Duke of Milan, and his only heir and princess no worse issued. (1:2:52-58) Miranda’s unwitting question provokes a strange response from Prospero. He admits to relying on his wife’s word that Miranda is his daughter. In doing so, he reveals his alienation from Miranda’s birth and the possibility of illegitimacy. Miranda’s mother’s power to bear children exerts a threatening cont... ...ief invocation of Miranda’s mother asserts the purity of his lineage, yet also divides Prospero’s parental authority. In suppressing his wife’s presence, Prospero emerges as Miranda’s sole guardian, fashioning his daughter into his most prized possession. Prospero constructs Sycorax as an unchaste witch (foiling his construction of his own wife) in order to enslave Caliban and prevent him from polluting Miranda’s body. Although Prospero overpowers Caliban with magic that is unrivalled in Sycorax’s absence, he cannot silence Caliban’s claim to the island via a matriarchal lineage. His rhetoric literally bastardizes Sycorax’s dynasty, but is not convincing enough to remove the shadow of doubt cast by Caliban’s matriarchal discourse. Sycorax’s memory emerges as point of contention, compelling readers to question Prospero’s narrative, and thus his claim to power.

Brand Naming: Kraft Foods’ ‘Isnack 2.O’ Controversy in Australia

Australia; Consumer packaged goods Abstract: This case is about Kraft Foods Inc's decision to launch a breakfast spread with the name ‘iSnack 2. 0' in Australia, and the controversy that followed which forced the company to withdraw the brand name. The company had decided to give the name ‘iSnack 2. 0' to a new version of the Australian food icon – Vegemite – in September 2009. While the company felt that the name it had arrived at after conducting an on-line brand naming contest would appeal to the generation Y segment who were using popular products such as the iPod and the iPhone, the target segment rejected the name outright and there was a huge backlash against the company. Marketing and branding experts were divided in their reactions to Kraft's branding exercise. While some experts felt that this was a genuine misjudgment on the part of the company, others felt that it was a clever marketing ploy to raise awareness about its new product. While the debate on this issue raged on, experts were almost unanimous in their view that this episode would not only be remembered as a horrible example in the history of branding, but would also serve as a valuable lesson in branding strategy for all marketers. The case will help students to: (1) understand the issues and challenges in naming a brand (new brand, brand extension, rebranding); (2) analyze the effectiveness of crowd sourcing in branding decisions; (3) appreciate the importance of marketing research in branding decisions; (4) analyze the pros and cons of using social media as a marketing tool to generate publicity for a product; (5) understand why the target segment rejected the brand name ‘iSnack 2. ‘ for the brand extension of the iconic Vegemite brand; (6) discuss and debate whether Kraft's decision was a deliberate attempt to create controversy to create awareness for its new product and the related ethical issues; and (7) explore ways in which Kraft could have made the branding campaign more effective and also explore branding strategies that Kraft's marketing team can adopt in the future. This case is meant for MBA / MS students as part of the brand management / consumer behavior/ marketing communications curriculum. The teaching note includes the abstract, teaching objectives and methodology, assignment questions, feedback of the case discussion, and additional readings and references. It does not contain an analysis of the case.

Analysis Of The Estrangement By Jamaica Kincaid, My Speech...

One’s judgement of others is a commonality amongst all people; however, to admit one is wrong about one’s perceptions is infrequent. In both essays, â€Å"The Estrangement† by Jamaica Kincaid, and â€Å"My Speech at West Point† by Marjane Satrapi in the book The Writer’s Presence, the writers make comment on their life experiences particularly about their bad judgment of others and the impact that has had on them. Kincaid’s essay is about the rough relationship she had with her mother and how her criticism of her changed after her experience as a mother. Similarly, Satrapi writes about the point in her life she began learning one she realizes that the view she had of the people in her country was wrong during her time at West Point. Both provide†¦show more content†¦Nevertheless, she accepts her mistake and learns from her experience by acknowledging it, â€Å"I don’t know anything† (Kincaid 249). Ultimately, Satrapi co nveys that there not only needs to be progress in her country, but in her thinking as well. This brings to light how the only way to diminish social issues, our opinions need to be altered. Likewise, Kincaid wrongly judges her mother. In her essay, â€Å"The Estrangement’† she tells that she stopped talking to her mother after she spoke unkindly about her in a conversation they had through the phone. She describes her mother as a person that was seen as nice by others, but not by her nor her younger siblings. She asserts that her mother, â€Å"said horrible things to us more often than not† and that the nice person everyone saw in her â€Å"was not at all known to us† (Kincaid 170). In other words, her mother was unaffectionate to them. A statement she makes evident when she tells about the time his step-father was buried next to her mother and her uncertainty of whether he would have liked that based on her and her siblings preferences. She claims, â€Å"we would rather be dead than spend eternity lying next to her† (Kincaid 170). In other terms, they despised her mother for the treatment she gave them. However, later in the text, the re is a shift in tone: from hate to acknowledgement and love. Her perception of her mother changes after she realizes how

The Tragedy Of Macbeth By William Shakespeare - 972 Words

In the Tragedy of Macbeth, William Shakespeare utilizes a series of themes through the behaviors of many different characters. Some themes seen more clearly throughout the play are those of monarchy, tyranny, and gender. Perhaps the most prominent theme in the whole play is that of the â€Å"unsexing† of Lacy Macbeth’s character. Lady Macbeth wants to act in such a way that is not connected to her gender; we see this and how it relates to the plot and her part in both the rising action and climax in the book. Lady Macbeth tries very hard to unsex herself and yet in the end, she becomes the epitome of what women were seen as, weak and at fault. Shakespeare writes Lady Macbeth’s character so that she is to blame for many things that happen and never once does the reader feel remorse for her fate because of what she has done in the past. Lady Macbeth is the wife of Macbeth and the only woman character who plays a part in the plot of the play. In the beginning of the play the reader sees her as a cunning woman who, in her ambition, pushes Macbeth to kill King Duncan after she finds out of the prophecy. She urges Macbeth to kill King Duncan and when Macbeth shows hesitation she tells him â€Å"I have given suck and know How tender ’tis to love the babe that milks me: I would, while it was smiling in my face, Have plucked the nipple from his boneless gums , And dashed his brains out, had I so sworn as you Have done this (1.7. 55-57).