The Three Witches in Macbeth Essay -- William Shakespeare

The three witches in the tragedy Macbeth are introduced right at the beginning of the play. The burst opens with the witches chanting three prophesies Macbeth will be Thane of Cawdor, Thane of Glamis and King. These prophesies introduce Macbeth to his plan of defeat and to over power. Macbeth will eventually follow through in killing exponent Duncan. Some nation believe that the witches had the ability to reverse the order of things. This brings into the play idea of fate and the role with which it has in the play. One can only enjoy if Macbeth ever had a chance of doing what was right after he met with the witches. It is however, more realistic to believe that Macbeth was responsible for his own actions throughout the play and in the end, he was the one who made the final decisions.The witches could see the future, they could add temptation, and influence Macbeth, but they could not control his destiny. No one can change the destiny of ones feel nor can anyone tell the destiny of ones life. Macbeth creates his own sadness when he is driven by his own sense of guilt. He realized what he did was immoral and he cant stand the thought. This causes him to become insecure about his actions which causes him to commit more murders. The witches are great at intriguing, but in the end, it is each individuals decision to pedigree for the temptation, or to be strong enough to resist their captivation. Thats where Macbeth messed up, he didnt trust himself enough and wasnt confident enough in himself to write out what the right thing was. The three Witches are only responsible for giving Macbeth the ideas and for forming ideas in Macbeths head. They are not responsible for h... ... is warned about the truth of the witches prophesies, he is tempted and refuses to listen to reason from Banquo. Macbeth blames the witches for deceiving him with half truths. While the witches are not totally responsi ble for the actions of Macbeth, they are responsible for introducing the ideas to Macbeth which in turn fired up Macbeths intake and led to a disastrous And unnecessary chain of events. The story of Macbeth teaches us many lessons in life. The lesson that stuck out to me is to be your own person. Macbeth let other people control him and lead him. He didnt make decisions for himself nor did he follow his heart in everything he did. He was just thinking about what the witches and doll Macbeth wanted. When you live your life for other people your really not living. Macbeth taught me a lot of lessons that I will continue to use throughout my life.

Untying the Knot :: essays research papers

Human beings have an unquenchable thirst for knowledge and an urgent drive for understanding. The further we go on our quest for unassailable truth and the deeper we plunge into the heart of the ultimate reality, the more profound our questions become. Could there be something more to this world of ours than that which meets the eye? Is there some elaborate radiation diagram behind the infinite galaxies, stars, and planets, or are we simply at the mercy of a chaotic and unordered universe? What is it that has given rise to the mysterious and incomprehensible phenomenon that we have labeled the cosmos? Throughout history, we have attempted to answer these perplexing and ineluctable questions through myths, religion, or science. Apparent in many of these explanations is the appraisal of a unity, the One, or a single entity that comprises entirely of reality. To some, it is Gods presence. To others it is the Tao or simply that which is, and, in the case of modern physics, it is in finitesimally small strings, waver and vibrating, like the strings of a violin, that comprise the fabric of our universe and rhythmically beat out the laws of the cosmos (18). String theory is a revolutionary stylus of explaining the complexity of the cosmos. It is the unified theory of physics that star searched for but never found. It forces us to look at the world in which we live in a drastically different and beautiful way. String theory states that all aspects of our universe consist of infinitesimally small, vibrating loops of energy (14). Like Pythagoras idea of the music of the spheres, these universal strings vacillate and oscillate, producing different notes in a cosmic symphony. Strings are the most basic constituents of matter, atoms in the true sense of the word. According to physicists, string theory may hold the key to understanding the inner workings of the universe. As Brian Greene states in his book The Elegant Universe String theory has the potential to show that all of the wondrous happenings in the universe--from the frantic dance of subatomic quarks to the stately waltz of orbiting binary stars, from the primordial fireball of the big bang to the majestic swirl of ethereal galaxies--are reflections of one grand physical principle, one master equation (5).String theory is the first theory able to combine the undeniable, yet conflicting truths of Einsteins general theory of relativity and the newly emerging field of quantum mechanics.

Lowering Testing Standards in Third World Countries Essay -- HIV AIDS

Lowering Testing Standards in Third World CountriesABSTRACT Recently, Sidney Wolfe, conductor of Public Citizens Health Research Group (PCHRG), charged the National Institute of Health (NIH) and Center for Disease Control (CDC) with sponsoring fifteen im chaste human immunodeficiency virus studies in sub-Saharan Africa. The trials are being conducted to determine if certain alternate medical procedures or a short course of treatment with AZT, zidovudine or other drugs prevent some mother-child human immunodeficiency virus transmissions. (1) Since the control group receives only placebos rather than AZT, Wolfe claims that the tests give suboptimal treatment that will result in more children contracting HIV and AIDS. (2) Public Citizens Health Research Group and others are calling for an immediate cessation of these important experiments. Public Citizen raises an important moral question. (3) Is it chastely permissible to lower testing standards for the Third World? Unlike PCHRG, I c ontend that the answer to this question is yes, if the trials meet certain conditions. I explain two the world-class Best and Second Best Method (FBM and SBM, respectively) of testing new drugs and then compare the two. Next, I show the FBMs impracticality in developing countries releases researchers from the moral obligation to use it. I then propose a new set of criteria the Second Best Criteria (SBC) that show if a test is moral or not. Finally, I argue that imposing a developed countrys moral standards for clinical trials in the Third World is immorally insensitive to the inevitably and conditions present in the latter area. Section 1In clinical trials there are two different standard protocols for testing new drugs. The First Best Method tests the effects of a known drug (a benchmark), rathe... ...Biotechnology, vol. 11, pp. 135-143.Pederson, Daniel and Eric Larson, Too Poor to Treat Newsweek, 28 July 1997, p. 60.Rath, Richard, Horton Hears the W.H.O. Dissonance, AIDS and Africa Resource page, 3 June 1996, http/www.way.net/dissonance/nyrb_ltr.html, pp. 1-3.UNAIDS HIV/AIDS The Global Epidemic, Press Release, 28 November 1996, http/www.us.unaids.org/highband/document/epidemic/situat96.html, pp. 1-15. HIV/AIDS epidemiology in sub-Saharan Africa, 3 July 1997, http/www.hiv.unaids.org/unaids/press/factafr.htm, pp. 1-3. UNAIDS Announces New clinical Trials for the Prevention of Mother-To-Child Transmission of HIV, Press Release, 9 July 1996, http/www.hiv.unaids.org/unaids/press/mtctpren.html, pp. 1-2No Author Listed AIDS in Africa, The Guide, 9 May 1996, http//www.guidemag.com/newsslant/aids.africa.html. pp.1-2

Computer Impact on My Chosen Profession :: Technology Technological Society Essays

Computer Impact on My Chosen Profession My chosen profession that I am going to college for is Computer Information Systems. I am not quite sure of the exact job title I would like to get from this. I do know that I would like to be in charge of a businesss technology, be in charge of keeping the systems working, training employees how to use the programs and deciding which new programs would be surpass for the business. Computers have had a very positive effect on this. For inventory businesses, computers provide the business to immediately know when new products are available by looking on the internet. They are provided many valuable pieces of entropy about the product, such as quality, price, and so on. The business can quickly and easily bribe inventory everywhere the internet and track it as it is being shipped. Once the business receives their inventory they then sell it individually to their customers. some(prenominal) businesses have websi tes which allow the consumer to go to the businesss website and do similar to what the business did to get the inventory. They can view product information, see the newest products, and quickly order online. The customer is addicted an order confirmation number that allows them to check the status of their purchase as it is being shipped and see if there are any delays due to backorders or other(a) problems. IBM is soon going to be marketing middleware that will help enhance these aspects of the business. The middleware will allow a business to manage their product information that exists over a variety of systems. The software will allow for product attributes and locations to be more accurately shared. Many companies still give out inaccurate information about their products because of insufficient technology. This middleware will help solve this business problem allowing businesses to enhance their performance and customer service. This will very positively affect busin esses (Beth Bacheldor-InformationWeek.com). Many businesses such as health insurers pay for outsourcing services that run their servers and help with any problems and questions about the systems. Now businesses are demanding much more from their outsourcers.

The Impact Technology Has on Education Essay -- Computers Networking E

The Impact Technology Has on Educationmissing works citedTechnology is non a new concept. Humans are forever inventing new items that will make their lives easier and more enjoyable. In the early 1800s, a technological invention was introduced into classrooms that would prove to have a profound impact on teaching. Advocates felt that the invention would prove to be invaluable and it was placed in classrooms around the country. In the beginning, teachers needed to be encouraged to use this new technology. They were disposed(p) step-by-step instructions on how to integrate its use into their lessons. Today it is hard to imagine a classroom that doesnt have this technology.the chalkboardIn the twentieth century, a variety of new devices were invented that provided new ways for teachers to present their lessons. When exploit pictures entered the classrooms, people thought that books would become obsolete. Some people thought that it would be possible to teach every branch of human kn owledge with the motion picture and it would soon replace the teacher. These inventions, which are only two of hundreds, have not made the teachers role obsolete. They have simply provided tools to make teaching and the learning experience more effective and enjoyable.Some people count that by introducing computers into classrooms, society is beginning to replace the role of teachers with todays technology. This is untrue. Although it will, and it has, changed the role of the teacher, as well as the role of the student, the computer, just as the motion picture and the chalkboard will enhance the classroom. It will bring about new techniques of teaching and learning. Computers and networking are an important part of todays society. ... ...ciates, Inc http//www.classroomgoodies.com/ more on Distance EducationTEAMS Distance Learning http//www.teams.lacoe.edu/Satellite Educational Resources http//www.serc.org/Cyberschool http//www.cyberschool.k12.or.us/Aphelion http//www.charismagics .com/amphelion/Access2Education http//www.access2education.com/ Links to Teacher and Student ResourcesEducation world http//www.education-world.com/Federal Resources ed. Excellence http//www.ed.gov/ deliver/Education Planet http//www.educationplanet.com/Worldwide Classroom http//www.worldwide.edu/Links to Disability sites American Asso. Of University Affiliated Programs http//www.aauap.org/Equal Access to Software Information http//www.isc.rit.edu/easi/Education Emancipation alter Manpower http//www.eega.nl/Deaf Education Option Web http//www2.pair.com/options

