Business Management: questions and answers Essay

1. Define business ethics. Who determines whether a business activity is ethical? Is unethical conduct always illegal?Business ethics is the principles that determine the acceptable conduct in the business workplace. Customers, competitors, government regulators, interest groups, and the public determine whether a business activity is ethical. No, not all conduct is always illegal. 2. Distinguish between ethics and social responsibility. Ethics is the conduct that is acceptable in the business area and social responsibility is the business’s obligation to make a positive impact on society and lower its negative impacts. 3. Why has ethics become so important in business?Ethics has become so important in business because it builds trust among individuals and in business relationships, which leads the company and its employees in a comfortable environment. This also helps the business to have confidence that their employees are happy in their work area. 4. What is an ethical issue? What are some of the ethical issues named in your text? Why are they ethical issues?An ethical issue is a problem that a person needs to choose from several actions that may be considered right or wrong. Some ethical issues discussed are lying, abusive behavior, violations, stealing, sexual harassment, and many others. These are ethical issues because each of these issues can damage the workplace and the production of the company. 5. What is a code of ethics? How can one reduce unethical behavior in business?A code of ethics is formalized rules that a company expects of its employees before they start to work there. One can reduce unethical behavior in business by giving the employees advanced information on which conduct is acceptable and which isn’t. This helps for future problems with employees. 6. List and discuss the arguments for and against social responsibility by business (Table 2.8). Can you think of any additional arguments (for or  against)?Arguments for social responsibility are since businesses may help create a few social problems, they should help solve them also. Other arguments are that the businesses have the funds to help the social arguments; businesses should do their fair share to help others; and it can prevent increased government regulations. Arguments against social responsibility are that the managers of the companies are only concerned with making a profit. Another argument is that it may give the business too much power then it should have. Other arguments against social responsibility are that social problems are the responsibility of government agencies and those businesses may not have the expertise to make decisions about social problems. An additional argument I would say is that every company should be required to give some kind of donation to a school or charity at least once a year because they are making money and should help others also with their profit, this would be better for their companies recognition. 7. What responsibilities does a business have toward its employees?The responsibility a business has towards its employees is to provide a code of ethics to solve any future problems towards the employees. They should also have to pay them a decent salary for their work, and give them information about the company’s happenings. Also, employees want to be listened to by someone who is in a higher position. 8. What responsibilities does business have with regard to the environment? What steps have been taken by some responsible businesses to minimize the negative impact of their activities on the environment?The responsibilities businesses have regarding the environment are animal rights and pollution. Businesses have created positions in their business for enivornmental affairs. The businesses try to eliminate the waste practices they use and the emission of pollution or the chemicals they use if they are harmful to the environment. Many companies have turned to alternative energy sources. 9. What are a business’s responsibilities toward the community in which it operates?A business’s responsibilities toward the community it is in are through donations to organizations and to give money to schools to provide  better education. Companies also provide scholarships to students, support for teachers and computers for students. Also businesses are providing trainings for the unemployed. Book: Business Organization and Management

Support Learning Activities

Describe how a learning support practitioner may contribute to the planning, delivery and review of learning. What learning support strategies have you used or could you use to meet the needs of your learners?Learning support practitioners can be an invaluable resource in the successful planning, delivery and review of learning. They can offer immeasurable support to the teacher and, most importantly, to the pupils. However, that support is only truly effective if it is organized, structured and consistent – both in terms of the learning objectives set by the teacher and the pupil’s own learning needs. There are many ways in which a learning support practitioner can contribute to the Classroom Process Cycle1 (planning > preparing > doing > reviewing etc. ) but let’s look at just some of them.Planning is essential to working efficiently and effectively as a learning support practitioner (or teaching assistant). Without planning how you intend to support the pupilà ¢â‚¬â„¢s learning you run the likely risk of not just wasting their time whilst you organise yourself, but also providing inconsistent and often conflicting or confusing messages to the children. If you are not ‘on the same page’ as the teacher then there is a possibility of inadvertently contradicting them which in turn confuses the pupil, clouding their understanding and ultimately creating obstacles to them achieving their learning objectives.This is counteractive to learning, which could not be further from the purpose of the teaching assistant role. The ways in which a learning support practitioner can contribute to the planning are numerous, from the obvious preparation of equipment and a safe environment conducive to learning to providing insightful input regarding pupil’s individual learning needs and abilities based on their own experience.Offering your own observations of effective support strategies based on your acquired knowledge of a pupil’s abilities can be a priceless resource for the teacher, who may never themselves have the chance to gain such insights into an individual child’s learning style. The opportunities for one to one time between teachers and pupils are very few and far between so the observations of a teaching assistant, who works more often with smaller groups and individuals, can be vital in providing a more in depth and detailed view into what strategies he or she thinks will work –  especially when dealing with specific or specialist learning needs.The truth is, of course, that there is never one learning strategy that works for any one child. Learning support strategies need to be fluid and the support practitioner needs to be able to adapt from one to another as and when the situation requires. You may need to remind the pupil of the teaching points, make sure they are concentrating, question them and encourage them to ask questions themselves.My own experience of working with a sma ll group preparing a presentation on the six wives of Henry VIII was that there was a constant need to continually remind the five pupils of the aim of the exercise – namely that they needed to have a finished, structured and lucid presentation at the end of it! The temptation amongst them was to concentrate on the more ‘fun’ aspects of their research (in this case tales of extra-marital affairs, incest and beheadings!) and on preparing skits and drawings but they were clearly losing sight of the fact that all this had to hang together as a coherent presentation with equal participation from each pupil.Making sure the pupils concentrated and didn’t get sidetracked, reminding them of the teaching points and giving them constant encouraging yet guiding feedback were key strategies I used in making sure the task was completed successfully. The delivery of learning support is not complete, however, until you have fed back to both the pupil and the teacher and reviewed your own success as a learning support practitioner.In feeding back to the pupil it is vital that your feedback is constructive. This does not necessarily mean it has to be positive but it is vital that it is not destructive. It should serve to encourage and help the pupil. Feeding back to the teacher is equally as important as this will provide the teacher with information as to individual pupils’ progress, any difficulties they might be having (or indeed that you might be having) and this in turn will feed into planning for the next lesson as per Wilkinson’s Classroom Process Cycle.The importance of the role of teaching assistant should not be underestimated as they provide essential support to both teachers and pupils alike. As the demands put upon teachers are increased seemingly year by year, the learning support practitioner is there to contribute to all aspects of the planning, delivery and review of learning giving a broader support structure for the t eachers and a more complete learning experience for the pupils.

Tolerance Issues in Australia Essay Example | Topics and Well Written Essays - 1000 words

Tolerance Issues in Australia - Essay Example The implication here is that irrespective of racial or ethnic affiliation, all Australians are equal members of society and are accepted as such. According to Adams (1997), this supposition is little more than a myth or an exercise in politically correct, wistful, thinking. Not only has the dominant, Anglo-Saxon, group only recently embraced the principle of tolerance but have displayed a persistent proclivity for continued backtracking. To fully comprehend Adams' argument on the status of tolerance in Australian society, an explanation of his conceptualisation of the term is important. Tolerance is the acceptance of the other,' accompanied by recognition of the inherent value and equality of social/ethnic/racial groups. Tolerance is characterised by the embrace of moderation and the absence of ethnic/racial arrogance (Adams, 1997). It most certainly has its limitations and these limitations are reached when one's rights are transgressed upon or one's space is violated (Adams, 1997). The violation of one's place/space/rights generates fear which is, in turn, outwardly expressed through intolerance towards the others. In other words, there exists a fine line between tolerance and intolerance according to Adams' definition. Operating from within... Indeed, the land was violently wrested away from its native inhabitants and redefined in the White Man's image. As Adams' argues, "Australia was devised as a white man's country, defiantly and arrogantly white" (Adams, 1997: 13). Within the framework of the project for the re-creation of Australia, not only did tolerance have no place but intolerance, legitimised through conviction in the white race's superiority, was the main instrument. Historically, therefore, Australia was founded upon intolerance. It was only following the recreation of Australia as an Anglo-Saxon country and the solidification of the white man's status as the dominant socio-political group that Australians began to embrace the concept of tolerance. As may be inferred from Adams' discussion, Australia's embrace of the principle of tolerance was motivated by the growing popularity of liberalism, on the one hand, and enabled by racial confidence, on the other. Quite simply stated, the White Man believed that he had created a white Australia, forged a nation in his own likeness and hence, could afford to be tolerant towards minorities (Adams, 1997). As minority populations increased and Australia evolved into a more obviously multicultural society, the dominant group's tolerance was tested. According to Adams (1997: 13), "the voice of bigot has never been silenced in Australia." It was aroused upon the sensation of threat emanating from immigrant groups and the supposition that their growing number could instigate change in Australia's Anglo-Saxon identity. It was capitalised upon and exploited by Hanson and other right wingers who, not only divided the nation but, exposed the very narrow limits of tolerance in Australian society (Adams, 1997). Australia has for

