Righteous Dopefiend by Philippe Bourgois and Jeffrey Schonberg Essay

Righteous Dopefiend by Philippe Bourgois and Jeffrey Schonberg - Essay Example TIn addition to being homeless, the individuals have to face the structural forces that govern their miserable lives. The book tries to give profiles of various homeless people residing on the encampment. This is crucial in understanding the reasons that lead to homelessness. In addition, there is need to learn and appreciate the problems faced by these homeless individuals. This information is crucial in formulating strategies to reach out and help these people. The gruesome dependence on drugs is highlighted in the paper. The homeless addicts are dirty and some urinate on themselves. They steal, beg and engage in prostitution in exchange for drugs. The book concentrates on approximately 10 people in the Bernal heights a popular area in San Francisco (Elsa 178). It is evident that the majority of the writing assesses the method through which the dynamics of race, gender and class affect the lives of the homeless and drug addicts. The themes that stand out in this book include race, sexuality, suffering, trauma and inequality in the society. The authors writing style includes the use of flashback in the lives of the ten individuals depicted in the book to make the book more realistic. The author writes about the love stories, family trauma and embodied suffering in most situations to highlight the plight of these individuals. The use of pictures and flash back creates an actual scenario as described. This makes an individual to understand the inequality and the facts highlighted in the book effortlessly. This powerful book makes the reader to fully integrate into the world of drug addiction, extreme poverty and homelessness in the most developed country, the United States of America (Bourgois & Schonberg 214). Photographs in this book include the scars brought about by addiction, social closeness among romantic pairs and partners who are on the run because of drugs, and the homeless people covered in the book (Angela 200). They are pictures of homeless people who reside in shacks on the encampment. These shacks are off the street and they comfortably rest on their beddings, and take drugs. The most intriguing pictures are of Tina and Carter (a homeless couple that is deeply in love). One cannot help but admire this couple. They may be poor, but they are happy as they have each other. They are oblivious of their surroundings and happily hug and show affection to each other. Through the pictures, it is evident that most of the homeless people are drug addicts. It seems that the homeless people use the drugs to counteract feelings of desperation, anxiety and fear. The commonly abused drug is heroine and intoxication of the drug elicits feelings of euphoria. The homeless on the encampment derive great solace from drug abuse. This is a true picture also in the society, and individuals should avoid drugs such as heroin and crack. The pictures were ethical since a writer has authority to utilize any style of writing which includes pictures and other literature. A writer should be able to pass the informa tion to the reader effortlessly. This style of including pictures is acceptable and ethical since it gives emphasis on the texts in the book. The pictures are not pornographic in nature neither do they discriminate both gender, and race they are appropriate and relevant to the book (Elsa 178). Substance abuse

Influx of Migrant Workers Is Not a Good Move Essay Example for Free

Influx of Migrant Workers Is Not a Good Move Essay In today’s competitive world of development, Malaysia perceives a huge aim of becoming an industrialized country in this region. In order to accomplish the mission, the workforce definitely is being empowered and one of the methodologies used is importing migrant workers. This is a good step indeed for Malaysia’s development; however in the present the issue of migrant workers flooding our country is uttered to be tormenting. Despite the fact that the influxes of foreign labors are such assisting shoulders to our country’s competitiveness in industrialization, I believe that their invasion to Malaysia is not a good move. Those who opposed to the decision agreed that the increment of crime cases and social problems in our country are the doings of our Malaysians itself. This is because there are over 20 million numbers of Malaysians in this country, compared to only 1.9 million of registered migrant workers here. However, this fact is conventional. There are many crime cases are proven done by foreign labors such as robbery and murder that donated to the increasing of the already huge numbers of crimes done caused by Malaysians. For instance in the famous local television program 999 on 7th of April 2011, they had revealed that Kota Bharu Police Contingent had made a raid in a budget hotel near Kota Bharu and they managed to catch a couple of foreign workers having illegal sexual intervention as well as possessing drugs. People should understand the word of ‘increment’. When a little number of crimes is done frequently, it will surely contribute to the increment of crime cases to our country and its possibility to be severer is high. Next, the opponents also claimed that our Malaysians are too picky compared to migrant workers in terms of hunting jobs. This is because they believe that many employers offer low payment to Malaysians as much as to the foreign labors. However, in this situation we cannot put the blame on our people only. According to Evelyn Devadason of East Asian Bureau of Economic Research, there are a total of 1.9 million registered foreign workers, constituting approximately 21 per cent of the workforce (2011). The total, added with another millions of unregistered foreign labors is enough to make the job opportunities amongst Malaysians flounder to be restricted. In a project paper entitled Migrant Labor in Malaysia: Impact and Implications of the Asian Financial Crisis written by Syarisa Yanti Abubakar, she mentioned that NEAC (National Economic Action Council) reported at 1998 that the crisis or poverty amongst Malaysians was caused by limitations imposed on labor absorption and income-earning opportunities (2002). One of the factors of the limitation was because of influx of foreign labors. Employers tend to hunt migrant workers because they do not demand expensive payment. However, by without anyone realizing the opportunity of our Malaysians to get a job becomes narrower. In addition, not all of Malaysians are picky when it comes to finding a job. It is just that the chance for them to work is closed due to influx of migrant workers. Apart from that, the opponent of the notion of invasion of migrant workers is a good move agreed that issues regarding the problems caused by migrant workers can be settled in a very civilized manner. Small issue can be brought over into a disputation by without causing conflicts among countries. Nevertheless, the influx of migrant workers into our country can still bring negative impacts between Malaysia and its collaborating countries. Many parties are inclined to take any issues, be it small or big, diminutively by without grasping that relationship between Malaysia and partnering countries such as Indonesia, Myanmar and Philippines can be affected. For example, the case of abuse of an Indonesian maid, Nirmala Bonat few years ago had contravened a conflict between two countries. Not only that, few cases happened over migrant workers in Malaysia had also caused inconvenience among Malaysians who stayed overseas due to threats. A bond-breaking can lead to economic downturn to both countries involved. In conclusion, this essay has shown that the influx of migrant workers is not a good move at all. Government and private parties should reconsider about taking more migrant workers into our country so that any more serious issues will not occur as the saying goes, prevention is better than cure. It is reasonable to have migrant workers as assisting shoulders to our country’s development but there should be limitation in terms of numbers of them. Regarding the already flooding issue of problems caused by influx of migrant workers, equal treatment for them must not only be provided but also enforced so that all parties will get the win-win situation.

