Accrual Accounting in Public Sector Essay

In the present age, accounting seems to be an indispensable tool for modern business activities. However, not only for the profit orientated commercial business, it also plays an important role in the non-profit profit organizations, such as public sectors. Moreover, due to several deficiencies and drawbacks of government accounting and financial-management systems, such as unclear accountability, poorly maintained assets and hided losses and long-term liabilities, reforms in the public sector have been conducted over the last several decades across the word from New Zealand, Australia to England (Ball and et al, 1999). Accounting innovation by implementing accrual accounting in the public sector is one of the major part of the reforms and an important element of the wider concept of the so called New Public Management, and draws much of public concern and debate (Connolly and Hyndman, 2006). Under this background, this essay is going to discuss the implications arising from the process of implementing and actual using of accrual accounting in the public sector in several aspects, and try to put forward some possible solutions. See more:  Perseverance essay Generally, two main accounting methods are use to determine when and how to record income and expenses in the books, namely, cash accounting and accrual accounting. The major difference between these two is the timing of when the transactions are recorded in the account (Tudor and Mutiu, 2006). To be specific, under the cash accounting method, income and payment are not counted until cash is actually received or made; while under the accrual accounting basis, transactions are recorded as soon as they incurred, regardless whether the cash is received or made. Comparing to cash accounting, accruals accounting place more emphasis on how the capital assets used and recorded (Connolly and Hyndman, 2006). More reliable figures of performance based on revenues earned and resources consumed will be achieved through accruals accounting. Owning to this, it is believed that accruals accounting will contribute to better longer-term perspective of governmental policies, resource management and decision making (Ball and et al, 1999); and both internal and external transparency may be enhanced. Moreover, it is also considered that comparability between different government departments will be improved, even between the pre and post privatization (Wynne, 2004 and FEE, 2006). Although several potential advantages are suggested that will be brought by implementing accrual accounting in the public sector, it is still under debate that whether it is really appropriate to use accrual accounting system, which is initially devised for private sector, in the public sector (CESifo, 2007). In the private sector, commonly, accounting tends to be seen as a neutral technology to record past activities and provide financial and other necessary information to operate the business more efficiently and profitable. However, due to the difference in the nature and role of the public sector, this description seems not appropriate. For example, the primary purpose of public sector accounting is not serving to generate more profit but controlling people’s behavior to protect public money (Ellwood and Newberry, 2007), and the ultimate users are electorate instead of stakeholders (CESifo, 2007). Due to the fundamental mismatch of the objects, potential inadaptable problems may emerge during utilization (Carlin, 2005). As for the incurred cost of implementation and operation of an accrual accounting, in the North Ireland (NI) case study conducted by Connolly and Hyndman (2006), almost all the â€Å"overseers† and â€Å"Operational Accountants† believed that the views of cost neutral of the transition process, which came up by the UK HM Treasury, are not conform to the reality. Besides that, another case study based on UK and Republic of Ireland (RoI) , the result also revealed that all the interviewees questioned the value of the changes whether can justify the substantial cost (Connolly and Hyndman, 2010). Usually, the additional introducing cost will occur mainly in four aspects, identifying and valuing existing assets, developing accounting policies, establishing accounting systems (such as computer systems), hiring or providing training for both the preparers and users of financial information; and some of those cost will persist (Wynne, 2004). The amount of the cost is significant, for example, according to the New Zealand Audit Office, there is about NZ$160-180 million expenditure accrued by the financial-management reform during 1987 to 1992 (Ball and et al, 1999). Upon the previous experience and data, special resource should be added to the budget separately to ensure that the normal department services will not be impacted by the implementation of accrual accounting. The actual cost associated with process can also be reckoned more easily by doing this. Through comparing several case studies, the perceptions of usefulness of accruals information and the extent of the information used in reality tend to be very different in different cases. Both of the two researches conducted by Connolly and Hyndman (2006 and 2010), based on UK and RoI, showed that almost all the interviewees agreed that the accrual accounting information was limited used or even not used and helpless for decision making; and several â€Å"Operational Accountant† participants expressed the view that the very complicated process may be one of the leading factors. Nevertheless, the situations seem to be rather dissimilar in Australia and New Zealand, where more comprehensively accrual accounting have been adopted. Especially in New Zealand, a significant decrease, from about 52% of GDP to just above 10%, of net debt could be found after the reforms during 1992 to 2005 (Champoux, 2006). The differences of performance of implementation of accrual accounting may attribute to three main reasons, the extent of the whole reform involved, insufficient implementing time and relevant people lack of professional knowledge. One of the possible reasons for the success of New Zealand is that New Zealand was the first country which had completely implemented accrual accounting system at both national and agency level (Carlin, 2005). According to Lye and et al (2005), the reform process in New Zealand not only occurred in economic level, but also extended to a much broader aspects, such as simplifying the machinery of government and changing industrial relations. In contrast, the extent of reform in the other countries which were also implementing accrual based accounting system, like the UK and the USA, is in a rather surface degree. Furthermore, the politicians who were responsible for the reforms in those two countries were right- wing, and may always hold conservative attitude to the reforms (Lye and et al, 2005). However, a thorough reform could generate many benefits and potential advantages. Turning to the issue of implementing time, â€Å"Overseers† participants in the research of Connolly and Hyndman (2006) also typically emphasized that the ineffectiveness of utilization could be a result of being the early stages of the development, and some â€Å"Operational Accountant† also showed positive attitude to the future through time increasing. The process of implementing accrual accounting in the public sector takes far more than 1 or 2 years until the whole system working effectively and efficiently. According to previous experience, the process of fully implementing the new accounting system and necessary reforms will take about 8 to 10 years; and it may be take even longer in the UK case (Wynne, 2004). Upon this, it can be found that the process may take a relatively longer time than people used to expect before the benefit being realized. One other reason is that relevant staffs and managers are unqualified because of lack of professional accounting knowledge. It is commonly accepted that better insight information, such as more complete financial performance and position, which could reveal the features of operation of public sector may be provided by accrual accounting. However, those characteristics make the statements more difficult to understand, especially for people with inadequate accounting knowledge. Comparing to cash accounting, the information provided by cash accounting seems more easily to understand and more straightforward for the general public (CESifo, 2007 and FEE, 2006). Moreover, in Connolly and Hyndman’ s research (2006), both â€Å"Overseer† and â€Å"Operational Accountant† participants particularly complained that, mostly, their efforts, spending extra time to process the complex information, are useless, because the potential users are lack of relevant accounting skills. Several participates also believed that the majority of senior managers are not equipped with necessary accounting knowledge and do not have a strong desire to learn and adopt the new accounting system. Besides that, in another Connolly and Hyndman’s research (2010), according to reflection of politicians to the new accounting information, the interviewees believed that not only the senior managers, but also the politicians, who are essentially responsible for decision-making, had inadequate accounting knowledge and superficial level of understanding of accrual accounting system. However, if politicians do not have certain level of accounting knowledge, they will not be able to evaluate and act upon accrual statements (FEE, 2006). The following is a case in point. Wynne (2004, p10) states that â€Å"only 20% of ministries had a director of finance who was a professionally qualified accountant and not all these were members of the ministry’s management board† in the UK central government. In order to ensure implementation of accrual accounting more smoothly, several approaches could be taken to achieve that. Firstly, one of the most effective ways is providing more accessible accrual information for the public, for instance, summarizing the important information and presenting it without using specialized vocabulary. Secondly, it is vital to provide more training programmes, which teach practically useful accrual accounting knowledge, for both the staffs and managers. Finally, based on the New Zealand experience, it was found that a strong communication with politicians is an indispensable part in the implementation process. The politicians need to realize the potential value of which the accrual based accounting system can bring. Thus, practical strategies, such as illustrating the core concept and benefit of accrual accounting and providing key figures, which can show the features of accrual information, will be needed. (FEE, 2006) In conclusion, through analyzing and comparing several case studies of implementation of accrual accounting, it can be found that a significant number of countries had already started to implement accrual accounting and use accrual information in practice, and the number is still increasing. However, only minority of them realized the substantial benefits from the new accounting system. The reasons for this status can be vary, such as Insufficient implementing time and relevant people lack of professional knowledge mentioned above. Several possible solutions can be used to tackle those problems, but it can be more complicate in the real case; and some gaps still exist in understanding of the implications of use of accrual accounting in the public sector (Carlin, 2005). For this reason, further research based on each countries own circumstances is still needed. Moreover, it is also quite certain that for many countries there are still a number of barriers to be overcome before accrual accounting can be utilized to its full potential. List of references Ball, I. and et al. (1999). â€Å"Reforming Financial Management in the Public Sector: Lessons U.S. Officials Can Learn from New Zealand.† Policy Study No. 258. Reason Public Policy Institute. Carlin, T, M. (2005), â€Å"Debating the Impact of Accrual Accounting and Reporting in the Public Sector†, Financial Accountability & Management, 21(3) Center for Economic Studies., the Ifo Institute. and the CESifo GmbH (CESifo). (2007). â€Å"Accrual Accounting in The Public Sector†, CESifo DICE Report, 5 (3), pp. 43-45 Connolly, C. and Hyndman, N. (2006), â€Å"The actual implementation of accruals accounting: Caveats from a case within the UK public sector†, Accounting, Auditing & Accountability Journal, [e-journal] 19 (2), pp. 272 – 290. Available at < http://dx.doi.org/10.1108/09513570610656123> [Accessed 1 December 2012] Connolly, C. and Hyndman, N. (2010), â€Å"Accruals accounting in the public sector: A road not always taken†, Management Accou nting Research, 22 (1), pp. 36–45 Ellwood, S. and Newberry, S. (2007), â€Å"Public sector accrual accounting: institutionalising neo-liberal principles ? †. Accounting, Auditing & Accountability Journal, [e-journal] 20(4), pp. 549 – 573. Available at < http://dx.doi.org/10.1108/09513570710762584> [Accessed 1 December 2012] Federation des Experts des Comtables Europeens (FEE). (2006), â€Å"Accrual Accounting for More Effective Public Policy†, paper of the FEE Public Sector Committee. Lye, J., Perera, H. and Rahman, A. (2005), â€Å"The evolution of accruals-based Crown (government) financial statements in New Zealand†, Accounting, Auditing & Accountability Journal, [e-journal] 18(6), pp. 784-815. Available at < http://dx.doi.org/10.1108/09513570510627711> [Accessed 1 December 2012] Tiron-Todor, A. and Mutiu, A. (2005), â€Å"Cash versus Accrual Accounting in Public Sector†, Studia Universitatis Babes Bolyai Oeconomica 1990, available at [A ccessed 1 December 2012] Wynne, A. (2004), â€Å"Is the Move to Accrual Based Accounting a Real Priority for Public Sector Accounting†, Public Fund Digest, [e-journal] 6(1) . Available at [Accessed 1 December 2012]

