The Hero s Journey Is A Long And Arduous One - 1297 Words

The hero’s journey is a long and arduous one, but ends up being quite rewarding in the end. The hero follows the road of growth and education until they are ready to pursuit their goals and save the day. Two such heroes journeys are the stories of Will Stronghold in Sky High (2005) and Hercules of Hercules (1997). Both, Will and Hercules, want to be heroes and correlate through the ideals of: lacking of powers, making their fathers proud, and wanting to save the day. Thus, the two films can be assessed through the various social and personal similarities within the film. First, in Sky High, Will is a young freshman attending high school for â€Å"super teens† with both of his parents being crime fighting superheroes. In fact, Will’s parents are known as two of the best superheroes in the world, setting a very high standard for Will himself. Super powers in the film are somewhat represented in a similar manner to puberty, as the children usually get them as they g row up. By the first day of class, it is found out that Will doesn’t have any superpowers, which sets him as an outcast within the school. Will just wants to have superpowers in order to fit in, as he feels out of place within a school full of superheroes. Eventually, Will begins to accept the fact that he might just be a normal person without powers. Later on, Will unfortunately ends up in a brawl with Warren Peace, who doesn’t like will because of his father’s actions, and figures out that he has superhuman strength.Show MoreRelatedThe Animal Helper And The Human Hero1336 Words   |  6 Pageswill define the role of the animal helper and the theme of protection for the human hero in the fairy tale tradition. In the classical fairy tale, the â€Å"donor† or animal helper is a crucial element to the survival and success of the mina hero, since they are typically animals that provide assistance in the journey or quest. This form of intervention is an impo rtant aspect of the animal helper’s role in guiding the hero towards self-realization. The animal helper also supports the notion of a heroic humanRead MoreThe Paradox Of The Hero1484 Words   |  6 Pagesof the Hero in Paradise Lost What exactly is a hero? A common pedestrian might say a hero is someone who goes out of their way to help people. A child may say that a hero is someone who performs valiant deeds. Merriam-Webster Dictionary itself has 3 definitions of a hero: â€Å"a person who is admired for great or brave deeds or acts,† â€Å"a person who is greatly admired† and â€Å"the chief male [or female] in a story, play, movie etc.† (Merriam Webster Dictionary). In a literary situation, a hero is definedRead MoreSocial Structure in Homers Odyssey1116 Words   |  5 PagesTalia Regan 05.29.13 Social Structure in Homer s Odyssey Homer s epic, The Odyssey , is a lengthy poem that recounts the Trojan war hero, Odysseus arduous and protracted journey home to Ithaca. In it, Homer accentuates the somewhat feudal nature of his world, a societal structure that far more resembles his own than that which actually existed in Mycenaean Greece, less to supplement the story, but rather to serve as the primary focus. Despite the feudal qualities of the world thatRead MoreRape Of The Lock And Paradise Lost1308 Words   |  6 Pagesconventions used in Paradise Lost, but instead of recounting a story of a hero whose actions are of great importance or of national significance, The Rape of the Lock tells one of a timid character that makes an adventure out of the attainment of a fair damsel’s lock of hair. It uses the conventions of an epic poem on a miniature scale and the meaning of the subject is very much trivial. Since epics are traditionally long narrative poems written in a grand style to suit its important su bject matterRead MoreSimilarities Between The Underworld Of Homer s Odyssey And That Of Virgil s Aeneid1485 Words   |  6 PagesThe remarkable resemblance between the Underworld of Homer s Odyssey and that of Virgil s Aeneid reveals, upon closer examination, several important differences; these adaptations and corrections by Virgil of the Homeric vision lend credence to the Bloomian concept of influence, and show the many-faceted reactions of Virgil to the burden of his eminent precursor. In addition, they provide the reader of the poems with a fascinating basis for comparison, not only between the two poets, but betweenRead MoreIdentifying Symbols Using Foster s Teachings1481 Words   |  6 Pagesfind additional meaning. In any text, one can find symbols to better identify meaning. Text can be a movie, book, game, or anything that tells a story. Symbols are tools an author uses so a reader can analyze a text to gain a greater understanding of of characters, messages, events, or even the story itself. One example of a symbol is a friendly beast. A friendly beast is a character archetype when something, often an animal, helps a hero advance in his quest. One text where this symbol is present isRead MoreKnights Of The Middle Ages1692 Words   |  7 Pageswere usually poor and of humble origin. Gradually, the knights blended into the nobility, acquiring the privileges and rights of the old aristocracy. The Knight is one of the pilgrims who is portrayed in a literal interpretation and not satirical. Chaucer depicts the Knight as â€Å"a most distinguished man† (Chaucer 4) who is a true hero. There are four main traits that the narrator articulates about the Knight; chivalry, truth, honor, and generosity. When the Knight was called to serve his kingdom,Read MoreThe Bronze And Iron Age Essay2093 Words   |  9 Pagesepic poem Odyssey focuses on the Greek character Odysseus and his ten year journey from Troy to Ithaca after the fall of Troy (Trojan war). The poem covers both the circumstances that befell his family in Ithaca and his own perilous adventures back from Troy. Whilst Odysseus is away, his son Telemachus and wife Penelope have to deal with suitors who move into their home, in an attempt to take Odysseus place and ask Penelope s hand in marriage. While Iliad and Odyssey have become famous, his HomericRead More Siddhartha Essay: Hindu and Buddhist Thought1501 Words   |  7 PagesIndian religion and philosophy in Siddhartha is quite complicated and deserves detailed discussion. This essay will discuss the elements of Hindu and Buddhist thought present in Siddhartha and make distinctions between them.    Siddhartha is one of the names of the historical Gotama (Noss   213), the life of Hesses character, Siddhartha resembles that of his historical counterpart to some extent. Siddhartha is by no means a fictional life of Buddha, but it does contain numerous referencesRead MoreFeminism in Jane Eyre Essay1648 Words   |  7 Pagessame issues, search for autonomy and selfhood in opposition to the social constraints placed upon the female, including the demand for marriage (Sussman). Jane Eyre fits this mould perfectly. Throughout the novel, the reader follows Jane Eyre on a journey of development from adolescence to maturity to show that a desire for freedom and change motivates people to search for their own identity. Jane begins to form her identity with the aid of many characters she encounters at Lowood, Thornfield, and