The ruling of the U. S. Supreme Court Essay Example for Free

The ruling of the U. S. Supreme Court Essay The ruling of the U. S. Supreme Court in Beth Ann Faragher v. City of Boca Raton, 524 U. S. 775 (1998) laid down precedent on the application of the Civil Rights Law as it addressed a woman’s quest for justice. Having accused and proved her two supervisors liable for sexual harassment, Faragher appealed the lower court’s ruling exculpating the City from liability. The decision, penned by Justice Souter, delved at length on the theories propounded on the case and sought to define the parameters by which an employer may prove non-liability. This study will be confined to a discussion of the material facts and issues vis-a-vis the liability of the respondent employer insofar as it touches upon the reasonable care doctrine, reasonable person standard, and reasonable victim standard. The facts of the case narrated herein are taken from the Supreme Court decision. A college student, Beth Ann Faragher worked part-time as lifeguard for the Marine Safety Section of the Parks and Recreation Department of the City of Boca Raton, Florida between the years 1985 and 1990. She was under the immediate supervision of Bill Terry, David Silverman, and Robert Gordon. During the hours of work, Terry and Silverman subjected Faragher and the other female lifeguards to acts of sexual harassment. Faragher complained to no one, although she did mention it to Gordon whom she respected, but he did nothing. Two months before Faragher resigned, a female lifeguard formerly employed by the City wrote the City Personnel Director complaining that she and her co-workers had been harassed by Terry and Silverman. The City ordered a probe and upon finding the two guilty of improper behavior, reprimanded them and made them choose between suspension without pay or forfeiture of annual leave benefits. Faragher resigned in June 1990. In 1992, she brought an action before the U. S. District Court for the Southern District of Florida against Terry and Silverman alleging that they created a â€Å"sexually hostile atmosphere† at work which amounted to a violation of Title VII of the Civil Rights Law. She likewise impleaded the City on the ground of its agency relationship with the two men. (Faragher, 1-2) Faragher alleged that Terry and Silverman subjected her and the other female lifeguards to â€Å"uninvited and offensive touching†, lewd remarks, and language offensive to women. She told the Court about Terry’s alleged statement that he would never promote a woman to the rank of lieutenant. Silverman, on the other hand, allegedly asked her either to date him or clean the toilets for a year. It was established that Terry could hire personnel(subject to approval by higher management) counsel or orally reprimand subordinates and have the same recorded. Lifeguards and their supervisors observed a paramilitary chain of command: the former reported to the lieutenants and captains who in turn reported to Terry. The latter was under the supervision of the Recreation Superintendent who reported to the Director of Parks and Recreation who answered to the City Manager. (Faragher, 2) The City had adopted a policy on sexual harassment which the City Manager disseminated to employees by memorandum. This was revised in May 1990 while Faragher was still in the service but it did not reach the employees of the Marine Safety Section, thus, the respondent supervisors and many lifeguards were not aware of it. (Faragher, 2) The District Court ruled in favor of Faragher, concluding that Terry and Silverman were guilty of harassment that altered the conditions of their employment, resulting in an abusive working environment. Likewise, it found the City liable on three grounds. First, the City was deemed aware of the harassment because of its pervasiveness. Second, the City was liable under the principle of agency, i. e. , the act of the agent is the act of the principal. Third, Gordon’s knowledge of the harassment and his inaction was a further basis to impute liability to the City. (Faragher, 3-4) The District Court’s decision insofar as the City is concerned was reversed on appeal. The Court of Appeals of the Eleventh Circuit, through a panel of justices, ruled that the City could not be held liable on the basis of the agency principle, that Terry and Sullivan did not act within the scope of their employment when they committed the acts complained of, nor did the City have constructive knowledge thereof. The Court of Appeals sitting en banc adopted the conclusion of the panel. Its ruling was based on an earlier decision of the Court of Appeals in Meritor Savings Bank, FSB v. Vinson, 477 U. S. 57 (1986). In that case, the Court found three conditions under which an employer may be held indirectly liable for hostile environment sexual harassment by a superior: â€Å"(1) if the harassment occurs within the scope of the superior’s employment; (2) if the employer assigns performance of a nondelegable duty to a supervisor and an employee is injured because of the supervisor’s failure to carry out that duty; or (3) if there is an agency relationship which aids the supervisor’s ability or opportunity to harass his subordinate. † (Meritor, 6). As to the first, the Appeals Court held that the acts of the supervisors were â€Å"frolic†: unrelated to their duties and were done for their own personal ends. As to the second, it was ruled that the mere existence of an agency relationship between the supervisors and the City did not give rise to liability on the latter’s part as there was no showing that such relationship assisted them in perpetrating their acts. As to the third, the Court found no constructive knowledge on the part of the City as regards the harassment. In fine, the Supreme Court disregarded the arguments of the Court of Appeals and found in favor of Faragher. (Faragher, 5) As argued by the District Court, the act of the agent is presumed the act of the principal. In applying this rule the District court held that â€Å"an employer is strictly liable for a hostile environment created by a supervisor’s sexual advances, even though the employer neither knew nor reasonably could have known of the alleged misconduct. † This automatic liability rule is challenged by those who claimed that