Thought and Owl

Snowy Owl After Midnight The connection between humans and animals is truly a special one as demonstrated in Tim Bowling's â€Å"Snowy Owl After Midnight. † The speaker in the short story feels closely connected to the owl as he walks in the forest at night. The speaker believes that the owl â€Å"waits for [him]† and that the owl's â€Å"blood stirs/ at [his] presence. † Also, the owl seems to understand the â€Å"heightened smell of joy and fear/ [the speaker's] bones give off.Since the night is â€Å"so quiet,† the speaker feels that he and the owl are the only two â€Å"awake,† Strengthening their bond even more. Both the owl and the hunter are on a search for food hence they feel a sense of connection with each other during the long dark night. As they travel together, the speaker remembers the â€Å"months† they've spent circling in â€Å"each other's silence. † The speaker has a sudden urge to break the silence and talk to the owl as a friend. He longs to express to the beautiful winged creature about his â€Å"boyish dream† that consisted of the â€Å"beating heart of a snowman. Furthermore, the speaker wishes to hear the thoughts of the owl about the â€Å"blood† that is on the earth and what the owl would think if he knew the deaths that could be caused by the â€Å"clipped, pale hands† of the hunter. In some ways, the hunter desires to be like the owl. As quoted anonymously, â€Å"A wise old owl sat on an oak; The more he saw the less he spoke; The less he spoke the more he heard; Why aren't we like that wise old bird? â€Å"As the â€Å"dark and silent† night goes on, the hunter and the owl loyally remain by each others side.

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Causes and effects of recession in uk Essay Example | Topics and Well Written Essays - 1500 words

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The creative Class Essay Example | Topics and Well Written Essays - 1500 words

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Comprehensive analysis of yourself as a reader and writer Essay

Comprehensive analysis of yourself as a reader and writer - Essay Example After going through ENGL 101 and ENGL 102, I would consider myself more open minded to reading and types of reading because I am now able to approach reading objectively. Through the skills acquired in ENGL 101, I am now able to effectively respond to essays and from ENGL 102 I am able to develop research papers. I am able to confidently assert that I developed structure and exposition skills that I can use to systematically include evidence in research projects. From the experiences of both ENGL 101 and ENGL 102, I would define a good reader as one who exhibits the capacity to pay attention, memorize, sequence and process the content being read fast, accurately and efficiently. According to Berninger (186), reading may wrongly be thought of as a visual skill that builds on associating letters to sound. However, the definition I have of a good reader now differs from what I had before of the English courses because I consider the ability to read to be the foundation of reading to lea rn. Essentially, the English courses have developed in me an analytical and critical reading culture. On one hand, ENGL 101 taught me the application of strategies to generate writing ideas by basically organizing and planning material as well as identifying and considering the audience and purpose of writing. More significantly was the acquisition of intentional revising skills. Through ENGL 102, I now understand academic reading as a continuous inquiry process. However, on the other hand, some occasions bought out my worst and also best writing. On my worst writing, one of them was Barbie Doll by Marge Piercy mainly because it was from a genre I am unfamiliar with. Essentially, I could not relate most of the content of the poem to my personal experience, which resulted in numerous mistakes. My best writing experience was A Rose for Emily by William Faulkner in which I could predict the end. Therefore, through a comprehensive analysis

Non-Governmental Organizations Essay Example | Topics and Well Written Essays - 2750 words

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EPIDEMIOLOGIC CRITIQUE of a scientific literature Statistics Project

EPIDEMIOLOGIC CRITIQUE of a scientific literature - Statistics Project Example Previous studies have reported that families of terminally ill patients have a significantly high burden. Therefore, Gelfman, Meier, and Morrison (2008) set out to examine quantitatively the impact that consultative services at palliative care centers have on the patient’s family members. This particular research study does not utilize any conceptual or theoretical framework. This quantitative research study’s purpose was to examine whether consultative services at palliative care centers improved care quality for the bereaved family. The research question was: what is the impact of hospital palliative care consultation service on the quality of care received by family members of patients who dies at a large NYC tertiary hospital? (Gelfman et al, 2008). The research study qualifies the importance of this question by stating that there is the need for additional information of the relationship between hospital palliative care services and its effects on members of the family. This research question, in turn, qualifies the use of descriptive statistics as part of a descriptive research design. The research article set out to examine a subject that has not been researched widely with regards to hospital palliative care and its impacts on bereaved family members. The hypothesis for this study was that palliative care hospital services would improve care quality for members of the patient’s family (Gelfman et al, 2008). The research is expected to show that family members of patients who die at palliative care centers, especially those involved in the process of care, have a more favorable experience of their kin’s death, reduced costs and length of stay, and improved satisfaction. The exposure of interest was palliative care support services for the family members of terminally ill patients, while the outcome of interest was the emotional and spiritual effects of the palliative care on the

Does Successful Internal Communication at the Time of Change Result in Coursework

Does Successful Internal Communication at the Time of Change Result in a Motivated Workforce - Coursework Example Information Technology provides several options for this. E-mails, intranets and other innovations help in meeting the high demand of communication during such time of alteration within the organization (Wojtecki and Peters, 2000). Face to face communication also might help a lot to sort out the differences. There have been mostly separate studies about leadership and grapevine communication. According to McKenna (2000), leadership is an art that can get the optimum work required for the organization. The leader also communicates the organization's goals to his team members. He does not discuss the communication that is more important between the leader and the team and the effectiveness when such communication occurs in an informal way that leads to more interaction and hence develops a bond with each employee and all together leads to commitment.  Most of the studies so far have taken the formal side into consideration. In Contemporary issues in management and organizational beha vior (Peter, Poole and Jones, 2005), the whole cycle of Team-leadership has been portrayed in analyzing group decision- making and learning. Later, a global perspective has been given. According to Robert E. Hoskisson, â€Å"Organisational Structure specifies the firm’s formal reporting relationships, procedures, controls, and authority and decision-making processes.† (Hoskisson, 2008, p.100) This accrues to the basic framework of assigning roles, allocation of resources and provides a basis for cooperation, coordination, and communication among the organizational hierarchy. (Hoskisson, 2008). Harris and Hartman discuss the problems of Grapevine. According to them, it is not a dependable source and cannot provide full information and may be distorted. (Harris & Hartman, 2002).  

