The use of Isotopes in medicine Essay Example | Topics and Well Written Essays - 1000 words

The use of Isotopes in medicine - Essay Example Thus, isotopes are important in the diagnosis of medical conditions, treatment of certain diseases, and sterilization of equipment and products. The diagnosis of the medical conditions utilizes radioisotopes. Technetium-99 is the commonly used radioisotope, and the radiation from the element offers essential information regarding the functioning of specific organs in order to detect any malfunction. The information from the radiation enables the physicians to make accurate and quick diagnosis of the patients’ illness. Technetium-99 is the most abundant isotope of the radioactive technetium, and can penetrate into the body to provide vital information. Fundamentally, technetium-99 has important characteristics that make it useful in the diagnosis of the medical conditions. Notably, the isotope is metastable. This implies that technetium-99 has excited nucleus that emits the gamma rays to attain stability (Roat-Malone, 2003). Consequently, the emitted gamma rays are significant in medicine because they enable the medical practitioners to image the internal body parts for crucial diagnostic information. It is noteworthy that the gamma radiations are not harmful to the body. The emitted gamma rays contain ideal energy (140.5 KeV) for the detection with the gamma camera (World Nuclear Association, 2015). Similarly, the half-life of six hours makes the technetium-99 a useful element in the diagnosis of disease. In effect, the decay time is enough for the physicians to conduct any medical test. The use of the technetium-99 in the diagnosis of medical conditions has notable advantages, as well as, disadvantages. The property of technetium-99 as a pure gamma emitter is important in the analysis of the internal body parts. Gamma radiation produced by the isotope has energy levels that do not harm the human body (Roat-Malone, 2003). Hence, the radiations are safe and do not interfere with the normal