constructive knowledge may be substituted for direct knowledge. For example, a supervisor who makes decisions that tend to affect the economic status of an employee is deemed a proxy of the employer which makes the latter liable thereon. Also, personnel actions of a supervisor like promoting, firing, hiring and the like which discriminate against employees would make his employer vicariously liable for those acts. In a sense, a supervisor is considered always assisted by the employer by virtue of his superior position in the workplace. A co-worker may easily brush off the sexual advances of an equal; not so with a supervisor. Thus, Faragher contended` that the power held by Terry and Silverman over her enabled them to carry on their harassment with impunity. Some courts were of the view that some standards were needed in those cases where there is no clear showing that the employer had knowledge, constructive or otherwise, of the harassment committed by his supervisors. In Faragher, it was evident that the City could not have aware of the intermittent sexual abuse committed by Terry and Sullivan. Gordon did not inform any of his superiors about Faragher’s problem. (2). Moreover, the City through the Personnel Director had issued a memorandum informing employees about the procedures to bring their complaint against any sexual harassment. Faragher had informed Gordon about her plight, albeit in an informal way. (Faragher, 2) Was the City liable? Meritor laid down the ruling that neither â€Å"the existence of a company grievance procedure nor the absence of actual notice of the harassment on the part of upper management would be dispositive of such a claim; while neither might be relevant to the liability, neither would result automatically in employer immunity. † (6). The Court further stated that the absence of notice to employer did not necessarily insulate that employer from liability. However, it declined to give a definitive rule on employee liability ( 7). Vicarious liability is supported by the view that employers generally derive benefit from the service of their supervisors; thus they should bear the risk of any wrong arising from their employment. The employer should likewise answer for any damage sustained by a common employee on the principle that the latter worked for the employer’s benefit; consequently, the employer must assume such risks on the basis of equity and fairness. Notwithstanding these views, it was held in Faragher that one more condition was needed to satisfy the evidentiary requirement for a finding of vicarious liability. Two alternatives were given by the Court: â€Å"(1) require proof of some affirmative invocation of supervisory authority by the harassing supervisor, or (2) recognize an affirmative defense to liability in some circumstances, even when a supervisor has created the actionable environment. †(Faragher, 16) The first alternative, as the Court itself admits, may be impractical in most instances since no supervisor is presumed foolhardy enough to court harassment suits by announcing his threats. As to the second, the employer is afforded the opportunity to prove that he â€Å"had exercised reasonable care to avoid harassment and to eliminate it when it might occur, and that the complaining employee had failed to act with like reasonable care to take advantage of the employer’s safeguards and otherwise to prevent harm that could have been avoided. † To invoke this defense, the employer must show that he had taken reasonable care or exercised foresight to prevent sexual harassment in the premises, knowing by human experience that such incidents are likely to occur, as in this case where the men held sway over the women by reason of their superior position. This affirmative defense has two elements: â€Å"(1) that the employer exercised reasonable care to prevent and correct promptly any sexually harassing behavior, and (2) that the plaintiff employee unreasonably failed to take advantage of any preventive or corrective opportunities provided by the employer or to avoid harm otherwise. †(Faragher, 18). The doctrine of reasonable care mandates that every person shall conduct his affairs towards his fellowmen with sufficient care as any reasonable person would do in any given circumstance, failing in which, he may be held liable for any injury that may be sustained by others so affected by his actions. What is â€Å"reasonable† is a question of fact most often left to the judgment of the courts. This principle is akin to that of tort law which governs the liability of masters over the acts of their servants. It adopts the applicable principles of common law and those governing quasi-delict which impute liability to the employer for the negligence of his employees, the vehicle owner to the driver, the master of the household to the helper. The owner of a vehicle, for example, becomes the defendant in a civil action for damages if his driver inflicts damage to a third party. His defense would be that he exercised due diligence in hiring his driver, such as requiring him to show proof that he had not been in any accident and had no derogatory record on matters of driving. According to Wikipedia, â€Å"the reasonable man or reasonable person standard is a legal fiction that originated in the development of the common law. The reasonable person is a hypothetical individual whose view of things is consulted in the process of making decisions of law. †(no indicated page) Minnesota adds: â€Å"Besides being an objective standard, the ‘reasonable person’ standard is an adult standard. †(home page). The reasonable person standard applies as well to the purported victim. The victim must prove he or she was not remiss in doing what a reasonable person would have done in his or her place. By analogy, in criminal law, rape victims must prove they put up sufficient defense to prove that the sexual act was committed forcibly against their will. The reasonable victim standard is that applied in the case of the person wronged. Faragher did not avail herself of the grievance procedure prescribed by the City as mandated by the Equal Employment Opportunity Commission(EEOC), as she â€Å"was completely isolated from the City’s higher management† during the period of harassment. (Faragher, 19). The term â€Å"reasonable