Wine and Probable Cost Driver Essay Example for Free

Wine and Probable Cost Driver Essay Peter Catalanos Verde Vineyards in Oakville, California produces three varieties of wine: Merlot, Viognier, and Pinot Noir. His winemaster, Kyle Ward, has identified the following activities as cost pools for accumulating overhead and assigning it to products. For each of Verdes fifteen activity cost pools, identify a probable cost driver that might be used to assign overhead costs to its three wine varieties. 1. | Culling and replanting. Dead or overcrowded vines are culled, and new vines are planted or relocated. (Separate vineyards by variety. ) | Labor hour| 2. | Tying. The posts and wires are reset, and vines are tied to the wires for the dormant season. | Labor hour| 3. | Trimming. At the end of the harvest the vines are cut and trimmed back in preparation for the next season. | Labor hour| 4. | Spraying. The vines are sprayed with chemicals for protection against insects and fungi. | Gallons of chemical| 5. | Harvesting. The grapes are hand-picked, placed in carts, and transported to the crushers. | Number of cartfuls or labor hours| 6. | Stemming and crushing. Cartfuls of bunches of grapes of each variety are separately loaded into machines which remove stems and gently crush the grapes. Number of cartfuls| 7. | Pressing and filtering. The crushed grapes are transferred to presses which mechanically remove the juices and filter out bulk and impurities. | Gallons of juice| 8. | Fermentation. The grape juice, by variety, is fermented in either stainless-steel tanks or oak barrels. | Gallons of juice| 9. | Aging. The wines are aged in either stainless-steel tanks or oak barrels for one to three years depending on variety. | Gallons of wine or months of aging| 10. | Bottling and corking. Bottles are machine-filled and corked. | Number of bottles| 11. | Labeling and boxing. Each bottle is labeled, as is each nine-bottle case, with the name of the vintner, vintage, and variety. | #. Of bottles| 12. | Storing. Packaged and boxed bottles are stored awaiting shipment. | # of boxes| 13. | Shipping. The wine is shipped to distributors and private retailers. | # of shipments| 14. | Heating and air-conditioning of plant and offices. | Number of gallons processed| 15. | Maintenance of buildings and equipment. Printing, repairs, replacements, and general maintenance are performed in the off-season. | # of gallons processed.

War and Change in World Politics

War and Change in World Politics Ahmed AlAbdullatif A hegemon refers to the undisputedly strongest state in the international system. Hegemony has five main dimensions namely economic, political, military, institutional and ideological. The theory of hegemonic stability mostly approached from either neorealist or neoliberal direction. The theory of hegemonic stability is critical because it captures the tendency of the leading powers in the world using force to assert their dominance. Similarly, the world super powers also use their positions to create ideas, alliances, and institutions which allow for free participation of other states in a relatively open free participation. In his study, Gilpin argues that the fundamental nature of international relations is yet to change over the millennia. His study is based on history, sociological and economic studies which indicate various forces which have influenced the world order. According to Gilpin, the current economic unevenness is as a result of the differential growth of power in the international system (Gilpin 186). Any shift in the balance of either economic or military power leads to a subsequent weakening of the foundations of the already existing systems. The waning of these systems is primarily caused by those gaining power because they value the increasing benefits and the decreasing costs of changing the system (Gilpin 188). Continued alteration of the system through political, territorial, technological and economic hegemony leads to increased marginal costs of continuing change beyond the marginal benefits. The cost of maintaining the international status quo among the dominant powers has incre ased resulting in major discrepancies between the power they possess and their commitment (Gilpin 187). According to Gilpin, the hegemonic stability between the dominant powers and the rising powers is attained through alteration of the existing laws in the international system (Gilpin 187). Rising powers will always attempt to change the rules governing the international system, the national distribution of territory and the division of the spheres of influence. On the other hand, the dominant powers usually counter the challenge from the rising powers by exercising their hegemonic powers such as proposing changes in their policies in an attempt to restore equilibrium in the systems (Gilpin 187). Gilpins argument suggests that in case the dominant power fails to restore the order through changes in the policies meant to restore the previously existing equilibrium, the disequilibrium is usually resolved by war. Before resulting to war as the final means of restoring the desired equilibrium, the challenged powers have two main alternatives in terms of the actions they can take. The most preferred solution to the disequilibrium created by the rising power is an increase in the resources that are meant in maintaining their positions and commitment in the international system (Gilpin 188). Secondly, the dominant or the aggrieved power can also attempt to reduce its existing commitments as well as the associated costs but ensure that the reduction dies not in any way jeopardize their positions in the international system. These are two policies that should be analyzed separately and be followed in exclusion of the other. In generating new resources meant to meet the cost of dominance and also forestall decline, various methods such as an increase in domestic taxation are used (Gilpin 188). Another tool which is commonly used is through an exacting tribute from other states. These two courses act ions usually provoke resistance and rebellion because an increased taxes result in decreased productive investment as well as low living standards. The solution to this can be government employment of more indirect methods of resource generation in a bid to meet a fiscal crisis. Inflationary policies and the manipulation of terms of trade with other countries are common in such case. In hegemonic stability theory, it is important to consider the role played by the hegemon in generating order and cooperation. Neoliberal hegemon has a responsibility to rescue the financial system through opening global trade by sheer economic size as well as encouraging institutionalized cooperation in order to create a sustainable and open economy. According to Gilpin, the hegemons usually force the weaker states to join cooperative regimes in order to reduce uncertainty, decrease transaction costs and build consistency in terms of economic expectations. Cooperative hegemons usually try as much as possible to identify with the interests of its allies and adjust its bargaining position accordingly. Basically, as per Gilpins argument, the cost or the benefit calculation in foreign policy determination is based on a states objective to change the international system using methods that will give them an edge over others by putting their interests first (Gilpin 50). However, as much as a state would like to boosts its national interests over others, a cost is involved. For instance, a state must have adequate resources to meet this cost and also be in a position to pay them. However, if a state does not have adequate resources to meet these costs, it attempts to change the system. The system remains relatively stable if it is unchanged and also if individual states are profiting from it regardless of the obvious inequalities (Gilpin 51). Based on this outcome, political realists fail to argue that the objective of every state is to maximize its power within the international system. However, an opportunity cost to a society is compulsory in the acquisition of power. Consequently, if a given state is in the quest to acquire power, other desired goods are lost in the process. This has been advantageous in improving stability in the international system because most states forgo apparent opportunities to increase their influence as the costs are too high. Although change of the international system is mostly associated with the rising powers who feel disadvantaged by the hegemons, the net gains or the benefits the accrue from a change of system can determine whether the change comes from the rising power or the hegemon. The powerful countries can engage in a change of the international system in order to increase their future benefits. On the contrary, the rising powers can pursue a change of the system to decrease threatened losses. In addition, long-term benefits are an important consideration before making the changes because they are more beneficial compared to the short term gains. Also, the losers of the change also dread the fact that the long-term costs of the development will outweigh the short term benefits. Lastly, Gilpin asserts that once equilibrium has been reached between the costs and the benefits of change, the economic costs of maintaining the status quo tends to rise faster compared to the economic capacity needed t o support the status quo (Gilpin 156). Gilpins argument on the contribution of hegemony in war and order differs with that of Bulls. According to Bull, the international system is only referred to as stable if the changes made are gradual and peaceful. In addition, if an order has to be achieved, states have to follow various well-laid patterns which consequently provide stability to the system and at the same time create goals that are common for all the involved actors and reduce uncertainty. Also, Gilpins argument focuses on the lack of attainment of an equilibrium between the hegemons and the rising powers as the major cause of war. On the other hand, Bull argues that the practice of the laid out patterns institutionalizes the international society. Also, according to Bull, there is a difference between anarchy and order. Anarchical situations in the international order is mainly as a result of lack of higher authority of law making (Bull 135). However, the existence of anarchy in the international system is not neces sary an indicator of lack of order. On the other hand, the existence of order in the international system is not an indicator of the existence of hierarchy. According to Bull, there are five main institutions in the international society which are key to facilitating order. They include diplomacy, international law, the balance of power, war and the Great power managerial system. According to this classification, the Great Powers play a managerial role in the international society. Also, since their interests are system-wide, any incident in the system affects their interests. Therefore, it is critical for the hegemons to establish the order by managing their relations with one another as well as managing the relations between the small states within their sphere of influence (Bull 213). Hegemons, therefore, maintain good relations with one another by ensuring that they recognize the spheres of influence of each other and desist from interfering. The conventional approach to hegemony shows that the concept has been used to an indicator of power disequilibrium in the international system. According to Morgenthau, the primary factors on which hegemon lies include natural resources, military capacity and the level of preparedness, the economic capacity, morale and unity, technological innovation, quality of diplomacy and government. Morgenthaus argument allows the study of hegemony and how it contributes to war and order through a multidisciplinary approach. This implies that hegemony can either be viewed as an agential or as a structural phenomenon. Although the two scholars have a different approach on how hegemonic stability theory impact on war and order, Gilpins argument synthesizes various aspects of Bulls and Morgenthaus argument Work Cited Bull, Hedley. The Anarchical Society: A Study of Order in World Politics. Basingstoke: Palgrave Macmillan, 2012. Gilpin, Robert. War and change in world politics. New Jersey: Princeton University Press, 1985. Morgenthau, Hans J. Politics among nations; the struggle for power and peace. New York: Knopf, 1967. Print.