† Here we see Lady Macbeth use her gender, her ability toShow MoreRelatedThe Tragedy Of Macbeth By William Shakespeare1205 Words   |  5 PagesThe first tragic story created in ancient Greece. Tragedies were written as a form of catharsis or purgation of emotions. In these types of plays, the audience finds characters in which they can relate to which is a tragic hero. The tr agic hero creates his own failures based upon their own actions and produces a detrimental fate for himself. The process of the protagonist’s fall is based upon the tragic structure. The structure of a tragedy consists of the exposition, exciting force, hamartia, theRead MoreThe Tragedy Of Macbeth By William Shakespeare892 Words   |  4 Pages‘The Tragedy of Macbeth’, written between 1599 and 1606 by William Shakespeare, has been reinterpreted in the 2010 film ‘Macbeth’. The 2010 film successfully takes its own reading of Shakespeare s play; by changing the setting, the director, Rupert Goold, effectively conveys many of the key themes and issues found in the original text. Whilst transforming some on the underlying meanings to correspond to the alternative readings contemporary audiences might take from Shakespeare s Macbeth. The objectiveRead MoreThe Tragedy Of Macbeth By William Shakespeare1724 Words   |  7 PagesAs humans we are attracted to tragedy in our everyday lives. For the horror, understanding and contemplation of human nature what else can offer a better summary than Shakespeare? In the play the Tragedy of Macbeth by William Shakespeare the story progresses through the vision of the protagonist, Macbeth. Throughout the story Macbeth aspires to obtain more power than his original position, as sergeant, provides. With many dastardly deeds he achieves the position of king, although he becomes a tyrantRead MoreThe Tragedy Of Macbeth By William Shakespeare1023 Words   |  5 PagesWilliam Shakespeare is one the greatest writer of all time. Writing hundreds of books and scripts, Shakespeare founded his most success in his plays in the 1589-1613. One of his most popular plays is the Tragedy of Macbeth. The Tragedy of Macbeth was a turn from glory to tragedy. A story of a true tragic hero. Macbeth is a brave soldier in a war for Scotland. A tale of a great soilder that was highly praise in his kingdom turn to a tr agic murderous sinful king. Macbeth kill his friends and hisRead MoreThe Tragedy Of Macbeth By William Shakespeare1497 Words   |  6 PagesPractise Essay William Shakespeare effectively explores and follows the framework of the tragedy, Macbeth; a tale of systematic suffering, which foreshadows and imminently leads to the death of a great man. Essentially, it is Macbeth’s flaw – his growing ambition – which leads to these harsh repercussions. Shakespeare demonstrates his tragedy, through Aristotle’s elements and definition of tragedy, which ultimately concerns the reversal of good fortune to bad. In â€Å"Macbeth†, ambition conspires withRead MoreThe Tragedy Of Macbeth By William Shakespeare1090 Words   |  5 PagesThe Tragedy of Macbeth Literary Analysis In the play The Tragedy of Macbeth, William Shakespeare uses satire as tone and irony as points of view to portray Macbeth’s unfortunately placed ambition and the manipulation that is used on him. His ambition to gain a higher status as king ends with consequences to himself and the others in his path. Shakespeare adds dramatic irony, verbal irony, and situational irony to keep the readers at the edge of their seats as well as engaged in each lie and mishapRead MoreThe Tragedy Of Macbeth By William Shakespeare739 Words   |  3 PagesIn William Shakespeare’s play, The Tragedy of Macbeth, the Death of King Duncan of Scotland occurred at Thane Macbeth’s castle, Inverness, at around four in the morning in about the year 1300. Before the murder, Macbeth imagined seeing a bloody dagger floating before him, making it appear as if he was not totally sane. The reason the murder happened was because Macbeth had met three witches in the woods that prophesized to him that he would become king of Scotland. Afterwards, Macbeth sent a letterRead MoreThe Tragedy Of Macbeth By William Shakespeare1052 Words   |  5 PagesEnglish II 2 October, 2015 â€Å"Tragedy† of Macbeth Macbeth, a play written by one of the most influential English writers of all time William Shakespeare. It was created to be a Shakespearean tragedy. A tragedy as Aristotle defines it as: â€Å"Tragedy, then, is an imitation of an action that is serious, complete, and of a certain magnitude †¦. through pity and fear effecting the proper purgation of these emotions† (Aristotle: Poetics). What this is saying for a tragedy is that it should have the audienceRead MoreThe Tragedy Of Macbeth By William Shakespeare1582 Words   |  7 Pagesto you and told you would be king would you trust them? Macbeth did and ultimately it led to his tragic demise. The tragedy of Macbeth was written by famous poet William Shakespeare in the earl sixteen hundredth. The play dramatizes the destructive physical and mental effects of radical ambition for people who seek authority for the benefit of an individual. Macbeth’s theme of ambition, lust for power, faith, and gullibility makes Macbeth his own antagonist, which is directly correlated to his deathRead MoreThe Tragedy Of Macbeth By William Shakespeare1290 Words   |  6 Pagesdetrimentally. This is evident in the play, The Tragedy of Macbeth, written by William Shakespeare through Macbeth’s interpretation of the witches’ prophecies, perception of the security of his throne, and interpretation of what his life has become. First, Macbeth’s interpretation of the witches’ prophecies became the principle of his actions that caused for his identity to descent. To begin with, the three weird sisters presented Macbeth with three prophecies where the first two, Thane

The Slavery Of America And America - 1168 Words

In 1619, there was a Dutch ship that arrived in America to trade for food. But instead of an object, such as silk or wine, they were trading humans. These humans were Africans who were not treated as normal human beings, but as if they were just an object or animal. On their voyage over to America, all the slaves were crammed into the lower part of the ship. They were forbidden to move and had to remain lying down for the entire voyage. For those on the ship to be sure the slaves were not causing any trouble, the men on the ship had put chains on the large group of slaves or indentured servants, historians are unsure. If anyone had become ill on the journey, no one cared and they went would be sent overboard. Due to all of the†¦show more content†¦Before 1665, slavery was accepted. Slavery had previously existed in Africa as well as China, Egypt, and Greece. The enslaving of people was not as common as slavery, but it had been happening in South and Central America, as well as Mexico and the Caribbean. Because slavery had existed as well as enslaving people, those being enslaved were starting to rebel. The first recorded rebellion in America was in Gloucester, County, VA in 1663. Rebellions had already been happening in other countries. Abraham Lincoln gave a speech and he as usual used an anecdote to support his main idea. His speech was about slavery. His anecdote was about two priests, who were discussing some passages from the bible and one of the priests put a coin on the table because the coin was reiterating what the bible said. This was a warning to many people. The southern people had been living their life to make sure there was going to be slavery and some in the north did the same. Centuries later, slavery was all around, just as they hoped, but many slaves were not happy and began to protest. This lead to many rebellions. Between the years 1619 and 1865 there were over two hundred and fifty rebellions. The first recorded rebellion in British North America was in Gloucester County, Virginia, 1663. It was led by slaves and servants, who decided to flee to the woods. Because they

Finance Free Essays

Task 1. 1: 1. There are some key trends which may have infections to Elecdyne during the next 5 years, those factor are shown as follow: †¢Globalization in all industry may become a very important trend to the company. We will write a custom essay sample on Finance or any similar topic only for you Order Now Because all of the top management team have learnt English, and several of them have studied abroad, that may lead an opening change from the top to the bottom, from minds to actions. †¢Trade with more and more Asia countries may become a popular tendency to Elecdyne because most of the countries have the cheapest labour and material so that they can produce the products in a very low price. The change of customer needs will also be an important factor which means the different demands in different period may determine the development direction of Elecdyne. †¢With the development of technology and the society, more and more hi-tech methods of marketing such as on-line shopping or e-trade will play an important role in the business between Elecdyne and other companies. 