victim† may have evolved from the realization that in determining what constitutes a reasonable person standard, gender must be taken into account. According to Hamilton, the term â€Å"reasonable woman† was used when a Florida District Court, ruling in Robinson v. Jacksonville Shipyards, Inc. called for a â€Å"sexually hostile work environment† to be evaluated through the eyes of a â€Å"reasonable woman. † Years later, the U. S. Supreme Court used a â€Å"reasonable person† standard in deciding Harris v. Forklift Systems, Inc. (2) According to Alexander: Applying the ‘reasonable victim’ standard not only helps plaintiffs, but also helps the justice system as a whole by defeating societal stereotypes perpetuated by the application of the â€Å"reasonable person† standard. By allowing defendant employers to claim an affirmative defense to the sexual harassment claims of their employees, the court would help protect cautious, law-abiding employees from frivolous claims. The second prong of the defense would require employees to report sexually harassing conduct to their employers promptly, and at the same time, require employers to eliminate harassing conduct in the workplace swiftly or risk discipline in court. (home page). Faragher is a landmark decision in that it gave the definitive rule to determine employer liability not given by the Court in Meritor. The problem of sexual harassment may never be eradicated, human beings being as they are, but a concerned employer with forethought, through a competent human resource department, may considerably reduce its occurrence at the workplace. From Faragher, human resource departments should take cognizance of the importance of constant meaningful dialogues between and among employers and their personnel workers and supervisors alike to immediately stop whatever harassment are being committed against members of either sex. Finally, a continuing education program aimed at removing gender bias and sexual prejudice, encouraging victims to speak out and assert their rights or seek redress before the proper forum, combined with the continuous monitoring of workplaces and giving employees reasonable access to legal assistance, are positive steps towards this end. WORKS CITED Alexander, Kamla, â€Å"A Modest Proposal: The Reasonable Victim Standard and Alaska Employers’ Affirmative Defense to Vicarious Liability for Sexual Harassment†. Alaska Law Review. Cited 17 Alaska L. Rev. 297 http://www. law. duke. edu/journals/alr/ Alexander Hamilton Institute Inc. , â€Å"A Legal Look at the ‘Reasonable Victim’ Standard† Personnel Legal Alert. August 2, 2004, Vol. 16, No. 5 http://www. ahipubs. com/samples/08-02-04pla. pdf. Meritor Savings Bank, FSB v. Vinson 477 U. S. 57 http://caselaw. lp. findlaw. com Minnesota Office of Citizenship and Volunteer Services, â€Å"Planning It Safe: How to Control Liability and Risk in Volunteer Programs, Revised Edition. 1998 http://www. energizeinc. com. art/html Supreme Court of the United States, â€Å"Beth Ann Faragher v. City of Boca Raton† 524 U. S. 775 http://www. national center. org/FaraghervBocaRaton. 98. html Wikipedia, â€Å"Reasonable Person Standard† http://en. wikipedia. org

Appraisal Techniques Available to Finance Managers

Appraisal Techniques Available to Finance Managers INTRODUCTION: What are the different appraisal techniques available to finance managers to make decisions relating to investment projects? Discuss each of them and recommend, giving your reasons, which of them you consider as the best technique applicable to your company. INVESTMENT APPRAISAL: Investment appraisal also known as capital budgeting. As finance manager one of the important areas of decision-making for the long-term is must to tackle the investment the need to committed funds by buying buildings, machinery and land. Finance manager have to check of the size of the inflows and outflows of funds, for handling these types of decisions, the degree of risk and the lifespan of the investment cost of obtaining funds are despatched. The capital budgeting cycle can be summarised in some stage which are as follows: Expecting investment needs Identifying project to satisfy needs Examine the alternatives Choose the best alternatives Making the spend Monitor the project Looking at investment appraisal involves us in stage 3 and 4 of this cycle. We can classify capital expenditure projects into four broad categories: Maintenance replacing old or obsolete assets for example. Profitability quality, productivity or location improvement for example. Expansion new products, markets and so on. Indirect social and welfare facilities. Even the projects that are unlikely to generate profits should be subjected to investment appraisal. This should help to identify the best way of achieving the projects aims. So investment appraisal may help to find the cheapest way to provide a new staff restaurant, even though such a project may be unlikely to earn profits for the company. WHAT ARE THE INVESTMENT APPRAISAL TECHNIQUES? Investment Appraisal also known as Capital Budgeting is used to assess whether capital Expenditure on a particular project will be beneficial for the entity or not. These techniques can be used to evaluate projects both in the private and public sector companies. Most commonly used the following techniques. A: Traditional Methods 1: Payback Period 2: Accounting Rate of Return (ARR) B: Discounted Cash Flow Methods 3: Discounted Payback Period 4: Net Present Value (NPV) 5: Internal Rate of Return (IRR) 6: Modified Internal Rate of Return (MIRR) 7: Adjusted Present Value (APV) Traditional Methods Payback and Accounting rate of return (ARR) period are non discounted methods while all other mentioned methods are discounted. By discounted it is meant that the time value of money is considered in these methods. 