Final Exam (communication) Essay Example | Topics and Well Written Essays - 500 words

Final Exam (communication) - Essay Example The technique allows the filmmaker to utilize the whole space, satisfying the viewer. He also applies the wipe technique. This involves one picture wiping off another from the screen. The two techniques make the film appealing to the eye, entertaining the viewer. This is a film depicting a relationship between the rich and the poor. It tends to show that a good community should distribute its wealth equally among the people. The main actor Antonio brings out the true nature of Italian Neorealism by the state of his poverty while there are extremely reach people in the neighborhood. Antonio also has to work extremely hard to get food for his family. Lastly, Italian Neorealism was full of criminal activities such as stealing which Antonio is involved in. The main reason why some films are appealing compared to others is their content, shooting techniques and message involved. An individual’s feels after watching a film would determine whether he would like to watch the same film again. Films that are watched repeatedly are characterized by excitation, novelty and satisfaction. Example of such films includes Citizen Kane. The film illustrates how Blacks fought for their rights from the whites. The director uses violence, love and Ku Klux Klan  to show the hatred between Blacks and whites. The director also dresses the Blacks in torn clothes to illustrate their poverty. The use of violence against the Blacks by Ku Klux Klan provides the ugliest evidence of how the Blacks were enslaved by the Whites. Lastly the violence in the film is a clear reminder to the Americans that never again should they go to Civil War. Martin McDonagh films are interesting to watch. This is because of the message indicating upshots of our responsible actions. The films also contain eloquent and comic actors who appeal to most viewers. Lastly, his film Six Shooter is humorous and entertaining. This makes it a must watch film that could

Research Essay Example | Topics and Well Written Essays - 2000 words

Research - Essay Example Based on the data from World health organization cigarette smoking and other forms of tobacco use kill more than 4 million people worldwide every year, with about 1.25 billion active smokers worldwide. With the same trends of tobacco use it is estimated that tobacco smoking will kill 8.4 million people a year by year 2020 (WHO 2000). Now even though these numbers are alarming the advertising of tobacco smoking is increasing in volume and specificity. It is estimated that in year 2006 in United States, the 5 largest tobacco companies spend 12.50 billion dollars on advertising, or more accurately more that 34 million dollar per day in advertising and promoting cigarette smoking. What is most important is that the as the cigarette smoking declines, the amount of money spend on advertising is drastically increasing (Slater et al 2007). Also some new price strategies that are designed by the tobacco companies, like price discounts that are paid to wholesaler and large distributors to lowe r the price of the cigarettes, actually lead to increased number of smokers among youth and adolescents in United States (Federal Trade Commission 2006). The advertising in tobacco industry goes as far as designing cigarettes that are specially attractive and appealing to women, where the targeting of women as smokers goes beyond marketing because the companies try to find specific factors of motivation, patterns of social activities associated with smoking, specific product preferences etc. in order to produce gender or age specific products (Carpenter et al 2005). As we can see the tobacco industry is a strong factor that is promoting the use of tobacco neglecting the negative effects of smoking in the process. Since tobacco smoking is a major health problem, the health system has very important role in promoting the negative effect of smoking and its participants: doctors, nurses, public health workers and other medical personnel. As stated by World health organization the public health community and health professionals should lead the way in solving the problem of tobacco use (WHO 2000). The role of health professionals is important because there are studies that show that the chances of smoking cessation increases after a patient receives advice from a health care professional (Fiore et al. 2000). There are many programs in the world designed to reduce the incidence tobacco use among physicians and other health care professionals around the world. There are information’s that indicate that maximum 10 percents of physicians in Australia, Norway, Canada, United States, United Kingdom and other developed countries smoke tobacco. This incidence is much higher among the countries in Europe. As opposite of this up to 40 percent or more of the physicians smoke in France, Italy, Spain, Turkey and other countries in Europe (WHO 1993). This is interesting because the study conducted by Emanuela and Anna 2009 also showed that incidence of tobacco use

A Science Column Essay Example | Topics and Well Written Essays - 1000 words

A Science Column - Essay Example A physical quantity is defined by the sequence of operations used to determine its value (Wiliamson). The grouping of several physical quantities to find out the values of each in relation to each other is what constitutes a physical law which is defined as. The laws of thermodynamics relate the heat with temperature changes in materials of different kinds. To be clearer on this, let us begin by defining the various laws of thermodynamics. To begin with the first laws which states that Heat is a form of energy, and energy is conserved (Wiliamson). Here the first law confirms that heat is a form of energy and that it can be conserved. This is seen when we use electricity in our homes, the electrical energy is usually stored in the form of water which is then used to drive turbines hence generating electricity which we often use in our homes. This can always be conserved to minimize wastages by either conserving the water stored in a dam or switching off the electricity when not in use . The second law of thermodynamics can be stated in three different ways as defined by three different scholars. For our study we are going to use the definition of Kelvin which states that No cyclic process exists which produces no other effect than the extraction of heat from a body and its conversion into an equivalent amount of work (Wiliamson). The second law of thermodynamics here brings out the reversibility of thermodynamic processes, that is heat is never lost to the surrounding environments given that all factors such as heat loss to the surroundings through evaporation and other heat transfer processes are under control. This is always carried out in the laboratory by using a calorimeter, a laboratory instrument which is used to measure the amount of heat generated through chemical reactions and other physical changes. The calorimeter is designed for this purpose as it is made in such a way that it can minimize heat loss to the surrounding environment as well as heat gain from the same thus ensuring that heat contained in the materials is the same that is used in the entire experiment. It was upon the realization of the limiting factors in the definition of the term temperature by the two thermodynamic laws that the Zeroth law was devised the help in bridging the gap that was omitted. The zeroth law suggests that If two systems are in thermal equilibrium with a third system, then they are in equilibrium with each other (Wiliamson). This law enables one to order systems according to the direction of heat flow when these two systems are put into contact with each other. For this reason, a system is said to be hotter if heat flows from it into the other system which in this case is considered a colder one than the other when these two systems are put into contact with each other. The reverse is however true in the other direction. The third law of thermodynamics on the other and explains that the entropy of a system approaches a constant value as the t emperature approaches absolute zero (Wiliamson). This law suggests that all motions in a material tend to come a standstill, cease within that particular material as the temperature of that material reduces to absolute zero. All materials however must reach a state whereby the temperatures reduce to absolute zero hence no thermodynamic motions occurring within them. The three laws of

Humanities Class Essay Example | Topics and Well Written Essays - 1750 words

Humanities Class - Essay Example In his work, Rousseau holds that the social interactions of individuals with each other are the root cause of all the wrongs happenings in the world and all the elements of corrupt individuals. He believed that when people are born, they are very free in state, their minds are not corrupted and they are pure as created by God. At that moment of time, the humans possess sense of love which is pure valuing someone’s existence in the world (Kant 1781). The individuals therefore hold a sense of harmony about themselves and those around them. But he adds that once humans become integrated with the social settings of the world like property ownership and interdependence, there is where unhealthy happenings occur in societies. It is where the sense of love disappears. He connects these unhealthy behaviours to the competition for resources and antagonism in the world among people. The following illustration outlines how cruelty originates from societal interactions (Hogarth 1751). In the text book, Rousseau believed that â€Å"human were originally pure and morally good in the eyes of others and originator† (Text book pg. 132). Humans lived together in a society that acted as a single large family where everyone loved and cared for one another. If one family lacked some basic need, the family could easily obtain it from the other family who had, they had shared responsibility. People grew together and lived together in harmony and mutual coexistence existed among them. They carried out their activities in unison (Hogarth 1751). There was division of responsibility where women became more sedentary and accustomed themselves to looking after the children while men went out to seek their common subsistence. The two sexes lived softer lives but unfortunately, the single individuals couldn’t fight the common enemy; the wild beasts. This therefore led to the grouping of the families

U.S .Virgin Islands Research Paper Example | Topics and Well Written Essays - 750 words