Pfizer financial analysis Essay - 2179 Words

217741531115000 Pfizer Inc. Financial Analysis (2011-2013) Table of Content General comments†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.2 Comments on financial ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦.3 Profitability indicator ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦3 Liquidity Measurement ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..4 Efficiency ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦5 Capital structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.5 Investment ratio†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.6 Conclusions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦..†¦Ã¢â‚¬ ¦.6 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 General†¦show more content†¦(2013 - $(1.2) billions, or 2% of revenues)3. Events for last 3 years that have the most significant impact on financial performance of Pfizer were:4disposition of Animal Health business (Zoetis), and recognized a gain of approximately $10.3 billion net of tax (2013); sale of Nutrition business to Nestlà © and recognized a gain of approximately $4.8 billion net of tax (2012); sale of Capsugel business and recognized a gain of approximately $1.3 billion net of tax (2011). Comments on financial ratios Profitability indicator ratios PFIZER 2013 PFIZER 2012 Industry AverageGross margin % 81,4% 82,0% 53,6% Operating margin % 30,5% 20,6% 16,2% Return on sales42,7% 26,7% ROCE 10,6% 7,2% ROA 9,1% 6,1% 13,7% Revenues51,6 54,7 COGS 9,6 9,8 Mamp;S, Aamp;G 14,4 15,2 Ramp;D 6,7 7,5 Restructuring charges1,2 1,8 Other (income)/deductions(0,5) 4,0 EBIT (continious operations) 15,7 11,2 Pfizer operates with high and sustainable gross margin, above the industry average. Though there is a reduction in revenues in 2013 compared to 2012, whereas COGS stays almost at the same level. The main reason of revenue reduction is the loss of exclusivity of branded Lipitor, Geodon and other drugs (approximately $ 3.9 billion), whereas revenue growth from otherShow MoreRelatedPfizer - Financial Analysis2569 Words   |  11 PagesName: Khiem Nguyen FINANCIAL ANALYSIS REPORT (Draft 1) For PFIZER INC. Introduction and Shareholder Analysis Pfizer (NYSE: PFE) is involved in the development, manufacturing and marketing of pharmaceutical products. The industry is intensely competitive. There are a few unique characteristics. Pharmaceutical products have long and expensive development periods – upwards of ten years and $100 million depending on the nature of the drug and the scope of the clinical trials process. In orderRead MoreFinancial Analysis of Merck and Pfizer3681 Words   |  15 Pagesis bound to be displeased with mutually exclusive expectations and the pharmaceutical industry is often criticized. Pfizer Inc. Mission Products: Pfizer’s mission is to help increase peoples’ life spans and help them live healthier lives. Its products help treat and prevent minor conditions like back pain and more serious ones such as psychotic disorders. Strategy: Pfizer is the world’s number one pharmaceutical company. Its best-selling products include Lipitor, the world’s best- sellingRead MorePfizer Financial Analysis Essay1377 Words   |  6 PagesPfizer Incorporated (PFE)  was established in 1849 in Brooklyn, New York. Charles Pfizer and Charles Erhardt, two German-American cousins, founded a chemicals business and produced an anti-parasitic- Santorin, which was a great success.Pfizers  business  began to grow with production of citric acid in 1880s. 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So their most of the work depends on research, developing Strategies and innovate. They were trying to find a new way of system which makes their Work more effective and efficient. Pfizer find out that their worker spends more time on Business research and data analysis to the creation of documents and other routine Support likeRead MorePfizer And Allergan Deal : An Effective Strategy Adopted By Pfizer1187 Words   |  5 PagesIntroduction Pfizer is one of the world s major pharmaceutical companies, and the main one in the US market. Pfizer produces a wide range of pharmaceutical products for various medical sectors, including: cardiology, neurology and oncology. In addition, Pfizer produces basic consumer healthcare products that help consumers with their everyday healthcare issues. On November 23, 2015, one of the world’s largest health care deals is announced. 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Roles Of Film Tourism Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Roles Of Films And Televisions In International Tourism. Answer: Introduction Tourism industry all over the world is characterized by great competition between countries especially the ones whose economy critically rely on tourism business. Each country tries to market its tourist products by use of various tools and techniques. One of these techniques is the promotion of tourism destinations using movies. (Busby, 2011). Film producers constantly look for peculiar and interesting sites appropriate for movie settings. Historical monuments, landscapes, festivals and important cultural and heritage sites are frequently selected. Strong motives are created to the viewers to visit these locations as they attempt to identify with the heroes and heroines in the movies they watch. Local economies, therefore, enjoy increased number of tourists and other related benefits after the movies circulate. Research Problem Product placement has been defined as the organized appearance of products into films and television in ways that favorably influence the beliefs and behaviors of viewers concerning the product, (Gupta, 2014). Despite the rapid growth of film tourism as a promotional tool, finite studies have been carried out on the placement of destinations in films and its impact on tourism. Film tourism is tourism pursuits generated by viewing of film, television, pre-recorded products, and digital media, (Hudson, 2008). In most of the research conducted about general product placement, respondents have exhibited a positive opinion about product placement, and it appears to strengthen brand loyalty by ratifying consumers purchase decisions, (Iwashita, 2008). This study intends to research the impact of placement of destinations in creating awareness, desire, interest and action to visit locations used in films. It aims at looking at the perceived and actual effects of film tourism. Key Themes The key themes within this literature will be: The characteristics and motivations of film tourists It is only until the mid-2000s that studies started being carried out on the behaviors, motivations, and characteristics of film tourists. The impact on the destinations has however remained considerably unexplored in the scholarly literature. (Roesch, 2009) suggests that the motivation facets for film site visits focus on the unique features of social, cultural and landscape qualities that tourists find fascinating in some way. The film-fan tourist (Karpovich, 2010) remarks that the film-fan tourist is way different as compared to other fans such as sport and music in that they follow a fictional world rather than real people or events. Visits to film sites have the ability to create great satisfaction. Relevance Of The Study The findings of this research will be helpful in provoking local and national tourist policy makers and tourism organizations to carry out studies for the extensive utilization of films that have been recorded in their regions. By highlighting the impacts of film tourism, research findings will prompt governments to support locations targeted to grow the number of tourist inflows with sufficient infrastructure and services. Theoretical Framework Push and pull factor theory This theory asserts that there are various factors that push and pull various phenomena, (Beeton, 2010). In this context, the researcher examines the push and pulls factors of film tourism. Displacement theory This theory, suggested by (Bolan, 2010) asserts that the human mind has an unconscious mechanism that induces interest in identifying with heroes watched in films. References Beeton, S. (2010). The advance of film tourism. Journal of film tourism and hospitality planning. Bolan, P. . (2010). Displacement theory: Probing new ground in film-induced tourism. Tourism and hospitality research. Busby, G. . (2011). Movie Induces Tourism. Journal of Vacation Marketing, 7, 316-332. Gupta, P. . (2014). Product Placement: The effect of promonence and audience recall. Journal of current issues research in advertising , 37(2), 47-59. Hudson, S. . (2008). Promoting Destinations via Film Tourism: An Empirical Identification of SupportingMarketing Initiatives. Journal of Travel Research . Iwashita, C. (2008). Roles of films and televisions in international tourism: The case of Japan tourists to the UK. Journal of travel and tourism marketing. Karpovich, A. (2010). Theoretical approaches to film-motivated tourism. Tourism and Hospitality Planning and Development , 7(1), 7-20. Roesch, S. (2009). The Experiences of Film Location Tourists. Clevedon.