1: Payback Period Payback period calculates the time taken by a project to recoup the initial investment. For a finance manager, evaluating projects by this technique would prefer projects with short payback period than those with longer payback periods.It is simple to calculate and easy to understand. Payback is literally the amount of time required for the cash inflows from a capital investment project to equal the cash outflows. The usual way that firms deal with deciding between two or more competing projects is to accept the project that has the shortest payback period. Payback is mostly used as a starting screening method. Payback period = Initial payment / Annual cash inflow So, if  £12,000000 is invested with the aim of earning  £12,00000 per year or net cash earnings, the payback period is calculated thus: P =  £12,000000 /  £12,00000 = 10 years This all looks fairly easy! But what if the project has more uneven cash inflows? Then we need to work out the payback period on the cumulative cash flow over the duration of the project as a whole. Payback with uneven cash flows: Of course, in the real world, investment projects by business organisations dont yield even cash flows. Have a look at the following projects cash flows with an initial investment in year 0 of  £120,000 The payback period is precisely 6 years. The shorter the payback period, the better the investment, under the payback method. We can appreciate the problems of this method when we consider appraising several projects alongside each other. We can see that the payback period for two of the projects (3, 5) is six years. In this case, then, the two projects are of equal merit. But, here we must face the real problem posed by payback: the time value of income flows. Put simply, this issue relates to the sacrifice made as a result of having to wait to receive the funds. In economic terms, this is known as the opportunity cost. More on this point follows later. So, because there is a time value constraint here, the two projects cannot be viewed as equivalent. Project 3 is better than 5 because the revenues flow quicker in years five and six. Project 4 is better than Projects 1 and 2, because of the earlier flows and because the post-payback revenues are concentrated in the earlier part of that period. So its clear that the payback method is a bit of a blunt instrument. So why use it? Advantages of payback: 1st, it is popular because of its simplicity. Research over the years has shown that UK firms favour it and perhaps this is understandable given how easy it is to calculate. 2nd, in a business environment of rapid technological change, new plant and machinery may need to be replaced sooner than in the past, so a quick payback on investment is essential. 3rd, the investment climate in UK in particular demands that the investors got fast returns. Mostly long-term profitable possibilities investments are viewed due to longer wait for revenues flow. Disadvantages of payback: It has not enough real facts, which choose the length of best payback time? No one from other does it is planned by pitting one investment opportunity against another. Cash flows are regarded as either pre-payback or post-payback, but the latter tend to be ignored. Payback takes no account of the effect on business profitability. Its sole concern is cash flow. Payback summary. It is probably best to regard payback as one of the first methods you use to assess competing projects. It could be used as an initial screening tool, but it is inappropriate as a basis for sophisticated investment decisions. 2: Accounting Rate of Return (ARR): This technique compares the profit earned by the project to the initial investment required for the project. Thus a project with higher rate of return is preferred. The Accounting rate of return expresses the profits arising from a project as a percentage of the initial capital cost. However the definition of profits and capital cost are different depending on which textbook you use. For instance, the profits may be taken to include depreciation, or they may not. One of the most common approaches is as follows: ARR = (Average annual revenue / Initial capital costs) x 100 Lets use this simple example to illustrate the ARR: A project to replace an item of machinery is being appraised. The machine will cost  £550,000 and is expected to generate total revenues of  £80,000 over the projects seven year life. What is the ARR for this project? ARR = [( £ 90,000 / 7) / 550,000] x 100 ARR = 2.37% Advantages of ARR As with the Payback method, the chief advantage with ARR is its simplicity. This makes it relatively easy to understand. There is also a link with some accounting measures that are commonly used. The Accounting rate of return is similar to the Return on Capital Employed in its construction; this may make the ARR easier for business planners to understand. The ARR is expressed in percentage terms and this, again, may make it easier to use.There are several criticisms of ARR which raise questions about its practical application: Disadvantages of ARR: 1st, the ARR doesnt take account of the project duration or the timing of cash flows over the course of the project. 2nd, the concept of profit can be very subjective, varying with specific accounting practice and the capitalisation of project costs. As a result, the ARR calculation for identical projects would be likely to result in different outcomes from business to business. 3rd, there is no definitive signal given by the ARR to help manager to decide whether or not to invest. This lack of a guide for decision making means that investment decisions remain subjective. Discounted Cash Flow Methods 3: Discounted Payback Period This technique works similar to payback period, the difference here is that discounted values of cash flows are used for calculation of the payback period. 