Liquidity Ratio Analysis

Liquidity Ratio Analysis Liquidity ratio is a measure of the ability of the company to transform immediately of its assets into any other asset and pay their short term obligation due on time. This is among the important measurement which involve planning and controlling the current assets and current liabilities. Cash is among the very liquid assets compare to fixed asset which is illiquid. Liquidity ratio analysis of the company must be done first in analyzing the companys financial position. This is due to the serious problems that might arise such as potential insolvency and mismanagement by the manager. The commonly liquidity ratio used are current ratio and quick ratio for a quick check of liquidity, but there are also another component to have better understanding of companys ability to make payments to other parties such as cash cycle, working capital, accounts receivable, inventories, current liabilities. Besides the use of the liquidity ratio as determinant of firms ability to pay for short term debt, it also can be used to avoid of excessive holding of inventory. The financial analysts commonly used the specific liquidity ratio such as current and quick ratios, which allow them to make temporal or cross sectional comparison which is within the company itself or other companies in the industries. As part of it, another concept that also commonly used to identify the liquidity of the company is working capital which is calculated by deducting the current liabilities of the firm from the current liabilities. The working capital is very important measurement in determining financial stability for the company. It is health for the company to have more current assets over its current liabilities suppose to be practiced by the company. The company needs to stress on the liquidity management because from the previous research on companys balance sheet composition in Spanish found that 69 percent of the assets is current asset and 52 percent of liabilities represent current liabilities (La Porta et al, 1997). According to Petersen and Rajan (1997), the high percentage of current liabilities due to the reason that the current liabilities become one of their main external financial loans because the company failed to obtain the long term fund from the bank and other creditors. This is also supported by other researcher such as Whited (1992), Petersen and Fazzari (1993) that stated that current liabilities become one of resources due to their financial constrain. Also research done in US by Elliehhausen and Wolken (1993), Petersen and Rajan (1997) found that the US small and medium firm size depend on current liabilities when they have financial problems. The efficient liquidity management is particularly important for the big companies as well as small companies. It is rather important in small companies as highlighted by Peel and Wilson (1996). If a companys current liabilities exceed the amount of current assets, the company will face the problems to pay back the creditors in the short term. If this problem persists, the company could end up into bankruptcy. As stated by Nicholas (1991) that companies that did not concern to improve liquidity management until it was too late and reaching crisis conditions or end up on the verge of bankruptcy. Furthermore, it is important to have liquidity management in good times and it takes further importance in troubled times. The useful of liquidity ratio Liquidity ratio as part of accounting ration is important tools in financial analysis. Basically, these ratios used to identify the ability of the firm to pay it debt, to evaluate company performance as well as to access company value. According Palepu et al (2003) analysis done may be within company itself, or for the particular firm but compare for several years, compare the same ratio for the different company in same industry. From previous studies, they found that accounting ratio also useful in providing information for decision making process (Houghton, and Woodliff, 1987, Thomas and Evanson (1987, Lewellen, 2004). For some instant, liquidity ratio also useful in predicting business failures (Beaver, 1966; Altman (1968). The excess in working capital represents a safety cushion for providers of short-term funds of the company such as creditors, bank. This is also viewed positively the availability of excessive levels of working capital and cash. However, from an operating point of view, this excessive of working capital has been looked as a restraint on financial performance because these assets do not contribute to return on equity (Sanger, 2001). A lot of techniques could be applied to improve liquidity and cash positions, at the same time it can increase the efficiency of their management. At the end it would result in high profitability. These include credit insurance (Brealey and Myers, 1996; Unsworth, 2000; and Raspanti, 2000), factoring of receivables (Brealey and Myers, 1996; Summers and Wilson, 2000). The effect of liquidity management The efficiency of liquidity planning and control which include liquidity management, working capital and cash management have significant effect towards the profits. Actually, the most important is to have efficient liquidity management and the next, profitability will follow as well. The important of companys liquidity can be seen from different perspectives. Basically the idea of companys liquidity laid on the going concern concept which not involved any default in near future. The first party who interested on companys liquidity is short term lenders. These lenders interested on payment made on the debt and short term obligation because they can reasonably expected to be paid. For their own security, lenders would prefer the company with a high liquidity as their protection. For the investors and management, holding large cash balances is not the benefit activities in the company. Besides the problem due to the existence of the cash, this cash also become as extra cost to the company. The company actually has forgone the interest income from short term investment if they hold a lot of surplus cash. On the other hand, it is also necessary for company to hold cash to make immediate payments in the case to undertake rapidly the most desirable projects, and to deal without major disruptions with unforeseen problems. The amount of cash depend on expected growth and faces risk, the higher the expectation, the more the company must have a cushion of ready cash. The surplus cash on hand allow company to take advantage of new opportunities quickly. A healthy cash position helps stemming from new products, changing customer tastes or changing market conditions. Another factor to be considered for keeping on hand other liquid assets such as receivables is as a part of sales strategy of the firm. Companies usually offer their customer to take 30, 60, 90 days or more to pay for their purchases. This is to encourage immediate purchase of the customer in the big amount. Account payables are a major element of corporate finance. According to Rajan and Zingales (1995) the aggregate amount of payables in American firms was a significant part (17.8%) of total assets for all in the early 1990s. Other country such as Germany, France and Italy, also shown the very significant amount of payables which represents more than a quarter of total corporate assets, in United Kingdom payable also show significant value which represent 70% of total short-term debt (credit extended) while 55% of total credit received by firms is made up of account payables(Kohler et al., 2000; Guariglia and Mateut, 2006). In fact, payables are also important factor in emerging economies, like China, due to limited support from the banking system. The companies depending more on credit on purchases compared to other forms such as bank loans as highlighted by Ge and Qiu, (2007). Similar to Atanasova and Wilson (2004) find that smaller UK companies tend to increase their reliance on inter-firm credit to avoid bank credit rationing. However, account payable does not need fully attention for the company since it does not consumes resources but serve as short term of source of finance. The benefits arise that it could reduce the cash gap. Previous researchers have viewed the relationship trade-off between inventories and payables such as Nadiri (1969), Schwartz (1974), Ferris (1981) and Emery (1987)). Only Emery (1987) considers explicitly the trade-off between trade credits and inventories but his study does not include the deterministic variable demand framework. More recently, the study from Daripa and Nilsen (2005) has theoretically investigated how this trade-off could affect the terms of credit agreements. In their model, suppliers offer trade credit as an incentive to buyers to hold higher inventories. Normally, managements concerned with liquidity but they cannot only concern liquidity as single element because when there are shortage or excessive in receivables or inventory it usually will reflected to production, sales efforts, fixed assets or other management decision parameters, not liquidity alone. As highlighted before, receivables and inventory reflected to sales and production strategies. Working capital is also important factor in liquidity management due to its effect on the profitability and risk of the firm. Specifically, the investment in working capital is highly related with tradeoff between profitability and risk which means that if the company decides to increase the profit, they have to face the increase in risk as well as stated by Smith (1980). There are a lot of determinants of working capital such as stated by Chiou and Cheng (2006) in their study: 1. To examine methodically by separating into parts and studying their interrelations. 2. Chemistry To make a chemical analysis of. 3. factor influence working capital such as business indicators, industry effect, operating cash flows, growth opportunity for a firm, firm performance and size of firm. The study has clearly identified that determinant of working capital 1. To represent in a picture or sculpture. 2. To represent in words; describe. See Synonyms at represent. consistent results of leverage and operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for both net liquid balance and working capital requirements. However, Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. some variables unable to produce consistent conclusions for net liquid balance and working capital requirements of firms like business indicator, industry effect, growth opportunities, performance of firm, and size of firm. Similar study has been done by Nazir and Afza (2008) which have used both external and internal factors to explore the determinants of working capital requirements of a firm. They identified internal factors were operating cycle Operating cycle The average time between the acquisition of materials or services and the final cash realization from that acquisition. operating cycle , operating cash flows, leverage, size, ROA, Tobins q and growth while industry dummy Sham; make-believe; pretended; imitation. Person who serves in place of another, or who serves until the proper person is named or available to take his place (e.g., dummy corporate directors; dummy owners of real estate). and level of economic activity were recognize as external macroeconomic n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. factors. From the study, they found that operating cycle, leverage, ROA and q had a significant influence on the working capital requirements. Their finding further revealed that working capital management practices are also have significant related to industry and different industries are following different working capital requirements. Another study has been done on impact of the different variables of working capital management by Rehman (2006). The study have recognize that the variable including Average Collection Period, Inventory Turnover in Days, Average Payment Period and Cash gap on the Net Operating Profitability of firms has a strong negative relationship between above working capital ratios and profitability of firms. Another element of liquidity management that is also important is cash gap which has high relationship with working capital. This is supported by Gitman (1974) that mentioned that cash gap is among important factor in working capital management. Cash gap or cash gap can give significant effect towards companies profitability. The shorter the period, companies could generate high volume of profit. The value of the firm also increase with the reduction on number of days for which the account are outstanding (Teruel and Solaano, 2007). Investment in inventory and trade debtor which customers still owe to the company are not being able to pay off any of the companys obligations. It will affect as an increase in the working capital if a company is not operating in the most efficient manner. The slow collection as cash will affected the cash collection cycle. Uyar (2009) examined the relationship between types of industry with cash gap. The study is done on merchandising and manufacturing companies and found that merchandising industry has shorter CCC than manufacturing industries. He also investigate the relationship between the length of the CCC and the size of the firms and the findings indicated there is a significant negative correlation Noun 1. negative correlation a correlation in which large values of one variable are associated with small values of the other; the correlation coefficient is between 0 and -1 indirect correlation between the length of CCC and the firm size, in terms of both variable net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and total assets. Furthermore, the study by Uyar(2009) investigate the correlation between the length of CCC and the profitability of the company. The finding showed there is a significant negative correlation between these two variables. In addition, the study by Rehman (2006) stated that managers can create a positive value for the shareholders by reducing the cash gap up to an optimal level To underline the importance of managing liquidity, Loeser (1988) mentioned the extreme way in order to reduce the cash cycle. Loeser recommended interest to be charged at the prime rate to outstanding accounts receivable and unbilled revenue. This is to encourage responsible employees and particular departments within companies to put every effort necessary to collect receivables, and thus reduce Cash gaps. Similarly, study by Fraser (1998) who argues that liquidity and Cash gap management starts with a simple task for financial managers by making certain that their billings, collections, and payables systems are operating efficiently. Management must be certain with the procedures of collecting the payment so that the cash collecting process will organized eventually. Critics and disadvantages on liquidity ratio Besides the benefit in liquidity management and working capital, it also arise some critics such as stated by Hawawini et al. (1986) argue that in order to get the relevant analysis result, it is a better for the firm to apply the concept of working capital investment in its operating cycle rather than the usage traditional concept of net working capital. This argument also supported by Finnerty (1993) which mentioned that the current ratio and quick ratio calculated in traditional liquidity ratios include both liquid financial assets and operating assets in their formula. This is according an ongoing concern point of view that identified inclusion of operating assets which are tied up in operations is not useful. Subsequently, Kamath (1989) argues that both current and quick ratios are static analysis in nature because the usage of past performance. These two ratios have the lack of information on the future cash flows and liquidity. There was suggestion by Gitman (1974), Richard and Laughlin (1980), Boer (1999), and Gentry et al., (1990) to replace the use of liquidity ratio with cash gap as a measure of available liquidity. This is due to the dynamic nature of cash cycles and also involved tradeoffs. As suggest by Kamath (1989) the Cash gaps (cash gap) can be used to replace or s liquidity ratios in measuring and predicting the nature and pattern of future cash flows. The Cash gap measures the length of time between actual cash payment on productive resources especially from the raw material and actual cash receipts from the sale of products or services. It is good for the company to have a short Cash gap because the longer the gap the longer company has to rely on the external financing. T he result was company will suffer of increasing interest cost. In Saudi Arabia the interest cost is more expensive in due to the absence of tax savings. Instead of paying taxes, national companies incorporated in Saudi Arabia are not required to pay zakat (level or fixed percentage tax required by Islamic shariah). This is due to the characteristic of borrowing cost which is as a cheap basis of financing loses its tax advantage since there is no tax on Saudi companies profits. Likewise, reducing cash gaps by any number of days will add equally to the pretax and after-tax profits. Although the liquidity ratios is a very useful mechanism to analyze financial position of the companies, the usage of these ratio must be with discretion and caution especially in making comparison among company and across industry as mentioned by Abdullah and Ismail (2008) . The reason is because the different of accounting method and treatment used by the different companies, also different in ratio definition. Subsequently the mislead comparison be made. To avoid the mislead use, the standardize guideline is required. According to Gibson and Boyer (1991), without the standardize guideline, companies will only disclose the ratio that only benefit them. Due to the lack of guideline and standard, study done in Malaysia found that only some of the company disclosure a comprehensive of financial ratio. The study also disclosed that there are differences in choice of ratio, method of calculated the ratio among the companies. This situation doesnt allow for any comparison among the company. The researcher also found that the good performance companies tend to disclose more information as signal of their good quality to attract attention of investors. Gibson (1982) the lacks of ratio disclosure discourage the information user to know about the financial position because most of the important financial ratios were not discloses. Furthermore, most companies disclose the ratios that only favorable to benefit their position Liquidity and profitability There are a lot of research done to identify the significant relationship between liquidity management and companies profitability. Evidence from previous studies supported the fact that aggressive working capital policies could increase the profitability of the company. Jose et, al (1996) proved that the US companies incurred high profit which benefit from aggressive working capital policies. In addition, Shin and Soenen (1998) identified that there is strong negative relation between the period of the firms net trade cycle and various measures of profitability. The study was done using a large sample of American firms during 1975-1994, found that reducing the net trade increase companys profitability. The study also includes market measures, such as stock returns, and operating profits. Previous research evidence that aggressive working capital management that heavily invested in high inventory level could enhance profitability of the company as highlighted by Wang (2002) who done the research for Japanese and Taiwan companies and found that the less cash gap period, the better operating performance. The research also had done in any other country such Deloof (2003) in Belgian companies which find the company could improve the profitability by reducing the number of days of account receivable outstanding as well as at the same time reducing their inventories. However, according the study by Uyar (2009) examined the relationship between types of industry with cash gap. The further finding showed there is significant negative correlation between the length of CCC and the profitability. Similar to Ramachandran and Janakiraman (2009) also found negative relationship between Earnings before Interest and tax (EBIT) EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). and the cash gap. The study revealed that calculation EBIT shows how to manage the working capital of the firm. The negative relationships reflect to the lower gross EBIT was related with an increase in the accounts payable days. Thus the study identify that less profitable company will take advantage to pay for a longer to pay their bills. At the same time company also taking advantage of credit period granted by their suppliers. The study also found that there is the positive relationship between average receivable days and firms EBIT that suggested that less profitable company will try to pursue a decrease of their accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business problems in paying days in order to reduce their cash gap. The advantages of high inventory level are reducing in cost of possible interruption in the case of scarcity products. It can overcome the problem of price fluctuation; reduce supply cost (Binder and Maccini, 1991). The other advantages associated with high level inventory that allow trade credit which act as effective price cut (Brennan et. al, 1988; Petersen and Rajan, 1997), also encourage customer to purchase their resources at the lower price. As highlighted by Emery (1997). The company also could benefit long term relationship with the customers as mentioned by Ng et, al (1999). On the other hand there is contrary argument on aggressive policies that minimize on working capital which state that it would affect the profitability of the company as stated by Wang (2002) that if the inventory level is least, the company could face reduction in its sales. Similar to Ganesan (2007) that done the research on relationship of efficient capital management and profitability in telecommunication company that he identified that the efficiency working capital management was negatively associated to the profitability and liquidity. From the finding, it shows that when the working capital management efficiency was improved by decreasing days of working capital, there was improvement in profitability of the firms in terms of profit margin. Padachi (2006) examined the trend in working capital requirement and profitability of firms. This study is done to identify the causes for any significant differences between the industries. The finding reveals that high investment in inventories and receivables was associated with lower profitability. It has a significant negative effect between the inventories investment and profitability. The findings also recognized that an increasing trend in the short-term component in the short-term component of working capital financing. This finding also agreed by Raheman and Nasr (2007) also studied on the effect of working capital on liquidity towards profitability of the company. Further the study done also recognize that there was a negative relationship between liquidity and profitability of the company. Also, they find that there is a positive relationship between size of the company and its profitability and significant negative relationship between debt used by the firm and its profi tability. The similar study also done by Afza and Nazir (2007a) and they also found the same finding as previous research. In line with the study Afza and Nazir (2007b) further investigated the relationship between the aggressive/conservative working capital policies profitability as well as risk of public limited companies. The finding reveals that a negative relationship between the profitability measures of companies and degree of aggressiveness of working capital investment and financing policies. The companies will occur negative returns if they follow an aggressive working capital policy. Another study by Lazaridis and Tryfonidis (2006) that investigated the relationship of profitability which measured through gross operating profit and working capital management. The results of the study showed that there was a negative relationship between profitability and the cash gap which was used as a measure of working capital management efficacy. In order to generate can create profits for their companies, the management must handling correctly the cash gap and keeping each component like accounts receivables, accounts payables, inventory to an optimum level. Samiloglu and Demiraunes (2008) analyzed the effect of working capital management (which highlighted accounts receivable period, inventory period and leverage) on the profitability of the firms. The study depicted working capital has a negative effect on profitability of the companies profitability . Conclusion It is very important and first step taken to study the role of liquidity management policies on profitability of a company. Normally, the company decision whether they can face higher risk due to achieve higher profit. Iif a company desires to absorbed a greater risk for bigger profits and losses, it could reduces the size of its working capital in relation to its sales. If the main interest of the companies is improve its liquidity, it increases the level of its working capital. Therefore, a company should identify a balance between liquidity and profitability (Vishnani . Shah, 2007). . Before the companies adopt any method to increase the profitability, they should evaluate the tradeoff between expected profitability and risk on inventory investment. They have to make sure that the increase in profitability is more than the risk involved.