The Tragic Event Of The Holocaust History Essay

The Tragic Event Of The Holocaust History Essay The Holocaust remains the worlds greatest and most tragic event that targeted a specific group of the human race. The absolute inhumanity of the Holocaust still confounds people, even today. People were systematically killed, tortured, and murdered. It was one of the twentieth centurys most unfortunate events that had occurred by prevalent anti-Semitism and outright fear. The Germans blamed the Jews for Germanys defeat in World War I, some even claiming that German Jews had betrayed the nation during the war. The Jews had previously been subject to all kinds of earlier religious prejudices. From the 1870s onwards a new, racial anti-Semitism was added to this. Thus began the widespread demonization of the Jews. There were many conspiracy theories about the Jews being the reason for Communism. The Nazis were claiming that the Jews were enemies of Germany. But most German Jews were actually pro-German and had fought for Germany in World War I. Many Jews were hesitant to leave Germany even if they were able to. The fear of Communism was a powerful force which worried many people, in parts of Central Europe and Southern Europe. This was brutally exploited by politicians. Adolf Hitler, Nazi leader, attacked the well established roles the Jews in German society. Hitler referred to the Jews as a plague and a cancer. He accused Jewish population for the state Germany was left in at the end of World War I. It was then terms such as extermination and extinction began being used in relation to the Jews. Hitler claimed that the Jews had gained economic. He claimed that the Jews had achieved economic supremacy and the ability to manipulate and command the media to their own advantage. He talked about the need to destroy their powerful economic positions and if necessary by physical means. Hitler also wanted to purify Germany; he wanted to populate Germany with the Aryan race, this goal couldnt be reached unless all Jews were gone which also included Hispanics, Blacks, gypsies, Socialists, German Communists, Social Democrats, Jehovahs Witnesses, as well as homosexuals. The Germans concentrated the regional Jewish population and forced them to live under miserable conditions in city districts called Ghettos. The Ghettos isolated Jews. They were separated from Jewish communities and from the non-Jewish population. The Germans established at least 1,000 ghettos in German, Poland and the Soviet Union alone. The Germans believed that the establishment of ghettos was a temporary measure to segregate and have power over the Jews. They reckoned that the Jews would only stay there while the Nazi leadership in Berlin debated options and ways to reach the goal of removing the Jewish population. On November 9, 1938, the Nazis unleashed programs against Germany Jews. Jews were attacked and Jewish property was vandalized and almost every synagogue in Germany was either damaged or destroyed. The treatment of Jews, was questioned when the Nazis invaded Poland, where about two million Jews resided. This was the first time; Jews were arrested in large amounts and transported to Nazi concentration camps. They were only released if they promised to move out of the area soon, or transferred their property and valuables goods to the Nazis. Approximately 20,000 concentration camps were established by the Nazis between the years of 1933 and 1945. The Jews in the concentration camps were led to believe that they would stay for a while, but these camps were primarily used as extermination camps for mass murder. The cHYPERLINK http://the-world-wars.helium.com/topic/7687-concentration-campsoncentration camps were used as forced labor camps, prisoners suffered from starvation, exhaustion, and exposure. Most prisoners died under cruel and painful labor conditions. Children were especially vulnerable in the Holocaust. The Nazis Germans killed as many as 1.5 million Jewish children. They killed Jewish children with disabilities living in institutions, the physically and mentally ill. Polish Jew children were also killed as well as children living in the Soviet Union. Jewish adolescents had a greater chance at survival because they could be sent to work at a labor camp. Forced labor camps were where prisoners underwent exhausting labor conditions, famine, starvation and exposure to very low or extremely high temperatures. Horrible medical experiments were conducted in forced-labor camps, primarily aimed to reinforce the German military personnel, but also to develop and test vaccines for the prevention and treatment of contagious diseases and to promote the racial and ideals of the Nazi theory. All experiments conducted in the concentration camps were done without the prisoners consent, and typically resulting in loss of life. The Nazi doctors performed outrageous and shocking surgical procedures. Prisoners were tested on while they were being held in concentration camps. Most of these experiments had to do with the improvement of the German military. Some experiments that were conducted for the Nazi high command are: Hypothermia experiment- Dr. Sigmund Rascher at Birkenau, Dachau and Auschwitz were going to attempt freezing some of the victims. To establish how long it would take to lower the body temperature to death and second how to best resuscitate the frozen victim. The person was put in an icy vat of water or to put outside naked in sub-zero temperatures. Sun lamp- victims were placed under sun lamps which would burn the skin. Genetic experiments- females were being impregnated by genetically modified specimen. Transplants- victims body parts were removed and attached to other parts or grown elsewhere.

The Scrivener and History in Richard III Essay -- Literary Analysis, S

Richard III challenges notions of how history is created and presented. Shakespeare’s play depicts the infamous Richard not only at odds with the other characters, but also fighting for a different interpretation of history. Richard and Margaret function as two characters opposed to each other with regard to history; Richard attempts to cover up the past as Margaret attempts to expose it. However, the creation and acceptance of history is largely predicated on more common figures. In particular the scrivener, a seemingly small side character, becomes an integral figure who creates the documentation of history, cementing the written version as a truth. The scrivener, tasked with the duty to write the documents falsely indicting Hastings at Richard’s request, approaches the audience in Act III, scene 6 and laments his position of falsely creating a legal document construed as truth, and manifests the complicated truth of history. The scrivener’s position as a f igure entrusted with written truth is observantly figured against both Richard’s approach to history through his language and the play as a whole–a text figured with propagandistic interests with the Tudor line. The scrivener’s scene, with its focus of documented history, exposes Richard’s verbal tricks and the play’s reliability as a historical document. While critics including Paige Martin Reynolds and Linda Charnes have identified both Richard and Margaret of Anjou as figures who engage with and distort history, lesser characters serve similar vital functions. Overall, Charnes and Reynolds contribute much to the conversation of history within the text and are essential to this particular reading, yet the level that the scrivener as a character works on contributes to... ...g to their favor, and in the creation of Hastings’ indictment, must create another â€Å"device† to place public opinion in the hands of the court (3. 6. 11). The public, nonetheless, knows that the bias is in place, illustrated by the scrivener’s questions to the audience. In the depiction of this figure, the scrivener calls out to the audience to recognize authorial control of historical narratives. The question remains as to what the audience should make of this bungling of historical narratives. Should they assign a Derridan lack of truth to the entire ordeal? Should they posit a historical meaning outside of the context of Richard III, relying solely on finite historical texts the scrivener brings into question? What remains to be addressed here is the question of meaning with characters that both create and question the very nature of truth in history and drama.