4: Net Present Value (NPV) The NPV method calculates the present values for all future cash flows. The discount rate may be the Weighted Average Cost of Capital (WACC) or it may be any cost of capital depending on the risk of the project in consideration. This type of appraisal is regarded superior to the ARR and the payback period, however there are certain assumptions, on which this technique is based, making its evaluation less reliable. The Net Present Value (NPV) is the first Discounted Cash Flow (DCF) technique covered here. It successes on the idea of situation cost to put a value on cash inflows increasing from capital investment. Keep in mind that opportunity cost is the calculation of what has been given or forward as a result of a special decision. It is also referred to as the real cost of taking some action. We can look at the concept of present value as being the cash equivalent now of a sum receivable at a later date. So how does the opportunity cost affect revenues that we can expect to receive later? Well, imagine what a business could do now with the cash sums it must wait some time to receive. Looked at another way, it is simply that the business have to receive the capital to invest in the project. So, it has to wait for the revenues arising from the investment, the interest is paid on received capital. NPV is a technique where cash inflows expected in future years are discounted back to their present value. This is calculated by using a discount rate equivalent to the interest that would have been received on the sums, had the inflows been saved, or the interest that has to be paid by the firm on funds borrowed. Present Value Table Net Present Value tables provide a value for a range of years and discount rates. Notice the time scale used in the table: The present value for 0 years is always 1, and this is not included in the present value table. If we are looking to find the present value of  £ 10, 0000 which you expect to receive in 5 years time, at a rate of interest of 7 %, we should use the following table: Step 1 Look down the top column of the table (After n years) and find 5 years. Step 2 Look across the row titled At rate r for the rate of interest of 7 %. Step 3 Where the row for 5 years intersects with the column for 7 % in the table, there is the relevant present value factor. In this case this is 0.713. Step 4 Multiply  £ 10, 0000 by 0.713 =  £ 71300 NPV Illustration Calculate the present value of the following projects cash flows, using a 10 % discount rate. Assessing the value of NPV calculations is simple. A positive NPV means that the project is worthwhile because the cost of tying up the firms capital is compensated for by the cash inflows that result. When more than one project is being appraised, the firm should choose the one that produces the highest NPV. 5:Internal Rate of Return (IRR): IRR calculates the rate at which the NPV of a project equals zero. According to this method if the cost of capital of a company is more than the IRR, the project will be rejected and if it is lower than the cost of capital it is likely to be accepted. IRR and NPV concepts are correlated. We know that when a positive NPV is produced by our DCF calculations, a project is worthwhile. We have also seen that when there are competing projects, we should select the one that produces the highest NPV. But sometimes a finance manager will wants to know how well a project will perform under a range of interest rate scenarios. The aim with IRR is to answer the question: What level of interest will this project be able to withstand? Once we know this, the risk of changing interest rate conditions can effectively be minimised. The IRR is the annual percentage return achieved by a project, at which the sum of the discounted cash inflows over the life of the project is same to the sum of the capital invested. Another way of looking at this is that the IRR is the rate of interest that reduces the NPV to zero. Making the investment decision Lets set out the criteria for accepting or rejecting investment opportunities, using the NPV and IRR. As a Finance manager, considering whether to accept or reject an investment project, on the basis of their acquiring the funds necessary at a known rate of interest. 1: The NPV approach asks if the present value of cash inflows less the initial investment is positive, at the current borrowing rate. 2: The IRR approach asks if the IRR on the project is greater than the borrowing rate. Illustration of NPV IRR An initial investment of  £ 2500 in a project produces cash inflows of  £ 750,  £ 750,  £ 900,  £ 900 and  £ 595 at 12 month intervals. The cost of capital to finance the project is 12 %.We are required to decide whether the project is worthwhile using: 1. The Net Present Value 2. The Internal Rate of Return A positive NPV makes the project worthwhile because the cost of tying up the firms capital is compensated for by the cash inflows that result. 2. IRR The above calculation for NPV used a 12 % discount rate and produced a positive value of  £ 318.07. We need to find a discount rate that produces a negative NPV. Lets try 20 %. The IRR lies between 12 % and 20 %. But we can get much closer to the precise answer by using arithmetic. IRR = 12% + Difference between the two discount x Positive NPV Range of +ve to â‚ ¬Ã¢â‚¬Å"ve NPVs IRR = 12 % + (8 % x 318.07) IRR = 478.73 IRR = 12 % + 5.32 IRR = 17.32 % IRR Problems While there are some different difficulties with the IRR, MIRR solves two of them. First problem is the IRR accepts that interim complete money movements are invested again at the rate of return which was same as the project which creates them. This is most often happening a plan which is not real and a very simple situation, that the funds will be invested again at a rate where the firms cost of capital is closure. Therefore, the IRR often provides a reasonable, hopeful image of the projects which is under study. Normally for checking the projects in the fair way, the weighted average cost of capital can be used for investing again the interim money movements. 2nd, you can find more than one IRRs for projects with different negative and positive flows of cash, which control to confusion. IRR Summary: The value to a business of calculating the IRR is that its decision-makers are able to see the level of interest that a project can withstand. In the case where a number of projects are competing for selection, the one that is most resilient can be chosen. 6: Modified Internal Rate of Return (MIRR) (MIRR) is a managing the methods of an investments attractiveness. It is used in capital budgeting to give the rank to different investments. Modified Internal Rate of Return is a change of the (IRR) internal rate of return and intent to solve some problems with the internal rate of return (IRR). Using (IRR) we assumes that reinvestment rate of the company is the (IRR). (MIRR) overcomes this assumption and evaluate projects on the assumption that the reinvestment rate is the same as the companys cost of capital. This assumption for the cost of capital makes it a more effective technique as compared to the IRR. MIRR is calculated as follows: mbox{MIRR}=sqrt[n]{frac{-FV(text{positive cash flows, reinvestment rate})}{PV(text{negative cash flows, finance rate})}}-1 Where n is used for the number of same periods which is at the finish stage, where the cash flows occur, PV is used for present value, FV is used for future value. 