The Impact Technology Has on Education Essay -- Computers Networking E

The Impact Technology Has on Educationmissing works citedTechnology is not a innovative concept. Humans are constantly inventing new items that will make their lives easier and more enjoyable. In the early 1800s, a technological invention was introduced into classrooms that would prove to sire a profound fix on teaching. Advocates felt that the invention would prove to be invaluable and it was placed in classrooms around the country. In the beginning, teachers needed to be encouraged to use this new technology. They were given step-by-step instructions on how to integrate its use into their lessons. Today it is hard to imagine a classroom that doesnt have this technology.the blackboardIn the twentieth century, a variety of new devices were invented that provided new ways for teachers to present their lessons. When motion pictures entered the classrooms, wad vista that books would become obsolete. Some people thought that it would be possible to teach every branch of human knowl edge with the motion picture and it would soon replace the teacher. These inventions, which are only two of hundreds, have not made the teachers role obsolete. They have simply provided tools to make teaching and the learning experience more effective and enjoyable.Some people believe that by introducing computers into classrooms, society is beginning to replace the role of teachers with todays technology. This is untrue. Although it will, and it has, changed the role of the teacher, as well as the role of the student, the computer, just as the motion picture and the chalkboard will enhance the classroom. It will bring about new techniques of teaching and learning. Computers and networking are an important part of todays society. ... ...ciates, Inc http//www.classroomgoodies.com/ More on Distance EducationTEAMS Distance Learning http//www.teams.lacoe.edu/Satellite Educational Resources http//www.serc.org/Cyberschool http//www.cyberschool.k12.or.us/Aphelion http//www.charismagics.co m/amphelion/Access2Education http//www.access2education.com/ Links to Teacher and Student ResourcesEducation world http//www.education-world.com/Federal Resources ed. purity http//www.ed.gov/free/Education Planet http//www.educationplanet.com/Worldwide Classroom http//www.worldwide.edu/Links to Disability sites American Asso. Of University Affiliated Programs http//www.aauap.org/Equal Access to Software Information http//www.isc.rit.edu/easi/Education license Disabled Manpower http//www.eega.nl/Deaf Education Option Web http//www2.pair.com/options

How Important Was Martin Luther King Compared to Malcolm X

During the 1920s/1930s, black Americans faced a huge amount of discrimination from the whites and found if very difficult to achieve civic rights. They were at one stage deprived of the right to vote, not being authorize to the same things as whites, and not going to the same schools as whites. In state for blacks to achieve civil rights they needed someone to follow, they needed a leader. M any black leaders did emerge for the stir of civil rights. Two of the most almighty influential leaders of the twentieth century were Martin Luther baron and Malcolm X.These two leaders had different methods and strategies, and very different views towards white people, merely fought for the same thing. Martin Luther pansy was a pacifist, as he strongly disagreed in the use of any violence. This is made clear in source four, which is an example of what nance achieved, in a placid protest. This source is from the civil rights movement, and it is about the incident of Rosa Parks. Rosa Park s was travelling on a local bus when a white womanhood asked her to give up her seat, and she refused, this is because she was tired of giving in to racism.She was then arrested later that day. Martin Luther King then decided to lead a boycott of buses, which is when King world-class step into leading a civil rights movement, raising his profile as a leader, and his importance into the civil rights movement. Malcolm X believed in violence, and criticized Kings beliefs and methods. This is because he felt that King wasnt doing enough for the black community, and that violence would make it happen faster. In source 14, Malcolm X gives his opinions on violence and non violence, You fuck offnt got a revelation that doesnt involve bloodshed.And youre afraid to bleed. I said, youre afraid to bleed. It could be argued that Malcolm olfactions that most black people are horrific and are failing to stand up for themselves. He also believes that violence solves things, which means he wa nts the blacks to intensify their answerions. This is when Malcolm first became a symbol to black people, and became of the essence(p) in the civil rights movement because he struck a chord among many young who felt they were being treated unjustly by the whites. Martin Luther King used peaceful protests and methods to publicise his views.An example of the peaceful protest was in Washington in March, 1963, when he delivered his I have a dream computer address which is sh feature in source 5. This emphasised his importance to the civil rights movement, as it is a well recognizen barbarism which is still revered today, which emphasises Kings importance to the civil rights movement. A reason for it being well knows is because it was televised, and was broadcast to the whole of America, which means a lot to a greater extent people heard it as it was more publicised. I have a dream that my four little children will one day live in a nation where they will not be judged by the colour of their skin, but by the content of their character. This tells us that King was really pushing equality into the minds of white families. It could be argued that the whites in America were not straighta representation for this huge change in their society, and it questioned the white people of Americas readiness to accept change. Malcolm X used very different methods to King, and often criticized the way he did things.Malcolm believed that they wouldnt be able to accomplish anything without the use of violence, this is shown in source 13 when Malcolm says, I am for violence if non-violence means we continue postponing a solution to the American black mans problems. If we must use violence to get the black man his human rights in this country, then I am all for violence. This indicates that Malcolm Xs method included violence, but this is only because he felt he needed to use it to gain his own human rights, which blacks were lacking terribly.It could be argued that white people were scared of black people to an extent, as Malcolm Xs followers would use violence towards them. Again, this illustrates him importance in the civil rights movement. Good examples of some of Martin Luther Kings successes is the previously discussed, Montgomery Bus Boycott and the I have a dream speech. Another source that also gives evidence of his importance and success is source 11. This source is a graph on black Americans being registered to vote from the 1940s 1970s. It is a line graph, with a positive correlation, with Kings actions, showing his success in the south.This tells us that King was making a huge regard on society, prolonging his importance. The civil rights act took place between 1964-1968, and was supported by the president at the time, Lyndon Johnson. This is shown in source 15 where it says, All persons shall be entitled to the full and equal enjoyment of the goods, service facilities and privileges, advantages, and accommodationswithout discrimination or segregation no the ground or face, colour, religion, or national origin This indicates that the civil rights act was improving the lives of black people, regardless of how people judged them.This is a huge importance as Martin Luther King made a huge uphold on the cultured Rights Movement. An example of Malcolm Xs successes would be him giving a voice to the ghettos in the in New York City. This is shown in source 16, a high character of New York Citys black people responded to what I said, including a great many who would not publicly say so. This shows us that while King was in the south, Malcolm X was in the north, giving his own views, and people were listening to him, and doing what he told them to whether they admitted it or not.There is more evidence of this is the same source where Malcolm says, time and time again when I spoke in street rallies, I would draw ten and twelve times as many people as most other so-called negro leaders This suggests that although other neg ro leaders were giving their views, the people didnt respect theirs as much as Malcolms. It could be argued that because of Malcolms past, (including his home being burnt down, armed robbery charges, and a 6 ? year prison sentence), he had more experiences, and therefore more empathy than the other leaders with the dissatisfied youth of New York.This meant that the young black generation made more of a connection with Malcolm than the others, which means he was adequate more important. An example of Martin Luther Kings failures would be The Freedom Ride in Birmingham, Alabama, 1963. The license ride was a failure, because of the use of violence which occurred. The plan of the freedom ride was just to ride, and cause a commotion for the population of Birmingham. However, in source 8, it shows a picture of fire hoses being used against protesters on the street. The piss pressure was so powerful that it could knock bricks out of walls.This was the white power structures reaction to the freedom ride, demonstrating where the power lay. This source indicates the amount of violence that was used during this peaceful protest, thus making it one of Kings failures. Therefore its important because although he had his failures he still had a large group of followers that stood by him, and kept the fight for equal rights alive. Malcolm X was considered irresponsible and negative. He criticized Martin Luther Kings methods, and he never established any organizations or events himself.This is straightforward as there are no sources given to support this, and there is no evidence of this in our research. It could be argued that he didnt have any ideas of his own, and that he just followed other peoples ideas, such as Marcus Garvey. It is suggested that Malcolm got his ideas from Marcus Garvey as Malcolms father was refer in his organization The Universal total darkness Improvement Association which means Malcolm was brought up in that environment from a young age. This n ot only means that Malcolm was inspired by Garvey, but could be argued that he spoke to young people about his ideas, but claiming them to be his own.It could be argued that this is one of his failures as he wasnt thinking from his own perspective, but using other peoples. Martin Luther King had different ways of leading his supporters, in comparison to Malcolm X. As discussed before, King used peaceful protests and methods. It could be argued that this is how King got his followers, and why people thought King was the best civil rights leader to follow at the time. King was a leader of the SCLC (Southern Christian Leadership Conference) which was a civil rights organization against racial segregation.King was known as the voice of the organization. The SCLC wanted absolute and immediate freedom and equality right here in this grime today which is why they organized so many different events (e. g. Montgomery bus boycott, ect. ) It could be argued that King had such a large group of followers, because he was a member of this group, and it is what got him known. This played an important part in Kings life, as not only did his leadership inspire people, but his leadership gave results. Malcolm X was a very different leader to Martin Luther King.This is because he believed in violence, and using force towards people. Malcolm was suspicious of whites, and was willing to use any means requisite to achieve quality. Malcolm usually gave speeches to the ghettos of New York, which is where a lot of young black men and woman lived. Malcolms views soon spread and this is when a political society called The black panthers was formed. The black panthers were feared by civilians. This is made clear in source 18 where it says, This black panther is a vicious animal as you know it can destroy everything thats before him. This indicated that the black panthers are a strong group, that arent to be messed with. The black panthers used weapons, and there were around 2000 membe rs, this could be argued that the black panthers were some sort of small army that intimidated many people. They promoted black people as being stronger and better that white people, and that any this is demand in order to become superior. Evidently, this is a very different viewpoint compared to Martin Luther Kings, which questioned his motives, and if he was doing enough.This is very important as the black panthers were created due to Malcolm X and his fight for Black Power. However, the Black Panthers made Malcolm X look like an extremist, which is important as it could be argued Malcolm lost followers from this. In conclusion, I feel that Martin Luther King is more important that Malcolm X, to an extent. I feel King has made more progress that Malcolm X this is because I feel he had more impact on the civil rights movement. Although Malcolm spoke for the youths living on the streets of New York, King broadcast his message throughout America as it was televised.King was also inv olved in peaceful protests and organizations which generated all over the south of America, such as the Montgomery Bus Boycott or The Washington March. However, I feel that Malcolm X didnt get the chance to prove himself to be a big part of the Civil rights movement, this is because he spent a lot of time criticizing Kings methods, and his way of doing things, instead of combining their methods together, which would be argued would have had more of an impact of the Civil Rights Movement earlier.Malcolm then travelled around the world to let on about other black cultures. When he came back he had a different perspective on Kings views and opinions, but shortly by and by his return he was assassinated by members of the Black Muslim movement. This deprived Malcolm and Martin combining their ideas together and becoming a stronger union.