Doing Business Globally & Internationally Largest Public Company

Question: Describe about the Doing business Globally Internationally for Largest Public Company. Answer: Part A 1a. Most important external matter and trends which drove Kellogg and Wilmer together. On September 25, 2012, Kellogg Company and Wilmer International limited have announced a 50:50 joint venture for the production, sale and distribution of wholesome snacks, snacks of savory, and cereal in China. Wilmer is a wholly owned subsidiary company in Singapore and Kellogg is a large public company selling their variety of cereal products in 180 countries around the world (Baldwin, 2012). They started a joint business with only one product Kelloggs Corn Flakes. But, today, after the 100 years since their foundation, they are become one the largest public company in the world. China is expected to be the largest beverages and food industry globally within the next few years. The consumers in China are mainly driven both by the growth of a middle-class people in the large cities. There is also a desire for a wide range of branded and packaged product in the China market. The consumption of cereal is increased in the global market along with the increased consumption of the milk p roducts as well. The consumers want to eat healthy foods at their breakfast and cereals consider being a convenient food product available everywhere in the world (Bold, 2013).The Kellogg-Wilmer venture has followed certain marketing principles. Such principles are applied to track the environment they are operating in or planning to launch new project/product. In China, there are many political, social, technological, legal and environmental issues which might affect the partnership company at the time of business launch. The critical analyses of socio-economic factors are as follows: Political: It is known that Government may influence particular types of industries or economy. The revenue generating structure is also get influenced by imposing new tax rules or duty structure of the Government. A political issue also includes Fiscal policy, trade tariff (Casson, 2013). The Kellogg-Wilmer Company found Chinas tax policy favourable for exporting their Cereal products in that country. Economic: Economic factors include interest rates, foreign exchange rate, inflation rate, economic growth pattern of the country. The Government of China encourages Cereal food products by FDI policys low rate of interest for foreign direct investment (CzinkotaRonkainen, 2012). Social: These factors highlights social environment of the market considering the factors like cultural trends, population analytics, geographic position. In China, demand for the food product is enormous due to huge population. Technological: This factor pertains to innovation to technology that may directly affect the operations of the industry. The Wilmer International is famous for improved mechanism and technology which they used to produce high quality agricultural product globally (Kurtzman Phumiwasana, 2013). Legal: The legal issues like consumer law of the country, labour laws, safety standards. The Food Corporation of China is very active for maintaining countrys safety standards and consumer laws are also renewed recently. So food product for Kellogg-Wilmer is being secured by Chinas legal structure. Environmental: Factors of the business environmental analysis include weather, climate, and geographical environment. The climate of China is favourable for corn, rice production. Such factors would also go positive for cereal production in China (Peng, 2014). Diagram-1 PESTEL analysis (Source: Casson, 2013). Highlighting key factors among PESTLE analysis that collaborated the two companies: Environmental factors- Both the companies are situated in different countries and come together to flourish their business in China. The reason behind their collaboration is that Wilmer International is familiar with Asian work culture, because earlier the company have worked in the same environment (Cavusgilet at al, 2014). So, it expected to get good guidance at the time of business expansion in China. Social factors- Both the companies were analysed huge demand of snacks and cookies products in China. So the Kellogg Company wanted to concentrate their brand expansion with the help of Wilmer International who is famous for integrated supply chain distribution in Asian Countries. So these reasons were considered at the time of Kellogg-Wilmer collaboration in China. In supply chain management, the impact of the growing agricultural ingredients is the most important issue which drove Kellogg and Wilmer together. According to the new survey report, the agriculture is the single largest deforestation driver on Earth. Agriculture is the largest user of water, the biggest user of chemical and the largest users of the water population on Earth. The sustainable agricultural work of Kellogg focuses primarily on the grains like wheat, rice, corn and palm oil as well. The approach of the company involves working with breeders and growers of these products and in work as a joint venture in the other part of the world. To help the agricultural sector by maximizing the growth in all over the world is the main driving force for the co-venturing between the Kellogg and Wilmer in china market. 1b. Causing issues for being work together The joint venture raised economic efficiency by introducing profit incentives to family firms like Kellogg at their initial stage, rural enterprises, small private businesses and foreign investors and traders. The environmental issues include the political intervention in the trade policy of a particular country. By the enough revenue achievement in the process of work together, the joint company can improve business performances and productivity of the agribusiness will enhance in China. The Wilmer uses high mechanism and technologies for food production system. The factor causing issue in the current the Kellogg is not familiar with utilizing such mechanism in production of Cereal products. Also, Kellogg Co chief executive officer John Bryant was strictly opposed the illegal deforestation that its partner Wilmer has been accused. He strongly believes that Kellogg Company publicly committed to sustainability. This difference of opinion may be of the main cause for their business col lision. 1c. Areas of expected internal benefits and synergies for Kellogg and Wilmer ltd The business expansion takes place for expanding sales, acquiring resources, and minimizing risk. Kellogg Company and Wilmer International ltd announce joint venture in China expecting internal benefits due to their partnership. Wilmer will contribute in the development of infrastructure, scale of supply chain, an extensive sales and distribution network in China. Kellogg will contribute a portfolio for their brands which are globally recognized. The huge population of China is the main reason for large demand for the food product. So the domestic industries of China are face problem to generate large volume of food production. So the Kellogg-Wilmer company would present variety of cereal foods which are new for the Chinese people. Also Kellogg-Wilmer has brought cereal products to China due to huge milk consumption of China people. They will provide variety of cereal, snacks products with different flavour which will attract the new customer base in China. After the joint venture th e company together will leverage this complementary expertise to increase manufacturing and marketing synergies (Chor Manova, 2012).Kellogg Chief ExecutiveJohn Bryant is enthusiastic about the fact thatthe snack market of China is expected to reach an estimated $12 billion by two years which will be a higher than 44% in comparison with the year of 2008 (Baldwin, 2012). So the Chinas huge market for these products is a positive for both the companies. To capture this growth, Kellogg and Wilmerwill leverage the key strength bring to the partnership like scale and regional market experience, mutual commitment to innovation focusing the requirement of the consumer in China (ForsgrenJohanson, 2014). Through this relationship both the companies are benefited by developing a strong working relationship and trust within an organization. Wilmer is having a portfolio of high quality processed agricultural products in the diverse location of the world. The manufacturer of the food industries are preferred their services. Wilmer is also famous for their high quality supply chain services mainly in Asian Countries like Australia, Singapore, Thai land and many more. Wilmercan extract the value chain services of other company effectively and efficiently in the joint venture business (Czinkota Ronkainen, 2012). This is a positive aspect in their partnership because high level of marketing is required for distribution of the product and expansion of sales volume. 2. Kelloggs two attempts to enter the Chinese market with Zhenghang Food Company in 2008 and Wilmer International Limited din 2012. a. Kelloggs two attempts to enter the Chinese market (Zhenghang Food Company in 2008 and Wilmer International Ltd. in 2012) Kellogg Company has tried international expansion for the cereal products in several times. Kellogg Company was first tried to enter in the china market in the year of 2008. As per the Kelloggs Annual Report of 2011, the acquisition with Zhenghang was not worked for the company (Dunning, 2014). Things didnt go what was expected. The company recorded impairment charges estimating $29 million in that context with Navigable foods which incorporated $20 million of goodwill (Fraser Strategy, 2013).According to Kellogg Chief ExecutiveJohn Bryant, the operating loss was huge since the acquisition and the trend was expected to continue. The bad financial record of the company was a major issue for the decline of business in China. In the year of 2012, Kellogg Company was again attempt to enter China with Wilmer International for their business expansion. This joint venture would not repeat previous faults and made product considering the Chinese people preferences. Recently western food products are well accepted by China people, so market is ready to accept foreign food product whole heartedly. b. Describing the difference between the two attempts and their relative risks. Last time, Kellogg Company didnt say to their customer that the cereals of the company would be sold in fresh Chinese flavours. So the Chinese customer didnt know the product quality variation (Forsgren Johanson, 2014). Though the Zhenghang Company was situated in china, the company is failed to provide high level of distribution network in China. Zhenghang was familiar in Chinese work-culture, but Kellogg was not aware the cultural preferences of Chinese people. Also in that space, there were lot of competitive companies presented their food product. The risk of domestic companies was also in the competition with the same kind of product in the market. The local brand like YUM was concentrated the local Chinese flavour and gained the popularity. The partnership with Wilmer Company has attempted other business policy while entering in China. The company was now concentrating domestic preferences and twist in taste as per the market suggests. The risk associated with Wilmer International is currency rate difference of Singapore dollar and US dollar. The US dollar is considered the strongest currency in world economy. So imbalance in currency exchange may be a causing issue for internal transactions with both the companies. Also in recent time, the Kellogg Company faces intimate partner violence with Wilmer International. So, the Kellogg Company is highly in pressure to continue their partnership with Wilmer International. c. Why would the partnership with Wilmer be considered more likely to succeed. As per the Kellogg Annual report, 2012, the joint venture with the Wilmer has considered all the above facts for made it successful. Kellogg Company is famous for cereal products that have a high level of fibre content with added Chinese flavour in their products which was missing at the time of Kelloggs partnership with Zhenghang Limited (Gesteland, 2012). The chief executive of Kellogg thoughts that by the help of Wilmerthe joint company can introduce improved level of delivery system. The joint company can share similar work culture because both the companies relate to Agricultural businesses and popular for well developed supply chain management. The Wilmer International is also known for product distribution in the Asian countries, which would be positive for market expansion in China. In the face of the global risk such as climate change, resource depletion, environmental degradation, Kellogg and Wilmerwould consider all such facts during the production (Gesteland, 2012). Wilme rand Kellogg would experience huge scale of operation because the number of employee in the joint venture company was huge. Through merchandising and distribution performed by the Wilmer, the newly formed company world experience wide range of agricultural product In the China market. 3b. Analysis the corporate culture of the partnership business in connection of the joint venture of Kellogg and Wilmer International Limited The geographical business expansion is possible when the company focuses on domestic preferences as the key for the manufacture of the product. Before entering in the other country, the foreign company should study the local business market and preferences for that particular industry. The cultural difference may be the obstacle for make it successful. By it is the primary duty of the company to identify the local food habits, cultural behaviour of such country and the economic growth exposure of such country. Here Wilmer International Company launched their joint venture company at Shanghai for product manufacturing, selling and distributing snacks and cereals in China. In research the company found that the demand for snacks product is huge in China market. Also the position of the Chinas sweet and savory snacks was $13bn in 2012 which will expect to increase $21 bn in 2017. So Kellogg-WilmerCompany would research the current China food market and concentrate to produce their produ ct with some twist and turn as per the local preferences. The retail market exposure is also huge in China (Haley et al, 2013). The Chinese companies are highly believed in technologies and mechanism.The Wilmer uses high mechanism for food production. They have also working experience in Asian Countries previously with other companies. So the Chinese corporate culture is well known for Kellogg-Wilmer. It is important for the joint company to utilize the combined resources of the organization towards the ultimate goal. The recently acquired Pringle brand by Kellogg Company created huge demand for the snacks product in China. So the demand for breakfast cereal would achieve huge potential in the Chinas agricultural business. So the success of the partnership is about to analysis corporate culture and native culture of the country. 