2. I will choose a STEEP table as the best tool for analysis of the Elecdyne situation because the table may contain more information than the map and it is clearer in each section. That may be easier for the Elecdyne to make an analysis to their risk and make an improvement in each part. 3. The STEEP table Social trends: ?For their Old rivals who are already know the strategy of Elecdyne may have some influence on their future plan. There are another pressure of those new-growth enterprise and also have some competition to Elecdyne. That because the increase sense in greenness of consumers may be a big challenge. ?The increasing of variety demands may lead the company adjust their principle of management. In order to ensure customers are satisfactory on their services. And retain their old customers and explore more potential consumers. ?Nowadays, mass media are playing an important role in every field. Either a positive news or negative news can have a big effect on the confidence of the customers. Technological trends: ?Whether the internal department of company can have enough new technical to improve the old products. ?The crash from high technology to the old products so that the old products will be weeded out. There are more and more copy products appear on the market, the company should try their best to maintain their patent right. Economic trends: ?There is a Steady recession of economic lead the cost of product is increasing. That may cause the staffs of the company are unemployed. The company should also make sure the Capital chain can be normally operation. ?Use the lowest cost of the product such as cheap labour from Asia countries so that can make the profit as much as possible. Be certain on the recovery time of economic in order to grasp the opportunity to lead the enterprise to the peak Ecological trends: ?Protecting the ecological can establish good company image ? Nowadays more and more people pay attention to the environmentally-friendly society and green products. ?There are stricter and stricter to the regulation of institutions. ?Renewable energies and new raw materials are becoming more and more popular among the companies which may means more ecological they are, more profit they can earn. Political trends: Whether the government will support the company and the tax of the company is increase or reduce ? The tread barrier can be influence whether the company can have a global business with the world companies. ?Whether the nationality of the company is the member of some trade organizations. That may also be a key factor to affect the trade of the company. Sources: ?Infed: globalization http://www. infed. org/biblio/globalization. htm ? MBA Boost STEEP: Analysis Tool http://www. mbaboost. com/content/177/ ?Contact-bg: STEEP Table http://contact-bg. wikispaces. com/STEEP+Table How to cite Finance, Essay examples Finance Free Essays FINANCE 2 ASSINGMENT 2011-2012 Nikesh Hindocha (10044607) Part A. Introduction As part of my assignment, I have been asked to discuss the following statement â€Å"Mergers and acquisitions can be value destroyers or value creators†. A merger can be defined as when two equal businesses in terms of profit margin and status, combine in order to become one legal entity. We will write a custom essay sample on Finance or any similar topic only for you Order Now Initially, the fundamental reason for this merge is to produce a company that is worth more than the sum of its parts. An acquisition is where one company acquires a controlling interest in another company. The combination of these unequal companies can produce the same or even more benefits as a merger would. In different cases, these mergers and acquisitions are either considered as the creator of value or the destroyer of value or even possibly both. A company that is considered as a value creator is carrying out their primary value-adding activities in the right manner. In contrast, a company that is seen as a value destroyer does the complete opposite meaning that the company is less appealing to employees, customers and potential investors. Value Creation Mergers and acquisitions are formed in the hope that they will create value and there is a vast amount of reasoning on why they have been introduced. Businesses will try and create value for the company, shareholders, customers and employees. The present value of all performance enhancements attributable to management change would result in the increase in value from just by managing the assets more efficiently (Damodaran, 2005). Horizontal and Vertical Integration of Mergers and Acquisitions Mergers that are of a large scale may have been introduced in order to occupy a large share of the market, whereas acquisitions may have been formed in order to eliminate the competition. The mobile phone group of the recent merge between t mobile UK and orange UK could be potentially the biggest value creating company of all time. There aim is to take advantage of the fact that their products are related so that they can build of each other and therefore create profit and value for the customer (synergy) i. . customers will be able to use either network of t mobile and orange. Tom Alexander, CEO of Everything Everywhere – the company that runs Orange and  T-Mobile – said: ‘This is the beginning of an ambitious plan to give our customers instant access to whatever they want, wherever they are – instant access to everything everywhere. This form of merging is regarded as horizontal integration , where growth is achieved through mergers and acquisitions offering similar products and services. However, the size of the mergers determines the effect it imposes on the market. In the case of the merge between Morrisons and Safeway, the market as a whole was affected, whereas two companies of a smaller size wouldn’t have as big of an impact. Another form of merging is called vertical integration. Vertical integration acquires businesses in the same industry but at different stages of the supply chain. The benefit of vertical integration involves the ability to secure supplies and future orders. An example of vertical integration is the acquisition of Amstrad from BSkyB, which in turn led to a reduction in costs of its supply chain. Sir Alan Sugar said- â€Å"I cannot imagine a better home for the Amstrad business and its talented people. Our companies share the entrepreneurial spirit of bringing innovation to the largest number of customers†. This implies that the merger is creating value towards the employees, because employees who have an in depth understanding of the business can interact there knowledge with their colleagues. The merge will also add value towards customers due to the business providing improved efficiency and the introduction of innovation. Value creation of Shareholders Managers need to exercise various strategic approaches in order to create shareholder value or to increase it. The prices at which goods and services can be sold, the risks inherent in the business and the level of required investments are used to measure shareholders wealth. â€Å"Building profitable businesses creates value. The board of directors and management’s primary responsibility is to increase company value and shareholder wealth. Shareholders invest in businesses seeking a significant return on their investment. They expect the reward to be appropriate for the business and financial risks of an unsure future. â€Å"Article: The Key to Creating Shareholder Value Knowledge Begins with Simple â€Å"Cigar Box† Accounting†)[2. ]. The strategies and approaches employed by the company will help determine if the business has created value for the shareholder. In the case of Cadbury Schweppes, where the significant aim was to increase shareholder value, their primary aim is to focus on growth markets, improving brands and innovation in order to gain their objectives. (Source- annual report, 2000 Cadbury Schweppes) Value Destroyers Even though the fundamental objective for mergers and acquisitions is to create value, there may be factors involved that cause the value to be destroyed. It is believed that the prime component of why acquisitions fail is due to the fact that they paid too much to control it, which in turn leaves them with huge debts. The buyer may find that the premium they paid for the acquired company’s shares (the so-called â€Å"winner’s curse†) wipes out any gains made from the acquisition (Henry 2002). The differences in corporate culture play a substantial role in the M;A destroying value because each company may heavily depend on how they individually strategically run their businesses. Employees from one company may not feel to contribute or share their ideas with the employees with the other merged company therefore causing