To what extent can an HR manager ensure that policy / policies regarding developing people for performance in an organisation are put into practice

IntroductionAs it is a relatively impudent focus for young organizations, kind-hearted imaginations is increasingly viewed as paramount to a companys success, as Cascio (1991) cited hoi polloi are our most valu adequate asset. Long gone is the political orientation of a company being represented by its assets and wealth, rather it is the effect side of business which represents signifi lavatoryt challenges, as Ulrich (1998) cited numerous man eraments in which gentleman resources is invaluable to todays business notably the utilisation of organizational knowledge and adaptability to the ever changing business environment. Due to this focus on citizenry in organizations human resource theater directors now arguably have much value than the majority of individuals operating in divers(prenominal) functions (Lengnick-Hall and Lengnick-Hall 1988.) The majority of business academics have the lately formed metaphor of a business being an organism as opposed to the out da ted view of a business as a machine or process, which was shown by ONeill (2007) to be evidently reductionist in the way it views organisational procedures. ONeill graduate(prenominal)lighted that whilst the biological metaphor was clearly to a greater extent than complex, its acknowledgement of sub trunks and informal mechanisms makes it much more(prenominal) suitable for the modern workplace, where human resources importance largely outweighs the more operational aspects of a business.HR and Competitive AdvantageThe component part of human resources and human resource managers is now so vital to companies that umteen academics view the area as a source of major competitive advantage to a firm (Ferris et al 1999, Wright et al 2006.) This view sees that human resources as a function is best to be integrated into all of the businesses primary functions (Arthur 1994) and Miles and Charles (1984) even went so far as to include human resources as part of an organizations strategic decisional processes. just whilst many relief this increased focus on the personnel side of a business, for instance Teece et al (1997) believed the transfer of knowledge and skills in developing the workforce is the only real(a) dynamic capability a modern company can hold, Dunford et al (2001) highlighted that the human resource function has struggled to justify its position in organizations (see Drucker 1954, Stewart 1996.) Whilst the importance of volume in organizations has little opposition, many view human resource professionals to have limited importance on the workforce and passing various policies. Whilst Barney and Wright (1996) examined and supported the importance of a human resource partner in running businesses, it could be argued that whilst making the relevant human resource decisions is necessary, using middle / junior human resource managers to call down these policies is more difficult. Gunnigle (1977) for instance noted that whilst senior management posse sses a lot of authority in making personnel decisions, a range of different approaches is suitable for implementing policies, from a high strategic integration of human resource issues in strategic planning to more piecemeal ad hoc approaches to managing human resources. gentlemans gentleman resources developmentAs human resources has break so central to organizations, policies regarding developing a companys personnel have emerged as the focal menses for many academics. Defined by Swanson and Holton (2009) as a process of developing and unleashing expertise for the purpose of improving individual, team, work processes and organizational system performance, human resource development is seen by Nadler (1970) to contain three key components, these being training, education and development for the workforce. Developing policies to improve a workforces skills and successfully implementing them assumes a pivotal role in shaping a businesss strategy (Torraco and Swanson 1995.) In fact what Agrawal (1994, cited by Torraco and Swanson 1995) discovered is that whilst the majority of organizations have sufficient technology and policies regarding personnel development, in reality many employees are not actually trained sufficiently to use new equipment. This therefore implies that managers need to take a more proactive approach in ensuring development policies are put into practice. However due to the vagueness of the development plan, Swanson and Holton (2009) simply realize at it in terms of being a problem defining and solving process. The question then becomes what tempt a human resources manager has in a modern workplace scenario to implement policies. Whilst Guest et al (2003) found a greater use of human resource management is associated with lower labour turnover and increased employee satisfaction, the actual provide a human resources manager has over making changes to workforce policies is limited as seen by Miles (1965) due to the ideological gap betwe en the workforce and managers. Miles apply the example of the gap between how managers prefer a different personnel approach to their subordinates than to their superiors. This discrepancy showed that whilst managers welcome a focus on their abilities and development when regarding more senior managers, they would rather adopt a human relations approach to the workforce, whereby the focus is on morale. Therefore managers in this position could be reluctant to use any formal power they may have to implement new policies. Kanters (1989) descryings also point towards this conclusion, as Kanter discovered a number of changes in the employee manager relationship, notably the reduction of power and distance between a manager and their subordinates. Whilst Kanters idea that managers now have to implement ideas through more interpersonal and informal gist is appealing to a workforce, the concept of managers are integrators and facilitators, not watchdogs, could prove to be problematic w hen it comes to implementing strict policies on the workforce.Employee factorsIn enact to fully analyse how a human resources manager can successfully implement workplace policies regarding development, various employee factors come into consideration. first there is the importance of the expression of converse used. As mentioned previously the distance between managers and workers particularly in large organizations necessitates the effectual use of communication channels. According to Soliman and Spooner (2000) using a 2 way free flowing communication system is the most appropriate method of dealing with development, because it would grant not only for managers to communicate policies to the workforce, it would also allow two way feedback on the s sanction procedures. This idea of a loop of communication regarding development is supported by Bradley (2002) who argued that a coherent evaluation and feedback system should be integrated into every new workplace policy. This is especially vital for development due to the passing personal nature of the issue. Only through effective feedback will human resource managers have the required knowledge about the workforce to image that suitable development policies are implemented. A relevant vestige on how this ideology could be used in a modern business scenario was proposed by Mehra and Brass (2001) in suggesting the use of social networks to communicate feedback to managers. other clear factor in a human resource managers ability to promote development policies is the mad intelligence of the staff. Sy et al (2006) showed that high levels of emotional intelligence clearly correlate with workplace performance and satisfaction. This suggests that a manager with a highly emotionally intelligent workforce would have an easier clip ensuring policies are put in place. Cherniss (2001) even went so far as to cite self management as a key component of the role model of emotional intelligence, implying perhaps th at if a workforce was mature and skilled enough the job of the human resource manager would be completed by the staff. However whilst this may seem appealing to managers there is also a problematic issue with emotionally intelligent workforces. The majority of modern workforces possess clear elements of emotional intelligence and often utilise informal learning in their position (Eraut 2004.) Garrick (1998) noted the danger of this informal learning style, that it is not controlled in any way by the management team. With the increased trend for workplace environments to be found around intelligent project / task teams (Hechanova-Alampay and Beehr 2001) human resource managers could often find themselves facing insurmountable odds if they wished to implement unpopular policies. Therefore in order for managers to be able to put policies in place they must ensure in addition to there being effective communication channels in place that a degree of employee consignment is drawn from the workforce. Studies by Romzek (1990) turn up the use of employees holding a psychological tie to their place of work, and highlighted the managerial influence on this subject. The way in which managers can ensure employees hold this commitment is displayed by Vischers (2006) ranges of environmental comfort. As long as employees show a certain level of comfort human resource managers should be able to implement new development policies.Managerial FactorsThere has been a large amount of research completed on the new role that managers now face in organizations, namely the human resource function where research seeks to provide guidance on how to deal with specific workforces (Geroy et al 2000.) This is largely due to the new styled work of managers as they face a changing psychological contract with their workforce and so need to build commitment in their implementing of policies (Hiltrop 1999.) This therefore means that managers need to adapt traditional managerial styles if the y wish to have the power to put in place new development policies. Vischer (2005) used the example of the new style of managerial offices, where employees can view the managers working to symbolise the increased need for an interpersonal approach to managerial work. Whilst managers traditionally took a scientific based approach to implementing new policies, for instance the labour process conceptualization cited by Ramsay et al (2000) the modern way of reaching a workforce is via a transactional leading approach. Not only does this feedback, group based style work in terms of productivity results alone (Deluga 1988) it gives managers more authority to properly put policies into practice. sea bass 1985 study justifies this success of transactional leadership by noting an increased employee confidence. Bass noted that a contactable manager with charisma fulfils the traditional leader role that many workforces look for when deciding whether or not to adopt a new policy. However there are other factors a manager must consider when attempting to promote new development policies, primarily there is the direct influence the manager has on the individual. This is especially vital for development policies as they are regarding individual people and so workers would resist policy changes from a manager whom they feel has no connection or influence on the person that they are. Important factors in this depicted object range from the face to face necessity for successful managers, as Dambrin (2004) demonstrated how the reduction of this direct communication in home based telephone workers importantly reduces the need for managers altogether, to the findings by Cleveland et al (2003) which noted the increased influence that managers of similar ages to their staff enjoy. Whilst this element is of little use to many managers (as they cannot help their relative age to the workforce) the concept that employees are willing to accept policy changes from people whom they consi der to be similar to them is extremely useful. Therefore the practical use of these findings is in the managers tactics in dealing with their staff. There is much research that centres on this factor (Furst and Cable 2008, Wayne et al 2006) and recent findings suggest that managers adopt a highly laissez-faire(a) based style when implementing development policies, as managerial influence is not equally perceived by workers (Barton and Deschamps 1988.) Lawler et al (2007) highlighted that older, more highly educated employees feel they should have more say in their own development. Therefore the avocation must be for managers to manage their workforce reactively, not fit to a pre-set plan of action (Niederkofler 2002.)ConclusionThis report has investigated the extent to which a human resources manager can realistically implement policies regarding development in their workplace. Firstly the importance of human resources as an organizational function was explored, from Cascios gene ric quote to how human resource is now seen as essential in many modern businesses (Teece et al 1997, Barney and Wright 1996.) As personnel development is undoubtedly a vital issue in modern organizations (Torraco and Swanson 1995, Nadler 1970) the issue became how a manager can overcome the ideological gap between themselves and the workforce (Miles 1965.) The aspects that allow managers to do this and successfully implement development policies were tackled in firstly terms of employee expectations for managers, where Mehra and Brass communication recommendations and Erauts views on emotional intelligence were a focal point, and secondly the managerial influences on their staff such as the use of transformational leadership and the individualistic style proposed by Barton and Deschamps (1988.) In this way managerial work is very much a self fulfilling prophecy where their expectations for the workforce will likely become reality (Swanson 1995,) and in this context managers should use this information about how to approach issues to their advantage, due to the power value of information as seen by Goad (2002.)ReferencesArthur, J.B. (1994) do of Human imaginativeness Systems on Manufacturing Performance and Turnover. The Academy of Management Journal, Vol 37, No 3 (June 1994) pp 670-687.Barney, J. B. & Wright, P. M. (1997). 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(2003) Work attitudes and decisions as a function of manager age and employee age. Journal of Applied Psychology, Vol 88, publish 3 (Jun 2003) pp 529-537.Dambrin, C. (2004) How does telework influence the manager-employee relationshipInternational Journal of Human Resources Development and Management. Vol 4, No 4, pp 358-374.Deluga, R.J. (1988) Relationship of Transformational and Transactional Leadership with Employee Influencing Strategies. assemblage Organization Management, Vol 13, No 4, pp 456-467.Dunford, B.B. Snell, S.A. and Wright, P.M. (2001) Human resources and the human resource based view of the firm. Centre for advanced huma n resources studies working paper, Cornell University.Eraut, M. (2004) Informal learning in the workplace. Studies in Continuing Education Vol 26, Issue 2.Ferris, G.R. Hochwarter, W.A. Buckley, M.R. Harrell-Cook, G. and Frink, D.D. (1999) Human Resources Management Some New Directions. Journal of Management, Vol 25, No 3 (June 1999) pp 385-415.Furst, S.A. Cable, D.M. (2008) Employee resistance to organizational change Managerial influence tactics and leader-member exchange. Journal of Applied Psychology, Vol 93, Issue 2 (March 2008) pp 453-462.Garrick, J. (1998) Informal learning in the workplace Unmasking human resources development. Routledge publishing.Geroy, G.D. Wright, P.C. and Jacoby, L. (2000) Toward a conceptual framework of employee volunteerism an aid for the human resource manager. Management Decision, Vol 38, Issue 4, pp 280-287.Goad, T.W. (2002) Informational literacy and workplace performance. Quorum books, 88 Post Road West, Westport.Guest, D.E. Michie, J. Conway, N. Sheehan, M. (2003) Human Resource Management and Corporate Performance in the UK. British Journal of Industrial Relations, Vol 41, issue 2, pp 291-314.Gunnigle, P. (1977) Personnel Policy Choice The Context for Human Resource Development. Journal of European Industrial Training, Vol 15, Issue 3.Hechanova-Alampay, R. Beehr, T.A. (2001) Empowerment, span of control, and arctic performance in work teams after workforce reduction. Journal of Occupational Health Psychology, Vol 6, Issue 4 (October 2001) pp 275-282.Hiltrop, J.M. (1999) The changing psychological contract The human resource challenge of the 1990s. European Management Journal, Volume 13, Issue 3 (September 1995) pp 286-294.Kanter, R.M. (1989) The new managerial work. Harvard Business Review, Vol 67, Issue 6, pp 85-92.Lawler, E.E. Renwick, P.A. and Bullock, R.J. (2007) Employee influence on decisions An analysis. Journal of Organizational Behaviour, Vol 2, Issue 2, pp 115-123.Lengnick-Hall, C.A. and Lengnick-Hall, M.L. (19 88) Strategic Human Resources Management A Review of the Literature and a Proposed Typology. The Academy of Management Review, Vol 13, No 3 (July 1988) pp 454-470.Mehra, A. Kilduff, M. and Brass, D.J. (2001) The Social Networks of High and Low Self-Monitors Implications for body of work Performance. Administrative Science Quarterly, Vol 46, No 1 (March 2001) pp 121-146.Miles, R.E. (1965) Human Relations or Human ResourcesHarvard Business Review, Volume 43, Issue 4, pp 148.Miles, R.E. Charles, C. (1984) Designing strategic human resources systems. Organizational Dynamics, Vol 13, Issue 1, pp 36-52.Nadler, L. (1970) Developing Human Resources. Gulf Publishing Company, Book Publishing Division, Box 2608, Houston, Texas 77001.Niederkofler, M. (2002) The evolution of strategic alliances Opportunities for managerial influence. Journal of Business Venturing, Vol 6, Issue 4 (July 1991) pp 237257.O,Neill, M.J. (2007) Measuring workplace performance. (2nd Ed) CRC Press.Ramsay, H. Scholarios, D. and Harley, B. (2000) Employees and High-Performance Work Systems Testing inside the Black Box. British Journal of Industrial Relations, Vol 38, Issue 4, pp 501-531.Romzek, B.S. (1990) Employee Investment and Commitment The Ties That Bind. Public organization Review, Vol 50, Issue 3, pp 374-382.Soliman, F. and Spooner, K. (2000) Strategies for implementing knowledge management role of human resources management. Journal of Knowledge Management, Vol 4, Issue 4, pp 337-345.Stewart, T.A. (1996) Human resources bites back. Fortune, 175.Swanson, R.A. (1995) Human resource development Performance is the key. Human Resource Development Quarterly, Vol 6, issue 2, pp 207-213.Swanson, R.A. and Holton, E.F. (2009) Foundations of Human Resource Development. (2nd Ed) Berrett-Koehler Publishers Inc.Sy, T. Tram, S. and OHara, L.A. (2006) Relation of employee and manager emotional intelligence to job satisfaction and performance. Journal of Vocational Behaviour, Vol 68, Issue 3 (June 2006) pp 461473.Teece, D.J. Pisano, G. And Shuen, A. (1997) Dynamic capabilities and strategic management. Strategic management journal, Vol 18, Issue 7, pp 509-533.Ulrich, D. (1998) A new mandate for human resources. Harvard business review, January February 1998.Vischer, J.C. (2005) Space meets status Designing workplace performance. Routledge Publications.Vischer, J.C. (2006) The concept of workplace performance and its value to managers. California management review, Vol 49, No 2.Wayne, S.J. Liden, R.C. Graf, I.K. and Ferris, G.R. (2006) The role of upward influence tactics on human resource decisions. Personnel psychology, Vol 50, Issue 4, pp 979-1006.Wright, P.M. McMahan, G.C. and McWilliams, A. (2006) Human resources and sustained competitive advantage a resource-based perspective. The International Journal of Human Resource Management, Vol 5, Issue 2.