3c. Impact of the Partnership between Kellogg and Wilmer International in the initial stage of operation: Business culture partnership helps to gain profit by strengthening their identification with their place of living, expanding their horizon, offering them new events and experiences. The organizational culture sets the stage for the relationship that develops. Here the Kellogg-Wilmer Company would develop their product after analyzing combine business values, belief and expectations. So the difference of work-culture should reduced by both the companies for smooth running of the new business (Ghemawat, 2013). The impact of the partnership between Kellogg and Wilmer International during the exploratory stage is vast and huge. The exploratory stage is the first step of product life cycle. In this stage, the company mainly focuses the internal resources of the joint business and the market exposure regarding such business environment. The operational cooperation is mandatory for building a long-term Partnership. The internal resource of the Wilmer International is huge (Gesteland, 2012). Kellogg will get the workforce of 93000 people globally who are currently employed in Wilmer International. In the final stage of the product life cycle, the operational loss will be dividend fifty percent in both the companies. So the burden of financial loss will be segregated and controlled. In the exploratory stage, Wilmer can contribute smart mechanism and advance technology through which fast production of cereal product can possible in China (Hill et al, 2013). And in the last stage of the operation, the joint company can use higher level revenue in the internal productivity enhancement program. So the impact of joint venture will make a huge difference in the initial stage of the production. 4. Critically discuss the possible effects of exchange rate movements on the partnership: Exchange rate movements on the partnership: When the company deals with different currencies, exchange rate difference can effect by the company. Foreign currency exchange rates have positive and negative effects in joint venture business. Positive effects: Exchange rate movement arises, due to foreign direct investment. Foreign direct investment includes variety of transactions, such as purchase of stock, the creation of production facilities or of network of distribution and the acquisition of land for commercial or residential use. The movement of transactions can positively affect by decrease rate of interest in foreign country. The foreign company can invest more capital in those countries which provide low rate of interest. Also, this principle can help to built long-tem relationship in joint venture business. Stable trade policies are extremely important both for the economic welfare of the countries concerned and for the preservation of the multilateral trading system (Ghemawat, 2013). In this context, the china is having strong trade policy which is helpful for foreign direct investment. The Kellogg-Wilmer Company is facing the favourable market condition of Chinese market. The Wilmer is a Singaporean company where as Kellogg i s mainly situated in United States. So in the joint venture, the partnership company make transactions with Yuan currency of China. However, the rate of currencies is different in both the countries, but the company would be benefited by low rate of interest in China. Wilmer will contribute regional knowledge in china market as well as steady infrastructure, an extensive sales and distribution network across the country, Kellogg will add the strong brand reputation and underpin growth with its expertise in the cereals and snacks products. So, there are lot of positive effects company will experience for currency movement in their new business. Negative effects:The internal balance of the workforce will be an important aspect in the partnership business. The production will hamper if the internal balance of work-place lost their position due to geographical expansion of a particular business. In this case, Kellogg and Wilmer maintain their market sustainability with the integrated business activities and expand the internal resource application (Verbeke, 2013). In this case, the flexibility of the exchange rate movement is also considered by the management. Because China has a different tax procedure than Singapore or other Asian Countries like Australia, New Zeeland and many more. So the effects of exchange rate partnership are large in the partnership business context. Also the Chinese market condition is very volatile which carry a negative impact for the Kellogg-Wilmer Company (Persinger et al, 2011). The dollar is the strongest currency in the world economy. So it is always a big challenge for other country like China to maintain internal balance of exchange rate difference in business transactions. Chinas exchange rate policy is very volatile for political disturbances. Also movement of exchange rate may change due to price received by customer situated in other part of the world. The elasticity of export movement is estimated by Chinas RBM movement. Secondly, Export Company may price their product as per the market cost of China, and adjust the price-cost margin with the optimization of export profits. The movements of exchange rate are not passed to the importers or customers in destination countries. A developed country like China reveals low exchange rate pass-through to price of the import at the aggregate level. Thirdly, the response of the exchange rate is not adjusted in intensive margins of trade. It means the firm is emphasized the extensive margin of trade. So the exchange rate movement has enormous effect on partnership business. The productivity of the cereal products in China is directly related to the movement policy of exchange rate. Though, then Government of t he China has reduced the exchange rate for long-term bonding with the country, benefits will be increased in the long-run of the business. The exchange rate appreciation has a negative effect in the large scale of export. An appreciation of native currency may reduce the probability of the firms export. It will effect in both the companies by the surviving probability of the existing market and that of entering a new market. By the Chinas foreign trade policy, Kellogg-Wilmermay affect negatively for the exchange rate appreciation. In summary, the effect of currency appreciation on trade will largely affect the joint company. So at the time of price of the cereal product in China, the company needs to consider the volatility issue more seriously. Finally, the partnership company needs to research the firm-level data and examine how productivity affects the firms response of appreciation (Baldwin, 2012). In Kellogg-Wilmer business, companies were exposed to three types of risk caused by currency volatility. The exchange rate fluctuations in China have an effect on Kellogg-Wilmer Companys obligations to make or receive pay ments.This are called transactional risk. Translational exposure arises from the effect of currency fluctuation. Also, the unanticipated exchange rate fluctuation can largely affect Kellogg-Wilmer Companys competitive position in China in their economic exposure. Diagram-2: Transactional, Translational and economic exposure of hedging and un- hedging risk of a business. (Source: Bold, 2013) Part B: 5. The specific aspects undertaken by Kelloggs for doing business internationally It is to be indicated that the international business requires the maintenance of the business ethics more specifically. It is to be indicated that the joint venture process between Kelloggs and Wilmer is required maintaining several Codes of Ethics, which are relevant enough in doing business internationally. The maintenance of the ethical consideration is the mostly required field in the international business market. However, the companies have undertaken three aspects, which are quite beneficial if used for the future prospects in time of doing business internationally. These three main aspects are elaborated below: Integration Process The teamwork of the companies is effective enough for reaching towards the same organizational goals and strengthening the business position in the competitive market. The Code of Ethics established by the joint venture process of Kelloggs and Wilmaris significant enough for ensuring the strengthened business position in the globalised and internationalized business market (Verbeke, 2013). The Code of Ethics can even effectively resolve the internal conflict that may arise within the business. The fairness and the honest working performance are ensuring the business development as well. It is to be noted that the joint venture process has eliminated the involvement of the third parties other than the employees while performing the business tasks. Fair Treatment of the Employees According to (Schuleret al, 2011), the internationalized business occupies the employees from different cultures and traditional background. Therefore, it is very much important for the management of the companies to treat the employees fairly and equally. The fair treatments and appreciation will be beneficial for bringing out the better outcomes of their performance. The maintenance of the equal and fair treatment is thus very much important in considering the international business dealings. Responsibilities of the managers It pointed out that the business success and development in the international business market requires the support of the skilled management system. The managerial responsibilities are thus considered as the most significant aspects in time of the business establishment in the globalised competitive market (Terpstraet al, 2012). The joint venture of Kelloggs and Wilmer is is one of the significant mergers in the Chinese market. Both the companies are performing the business activities by determining the act of integrity and by showing respects. It is to be notified that in the process of joint venture between Kelloggs and Wilmer, the employees are needed to be treated fairly. The human resource management has to play the most vital role in considering the motivational aspects and engaging the employees within the business activities. If the managers can motivate the employees by proper appreciations and providing the facilities, it will be justified enough for the employee retention process. In fact, in considering the joint venture process of Kelloggs and Wilmer is keeping the concentration on the managerial responsibilities for the business establishment in the Chinese market (Zikmundet al, 2012). The maintenance of the managerial responsibilities is fruitful for bringing the skilled outcomes of the employ ees performance. The skilled performance of the employees will be strengthening the business position in the Internationalized Business Market. Such geographical expansion of the business will affect largely in the agricultural world. The future agricultural growth possibilities in China will be the main driving force for that partnership. References: Baldwin, R. E. (2012). Global supply chains: Why they emerged, why they matter, and where they are going. Bold, D. (2013). Doing Business 2013-Smarter Regulations for Small and Medium-Size Enterprises.The World Bank. Abgerufen am,29(04), 2013. Casson, M. (Ed.). (2013).The Growth of International Business (RLE International Business). Routledge. Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., Rose, E. L. (2014).International business. Pearson Australia. Chor, D., Manova, K. (2012). Off the cliff and back? Credit conditions and international trade during the global financial crisis.Journal of International Economics,87(1), 117-133. Czinkota, M., Ronkainen, I. (2012).International marketing. Cengage Learning. Dunning, J. H. (2014).The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. Routledge. Forsgren, M., Johanson, J. (2014).Managing networks in international business. Routledge. Fraser, J. A., Strategy, E. S. (2013). A return to basics at Kellogg.Image. Gesteland, R. R. (2012).Cross-Cultural Business Behavior: A guide for global management. Copenhagen Business School Press DK. Ghemawat, P. (2013).Redefining global strategy: Crossing borders in a world where differences still matter. Harvard Business Press. Haley, G. T., Haley, U. C., Tan, C. (2012).New Asian emperors: The business strategies of the overseas Chinese. John Wiley Sons. Haufler, V. (2013).A public role for the private sector: Industry self-regulation in a global economy. Carnegie Endowment. Hill, C. W., Cronk, T., Wickramasekera, R. (2013).Global business today. McGraw-Hill Education (Australia). Krut, R., Gleckman, H. (2013).ISO 14001: A missed opportunity for sustainable global industrial development. Routledge. Kurtzman, J., Yago, G., Phumiwasana, T. (2013). The global costs of opacity.MIT Sloan Management Review,6. Lasserre, P. (2012).Global strategic management. Palgrave Macmillan. Paliwoda, S., Thomas, M. (2013).International marketing. Routledge. Peng, M. (2014).Global business. Cengage learning. Persinger, E. S., Civi, E., Vostina, S. W. (2011). The born global entrepreneur in emerging economies.International Business Economics Research Journal (IBER),6(3). Schuler, R. S., Jackson, S. E., Tarique, I. (2011). Global talent management and global talent challenges: Strategic opportunities for IHRM.Journal of World Business,46(4), 506-516. Terpstra, V., Foley, J., Sarathy, R. (2012).International marketing. Naper Press. Verbeke, A. (2013).International business strategy. Cambridge University Press. Zikmund, W., Babin, B., Carr, J., Griffin, M. (2012).Business research methods. Cengage Learning.