U.S .Virgin Islands - Research Paper Example The United States Virgin Islands are a group of islands situated in the Caribbean and are part of the United States. The main islands of the U.S Virgin Islands are the Saint Croix, Saint John and Saint Thomas. Additionally, there is also a historically Water Island, though it is much smaller, surrounded by many other minor islands. According to the 2000 Census, the population was about 108,612, which mostly consisted of individuals of Afro-Caribbean descent. The primary economic activity is tourism, even though the manufacturing sector is also huge.Originally, the U.S Virgin Islands were occupied by Ciboney, Carib and Arawaks. The islands were given their respective names by Christopher Columbus together with her virgin followers on their second trip to Saint Ursula in 1493. Many years thereafter, the islands were controlled by several European countries such as Spain, United Kingdom, the Netherlands, France as well as Denmark-Norway. In 1672, the Danish West India Company occupied S aint Thomas. The following year, it occupied Saint John, ultimately purchasing Saint Croix in 1733 from France. It is imperative to note that the U.S. Virgin Islands were formerly referred to as Danish West Indies. However, in 1916, Denmark sold the Islands to the United States under the Danish West Indies Treaty. Consequently, on March 31, 1917, the Virgin Islands were formerly possessed by the United States and were thereafter renamed the United States Virgin Islands. All the inhabitants of the Islands are given the U.S Citizenship. Types of Businesses or Industries The economy of the islands strongly depends on the U.S mainland. The primary economic activity is Tourism hosting about 2 million visitors. Furthermore, the sale of duty-free products to visitors from the U.S mainland also substitutes the earnings from the Tourism sector. However, there also exist a significant number of manufacturing companies in the islands, such as the petroleum refining industry, textiles, rum distilling, electronics, pharmaceuticals as well as watch assembly. St Croix has the largest petroleum refineries in the world. Additionally, rum is a major product, and earns money from the refunds of U.S excise duty at the rate of about U.S$ 40m per year (West p.753). International businesses and financial services are on the verge of growing in the Islands. Government Type The United States Virgin Islands are under the territory of the United States. Although the population of the United States Virgin Islands is citizens of the U.S., the y cannot take part in the presidential elections. However, they are allowed to take part in the presidential primary elections for the delegates to both the Democratic National Convention and the Republican National Convention. The law that disallows the United States Virgin Islands residents has received outcries from the elites, who claim that they are denied two of the most powerful rights that citizens of a democratic country ought to have; these are the ability to vote and choose their legislators (Todd). Nationally, the U.S Virgin Islands vote and elect a delegate to congress. However, the elected delegate cannot take part in floor votes but can vote in the committee. Virgin Islands People People from the Virgin Islands are known as Virgin Islanders, while those residing at respective islands are called St. Thomain, St. Johnian and St. Crucian as well as Water Islanders. During the early 1600s and mid 1800, the U.S Virgin Island population was majorly drawn from the European a nd African descent. White settlers, mainly from Holland, England, Denmark, Ireland and France, came to operate plantations, run shops and ware houses. African slaves outnumbered the European whites. These were slaves brought to work in the sugar plantations by the Caribbean. English is the official language in the U. S. Virgin Islands. However, a language known as Virgin

Dram Job Essay Example | Topics and Well Written Essays - 500 words

Dram Job - Essay Example In this regard, this paper discusses my dream job, critically highlighting the major factors and requirements of getting there. Undoubtedly, the fashion and apparel industry is a dynamic one with new trends setting in throughout the year. In this regard, I have always had an undying love for fashion and new trends primarily because my father used to buy me new clothes every time a new fashion trend set in. Additionally, I come from a strong Islamic background hat necessitate the followers to put on certain distinctive kinds of clothing. Owing to these factors, I have always aspired to work in a textile industry particularly as a high-ranking manager in order to help make clothes accessible to the human race. This is especially so after having watched certain regions in the world through the television, where adults had barely any clothes to cover their bodies. Primarily, my dream career is to set up a clothing company and run it as the CEO in Saudi Arabia. Although I am still in high school, I can clearly visualize myself managing this big textile company than manufactures a wide array of clothing. Perhaps it would be desirable if I elaborate why I prefer setting the company in Saudi Arabia. Since Saudi is my home, I prefer to operate there as the proprietor and because I am well versed with the country’s laws especially laws pertaining to business, I strongly believe that I will not face any major challenges during the startup. Besides, I have many friends back in Saudi Arabia who are very competent as far as marketing of fashion products is concerned and in this respect, their input will give my business a head start. Before I embark into any business or profession for that matter, I have to ensure that I successfully pursue and complete my studies to the university level. As part of my ambitions, I aspire to graduate from Cape Breton University (CBU) with a Bachelor of Commerce degree that will be very

Beautiful Mind Essay Example for Free

Beautiful Mind Essay John Nash first arrives as a new graduate student at Princeton University. There he meets his roommate Charles, a literature student, who soon becomes his best friend. He also meets a group of other promising math and science graduate students. John sometimes goes out to a bar with his fellow students to try to meet women, but is always unsuccessful. However, the experience is what ultimately inspires his work in the concept of governing dynamics, a theory in mathematical economics. After the conclusion of Johns studies as a student at Princeton, he accepts a teaching offer at a prestigious institution, along with his friends Sol and Bender. It is while at this post that he meets Alicia, a student with whom he falls in love and eventually marries. While at Princeton, Nash runs into his former roommate Charles and meets Charless young niece Marcee. John Nash receives an invitation to the Pentagon to crack a complex encryption of enemy codes. He is able to decipher these codes mentally, impressing a certain mysterious William Parcher. This man later encourages John Nash to work for the government by looking for patterns in magazines and newspapers for a Soviet Plot. Involvement with Parcher came with chase scenes and gunfire, Nash eventually became paranoid and began behaving aggressively. In an attempt to help out a friend, Sol followed Nash during one of his late night top secret drop offs. Here Nash was seen placing enveloped documents in a mailbox at an abandoned establishment. Then one day during a lecture, Nash was caught trying to flee. He was sedated and sent to a psychiatric facility where he was interrogated. Alicia Nash, desperate to help her husband, visits the abandoned building only to find the never-opened top secret documents that Nash dropped there. She confronted her husband with this evidence, which at first he tried to deny true. Eventually he realized that William Parcher and the top secret missions were in fact all a delusion. He had to go through a painful series of insulin shock therapy sessions. Afterwards Nash is released on the condition that he agrees to take antipsychotic medication. These drugs however, had side effects that affected his relationship with his wife. Frustrated, He secretly stops taking medication, which triggered a relapse. While bathing their baby, Nash becomes distracted and wanders off. Fortunately his wife manages to save their child from drowning. When she confronts Nash, he claims that his friend Charles was watching their son. Alicia was alarmed desperately trying to contact professional help. Charles, Marcee, and Parcher all appear to John and urge him to kill his wife rather than allow her to lock him up again. Just when Alicia was about to leave, Nash finally realizes that these people are not real when he observes that Marcee never gets old. Only then does he accept that all three of these people are, in fact, part of his psychosis. From then on, Nash tries to live with these delusions by ignoring them. In his struggle to ignore these hallucinations, he approaches his old friend and rival Martin Hansen, now head of Princeton University. He is accepted to teach again. He is honored by his fellow professors for his achievement in mathematics. He won the Nobel Memorial Prize in Economics for his revolutionary work on game theory. He got up and gave out his speech.