disruption and eventual failure of the M;A (merger and acquisition) (Appelbaum et al 2000). This could be reflected in the case of Kraft taking over Cadbury’s, as the employees and customers of Cadbury’s felt that their own ownership history of their products and corporate background of brands is exceedingly important to them. When a firm is taking over another firm, there may be dispute amongst the leadership of the M;A. This could lead to destruction between both sides as they both are bemused of their roles in the business. This may prove a problem in the case of Carlton and Granada: Carlton’s chief executive Charles Allen and Granada’s chairman Michael Green, who will have joint responsibility for running the merged company, have been likened to â€Å"ferrets in a sack†. Another issue that was mentioned in the Kraft takeover of Cadbury was that â€Å" a company taking over inevitably dominates and imposes its values and decision making processes†. The stakeholders of Cadbury were not pleased with this takeover as they felt that their ideas and strategies would be unheard of. When an M;A pursue an investment of a product in their market, they are not too familiar with the information of the product itself. This lack of assurance that the product will succeed i. e. the product will bring in profit over long range of time, will cause potential shareholders or shareholders to not take part in any form of investment of the company. This creation of loss and poor strategic approaches causes eventual value destruction. Another significant issue of a value destroyer is the complexity of a product. M;A fail to manage the complexity of a new product leading to failure in capturing value. In the case of a merger or a takeover, the effectiveness of complexity management becomes more vital and problematical. Conclusion Mergers and acquisitions will do their utter most best in order to create value. The stepping-stone in which that this can be obtained is primarily down to the relationships between the managers and employees in both sets of companies. There are advantages associated with horizontal and vertical mergers, as they both consist of employees and managers who have a vast amount of knowledge about their own firms. However, it depends on the way in which they interact with their colleagues to address their understandings. If the M;A are not fully aware of the differences in corporate cultures, it will lead to a dissatisfied workforce therefore destroying value. Leaders who have experienced rapid changes in the value created and destroyed in their initial companies, will have to introduce new and clear visions for the integrated companies to progress. M;A can take full advantage of their integration due to their size and global reach. They can severely challenge their competitors due to the power they can enforce on them i. . combined company strategies could lead to a dominance in market power depending on the size and stature of the companies involved. However, value will be destroyed if the M;A effectiveness of their deals and planning is of a poor quality. If the integration plan of the companies is below par and unclear whilst maintaining the daily running of the business, M;A may fail. Ine vitably, there will be instances that arise that are uncontrollable such as dispute over strategic planning between two companies or the irrepressible corporate culture differences. In most scenarios, it is impossible to determine whether or not M;A create or destroy value, but careful planning and research pre M;A could enhance the situation of it being in more of favor of creating value in the future. Bibliography Damodaran, A. (2005) The value of control: implications for control premia, minority discounts and voting share differentials, Stern School of Business, New York. Hassan, M. , Patro, D. K. , Tuckman, H. and Wang, X. (2007) â€Å" Do mergers and acquisitions create shareholder wealth in the pharmaceutical industry? , International Journal of Pharmaceutical and Healthcare Marketing, Vol. 1, No. 1, pp. 58-78. Cox. D and Fardon M (2007), Management of Finance; a guide to business finance for the non specialist, 1st Edition, Osborne Books Limited References http://newsroom. orange. co. uk/2010/03/01/merger-of-t-mobile-uk-and-orange-uk-cleared-by-eu-commission/ http://searchcrm. techtarget. com/podcast/Creating-value-for-customers-and-shareholders-with-Ma rtha-Rogers http://www. dailymail. co. uk/sciencetech/article-1309852/Orange-T-Mobile-merge-networks-users-switch-them. html. http://news. bc. co. uk/1/hi/business/6923517. stm. Corporate mergers happen when two companies combine. There are two situations in merging. An agreed merger is when both companies want to merge and when one company seeks to control another company without its agreement, it is called a hostile takeover. It is up to the shareholders of the target company to approve a merger. They usually approve if it is recommended by the board, or if they stand to make a substantial profit from the shares in the new company. Mergers happen since there are many motivations such as expansion. A larger, growing company may try to take over its smaller rivals in order to grow bigger. In some cases it is the smaller company that wants to expand, but is held back by lack of capital. Smaller companies seek a larger partner who will put in the necessary investment. When a stock market booms, it makes mergers more appealing because it is relatively cheap to attain other companies by paying for them in high valued shares. However, falling share prices can lead to a company being undervalued and thereby an attractive acquisition. Mergers can fail when the merged companies cannot agree on existing or new terms. Mergers can also run into regulatory problems. Governments may be concerned that the merger might create a monopoly and can either block it or require the merged companies to sell some of the firms which are part of their business. Mergers can sometimes not deliver the strategic objectives set, such as cost savings failing to materialise. There have been varied studies that suggest that whatever the instant benefit to shareholders, mergers rarely give much added value to the economy as a whole. Acquisitions can also happen through a hostile takeover by purchasing the majority of outstanding shares of a company in the open market in opposition to the wishes of the target’s board. An acquisition can take the form of a purchase of stock or other equity interests of the target or the acquisition of all or a considerable amount of its assets. In a share purchase the buyer buys the shares of the target company from the shareholders of the target company. The buyer takes on the company with all its assets and liabilities. To increase shareholder value, managers could adopt a wider range of strategies. It aims to work as a systematic approach to success and security. There are five competitive forces that are important in determining shareholder wealth. They largely determine the prices at which the goods and services can be sold, the level of required investments and the risks inherent in the business. 1st visit to Coursework. info? Welcome! As a welcome gift, you are viewing the the complete version of this essay,? to view other documents in full you will need to become a subscriber. Once a company has been merged or acquisitioned, the value of the firm depends on the cash flows generated from the business operations and the firm’s cost of capital. Moreover depending on the success of the firm’s strategies and decisions, the value of the firm will either increase or shrink (value creator or value destroyers). An example of value creator is that of Cadbury Schweppes. Cadbury Schweppes objective is growth in shareholder value. They refer to focusing on growth markets, developing brands, innovations and acquisitions as vital approaches to achieving objectives. Source- annual report, 2000 Cadbury Schweppes) Historically, mergers have often failed to add significantly to the value of the acquiring firm’s shares*. Corporate mergers may be aimed at reducing market competition, cutting costs (for example, laying off employees), reducing taxes, removing management, â€Å"empire building† by the acquiring managers, or other purposes which may no t be consistent with public policy or public welfare. Thus they can be heavily regulated, requiring, for example, approval in the US by both the Federal Trade Commission and the Department of Justice. Recently there has been real boom in mergers and acquisitions activity across several different companies. For example in Telecoms, Alcatel / Lucent and Telefonica / 02 mergers. Deloitte counts 12 cross-border financial services mergers over $3 billion in the last two years. In 2005 a Bain and Company survey of 960 global executives found that ‘acquisitions will be critical to achieving [their] growth objectives over the next five years’. Usually the CFO is to deliver all the vast synergy benefits that were promised to the market. According to Deloitte, between 50-70 percent of mergers fail to deliver shareholder value. Accenture revealed that for an acquirer expecting to reap $500 million in yearly cost savings from a merger and acquisitions transaction, a simple one-month delay reduces the net present value of the deal by more than $150 million (assuming a 10 percent cost of capital). A seven-month delay costs nearly $1 billion in lost value, or approximately $3. 