Hamlet Essay -- essays research papers

Prince Hamlet is depressed. Having been summoned home to Denmark from school in Germany to attend his father’s funeral, he is shocked to find his mother Gertrude already remarried. The Queen has wed Hamlet’s Uncle Claudius, the dead king’s brother. To Hamlet, the marriage is â€Å"foul incest.† Worse still, Claudius has had himself crowned King despite the fact that Hamlet was his father’s heir to the throne. Hamlet suspects foul play. When his father’s ghost visits the castle, Hamlet’s suspicions are confirmed. The Ghost complains that he is unable to rest in peace because he was murdered. Claudius, says the Ghost, poured poison in King Hamlet’s ear while the old king napped. Unable to confess and find salvation, King Hamlet is now consigned, for a time, to spend his days in Purgatory and walk the earth by night. He entreats Hamlet to avenge his death, but to spare Gertrude, to let Heaven decide her fate. Hamlet vows to affect madness—puts â€Å"an antic disposition on†Ã¢â‚¬â€to wear a mask that will enable him to observe the interactions in the castle, but finds himself more confused than ever. In his persistent confusion, he questions the Ghost’s trustworthiness. What if the Ghost is not a true spirit, but rather an agent of the devil sent to tempt him? What if killing Claudius results in Hamlet’s having to relive his memories for all eternity? Hamlet agonizes over what he perceives as his cowardice because he cannot stop himself from thinking. Words immobilize Hamlet, but the world h...

The Right To A Free Trial :: essays research papers

The Right To A Free Trial   Ã‚  Ã‚  Ã‚  Ã‚  One of the most important freedoms in the American judicial system is the right to a jury trial. This allows a minimum of six Americans, chosen from a list of registered voters, to determine a person's guilt or innocence through deliberations. They have the power to express the conscious of society as well as interpret and judge the laws themselves. If they feel that a law is unconstitutional, evil, or even unfair they can void it for the circumstance by declaring the defendant not-guilty. The power of the jury is enormous and through time has become more equitable by decreasing the limitations to become a juror including race and sex. Part of the reasoning behind the right to a jury trial is to limit government power. Although judges should be fair and just, total power is too strong, and could be used to aid some people while harming others. As someone once said, â€Å"Power corrupts sometimes, but absolute power corrupts absolutely.† Many people thought anarchy would form through the use of a jury system, but no such thing has occurred. It has produced a feeling of involvement in the judicial system and government itself. Throughout this essay, a comparison of a real jury, a simulated jury, and Hollywood's perception of a jury will be discussed. The television special, Inside the Jury Room, showed a videotaping of a real life jury as seen in a small criminal courtroom. The case was Wisconsin v. Leroy Reed, a criminal trial for the possession of a firearm by an ex-convict. The simulated jury concerned an ex-military man who shot two police officers, killing one and seriously injuring another. The police had broken into his house because there was probable cause to believe he had drugs. The man shot the officers because he thought they were robbing his house. The Hollywood version, titled 12 Angry Men, revolved around a teenage boy who was accused of murdering his father and could possibly lose his life if found guilty. The topics of jury selection and appearance, the jurors understanding of their significance, and the deliberation and verdict will be examined for the three juries.   Ã‚  Ã‚  Ã‚  Ã‚  The actual jury itself, has much bearing on how a verdict will result. Are the members compassionate? Rigid? Black? White? Rich? or Poor? All of these factors can influence a jury; this is why lawyers are so critical when making their decisions. In the past, juries only admitted white males, as in 12 Angry Men. Discrimination against blacks has always existed; and until the fifteenth amendment was passed, and the Grandfather Clause, White Primaries, and

Censorship and Rebellion Essay

The square in China was a act of rebellion because the citizens stood up against Cherman Mao. Tone has to do with auditory (what you hear). Tone in writing represents things you hear from the author’s writing. In Fahrenheit Four Hundred Fifty One Bradbury uses tone to show rebellion. Rebellion can be described as defiance of anything authority, control, or tradition. In this case Montag plans to rebel against control. Bradbury uses tone to characterize Faber and Montag’s rebellion as futile because Faber does not want to help Montag with his plan. Ray Bradbury uses tone to explain how Montag’s plan becomes useless because Faber does not believe in his plan. Montag went to Faber’s house to tell him about how they should rebel against burning books â€Å"Mr. Montag, you are looking at a coward. I saw the way things were going, a long time back. I said nothing. I’m one of the innocents who could have spoken up and out when no one would listen to the ‘guilty,’ but I did not speak and thus became guilty myself. And when finally they set the structure to burn the books, using the firemen, I grunted a few times and subsided, for by them. Now it’s too late†, the tone sounds as if Faber does not believe that Montag’s plan becomes useless because the citizens in their world are accustom to not having books and not speaking up for what is right. Bradbury uses tone to display how Montag’s rebellion becomes useless because he has no one who will rebel with him. This tone happens when Montag tries to tell Faber his plan. â€Å"Not if you start talking the sort of talk that might get me burnt for my trouble. The only way I could possibly listen to you would be is somehow the fireman structure itself could be burnt. Now if you suggest that we print extra books and arrange to have them hidden in firemen’s houses all over the country, so that seeds of suspicion would be sown among these arsonists, bravo I’d say! † (pg. 81) When Bradbury writes â€Å"Burnt for my trouble†, the tone sounds like Faber was not willing to risk his life for the rebellion against books being destroyed. Ray Bradbury uses tone to point out how Montag’s rebellion will be futile because who he came to for help (Faber) does not even want to help him; he just points out the negative things of rebelling. This tone happens when Montag was telling Faber, the people that might be able to help. † Can’t trust people, that’s the dirty part you and I and who else will set the fires? †(pg. 83) When Bradbury writes â€Å"Can’t trust people†, the tone sounds like Faber believes citizens not being able to be trusted revels that the rebellion will be unsuccessful and should not be done. Ray Bradbury uses tone to show how Faber believes the rebellion will have an unsuccessful ending. In his writing he demonstrates how Faber states things that make Montag’s rebellion very useless. He also shows how Faber shows unwillingness to risk his life just to save books and the idea in books. Also how Faber feels it is too late to try to change the burning of the books. Bradbury writes about rebellion because he does not believe in banning books and believes that people should be aware of all aspects of life. Meaning he revels through his character’s development that the world he lives in needs transformation.