Strategies to Maximise Shareholder Value

Strategies to Maximise Shareholder Value Introduction Firms may have different objectives to achieve. However in theory, a firm should set its objectives to increase its value for its owners. Shareholders are the owners of a firm. Therefore according to theory maximising shareholders wealth is the fundamental objective of a firm. (Watson Head –Corporate Finance principles and practice 2007) Investors generally expect to earn satisfactory returns on their investments as they require increasing the value of their investments as much as possible. This is usually determined by dividend payout and or capital gains by increasing the market value of the share price. The managers of the company act on behalf of the investors, such as operating day to day activities and making decisions within the business. In another way they do have the control of the business entity. However, firms may have other objectives to achieve such as maximising of profits, growth and increasing its markets share. When achieving these objectives of a firm, conflicts may arise as a result of ownership and control. Managers may make their decisions on their own interests rather than achieving investors wealth. Discussing the investor related goals as described earlier, in theory behaviour of management should be consistent towards maximising shareholders wealth, enhancing the value of the business (Basely Brigham- Essentials of Managerial Finance).Value of the business is measured by valuing firms price of shares. Its essential to consider maximising of stock prices, and its impact to the investors and the economy as a whole simultaneously. Maximising profits is also an objective of a firm. It is determined by maximising the firms net profits. It is also can be described as a short term objective whilst maximising the value of the company is a long term objective for a firm (Financial Management –Kaplan Publishers 2009). Therefore it is not necessary, maximising profits as maximising shareholders wealth because there are number of potential problems can be occurred adapting to an objective of profit maximisation. It will be discussed in the latter part of the report. Earnings per share (EPS) is one of the main indicators of the firms profitability and it is a broadly used method measuring firms success, as it is determined return to equity in theory(Financial Management – Kaplan Publishers 2009).However, EPS doesnt expose the firms wealth since it is determined by using firms net profits. Therefore EPS is also exist the same criticism as profit maximisation above which will be discussing in the later part of the report. During the past ten years have seen a much greater emphasis on investor related goals. The conflict of ownership and control can be recognised as one of the significant causes which were affected investors and the world economy in the past ten years. The corporate scandals such as Enron, Maxwell and World com which occurred recent past had been lost investors confidence towards capital markets. Therefore its essential to consider the ethical behaviour and social responsibilities towards shareholder wealth maximisation simultaneously. It can also be said the institutional investors such as insurance companies and pension funds had also made a significant influence on investor related goals in the recent past. Review of Literature OBJECTIVE OF PROFIT MAXIMISATION According to Watson and Head 2007, whilst individuals manage their own cash flows, the financial manager involves in managing cash flows on behalf of the company, and its owners. In a firm financial management is concerned with taking decisions in three key areas which are financing, investing and dividend policy. Watson and Head also mentioned, shareholders wealth maximisation as the primary objective of the firm and at the same time the existence of other stakeholder groups such as creditors, employees, customers and community are also affected when adapting to a corporate goal. â€Å"However the firm may adopt one or several objectives in short term whilst its pursued the objective of shareholders wealth maximisation in long term†(Basely and Brigham; Essentials of Managerial Finance). Therefore it is essential to be considered the other possible objectives in short term as well as long term simultaneously. Reviewing one of the main objectives of profit maximisation, a classic article of Milton Friedman in the New York Times magazine 1970â€Å"The social Responsibility of Business is to Increase its profits† (Poitras, Geoffrey 1994). Considering classical views of Friedman (1970), Grant (1991), and Danley(1991), Geoffrey analysed the connection between shareholders wealth maximisation and profit maximisation, as an foundation for establishing an ethical analysis for shareholders wealth maximisation. However, Friedman had a moderate view later relating to the concept of profit maximisation towards social responsibilities. (Pradip N Khandwalla, Management paradigms beyond profit maximisation 2004) While there were similarities between these two objectives, Solomon; 1963, chp.2 highlighted the inconsistencies in his classic article (Poitras, Geoffrey 1994). Considering the above views from different authors, Geoffreys suggestion was â€Å"Even though there are significant consistencies between these two goals, the goal of profit maximisation has designed for the traditional microeconomic environment and for the firms which do not have the conflict of ownership and control. It is also assumed that its applied for the environment where there was no uncertainty and no stock issues†( Poitras, Geoffrey, 1994). According to Keown, Martin and Petty, 2008; Lasher 2008; Ross Westerfield, and Jordan; 2008, â€Å"Managers are encouraged to maximise its current stock prices by the shareholder theory, therefore the criticisms are understandable†. This approach determines the existence of agency problem towards incentive schemes, as incentives are rewarded with the continuous growth of share price and leads to an unethical behaviour of managers, towards manipulating the firms current stock prices (Daniel, Heck Shaffer). CONFLICT OF OWNERSHIP AND CONTROL The conflict of ownership and control was first identified by Adam Smith (RBS Review 1937) and he suggested that the Director cannot protect the other peoples money with the same way that he protects his money (Tony Howell; Shareholder ship model versus Stakeholder ship model). Its also mentioned in Tony and Howells article, that the separation of ownership and control make a significant influence for corporate behaviour and its deeply discussed by Berle and Means (1932). But La Porta et al. (1999) argued against Berle and Means, and he suggested â€Å"its different from the large corporations, because the shareholders of large corporations involved in corporate governance actively where managers are unaccountable† (Tony and Howell; shareholder ship model versus Stakeholder ship model). Winch (1971) suggested the goal of profit maximisation is consistent with the ethical theory of utilitarianism whilst allocating resources under different circumstances. (Poitras, Geoffrey 1994). Having considered Winchs suggestion related to the utilitarian theory and profit maximisation, Geoffreys   (1994) view was that, inter temporal behaviour is important   for firms and efficient investment has a significant affect towards maximising of profits as a result of uncertain future cash flows. It is also discussed the potential conflict of ownership and control. Therefore Geoffrey (1994) suggested the separation of ownership, the decision makers (managers) and owners (shareholders) are involved to the corporate structure. SHAREHOLDERS Vs STAKEHOLDERS Even though most of the economists and authors acknowledge the theory of shareholder wealth maximisation (Berle and Means, 1932; Friedman, 1962), other authors argued the criticisms of shareholder wealth maximisation. They argued that Shareholder Theory encourages the managers to make short term decisions and behave unethically as a result of the influence of the other stakeholders. According to Smith (2003) believed â€Å"Shareholder theory is prepared to maximise short term objectives at the expense of long term goals† (Daniel, Heck Shaffer; Journal of Applied Finance; winter 2008). However Daniel, Heck and Shaffer analysed the reasons for the criticism and the misguidance of the shareholders theory in their article about shareholder theory, â€Å"How Opponents and Proponents Both Get it Wrong?† The misguidance has been occurred as a result of pursuing a long term objective in shareholder theory. Managers should maximise the future cash flows and its important to con sider the stakeholders accordingly (Jensen, 2002; Sundaram and Inkpen, 2004a). According to Freeman (1984) a firm should consider both shareholders and stakeholders when making their business decisions. However Daniel, Heck and Shaffer describes that the stakeholder theory determines the same criticism as short term behaviour but the shareholder theory has got the protection for both shareholders and stakeholders in the long run. â€Å"Therefore stakeholder theory is not predominant to shareholder theory†. Daniel, Heck and Shaffer suggested the expected future cash flows to analyse the above scenario and they argued that its essential to undertake all the positive NPV projects to maximise shareholders wealth analysing towards maximising current stock price. If there was a goal of increasing of current share price, managers who are rewarded by incentives may attempt to boost the stock price of the firm. However Jenson (2005) and Danielson and press (2006) argued â€Å"the eff ort to increase or maintain the stock prices by management could be destroyed the long term values of the firm by manipulation, unethical behaviour, delaying NPV positive projects, reducing or not spending on research and development.† Jenson has taken Enron as an example for explaining the above scenario. The management of Enron had hidden their debts through off balance sheet activities and by manipulating the company accounts (Daniel, Heck and Shaffer). Therefore Daniel, Heck and Shaffer suggested that its essential to design strategies which are consistent with the objective of increasing future cash flows rather than adopting an objective of increasing of current stock price to maximise the wealth of shareholders. Freeman, Wicks and Parmar (2004) argued that â€Å"all the recent business scandals are oriented toward ever increasing shareholder value at the expense of other stakeholders† (Poitras, Jefforey; 1994) After a number of high profile firms collapsed i:e: Enron, WorldCom and Arthur Anderson in US and Maxwell, Polly Peck, BCCI, Barings bank in UK, its been determined the requirement of a good Corporate Governance (Tony Howell; the shareholder ship model versus stakeholder ship model). According to Tony Howell, Corporate Governance has been growing for the past 25 years and the foundation for Corporate Governance was placed, after the introduction of Cadbury report in 1992 (UK). Omran et. al.2002; Mills, 1998; Fera, 1997 suggested â€Å"the importance of Corporate Governance as a result of the new entrance of Institutional Investors to Capital markets, Globalisation of Capital markets, increase of Stakeholder and Shareholder expectations†(Tony and Howell). Analysis According to financial management theory, its assumed that the fundamental objective for a firm is to maximise shareholders wealth (Watson Head 2007).   