5 million per day. ** Before the merger, successful acquirers need to ensure that their efforts incorporate fast and accurate assessments of both short and long term success. Superior information management technology is also crucial, as companies with access to accurate and reliable data are able to specifically measure not only the potential synergies, but also the ‘dis-synergies’ that need to be parted from. The best practice is to implement a flexible information management approach that accommodates circumstances planning. Labatt Breweries was one particular company that was going through major organizational restructuring a few years ago. It moved from a regionally federated business to a national business. When Labatt was involved in the merger with AmBev not long after, by taking this approach and installing flexible data warehousing software, its executives were well-prepared to handle this major upheaval with minimum disruption. Halifax and the Bank of Scotland’s venture to form HBOS plc, where they chose a flexible data warehouse to get a reliable view of procurement data held in different systems. HBOS was realistic enough to recognize integrating operations and IT systems from different divisions. They implemented an iterative approach and using a data warehouse to sit above their underlying systems; their business users were able to gain the necessary insight to drive important cost-savings. Above all, these savings were delivered quickly. Any merger or acquisition of any size is going to present vital challenges when it comes to integrating the different systems of the two companies involved. *(King, et al. , 2004) **http://investor. accenture. com/phoenix. zhtml? c=129731p=irol-irhome The longer you leave failures the greater the probability of corporate pheaval. Compaq’s Eckhard Pfeiffer lost his job through taking too long over closing the performance gap opened by Michael Dell. He took too long over finding some way to combat Dell’s direct sales and over making sense of the mixed-up mega-merger with Digital Equipment. Many European companies are in a similar state. They are lacking on performance and tackling with outdated business models; and in many cases depending often on giant mergers for their global chances. Such huge unions as Daimler-Benz/Chrysler, or British Petroleum/Amoco, may work and be value creators. BP is a good example of radical change fired by a simple ambition: to be the best. Top management reduced the bureaucracy and set simple targets, and linked overall aims with objectives for every unit and team. While BP’s pay-off came speedily, rivals Royal Dutch-Shell delayed behind – until its directors applied much the same formula. The board ordained a higher return on capital, cut down on head office, and linked individual pay to performance. The reforms had however flopped as hugely as BP’s had succeeded. In the latest financial year, Shell’s profits slumped by 95% and return on capital was negligible. Performance is somewhat dependant upon industry. For example, a high-growth, technology-driven industry is overall more profitably promising than a mature one, such as the steel industry. Many technology markets are still at an early stage, while in matured industries, for example steel, the level and distribution of profits tend to be more or less in a state of equilibrium. Most of the value is created by leading firms in the number one or number two position. Firms that are at the bottom struggle to survive while the rest trail along, making just enough to keep the business alive. Industry can influence the performance of the mergers and acquisitions. The value creators and destroyers performance is independent of the nature of an industry. Studies have also found that environmental factors such as macroeconomic conditions and the cyclical behaviour of the industry have little influence on performance. They argue that extreme performance (both good and poor) is fundamentally driven by the quality of management not by the dynamics of an industry and that exceptional management produces exceptional performance, and poor management produces poor performance. Daimler- Benz merger between Mercedes with Fokker and Dasa amounts of money trying to buy companies at the front position of technology only to crash into a high tech depression in 2001 which resulted in them losing 98 percent of their share value. Chairman Jurgen E. Schrempp resigned from his position at the end of 2005 as head of the world’s fifth largest auto manufacturer. In an agreement with the board of directors and Schrempp, he terminated his employment with the company early (his contract ran through 2008). Schrempp has been blamed for the fall of the company’s share price since Daimler-Benz’s merger with Chrysler Corporation in 1998 of which he was the architect. DaimlerChrysler once held a large stake in the Japanese car company Mitsubishi Motors as well as the car operations of Korean manufacturer Hyundai. Its stake in Mitsubishi was as high as 37% but since it did not participate in a new capital increase in April 2004, it was reduced to 22%. The company sold the last of its Mitsubishi stock to Goldman Sachs in November 2005(see www. daimlerchrysler. com) b) Choose a listed company that has merged in recent years and assess whether or not the company has succeeded or failed to meet the strategic objectives for merging. BP AMOCO ACOR CASTROL – Helios BP has long been a major part of the world’s oil and petrochemicals industry. Our history goes back to just one man – William Knox D’Arcy – who invested time, money and labour in realising his conviction that Persia (now Iran) held extensive oil deposits. Today, BP has a major world-wide presence – it is one of the world’s three largest oil companies and one of the six or seven largest companies in the world. In New Zealand, BP is the leader in a highly competitive oil and petroleum products marketplace. The Amoco Corporation, in operation since 1889, is one of America’s leading oil companies – and is now part of one of the biggest deals in industrial history. With total assets around ? 20bn and revenues of more than ? 21bn it was one of the largest publicly traded producers of crude oil and natural gas in the world. It currently employs about 43,000 people worldwide and has over 340,000 shareholders. In 1997 Amoco recorded earnings of ? 1. 6 bn and revenues exceeded ? 21bn. The brand name â€Å"Amoco† comes from the American Oil Company which was established in 1910 by Louis and Jacob Blaustein of Baltimore, Maryland. In 1998, British Petroleum and US oil giant Amoco announced plans for a $110bn (? 67bn) merger that created Britain’s biggest company. The company BP Amoco had its headquarters in London. It was placed in the top three of international oil producers and the new group confirmed that it would cut 6,000 jobs worldwide as a result of the merger. The shares prices in BP soared after the announcement as the market welcomed news of the deal. Shares in BP surged 15% after the news broke – helping to revive an ailing FTSE 100 index. BP shares were up 101. 5p at 874. 5p by 1310 GMT while Amoco traded at $46, up from a Monday close of 40-7/8. The merged company was held 60% by BP shareholders with the remaining 40% held by Amoco shareholders. In the proposed deal, Amoco shareholders got a 25% premium above BP’s current market value. The merger deal was a share swap whereby Amoco shareholders were offered 3. 