Fair Play Means Using Sport to Make a Better World Essay

To be successful in sport, you need to have the right attitude. Honesty, dignity, fair blowout, respect, teamwork, payload and courage be essential to lead a memorable sporting performance. either of these indispensible values gage be summed up in the term fair play. by dint of various sporting events, the values of fair play can be put into practice in order to alleviate make the world a better place. Hence, sport can be powerful by allowing young aspiring athletes to emulate their role models when playing in the spirit of fair play. galore(postnominal) mountain define fair play as abiding by the rules of the secret plan and to accept defeat. However, this non only the case when it come to fair play. bonny play is a complex notion that comprises and embodies a number of other values that are fundamental not only to sport but to a fault to everyday life.Respect, friendship, team spirit, fair competition, sport without doping, respect for written and unwritten rules such as equality, integrity, solidarity, tolerance, care, excellence and enjoyment, are the mental synthesis blocks of fair play that can be experienced and learnt both on and off the field.Sport is very influential in todays world as it unites and brings many people together regardless of their gender, race and ethnicity. Therefore, promoting fair play through sport can surely be a tool that ultimately will help to create awareness and leads to a better kind world. reasonable play in different kinds of sport can be emulated throughPlaying FairWinning is without value if victory has been achieved un middling or dishonestly. Cheating is easy, however it brings no pleasure and satisfaction. Playing fair requires courage and character. Fair play continuously has its rewards, even when the game is lost. Playing fair earns respect, while cheating only brings shame. blank individuals moldiness remember that it is only a game and games are work-shy unless played fairly.Playing to win but ac cepting defeat with dignityWinning is the object of playing any game. Never set out to lose. If athletes or players do not play to win, you are cheating your opponents, deceiving those who are watching, and excessively fooling oneself. Never give up against stronger opponents but never relent against weaker ones. It is an malignment to any opponent to play at less than full strength. Play to win, until the final whistle. However, it is difficult to win all the time. You win some and you lose some. education to lose graciously is the way forward and do not seek excuses for defeat. Genuine reasons will always be self-evident. Congratulating the winners with good grace is also other form of fair play. After a loss one must be determined to do better next time. Good losers will at long last earn more respect than bad winners.Observing the Laws of the GameAll games need rules to guide them in order to protect and safeguard the athletes taking part. Without rules, on that point woul d be chaos. The rules of in various sports are simple and easy to learn. As an athlete or player, understanding the game better will make you a better player. It is equally important to understand the spirit of the rules. They are designed to make the game fun to play and fun to watch. By sticking to the rules, the game will be more enjoyable and appreciated.Respecting opponents, team-mates, referees, officials and spectatorsFair Play means putting forward the value of respect. Without opponents there can be no game. Everyone has the same(p) rights, including the right to be respected. Teammates are colleagues and they form a team in which all members are equal. Referees are there to maintain discipline and Fair Play. Sporting people must accept their decisions without arguing, and help them to enable all participants to have a more enjoyable game. Officials are also part of the game and must be respected accordingly.Spectators give the game its life and generate an atmosphere. They want to see the game played fairly, but must also behave fairly by respecting themselves and the other sets of supporters.Promoting the interests of the GameThe value of different kinds of sport always needs everybodys help to maintain its greatness. Think of the games interests originally your own. Think how your actions may affect the image of the game. Talk about the positive things in the game. Encouraging other people to watch and play fairly is also positive for the game in context. Honouring those who defend the Games good reputationThe good name of sports such as football has survived because the vast mass of people who love the game are honest and fair. Sometimes somebody does something exceptional that deserves our special recognition. Players should be honoured and their fine example should be publicised. This encourages others to act in the same way. Thus, helping to promote footballs image by publicising its good deeds.Rejecting corruption, drugs, racism, violence, g ambling and other dangers to sportSports huge popularity sometimes makes it vulnerable to minus outside interests. Athletes and players should watch out for attempts to tempt them into cheating or using performance-enhancing drugs. Drugs have no place in sport or in high society as a whole. On the other hand such athletes should help to kick drugs and out of the world of sports. Hence, all players must treat everyone else equally, regardless of their religion, race, come alive or national origin. Showing zero tolerance for gambling on games in which you participate is also another type of fair play, especially nowadays that gambling activities are on the increase. It negatively affects ones ability to perform and creates the appearance of a conflict of interests.Helping others to resist corrupting pressuresIn some instances, athletes or players may hear that teammates or other people they know are being tempted to cheat in some way or otherwise draft in behaviour deemed unaccep table. These people need ones help in order to give them the strength to resist the temptation. Reminding them of their commitment to their teammates and to the sport itself is essential.Denouncing those who attempt to discredit sportIndividuals must not be ashamed to stand up to anybody who is trying to make others cheat or engage in other unacceptable behaviour. It is better to expose them and have them removed before they can do any further damage. It is equally dishonest to go along with a dishonest act. They must denounce those misguided persons who are trying to spoil the true value of sport before they can bow somebody else to say yes.Different kinds of sport, especially Football, have an incredible power, which can be used to make this world a better place in which everyone can live. Using this powerful platform can help to promote peace, equality, health and education for everyone. Furthermore, fair play allows making the game better, taking it to the world, and boost a b etter world.Baron Pierre de Coubertin, the father of the modern Olympic Games said The important thing in life is not the triumph, but the champion the essential thing is not to have won, but to have fought well.Competition can be severe but you should always first look for joy when practicing any sports. You should never forget about the play even in the heat of the fight.Fair play, which is an essential and central part of successful involvement, promotion and development in both sport and life, can teach people tolerance and respect for others. It allows them to integrate into society and create a sense of teamwork. Fair play in sport is capable of giving hope, pride and identity, and it is able to unite where nationalities, politics, religions and cultures often divide.Cooperation in the spirit of fair play delivers even greater results than elegant gamesmanship in all walks of life. It plays a key role, the role of a catalyst in todays society as a means of ameliorate quali ty of life and human wellbeing.In the history of sport there have been many athletes, from great and celebrated champions to lesser-known competitors, who lived and competed in the spirit of fair play. All of them were individuals with different characters but they must also all have had something in common. Their exemplary behaviour and heroic acts have shaped their environment and contributed to the enhancement of social wellbeing. Their stories tell us a lot about what we could do to build a better world.As an example of such sportsmanship, World and Olympic whizz pole-vaulter Sergey Bubka (Athletics, Russia, Fair Play Trophy for action) in 1995 he helped his South-African rival, Okkert Brits, on two occasions by lending him his equipment. Firstly, on 3 July after learning that Brits equipment had not arrived at the Paris Grand Prix, Bubka offered him his poles so that he could compete. Again, on 9 September at the IAAF Grand Prix Final in Munich, Bubka repeated his generous act . This time, however, it salute him victory as Brits vaulted a winning 5.95 m while Bubkas final jump was just under at 5.90 m.This example teaches us that fair play is not a theory. Fair play is an attitude that manifests itself in behaviour. Whenever we act in the spirit of fair play we contribute to building a peaceful and better world. Values such as respect, friendship, tolerance and solidarity are the building blocks of fair play and can easily be denotative in the interactions of everyday life.

Capital investment analysis and inflation and capital investment analysis with taxation Essay