Analysing the suggestions and arguments towards fundamental objective, it can be seen that not only in theory but also in the real world it is essential to maximise the wealth of shareholder. Analysing the objective of profit maximisation, overriding the classical economics views by Hayek (1960) and Friedman (1970), other authors, Solomon (1963) and Geoffrey (1970) argued about the criticisms associated with the objective of maximisation of profits. The conflict of short term goal of profit maximisation and long term objective of shareholder wealth maximisation can be identified as the main conflict. If a firm adapts to an objective of profit maximisation and the managers are rewarded incentives for achieving it, the agency problem could be arise. Therefore in such a situation managers may take decisions towards their own selfish interests, rather than on shareholders. Achieving their self interest managers may reduce costs by cutting research and development costs, reducing quality control measurements, reduce advertising, using lower quality materials. At the same time the NPV positive projects could also be postponed to reduce their costs to determine more profits in s hort term. Producing low quality products, losing market share, losing customer trust on their products and finally reducing financial performance could be resulted as a result of using low cost strategies. It may lead the business towards insecure stock prices in long run. The other criticism is profit maximisation does not appraise the associated risks. Therefore managers may undertake higher NPV projects to determine higher returns. â€Å"However higher the required returns, higher the risk† (Peter Atrill; Financial Management for Decision Makers, 2008). Investing on risky projects will result future cash flow problems. However, shareholders are assumed as rational investors who provide finance for firms to invest in future projects. As rational investors they require a reasonable return for their investments. Therefore it can be suggested that objective of profit maximising is different from the wealth maximising. Even though shareholder wealth maximisation is the fundamental, firms are not being able to reject the profit perspective goals, because there are stakeholder groups who is interesting about financial activities in a firm. In addition to shareholders, Managers, Employees, Customers, Suppliers, finance providers and the community at large are included in the typical stakeholder group. Therefore its essential to take account of profit maximisation within the firm. As a result of these multiple objectives managers can easily pursue their own interest. In real world, financial statements are used to assess firms performance. However, profits are defined as profit before interest and tax, profit after interest and so on. Therefore the ratio of Earnings per Share is often used instead of profit which is calculated using the net profits and the number of shares issued. Investors usually use EPS as a measurement of valuing stock. EPS is mostly used as it contains of net income of the firm, and it is also used as an indicator measuring firms future cash flows. Although the disadvantage is EPS does not determine shareholders wealth. However, firms value should be determined by the future cash flows and the risk also need to be considered which is associated to the cash flow. However as mentioned earlier, profits does not take account of risks. I:e:â€Å"Reported profit figures such as Biotechnological companies and other new economy ventures have insignificant relationship on its stock prices† (Financial Management –Kaplan Publishers, 2009). Therefore, in the short term theres an inconsistence between profit maximisation and increase in stock prices in a firm. According to Smith (1937), Berle and Means (1932) and Geoffrey (1994) the separation of ownership is involved the corporate structure. The conflict was mostly seen during the recent past, following the corporate scandals. According to Maria and William in the article of Privatisation and the Rise of Global Capital Markets (Financial Management; winter, 2000) â€Å"The past years there was significant growth in capital markets valuation, growth in security issuance as a result of the privatisation programmes†. The impacts of share issue privatisation are increasing market liquidity, pattern of share ownership (i:e: Individual and institutional investors such as Pension funds and Insurance Companies), and increasing of number of shareholders in many countries. However, globalisation was also affected on firms activities simultaneously. Therefore the firms (i:e: Enron Maxwell), which had poor Corporate Governance had the possibility to involving in unethical activities such as creative accounting and off balance sheet finance(Financial Management, Kaplan Publishers; 2009). At the same time Directors involved in high level of corporate takeover activities, achieving their personal interest such as empire building, large remuneration packages (Financial Management, Kaplan publishers; 2009). Further analysis of Stakeholder theory and Shareholder theory by different authors, Jenson â€Å"2005) and Daniel and Press (2006) argued the criticism of stakeholder theory, whilst Daniel, Heck and Shaffer (2008) and Freeman (1984) argued the importance of both shareholder and stakeholder theory. However, it can be suggested that the stakeholders play a significant role towards increasing shareholders value. As an example to motivate employees of the firm, they should be treated in a good manner by rewarding increments, bonuses and so on. Long term employee satisfaction could drive the firm towards higher performance and the development of the business by increasing higher productivity and better quality of products. Simultaneously, building up a trust among customers and acquire and maintain the industry leadership. At the same time shareholders provide finance for firms for its working capital management and noncurrent assets for its future projects. Therefore it can be seen an inter relationship and importance of shareholders and the other stakeholders. According to Peter Atrill, (Financial Management for Decision makers , 2008)â€Å"In the early years financial management theory was mainly developed as part of accounting and the suggestions and arguments were based on casual observations rather than theoretical frame work†. But after the number of high profile firms collapsed, the requirement of corporate governance occurred. Number of committees met and discussed to improve the Corporate Governance and the main concern was the conflict between shareholders interest and managers. Enron was the seventh largest listed company in US when its collapsed in 2001 as a result of manipulation of financial statements. Its affected to shareholders, more than 20000 employees worldwide, creditors and customers (Janis Sarra; St Johns Law Review ; Enrons Repercussion in Canada). The 11 titled â€Å"Sarbanes Oxley Act 2002† CONLUSION By analysing the review of literature, it can be suggested that its essential to maximise shareholder value rather than maximising profits alone. However maximising profit is also can be defined as a performance measurement of a healthy business. Extremes of profit maximisation can also be caused unethical behaviour of management towards its shareholders and stakeholders. Although, Earnings per Share inconsistent with the long term value of shareholder, its still can be used as a performance measurement, since its got firms net profit. As a result of recent corporate scandals such as Enron, WorldCom and Arthur Anderson, shareholders and other stakeholder groups had given much emphasis on corporate behaviour. The unethical and illegal behaviour of those high profiled firms were lost investor confidence of capital markets. They identified the importance of Corporate Governance which provides the â€Å"road map† for managers to follow, pursuing different objectives towards the firm (Basley Brigham). At the same time the arrival of Sarbanes Oxley Act 2002 provided investors a much more confidence and strength towards capital markets. However, stakeholders are also important for firms. They are also treated well for the to maintain a Even there are conflicts between stakeholder theory and Shareholder theory, it‘s necessary to balance these two theories. According to Cathy Haywards article (Black – hole sums; Financial Management May 2003), during the period of May 2003 the pension funds in US and UK were in a bad condition. According to the assessment of National Association of Pension Funds, there was a drop in UK pension funds by more than  £250 million in 2002. Its being told that there were many reasons for the crisis but, the huge drop in stock market during the economic down turn 2000-2003 has mainly been affected. The pensions funds are heavily depend on the dividend payments and the stability of the equity markets, as a result of the drop in share prices the pensions funds struggled to meet their obligations. References Besley Brigham â€Å"Essentials of Managerial Finance† Daniel, Heck Shaffer Journal of Applied Finance; Fall Winter 2008 – Shareholder theory,  Ã‚   â€Å"How Opponents and Proponents Both Get it Wrong?† Denzil Watson Antony Head â€Å"Corporate Finance (electronic resource): principles and practice 2007 â€Å"Management paradigms beyond profit maximisation† – Colloquium a debate by S K Chakraboty, Verghese Kurien, Jittu Singh, Mrityunjay Athreya, Arun Maira, Anu Aga, and Anil K Gupta. Maria K. Boutchkova William L. Megginson â€Å"Privatisation and Rise of Global Capital Markets† , Financial Management;   Winter, 2000, p31-76 Peter Atrill â€Å"Financial Management for Decision Makers† 5th Edition 2008 (electronic resource) Poitras, Geoffrey â€Å"Share Holder wealth Maximisation, Business ethics and social responsibility, Journal of Business Ethics; feb 1994;13,2;ABI/INFORM Global pg125 Rebecca Stratling â€Å"The Legitamacy of Corporate Social Responsibility† ; Corporate Ownership and Control; Volume 4; Issue 4, Summer 2007 Tony Ike Nwanji, Kerry E. Howell; â€Å"A review of the two main competing models of Corporate Governance: The Shareholder ship model versus the Stakeholder ship model; Corporate Ownership and Control, Volume 5, Issue 1, Fall 2007