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Minority entrepreneurs have many barriers they have to overcome in order to be successful. Some typical problems they face are limited access to capital, lower equity investments, and less exposure to entrepreneurship. Minority entrepreneurs are twice as likely to be turned down for traditional lending, which can discourage them from even applying for a loan. Not only that but they are less likely to be considered by traditional or angel investors. They also generally live in run down areas, with poor schooling and less access to successful people. One entrepreneur who has hurdled over all the barriers and became extremely successful is Russell Simmons, the co-founder of Def Jam Records. Biography of Russell Simmons Russell Simmons was born in Queens, New York, on October 4, 1957. Growing up in Queens, he spent part of his adolescent years as a street hustler. During his middle school years, he sold marijuana and was even a member of a local gang. He was arrested twice on other charges and was given probation. At eighteen he began taking college classes in the New York area and started working at an Oranje Julius, but financed his clubbing lifestyle by selling fake cocaine. One night in 1977 while at a club he saw the clubbers going crazy over a song from Eddie Cheeba, an early rapper and DJ, he decided that it was the sound of the future. Simmons quit selling fake drugs and left college to begin promoting concerts and forming his own management company for artists. He called his company Rush Management. He managed Kurtis Blow, and Run-D.M.C.. In 1884 he partnered with Rick Ruban and founded Def Jam Recordings and starting the cultural revolution known as hip-hop. Businesses & Industries  ¬Ã‚ ¬Russell Simmons has his fingers in a ... ...nced everything from music to finance and philanthropy. He has been the architect in creating the trends in current pop culture. A majority of Simmons’ endeavors would fall into the venture opportunity school of thought, and he took an integrative approach. My Thoughts Simmons built an entertainment empire, with hip-hop at the foundation. By fighting for hip-hop, even when everyone said it was a fad Simmons taught me that, even if everyone doubts something, all it will take is one person to believe and to fight for what they believe in. I also learned that if one person starts to work towards a goal, it would pave the way for others to follow. Simmons often said that â€Å"Black culture or urban culture is for all people who buy into it and not just for black people. Whether it’s film or TV or records or advertisement or clothing, I don’t accept the box they put me in.†

Differences in Broadcast and Publishing Content Regulation in the US and Japan

Every country has its own set of laws and regulations, depending on how it is applicable to its people. It is usually patterned to suit the needs of the people and the current situations that the country is in. So in comparing two different countries, it is possible to find that one is stricter than the other, or has a broader scope than that of the other country. Comparing the broadcast and publication rules in Japan and the United States of America, it is natural to see significant differences in the implementation and the content of the regulations themselves, since they are being applied to two different countries and different people.Comparatively, the United States of America have stricter rules and regulations when it comes to broadcast and publishing content. Defining these regulations, it pertains to the intervention of the state in issues regarding economic, social or cultural life according to the standards being set in the country. These issues may be induced by political figures, religious intervention, or by the movement of the people regarding a certain concern. This is usually done to regulate the circulation of certain issues which authorities deem to be â€Å"offensive† content or that it is destructive in nature.When it comes to broadcasting, the most basic form of regulation is through acquiring a license to be able to broadcast. This serves as permission, as well as a contract that the broadcaster should abide by the rules and regulations set for the country. With this, they are able to broadcast for a certain period of time they are allowed to do so, and that they are liable to follow the regulations strictly, unless they want to be penalized for not following the guidelines in the country. Japan’s Broadcast Regulations Rules are not that extensive as that of the United States.They have no clear regulation on the contents of the broadcast, rather has concentrated more on the technicalities of broadcasting itself. It doesnâ₠¬â„¢t regulate television shows on its contents as long as it doesn’t violate the rules of broadcast it has laid down. The content of their shows would then depend on the demand of its audiences rather than following a tailored broadcast format. Having the United States in the tighter end, there has been several issue concerning whether them being so strict that it hinders the people’s freedom of the press.Media practitioners said that the basis of these intense broadcast regulations is the assumption that radio and television channels are a scarce resource which needs to be managed and regulated, so that the people will receive the right amount of information that they need (McDowell, 1983). What these media practitioners stress is that we are in a world where there are unlimited sources of information available today. Information is packaged in different forms and can be accessed by anyone.This information are not radio and television-broadcast limited, since they ca n be accessed through the internet, through Wi-Fi, Wi-Max, High Definition Radio models, smart antennas and more. Broadcast is not that scarce, considering that you could access them through a number of choices. In the United States, it is also difficult to acquire a license, which is done in order to censor broadcasting. But because of the abundance of other sources of information, broadcasting through television or radio is gaining lesser and lesser attention from the audience (Bowie, 2007).This is because the broadcast format in the radio and television is so audience-specific and that what they show the people are limited in context. Because of that, people are moving to other means of acquiring information. On the other hand, Japan offers regulations which are less strict, compared to that of the United States. They are more into what the viewers’ want, since they are competing with various information sources which are abundant in Japan. Being a country rich in technolo gy, radio or television is just another option for the people to get information (BookMice.net, 2000). Everyone has a mobile device with them which can access the internet anytime, anywhere in the country. With that, imposing strict rules would mean losing market for both the television and radio broadcast media. Japan has a public broadcasting station, which is the NHK. This public broadcasting station is not influenced by the government or any private organizations that would benefit from it. It is kept alive by the Japanese people themselves, wherein it has sought independence from the government by having a Receiving Fee System.This is where people pay for the station so that it will be kept running without further influences from prominent people and well-known organizations. This is to keep the interests of the people, for the people alone, and not by an individual or group wishing to profit from it. The viewers themselves are required to pay not only to view a specific progra m in the station but for the whole station as well, so that the NHK is assured to continue its existence. Every household in Japan who owns a TV set is required to pay an equal amount in for the NHK to continue its services.But this assures of an unbiased source of information for the people, wherein they wouldn’t worry from censorship imposed by the government or anyone who would want to profit with the information being delivered by the station (Kogawa, 1988). There are also other commercial broadcasters aside from the public broadcasting network, and these commercial networks benefit from advertisements. On the other hand, NHK are not allowed to have any commercials. Publishing content in the United States is also regulated. There are several known fictional children’s stories which have been censored upon entering the shores of the United States.One good example is the Little Red Riding Hood, wherein it has been censored and edited because the original version show s Little Red Riding Hood bringing wine to give to her sick grandmother (CyberCollege. com, 1996). The latest manifestation of censorship in books and publications was in the Harry Potter series. The novel has been the subject of censorship and criticisms since it promotes witchcraft for kids. This, despite the fact that the series has invited a lot of kids to start reading books again, not just relying on television and computers as a source of recreation.On the other hand, Japan is more on the open-minded side, wherein publishers are can put in publications mainly anything they can, unless they violate the laws and regulations that have been set for them. There are several forms of publication in Japan wherein it gives people a lot of choices. They are free to publish and it depends on the people whether they would buy it or not, since it is indicated if the content is not for minor, or that it has graphic situations not for the young audience.When looking up-close at these two cou ntries, we could see that the United States of America have stricter rules and regulations when it comes to publication and broadcasting. This is because of the difference in their audiences and their cultural background. Japan is more open when it comes to informing the people, since it has abundance in technology. But this doesn’t mean that both countries don’t consider their audiences when they put these regulations and restrictions. Because of the difference in their audience, their approaches are also different, thus resulting to various rules and regulations being established.