Inflation refers to persistent step-up in price of goods and services. It is alike referred to as average command change magnitudes in the price of goods and services. Prior to this time, there had been lots of argument amongst writers in finance on whether or not to trend or include splashiness when computing large(p) budgeting. The argument has always being that ostentation affects both the bank discount valuate and the hard change emanate and then the effect exit always bottomlandcel out.During inflation sh beholders will always demand for higher serve up of return because inflation has a way of wearing away the purchasing power of the shareholders but the come to of inflation on the companionships send of return and the evaluate cash flow are not always the same. Shareholders are not likely to reflect the entire inflation rate on a single investment funds because of risk diversification outline employed by most shareholders.Besides, inflation will not affe ct all the cash flows in incisively the sameway. The impact of inflation on labour for instance will not be the same for material live and cannot automatically reflect on selling price. Whichever way it is, the question is, How do we incorporate the effect of inflation in great(p) investment decisions? How do we adjust for inflation?Will the upchuck still be worthwhile by and byward adjusting for inflation?In analysing the effect of inflation in chapiter budgeting analysis two things should be taken into contemplation. i. The effect of inflation on the discount rate As inflation make ups shareholders will demand for increased return to compensate for the reduction in the judge of their capital. So there will be increase in the minimum return required by an investor. ii. How to take account of the impact of inflation on future cash flows.There are fundamentally two types of inflationi. General inflation this is an increase in the average price of all goods and services in an economy. General inflation affects both the discount rate and the cash flow hence it should be properly estimated. Changes in consumer price indexes are used as a measure of general inflation in Nigeria. ii. Specific inflation refers to changes in prices of the various components that make up the see to it under consideration. Various components such as sales prices, labour price, inconstant monetary value etc. Specific inflation affects only the cash flows of the bedevil. The treatment of specific inflation should be detailed as possible.Money Cash flow and Real Cash flow In an inflationary period there is a difference amongst N10,000 cash and goods and services worth N10,000. The beginning(a) is the gold cash flow while the later is genuinely cash flow.Money Cash flow refers to the actual amount of cash flows in token(a) term. To enter at the bullion cash flow we adjust each item by its specific rate of inflation.Real Cash flow on the separate hand refers to purch asing power equivalent of the actual amount of cash flows. To arrive at the concrete cash flows we deflate (i.e. discount) money cash flows utilise the general rate of inflation.In digest appraisal, general inflation is usually assumed to be the same throughout the projects life. It becomes easier to analyse the impact on both cash flows and the discount rate. However specific inflation rate need not be the same throughout the projects life.Money Cost of Capital (MCC) & Real Cost of Capital(RCC)MCC Measures the actual discount rate in terms of the actual money. That is, it is the discount rate in nominal terms. RCC Measures the discount rate in constant price level terms. Return on an investment are usually based on evaluate returns. The expect rate of inflation will be reflected in required rate of return for a project. This relationship has long been recognised in financial economies and it is referred to as fishers effect. It is expressed as (1+m) =(1+r)(1+I) Where m= Money toll of capitalR= sincere cost of capitalI = General rate of inflationFrom the equation above, if r & i are given, m could be computed as M=(1+r)(1+i)-1If m and I are given the r can be calculated as r = 1If m and r are given, then i can be calculated as follows i = 1 Rules to follow using MCC & RCC 1. Cash flows in money or nominal terms should be discounted at money or nominal cost of capital 2. Cash flows stated in money terms can be converted to real cash flows by discounting at the general rate of inflation. The real cash flows should then be discounted at real cost of capital. 3. Discounting money cash flow at the money cost of capital and real cash flows at the real cost of capital will give the same NPV for a project. 4. The specific rate of inflation should be effected on specific cash flow only. The cash flow arrived at should then be discounted at the relevant cost of capital which in most cases is the money cost of capital except otherwise stated. 5. Money cash flow s should be discounted with money cost of capital and real cash flow should be discounted with the real cost of capital.Raze Ltd is considering a project costing N50,000. The project is expected to have a life of 4 categorys with a residual value of N4,000. Annual cash r compensateue from the project is expected to be N35,000 in year 1 rising by 6% per annum for inflation. Running cost are expected to be N15,000 in the first year of the project but would increase by 11% per annum because of inflating labour costs. The general rate of inflation is expected to be 8% and the companys money cost of capital is 18%. Advice the company on whether or not to accept the project.Rex Ltd have been considering a 5yrs project costing N3m which on an initial estimate would earn N1.1m per annum in contribution without incurring any additional fixed cost but with a nil residual value at the end of year 4. Cumulative discount rate at 15% for 5years is 3.352. The companys director believes that the project should be undertaken because its NPV was N687,200.00 However, further investigation into the cash flow reveals the following. a. The contribution consists of one-year sales of N2.7m and variable costs of N1.6m for 1million units of sales per annum.These are the expected money value in year one. b. The sales would be do through a single distributor, who has asked for a fixed selling price of N2.70 per unit for 3yrs by and byward which prices could increase by 18% for year 4 and held constant for year 5 c. protean costs of N1.60 per unit in year one consists of material cost of N0.80 which are expected to increase by about 5% per annum and labour costs will rise by an expected 10% per annum for each year because of existing wage agreements with the trade unions concerned and ashortage of skilled labour for the counterfeit.Required1. Is the initial NPV calculated correct2. Is the project viable effectWorkingsYr 1 2 3 45Sales2,700,0002,700,0002,700,0003,186,000 3,186,000 slightMaterial (800,000)(840,000)(882,000)(926,000) (972,405) Labour(800,000)(880,000)(968,000)(1,064,800) (1,171,280) lolly MCF1,100,000980,000 850,0001,195,100 1,042,315Labour at 10%Material at 5%Sales at 18% in years 4 & 5Yr Cash flowsMCC 15%PV0(3,000,000)1(3,000,000)11,100,0000.8696956,5602980,0000.7561740,9783850,0000.6575558,87541,195,1000.5718683,35851,042,3150.4972518,239The project is viable because it has a positive NPV of N458,010The initial NPV calculated does not take into consideration the adjustment is sales, material and labour because of inflation.SummaryWe have looked at the impact of inflation in capital investment appraisal. Inflation refers to the persistent increases in prices of goods and services thus affecting the financing needs if the organisation as well as its cost of debt and WACC. Inflation is treat in capital investment appraisal by discounting inflated values of future cash flows at the money cost of capital or real cash flows at real cost of capi tal.Review questionIdi araba town council plans to build a bridge over the local river to replace the existing ferryboat service. Building will start in one years time, that is 2006 and will take 4 yrs. It has planned to sub contract the build work to a major construction company and the best tender will involve the council in a cash expense of N10m at the start of building and further payments of N5m each year until 2010 once completed, the annual maintenance cost for the bridge will be N1m per annum according to todays prices the annual cost is expected to rise with the general inflation rate of 7% p.a. In addition, a major overhaul is expected to be required after the first 15years of use, this will comprise N10m of material plus wage costs of a further N10m in current prices.Material prices are expected to rise with the general rate of inflation for the next 16years and then remain constant wage cost is expected to increase by 6% over the general inflation rate for the next 3y ears and then increase in line with general prices. The market interest rate the council consider relevant for the whole life of the project is 17.7%. You can assume that for calculation purpose the life of the bridge is infinite. The expected use of the bridge is 20,000 vehicles per day and toll charge is expected to increase in line with general inflation.Requireda. Calculate minimum toll charge in the first year of operation necessary for the bridge to break even over its life, and explain your treatment of inflation. Note Assume all annual cash flows arise on the run short day of the relevant year. b. What other factors do you think the council should consider when deciding upon the toll charge? Note The statement that in addition, a major overhaul is expected to be required after the first 15yrs of use should be interpreted to mean at the end of the first 15years of use (i.e. year 20.5 +15) (ICAN , 1993)Capital investiture Analysis and revenueationTax is an important factor to consider when computing capital investment appraisal because of its implications on cash flows. Capital investment appraisal is based on after task incremental cash flows arising from the project. Thus, when appraising the viability of a project impose that has to be incorporated and then discounted at the relevant cost of capital.Corporation imposeThis is charged on the profit made on projects that is positive cash flows and then discounted at the appropriate ruling rate. Currently in Nigeria, it is charged at 30%. It is usually charged on a preceding year basis because tax is expected to be remitted 6-11 months after the end of the period in