Sleep Apnea Essay -- Sleep Apnea Sleeping Disorders Essays

Sleep Apnea Sleep, why do people sleep at all? Why can't we just stay awake? Some biologist suggest that sleep provides the opportunity to conduct self-repair and purge the body of it's waste that has built up during the day's activity. Nevertheless, the body is capable of repairing itself and disposing of wastes during waking hours, so sleep in a way really isn't necessary for routine maintenance (e.g., urinating, etc.). Dr. Quentin Regestein, lead sleep and sleep disorders researcher at Harvard Medical School also believed that sleep kept our distant ancestors out of harms way during the night when they could not see as well as their night roaming predators. Sleep is regulated by a connected series of structures in the deep midline areas, and along other way stations that extend through the central axis of the brain, these structures relay information about things that affect sleep. In Dr. Regestein notes, he spoke of experiments that were performed by researchers. The researchers he spoke of would destroy specific brain structures of a lab animal and then note how the animal slept. For instances, in one lab animal the researcher cut through the axis of the brain at one level, which would prevented the animal from awakening; showing that brain structures below the level of the cut were responsible for awakening the lab animal. The American Sleep Disorders Association (ASDA), Association for the Psychophysiological Study of Sleep (APSS), Association of Sleep Disorder Centers (ASDC), and the American Psychiatric Association (APA) has studied sleep and sleep disorders since the early 1970's. Out of all the sleep disorders currently being studied, sleep apnea has gain world wide attention, affecting over 15 million people. Apnea, derived from the Greek word "want to breath." Sleep Apnea (cessation of air flow at the mouth for greater than 10 seconds) can reflect 1) loss of central nervous system drive to maintain ventilation, 2) mechanical upper airway obstruction, or combinations of both. The second edition of Anesthesia and Co-Existing Disease states "Conversely, obstructive forms of sleep apnea are due to an abnormal relaxation of the posterior pharyngeal muscles" - there is persistence of respiratory movements, but airflow is absent due to upper airway obstruction. Study shows awakening occurs when the arterial partial pre... ...p because of a sleep disorder like sleep apnea can eventually lead to interruption of daily task and human survival is greatly reduced. Many people choose to prognosis themselves as to why they are having trouble sleeping. Researchers urge patients with a unbalanced sleep pattern to seek professional help. "Five billion people go through the cycle of sleep and wakefulness every day, and relatively few of them know the joy of being fully rested and fully alert all day long." - William Dement (1988) References Arthur J. Speilman, Phd.D., and Paul B. Glovinsky, Ph.D. - Department of Psychology. The City College of New York Pinellas Public Library Cooperative, Inc. - InfoTrac System - Largo, Florida Drs. Robert K. Stoelting, Stephen F. Dierdorf , and Richard L. McCammon. -Second Edition / Anesthesia and Co-Existing Disease John P. Dworetzky - Psychology / Fifth Edition Dr. Quentin Regestein - lead sleep researcher, Harvard Medical School - Sleep problems and solutions Dr. Scott Mantel - Anesthesiologist - Morton Plant Hospital, Department of Anesthesiology Dr. Paul Borelli - Anesthesiologist - Morton Plant Hospital, Department of Anesthesiology

Indian Women Writers :: Literature Writing Middle Eastern Papers

Indian women writers A world of words, lost and found: a brief overview of women's literature in India from the 6th century BC onwards The Vedas cry aloud, the Puranas shout; "No good may come to a woman." I was born with a woman's body How am I to attain truth? "They are foolish, seductive, deceptive - Any connection with a woman is disastrous." Bahina says, "If a woman's body is so harmful, How in the world will I reach truth?" Much of the world's literature has been dominated by a canon that nearly dismissed women's writing more than two centuries ago. The counter-canons that have emerged as the result of this exclusion have helped to establish women's writing in mainstream culture, but still in some ways fail to acknowledge women's literature coming from non-white countries. This essay is an attempt to highlight some of the works produced by women in India over the ages. Although India has a history of ancient civilisations such as the Harappa and Mohenjodaro, and of matrilineal societies in the south, no written records of women's literary prowess exists predating the 6th century BC. The emergence of the first body of poetry by women in India could be attributed to the advent of Buddhism. Perhaps it was the freedom offered by the religion, the way of life it offered to women, and the principle of equality that it propagated which allowed women to pen their thoughts for the first time. Buddhism offered women the opportunity to break away from the restrictions of home life, a major factor in the rise of Indian women's literature in the early 6th century BC. The earliest known anthology of women's literature in India has been identified as those belonging to the Therigatha nuns, the poets being contemporaries of the Buddha. One of these, Mutta, writes, So free am I, so gloriously free, free from three petty things - from mortar, from pestle and from my twisted lord. [Tharu and Lalita p.68] Mutta's works, translated from Pali, offer an explanation through their interpretation. Religious escapism was the only way out for many women who were frustrated with a life inside the home. They chose to join the Buddhist sangha (religious communities) in their attempts to break away from the social world of tradition and marriage. Thus emerged poems and songs about what it meant to be free from household chores and sexual slavery. Although the early forms of writing addressed the issue of personal freedom, the poetry that followed later was a celebration of womanhood and sexuality.

Love and Loss in Poetry Essay -- First Love Remember Christina Walsh E

Love and Loss in Poetry Q. How do the poets convey their attitudes toward love and loss in the poems ‘ a woman to her lover’ ‘first love’ ‘remember’ and ‘ when we two parted’? The poem ‘ a woman to her lover’ was written by Christina Walsh. The poem starts of with a question, ‘do you come to me to bend me to your will?’ throughout the poem, the basic atmosphere of loss is evident. Within the first stanza itself there is marital imagery relating to the sense of power and dominance. ‘ in drudgery and silence’, she tries to portray how she is helpless to protest, she begins the poem with this relationship, the dominance of man over woman, ‘to make of me a bondslave’ in this stanza she is explaining one of the types of relationships between a man and woman. She also gives out a feeling that if the relationship were as what she described she would be wasting her life, and tries to give out women’s point of view to these types of situations. She seems quite certain of what she wants in life and this does not seem to be it, ‘ if that be what you ask, O Lover I refuse you!’And her point is to prove that if that was the man’s view of the relationship, that it would not be possible to commit to that. In the second stanza she does not keep it as long as the first or any of the others as she does not want to dwell on it. The very idea of the man thinking the woman to be perfect and ‘one from heaven sent’ is what she rejects. When she describes women to be perfect her tone is very mocking. ‘ a wingless angel who can do no wrong’ she tries to convey that that would be someone who would have no freedom. ‘Go’ this implies how she rejects him if he wishes the relationship to be anything like this as well. In th... ...ith silence and tears’ there is a different meaning in this now, they do not understand each other now, but in the beginning they knew each other so well because over the years she has changed so much. The pain and sadness seems to intensify, ‘cold kiss, chill on my brow, knell to my ear’, these are all traditional images of rejected love. The poems octave stanza and regular eight lines, show the continuity of his pain. Throughout all these four poems the poets convey all their attitudes towards love and loss by expressing themselves in situations of love with others, of experiencing it and hence showing reactions and feelings that evolve from certain situations. They show that they feel love is a great thing, and for one to really know the true meaning of love, they need to experience loss and pain the be able to value love to its deserved potential.

Cpr; Infants and Children

Tiffany Cole CPR Essay CPR is an emergency procedure used for someone that is thought to be in cardiac arrest. This procedure can be used to save someone’s life if it is performed the correct way. To perform CPR, one has to be properly trained. The process for children CPR differs from that of adults. Explained below are the CPR procedures for infants and small children. The process of CPR for infants starts by yelling and shouting at the baby.If there is no response you must open the air way and listen for breath sounds. First, you must blow into the infant’s mouth twice causing the chest to rise. Then just below the nipple, pump thirty times on the baby’s chest. Continue with two breaths and the chest pumps for two minutes and call 911. The CPR process for small children starts out the same as it did for infants. Shake and shout if the child. If there is no response tilt the child’s head back and listen for breath sounds.Then blow twice in the mouth so t he chest rises. Pump thirty times in the center of the chest. Continue with two breaths and thirty pumps for two minutes and call 911. CPR is easy to learn and can be very useful if you are ever in a situation where a child has stopped breathing. Daycare centers are required to have their staff adequately trained in CPR to ensure the safety of the children. To become certified in CPR one can take classes in the community. Read also: How Different Types of Transitions Can Affect Children

Harvard Style Annotated Bibliography Essay

1. King, Rosemary. Oxford studies of religion. Preliminary & HSC course ed. Melbourne, Victoria: Gary Underwood, 2010. 1-459. Print. 2. Rosemary King is an experienced teacher who worked with government, catholic and independent schools. She successfully completed the Graduate Certificate in World Religions from the University of New England (UNE) and is currently teaching at the Uniting Church’s MLC School located in Sydney, her position is the coordinator of service learning. 3. In the chapter on preliminary ‘Islam’, the topic mainly focuses on the view and study of Islam as one of the major religious traditions as a living religious system. It allows the reader to investigate the religious traditions and belief systems, examine the significance of all relating religious traditions in the life of a Muslim Adherent and communicates ideas, information and issues using the appropriate visual/written forms. 4. This text is written to support the syllabus studies of a preliminary/HSC student for studies of religion 1. 5. I feel that this text was useful when I was researching information regarding the Qu’ran, the Hadith, the Sunna, the Ijma and the Qiyas. The reason being for this was because it explained the purpose of all these traditions and the impact that is forced upon a Muslim by these traditions. Also how they guide a Muslim to living the life by the Qu’ran (Rules and regulations set by Allah, ‘God’) 6. I found that the information in this text was accurate and valid, although it could have been more in detail and less simplistic than it was. For example, when talking about a specific tradition I found that it could have been more in depth and informative.