Civil War, Religion or Economy

To what extent do you accept Lawrence Stone’s view that religion rather than economic interests influenced the taking of sides among the gentry in 1642? Religion was a huge part of 17th century England, and can be seen as one of the highest contributing factors to the civil war. Most of the country consisted of Protestants with a minority of Catholics, however this did not mean there was no friction between the two. The religious quarrels began right at the start of Charles' reign, when Charles married Henrietta Maria, a French Catholic.Although Charles didn't choose to marry her – his father, James, set up the marriage – the public, especially the Puritans, didn't like having a Catholic as Queen. A few extremists even saw this as a sign that Charles was secretly Catholic! After the King dissolved Parliament, he made William Laud the Archbishop of Canterbury, in 1633. While Laud was Archbishop, he made many changes to the Church. Most of these changes involved be atifying the Church and bringing back robes for priests, statues and stained-glass windows.All these things reminded the English of Catholicism, and it did not please the Presbyterians (puritans) who believed that church should just be about â€Å"you† and God, no extravagance was required and it was considered to be unnecessary. In 1636, Archbishop Laud decided to introduce the English Prayer Book (which stated how services should be run) into Scotland. There was nationwide rioting, because no one wanted to follow the new Prayer Book. Scotland was a Presbyterian (Puritan) country, and they thought that the English Prayer Book was far too Catholic to use in Scotland.This eventually led to many Scots, called the Covenanters, marching down the country in an attempt to invade England. At this point, Charles had to call Parliament to ask for taxes to pay for the war, but was horrified to see that most of the MPs were on the Covenanters' side. Parliament agreed that the Prayer Boo k was too Catholic, so Charles dissolved them again, but after he ran out of money to pay the Scots, he was forced to call Parliament again. These actions support the view of Source 6 that the populace believed in an authoritarian popish plot to undermine English laws and liberties, and significantly â€Å"true religion†.This plot was made apparent by the â€Å"alarming† support from the â€Å"evil councillors† at court. The Grand Remonstrance’s famous phrases signify these views and suggest that it was common belief that the King and his advisors were involved in a popish plot. Parliament first put Laud on trial, and found him guilty. Later they decided to execute Strafford on charges of organising an army in Ireland, where he governed. It turned out that this was a big mistake. As soon as Strafford was executed, the Irish Catholics rebelled against the Protestants, saying they were rebelling for the King.Although it was clear this was not true, Parliame nt did not trust the King when he asked them for an army, and so refused, believing he would use it to crush them instead. Notably, in contradiction to both Sources 5 and 6, Source 7 states that the gentry held no clear alignments as war broke out. There is said to be no â€Å"clear association† of wealth or political sympathies before the war, but correlations do appear in 1645. However, religion is considered to be far more decisive than any socio-economic correlation, suggesting that if any factor could be attributed to the taking of sides, it would in fact be religion.This is supported by the fact that in Yorkshire, over a third of the Royalist gentry were Catholics, and over half the Parliamentarians were Puritans. In contrast to the view that religion was the main influencing factor in the taking of sides among the gentry in 1642, it is also believed that economic interests were responsible for influencing the gentry. James was the first King to reign over both England and Scotland, and when he came down from Scotland it is said that he was astonished at how rich England was, while James had needed to borrow money for his travelling expenses.When James died in 1625, Charles came to the throne, and he, like his father, had very little money. Once Charles became King, the County Faction  wanted him to go to war with the Catholics in Spain, so Charles asked them for taxes to use on the war. They refused to pay enough, so the war was hopeless, and Parliament blamed the King for this. The reason Parliament granted so few taxes was that they wanted to make sure they were called again. Charles, a firm believer in the Divine Right of Kings, thought that he should not have to rule with Parliament, and the only thing that kept him calling it was money.One good example of the way Parliament made sure they were called back in Charles' reign was tonnage and poundage. These were duties imposed on certain imports and exports. It was normal for these duties to be decided in the first Parliament of a monarch's reign, but in the case of Charles, they only decided on it for one year, so the King would be forced to call them again. Although Charles tried to ask for more money, Parliament refused, because they believed he spent it on his favourites. Because of this, Charles had to get himself more money.He began using the Church Courts, exploiting taxes such as ‘ship money’, and selling monopolies and titles. He also opened a Court of Star Chamber, which he used to fine people heavily to raise money. Since the judges in the Star Chamber were officials of the Crown, and there was no jury, Charles could be sure of getting a favourable result. Parliament was furious with this, and immediately drew up the  Petition of Right, which asked the King to stop illegal taxation. The King signed it, but only because Parliament threatened to impeach Buckingham, one of the King's favourites.The quarrels about money went on, and eventually Char les decided to dissolve Parliament. He reigned without them for 11 years. When the new prayer book was brought into Scotland, a group called the Covenanters attempted to invade England. Charles called a Parliament to try and get taxes to fight the Covenanters, but they refused, so Charles dissolved them again. He was forced to pay the Scots ? 850 a day to stop them advancing, and eventually, in 1641, his money ran out, and he had to call Parliament – he was bankrupt and at their mercy, so money was definitely a key factor in the outbreak of the civil war.With the economic depression and impoverishment of the populace, the gentry were bound to rebel against the king. Source 5 suggests that this was the main reason why the gentry rebelled against the king. In contrast to Source 6 which suggests religion was the reason, Source 6 implies that the gentry were merely part of a â€Å"blind protest† against the depressing economic situation the found themselves in. In conclusi on it can be suggested that neither economic interest nor religion were individual influences in the taking of sides in 1642.It would be a much more accurate judgement to suggest that a mixture of the two were responsible. The combined fears of a popish plot and a continued depression, or even loyalty to the king may have motivated the gentry in taking sides. This is implied by the variety of evidence from all three sources, mention economic influences and significant religious motivations that would have been completely relevant to the population, but more specifically to the gentry.

Beers and Cutler Company

The Beers and Cutler Company provides accounting and consulting services for other organizations, institutions, or other clients that might require their services. (â€Å"Firm Profile,† 2008) The company primarily acts as an accounting firm, but other tasks and roles carried out by Beers and Cutler include tax and auditing, and even major business-related operations and processes such as strategic planning and consultancy for other business processes.(â€Å"Industry Profile: Accounting Services,† 2008) However, the latter aforementioned services provided by Beers and Cutler are only available in Washington, D. C. (Sarath, 2008) The company has been around since 1967 operating primarily for the real estate industry. However, the aim of Beers and Cutler company to expand and add value to the its reputation, image, and capabilities motivated it to venture into new fields and areas and implement a wider range of services that are highly beneficial to most organizations or i nstitutions.At the moment, Beers and Cutler is able to cover the needs and demands of various fields such as the â€Å"automotive, construction, hospitality, retail and technology† (Sarath, 2008) industries. To further its capabilities and advantages, Beers and Cutler have become a member of The Baker Tilly International which facilitates communication, networking, sharing or resources, and such between accounting firms and business organizations around the world. (Sarath, 2008)Beers and Cutler considers the fulfillment of various goals and objectives in diverse and multiple organizations as the company’s mission. The company aims to accomplish this mission by helping business organizations achieve their corporate goals and objectives by providing aforementioned services timely and efficiently. (â€Å"Firm & Profile,† 2008) Moreover, the employment of highly knowledgeable, skilled, and competent individuals is one of the company’s strategies in gaining co mpetitive advantage.Career opportunities made available by the company include job openings for students, fresh graduates, as well as experienced professionals. For students, the company is searching for individuals who might fit jobs under the fields of Assurance and Tax, and Consulting. (â€Å"College Recruiting,† 2008) For experienced professionals, Beers and Cutler is looking for individuals that might fulfill roles under the areas of Assurance and Tax, Consulting Practice, and Practice Administration and Support. (â€Å"Experienced Professionals,† 2008)For the good of its employees and members, Beers and Cutler offers reasonable salary packages and benefits. Reviewing available career opportunities that the company is offering, the salary packages that Beers and Cutler are offering range from $60,000 to $150,000 annually. However, as the total amount of the salary package increases, the number of needed individuals or employees decreases. For instance, the career opportunity that pays $150,000 a year only offers one single slot for the said position. (â€Å"Beers Cutler Jobs in Washington, D. C. ,† 2008)On the other hand, the benefits provided by the company to its employees are competitive enough, fostering full compensation for the contributions of its constituents. For instance, individuals who get hired for a position in the company are provided with the benefit of a four-week break or vacation from work, with payment. This generous package for employees is motivated by the company’s sensitivity to providing a well-balanced working environment for its members in order to foster creativity, productivity, and high quality work outputs. (â€Å"Microsoft Web Developers: BEERS and CUTLERS,† 2008)Basically, the marketing plan of Beers and Cutler follows the concept of direct-to-person marketing or personal contact with clients or consumers. The firm utilizes means or tools of marketing that communicate directly to end user s or individuals. Beers and Cutler utilize direct mailing systems to send informational messages to individuals, seminars to capture the attention of a large audience at the same time, and personal referrals or word of mouth. (â€Å"Industry Profile: Accounting Services,† 2008) References â€Å"Beers Cutler Jobs in Washington, D. C. † (2008).Retrieved November 24, 2008, from Indeed. Website: http://www. indeed. com/q-Beers-+-Cutler-l-Washington,-DC-jobs. html â€Å"College Recruiting. † (2008). Retrieved November 24, 2008, from Beers and Cutler PLLC. Website: http://www. beersandcutler. com/careers/college-recent-graduates/opportunities/ â€Å"Experienced Professionals. † (2008). Retrieved November 24, 2008, from Beers and Cutler PLLC. Website: http://www. beersandcutler. com/careers/experienced/opportunities/ â€Å"Firm Profile. † (2008). Retrieved November 24, 2008, from Beers and Cutler PLLC. Website: http://www.beersandcutler. com/firm/profile/ â€Å"Industry Profile: Accounting Services. † (2008). Retrieved November 24, 2008, from Hoover’s Inc. Website: http://premium. hoovers. com/subscribe/ind/fr/profile/basic. xhtml? ID=74 â€Å"Microsoft Web Developers: BEERS and CUTLERS. † (2008). Retrieved November 24, 2008, from Yahoo! Inc. Website: http://hotjobs. yahoo. com/job-J7ZN5I1Q0Y8? rec=2 Sarath, P. (2008). Beers and Cutler PLLC. Retrieved November 24, 2008, from Hoover’s Inc. Website: http://premium. hoovers. com/subscribe/co/factsheet. xhtml? ID=rysfhtfshyhhhyy