A great and lasting experience. free essay sample

Although I was getting paid to camp with total strangers in the wilderness for six weeks, asked to dig borrow pits for trails, hike miles into the mountains, and eat what looked like an unknown species in my meals, I never thought the experience would completely change my outlook on my life. My summer job was like none I have ever experienced before, I was taught how to lead among my peers, work in a team, and realize just what I was capable of. My summer experience with Northwest youth corps has been the most memorable time of my life. We were told to pack our basic necessities, under garments, toothbrush, and boots. I had no idea what was in store for me and figured I was as ready as I would ever be. What they did not tell us is that we would actually get used to our natural odor, and accept everyone for who they really were. We will write a custom essay sample on A great and lasting experience. or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page (Stinking or not.) Doing this turned out to be really easy. I was able to be my self, without always wearing a smile on my face. There were times I wanted to breakdown and give up like when we had to hike five miles up the Steen Mountain Wilderness with a huge and heavy backpack on our backs. The sweat was pouring down my face in the blistering hot sun and all I could think about was a nice cold bottle of water, but all I had to drink was the warm water in a two- gallon jug that I shared with 10 other people. Many of my experiences made me realize how many things I personally take for granted. As the first two weeks went by it seemed I was getting used to waking up when the sun rose, putting on my work outfit and boots, and looking forward to another days Work. Each typical day we would hike to our worksite, remind ourselves of the safety precautions, and start our job whether it was sawing down branches that were in the middle of trails, making slough piles, or taking down barbed w ire fencing. Each task seemed more challenging but thankfully I had a crew of people who I could ask for help when the going got tough. I learned that sometimes you cannot do things on your own and it is okay to ask for help. The relationships I built through my experience became unbreakable. One night, when we were camping backcountry I remember waking up to feel the rain drops splash on my face, our tent had forced itself out of the steaks it was under and was waving in the air like a flag getting ready to be knocked down, the boys from my crew woke up and helped us stake it back in the ground. They were willing to lose sleep and warmth in order to help us. I think that was when we realized just how much closer we had gotten. We became a family of dirty, stinky, tough teens. I became more confident in myself. On the weekends we went to different campgrounds and met up with other crews who had in their own way gone through what we had. However, there were till kids who just did not understand how much they were growing and maturing through this job. I was able to confront those kids who were doing wrong and really just step up to the role of being a peer leader. When people needed help I was willing to be there, I just wanted to show the others that there is always someone who can help. There were prizes some people won each week for being a leader and during the second weekend, I was given one and I was just so shocked that it was me because I did not realize people saw me as a helpful person. I was really excited that I could make a difference to teens my own age. The six weeks soon came to an end, and yet I was not ready to go home but I was eager to share my experiences with others and just use what I knew to my advantage. When I got home my family saw how different I was, they said I was more open, confident, and more willing to work. I did another session of this job as soon as I got back. This experience was not just something I did and then went home to be who I used to be, I carry this experience with me and use what I learned from it. When I went to the second session, it was a little bit different because I was able to go home everyday, but because I was experienced in the job, I was able to help the fresh faces I saw on my crew with tasks they were not familiar with, whether it was how to use the tools properly or just the advice of not wearing make up unless you wanted your face to melt off. Though these are more physical things I learned, I also learned to respect my crew leader and my crewmembers and just really work hard and wor k efficiently. My experience with northwest youth corps was like no other. There were many things I learned like, teamwork, trust, maturity, and working hard. Being on my own was a new and different experience but it prepared me for my future. Summer ended but my memory and what I learned I will always remember.

Pepsi Coke Challenge Lab Report Essays

Pepsi Coke Challenge Lab Report Essays Pepsi Coke Challenge Lab Report Paper Pepsi Coke Challenge Lab Report Paper The second one was hat there is no difference between brushing your teeth and not brushing your teeth, within the last thirty minutes, in their ability to distinguish between Pepsi and Coke. After doing the test and performing the necessary calculations on the chi-squared test, I found out that a greater amount of people who brushed were able to correctly identify the cola products. INTRODUCTION: If you were given a blind taste test and asked to distinguish between two products, how confident do you think you are in telling the products apart? In my Biology 141 class, we did the Pepsi/Coke Challenge and that challenge was simply about vying individuals a blind taste test, and asking them to distinguish between Pepsi and Coke. There are many reasons why reasons people perform blind test. These test can be sent, smell, feel or taste. In marketing, a blind taste test is used as a tool for companies to see how they can improve their product. It is also used as a tool for companies to develop their brand. For example, many restaurants select random people to taste their food, so that they would know which dish needs more improvement. The results of these tests are not always the same. This is because there are some people who may use those products very frequently, so they are more likely to tell the difference between the two products. On the other hand there are those people rarely use the product, so they will have a harder time distinguishing between the product and they are more likely to get it wrong. Then there are those people who are stuck between the two extremes who uses the product often enough, but they are unsure. However, I know that brushing your teeth and drinking or eating right after causes whatever you are eating or drinking to taste funny. Knowing this, the question I ask is, Is there a difference between brushing your teeth and not brushing your teeth, within the last thirty minutes, affect their ability to distinguish between the Cola products Pepsi and Coke? HI : There is a difference between brushing your teeth and not brushing your teeth, within the last thirty minutes, in their ability to distinguish between Pepsi and Coke. H2O: There is no difference between brushing your teeth and not brushing your teeth, within the last thirty minutes, in their ability to distinguish between Pepsi and Coke. If there is a difference between brushing your teeth and not brushing your and Coke, then there will be a difference in the percent that each group correctly identifies the colas in a blind test. METHODS: In order to get accurate results in our Pepsi/Coke Challenge blind test, the Biology 141 class disguised each can by wrapping aluminum foil over the entire can. We then decided to only ask fifteen students who attend the University of the Virgin Island on SST. Thomas campus to participate in our challenge. Before leaving the lab, the class was split into two groups, Comparison or Single Cola (which was Pepsi). The Comparison group gathered thirty cups, so that the participants wouldnt reuse the same cup and alter the taste by mixing the two products, fifteen questionnaire forms, an ice bag, ice three Coke cans and three Pepsi cans. The Single Cola group gathered fifteen cups, fifteen questionnaire forms, an ice bag, ice, and three Pepsi cans. We placed the cans that werent being used as yet into the ice bag until the one can being used was empty. Before giving the students the products to taste, we had them fill out the questionnaire that had questions such as, Did you take this test today? Have you eaten anything recently? Have you brushed your teeth within the last thirsty minutes? Which cola product do you like best out of Pepsi and Coke? How confident are you in distinguishing between the two cola products? If any student reported that they had taken the report earlier that day, we eliminated them and selected someone else who hadnt to fill their position. After asking the fifteen students, we then went back to the lab to record our finding on a spreadsheet. RESULTS: For our Pepsi/Coke Challenge, there were two hundred and thirty six people who did the test. Of he two hundred and thirty six people, fifty six people who brushed and seventy people who didnt brush identified the Cola products correctly. Everyone in the people who brushed section correctly identified the product, but one hundred and ten people in the didnt brush section got the test wrong. This represents 100% of the people who did brush and 38% of the people who didnt brush. After performing a Chi Square test, we saw that there was a greater percentage of people who couldve identified the product were the ones who brushed (SD 64. 1, chi-square = 3. 841, 1 degree of freedom). Figurer: A greater percent of people who brushed correctly identified the products. DISCUSSION: A greater amount of people who brushed were able to correctly identify the cola products. From the values given from the chi- squared test, this implicates that there is a difference between brushing your teeth and not brushing your teeth, within the last thirty minutes, in their ability to distinguish between Pepsi and Coke. Knowing this, I know that my second hypothesis, There is no difference , is incorrect and can be eliminated. The differences found in this test may be that the people who brushed may eave a cleaner mouth so they were more capable to tell which product was Pepsi and which one was coke. Most participants were able to tell the difference between Coke and Pepsi because they probably drink these cola products frequently. There were other people who knew the difference because they only drank Coke since they did not like the taste of Pepsi and vice-versa. Other people were able to tell the difference just by smelling it because they said that Pepsi had a sweeter scent. Since we only tested VI students, the results may vary if we were to do this challenge on another set of individuals.

Ethical Decisions in the Medical Health Profession Essay

Ethical Decisions in the Medical Health Profession - Essay Example Any violation of these judgments and opinions characterizes unethical conduct and could lead to justification of disciplinary actions like censure, expulsion or suspension from the medical field society membership. Over the years medical practice has been evolving in ways that draw attention to the significance of ethical decisions and issues. Medical science has gotten involved in practices that were previously not possible such as stem cell and genetics research, the modern day patient is better informed, lawsuits are quite common which means medical practitioners have to be generally more aware of their medical decisions and cost implications of their services to society. They have a huge task of juggling their obligations to hospitals, the regional health and the government of the day. Ethics broadly deals with what is right or wrong, or basically what we are supposed to do and what we ought not to do. Medical ethics decisions therefore concerns how to make judgments on how to deal with moral issues arising out of caring for parents and such decisions therefore have to make a consideration of just more than the patient’s current medical condition. Ethics is just not just a medical field thing; there are also other disciplines that are concerned with these issues such as theology and law which also prescribe to certain behaviors set aside by their respective governing councils. Medical ethical decisions, values and laws are mostly closely related; however medical ethical responsibilities exceed legal obligations. In some instances, the law may allow unethical conduct. In several instances when medical practitioners hold the belief that a certain law is not just for their making critical decisions, they then ought to start working towards changing that law. In very unique cases regarding unjust laws, the prevailing ethical responsibilities

Associate degree program in nursing Essay Example | Topics and Well Written Essays - 750 words