A Critique of 205 Easy Ways to Save the Earth

A Critique of â€Å"205 Easy Ways to Save the Earth† by Thomas Friedman Foreign affairs columnist for the New York Times, Thomas Friedman, is a man who wants to try to change the world by trying to convince people to go green. But, he is convinced that going green is not as easy as everyone makes it sound. His article â€Å"205 Easy Ways to Save the Earth,† first published in 2007, presents several arguments attempting to convince people that while going green is difficult, it is possible.The author first discusses how we, as Americans, are not as green as we seem to be at first glance. He notes that we seem to only follow the â€Å"easy way to go green† and do not do nearly as much as we could for our planet. Furthermore he states that there are no â€Å"easy† ways to go green and that this word should never even be associated with the topic. Friedman points out that executives of large fuel companies are the only people who talk truthfully about the situ ation and that they take a guilty pleasure in knowing there is nothing we can really do about it.From what the CEO of electric company Chevron, David O’Reilly says, it could take decades for any change to occur, and at that time there will be even more people than what we are trying to meet the energy demands for now. Robert Socolow and Stephen Pacala, two professors at Princeton, are attempting to design scalable solutions to fix these problems. These two developed a pie chart, in which if eight of fifteen parts were completed, we would be on the right track for reducing our carbon emissions.Unfortunately, completing just one piece of the pie may be impossible with the way things seem to be going. Another individual, Nate Lewis a chemist at California Institute of Technology, claims that if we started trying to fix this problem right now, we would have to make as much clean energy as the energy we are currently consuming. With all of this being said even taking the first ste p towards a green revolution seems nearly impossible. Friedman starts his argument on this subject in a rather sarcastic way.He states â€Å"Who knew saving the Earth could be so easy–and in just under a minute† (290). While this does convey his opinion well, there are better ways of getting your point across. Overall though, the effectiveness of his entire argument is pretty well put together. He uses the phrase â€Å"green revolution† to describe this situation, and in using this term, he raises a good point. He goes on to say â€Å"A green revolution? Have you ever seen a revolution where no one got hurt? † (291). This is a very good way to put what he is trying to get across and what he is saying here is very true.To put it in simpler terms, he is saying that sacrifices will have to be made in order for any changes to take effect. Friedman also does a great job of laying out and breaking down what a systemic green strategy would look like into three e asy parts that make things seem so simple. The author gets this information not from what the books he read say but rather what he says is â€Å"left unsaid by these books† (293) Friedman then starts citing other author’s works to help his own ideas seem more plausible and convincing; beginning with Maniates.Freidman uses this author’s work to help support his own by showing that he agrees with Freidman’s idea that there are no easy was to go green and as soon as we realize this, the better (293). Freidman then goes on to compare how he explained the scale of the problem, in terms of weighing yourself (293), to Socolow and Pacala’s scale. The way that those two illustrate the scale of the problem definitely helps Friedman get his point across. He finishes by comparing his options to hard facts, Lewis’ calculations.Freidman says â€Å"his approach is useful in conveying the challenge† (297). It is indeed helpful, but it can at some poi nts be confusing when he goes deep into the calculations and statistics. Friedman has a natural writing style and he conveys what he is trying to say to the reader in a great way. His ideas about going green are inventive and, for the most part, are easy to comprehend. He is correct in what he says and his opinions are very agreeable. Going green is not easy and Friedman makes this very clear.Even though he does come straight out and say this, he backs himself up by providing multiple solutions to the situation. After considering what the author has to say, and looking at all the input that he provides on the situation, we can definitely agree with Thomas Friedman that going green is difficult but possible. Works Cited Friedman, Thomas L. â€Å"205 Easy Ways to Save the Earth. † Writing and Reading Across the Curriculum. Ed. Laurence Behrens and Leonard J. Rosen. 11th ed. New York: Longman, 2010. 289-99. Print.