which profit were earned. In capital investment appraisal we assume a year lag for corporation tax payment, that is, tax on taxable win made in year one will be deemed payable in year 2 except otherwise stated. Also, when losses are made on a project the losses are used to reduce tax liability hence, it is treated as tax benefit. The am ount by which tax is reduced is equivalent to cash inflow to the project.Investment Incentives This is given to encourage investment in fixed assets. The main types include investment gross profit and capital allowance.Investment allowances are receivables which should be brought into the project appraisal in the period in which they are receivable. They are use to reduce the tax liability.Capital allowance- is uncommitted to reduce a tax liability if a business is carried on and it has a balance of qualifying capital expenditure. The reduction is treated as cash savings. Capital allowance could be treated on a straight line basis or a reducing balance basis. In Nigeria it is claimed as initial allowance and annual allowance. The Nigerian law permits a company to leave at least N10 in its book as pen follow through value for an asset that is not yet disposed by the company. The Nigerian law also restricts the capital allowances a company can claim in any year of assessment to a certain percentage of the adjusted profit so that companies that have made profit can always increase their tax liability.On disposal of an asset no capital allowance can be claimed in the year of disposal. When disposal is finally made, the difference between the proceeds on disposal and tax written down value treated as i. A balancing charge if the sales proceeds hand the tax written down value. ii. A balancing allowance if the tax written down value exceeds the sales proceeds.Assumptions on Investment allowance and capital allowance claims Two possible assumptions can be made on when to deduct capital allowance claims i. We can assume that the first claim is set off on profits that occur in year one and it is deductible in year 1 ii. The most acceptable by examiners and in practice is to assume that the first claim occurs in year one and the tax savings occur one year later that is, year 2. good example 1A company purchases a machinery at a cost of N10,000 in respect of a p roject which has a life of 5years and a residual value of N500. Calculate the capital allowance on a straight line basis that will be used to reduce tax payment in each year of the project. The initial allowance is 50% while the annual allowance is charge at 25%. social class ClaimsPoolAllowance1. Initial allowance (50% x 10,000) 5,000 10,000Annual allowance (25% x 10,000)-5,000 -10) 1,247.50(6,247.5)6,247.52. written down value c/f3,752.5Annual allowance(1,247.5)1,247.53. written down value c/f2,505Annual allowance(1,247.50)1.247.54. written down value c/f1,257.5Annual allowance(1.247.5)1.247.55. written down value c/f10Sales proceed(500)Balancing charge 490(490)Illustration 2XYZ company is considering expend in plant and machinery costing N100,000. The machine has a life of 5 years after which it can be sold for N5,000. The machine would generate annual cost of saving of N35,000. Investment incentive on the machinery will be available as follows Investment allowance 20%, initial allowance 20%, annual allowance 10% on a straight line basis. Tax rate 35% payable one year in arrears and after tax cost of capital is 15%. Should the machine be purchased?SolutionWorkingsInvestment allowance = 20% x 100,000 = N20,000Capital allowance computation.Year Claims Capital Tax written allowance N down value N1 Initial allowance ( 20% x 100,000)20,000Annual allowance(10% x 100,000) 20,000) 8,000 28,00072,0002 8,00064,0003 8,00056,0004 8,00048,0005 48,000 5000Computation of tax liabilityYear 1 2 3 4 5Cost of savings35,00035,00035,00035,00035,000Investment allowance(20,000)-Capital allowance(28,000)(8,000)(8,000)(8,000)(43,000) Taxable profits13,00027,00027,00027,0008,000Tax at 35%4,550(9,450)(9,450)(9,450)2,800Computation of NPVYear Machinery Savings Tax Net cash DCF 15% PV 0 (N100,000)- (N100,000)1 (N100,000) 1 35,000 35,0000.869630,4362 35,000 4,550 39,5500.756129,903.763 35,000 (9,450) 25,5500.657516,799.134 35,000 (9,450) 25,5500.571814,609.495 50000 35,000 (9,450) 3 0,5500.497215,189.46 6 2,800 2,8000.43231,210.448,148.28The NPV is positive and thus, the machinery should be purchased.Illustration 3New ventures Nigeria Ltd is considering a project with an initial cost of N5m. The project is to last for 5years with a scrap value of N10,000 .The project involves the production and sales of product X. Estimated future sales quantity and fixed costs are given on a lower floorYearSales QtyFixed CostsUnitsN,0001100,0001,0002110,0001,1003120,0001,2004120,0001,2505125,0001,300The selling price of product X is expected to be N50 per unit in year 1 rising by 5% per annum because of inflation. variable quantity costs are expected to be N25 per unit in year 1 rising by 8% per annum because of inflation. General level of inflation in the country is presently 7.5%. The company can claim capital allowance at the rate of 20% on the reducing balance basis on this project. Tax is soon at the rate of 35% payable one year in arrears. If the companys after tax re al cost of capital is 7%, should the company invest in the project?SolutionWorkingsComputation of cash profitYear Sales Revenue Variable cost (N) Fixed CostProfits(N) 1100,000(N50)100,000(25)1,000,0001,500,0002110,000(50)(1.05)110,000(25)(1.08)1,100,0001,705,0003120,000(50)(1.05)2120,000(25)(1.08)21,200,0001,915,800 4120,000(50)(1.05)3120,000(25)(1.08)31,250,0001,916,614 5125,000(50)(1.05)4120,000(25)(1.08)41,300,0002,045,386Computation of capital allowance(Reducing balance basis)Year Capital allowance Written down value 120% x 5,000,0001,000,0004,000,000220% x 4,000,000800,0003,200,000320% x 3,200,000640,0002,560,000420% x 2,560,000512,0002,048,00052,048,000 10,0002,038,000-Computation of tax liabilityYear 12345Profits1,500,0001,705,0001,915,8001,916,6142,045,386 Less cap allowance(1,000,000)(800,000)(640,000)(512,000) (2,038,000)500,000905,0001,275,8001,404,6147,386Tax 35% 175,000316,750446,530491,6152,585Cost of capital to use(1+m) = (1+r)(1+i)i+m = (1.07) (1.075)M = 1.15025 1 M = 0.1503 x 100M = 15.03%Computation of NPVYear Cost/Residual Cash profits Tax liability Net cash flow DCF15.03% PV 0 (5,000,000) -(5,000,000) 1 (5,000,000) 1 1,500,000-1,500,000 0.86931,303,900 21,705,000(175,000)1,530,000 0.75571,156.221 31,915,800(316,750)1,599,050 0.65701,050,576 41,916,614(446,530)1,470,084 0.5712839,7125 10,0002,045,386(491,615)1,536,771 0.4965776,412 6(2,585) (2,585) 0.4317(1,116)125,755The company should embark on the project because it has positive NPVIllustration 4SCG limited is considering a project that has the following cash flow estimatesYearCash revenueCash Operating Expenses1N000N00021,60090031,8001,10041,40060051,200500500200The project cost is N1.4m and has an estimated residual value of N10,500. The above cash flow profile has not taken into consideration the effect of changing prices. If effect on changing selling prices are taken into consideration cash revenue are expected to rise by 10% after year 1 and operating expenses by 11% after year 1 . General level of inflation in the country is currently 15%.SCG Ltd can claim capital allowance at the rate of 25% on the reducing balance basis on this project. tax is currently at the rate of 35% payable one year in arrears. If the companys after tax cost of capital is 20%,should the company invest in the project? SolutionWorkingsComputation of cash profitYear Cash revenue (N) Operating expenses(N) Profits(N) 11,600,000 900,000700,00021,800,000(1.10) 1,100,000(1.11)759,00031,400,000(1.10)2 600,000(1.11)2 954,74041,200,000(1.10)3 500,000(1.11)3913,384.505 500,000(1.10)4 200,000(1.11)4428,435.92Computation of capital allowanceYear Capital allowanceWritten down value125% x 1,400,000350,0001,050,000225% x 1,050,000262,500 787,500325% x 787,500196,875 590,625425% x 590,625147,656.25 442,968.755N442,968.75 10,500432,468.75Computation of tax liability12345Profits 700,000 759,000 954,740 913,384.50 428,435.92 Less capital allowance 350,000 262,500 196,875 147,656.25 432,468.75 Taxable P rofit 350,000 496,500 757,865 765,728.25 4032.83Tax 35% (122,500) (173,775) (265,252.75) (268,005)1,411.5Computation of NPVYear Cost/Residual Cash Profits Tax liability Net Cash flow DCF20% PV 0 (N1,400,000) (1,400,000)1 (N1,400,000) 1 700,000- 700,0000.8333583,3102759,000(N,122,500) 636,5000.6944441,9863954,740(173,775) 780,9650.5787451,9444913,385(265,253) 648,1320.4823312,5945 10,500428,436(268,005) 170,9310.4019 68,697 61,412 1,4120.3349 473459,004The company should embark on the project because it has a positive NPV SummaryThe effect of tax on a project will be to increase or reduce tax liability a company pays to the tax authority which will in turn increase or reduce the cash flows that will be used in arriving at the NPV of the project. When taxation is reflected in the cash flows, a post tax cost of capital should be used in evaluating the viability of the project.Review questions1. Turnaround Nig Ltd is considering an investment that requires an outlay of N100,000 to be spent on the skill of necessary plant and machinery. The investment is expected to last for a period of 5 years by which time the residual value of plant and machinery is expected to be N18,000.The net revenue is estimated at Period 12345Net revenue 30,000 45,000 50,000 52,000 20,000In addition, turnaround Nigeria Plc expensed an investment of N10,000 in working capital and advertising expenses of N2,000 in period 1 and period 2.Turnaround Nigeria Plc has an after tax cost of capital of 10% and the application tax rate is 40% while the rank of capital allowance are initial allowance 20%,annual allowance 10%.Payment of tax claim may be assumed to be exactly one year in arrears.RequiredDetermine if the investment is worldwide1. Links Ltd is considering investing in a project that will involve purchase of plant and machinery costing N150,000.The plant and machinery are expected to have a life span of 5 years and a residual value of N8,000. the project will generate cash profits as fo llowsCapital allowance is available on the plant and machinery at the rate of 25% of cost on the reducing balance basis. Tax is currently payable at 35% payable one year in arrears. The companys after tax cost of capital is 18%.advise if the project is worthwhile.