Cross Culture Analysis

(A) Critical review of cross-cultural models (1)Introduction Culture has played an important role in the evolution of humans enabling them to adapt the environment to their own needs instead of depending solely on natural selection to achieve success in all walks of life. Culture typically is made of customs, ideas beliefs, customs, codes, techniques, tools, taboos, symbols, rituals and ceremonies. Every society has created its own culture which is unique to its society. Culture is characterised mainly of three components which are explained as below: Values – Ideas which are considered important in life can be termed as values. Norms – Different people behave differently in various situations. Norms can be understood as the expectations of how people react to these situations. Artefacts  Ã¢â‚¬â€œ Artefacts are manufactured by men who reflect the culture’s values and norms. (2) Cross- cultural Analysis In 19th century, renowned anthropologists Edward Burnett Tylor and Lewis H Morgan have performed first cross-cultural analysis. Both Anthropology and Social Anthropology have made significant progress from the stages of Victorian England’s lower savagery to civilization. The concept of culture can be understood as a response against to those Western concepts and according to the anthropologists, culture is embedded in human nature. All people irrespective of the location and regions have the ability to categorise experiences, understand them by decoding using symbols and communication effectively. Several fields such as Sociology, Psychology, Communication and Anthropology have contributed to the creation of main theories of cross cultural communication. These theories are primarily based on the value differences among several cultures that are spread all over the world. Some of the important researchers who contributed to this field include Fons Trompenaars, Edward T. Hall, Shalom Schwartz, Geert Hofstede Edward Burnett Tylor and Lewis H Morgan and Clifford Geertz. (3) Aims of cross-cultural analysis The main aim of cross cultural communication is to understand the responses of different people from varied cultural backgrounds in different situations. Some guidelines are produced to decipher these differences and help them to better communicate with one another. According to Alvesson, M. (1993),  Cultural Perspectives on Organisations, 1992, Members of a group who share a particular culture can be understood and interpreted using some functions. The group can be of different sizes. It can be a small group in a village, or as big as a continent. Though the responses of the members of these groups can be understood as a whole depending on their culture, it further depends on the individual’s personality. The expressions of culture-resultant response can also depend on their own experience from life and the upbringing of that particular individual. The aims of cross cultural analysis are to harness the utilitarian function of culture as a means for human adaptation and better communication. Cross-cultural management can be understood as a subset of International management focusing on cultural clashes. The conflicts and miscommunication leads to differences in the cultures and cross cultural management aims to develop tools to understand and handle them. (4) Hofstede and his 5 dimensions Hofstede conducted investigations across the world to understand and analyse work-related attitudes in different regions. These studies have resulted in identifying five dimensions. These dimensions are masculinity-femininity, power distance, individualism-collectivism, uncertainty avoidance and long term vs. short term orientation. Social psychology between and within many cultures are being investigated actively in many respects and has acquired its own momentum over a long period of time. According to (Draguns, Lee & McCauley, 1999) comparisons with in the cross cultures can be made with the help of personality variables within that culture. As opposed to this, dimensions can also be derived in multicultural research projects can be used to study the relevance and the proximity to their home culture. In order to elucidate the conceptual nature of the cultural dimensions, Hofstede made various efforts to elaborate the contrast between the individualists as well the collectivist cultures. As this is not the only source of difference, several other Researchers such as Draguns, Lee & McCauley, 1999 also carried out studies on individualist cultures where the individuals are not tightly connected. They found that the priority lies ith looking after themselves or any other members of the immediate family. These individuals have different goals and aspirations that might not be in line with the values and norms of the entire group. However when there is a conflict of ideas, in individual societies they put their personal goals first by feeling autonomous. I n this type of social framework, the focus is on achieving personal goa ls. Such individuals are loosely attached to each other and if needed they can easily detach themselves from the rest of the group. They can also sever relations quite easily with their norms, partners and religion. However in collectivist societies, the most important factor is the group and there is a sense among the group members for solidarity and shared activities. According to (Goodwin, 1999) these kind of groups dominates in general as the obligations and duties of the individuals are not important when compared to that of the group. On the flip side, the collectivist societies are keener to protect the interests of the members of the group. They are not very concerned and may not necessarily help those members who are outside their group. The boundaries of the group are strong and explicit and they develop group egoism. Though it is costs, the individuals of the members contribute more especially in the personal events such as marriage and other links with the families with in the group. They do not behave like mere individuals. One of the other dimensions of Hofstede’s dimensions, power distance, is also widely discussed in the cross cultural studies. It represents the members of the society that agree to the inequalities in the power distribution among various members of the group. It may be in the organisations or institutions in which the degree of respect given those people who occupy superior positions. According to Deal T. and Kennedy, A. A. (1982),  Corporate Cultures, the acceptance to power inequality depends of the high distance and los distance societies. In High distance societies, they see power as the basis need of the group where as in low distance societies, they believe that power can only be used when it is legitimate. The next dimension of Hofstede’s model is Masculinity vs. Femininity. According to him, factors such as heroism, material success, assertiveness as preference for achievement are considered as masculine. Other factors such as caring for the poor and downtrodden, modesty, relationships, and the quality of life are considered subdued and feminine. The differentiation is based on the sex of that individual as the relationship between the Masculinity and femininity concerns about the relative emphasis and interpersonal harmony. While feminine culture gives preference to quality of life, warm personal relationships and fluid sex roles, the masculine cultures success, a sense of performance and competition and being brave. The fourth dimension, uncertainty avoidance, lays emphasis on the extent in which the members of a particular culture respond to the unknown situations or uncertain events. The cultures where the uncertainty avoidance is low are very curious whereas the cultures where the uncertainty avoidance is high are more dangerous. Uncertainty avoidance generally refers to the planning and the method of dealing with the unknown events in life and those with high uncertainty avoidance generally have a strong desire for mutual consensus. Any behaviour other than this is not acceptable in that group or society. The final dimension is long vs. short term orientation. The focus is mainly on the time horizon of the society. The orientation in this dimension of the study is to determine the importance that is being given to the future when compared to the previous history of that nation or society than the present state. In this dimension issues such as persistence and others are resolved by applying the orientation framework. Hofstede’s diverse studies of various cultures have provided the necessary inputs to understand the similarities or differences of cross cultures. (4. 1) Limitations of Hofstede’s model: Though Hofstede made several studies to identify the cross cultural similarities and differences, there are some limitations in this model. The primary limitation is the limited use of samples. The samples with Hofstede conducted the study is not applicable to the all the nations and therefore the results cannot be generalised to all the nations. The findings are generally based on the culture of the nation at a certain time which may be different from the result of the same nation at a different time. Another limitation to his model is the negative feedback of the participants. Some people are happy to cooperate with the study but some people may get offended by it (Barrick, Ryan & Schmitt, 2003). Another limitation is the importance of the study to their organisation or the country they live in. Another limitation is to create changes not all people would like to agree. More often than not, majority of the people cannot accept abrupt change in a short period of time. (5) Trompenaars and Hampden-Turner model: To explain the national cultural differences in an organisation, in 1998, popular management consultants Trompenaars and Hampden-Turner developed a model named ‘Seven Dimensions of Culture’. They tried to explain the differences in a heterogeneous business environment and the challenges faced by the global managers in managing them. Their study is primarily based on the responses of several respondents on a given dilemma. The dilemmas are contrasting in nature and this method is used by them over ten long years to observe the responses of various individuals on these dilemmas which will be used to interpret the basic attitudes and values of the individuals. This method is characterised by developing seven different processes which are formulated into dilemmas. By preferring one side of the dilemma, the individuals from one culture differentiate themselves from the rest of the others. According to Trompenaars and Hampden-Turner, these responses provided them a tool to analyse how national cultures differ from one another and how culture can be measured. They also suggested that the differences in cultures play a major role in achieving success globally and observed that reconciling these differences can lead to competitive advantage in the increasingly competitive global business environment. (5. ) Limitations of this model: * Failure in recognising the impact of personal characteristics on one’s behaviour. * Though this model differentiated between several cultures, it failed to suggest any recommendations on how to work with specific cultures. * The dilemmas that are developed by Trompenaars and Hampden-Turner may not satisfy that it will cover all the aspects of cross cultural studies. * Trompenaars and Hampden-Turner suggested th at the organisations must acknowledge the similarities and differences between the cultures that they operate in. However, other authors such as Ohmae (Borderless world) and Levitt (Globalisation of Markets) argue that national borders are diminishing day by day and emphasised on the need to look at the world as one big global market instead of viewing it as different countries that are made up of different cultures. (B) National Management Styles: Analysis and Personal experience. The ideas about the national management style over the past four decades have been dominated primarily by two nations. First by the American management model then followed by the Japanese. National cultural heritage was thought to be the primary reason for a particular management style. Having that as an underlying assumption, claims have been made that the management style is highly influenced by the cultural force of a country. Do the Japanese in general manage their organisations differently from Americans? This lead to evolution of two main standpoints which are called as culture-free and the culture-contingent position (Child/Kieser, 1997 and Osterloh, 1994). According to the culture-free position, the management style reflects the deeper understanding of industrialism producing essentials of technological and economic nature. The management style of firms over the personnel does not depend too much on the nation’s cultural values but more dependent on the technology, size and the industry environment of the organisation. According to Barrett, E. (1992),  The Strengths and Weaknesses of the Corporate Culture Analogy, the competition among the organisations in a business environment need conditions which support the management style. As we all know that those firms which compete on innovation use a more participative and professional management style when compared to the management style of those companies which are traditionally mass producers of plastic toys, screws or hamburgers. This can be observed across various nations all over the world. Likewise, the cultural settings do not seem to have much impact on the management of fast food chains. The contrasting viewpoint is culture-contingent position. Experts argue that societies exhibit distinct and relatively persistent cultures which include shared patterns of manners and ideas. Though different organisations in different organisations compete in varied conditions, they all adopt similar cultural contingencies within that country. This may be one of the reason as to why these organisations though compete against each other manage their firms with similar management structures which are appropriate to the cultural forces of the country. Culture of the country may matter for management, but it certainly is not the primary factor which influences the management style of the organisation. (6) European Cultural Diversity According to (Hofstede, 1993; Munch, 1993), despite sharing a lot of history, it is quite surprising that many of the European countries are still heterogeneous culturally. Though the integration of European countries brought about some economic forces, the culture and traditions of these countries still remain very different to that of each other. The nations that can claim to have developed distinctive cultures are American and Japanese. European countries are far from having a distinctive culture of their own. In order to overcome the present day pressures, they have developed diverse approaches of their own to cope with them. Among the European countries the national differences between the countries are greater than that of the non-European countries when it comes to dealing with the problems of technology development, economic growth and pollution control. (7) British Model of Pragmatic Management: Though Britain had a strong industrial dominance in the nineteenth century, after Second World War it has lost its strength both economically and educationally. Over the past decade or so, the global competitiveness and the economic recovery signs have been strong for Britain. Several factors such as political stability de-regulation of industries, and the English language advantage has attracted foreign direct investments from all across the globe which lead to the creation of entrepreneurial dynamism (ul-Haq, 2000). However according to Porter (1990), one of the important reasons for the continuous decline in the economic performance is the lack of quality in British educational system? Top-quality education has been restricted to a few groups. Important sectors like technology and engineering has been given lower priority. This resulted in the impact on the management in general and society in particular. While there are exceptional employees who are well trained for professional work, majority of them lack in depth education and skills when compared to the other highly industrialised nations. This can explain about the difference between blue-collar and white-collar workers, especially managers, appear to reflect the social structures of the society. The relationship between the workers and the management is generally characterised by mistrust and hostility, as a result of the conflict of interest between the two classes. Source: Martin, J. (1992),  Cultures in Organisations – Three Perspectives Let us discuss various management styles and critically examine if that is the style in my own country. i. Autocratic: In this management style, the decision making lies with the managers and they enforce their decision on the employees. They do not have a two way communication with the employees because they don’t trust them. This can be demotivating to employees, but this style is suitable for organisations that have to take quick decisions and manage large number of employees. I am from India and I can say that this management style is not widely used across the country but can be seen in large organisations particularly in IT firms that have large number of employees to manage. ii. Paternalistic: Paternalistic managers listen to the concerns of the employees before taking decision with respect to their social and recreational needs. The information flow is from top to bottom as they give direction to the employees. Interesting aspect is that they also take feedback form the employees which can be very effective. But the decision making on an issue may take longer than usual. This will help improve the morale of the employee. This management style can be observed in India though not widely. An organisation from the Marketing and Service industries and tourism industry in particular adopts this style of management. iii. Democratic: Everyone is involved in the decision process in this management style. Productivity and job satisfaction is improved as the communication flows from top to bottom in this approach. Employees’ motivation will be high as they are recognised and considered to be important to the organisation. On the flip side, it is difficult to get consensus on any issue and therefore slows down the process significantly. Sometimes there is also a risk that the managers may not be able to implement the best decisions. This style is not usually adapted in India as the mind sets of people are quite different and it may take quite long to take a decision. However this management style when implemented effectively with a judicious mixture can result in producing desired results. Source: Adler, N. J. (1991)  International Dimensions of Organizational Behaviour. Personally, my style has always been employee empowerment. The people I choose to have thinking people work under me, not automatons. Because of this, my task gets simpler and I can accomplish the targets in due course. I have learnt a great deal and also enriched my knowledge base as well as my skill levels. I am always aware of the fact that my task is to manage my team and they have their own tasks. I must enable them to deliver their best whether it is sales, operations or something else. Due to this, the members of the team can come up and discuss their ideas with me without any fear. To my mind, no organisation can grow if its employees do not grow. 8) Conclusion: As per my experience, persistent growth can be achieved by organisations by implementing proper management styles. They can solve organisational problems; improve employee productivity and loyalty and satisfaction. Satisfied customers and higher returns of the investment is the key for all the organisations at the end of the day. On the flip side, adopting an incorrect manage ment structure will lead to tensions between managers and their subordinates resulting in diminished employee morale and depleting productivity. (9) BIBLIOGRAPHY i. Alvesson, M. 1993),  Cultural Perspectives on Organisations, 1992 ii. Deal T. and Kennedy, A. A. (1982),  Corporate Cultures, iii. Barrett, E. (1992),  The Strengths and Weaknesses of the Corporate Culture Analogy iv. Martin, J. (1992),  Cultures in Orgnanizations – Three Perspectives v. Kono, T. (1990), â€Å"Corporate Culture and Long Range Planning† vi. Adler, N. J. (1991)  International Dimensions of Organizational Behavior. vii. Riding the Waves of Culture  (Fons Trompenaars & Charles Hampden-Turner), 1990. viii. Five Minds for the Future  (Howard Gardner), 1982 ix. Burack, E. H. 1991), â€Å"Changing the Corporate Culture’’ x. Hampden-Turner, C. (1990),  Corporate Culture (10) Web References i. http://ezinearticles. com/? How-To-Understand-Cross-Cultural-Analysis&id=4031 11 ii. http://www. itapintl. com/facultyandresources/articlelibrarymain/the-use-and-misuse-of-questionnaires-in-intercultural-training. html iii. http://www. blurtit. com/q410358. html iv. http://www. blurtit. com/q792848. html v. http://ivythesis. typepad. com/2010/07/what-are-the-limitations-on-hofstedes-and-globe-studies. html vi. http://www. wright. edu/~scott. williams/LeaderLetter/culture. htm