7:Adjusted Present Value (APV) APV method is used for evaluating investment in projects where risks for a project are different from the company considering such undertakings. This type of evaluation overcomes weaknesses present in the NPV technique. Adjusted present value (APV) is similar to NPV. Use the cost of equity as the discount rate is different. For the financing effects different adjustments are made. Normally with DCF models, adjusted present value calculation is simple but boring. Calculating the first step of an APV is to calculating the basic NPV by using the cost of equity like discount rate. The companys cost of equity and this may be the same. To recalculate using CAPM and by estimating a beta, in some cases may be it is necessary. First calculated the base of NPV, after that calculate the NPV of every set of cash flows which results from financing. The tax results of using debt rather than equity are most obvious. The cost of debt can be discounted or that shows unknown activities about the tax effects at a higher rate. NPV of the tax effects is added then to the basic NPV. If there are some other activities of financing, also added or subtracted, then APV is the final result. Given capital organization unrelated, savings from the financing should be levelled by changes in the necessary return on equity and changes in capital structure as well. Normally this makes a simple NPV with the WACC like the discount rate suitable. Normal NPV calculation: Where, in a simple situation: These more complicated situations are more easily handled BY using Adjusted Present Value (APV), more difficult conditions are very easy to handle. APV based on the below: APV = NPV of project pretended, itâ‚ ¬Ã¢â€ž ¢s all equity financed + NPV of financing results. APV divide the total value of the project into different parts: any debt is no used for value assuming in one part, and then using the debt in capital structure we add the extra value Best Technique: After discussing all the financial appraisal techniques, it seems that the choice of best financial appraisal techniques depends upon the nature of Project. References Internal Rate of Return: A Cautionary Tale Find MIRR with FinEasy MIRR v1.0 3. http://en.wikipedia.org/wiki/Modified_internal_rate_of_return http://www.bized.co.uk/timeweb/reference/using_experiments2.htm http://en.wikipedia.org/wiki/Finance http://moneyterms.co.uk/dcf/ http://moneyterms.co.uk/capital-structure/

Employees Motivation Essay -- GCSE Business Marketing Coursework

Employees Motivation A business seeks profit by provided customers with goods and services (Schoell, et al 15). There are various types of businesses that differ according to their ownership. The three basic forms of private ownership businesses are the sole proprietorship (i.e. sole trader), partnership, and corporation (Schoell, et al 132). The type of ownership that a business organization would apply is dependent on the owner's financial status and objectives. Apart from the different types of ownerships, there are various styles of management and leadership. The organization's management and leadership style has a great effect on the working environment and the employees' motivation. The development of an optimal leadership style and managerial skills that is the most appropriate to an organization is crucial, having a major effect on its life span. The working environment affects the employees' motivation, which in turn influences the overall progress and well being of the organization. A ccording to a management consultant, called Peter Economy, "It all comes down to keeping employees enthusiastic and energized," which is accomplished by developing a leadership style that would endorse the ideal environment in the business firm (Buchanan 1). A Manager's leadership style contributes directly to the subordinates' motivation and work satisfaction, and the work progress in the organization. There are two types of leadership styles, one that is task-oriented and the other that is employee-oriented. A manager with a task-oriented style will have work results as his biggest concerns; and therefore, he will develop rigid regulations that would lead the subordinates into working their tasks, exactly as he taught them, to reach his desired results. On the other hand, the manager with an employee-oriented manner will be concerned with the employees' condition. This manager's objective is to boost the employees' self-esteem and persuade them on working together to help him in decision-making and on ways to solve problems. However, not all leaders develop a style that is an absolute task-oriented or employee-oriented, their style is consisted of different characteristics from each styles. Hence a manager would be referred to as a more task-oriented or a more employee-oriented, rather than solely describing him as either one (Schoell, et al... ...level needs. As these needs are satisfied, one pursues the safety needs. The safety needs are the needs for security, the protection from deprivation and from danger. The social needs come after the fist two needs have been met. They are the needs for affection, friendship and companionship. Once these levels of needs are satisfied, one seeks for recognition so as to satisfy his ego needs. Self-actualization needs are at the highest level of the hierarchy, the hardest to reach, and never completely achieved (Schoell, et al 293-4). Herzberg's two-factor theory is a further step of Maslow's theory. Fredrick Herzberg, who is also a psychologist, divided Maslow's hierarchy of needs into two sets of needs, a higher-level set of needs and a lower-level set of needs. He named the hygienes to be the incentive factors that would satisfy the lower set of needs (Schoell, et al 294). They are factors in the working environment itself, such as the working conditions, regulations, interpersonal relations, pay, and supervision. For example, (Bovee, et al 443). However, the incentives that would fulfill the higher-level of needs are called the motivators (Schoell, et al 294).