Food Street Reaction Paper Essay

I. IntroductionServing different kind of solid foods all around the Asia is what the food avenue is in ISHRM. Students with culinary subject prepare different kinds of food which different countries specialized. Arranging different stalls depending on what country they take in been assigned and existence like from that country from their clothes is what they do next. And then ofcourse they will serve it to all the students and faculty of the school. This tradition made culinary students hustling cooking and military service different dishes with different plating which will attract people to sweep away their foods. This made students be competitive in cooking their best. Sharing is the meaning of the food street as for what I see. Having people heading around the place and seeing what the foods are in other country shared some reading to every wizard. Giving knowledge, beingness competitive, giving foods, be fair, and to give enjoyment is what food street for me is.II. React ionA great food street, thats what came in my intelligence for my commencement intramural in ISHRM. Though I have been experience having sport fest as part of the intramural from my last school, its my first m to attend in some organize celebration like a food street. Actually I never wanted to attend in it from the first I thought that it will be such a waste of time for I can eat at home. But since I ask it for my subject I opinionated to go. As I came I was surprised that people are actually that busy. They are all competitive. Though students are being everywhere, it is not easy for it to be organized. I am disappointed that it takes too commodious for it to be started. Its good that my friends were there. I enjoyed talking to them as we ask for the food serving. Since I wanted to eat early the business administration students in first year level was perfect having their small stall and change gulaman and melon which taste so good.From my sister and brother who are stud ent of ISHRM from 2010 I heard that food street is giving foods which came from the culinary students, other that I dont have any idea about what will happen. I dont expect that the school is really paying circumspection and prepared for the celebration, though time is not part of it. From 400 pm which they said that it will be started, for me it starts at 600 pm, I didnt bonk the judging of the foods which I didnt truism. And I even didnt hear the opening speech of the school administrator. I also didnt saw the theatro terpsichore because of overcrowded place. Being in the hallway before the canteen we are really surprise about the fireworks which we enjoy.I dont expect that the school have a lot of fireworks for the intramural celebration. But for me, its good that they do the fireworks first before serving foods. It made the students who are waiting for too long have their good moods again. After the fireworks we didnt know where we should go next and what we should do. Sinc e we are already in the hallway going to the stalls my friends and I decided to divide ourselves for us to save time. Some of us wait for the line for the drinks and some of us look for the line which we should be going for our food. As we saw the right line, we get our foods together with the foods of our other friends. And as we went to the pavilion our drinks were already there and we gave the other foods for them as change for our dinks.III. RecommendationTime management is really what I wanted to recommend first. Let their students know what the time it will start and dont let their students waiting there for too long. They should also try to look for other bigger place for the celebration. It will be nicer if there are tables and chairs for the next venue of the food street. They should still have the foods prepared in a box so that it will be easier to distribute.They should write to the stub the name of the country so that students will not going to walk and walk all around looking for their line. The foods were not that so good but maybe I am not that type of person who likes to eat foods of other countries. I also saw that serving foods are not fair because two of our friends told us that there dot have rice in their box. And since there is only one food to be assigned for every student, we didnt know which will be best. I think they should put one food for each country in one box. And if there will be rice, all the box should also have the same contain.

Parenting In Pride and Prejudice Essay

The novel pridefulness and Prejudice involves many topics and symbolizes different aspects of life and behavior of people. In this es formulate I am going to analyze and discuss the theme of parenthood. I will only comment on the char act asers that are parents or keep up over as parents, namely, Mr. white avens, Mrs. white avens, Mr. Gardiner, Mrs. Gardiner and Lady Catherine De Bourgh. The destruction character mentioned may non come over as a parent but she acts like one. To allow down with, I will start talking to the highest degree the bennet family. If we look at the Bennets with modern eyes, we could say that their behavior towards their daughters is actually different from how parents motor along with their children nowadays. In modern society parents do non marry of their children, we could consume this as old fashioned. besides in the 19th century the wealthy families precious that their descendants married opposite wealthy families in articulate to save their property. The happiness and feelings of the children did not matter to the parents as we can see in Pride and Prejudice. Mr. Bennet loves his family but he detaches from them in order not to get mixed with their lives. He gets on re ally well with Elizabeth because they both are the close to intelligent members of the Bennet family. But as the novel evolves he turns into a father that is weak and in critical moments he fails his family. For instance, he fails his family when Lydia runs off with Wickham. My honorable Mr. Bennet, said his lady to him one day, have you heard that Netherfield Park is let at last? Mr. Bennet replied that he had not.But it is, returned she for Mrs. Long has just been here, and she told me all about it. Mr. Bennet made no answer. Do not you want to know who has taken it? cried his wife impatiently. You want to tell me, and I have no objection to hearing it. (Jane Austen, Pride and Prejudice, Volume I, Chapter I, page 5)In this short extract of the no vel Pride and Prejudice a lot is shown about Mr. Bennet and his wife. In the first six lines it is seen that Mr. Bennet does not care that someone has come to live to Netherfield Park. Instead his wife insists on telling him everything she knows about it. Mr. Bennet, to me, does not care and in a mode teases his wife by being so un quested. He knows that this behavior makes his wife very nervous but the last line takes all the tension away.You expect a huge quarrel but instead you read this line and, at least I was, a little bit astonished because I did not expect that answer, reality from him. Going back to the topic of parenting this extract is quite interesting. It shows that Mr. Bennet is passive about everything that has to do with his daughters but, on the other hand, Mrs. Bennet wants to know everything that is going on because she wants to marry off her daughters to a wealthy gentleman. She can only think of that. She does not care at all about the feeling of her daughters. Dining out, said Mrs. Bennet, that is very unlucky. Can I have the carriage, said Jane.No, my dear, you had better go on horseback, because it seems likely to rain and then you must stay all night. That would be a good scheme, said Elizabeth, if you were sure that they would not offer to send her home. Oh But the gentleman will have Mr. Bingleys chaise to go to Meryton and Hursts have no horses theirs. I a great deal rather go in the coach.But, my dear, your father cannot hold open the horses, I am sure. They are wanted in the farm, Mr. Bennet, are they not? (Jane Austen, Pride and Prejudice, Volume I, Chapter 7, page 31)Here we can see the clear interest of Mrs. Bennet towards Jane, the oldest daughter. She wants her daughter to go to the lunch and to stay over there because it probably will rain. Even though there is a chance that Jane gets ill, Mrs. Bennet insists on Jane going over to the lunch. This behavior shows the readers that she cares about her daughter but, she only wants to be sure that the property and everything that they posses will not end up with Mr. Bennets cousin. Mrs. Bennet continues to behave in this way during whole the novel. At no point, the reader can see affection from Mrs. Bennet towards her daughters. Certainly, we can see no motherly behavior she never gets involved with the daily chores of the house or with the personal hygiene of her daughters. Something that mothers nowadays do a lot, getting involved with her childrens life.Mr. and Mrs. Gardiner are very different from Mr. and Mrs. Bennet. The Gardiners do care about the feeling of their children. In this case they get along very well with Jane and Elizabeth and economic aid them with the struggle they have with Bingley and Darcy. We can see that Mrs. Gardiner cares for her nieces because she does things to protect the girls, so as to prevent them to do certain things they might regret in the future. She protects them as a mother should do, she gives them advice, and she listens to the girls.Mrs. Gardiner is the opposite of Mrs. Bennet. The former involves more in the lives of the girls and guides them through it while the latter just wants that her daughters to marry some rich man in order not to lose their possessions they have at Longbourn. In the next extract the readers can see what kind of a woman Mrs. Gardiner is Her aunt assured her that she was and Elizabeth having thanked her for the kindliness of her hinds, they parted a wonderful instance of advice being given on such a point, without being resented. (Austen, Volume II, Chapter III, page 143)Austen describes Mr. Gardiner in the following way Mr. Gardiner was a sensible, gentlemanlike man, greatly superior to his sister as well by nature as education.(Austen, Volume II, Chapter 2, page 137) Although Mr. Gardiner does not appear much in the novel he is present every time his carrying wife appears. Frankly, every time Mrs. Gardiner appears I imagine that her husband is involved in the talk and thought of his wife. Lady Catherine De Bourgh is Darcys aunt and she does not want that some girl, especially not with lower social wealth marries her nephew. Lady De Bourgh is a very wealthy woman and with this she thinks that she has to tell other people how, why and when they should do things or not. When she finds out that Elizabeth is very fond of Darcy she asks Elizabeth many questions on the one hand, to let Elizabeth know that she is more intelligent and from a higher social class on the other hand, to maybe scare Elizabeth off.If we analyze this behavior taking in consideration parenthood, we could say that she is protective and cares about her family. After all, the reader knows who and what kind of woman she is and that all those questions are just for personal interest and not to attend her nephew Darcy. To conclude, I would like to say that many different manners of being a parent appear in the novel. We have seen the Bennet family, the Gardiner family and Lad y Catherine De Bourgh. We could say that the Mr. and Mrs. Bennet are cold people they do not care about the feelings of their children and they only care about their reputation and social wealth. On the other hand the Gardiners are protective towards the Bennet girls.They try to help them by giving them advice and to talk to other people to find out in what emplacement the girls are putting themselves into. Last but not least, Lady Catherine De Bourgh. She is from a wealthy social class and does everything she can so that no one with a lower social wealth comes into her family. Finally she has to accept that Elizabeth and Darcy get married. In the end I could say that different types of parenthood appear in the novel. To me, parents should get involved in the life of their children, to protect them and prevent them of making mistakes they will regret. Being a good parent involves being there for your children and not to act in your personal interest. The only family that is honest, to me, is the Gardiner family.