What Is Content Hacking (How to Be a Content Hacker) - CoSchedule

What Is Content Hacking (How to Be a Content Hacker) Have you ever heard of growth hacking? Its a  marketing technique developed by technology startups that uses creativity, analytical thinking, and social metrics to sell products and gain exposure. Its a bit scrappy, and completely focused on results. Does that sound familiar? Growth hacking isnt too far off from its counterpart, content marketing, a technique that we all know and love. In fact, its so close that it just might call for an entirely new breed of hacker:  The content hacker. Wait, hacking? Cant you go to jail for that? #ContentHacker = A growth-focused content marketer. #growthhacking #infographicListen, if you want your blog to grow, you may want to learn a thing or two from the content hacker. He or she is traffic-obsessed and focused on nothing but growth. In my upcoming book,  The 10x Marketing Formula, I describe in depth how to combine the best of growth hacking and content marketing. Heres an excerpt from the book that sheds more light on how to become a content hacker. Becoming A Content Hacker In 2010, Sean Ellis, co-author of Hacking Growth and CEO of GrowthHackers, coined the term growth hacking in a blog post entitled, â€Å"Find a Growth Hacker for Your Startup.† Ellis wrote: â€Å"A growth hacker is a person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth.† He further explained, â€Å"An effective growth hacker also needs to be disciplined to follow a growth hacking process of prioritizing ideas (their own and others in the company), testing the ideas, and being analytical enough to know which tested growth drivers to keep and which ones to cut. The faster this process can be repeated, the more likely they’ll find scalable, repeatable ways to grow the business.† From its inception, growth hacking described people whose sole focus is growth. And whose process is a thousand short-sprints that methodically test ideas. Keeping what works; killing what doesn’t. Growth hacking has never been code for being irresponsible and unaccountable. Running fast doesn’t mean running without strategy. But strategy in this context isn’t traditional fare. In marketing, growth strategies are confused with 52-page internal documents that spell out how often you’re going to blog, publish to social media, and push ad campaigns. The stuff of marketing plans. But think about this. Every second you’re not finding ways to directly benefit your customer base and audience is wasted effort. Because once the strategy is submitted, reviewed, and approved by your boss, it’s over. Now, instead of assuming responsibility for the results, you’ve passed it off on your boss. He or she now owns them, not you. In the bureaucracy, so long as you have a strategy, you’re safe. I see this happening all the time. Writing it down feels safe. But the problem with feeling safe is it becomes the goal rather than results. After you’ve spent a week or more in documentation mode, all that’s left is working the strategy. But in the digital landscape, what’s the likelihood said strategy will be viable three months from now? This is the primary fault line in the marketing-plan mindset. Ready for the good news? You can become a superhuman marketer by merging the best of growth hacking and content marketing. The Three Constraints Growth hacking is about turning clever tactics into fast-paced growth. Content marketing is about creating, publishing, and sharing valuable content with your audience to convert traffic into customers. But as we saw in chapter one, with its rising popularity, content marketing alone may not be enough. This means marketers need to take a page from the growth hacker’s playbook. We need to become content hackers. A content hacker is a results-or-die! marketer who merges agile growth tactics with high-converting content to achieve rapid 10x growth. And they never stop doing this. All you need to start are the three constraints: One Metric that Matters + Goal + Timeline = Content Hacker One Metric that Matters The first constraint is focus. Content hackers doggedly pursue growing one, and only one, metric. It’s the gas pedal to slam on- the one metric that will accelerate your business more than any other. Goal The second constraint is specificity. Content hackers set specific goals for measuring the one metric that matters. They’re not looking for â€Å"more† users or â€Å"increased† revenue. They are dead-set on a $100,000 increase in monthly sales. Content hackers set hard numbers to reverse engineer from. Timeline The third constraint is speed. Content hackers define a clear timeline for when their goal will be a reality. It’s a specific month, day, and year. And ideally, it’s much shorter than what sounds safe or comfortable. And there you have it. The three constraints are your new documented marketing strategy; and the tactics and communication between your team remains fluid. People are usually stunned by this. But it’s the happy truth. It’s neither complex nor gangly. Instead, it’s simple, messy in the middle, and effective in the end. We hope you realize that you can do this, too. That doubling your sales, tripling your email list, or increasing users tenfold isn’t outside of your grasp. And even better, you can start sprinting toward 10x growth in the time it takes you to drink a cup of coffee. This infographic will give you a peek inside their inner psyche and help you become a content hacker. The Tweetable  Characteristics Of A  Content Hacker The #ContentHacker doesnt see product/market fit, he sees content/audience fit #contentmarketing The #ContentHacker eats, sleeps, and drinks blog growth #contentmarketing An opportunistic #ContentHacker turns contacts into connections #contentmarketing Where a #GrowthHacker sees scale, a #ContentHacker sees sustainability #contentmarketing The #ContentHacker eats data and only settles for moving the needle forward  #contentmarketing An SEO-minded #ContentHacker has been leveraging the search base since 1991  #contentmarketing Viral growth can be manufactured if youre a real #ContentHacker  #contentmarketing

Summary of King Richad essays

Summary of King Richad essays The novel opens with Johns recollection of his childhood. As the eldest son of his parents, everyone expected him to become a priest when he grew up. John also had started imagining himself in that role till his fourteenth birthday. Johns earliest memories are of Sunday mornings, when the whole house was in a flurry of activity. As the head of the family and minister of the church, his father would lead them to the church. Wearing clean clothes and cheerful in spirit, they would walk to the church. They would go past the hospital where his siblings were born. John remembers the times when his mother brought home the babies to make him feel estranged. Johns family would walk towards the church in a superior attitude, looking down on people who were enjoying the leisure of a Sunday morning. Reaching the temple of God, they would get separated to their seats in the respective parts of the church according to their age groups. John and his younger brother would be seated together along with other teenage boys and hear the sermon read out by the young and handsome Elisha. The priest of the church would always talk of virtues and sins. Once he had chastised Elisha for being friendly with a young female visitor to the church and warned him. Elisha and the girl had parted ways. At home, his father laid down rigid rules but Roy would always play truant. He would escape from the house or the church and return back late in the evening. His parents were worried about Roy and prayed to god for his safety. With John they were stricter. They wanted him to be good and virtuous. They wanted him to follow the path of god. Thus, they always kept a watch on his movements. John is disillusioned with religion and his life as ordained by his father. On his fourteenth birthday, he wakes up with rebellion in his heart. He hopes fondly that someone would wake him after wishing him a happy birthday but no one come...