Case Write-Up: The Investment Detective Essay

Case Summary The purpose of this case is to become a capital budgeting analyst and evaluate which set of free cash flows for 8 projects will result in the most effective investment for a firm’s capital. The objective given is to rank the four best that the company should accept. The case is broken down into three separate steps including the given information about estimated cash flows (inflows & outflows), determining the appropriate discount rate, and evaluating the cash flows using the IRR (Internal Rate of Return), MIRR (Modified Internal Rate of Return), NPV (Net Present Value), and other metrics. Each project is chosen solely on the basis of the quantitative analysis. Here are some factors to consider for this case: Each project has the same initial investment of $2 million; in addition, all are believed to be of the same risk class. The managers have determined that projects 7 and 8 are mutually exclusive. The issue is that the WACC has never been officially estimated and in the pas t the discount rate has been assumed at 10 percent (however, certain officers have asserted the discount rate to be higher). Ranking Projects Ranking projects simply through the inspection of cash flows is inadequate due to the time value of money and cost of capital of companies; the only piece of information that can be derived from looking at the cash flows is the amount of time it would take to be paid back (regular payback period). There are several capital budgeting tools that can be used, including IRR, MIRR, and NPV. These three can be used to see if a project exceeds the expected rate of return or the cost of capital for a company. We also refer to payback, discounted payback period, and a profitability index to help assist the decision-making process for which projects should start to commence. In addition, qualitative factors must be considered for any project given outside of this case, to cover the bases and have successful implementation. A company could find that having a negative NPV is acceptable due to the critical nature of the project. Experimenting in new markets to identify potential favorable businesses should be taken into consideration. Finally, cash flows are estimated in most projects so a  consideration has to be made for the quality of estimation. Therein lies one of the critical issues in capital budgeting; that there is a margin of error in the calculation of cash flows, whereas in the example above, the margin of error (typically larger with uncertain outcomes) could mean there would be a positive NPV for that critical project. Typically, NPV is the foremost choice for determining the investing worthiness of a specific project; NPV, determined by the sum of discounted cash flows compared against the cost of the investment. NPV allows anyone to see how much value above the initial investment. MIRR, would be the next best choice, as it is measures profitability of a project as a percentage (IRR does this as well). The reason MIRR is of higher significance is it has the extra part of assuming cash flows being reinvested at the WACC rate; additionally MIRR eliminates the problem of IRR having two potential rates. Quantitative Ranking Methods We ranked each project by the various methods stated above. Below, in Exhibit 1, are the metrics ranked by highest amount or percentage, except for payback and discounted payback periods which are ranked from low to high, signifying the shortest amount of time that the initial investment is recovered. The answer to determine which project is best to invest in is dependent on the variables and requirements that management deems necessary, meaning the qualitative content that is supplementary to the cash flow data. Typically, firms will decide to invest on the project that produces the highest NPV, and for this case if we are to rank by NPV, project #3 is the clear winner. Ranking by profitability index gives the same answer for each project number (it is indirectly related to NPV through the sum of discounted cash flow benefits). However when we look at the other values for project #3, it is  lower down the order. This is a result of the only cash flow being in the last (15th) year; due to the time value of money, this lowers the IRR and MIRR substantially, and obviously the payback period is the longest of all the projects. The next prosperous project based off of NPV but also ranked 2nd highest for IRR, MIRR, and PI, is project #4. At first glance, when considering the two mutually exclusive projects: project #7 and #8, the NPV and PI for project #8 is higher, while the IRR and MIRR are higher for project #7. Additionally the payback and discounted payback periods are shorter for project #7. This presents a dilemma in which it appears project #8 should be selected, yet #7 seems to be more favorable overall. There is a continuity of this dilemma as the cash flow streams are unequal for each project. To solve for this issue, we used a replacement chain analysis to determine which project between the two is the best investment decision. Below, in Exhibit 2, is an analysis of each project using replacement chaining. We excluded the last cash flow of $70 at T15, because for project #8’s last cash flow is after 7 years (project #7’s last cash flow is after 5 years), so we repeated that to T14. As shown above, when using the replacement chain method, we can see the change in outputs when the cash flows are repeated  through time. The decision between each project is now much clearer once the cash flows are repeated to the same* time-frame. Project #7 is the clear-cut investment decision when deciding between those two projects. Alternative Courses of Action There are always numerous ways to see a problem and decide how to react. The investor could choose any of the above mentioned methods (NPV, IRR, MIRR, payback, discounted payback, or Probability Index) to choose an investment project. Due to the mutual exclusivity of projects #7 and #8, the investor can choose whatever criteria method deemed most significant. Other factors for consideration include the project’s proposing manager’s track record for success, the proposing manager’s confidence in the project, the timing of the project’s cash flows, the project’s ability to protect market share, or the proposing division’s track record of success. Recommendation Based on these options, and the previously detailed analysis, we recommend that the project be selected based on the NPV ranking shown in Exhibit 1. With mutually exclusive projects, conflicts may arise in choosing between using the NPV, IRR, and MIRR. In this case, the NPV is the best choice for selection because it chooses the project that maximizes value for the firm. If managers are interested in the expected rate of return on the project, the MIRR or IRR will be more likely to demonstrate the rates that are actually earned if the project’s cash flows are reinvested in future projects, but this should be supplemental to the NPV during the decision process.

Winning at Change Essay Example | Topics and Well Written Essays - 500 words

Winning at Change - Essay Example The ingredients for good communication are that it needs to be direct and personal and not lean through memos; it should be correct as a precise message produces best results; euphoria is to be avoided at small achievements and the larger goal must be pursued relentlessly until realized; and the blame game must be abandoned. Change programmes should have a large spread with timeline for each segment. Within this smaller goals are easier to understand and become achievable. Effective partnerships must be built with various stakeholders first by engaging the right persons within the organisation for each job and then making strategic partnerships to cement relations with outsiders. Teamwork is essential and forming a winning team means building confidences and delegating authority. The vision is the binding force and it must be meaningful and beneficial for everyone. The intentions must be clear; ambitious but practical. Conflicts between stakeholders must be resolved through give and take, keeping the vision in mind. An organisation has leaders at all levels and each one performs the universal task of explaining the vision and encouraging others to step up their efforts in achieving them. Leadership is critical in change management and a leader is dynamic and caring and the organisational transformation depends entirely on them. A successful transformation requires eight steps. First a hard look at ground realities of market conditions, potential crises or opportunities will establish the need and the urgency for transformation. Secondly, forging coalitions or partnerships and encouraging teamwork to ensure smooth functioning. Thirdly, a clear vision is required to create motives and strategies. Fourthly, the effective communication of vision through any mean is necessary to galvanize actions. Next, people must be empowered and barriers and obstacles must be removed; thinking out of the box

Personal Computers Essay Example | Topics and Well Written Essays - 1000 words

Personal Computers - Essay Example From the time we wake up in the morning, until the time we go to bed, computers direct and assist our life. Personal computers today come in various forms – there are the desktops, the laptops, and the palmtops and if that was not enough, even cell phones can be used as personal computers. A computer in every home has changed the way people communicate. People wake up by the alarm that rings from the cell phones and even before they are out of bed, they check the emails on the cell phone itself. In Japan, people describe the cell phone as an extension of themselves (Faiola, 2004). Fifty-five percent of the population in Japan has signed up for internet access from their cellular phones. On the way to work, they answer all their emails. Cell phone is now a way of life, as they link it to their home-office PC, download music, use it to access information, read newspaper and even read novels. They use it to watch the TV programs, navigate the streets with the built-in GPS system, scan bar-coded information, get e-coupons for discounts on food and entertainment, and pay bills. They use it at school too by emailing the questions to the professors in the classroom. The professors answer them orally. The Japanese are so skilled at writing emails on cell phones, that they find it simpler than using computer keyboards. Computer technology is used in everyday lesson plans at the Highland Middle School (Horace). A SMART board, or a dry-erase board, when teamed with the projector becomes a touch-screen computer monitor that the whole class can see. The operator’s fingers act as the mouse and as soon as the board is touched, signal is sent back to the computer. This way they can browse the internet, make interactive presentations, and write on the screen. At The Pennsylvania State University, emails have replaced letters, telephone calls and memorandum as the preferred means of communication (Auguston, 2002). Learning occurs in classrooms, labs, libraries, residence

Understanding Stem Cells Research Paper Example | Topics and Well Written Essays - 1500 words