Associate degree program in nursing - Essay Example An individual must also possess clinical experience to function efficiently in teaching. A baccalaureate degree and two-year experience in nursing are also a requirement. Faculty is defined as individuals employed to teach nursing education programs. The qualifications and responsibilities in nursing or for medical assistant differ depending on the program type and degree offered. The faculty is followed by a description in educational obligations, responsibilities, and information about the faculty positions. The requirements for assuming nursing roles are mandated by several organizations. These organizations include Maryland Board of Nursing, national accrediting bodies and the policies of an individual college. The reference regulatory programs are based on the Maryland Nurse Practice Act. The minimum qualification for a faculty in nursing is a master’s degree in nursing and an RN license from Maryland (School of Nursing: Associate Degree, 2012). These qualifications might be waived with respect to an individual nursing program under certain circumstances. 7. Intended Approval/Accreditation Preferring an entry program to nursing career is a personal choice. Finances and age determine the choice and future career plans. Students who want to take nursing and have bachelor’s degrees in non-nursing fields need to take an accelerated BSN or second-degree BSN program. These programs are for students who have a bachelor’s degree in the non-nursing field. Accelerated programs are fast and intense; thus, students are required to have a 3.0 GPA or higher. These programs offer students an opportunity to earn BSN in less than 16 months (Gun, 2012). Associate degrees in nursing or for medical assistant are designed to give students skills and knowledge of becoming competent nurses in various settings. The program combines theory, clinical practices, and lab experiences. It is mandatory for students to complete general education courses and nursing c ore courses for attaining an associate degree in nursing (School of Nursing: Associate Degree, 2012). There are three-entry levels for students who want to take a nursing degree. Different types of schools offer these levels. The 4-year BSN is preferred by most schools for entry in nursing programs because it offers job opportunities to students. Many classifieds have BSN as a requirement for any position because it is the entry point for nursing practice. The second year associate degree concentrates more on technical skills than theory; thus, it is a steppingstone to BSN. This associate degree program allows students to become registered nurses and earn money faster than students in a 4-year BSN program (Gun, 2012). Therefore, it works better for students since they are able to make a livelihood for themselves. Second year associate degree is the entry level for nursing students taking technical nursing practice. 8. Student Selection and Requirements The associate degree program i n nursing or for medical assistant has a mission of preparing entry-level registered nurses for care of health issues across different parts of the world (Miller, 2009). This program respects the individuality of every student as it considers people coming from different cultures and having different educational backgrounds. The goal of the program is to provide a positive learning by instilling critical and

Business Ethics and Corporate Social Responsibility Essay

Business Ethics and Corporate Social Responsibility - Essay Example According to the research findings, business ethics is based on moral behavior and aims at conducting business activities in a just and fair manner. Corporate Social Responsibility (CSR) refers to the duty or obligation of a company towards the people, societies, communities, and environment that may be affected by the activities of the business. For example, reducing the environmental impacts of the operations of a business is one common aim of the business, especially in cases of companies whose operations affect the environment in a hazardous way like the automobile companies. In short, both terms are based on the social concepts of morality and responsibility. Business ethics involve the application of moral and ethical values in a business and CSR is extended form of business ethics in which these values are expressed and embedded in the organization through programmes and policies involving the stakeholder groups. CSR involves conducting ethical activities and business ethics involves conducting activities ethically. So, the underlying essence of the two remains similar. Corporate Social Responsibility (CSR) is a term related to the social responsibilities that a company has towards the community in which it operates. In contrast, business ethics is based on the factor of conscience. Business ethics is related to morality and differentiating between right and wrong and conducting the business operations by focusing on the rights and avoiding the wrongs. Using ethics in business implies that the company is obliged to set business policies, rules and conduct its activities in a just and right manner so that the activities of the company le ad to the good of every entity which is, directly and indirectly, related to the business. These entities include all the internal and external stakeholder groups of the company and the society as a whole. Business ethics, in the modern business environment, has emerged as a preliminary necessity that should be taken up by every company, irrespective of the industry or its level of operation in order to conduct its business in a legally and socially compliant manner. Corporate Social Responsibility (CSR), on the other hand, is the additional responsibilities that a business should take up in order to create sustainability and a positive brand image for itself.