Ch 2 Solution

CHAPTER 2 Mechanics of Futures Markets Practice Questions Problem 2. 8. The party with a short position in a futures contract sometimes has options as to the precise asset that will be delivered, where delivery will take place, when delivery will take place, and so on. Do these options increase or decrease the futures price? Explain your reasoning. These options make the contract less attractive to the party with the long position and more attractive to the party with the short position. They therefore tend to reduce the futures price. Problem 2. 9. What are the most important aspects of the design of a new futures contract?The most important aspects of the design of a new futures contract are the specification of the underlying asset, the size of the contract, the delivery arrangements, and the delivery months. Problem 2. 10. Explain how margins protect investors against the possibility of default. A margin is a sum of money deposited by an investor with his or her broker. It acts a s a guarantee that the investor can cover any losses on the futures contract. The balance in the margin account is adjusted daily to reflect gains and losses on the futures contract. If losses are above a certain level, the investor is required to deposit a further margin.This system makes it unlikely that the investor will default. A similar system of margins makes it unlikely that the investor’s broker will default on the contract it has with the clearinghouse member and unlikely that the clearinghouse member will default with the clearinghouse. Problem 2. 11. A trader buys two July futures contracts on frozen orange juice. Each contract is for the delivery of 15,000 pounds. The current futures price is 160 cents per pound, the initial margin is $6,000 per contract, and the maintenance margin is $4,500 per contract. What price change would lead to a margin call?Under what circumstances could $2,000 be withdrawn from the margin account? There is a margin call if more than $1 ,500 is lost on one contract. This happens if the futures price of frozen orange juice falls by more than 10 cents to below 150 cents per lb. $2,000 can be withdrawn from the margin account if there is a gain on one contract of $1,000. This will happen if the futures price rises by 6. 67 cents to 166. 67 cents per lb. Problem 2. 12. Show that, if the futures price of a commodity is greater than the spot price during the delivery period, then there is an arbitrage opportunity.Does an arbitrage opportunity exist if the futures price is less than the spot price? Explain your answer. If the futures price is greater than the spot price during the delivery period, an arbitrageur buys the asset, shorts a futures contract, and makes delivery for an immediate profit. If the futures price is less than the spot price during the delivery period, there is no similar perfect arbitrage strategy. An arbitrageur can take a long futures position but cannot force immediate delivery of the asset. The d ecision on when delivery will be made is made by the party with the short position.Nevertheless companies interested in acquiring the asset will find it attractive to enter into a long futures contract and wait for delivery to be made. Problem 2. 13. Explain the difference between a market-if-touched order and a stop order. A market-if-touched order is executed at the best available price after a trade occurs at a specified price or at a price more favorable than the specified price. A stop order is executed at the best available price after there is a bid or offer at the specified price or at a price less favorable than the specified price. Problem 2. 14. Explain what a stop-limit order to sell at 20. 0 with a limit of 20. 10 means. A stop-limit order to sell at 20. 30 with a limit of 20. 10 means that as soon as there is a bid at 20. 30 the contract should be sold providing this can be done at 20. 10 or a higher price. Problem 2. 15. At the end of one day a clearinghouse member is long 100 contracts, and the settlement price is $50,000 per contract. The original margin is $2,000 per contract. On the following day the member becomes responsible for clearing an additional 20 long contracts, entered into at a price of $51,000 per contract. The settlement price at the end of this day is $50,200.How much does the member have to add to its margin account with the exchange clearinghouse? The clearinghouse member is required to provide 20 ? $2, 000 = $40, 000 as initial margin for the new contracts. There is a gain of (50,200 ? 50,000) ? 100 = $20,000 on the existing contracts. There is also a loss of (51, 000 ? 50, 200) ? 20 = $16, 000 on the new contracts. The member must therefore add 40, 000 ? 20, 000 + 16, 000 = $36, 000 to the margin account. Problem 2. 16. On July 1, 2010, a Japanese company enters into a forward contract to buy $1 million with yen on January 1, 2011.On September 1, 2010, it enters into a forward contract to sell $1 million on January 1, 2011 . Describe the profit or loss the company will make in dollars as a function of the forward exchange rates on July 1, 2010 and September 1, 2010. Suppose F1 and F2 are the forward exchange rates for the contracts entered into July 1, 2010 and September 1, 2010, and S is the spot rate on January 1, 2011. (All exchange rates are measured as yen per dollar). The payoff from the first contract is (S ? F1 ) million yen and the payoff from the second contract is (F2 ? S ) million yen.The total payoff is therefore ( S ? F1 ) + ( F2 ? S ) = ( F2 ? F1 ) million yen. Problem 2. 17. The forward price on the Swiss franc for delivery in 45 days is quoted as 1. 1000. The futures price for a contract that will be delivered in 45 days is 0. 9000. Explain these two quotes. Which is more favorable for an investor wanting to sell Swiss francs? The 1. 1000 forward quote is the number of Swiss francs per dollar. The 0. 9000 futures quote is the number of dollars per Swiss franc. When quoted in the same way as the futures price the forward price is 1 / 1. 1000 = 0. 091 . The Swiss franc is therefore more valuable in the forward market than in the futures market. The forward market is therefore more attractive for an investor wanting to sell Swiss francs. Problem 2. 18. Suppose you call your broker and issue instructions to sell one July hogs contract. Describe what happens. Hog futures are traded on the Chicago Mercantile Exchange. (See Table 2. 2). The broker will request some initial margin. The order will be relayed by telephone to your broker’s trading desk on the floor of the exchange (or to the trading desk of another broker).It will be sent by messenger to a commission broker who will execute the trade according to your instructions. Confirmation of the trade eventually reaches you. If there are adverse movements in the futures price your broker may contact you to request additional margin. Problem 2. 19. â€Å"Speculation in futures markets is pure gambling. It is n ot in the public interest to allow speculators to trade on a futures exchange. † Discuss this viewpoint. Speculators are important market participants because they add liquidity to the market.However, contracts must be useful for hedging as well as speculation. This is because regulators generally only approve contracts when they are likely to be of interest to hedgers as well as speculators. Problem 2. 20. 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Many futures contracts have in practice failed because of the problem of defining quality.Problem 2. 22. â€Å"When a futures contract is traded on the floor of the exchange, it may be the case that the open interest increases by one, stays the same, or decreases by one. † Explain this statement. If both sides of the transaction are entering into a new contract, the open interest increases by one. If both sides of the transaction are closing out existing positions, the open interest decreases by one. If one party is entering into a new contract while the other party is closing out an existing position, the open interest stays the same. Problem 2. 23.Suppose that on October 24, 2010, you take a short position in an April 2011 live-cattle f utures contract. You close out your position on January 21, 2011. The futures price (per pound) is 91. 20 cents when you enter into the contract, 88. 30 cents when you close out your position, and 88. 80 cents at the end of December 2010. One contract is for the delivery of 40,000 pounds of cattle. What is your total profit? How is it taxed if you are (a) a hedger and (b) a speculator? Assume that you have a December 31 year end. The total profit is 40, 000 ? (0. 9120 ? 0. 8830) = $1,160 If you are a hedger this is all taxed in 2011.If you are a speculator 40, 000 ? (0. 9120 ? 0. 8880) = $960 is taxed in 2010 and 40, 000 ? (0. 8880 ? 0. 8830) = $200 is taxed in 2011. Further Questions Problem 2. 24 Trader A enters into futures contracts to buy 1 million euros for 1. 4 million dollars in three months. Trader B enters in a forward contract to do the same thing. The exchange (dollars per euro) declines sharply during the first two months and then increases for the third month to close at 1. 4300. Ignoring daily settlement, what is the total profit of each trader? When the impact of daily settlement is taken into account, which trader does better?The total profit of each trader in dollars is 0. 03? 1,000,000 = 30,000. Trader B’s profit is realized at the end of the three months. Trader A’s profit is realized day-by-day during the three months. Substantial losses are made during the first two months and profits are made during the final month. It is likely that Trader B has done better because Trader A had to finance its losses during the first two months. Problem 2. 25 Explain what is meant by open interest. Why does the open interest usually decline during the month preceding the delivery month?On a particular day there are 2,000 trades in a particular futures contract. Of the 2,000 traders on the long side of the market, 1,400 were closing out position and 600 were entering into new positions. Of the 2,000 traders on the short side of the market, 1 ,200 were closing out position and 800 were entering into new positions. What is the impact of the day's trading on open interest? Open interest is the number of contract outstanding. Many traders close out their positions just before the delivery month is reached. This is why the open interest declines during the month preceding the delivery month.The open interest went down by 600. We can see this in two ways. First, 1,400 shorts closed out and there were 800 new shorts. Second, 1,200 longs closed out and there were 600 new longs. Problem 2. 26 One orange juice future contract is on 15,000 pounds of frozen concentrate. Suppose that in September 2009 a company sells a March 2011 orange juice futures contract for 120 cents per pound. In December 2009 the futures price is 140 cents. In December 2010 the futures price is 110 cents. In February 2011 the futures price is 125 cents. The company has a December year end.What is the company's profit or loss on the contract? How is it realiz ed? What is the accounting and tax treatment of the transaction is the company is classified as a) a hedger and b) a speculator? The price goes up during the time the company holds the contract from 120 to 125 cents per pound. Overall the company therefore takes a loss of 15,000? 0. 05 = $750. If the company is classified as a hedger this loss is realized in 2011, If it is classified as a speculator it realizes a loss of 15,000? 0. 20 = $3000 in 2009, a gain of 15,000? 0. 30 = $4,500 in 2010 and a loss of 15,000? 0. 5 = $2,250 in 2011. Problem 2. 27. A company enters into a short futures contract to sell 5,000 bushels of wheat for 250 cents per bushel. The initial margin is $3,000 and the maintenance margin is $2,000. What price change would lead to a margin call? Under what circumstances could $1,500 be withdrawn from the margin account? There is a margin call if $1000 is lost on the contract. This will happen if the price of wheat futures rises by 20 cents from 250 cents to 270 ce nts per bushel. $1500 can be withdrawn if the futures price falls by 30 cents to 220 cents per bushel. Problem 2. 28.Suppose that there are no storage costs for crude oil and the interest rate for borrowing or lending is 5% per annum. How could you make money on August 4, 2009 by trading December 2009 and June 2010 contracts on crude oil? Use Table 2. 2. The December 2009 settlement price for oil is $75. 62 per barrel. The June 2010 settlement price for oil is $79. 41 per barrel. You could go long one December 2009 oil contract and short one June 2010 contract. In December 2009 you take delivery of the oil borrowing $75. 62 per barrel at 5% to meet cash outflows. The interest accumulated in six months is about 75. 2? 0. 05? 0. 5 or $1. 89. In December the oil is sold for $79. 41 per barrel which is more than the amount that has to be repaid on the loan. The strategy therefore leads to a profit. Note that this profit is independent of the actual price of oil in June 2010 or December 2009. It will be slightly affected by the daily settlement procedures. Problem 2. 29. What position is equivalent to a long forward contract to buy an asset at K on a certain date and a put option to sell it for K on that date? The equivalent position is a long position in a call with strike price K . Problem 2. 30. Excel file) The author’s Web page (www. rotman. utoronto. ca/~hull/data) contains daily closing prices for the December 2001 crude oil futures contract and the December 2001 gold futures contract. (Both contracts are traded on NYMEX. ) You are required to download the data and answer the following: a) How high do the maintenance margin levels for oil and gold have to be set so that there is a 1% chance that an investor with a balance slightly above the maintenance margin level on a particular day has a negative balance two days later (i. e. one day after a margin call). How high do they have to be for a 0. 1% chance.Assume daily price changes are normally distribu ted with mean zero. b) Imagine an investor who starts with a long position in the oil contract at the beginning of the period covered by the data and keeps the contract for the whole of the period of time covered by the data. Margin balances in excess of the initial margin are withdrawn. Use the maintenance margin you calculated in part (a) for a 1% risk level and assume that the maintenance margin is 75% of the initial margin. Calculate the number of margin calls and the number of times the investor has a negative margin balance and therefore an incentive to walk away.Assume that all margin calls are met in your calculations. Repeat the calculations for an investor who starts with a short position in the gold contract. The data for this problem in the 7th edition is different from that in the 6th edition. a) For gold the standard deviation of daily changes is $15. 184 per ounce or $1518. 4 per contract. For a 1% risk this means that the maintenance margin should be set at 1518 . 4 ? 2 ? 2. 3263 or 4996 when rounded. For a 0. 1% risk the maintenance margin should be set at 1518 . 4 ? 2 ? 3. 0902 or 6636 when rounded. For crude oil the standard deviation of daily changes is $1. 777 per barrel or $1577. 7 per contract. For a 1% risk, this means that the maintenance margin should be set at 1577 . 7 ? 2 ? 2. 3263 or 5191 when rounded. For a 0. 1% chance the maintenance margin should be set at 1577 . 7 ? 2 ? 3. 0902 or 6895 when rounded. NYMEX might be interested in these calculations because they indicate the chance of a trader who is just above the maintenance margin level at the beginning of the period having a negative margin level before funds have to be submitted to the broker. b) For a 1% risk the initial margin is set at 6,921 for on crude oil. This is the maintenance margin of 5,191 divided by 0. 75. ) As the spreadsheet shows, for a long investor in oil there are 157 margin calls and 9 times (out of 1039 days) where the investor is tempted to walk away. F or a 1% risk the initial margin is set at 6,661 for gold. (This is 4,996 divided by 0. 75. ) As the spreadsheet shows, for a short investor in gold there are 81 margin calls and 4 times (out of 459 days) when the investor is tempted to walk away. When the 0. 1% risk level is used there is 1 time when the oil investor might walk away and 2 times when the gold investor might do so.

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