Revising to Make Your Writing Precise

Revising to Make Your Writing Precise Finding the right word was a lifelong quest for French novelist Gustave Flaubert: Whatever you want to say, there is only one word that will express it, one verb to make it move, one adjective to qualify it. You must seek that word, that verb, that adjective, and never be satisfied with approximations, never resort to tricks, even clever ones, or to verbal pirouettes to escape the difficulty.(letter to Guy de Maupassant) A perfectionist (who happened to have an independent income), Flaubert would spend days worrying over a single sentence until he got the words just right. Most of us, I suspect, dont have that kind of time available. As a result, we often have to be satisfied with approximations when drafting. Near synonyms and almost-right words, like temporary bridges, let us move on to the next sentence before a deadline arrives. Nonetheless, converting inexact words to precise ones remains a critical part of revising our drafts - a process that cant be reduced to one simple method or clever trick. Here are 10 points worth considering the next time you find yourself in search of the right word. 1. Be Patient In revising, if the right word is not at hand, run a search, sort, select process through your mind to see if you can find it. (Even then, a word may be elusive, refusing to emerge from the mind one day only to arise from the subconscious the next.) Be prepared to rewrite today what you revised yesterday. Above all, be patient: take the time to select words that will transfer your exact thought to the mind of a reader. May Flewellen McMillan, The Shortest Way to the Essay: Rhetorical Strategies. Mercer University Press, 1984 2. Wear Out Your Dictionary Once you have a  dictionary, use it as much as possible.   When you sit down to write and need a particular word, pause to consider the key ideas you want to convey. Start with a word thats in the ballpark. Look it up and go from there, exploring synonyms, roots, and usage notes. Manys the time a usage note in the American Heritage Dictionary has led me to the word that fits, much as the right jigsaw puzzle piece slips into place. Jan Venolia, The Right Word!: How to Say What You Really Mean. Ten Speed Press, 2003 3. Recognize Connotations Do not be fooled into thinking you can substitute one word for another simply because a thesaurus groups them together under a single entry. The thesaurus will do you little good unless you are familiar with the connotations of possible synonyms for a given word. Portly, chubby, chunky, heavy, overweight, stocky, plump, and obese are all possible synonyms for fat, but they are not interchangeable. . . . Your task is to select the word that conveys most accurately the precise shade of meaning or feeling you intend. Peter G. Beidler, Writing Matters. Coffeetown Press, 2010 4. Put Away Your Thesaurus Using a thesaurus will not make you look smarter. It will only make you look like you are trying to look smarter. Adrienne Dowhan et al., Essays That Will Get You Into College, 3rd ed. Barrons, 2009 5. Listen [B]ear in mind, when youre choosing words and stringing them together, how they sound. This may seem absurd: readers read with their eyes. But in fact they hear what they are reading far more than you realize. Therefore such matters as rhythm and alliteration are vital to every sentence. William Zinsser, On Writing Well, 7th ed. HarperCollins, 2006 6. Beware of Fancy Language There is a difference between vivid language and unnecessarily fancy language. As you search for the particular, the colorful, and the unusual, be careful not to choose words merely for their sound or appearance rather than for their substance. When it comes to  word choice, longer is not always better. As a rule, prefer simple, plain language over fancy language . . . Avoid language that seems stilted or unnecessarily formal in favor of language that sounds natural and genuine to your ear. Trust the right word - whether fancy or plain - to do the job. Stephen Wilbers, Keys to Great Writing. Writers Digest Books, 2000 7. Delete Pet Words They may be more pests than pets. They are the words you overuse without even knowing it. My own problem words are very, just, and that. Delete them if theyre not essential. John Dufresne, The Lie That Tells a Truth. W.W. Norton, 2003 8. Eliminate the Wrong Words I do not choose the right word. I get rid of the wrong one. Period. A.E. Housman, quoted by Robert Penn Warren in An Interview in New Haven. Studies in the Novel, 1970 9. Be True How do I know, the sometimes despairing writer asks, which the right word is? The reply must be: only you can know. The right word is, simply, the wanted one; the wanted word is the one most nearly true. True to what? Your vision and your purpose. Elizabeth Bowen, Afterthought: Pieces About Writing, 1962 10. Enjoy the Process [P]eople often forget that the sheer joy of finding the right word which expresses a thought is extraordinary, an emotional rush of an intense kind. Playwright Michael Mackenzie, quoted by Eric Armstrong, 1994 Is the struggle to find the right word truly worth the effort? Mark Twain thought so. The difference between the almost-right word and the right word is really a large matter, he once said. Its the difference between the lightning-bug and the lightning.

Reasons for the Introduction of Statutory Planning in Britain Essay

Reasons for the Introduction of Statutory Planning in Britain - Essay Example In 1800, the population was 10.5 million and by 1850, this number was nearly 21 million indicating a doubled figure. By 1900, the population had nearly doubled again and the figure at that time was 37 million. It became obvious that such an increase in population would finally change the physical appearance of the country and result to potential problems associated with this (Penri 2008). At the same time, the industrial revolution had transformed Britain from a country dominated by agriculture into an industrial nation. Early industrial revolution centered populations in the northern Europe specifically Midlands, England and South Wales due to the wool and cotton towns and coalfields. The result was a dramatic growth of the industrial towns and both in terms of population and infrastructure. At this time, there was no pressure for statutory planning in Britain. The result of this was appalling conditions marked by haphazard springing of factories and houses. Due to minimal pressure for statutory town planning, there was no attempt to conduct zoning in Midlands, England and South Wales. As a result, most people lived near their workplaces. There was also no attempt to control the standards of construction and sanitation in these towns. This laxity was a result of a strong belief and reliance on the capacity of the private sector. Consequently, the foul state of housing in these towns led to serious outbreaks and spread of diseases like typhoid and cholera. Towards the end of 19th century, there were increasing concerns for housing conditions especially in the most industrialized towns. There was a need to act in order to control the existing trends in the construction of houses and industries. The believe that cities are evil was also growing. By the end of the 19th century, opinions supporting the need to conduct legislation governing town planning were forwarded by various individuals. At this time, there was also an increased interest in Germany because it h ad already legislated statutory planning. It was a good example for Britain. A more powerful force on the need to legislate resulted from the ideas and publications of protagonists of planning like J. S Nettlefold. Nettlefold believed in decentralization to the suburbs due to their pleasant environment, cheap transport and cheap land. In 1908, he published a book entitled Practical Housing which outlined the general plan required for unbuilt land, new powers to implement proposals and municipal ownership of land (Penri 2008). Effectiveness of the early statutory planning legislations and their impacts on urban development in the period up to 1939 According to Penri (2008), the first planning Act in Britain was passed in 1909. This Act authorized local councils to prepare planning schemes for any land that was undergoing development or that which was likely to be used for building purposes. The latter group of lands mainly comprised of suburban lands. The planning schemes were suppos ed to be prepared with the main aim of ensuring that in the years to come, lands that lie within the vicinity of towns are developed in a manner that connection between them and neighboring lands was most convenient. Most importantly, they were to ensure that the land development processes allowed for proper amenity and sanitary conditions. Apart from regulating the number of premises built per site and the space between them, the town planning schemes defined zones and controlled the types of buildings permitted per zone. By 1913, a total of 66 town planning schemes had already been drafted in 50 of Britain’s local authorities. Only those of Middlesex and Birmingham were approved. The preparation and approval of a scheme took a long time. Generally, the process was long and

Tsunami Essay Example | Topics and Well Written Essays - 750 words - 1

Tsunami - Essay Example In general, tsunamis normally consist of a sequence of waves which occur in stages ranging from minutes to hours and these arrive in what is usually referred to as a wave train (â€Å"Tsunami Fact-ite†). The height of tsunami waves, which are tens of meters high, can be generated by large events in the ocean, and although their brunt tends to be limited to shoreline areas, they have a massive power of devastation and they can also affect whole ocean basins. There are two ways through which tsunamis cause damage and one of these is the force of smashing water, which travels at high speeds. The other is the destructive power of large volumes of water which drain off the land, and takes everything with it, even if the wave that brought this water to land did not seem to be huge. While everyday wind waves have a wavelength of about a hundred meters and a height of roughly two meters, a tsunami in the deep ocean has a wavelength of about two hundred kilometers and such a wave may travel at well over eight hundred kilometers per hour (Nelson, 2). Owing to this huge wavelength the wave fluctuation at any given position takes  20 to 30  minutes to finish a cycle and has amplitude of only about one meter, which makes tsunamis exceedingly difficult to notice over deep water, and, in fact, many ships rarely notice their passage. A large tsunami may bring with it numerous waves, which arrive in interludes of hours, often having a certain term between the wave lengths (â€Å"Water Waves and Tsunamis†). It is a proven fact that the first wave to reach the coastline may not necessarily have a high run up and instead, those which come after it may have higher ones. About eighty percent of all tsunamis take place in the Pacific Ocean, but there is also a high possibility of them occurring whenever there is a unusually large water body, and this includes some lakes. Tsunamis have come to be some of the most feared natural

Discussion Question 12 Assignment Example | Topics and Well Written Essays - 250 words

Discussion Question 12 - Assignment Example The most important non-verbal communication is active listening, which can only be achieved when nurses set aside their personal feelings and thoughts. This helps nurses to listen for any cues and develop successful writing skills. In order to demonstrate that the nurses are listening, they reflect, summarize, acknowledge, empathize, paraphrase information, and check for any cues. This is an important communication style since it offers patients a chance to air their concerns and help nurses to make informed decisions when they write down some of the information that they acquire. This also helps in checking the documented notes and reporting on the patients’ conditions in a manner that other medical professionals can get a clear picture of the situation (Bramhall, 2014). I am definitely ready to listen to my patients and to do this, I have to learn some listening skills and ensure that I do not interrupt the patients. I will also strengthen my listening skills by making a conscious move or effort to not only hear the words that are being spoken by the patient, but also to try and understand and empathize with them. I will get rid of all the distracters; hence, avoid misunderstanding and create a healthy environment in which the patients can freely talk (Bramhall,

Social Welfare Issues Reaction Paper Research Example | Topics and Well Written Essays - 1000 words

Social Welfare Issues Reaction - Research Paper Example In simple terms, most of the social protection issues occur because of adjustments to the response of the environmental forces and the quality of life. Hence, Social Welfare Issues emerge as those that are related to Child & Family Social Work Issues, Clinical Social Work Issues, Social Work Values & Ethics, Health, education, security and insurance. On a broad front, the Journal of Social Work Values & Ethics and the Journal of the Society for Social Work & Research are the two journals worth critical and creative analysis of the social welfare issues involved under study. Conversely, the Journal of Social Work Values & Ethics evaluates critically and creatively the ethical and values issues that are interwoven and impacting with the theological development, social work practice as well as social research. On a broad aspect, the journal uncovers a full range of ethical and social issues that encounter social workers. Similarly, the journal explains its findings vividly by providing the historical perspectives of the social and ethical development exposing off all the ethical and social values dilemmas developing from a state-of-art. In-depth, the Journal of Social work Values and ethics focuses primarily on the examples of good social and ethical practices that clearly concentrate on the ethical and social values considerations. However, the journal reviews as well as examines the ethical and all values dilemmas that correlate with the genesis or development of new technology that may intend to affect the social and ethical aspects of human life.