Investment Appraisal Process: Objective, Inputs And Process

Investment Appraisal Process: Objective, Inputs And Process Introduction Decisions related to investments are one of the most important and vital decisions for any organization. Making investments is the only way to increase, and maximize return on the shareholders wealth. However, taking the right investment decisions is the biggest challenge that management faces. Investment decisions are always characterized by risk and uncertainty. According to Lumby (2004) investment decision defined in simple terms, is one in which organizations make an initial cash outlay, with the aim of receiving, in return, the future cash inflows. Investments can be analyzed from several perspectives, like its suitability according to the companys objective, social cause, environmental concern etc. Yet, for the purpose of investment appraisal, it is analyzed from the point of view of cash flow only. Thus, the basic aim of investment appraisal is to check whether the initial outlay would result in enough future cash inflows, to be considered worthwhile. In order to achieve this objective, companies require certain inputs. These inputs are put through the process of investment appraisal, to reach the final outcome. Inputs Required For Investment Appraisal Investment appraisal in broad terms requires only two inputs – the estimated cash flows, and discount rate. The estimated cash flows includes all the cash outflows starting from the initial stage till much later, and inflows taking place during the lifetime of the project. This gives the final figure, which is positive or negative cash flows i.e. either inflows are more than outflows which is the acceptable case, or outflows are more than inflows which obviously leads to rejection of that project. Calculation of these cash flow figures, involves the treatment of a number of items. Cash Flows And Time Value Of Money For the investment appraisal process as discussed earlier, cash flow estimates are the primary input. Initial outlay is easy to estimate as compared to future cash inflows, and even outflows. This is because current requirements for any project, would be ascertained according to which the required finance, can be obtained. Whereas, in the case of future estimates, all the figures are estimated on the basis of some premise, which is always prone to uncertainty. Once these estimated figures are available, companies calculate these future cash flows, in terms of todays value. This is known as the time value of money, according to which, a pound today is not equivalent to a pound tomorrow. According to the time value of money, the investor needs to be compensated for certain factors. Firstly, the investment made has delayed the current consumption of the investor. Current consumption is preferred over future consumption for which, the investor needs to be compensated. This compensation i s the interest that is expected on the money invested, for that period. The second factor is inflation, the current inflation rate in UK, is 1.8% (for the month of July Bloomberg.com) Thus, what can be bought for one pound today, will be available for 1.018 GBP, the next year. Thus, future estimates must be converted in terms of present value, so as to find out its present worth. In order to compensate the investor for these two factors, the rate of return offered, is called the risk free rate. This is equivalent to the rate offered by reputed government bonds, or bills. Other Inputs There are some other factors which are required to be considered for the calculation of cash flows. The first is depreciation, which does not form a part of cash flows. For the purpose of calculating true cash flows, the precise time when the cash flow has occurred, is needed. However, depreciation does not involve any cash transaction. So, this is not included while calculating the cash flow. The second is working capital. According to Arnold (2008) besides the large and obvious depreciable assets, investment is also made in working capital. It includes the items like cash, debtors, stock which are part of companys assets and creditors which is the part of companys liabilities. Another important factor is interest. Treatment for interest is again, not straight forward. Interest can be viewed from two aspects. Firstly, if the company is employing its own funds. In that case it is losing the interest which it would have earned, by depositing money in the bank. This does not require an y treatment here, because this has been considered as the opportunity cost, and treated accordingly. Secondly, if the organization has borrowed funds from the financial market, then the interest is paid on it, which is a cash expense, and must be included in cash flow calculation. Yet, what is seen in most of the cases is that, organizations use combination of both debt and equity. Now, the same item i.e. interest cannot be treated in two separate ways. As a result, it is considered as an opportunity cost. Besides interest on capital, opportunity cost also includes a number of factors, like a building used in any project, would have earned rent otherwise, which is also the opportunity cost of the project. Other similar factors could be machinery, human resources, and other assets. The last factor is the taxation which also reduces the cash flow, by the amount of tax paid. In this case the notable factor is that debt capital gets the tax shield. However tax is to be paid on equity ca pital, making it costlier. Once all the inputs are gathered there are number of techniques available to evaluate the investment, in order to find out whether it would be profitable or not. Discount Rate Once the cash flow figures are derived for the entire period of the project, there are several methods using which we can perform the task of investment appraisal. There are some methods in which there is no allowance for the time value of money, like payback method, and accounting rate of return (ARR). In such methods, the discount rate is not required. However the more sophisticated and widely used methods use the discounted rate of cash flows like net present value (NPV), and internal rate of return (IRR). What is the discount rate and its components is discussed below. Definition The rate of return used for the purpose of finding the present value of future cash flows, is the discount rate. This rate includes the time value of money. Thus, as discussed above it is the risk free rate, plus risk premium. Risk premium depends upon the risk involved, in any particular project. Risk Free Rate Risk free rate includes the expected inflation rate, and the interest on capital which is treated as the opportunity cost of capital. As Arnold (2008) has mentioned â€Å"The risk free rate (RFR), forms the bedrock for the time value of money. Calculations such as the pure time value, and the expected inflation rate, affect all investments equally†. Risk Premium The discount rate is not the risk free rate. Rather, it is always more that that. The rate which is above the risk free rate is risk premium. Risk is the probability of not receiving the estimated return, owing to the uncertainty in any business. Higher the risk, higher is the return expected, and vice versa. However calculation of risk in itself is a difficult task. There are numerous methodologies available, for evaluating risk. The most famous among these are, sensitivity analysis, scenario analysis, and probability analysis. After getting the cash flows and discount rate, the next step is to evaluate the project. This is to determine whether the project is worth undertaking, or not. For this purpose, there are various methods. Some of the most popular ones, used across the globe, are discussed here. Investment Appraisal Techniques Payback Method This method is used to find out the period in which the future cash inflows would be sufficient, to cover the initial investment. Once this figure is obtained, it is then compared with any arbitrarily chosen time period, set as a threshold by the company. If the payback period is shorter or equal to this chosen time period, then the investment is acceptable else it is rejected. Accounting Rate Of Return It is more popularly known as return on capital employed (ROCE), or return on investment (ROI). The ARR is a ratio of the accounting profit to the investment, in the projects. It is notable that here, accounting profit is used, and not the final cash flow figure. Net Present Value This method uses the discounted cash flows. In this, the present value of outflows is subtracted from the present value of inflows. If the result, known as NPV, comes out to be positive or zero the project is accepted else not. Internal Rate Of Return This method also takes into account, the time value of money. This is used to find out the rate of return, at which net present value of an investment is zero. If this rate is higher or equal than the discount rate, then the project is acceptable else it is rejected. Issues To Be Addressed Research Question How an investment appraisal technique helps companies move in the right direction, regarding investment decisions? Other related questions are: What are the pre-requisites for this? What are the methods applied? What are the challenges faced by an organization? Why The Question Is Important? This holds a lot of importance for the organizations since the sizeable investments made by the companies, have long term consequences. The companys strategic position too, is determined by such large investments made in terms of tangible or intangible assets. It impacts the future cash flows. Thus, in order to ensure that every thing moves efficiently in future with any investment made by the company today, investment appraisal is not only necessary, but also inevitable. Research Objective The main objective of this research is to find out if there is any gap between the theoretical concepts studied and analyzed, and its implementation. In practice, matters are always little different, than what it is taught academically, or found in literature on any subject. However, to what extent there is a level of variance in case of investment appraisal, between theory and practice, is attempted to be determined, in this research. The previous research on investment appraisal discussed in broad terms, about changes in methodologies with time; factors to be considered for appropriate calculation of cash flows; and components of discount rate. Yet, none of these studies have shed much light on its practical application, which is empirically investigated, in this research. In particular, three divisions of investment appraisal – objective, inputs and process, is examined. Introduction In this section research work already done on investment appraisal process and its various other aspects have been studied. It will also reveal some elements which are quite important but still not treated appropriately to achieve effective and unambiguous evaluation of capital investments like inflation and taxation. Companies have limited resources. In order to achieve the best utilization and maximum output from these resources companies require a mechanism to decide or analyze which investments are worth taking and which are not. It is a multifaceted and analytical process and many prior studies on this practice exist. A number of surveys scrutinizing the investment appraisal process have been conducted from time to time. These surveys shed light on the changes in the use of methodologies and other practices, which formed an integral part of investment appraisal. A review of the existing literature reveals that, there have been continuous changes in the techniques used for investment appraisal. Different models and methods have been developed for investment appraisal and risk analysis. Over the period of time these developments have been incorporated into corporate practice. What does this investment appraisal process involve as found in literature analyzed and secondary sources providing quantitative data regarding the same is discussed below. Estimation Of Future Cash Flow Investment appraisal requires detailed cash flow forecasts as inputs for sophisticated evaluation methods which have been discussed above. For an investment decision to be considered as successful, it must add value to the firm. Such a project would surely increase the cash flows of the firm, but how much? At this juncture, the firm confronts the problem of estimating the future cash flow, investment outlay and cash inflows emanating from any new project, and finding out whether it adds value to the firm or not. Considering the case of Alaska pipeline project setup by many oil majors, initially its cost was estimated to be $700 million. The final cost, however, came out to be $7 billion. This shows estimation of project cash flows is one of the most important and critical parts of investment appraisal, because in case these estimates turn out to be unreliable or biased, the project would lead to poor business decisions. There are many variables involved and numerous people participat e in this exercise. Capital outlays are estimated by engineering and product development departments; revenue projections are delivered by the marketing department; and operating costs is aggregate of estimates given by number of departments like production people, cost accountants, purchase managers, personnel executives, tax experts and others (Chandra, 2008: 304). To estimate the possible future values, past events are generally used in order to estimate what possibly could be the future outcome or results for the same, or similar kind of event. Earlier, the most conventional method was to find out the best estimate from the information available. This estimate is generally the single value derived, using the mode or average, or a similar likely outcome. However, evaluations based on the single value estimates, show that the estimated value is certain, with no possible margin of error or variance. As a result, instead of using a single value as the best estimate, a new methodology of using a range of outcomes, is used. These outcomes are based on the probabilities of occurrence or non occurrence of events, which affect the cash flows (Dayananda, 36: 2002). Stages In Cash Flow Estimation According to Dayananda (2002) cash flow estimation comprises of four stages: Forecasting the initial capital outlays and operating cash inflows and outflows. Tax factor, which is an important element to be adjusted against these cash flows. There are certain other variables apart from tax like inflation, opportunity cost and depreciation etc. which need to be checked in order to find out its impact on cash flows. Allocating any further resources in order to improve the accuracy and reliability of the variables which have greatest influence on cash flow estimate. This entire process requires close monitoring and early intervention, when required. Monitoring is required at all stages from data acquisition process to projects implementation (Dayananda, 2002: 37 39 – capital budgeting: financial appraisal of investment projects). Estimating Incremental Cash Flows For Investment Apraisal The fundamental principle for the inclusion of cash flows for the purpose of investment appraisal is to include only the incremental cash flows. This refers to the cash flow incepted after the implementation of the project. The time when the investment is made, is considered as time 0, and the cash flows generated after time 0 constitutes a part of the incremental cash flow. For ascertaining the firms incremental cash flow, it is required to identify the cash flow of the firm in two situations i.e. with the project and without the project. The difference between the two gives