97 BP shares for each share of Amoco common stock. The new company is run by BP chief executive Sir John Browne and co-chaired by BP chairman Peter Sutherland and Amoco chairman Larry Fuller. Sir John said he hoped the merger will increase pre-tax profits of the two partners by â€Å"at least† two billion dollars by the end of 2000. He said the deal marked: â€Å"a superb alliance of equals with complementary strategic and geographical strengths which effectively can better serve our millions of customers worldwide. †* * Sharon Beder, ‘BP: Beyond Petroleum? ‘ in Battling Big Business: Countering greenwash, nfiltration and other forms of corporate bullying, edited by Eveline Lubbers, Green Books, Devon, UK, 2002, pp. 26-32. This move was widely viewed as a takeover of Amoco by BP and portrayed as a merger for legal reasons only?. The newly-renamed BP became an initials no longer openly standing for â€Å"British Petroleum†. The move away from â€Å"British Petroleum† was in a sense an indication of the fact that BP had become a global business and that the direct recognition of the company as British could be a disadvantage in some areas of operation. Both BP and Amoco had significant investments in solar energy and share strong records and reputations for sound operating practices, and environmental and social responsibility. America represents 40% of BP’s overall business. After a series of mergers with Amoco, Arco, Burmah Castrol and Vastar, by 2001 BP had become the largest oil and gas producer in the United States and one of the largest petrol retailers. In 2000, BP unveils a new global identity that brings together BP, ARCO, Amoco and Castrol under the single BP brand, and a new brand symbol – the Helios In the 2006 Fortune Global 500 list of companies, BP was ranked 4th in the world for turnover with sales at $268 billion (down from 2nd in 2005 and 1st among oil companies), in the 2006 Forbes Global 2000 it was ranked the eighth-largest company in the world. BP’s profits in 2005 amounted to $22. 341 billion with replacement cost profit after interest, tax and minority shareholders’ interest taken into account of $19. 3 billion?. BP Solar is the world-leading producer of solar panels through a series of acquisitions in the solar power industry. Recently, BP announced that its solar, wind and hydrogen power businesses would be known as BP Alternative Energy. BP is the leading partner in the controversial Baku-Tbilisi-Ceyhan pipeline. The company currently has 37,000 employees in the US. It sells 15bn gallons of fuel every year to motorists at 14,000 petrol stations and BP’s five US refineries consume 1. 5m barrels of crude oil per day. The company ultimately holds a fifth of all proven oil and gas reserves in the country. Strategic Aims BP aims to improve the quality and capability of their manufacturing portfolio. Their marketing businesses, supported by world-class manufacturing, generate customer value by providing quality products and offers. Their retail strategy provides distinguished fuel and convenience offers to some of the most attractive global markets. BP’s many oil brands offer customers benefits through technology and relationships. Furthermore they focus on increasing brand and product loyalty in Castrol oils. This is continued to build deep customer relationships and strategic partnerships in the business-to-business sectors. after a single year of joint operations, â€Å"Amoco† was dropped from the corporate name ? http://www. bp. com/extendedgenericarticle. do? categoryId=3contentId=7005342 BP Amoco strategic objectives are to gain greater market share while investing in green design. Green design is a term used to describe growing awareness of how businesses effect the environment within the fields of architecture, construction, and interior design. It is also r eferred to as â€Å"sustainable design† or â€Å"eco-design†. Green Design supports principles and practices that minimize environmental intrusion such as: choosing energy efficiency wherever possible, working in harmony with the natural features and resources surrounding the project site, using materials that are grown or recycled rather than new materials from non-renewable resources, reducing waste, both energy and material, and designing buildings to use already existing energy. These green design initiatives can help BP Amoco reduce costs, increase efficiency, and capture the environmental market segment. BP Amoco aim to motivate environmental improvement within its organisation and make a connection between environmental design attributes and business strategy/benefits. Without a perceived business benefit, organisations will ignore environmental improvement measures.? After segmenting the market and analysing the possibilities of profits in green design, BP Amoco saw significant opportunity in re-branding themselves as the energy company of choice for the â€Å"environmentally aware motorist† (Beder 2002). This shows a conscious effort by BP to target lead, high volume and loyal green customers. It targets the lead group because it shows it’s investing in solar and wind energy resources, marking BP as the first oil company to begin investing in alternative energy sources. BP Amoco’s objective is to be leaders of oil companies in green design and they seek to produce a profitable business market and a competitive advantage. While it should be noted that BP Amoco still generates 98. 5% of its income from oil and fossil fuels, the effort to implement green design shows a potential market of environmentally aware customers and BP Amoco’s efforts to capture it. Market research and customer analysis have given them the necessary information to make profitable business decisions. BP’s tie-up with its United States rival Amoco was supposed to create an ethical champion at the top of the global oil industry and it was one of the biggest mergers in history. But eight years on, BP’s US arm is becoming America’s most accident-prone business. Issues are being raised about whether BP took a firm enough grip on its US management after mergers with Amoco in 1998 and Arco in 2000. BP’s spokesman says its commitment to renewable energy is unchanged. The company has invested heavily in solar and wind power, while a carbon impounding project is under way in California to generate electricity from petroleum coke. There have been doubts about BP that runs deep in America and the company may never bring back the optimism inspired by its environmentally aware change. Pratap Chatterjee, director of California-based CorpWatch, says: â€Å"This is a company that says it cares about the community and society, but it’s not repairing its own pipelines and refineries. ? After performing a brief market segmentation analysis, the Kano Technique can help identify and prioritize green design business strategies (Finster et. al. 2002). Reference: Websites Annual reviews http://www. bp. com/liveassets/bp_internet/annual_review/annual_review_2005/STAGING/local_assets/downloads_pdfs/b/bp_ara_2005_annual_review. pdf http://investor. accenture. com/phoenix. zhtml? c=12 9731p=irol-irhome http://www. bp. com/sectiongenericarticle. do? categoryId=9007082contentId=7014216 Strategy Business – http://www. trategy-business. com Articles and journals http://www. mbadepot. com/external_link. php? ID=1282db_table=linksurl=http%3A%2F%2Fknowledge. insead. edu%2Fabstract. cfm%3Fct%3D8858 http://www. corporateaffiliations. com/Executable/cn_mergers. asp? begins=Bsubmit=View+Archived+Mergers http://today. reuters. com/news/articleinvesting. aspx? type=mergersNewsstoryID=2006-12-04T035524Z_01_SP78341_RTRIDST_0_MERGERS-DEALS. XML https://web. lexis-nexis. com/universe http://www. tutor2u. net/business/strategy/competitor_analysis. htm Books Mergers: Leadership, Performance and Corporate Health, Maurizio ZOLLO, David G. Fubini, Colin Price, Palgrave Macmillan Sharon Beder, ‘BP: Beyond Petroleum? ‘ in Battling Big Business: Countering greenwash, infiltration and other forms of corporate bullying, edited by Eveline Lubbers, Green Books, Devon, UK, 2002, pp. 26-32. The takeover of Cadburys by a US processed food company called Kraft on the 19th January 2010 raised a few issues, as consumers felt that this acquisition was going to destroy value of Cadbury’s before even giving the takeover a chance. One of the issues raised were that a company that is taking over inevitably dominates and imposes its values and decision making processes