The termination theory versus the deprivation account Essay

The termination theory versus the deprivation account - Essay Example The paper tells that all human beings must die. This is the only thing that we know for a fact. The certainty aside, death still presents many questions to the living that make them curious of what exactly it means to die. Some people believe that death is the end of everything and nothing remains except the memory of a person in the ones he leaves behind. A number of philosophers have focused at length on the philosophy of death and have offered contrasting viewpoints on what their take on death is. The question that many people ask is whether death is evil or not. This is where the contrasting viewpoints arise whether the person believes in some form of immortality or not. One school of thought claims that death is an evil simply because it puts an end to all the good things that we experience in life. The benefits that humans accrue from being alive are activities, desires, perception, thought and all aspects that generally constitute the human life. Despite the misery that fills our lives on occasion, we still have the good times that we treasure and that is the greatest thing about being alive. On a scale, there are many experiences that we go through that are positive and fill us with joy, hope, and all other good emotions we experience. On the contrary, there are experiences in our lives including the death of our loved ones that make our lives worse. For this reason therefore, one would assume that life is a neutral as the good cancel out the bad. However, the good usually outweigh the bad and the result is positive meaning that the experiences of life far outweigh its consequences. The other school of thought is regarded as the termination thesis in which philosophers like Epicurus ascribe to. This school says that as long as we are alive, death is not with us but soon as we die, then we do not exist. The philosophers of this school say that there is nothing to fear in death. PART I The termination thesis is false. This is because it purports that when a person dies, there is no change that occurs except that the person has simply ceased to exist. It also claims that the person’s psychological or moral importance is not eroded due to death. Another argument that the termination thesis makes is that when a person dies, he does not continue to exist as a corpse. The existence of a person is the cornerstone of the termination thesis and it states that if a person continues to exist as a corpse, the person continues to exist and is contrary to the thesis. To die is bad, not because of death itself, but because life as we know it is a good experience and the loss of it is a deprivation. It is not bad because of any positive elements that it might have but because it removes what we consider desirable. PART II The termination theory in my account is false. This however does not mean that the arguments by Epicurus are easy. In any case, it makes the termination theory even harder while making those of the deprivation theory look harder too. The termination theory does not purport that there is no life after death. In fact, neither does the deprivation theory. In the opinion of Epicurus and other like-minded philosophers who support the termination theory, there are a number of points that need to be considered. When a person dies, he ceases to exist. That is the consensus between the two theories. However, the termination theory goes ahead to say that that occurrence cannot be considered as being an evil and as such, people should not fear death. When a tree dies, there is a remaining stump that is still firmly rooted to the ground albeit lifeless. Therefore, when a person cuts the tree off and counts the annual rings, then one can tell the age of the tree when it died. When one looks into the field, you see what was once a tree. If this is the case for all organisms, then, we all cease to exist at some point but the signs of our existence are still visible. There is a transition that is involved in the dea th of

A World Transformation Essay Example | Topics and Well Written Essays - 500 words

A World Transformation - Essay Example For example, if a person desires to make the world a better place to live in by safeguarding the environment, he should make a conscious effort of choosing the things that he uses, support the manufacturers and retailers which are more environmentally responsible, utilize renewable fuel, segregate waste, and volunteer in environment rehabilitation projects like tree planting. A person cannot start asking the government to institute these changes if he himself is not able and even willing to abide by these practices. It is impossible to influence others without really having the passion and commitment to institute these changes. Secondly, I believe that a worldwide transformation will be a matter of achieving individual moral excellence and discipline. It is irrefutable that the problems we are experiencing now are the results of our past actions and decisions. Thus, this can only be minimized and even eliminated if we choose to abide by what is morally right and restrain ourselves fr om doing wrong. Crimes are hugely a result of moral degradation and it can only be eliminated if each of us commits to a life of moral excellence. Moral excellence, on the other hand, is largely a factor of how we discipline ourselves and stick to what we perceive as right. Changing the world is a huge task which requires serious actions. Transformation is a complicated process which takes time and serious commitment to take place. Changing the world will only be possible if each of us will have the commitment to change ourselves.

The termination theory versus the deprivation account Essay

The termination theory versus the deprivation account - Essay Example The paper tells that all human beings must die. This is the only thing that we know for a fact. The certainty aside, death still presents many questions to the living that make them curious of what exactly it means to die. Some people believe that death is the end of everything and nothing remains except the memory of a person in the ones he leaves behind. A number of philosophers have focused at length on the philosophy of death and have offered contrasting viewpoints on what their take on death is. The question that many people ask is whether death is evil or not. This is where the contrasting viewpoints arise whether the person believes in some form of immortality or not. One school of thought claims that death is an evil simply because it puts an end to all the good things that we experience in life. The benefits that humans accrue from being alive are activities, desires, perception, thought and all aspects that generally constitute the human life. Despite the misery that fills our lives on occasion, we still have the good times that we treasure and that is the greatest thing about being alive. On a scale, there are many experiences that we go through that are positive and fill us with joy, hope, and all other good emotions we experience. On the contrary, there are experiences in our lives including the death of our loved ones that make our lives worse. For this reason therefore, one would assume that life is a neutral as the good cancel out the bad. However, the good usually outweigh the bad and the result is positive meaning that the experiences of life far outweigh its consequences. The other school of thought is regarded as the termination thesis in which philosophers like Epicurus ascribe to. This school says that as long as we are alive, death is not with us but soon as we die, then we do not exist. The philosophers of this school say that there is nothing to fear in death. PART I The termination thesis is false. This is because it purports that when a person dies, there is no change that occurs except that the person has simply ceased to exist. It also claims that the person’s psychological or moral importance is not eroded due to death. Another argument that the termination thesis makes is that when a person dies, he does not continue to exist as a corpse. The existence of a person is the cornerstone of the termination thesis and it states that if a person continues to exist as a corpse, the person continues to exist and is contrary to the thesis. To die is bad, not because of death itself, but because life as we know it is a good experience and the loss of it is a deprivation. It is not bad because of any positive elements that it might have but because it removes what we consider desirable. PART II The termination theory in my account is false. This however does not mean that the arguments by Epicurus are easy. In any case, it makes the termination theory even harder while making those of the deprivation theory look harder too. The termination theory does not purport that there is no life after death. In fact, neither does the deprivation theory. In the opinion of Epicurus and other like-minded philosophers who support the termination theory, there are a number of points that need to be considered. When a person dies, he ceases to exist. That is the consensus between the two theories. However, the termination theory goes ahead to say that that occurrence cannot be considered as being an evil and as such, people should not fear death. When a tree dies, there is a remaining stump that is still firmly rooted to the ground albeit lifeless. Therefore, when a person cuts the tree off and counts the annual rings, then one can tell the age of the tree when it died. When one looks into the field, you see what was once a tree. If this is the case for all organisms, then, we all cease to exist at some point but the signs of our existence are still visible. There is a transition that is involved in the dea th of

The impact of New tech used in WWII Essay Example | Topics and Well Written Essays - 2500 words

The impact of New tech used in WWII - Essay Example Six days later, on May 20, the German forces reached the coast, ultimately cutting off the BEF along with a huge number of Allied troops. Knowing this, the Germans headed north to capture the Channel’s ports before the Allies could effectively evacuate. On May 24, Hitler strongly urged General von Rundstedt to continue on with the attack. Von Rundstedt held his army west and south of Dunkirk, using his infantry group to finish the BEF. This attack was assisted by intense support from the Luftwaffe, and the next day, General Lord Gort, the commander of the BEF decided to evacuate his troops from northern France. Given the designation ‘Operation Dynamo’, this evacuation began in the perimeter around the port at Dunkirk. Agreed upon by Prime Minister Winston Churchill and Vice President Admiral Bertram Ramsay, they planned the evacuation effort. With strong urging from Ramsay, Operation Dynamo was to be implemented by a fleet of naval destroyers, merchant ships and s ome 700 other ships, which consisted of yachts, lifeboats, fishing vessels, anything that floated on water. Admiral Ramsay asked the public sector to help out in this rescue, and he was not disappointed. In many cases, civilians risked life and limb to cross the Channel and rescue troops. The original idea was for 45,000 men to be rescued in a two day span, because they already anticipated German advances would end the rescue operation. They abandoned nearly all of their heavy artillery, but over the course of those first two days over 25,000 men were rescued. The Royal Air Force did their best to keep the German’s Luftwaffe away from the Channel, which definitely helped. Operation Dynamo rescued over 332,000 men from Dunkirk, even in spite of a Luftwaffe attack during the evacuation process. Although the media played this out to be a â€Å"miracle of deliverance†, as Churchill referred to it, it is important to note that there were over 400 Luftwaffe pilots dropping b ombs at Dunkirk and causing heavy casualties. Although 332,000 men were saved, thousands lost their lives at the Battle of Dunkirk. In the Battle of Dunkirk, the hypothesis given can and does ring true in some instances. It is true that the Germans used new technology, in the form of their Panzers and the Luftwaffe, to gain control at Dunkirk. However, the Germans also used the aspect of attrition to their advantage, because they knew that they outnumbered the British troops, as well as were able to take full advantage of the lackadaisical feeling that had overcome the British troops over the months of phony war. Continuing in the theater of the given hypothesis, improved old technologies did become decisive for the British and French troops. The old technology was simple: call upon your fellow man, and he will answer your call. If it weren’t for Ramsay making that call to the British people to help in the rescue effort, chances are very good that they would not have rescued the numbers of men that they did. Using fishing boats and yachts for rescue, although that is not what they were built for, they answered the call anyway. The Battle of Dunkirk would likely not have been called a â€Å"miracle†, as many more men would have died. Another viable circumstance is that Hitler ordered his Panzers to stop, and leave Dunkirk to the Luftwaffe. This may have been a mistake on Hitler’s part, but it is a mistake the ended up saving thousands of lives. So, although it is slight, the