Customer Segmentation Study for Brazil Market Essay

Early childhood from 0-6 years is under the responsibility of the municipalities , and primary education between sates and municipalities. We could aim our main targets (children) between the age of 6- 25 in schools, colleges, etcetera We could promote our innocent smoothy drinks at schools and other places for cheap prices or of no price at all at the beginning when our line would need recognition.We could have different flavours with different kinds of fruits to attract children and make it a more healthier drink for them and as acai berry is high in nutritional value and it contains vitamin a, vitamin e, iron, calcium,etc which is required for a growing The acai berries are found from a palm that has a long thin trunk unto 25m high with a grouping of branches at the top from which hangs ribbon like leaves. It has a life span of 24 hours (the properties in the juice are active till 24 hours only), so they should be loaded into baskets and onto the boats by the west part of Brazi l, Belems market. Then they can be crushed and mixed in smoothies, juices, ice creams, etc. Consumers and distributors across the world have recognised the health benefits of Acai juice and sales have confirmed this trend. Acai is taken in liquid juice form. It is safe to severalise that Acai juice that is cold processed and non dried out will be a superior product over the rest.Another thing to catch out for are the ingredient lists on these products. Many companies are producing Acai juice with 20% or less of the actual Acai juice. The remainder is filled with water, sugar, preservatives and other cheaper juices. With the Acais colossal anti-inflammatory properties, adding sugar (and effectively cancelling out Acai juices benefits) simply doesnt make sense. However to the credit of some companies there are juices procurable that are 80% to 85% Acai juice. 100% Acai juice can seem too strong in taste to many people. Naturally the Acai berry is not sweet. When the pulp of many berries is blended it is easy to see the oils that come to the surface.

Case 35: Stock Repurchase Program Recommendation

Memo ToRajat Singh, managing managing director at Hudson Bancorp From Date08/01/2002 ReStock Repurchase Program Recommendation The purpose of this memo is to testify whether Deluxe Corporation should increase acceptations to buyback stocks. After considerable analysis of the unions fiscal position, we recommend that Deluxe Corp. to borrow up to $1. 023 billion to buy back 34,175 roles. In order to action this, Deluxe will need to lower its tie implement order from A military rating to BBB , which results in a decrease in WACC from 11. 47% to 9. 5%. By doing this, Deluxe s WACC is minimized, yet the bond rating is still at investment pock rating plus, the firm will have a pecuniary flexibility of $872 1 million million million, and an increase in its equity value per destiny by $35. 34. This memo explains in position the calculation of the current WACC, the current intrinsic equity value, the un employ debt capacity at different ratings, and the recommended WACC as well as the estimated increase in equity value with respect to the new WACC at the recommended debt borrowing aim.Current WACC Based on our calculation, the current WACC is 11. 47% as of August 01, 2002. In this calculation, for the borrowing rate, we use 5. 70% regarding Deluxes bond rate A from Exhibit 8. The marginal tax rate is is intercommunicate to be 38%. We use 5. 41% for the risk free rate of return with respect to the 20 twelvemonths U. S Treasury bond. The equity risk grant and genus Beta are given at 6% and . 85, respectively.Since the beginning of 2002, Deluxe had retired all of its long term debt, we calculate the total debt by adding the short-term debt and the long-term debt due within one year to arrive at $151 million for the total equity, we spawn the number of shares outstanding which is given in the comp alls 2001 Financial Summary, by the market modify close price per share which we look up in yahoo finance to get to $1,568 million. For the meek stock risk pr emium, we use 1. 73% as Deluxes total equity is among $1. 05 billion and $1. 6 billion. Current intrinsic equity valueDeluxes intrinsic equity value as of August 1, 2002 using a discounted currency stop analysis and the current WACC of 11. 47% has a premium of $2. 38 over the current market value. We estimate the terminal value generateth rate to be at -2% we make this assumption by taking the average of the industrys annual wane growth rate between 1% and 3%. The free cash flows for 2002-2006 are taken from the companys Financial Forecast and, to calculate the terminal years free cash flows, we grow it by -2% and divide it by the difference between the WACC and the long term growth rate.Since August maiden is our evaluation date, there is still 5 months left for 2002, the cash flow to be received for 2002 is calculate by taking the total cash flow times 5/12, and for the remaining years, the cash flow to be received is equal to the total cash flows. And, finally, for the mid year divisor ,we also take same anxiety that t are 5 months left to receive cash flows, and payments are made semiannually . Thus, our mid-year factor for 2002 is 5 over 24, and (5+6) over 12 for 2003, and for the remaining years we add 1 to the prior years midyear factor.Flexibility by rating Our analysis of the flexibility in allowed debt under each bond rating provided us the maximum deductible unused debt for each rating. We calculated this figure by considering both the cheer coverage ratio as well as the leverage ratio, and then using the smaller of the dickens figures. We calculated the maximum deductible debt using the leverage ratio by multiplying the five-year EBITDA average times the compulsory leverage ratio under each credit rating. The lower the credit rating the larger the allowable debt becomes.By choosing the lower of the two calculations, the maximum allowable debt under credit rating AAA is 278. 9 million and ranges up to 2,456. 6 million for bond rating B. In order to maintain an investment grade rating, Deluxes maximum allowable debt would be 1,023. 5 million. Recommended WACC In calculating the WACC for each bond rating, we altered several components for each. First, the borrowing rate increases as the bond rating decreases. These figures were provided in Exhibit 8. Second, we recalculated beta taking into account the changes in the debt/equity capitalization structure using.The re-levered beta was calculated using the levered and unlevered information. Third, as ratings declined their debt/equity ratio increased and altered their weighted cost of debt. Fourth, their equity/debt ratio decreased as their bond rating declined. Our final calculations of the WACC for each bond rating went from 11. 47% at AAA down to 9. 95% at BBB and back up to 11. 02% at a B rating. We recommend using the debt level allowed under the BBB rating since it maintains our status as investment grade bonds and also provides the lowest possible WACC. melodic theme increase in equity valueTo determine the number of shares to be repurchased in the upcoming repurchase program, we used the maximum allowable debt under the BBB bond rating and subtracted our current debt to determine the total funds to be used to repurchase shares. In order to determine the number of shares that could be repurchased, we divided the total allowable debt by the current market per share price. This resulted in a recommended repurchase of 34,175 shares. Next, we conducted a free cash flow analysis to determine the intrinsic enterprise value of Deluxe Corporation.This analysis is similar to the one conducted for the Current intrinsic equity value. However, we lowered the WACC to reflect our recommended credit rating. In estimating the total increase in shareholder value from this repurchase program, we took enterprise value minus the maximum allowable debt at the BBB rating. This gave us the equity value of Deluxe Corporation. Then, we divided the equity value by the current outstanding shares dismiss of the repurchase program. This gave us equity per share value of $63. 24. In comparing this to the old equity per share value, we found an increase of 127%.This is a highly favorable move for the shareholders of Deluxe Corporation. Concluding Recommendation We confide Deluxe Corporation should borrow funds in the amount of $872 million for the stock repurchase program. By borrowing these funds, Deluxe Corporation will be able to increase their equity value per share by 127% while still maintaining investment grade status. Deluxe is aiming for a flexible capitalization structure, and by borrowing more debt we believe they can achieve this due to the high cost of equity. If you have any question or concern, please feel free to contact us via emails