overall. http://www. eurojournals. com/ejefas_19_05. pdf http://lawprofessors. typepad. com/mergers/2009/12/destroying-value-through-megamergers. html http://www. nber. org/digest/aug03/w9523. html http://odetocapitalism. com/2011/01/08/only-mega-mergers-destroy-value/ http://www. rationalwalk. com/? p=4729 http://mpra. ub. uni-muenchen. de/4717/1/MPRA_paper_4717. pdf http://uk. finance. yahoo. com/news/5-Value-Destroying-Mega-foolcouk-3861692876. html? =0 http://www. basini. com/cadbury-kraft-takeover-already-destroying-value/ http://www. bcg. com/documents/file15236. pdf http://www. electronicsweekly. com/blogs/david-manners-semiconductor-blog/2009/03/the-ten-takeovers-which-destro. html References References: Bertoncelj, A. (2006) â€Å"Corporate restructuring and controlling interest†, Studia Universitatis Babes-Bolyai, Oeconomica, Vol. 51, No. 1, pp. 59-73. Bertoncelj, A. (2007) â€Å"Balanced Management of Key Success Factors in Mergers and Acquisitions†, Organizacija – Journal of Management, Informatics and Human Resources, Vol. 40, No. 5, pp. A147-A152. How to cite Finance, Papers Finance Free Essays Working Capital Policies FIN/571 April 1, 2013 Jim Ciaramella | | | | Introduction Lawrence Sports is a 20 million dollar company that manufactures sports equipment. Mayo is a major customer of Lawrence Sport’s and has defaulted on 80% of the payments for goods and services for the weeks of March 17-23, and March 24-30 and Lawrence can’t expect any money from mayo until weeks April 14-20. Lawrence has borrowed money from the bank and has deferred payment to Gartner to manage the week of March 24-30 but the outstanding loan and the interest burden have gone up consequently (University of Phoenix,  2010). We will write a custom essay sample on Finance or any similar topic only for you Order Now Team C is responsible for working capital management for the company and has come up with an alternate working capital solution and a plan to manage Lawrence’s cash position in the forthcoming weeks. This paper will discuss the risk and contingencies associated with the alternate working capital solution. Performance measures will be discussed to show it will be used to evaluate and implement Team C recommendations for Lawrence Sports. Working Capital Policies Team C will look at the following policies for working capital to see which one could be considered appropriate for Lawrence Sports. These policies are characterized by a combination of risk and return, and can have from a conservative to an aggressive profile. The three types of working capital policies most recommended and used are: Aggressive Policy, Average Policy, and Conservative Policy. The aggressive policy working capital management focuses on maintaining current assets amounts at minimum levels, which is reflected in the total asset turnover higher, with a higher margin. This policy emphasizes the aspect of returns on risk-return decision. This policy is the highest risk policy but with more funds to reinvest in the company or usiness. According to Kulkarni (2011) â€Å" it is a high risk arrangement though, because, should your creditor come asking for money, and for some reason, you don’t have enough money to pay them off, you might end up having to sell a costly asset to pay off your debt to them. † (Kulkarni, A. 2011 , Working Capital Policy,  ¶9). The matching policy working capital management leaves a person with cash available to reinvest in his company or business. This policy entails a medium level risk and with this policy the business assets matched business liabilities. According to Kulkarni (2011) â€Å"this policy works in an arrangement where the current assets of the business are used perfect to match the current liabilities. It is a medium risk proposition and requires a good amount of attention. † (Kulkarni, A. 2011 , Working Capital Policy,  ¶6). A conservative policy working capital management focuses on maintaining a high liquidity, as well as other accounts assets, as inventories and accounts receivable, which is very expensive, because they remain idle resources that eventually become unproductive, with slow rotation of assets due to the large investment in current assets. This policy emphasizes the minimization of risk, as opposed to maximizing yields that is not risk to be sure liquidity. A conservative policy may be best for people who want to keep low risks. According to Kulkarni (2011) â€Å"This is the policy with the lowest risk, but it reduces the money used in increasing the production† (Kulkarni, A. 2011 , Working Capital Policy,  ¶11). Recommended Policy The working capital policy recommended for Lawrence Sports is the matching policy, more commonly referred to as the moderate approach. The working capital is funded by short and long term borrowing, equity financing or a combination of them. It is vital for the company to balance the risk and return of financing. The moderate approach falls in between the two other polices described above and is the most balanced. This enables Lawrence Sports to balance its risk and returns. Furthermore, it finances short term debt with temporary assets while permanent and fixed assets are financed by long term debt and equity sources (Zeepedia, n. d. ). A moderate approach gives Lawrence Sports the ability to maintain the relationships necessary to continue business, balance the working capital to still create a profit, and repay what is owed to the bank. Figure 1. Different Policies Regarding the Level of Investment in Working Capital demonstrates how the Moderate Approach compares with the others in terms of the level of investment in working capital (Watson ; Head, 2012, p. 72). Risk It is important for a company to choose the best working capital policy, one that features a level of risk the company can handle. Team C decisions about working capital management are being driven by the intrinsically related priority of risk management. Team C’s aim is to minimize the risk of insolvency while maximizing the return on the assists (Dixon, 1991). Teams C choose the matching working capital policy because it entails a medium level of risk and it will also leave Lawrence Sports with more cash to reinvest in the business. Lawrence Sports will keep low levels of working capital so that they can employ the funds more productively elsewhere like purchasing more goods or more machinery. It is a relatively amount of risk balanced by a relatively moderate amount of expected return. The best level of working capital would be the one in which a balance is achieved between risk and efficiency which also requires continuous monitoring to maintain proper level in various components of working capital, i. e. , cash receivables, inventory and payables, etc. Contingencies A contingency is an unexpected event or situation that affects the financial health, professional image, or market share of a company. It is usually a negative event, but can also be an unexpected windfall such as a huge order. Anything that unexpectedly disrupts a company’s expected operation can harm the company even if the disruption is because of a windfall (Duff, 2013). In the case of Lawrence Sports there should be a contingency plan in place in the event product is damaged or lost either in transit or by some unforeseen event. Another contingency plan Lawrence Sports should consider is a cash reserve to cover accounts receivable loses if Mayo defaults on invoice credits. In this case vendor defaults affect bottom line but in turn Lawrence would not have to borrow money from Gartner and avoid high interest rates. For Lawrence to recover from such an incident Lawrence Sports needs to use its working capital to cover the costs so that funds are not continuously incurred on the bank loan. In order for Lawrence Sports to raise the capital to cover a contingency plan Mayo would have to relinquish all sales to Lawrence Sports, payments to Gartner will have to be stretched out further and Murray would lose working capital and halt operations because Lawrence Sports payments would be differed even longer. These hefty decisions are all apart of risk management and can negatively affect business relations. Performance Measures Ensuring the survival of Lawrence Sports depends heavily on the ability to measure the performance of the recommended policy. Understanding what working capital entails enables one to review the data efficiently and make the appropriate decisions. Working