Sources of finance for British Airways

Sources of finance for British Airways British Airways Plc is an international schedule airline. The main activities of British Airways Plc are the operation of international and domestic scheduled air services for the carriage of the passengers, freight and mail and the provision of ancillary services. The Companys principal place of business is London with presence at Heathrow, Gatwick and London City airport. The Company also operates a worldwide air cargo services. The Company flies more than 300 destinations worldwide. The Company supports the United Kingdom economy by providing vital leisure travel for holidays and family reunion. Outcome 1: Sources of Finance: Lack of cash is one of the biggest problems facing a business. Business would not be able to survive without cash. There are various sources of finance to activate the company. Different sources of finance apply to different circumstances. Funds are available from internal as well as external sources of finance. But each source has some advantages and disadvantages. Figure: 1 Internal sources Internal sources of finance usually have the advantage that they are flexible. They may also be obtained quickly and need not require the compliance of the other parties. Retained Profit: According to Gitman (2008)The accumulated net income that has been retained for reinvestment in the business rather than paid out in the dividends to stock holders. The amount of profit which left in the business after paying tax and distribution to stock holders that is retained profit. This money can be used for the expansion or investment of the business. When a company makes profit it does not spend it, it keeps it to use for company development or the owner can think to keep it for any future difficulties. BA had been making lots of profit for long time, it did not spend all the profits. BA has lots of Retained profit which it can use now as the company is not doing well at present. Sale of New Shares: New shares or ordinary shares form the backbone of the financial structure of a business. When BA needs fund then BA can sell their shares to the public. To sell new shares BA needs the services of agency, normally Merchant Bank. There are some problems with this source of finance like the existing shareholders might object to sale the shares to the outsiders. Right Issues: According to Atrill (2008) New stock (share) issue offered to existing stockholders (shareholders) in promotion to their current stock/shareholding, for a specific period and at a specified (usually discounted) price. Rather than taking debt, BA can ask its existing shareholders to buy some new shares to provide extra capital. This type of issue gives the shareholders the right to purchase new shares at a discount price to the market and give the existing shareholders the opportunity to increase their stock. When the companies are in trouble, especially when the companies are unable to borrow more money they usually use right issue to pay the debt. But there are some problems of right issue, such as -the value of share will be deducted so that the numbers of share can be increased. Secondly it is not certain that shareholders always getting a bargain as there is no opportunity to compare the market value. External Sources: Leasing: Leasing is like renting a piece of equipment or machinery. The business pays a regular amount for a period of time, but the item belongs to the leasing company. Leasing is cheaper than buying equipment but it is good for the short term. It also useful when the technology changes very quickly, so that it can be regularly updated and replaced. It also makes the cash flow management easy because the payment is done regularly. There are some disadvantages of leasing; it becomes very expensive for the long term because the leasing company charge fees which makes the total cost of the company greater than the original cost. Hire purchase: Business hires machineries or equipments for a period of time for which the company makes some fixed regular payments. When the fixed payment is finished the company becomes the owner of that equipment or machinery. The difference between the hire purchase and leasing is that in case of hire purchase after finishing the fixed payment the company becomes the owner of the equipment but in case of leasing the company never becomes owner, Burton and Brown (2009). Preference Share: Preference shares offer investor a lower risk than ordinary shares, provided there are sufficient profit available. Preference shares normally give a fixed rate of dividend each year and when there is any payment of dividend then the preference shareholders will be paid first. Recommendations: The most appropriate source of finance to fund the expansion and other operating activities of British Airways Plc depends on whether it is for short-term or long-term, and also on the cost and speed of arranging the finance. The internal sources of finance can be obtained quickly particularly from working capital source- and need not require the compliance of other parties, so for example, if British Airways needs to arrange fund within sort time then internal sources are appropriate, if the company needs funds for short term then the bank overdraft or loans are appropriate. However it is advisable that the company should always think about a mixture of sources. Outcome 2 Investment appraisal: One of the most important long-term decisions for any business relates to investment. According to Ennew and Waite (2007) Investment is the purchase or creation of assets with the objective of making gain in the future. Typically investment involves using financial sources to purchase machine/building or other assets for the purpose of getting returns over a period of time. The six stages of investment appraisal: Figure: 1 Project identification: British Airways need to find new opportunities for investment, generating ideas for new business development to survive and to grow the company wider. Screening for strategic fit: A lot of project could create value for a company but not for other. For selecting a particular project British airways must have to be aware of whether they need more capital and whether they have experience and skill for service Analysing in detail the implication of accepting the project: British Airways need to concern about the incriminated cash flows that could be generated by the project. For this process they need to consider the capital assets, cost, time, scale of operation and so on. Project evaluation: For this process British airways need to calculate various number of appraisal from the cash flows forecasts. Accept/ reject decision: Sometimes British airways take decision in the first stage then evaluate the project, otherwise after evaluation they decide whether to accept or reject the project. Ex-post decision review: British airways should draw lessons from the project that goes wrong and the project that goes right. Common appraisal measures which are used in British airways are as follows: Payback Period (PP) Average Rate of Return (ARR) Net Present Value (NPV) Internal Rate of Return (IRR) Payback Period: According to Gitman (2008) Literally Payback is the amount of time required for the cash inflows from a capital investment in a project to equal the cash outflows. Payback periods are commonly used to estimate proposed investment and often used as an initial screening method. Payback period = Initial payment / annual cash flow So, if  £500 m is invested with the aim of earning  £700 m per year (net cash earnings), the payback period is calculated thus: P =  £500 m = 5years The shorter the payback period the better the investment. If there are two or more competing projects that are both shorter than the maximum payback period requirement then the decision maker should select the project with shorter payback period. Because using that project managers can recoup their cost within short time. Payback is perhaps the simplest method of looking at one or more investment project or ideas. Payback is popular because it is simply understandable and easy to calculate Payback uses cash flow not the profit and therefore it is difficult to manipulate. Average Rate of Return (ARR): According to Glautier (2001) The rate of earning obtained on the average capital investment over the life of a capital project; computed as average annual profits divided by average investment; not based on case flow. The average rate of return expresses the profits arising from a project as a percentage of the initial capital cost. The ARR method takes the average accounting profit; the investment will generate and expresses it as a percentage of the average investment met over the life of the process. Average annual profit ARR = ÃÆ'- 100 Average investment For example, British airways invested  £25m and expected to generate total revenues of  £50m for 5 years over the project. So  £50m à · 5 ARR = ÃÆ'- 100  £25 ARR = 40% Like payback method, ARR is also simple to understand and easy to calculate. There is also a link with some accounting measure that is commonly used. The Average Rate of Return is similar to the return of capital Employed in its construction; this may make the ARR easier for business planners to understand. The ARR is expressed in percentage terms and this also the manager easy to use. The ARR doesnt take into account of the project duration or the timing of cash flows over the course of the project. The concept of profit is very subjective and there is variation in accounting practice thats why ARR calculation would likely be different for identical project. The Internal Rate of Return (IRR): According to Shapiro (2003) The IRR is the annual percentage return achieved by a project, at which the sum of discounted cash flows over the life of the project is equal to the sum of the capital invested. Another way is that the IRR is the rate of interest that reduces the NPV to zero. Net Present Value (NPV): According to Dunn and Kilgour (2009) The Net Present Value (NPV) is an investment (project) is the difference between the sums of the discounted cash flows which are expected from the investment and the amount which is initially invested. It is the first traditional valuation method used in the Discounted Cash Flow (DCF) measurement methodology. NPV is calculated by using a discount rate equivalent to the interest which would be received, or interest to be paid by the firm. Rt NPV = (1+i)t Here, Rt = net cash Flow i = interest rate t = time NPV technique is mostly used by the managers because it is very easy to calculate. When the NPV is positive it means the project is worthwhile. So if there are more than one appraisal then the project should be selected which produces the highest NPV. But the biggest problem for NPV is that a project may have more than one IRR, if the company adopt IRR similar project and invest based on previous IRR which may not be appropriate. Outcome 3: Performance analysis for British Airways: After completing the proposed investment project it is the time to evaluate the performance analysis of British Airways: Figure:1 Non-financial: Balanced score-card: According to Norton and Kaplan (2009) The balance scorecard is a strategic and management system that is used extensively in business industry, government and non-profit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications and monitor or organize performance against strategic goals. The balanced scorecard has evolved from its early use as simple performance measurement framework to a full strategic planning and management system. 12manage.com Financial Ratio analysis: British Airways produces annual and monthly financial statements to comply with record keeping requirement of the company. According to Gitman (2008) Financial ratio analysis and balanced sheet analysis ids incorporate in the financial scorecard tool, to provide a unique picture of a companys financial position 12manage.com Profitability ratio: The Profitability ratio is used to check that the company is generating an acceptable return for its owners. Gross profit margin: Gross profit represents the difference between sales value and the cost of the sales. Therefore it is a measure of profitability in buying and selling goods. Net profit margin: The net profit ratio represents the profit from trading operation before any cost of servicing long term finances are taken into account. ROCE: ROCE is considered to be a primary measure of profitability. It compares inputs (capital invested) with outputs (profit). Profitability of British Airways is growing every year that means the company is doing well and the profitability is better than Rayne Air in 2008. Liquidity Ratio: It is important for a business to be profitable, but profit is not sufficient on its own to guarantee survival. There must be sufficient liquid assets available to be forced into liquidation. Current Ratio: The current ratio is a measure of companys ability to meet its short time debts. This is important because the company could run out of cash and can be forced into liquidation even if it was making profit. Quick Assets Ratio (Acid Test Ratio): This ratio concentrates on those current assets which are immediately available to pay the creditors as and when they fall due. Total current assets are more than liabilities for British Airways in every year that means company doing well in compare to Rayne Air British Air is in better position. Efficiency Ratio: The efficiency Ratio gives an insight into the effectiveness of the companys management of the components of working capital. In year 2006 British Airways received payment within 30 days but the company made payment within 34 days, which is good for the company because the company made payment 4 days after receiving payment, other years also same situation. This is also comparatively better than Rayne Air.