Immanuel Velikovsky :: biographies bio

Correspondence Before the Day Breaks, When I first ran across any of Velikovsky's ideas it was in this online book Before the Day Breaks. In this book Velikovsky writes about his correspondence and conversations with Albert Einstein. I read some of this book before ever reading anything else of Velikovsky, or having any idea of what was proposed in his book Worlds in Collision. Before the Day Breaks is a very well written book, where Velikovsky's main argument is that gravity and inertia are not the only forces acting on the solar system. After Velikovsky published his book Worlds in Collision he has had much difficulty getting anyone in the scientific community to listen to him. There were numerous accounts of unjust behavior towards him from many famous scientist. It is ironic that while many people were ignoring him, he was discussing scientific matters with Einstein. While Before the Day Breaks may not have any substantial scientific impact, it does two separate other things. Provide a good insight to som e of the prejudices of the general scientific community at that time. Give good clues as to what Einstein's personality was like. Background Info. / History 1895, June 10, Immanuel Velikovsky was born in Vitebsk, Russia 1913> studied medicine at Montpelier, France, 1921 Velikovsky received a medical degree at the University of Moscow 1921 moved to Berlin, married, edited a journal called Scripta Universitatis atque Bibliothecae Hierosolymitarum, the mathematical-physical section was prepared by Albert Einstein. This journal played a big role in developing the Hebrew University in Jerusalem, 1924-1939 "Velikovsky lived in Palestine, practicing psychoanalysis- he had studied under Freud's pupil, Wi1helm Stekel in Vienna" quoted from (Short Biography) 1950 published Words in Collision right away it was a NY Times non-fiction #1 international best seller for 7 weeks until the publisher (Macmillan) dropped the book due to opposition to it led by Harvard astronomer Dr. Shapley -This book was about Velikovsky's claims that incidences in numerous independent cultures around the world were not due to terrestrial origin (i.e. comets and planets caused massive disasters) 1960s Velikovsky was considered as quack by most everyone

Saddam Hussein: The U.S Portrayal of Evil Encarnate :: American America History

Saddam Hussein: The U.S Portrayal of Evil Encarnate When Iraq invaded and occupied the country of Kuwait in August 1990, the Bush administration was faced with several dilemmas. From a foreign policy point of view, this action could greatly destabilize the balance of power in a part of the world that was vital to U.S. interests. The United States was dependant on a continuous flow of oil to drive its economic machine, which Kuwait supplied greatly. In addition, this move would put more power into the hands of a government that was not only unfriendly to the U.S., but a sworn enemy of the state of Israel, a strong U.S. ally. In addition to, the fall of communism had created what George Bush had described as, "A new world order," and would become the first major test of how the U.S. would handle its role as the sole remaining super power in this "new world order." There were many challenges facing the Bush administration as to the manner in which they would handle this first major international crisis. The Bush administration had to dev elop a consensus of the major remaining powers, and appear not acting alone in its response to President Saddam Hussein's actions of invading Kuwait. They also yearned to keep Israel from being involved so as not to alienate the remaining Middle Eastern nations. Lastly, they faced a domestic dilemma, in that much of the American public had significant reservations about involving U.S. troops involved in a foreign conflict. There remained a bad taste of Vietnam among the American public, and there were very mixed responses to American involvement in Somalia, Nicaragua, and Grenada. For the Bush administration, Hussein was not a merchant who could be bargained with, but rather an outlaw who would have to be defeated by force. The Bush administration was faced with a task of developing (more or less) overwhelming support from the U.S. people to take any action in Kuwait, which was accomplished by a dramatic public relations move to demonize Saddam Hussein in the eyes of the American pe ople. The task of the United States demonizing Saddam Hussein was facilitated by many factors, both real and imaginary; a mixture of true facts and public relations image making. On the fact side, Saddam Hussein was indeed a dictator, and responsible for some true atrocities. Hussein ruled with an iron fist. Most accounts of political analysts looking at Iraq agree that his rein was one characterized by fear of the state. Saddam Hussein: The U.S Portrayal of Evil Encarnate :: American America History Saddam Hussein: The U.S Portrayal of Evil Encarnate When Iraq invaded and occupied the country of Kuwait in August 1990, the Bush administration was faced with several dilemmas. From a foreign policy point of view, this action could greatly destabilize the balance of power in a part of the world that was vital to U.S. interests. The United States was dependant on a continuous flow of oil to drive its economic machine, which Kuwait supplied greatly. In addition, this move would put more power into the hands of a government that was not only unfriendly to the U.S., but a sworn enemy of the state of Israel, a strong U.S. ally. In addition to, the fall of communism had created what George Bush had described as, "A new world order," and would become the first major test of how the U.S. would handle its role as the sole remaining super power in this "new world order." There were many challenges facing the Bush administration as to the manner in which they would handle this first major international crisis. The Bush administration had to dev elop a consensus of the major remaining powers, and appear not acting alone in its response to President Saddam Hussein's actions of invading Kuwait. They also yearned to keep Israel from being involved so as not to alienate the remaining Middle Eastern nations. Lastly, they faced a domestic dilemma, in that much of the American public had significant reservations about involving U.S. troops involved in a foreign conflict. There remained a bad taste of Vietnam among the American public, and there were very mixed responses to American involvement in Somalia, Nicaragua, and Grenada. For the Bush administration, Hussein was not a merchant who could be bargained with, but rather an outlaw who would have to be defeated by force. The Bush administration was faced with a task of developing (more or less) overwhelming support from the U.S. people to take any action in Kuwait, which was accomplished by a dramatic public relations move to demonize Saddam Hussein in the eyes of the American pe ople. The task of the United States demonizing Saddam Hussein was facilitated by many factors, both real and imaginary; a mixture of true facts and public relations image making. On the fact side, Saddam Hussein was indeed a dictator, and responsible for some true atrocities. Hussein ruled with an iron fist. Most accounts of political analysts looking at Iraq agree that his rein was one characterized by fear of the state.