capital is financed through accounts receivable, accounts payable, and inventory. Performance indicators as described by Luhring (2012) to determine days of working capital (DWC) are days sales outstanding in accounts receivable (DSO), day sales outstanding in inventory (DSI), and days sales outstanding in accounts payable (DPO). The equation is DWC = DSO + DSI – DPO† (para. 7). Last, determining working capital requires DWC multiplied by daily sales (Luhring, 2012, para. 33). Evaluating and calculating the indicators allows Lawrence Sports to optimize its working capital and work to balance its liabilities and assets. These indicators can help track performance on a weekly and monthly base. Benchmarking annually can further aid in improving performance as well as creating new ideas or tools to assist in growing the company (Broxton Bowbray, 2011). Implementation Plan Lawrence currently uses a combination of current assets in the form of cash from receivables along with trade credit from vendors and a line of credit from the bank to fund operations. The firm’s largest customer, Mayo Stores, provides a major portion of the receivables Lawrence uses to fund current operations. Additionally, based on the scenario whenever Lawrence must become more aggressive with Mayo to receive payment the retailer retaliates by ordering less in subsequent months. Further the unexpected challenge to replace a portion of the goods due to damage in transit did not help Lawrence’s position. In the short term now that the relationship with the distributor has been severed Lawrence will need to establish a new relationship with a different logistical partner. The finance team will need to review all trade agreements with vendors and customers with an eye on shortening the cash conversion period. Even reducing the conversion period a few days will result in a cost savings in paying down the line of credit. In addition to negotiating better terms with both vendors and customers, Lawrence could consider alternative funding sources such as issuing commercial paper or establishing a receivables funding relationship with a private source to better leverage current assets. Conclusion The purpose of a working capital management program is to ensure there are enough liquid assets to finance the day to day operations of the firm. â€Å"Net working capital consists of current assets minus current liabilities. (Emery, Finnerty, Stowe , 2007, pg 639) The three recognized capital management philosophies consider an aggressive approach, a conservative approach, and a maturity matching approach. After comparing the approaches to the challenges Lawrence Sporting Goods has experienced in the simulation, Team C, elected to recommend Lawrence manage its working capital using the maturity matching approach. This method allows the firm to use assets from current activities to finance current operation wh ile using long term funding to finance both long term assets and permanent current assets. Lawrence is a strong profitable company that will make a greater effort to hedge their relationships with both vendors and customers to maintain their current assets at a level to fund operations. By effective management of inventory levels, accounts receivable, and the cost of credit the firm will be able to improve their own net present value without sacrificing relationships or profitability. References Arjun, K. (2011). Managing a multicultural workforce. Working Capital Policy. Retrieved from http://www. buzzle. com/articles/working-capital-policy. html Broxton, A. , Bowbray, P. L. (2011). Improving working capital and cash flow intelligence. APQC. Retrieved  from  http://www. protiviti. com/en-US/Documents/White-Papers/Risk-Sol utions/APQC-Protiviti-Working-Capital-Management-Study. pdf Duff, V. (2013). What is a business contingency plan. Retrieved from http://smallbusiness. chron. com/business-contingency-plan-1081. html Emery, D. R. , Finnerty, J. D. , Stowe, J. D. (2007). 2007  (3rd ed. ). Upper Saddle River, New Jersey: Prentice Hall. Luhring SurvivalWare. (2012). Days of working capital. Retrieved from http://www. survivalware. com/articles/days_of_working_capital. php Satish, M. (2022). Working capital management and control: Principles and practice, New Age International Publishers Reprint 2003 Watson, D. Head, A. (2012). Corporate finance principles and practices  (5th ed. ). New York, NY: Financial Times Prentice Hall. University of Phoenix (2010) . Lawrence Sports Simulation retrieved 3/29/2013 from University of Phoenix, FIN/571: Economics website. Zeepedia. (n. d. ). Working capital management. Retrieved from http://www. zeepedia. com/read. php? working_capital_management_risk_profitability_and_liquidity_working_capital_policies_conservative_aggressive_moderate_corporate_financeb=22c=26 How to cite Finance, Papers Finance Free Essays Problem 7: Ratios and Financial Planning at East Coast Yachts Dan Ervin was recently hired by East Coast Yachts to assist the company with its short-term financial planning and also to evaluate the company’s finished performance. Dan graduated from college five years ago with a Finance degree, and he has been employed in the treasury department of Fortune 500 company since then. East Coast Yachts was founded 10 years ago by Larissa Warren. We will write a custom essay sample on Finance or any similar topic only for you Order Now The company’s operations are located hear Hilton Head Island, South Carolina, and the company is structured at an LLC. The company has manufactured custom midsize, high-performance yachts for clients over this period, and its products have also recently received the highest award for customer satisfaction. The yacht is manufactured for purchase by a company for business purposes. The custom yacht industry is fragmented, with number of manufacturers. As with any industry, there are market leaders, but the diverse nature of industry ensures that no manufacturer dominates the market. The competition is the market, as well as the product cost, ensures that attention to detail is a necessity. For instance, East Coast Yachts will spend 80 to 100 hours on hand-buffing the stainless steel stem-iron, which is the metal cap on the yacht’s bow that conceivably could collide with a dock or another boat. To get Dan started with his analyses, Larissa had provided the following financial statements. Dan had gathered the industry ratios for the yacht manufacturing industry. East Coast Yachts: 2009 Income Statement |Sales | $ 167,310,000 | |COGS | 117,910,000 | |Other expenses | 19,994,000 | |Depreciation | 5,460,000 | |EBIT | $ 23,946,000 | |Interest | 3,009,000 | |Taxable income | $ 0,937,000 | |Taxes (40%) | 8,374,800 | |Net income | $ 12,562,200 | |   |   | |Dividends | $ 7,537,320 | |Add to RE | $ 5,024,880 | |   |   | East Coast Yachts: Balance Sheet as of December 31, 2009 |Assets | |Liabilities Equity | |Current Assets | | |Current liabilities | | | Cash |3,042,000 | | Accounts payable |6,461,000 | | Accounts rec. 5,473,000 | | Notes payable |13,078,000 | | Inventory |6,136,000 | | Total CL |19,539,000 | | Total CA |14,651,000 | | | | | | | |Long-term debt |33,735,000 | |Fixed assets | | | | | | Net PPE |93,964,000 | |Shareholder equity | | | | | | Common stock |5,200,000 | | | | | Retained earnings |50,141,000 | | | | | Total equity |55,341,000 | |Total assets |108,615,000 | |Total LE |108,615,000 | | |Yacht Industry Ratios | | | |Lower Quartile |Median |Upper Quartile | |Current ratio |0. 50 |1. 43 |1. 89 | |Quick ratio |0. 21 |0. 38 |0. 62 | |Total asset turnover |0. 68 |0. 85 |1. 38 | |Inventory turnover |4. 89 |6. 15 |10. 9 | |Receivables turnover |6. 27 |9. 82 |14. 11 | |Debt ratio |0. 44 |0. 52 |0. 61 | |Debt-equity ratio |0. 79 |1. 08 |1. 56 | |Equity multiplier |1. 79 |2. 08 |2. 56 | |Interest coverage |5. 18 |8. 06 |9. 83 | |Profit margin |4. 05% |6. 98% |9. 7% | |Return on assets |6. 05% |10. 53% |13. 21% | |Return on equity |9. 93% |16. 54% |36. 15% | 1. Calculate all of the ratios listed in the industry table for East Coast yachts. 2. Compare the performance of East Coast Yachts to the industry as a whole. For each ratio comment on why it might be viewed as positive or negative relative to the industry. Suppose you create an inventory ratio calculated as inventory divided by current liabilities. How do you interpret this ratio? How does East Coast Yachts compare to the industry average? How to cite Finance, Essay examples