Understanding Stem Cells - Research Paper Example There are, moreover, ethical issues the stem cell raised that research studies, including the destructive human embryo research and human cloning, while trying to address the alternatives that are available to solve the immoral issues. The ethical issues that have been raised by studies reveal how the society needs to view stem cells in a way that respects the human dignity. Stem Cell Definition The body of a human being is made up of several different cells. Some of these cells include: bone cells, skin cells, muscle cells, and blood cells. These different body cells have specific shapes and each of them plays different roles in the human body. These cells can also be referred to as differentiated cells since they play several varied functions in the human body. In addition, these specialized cells can be characterized by their lifespan, which is a period of time within which they become old, stop dividing themselves and finally â€Å"die†. Moreover, when these cells divide t hemselves, they cause daughter cells that resemble their own type (Tremain, 2010). This further implies that in case of a skin cell, it can produce another skin cell, a muscle cell can produce another muscle cell; they are like the original parent cells. Human bodies are therefore made up of trillions of differentiated cells. Apart from the differentiated cells, the human body also has stem cells that are scarce. Unlike the differentiated cells, the stem cells are not specialized for certain functions and are, thus, called undifferentiated cells. These cells are immortal and they can divide themselves and continue growing as long they are kept in a suitable environment, such as in the laboratory as they receive the required nutrients. Stem cells in the other case can divide and cause... Stem cells are the basic building blocks of the human body. They are more so vital to the human body since they can change and become different cell types. Scientists, moreover, claim that the stem cell research would enable them to learn more about reproduction, cell biology, and the stem cell knowledge would be vital in testing of drugs, and development. There are, thus, three types of stem cells: embryonic stem cells, adult stem cells, and foetal stem cells. The stem cells have been recognized in the animal and human tissues (Ikemoto, 2009). Although it is not possible to replace somebody’s parts such as a leg or finger, it is, however, imminent that the human body usually regenerates blood, skin, and other body tissues. Some past research has brought about some knowledge that somebody’s cells allow the human body tissues to regenerate. This was possible through the existence of stem cells in the body of human beings. Physicians would be able to repair damaged cells through the stem cells' ability to create the body specialized cell types (Tremain, 2010). One would, however, ask what stem cells are? Why would scientists want to research on stem cells and yet they bring about a lot of controversy? And what can be done to bring about ethics in destructive human research? This paper tries to answer these questions based on stem cell research. The scientists that are involved in stem cell research have often been surprised by the opposition they are receiving from the public concerning their work.

Marketing Essay Example | Topics and Well Written Essays - 2000 words - 10

Marketing - Essay Example It thus makes sense to have a bank with a global reach that makes it easy for the expats to access their money in the right currency and amount whenever need arises. Such banks include Barclays, HSBC, City Bank among others (Czinkota and Ronkainen, 2007, p. 119). One of the main reasons expats would be interested in a global bank is that one can have all the information concerning their accounts at all times. Most global banks offer international accounts accessible from any part of the world. This easiness of information access is one reason expats need to consider global banks. They get to know all the charges incurred in all the transactions they make on their accounts. Another reason a global bank is the right choice for expats is that they have the added advantage of not only accessing their money whenever they need it, they also get it in whatever currency they desire. Due to the bank’s global reach, exchange rates are also deemed to be reasonable as they are normalized all across its branches (Czinkota Ronkainen, 2007, p. 77). It also occurs that due to their large sizes, these banks have the luxury of offering the best exchange rates on the market since they enjoy economies of scale. Thus, they make profits depending on volume in spite of exorbitant rates. The expat also gets to build their banking reputation with the given bank thus improving their credit ratings. This is most important when one requires a loan to finance a given project in the new country but is short of funds. Since they have good credit ratings with their banks, they easily qualify for loans without much of a hassle. It is a great way of getting things done. A great advantage with having a global bank is that most of them offer a safe haven for one’s cash. Due to these banks’ sheer size, they are very reliable in terms of the safety of funds. Most of them have been in operation for more than a century and have this most enviable reputation for dependability. The ir big sizes also offer excellent ways for tax efficiency given that they mostly normalize their operations across all branches the world over. It is thus to the benefit of the expat to have such an institution at their service whenever they travel around the world. Besides offering peace of mind, these banks enable the expats focus on other matters while they take care of the monetary matters (Czinkota and Ronkainen, 2007, p. 103). Financial Services That Might Interest Expats Living in Hong Kong and Singapore C5.2 tabulates countries, according to rank, basing on a few selected factors. Among them is the longevity of residence in a foreign country, earning and saving for the expats, the luxury facilities in these countries available to the expat and the cost of accommodation compared to the expats’ domicile. The financial services that would most interest an expat are the earning and saving capabilities, the availability and affordability of luxurious facilities and the cos t of accommodation. The expats’ ability to earn and save money in the new country is of great importance. This depends greatly on the cost of living. If the cost of living in a country is low compared to the amount of money to be earned as an expat working there then that country is deemed to attract a lot of foreigners working and living there. India, Singapore and Hong Kong have the highest rating in this area owing to the low

Essenital skills for an excellent career Essay Example | Topics and Well Written Essays - 250 words

Essenital skills for an excellent career - Essay Example Poor conflict resolution skills may lead to team work breakdown, self dislike, wasting of talent and lack of motivation among others. However, conflicts are not a curse; they are a blessing if harnessed by skilled handling and solving. When conflict is handled and solved effectively, it is a promising tool in enhancing professional growth. For example, effective conflict resolution leads to increased understanding, group cohesion, and self-knowledge. The way conflict is handled differentiates between positive and negative outcomes. The article analyzes five styles proposed by Kenneth Thomas and Ralph Kilmann in the 1970s, from which they developed Thomas-Kilmann conflict model instrument (TKI). The KTI model styles are based on the intensity of the conflict. They include; competitive, collaborative, compromising, accommodating, and avoiding. The article teaches readers to take positive approaches to conflict resolution. For this to succeed in workplace, courteous and non-confrontational discussions where no individual is attacked should be employed. This way, conflict will become an event for growth rather than an attack. Manktelow, James and Amy Carlson. â€Å"Conflict Resolution: Resolving Conflict Rationally and Effectively.† Mind Tools. 1996-2013. 23 March, 2013.

Assignment Coursework Example | Topics and Well Written Essays - 500 words

Assignment - Coursework Example This has resulted in downgrading of economies as well as reduction in growth forecasts for various countries around the world by leading agencies like S&P, IMF etc (The Guardian, 2011). The fluctuation in the economy as well as rise in deficits has led to various kinds of spending cuts on the parts of the government of various countries around the globe. The fierce economic swinging in the recent times has also produced severe fluctuations of indexes of industrial productions in various established economies like the US for a prolonged period. Many of the industries belonging to various sectors like hospitality, agriculture, retail etc. have been severely affected. (THE WESTERN UNION COMPANY, p.19) This fluctuation in industrial production has in turn resulted in significant cost cutting by the companies around the world, which in turn affected the job market and thereby hampering consumer spending (AccaGlobal, p.7). The operations of Western Union highly include the transfer of fina nces on the part of the consumers as well as business houses to various parts of the world. The gloomy scenario emerging out of the inability to resolve the ongoing Euro crisis by the national political parties has led to prolonged variations in job opportunities there by immensely hampering the spending on the part of the consumers. (National Bureau of Economic Research, P.9) The peer reviewed article highlights the problems that arose in the auto industry in the US during the 2008-2011 periods as a culmination of low sales, high structural costs as well as debts (Klier and Rubenstein, p.1-21). The paper also discusses the related governmental procedures that happened during that period ranging from the unavailability of a consensual decision to provide support to the carmakers to the issuance of financial assistance for a short span by the outgoing political party. The paper rightfully discusses

Contraception Essay Example | Topics and Well Written Essays - 250 words - 1

Contraception - Essay Example Religion and culture plays an important role in following strict parameters for entering into the relationship. Unplanned pregnancy do not have a bright fate and may culminate into abortion which has serious repercussions at the later stages of life. Adopting contraceptive means at the early stages of life is also against the ethics and nature as it disconnects sex from reproduction and bring serious health implications. Mass population control is a kind of sterilization and it may lead to dishonest behavior, as the partners seek sexual relationship elsewhere. Therefore advocates against the contraception finds it equivalent to abortion. On the other hand contraception provides the liberty to the women to control her own body and keep the population low. It keeps the family small and also prevents the unwanted pregnancies. Contraception aids in better facilities for all the family members, they can devote quality time with each other and thereby contribute to the progress and development of the children. This prevents competition for food and space. It is the best means to control the population as every human beings must bear ethics towards the planet and mother Earth, by giving birth to too many children the health of the female becomes a serious matter of great concern. Less children in the family lessens the financial burden and also the burden on the earning members to the family and parents could afford for better education and better life and facilities to their wards. It is the means which must gain ethical consideration as it is for the cognitive development of the family, the smallest unit of the society and hence of the society and the nation. It is a means that brings gender equality and aids in demographic advantage. It is a means that brings us close to the nature and prevent environmental hazards. Thus contraception must be promoted by the government of all the nations to save the environment form burden which