the incremental cash flows. In estimating incremental cash flow all incidental effects are also considered. Incidental effects lead to an enhancement in the value of some existing activities, such as a rise in the demand of an existing product. However, incidental effects may also turn out to be negative like product cannibalization i.e. with the introduction of a new product, the sale of some existing products may decline (Arnold, 2008: 99-100; Chandra, 2008: 307-308). Opportunity Costs And Sunk Costs There are also certain aspects which are not apparently detected and need to be treated in the valuation of cost of capital. Opportunity costs and sunk costs are the two types of costs which fall under this category. Opportunity cost is the revenue lost by using the resources forming part of the project, under consideration. These resources might be rented out or sold, or used elsewhere. The sunk cost is the cost which the firm has already incurred, and has no effect on present or future decisions. It is the previous cost which was incurred in the past, and is irrecoverable irrespective of the fact, whether the company accepts the project or not. Furthermore, Rustagi (2005) classified the cash flows associated with a project as original or initial cash outflow, subsequent cash inflows and outflows, and terminal cash flow. Initial Cash Outflows, Subsequent Cash Flows, And Terminal Cash Flows Original or initial cash outflow is the initial investment, occurring at the beginning of the project. This is required to get the project operational. Since the investment cost occurs in the beginning of the project, it is easy to identify the initial cash outflow. It includes the acquisition of assets like machinery, building, technology etc. Along with the cost of assets, other incidental costs must also be considered, like the cost of transportation and installation. Sunk costs and opportunity costs as discussed above are also a part of this. Subsequent cash inflows and outflows are generated after the initial outlay of capital. The investment is expected to generate a series of cash inflows, through the project that has been initiated. These inflows may be the same every year or may vary from one year to another throughout the lifespan of the project. In addition to inflows, capital budgeting decisions also consider the subsequent outflows, that might be required for periodic repairs or maintenance. The third classification is the terminal cash inflows. These are the cash inflows in the last year. Firstly, this would include the scrap value, or the salvage value of the project, which is realizable at the end of the economic life. The second, is the working capital which gets released at the completion of the project. This is again, made available to the firm. Estimation of cash flows as a measure of the cost and benefits of any project, includes these three forms of cash flows, and forms the part of any good technique to evaluate a proposal (Rustagi, 2005: 486 489). In addition to all these factors, cash flows also get affected by the factors which are unlikely to be precisely forecasted, and keeps changing with time, like inflation and taxes. Treatment Of Inflation Inflation has a direct impact on the final outcome of investment appraisals. It affects both the future cash flows, and cost of capital. If inflation is not properly adjusted, the future cash flows are increased, over and above, what they would be. For the adjustment of inflation, cash flows have to be either presented in the real terms or money (nominal) terms. Adjustment Of Future Cash Flows In Real And Money Terms In real terms, future cash flows are adjusted in terms of todays current purchasing power, and in money terms cash flow is adjusted, according to the purchasing power, at the time they occur. For applying the correct treatment, companies are required to discount the real cash flows at the real discount rate, and nominal cash flows at nominal discount rates (Drayery and Tayles, 1997). As per Carsberg and Hope (1976) in Arnold and Hatzopoulos (2000) the companies earlier, adjusted for inflation in a rather inappropriate manner. Companies have been either estimating the future cash flows in nominal terms. For the purpose of discounting, they have used real rate of return. Or, they have been estimating the future cash flows in real price terms, but discounted at the money discount rate. There is a significant change in this practice from the last two decades (Arnold and Hatzopoulos, 2000: 12). However in contrast to this, according to the data collected by Drayery and Tayles, 1997 There are still a majority of firms, treating the problem of inflation, incorrectly. The survey was conducted on 195 firms in UK,out of which only 53 or 27% are doing the correct treatment of inflation, with regard to future cash flows (Data attached in appendix 1). Common Mistakes In The Adjustment Of Inflation Thus, we can see that the adjustment for the treatment of inflation, regarding future cash flows and relative discount rates, is not a very uncommon mistake. The most common mistake is using the money discount rate of return for discounting the cash flow estimates, available in terms of real prices. This leads to the undervaluation of NPV, leading to the rejection of the project in some cases, which are worth undertaking, yet, are not. In case of the converse scenario, the result would be overvaluation of the NPV, leading to the failure of projects in the long run. Long term projects, are more prone to this kind of mismatch, because with a longer time period, the variation in cash flows, due to non inclusion of inflation, gets compounded. The cash flows accrued after many years, are valued in current terms, and that turns out to be highly distorted. In case of short term projects, even if inflation has not been included, the distortion in the values of future cash flows, is not very high (Drayery and Tayles, 1997: 3). Treatment Of Taxes Taxes have a direct and considerable impact, on the project viability. For a complete project appraisal, it is important to consider the complete taxation implications, over the cash flows. It is vital for the purpose of investment appraisal, to consider the cash flows after paying taxes, since only these are available to shareholders. There are many important aspects to be considered, regarding taxation. According to Arnold (2008) if the tax liabilities of the firm gets increased due to the project, then the increased tax effects must be incorporated in the analysis, to reach the actual cash flow figure. Secondly, taxes are not generally paid in the same year in which they occur. Companies pay a part of the current years taxes and part of the accrued taxes, which must be considered accordingly. The time factor must be correctly accounted for, while analyzing the cash outflow of taxes. According to Rohrich (2007), due to the investment, tax would arise and NPV must be calculated only after taxation. The implications of taxation would affect the NPV considerably. Firstly with taxes, cash flow will decline and so will the NPV calculated out of that cash flow. Secondly, the capital structure of the project also results in the decline in discount rate, with an increase in gearing ratio. Since the interest on debt is tax deductible, it reduces the cost of capital, and thus leads to fall in the discount rate. Besides these Lumby (1988) has also thrown light on one more important aspect. This is the system of writing down balances, which also provides tax relief on capital expenditure. Thus, the net effect of the taxation could be seen as a decline in NPV, due to a decrease in cash flows, on one hand. On the other hand there was an increase in NPV, due to a decrease in discount rates. Cost Of Capital â€Å"The cost of capital is the rate of return that a company has to offer finance providers to induce them to buy and hold a financial security. This rate is determined by the returns offered on alternative securities with the same risk† (Arnold, 2008: 717). The definition given shows that the rate of return on the capital, is what determines its cost. This rate of return is the discount rate used by the companies. If it is evaluated higher than what actually it should be, then it constrains the investments. Like Arnold (2008) has quoted Michael Haseltine, one time President of the Board of Trade â€Å"Businesses are not investing enough because of their excessive expectations of investment returns† (Arnold, 2008: 717). High Rate Of Return According to Ashford et al. (1988) companies use considerably high discount rate than required, as per the opportunity cost of capital. The reason for this, is the risk premium which companies apply, especially in case of investments made in the projects using new technology. Such projects are considered to be more uncertain, so the discount rate is higher than in other investments (Ashford et al., 1988: 2). Arnold and Hatzopoulos (2000) have quoted Antle and Appen (1985) and Antle and Fellingham (1990) that managers in order to keep a strict control over corporate resources and to reduce the tendency to over invest, keep high discount rates (Arnold and Hatzopoulos, 2000). Similarly according to Dimson and Marsh (1994) in Drury and Tayles (1996) firms in UK use excessively high discount rates, which in turn, have led to the under-investment in UK firms. In USA too, firms use hurdle rates for project evaluation, which are higher than their estimated cost of capital (Drury and Tayles, 1996: 12). Wacc In order to attract investors, companies have to provide returns, higher than the opportunity cost of capital. Companies use a standard means to express their cost of capital, using weighted average cost of capital (WACC). According to Bruner et al (1998) WACC is the method used by most of the companies, advisors and even textbooks, as a method to derive the discount rate used as the cost of capital. Bierman (1993) conducted survey in which 74 Fortune 100 companies participated. The results obtained showed that all the companies use some form of discounting in their capital budgeting, and 93% use a weighted-average cost of capital (Bruner et al, 1998: 2-3). Arnold and Hatzopoulos (2000) presented information given by Westwick and Shohet (1976) stating that companys bank overdraft rate was the most popular method among UK companies for selecting the rate of return to be used for evaluating capital investment. At the same time WACC was in practice by less than 10% of firms. However, th is trend changed substantially over the period of time and according to the data collected by Arnold and Hatzopoulos (2000) more than half of the firms use WACC to calculate the cost of capital (results attached in appendix 2). In addition to this, it is also notable that still significant minority firms use interest rate payable on debt as a measuring tool to calculate the cost of capital (Arnold and Hatzopoulos, 2000: 17). For calculating the WACC a company needs to acquire information about the cost of various sources of capital and their proportions in the capital structure. Considering that we have two sources of finances i.e. equity and debt, here cost of capital is determined by the formula: WACC = KEWE + KDWD Here, KE = cost of equity KD = cost of debt WE = proportion of equity finance to total finance WD = proportion of debt finance to total finance Cost Of Debt Debt entails to more or less fixed payments, so estimating the cost of debt is relatively easy. Arnold (2008) has covered three factors which determine the cost of debt, these are: 1. Existing rate of interest on debt capital. 2. The risk of default by the debtor and recovery rate or chances in case of default. 3. Benefit derived from debt capital due to the tax shield. Cost Of Equity While the estimation of cost of debt is easy, the cost of equity is rather difficult to estimate. This is due to the fact that companies do not have any commitment towards the shareholders to pay dividends. However, companies have been reaching some reasonably good estimates of the cost of equity using some prevalent methodologies like Capital asset pricing model. Although, some firms mention other models as well like arbitrage pricing theory but these are in small proportion. Another model which was most influential in 1960s was Gordon growth model. However, there was a problem of obtaining a reliable estimate of future growth rate of dividends in this model. This was obtained objectively using past data which was not considered to be a trustworthy estimate (Arnold, 2008: 726). According to Bruner et al. CAPM is the most popularly used model for estimating the cost of equity. In a wide survey conducted by Trahan and Gitman (1995) of 84 fortune 500 large firms and best small Forbes 200 companies it was found that 30% of respondents use the capital asset pricing model. Similarly, in a survey conducted in Australia, CAPM is the most commonly used method in estimating the cost of equity, with 72% of the companies under survey, using this model (Truong et al., 2006: 3). In contrast to this Arnold and Hatzopoulos (2000) has mentioned views from several sources stating that According to Bruner et al there are theoretical, practical and empirical doubts cast on the most heavily promoted method of calculating the equity component of WACC, that is, the CAPM (Lewellen, 1977; Mullins, 1982; Lowenstein, 1989; Tomkins, 1991; Fama and French, 1992; Rosenberg and Rudd, 1992; Mills et al., 1992; Strong and Xu, 1997; and Adedeji, 1997). The difficulty faced under this model is to determine a particular divisional beta and cost of capital. This problem has been discussed in quite an elaborate manner by Bruner et al. using different beta rates and expected market return. The result produced shows substantial variation in the cost of equity and in turn had a great variation on cost of capital (result attached in appendix 3). To conclude, what can be seen is the result drawn out of study on the corporate cost of capital and the return on corporate investment. This shows average corporate investment produced returns that exceed the cost of capital. This is analyzed for the period of 1950-96, the real cost of capital for non-financial firms is high, 5.95 percent. The real return on cost is higher, 7.38 percent as a result on average investment seems to be profitable (Fama and French, 1999). Analysing The Level Of Usage Of Appraisal Techniques Since decades companies have been in continuous search of reliable investment appraisal techniques. These techniques helps to rank the multiple competing projects on the basis of benefits that can be derived out of each one as against the costs incurred over the same. Conventional Methods The first analysis studied here is the survey conducted by Arnold and Hatzopoulos in the year 1997. The survey examines the level of usage of four main conventional appraisal techniques – payback method, accounting rate of return (ARR), internal rate of return (IRR) and net present value (NPV). 300 companies are surveyed which are ranked in the Times 1000 companies according to capital employed (results attached in appendix 4). This survey is also compared with two previous surveys one is by Pike covering the period from 1975 to 1992; and Alkaraan and Northcott for the year 2002. These are chosen for comparison because of similar characteristics in all the three surveys. According to the results, it is quite clear that payback method has been the most widely used technique till early 1990s as compared to discounted cash flow methods – IRR and NPV. However, thereafter rise in the usage of NPV can be seen and as for now it became the most popular appraisal technique. Yet, this was not at the expense of a decline in the usage of the payback method. Even payb