Economics Supply And Demand Essays - Consumer Theory, Babysitter

Economics Supply And Demand Economics, supply and demand In the article we find that teenagers have the oppertunity to be demanding about their salary in the baby sitting field, because the amount of babysitters today are scarce. The babysitting population, teenagers, find themselves busy with school, part time jobs, and extracirricular activity. Teenagers with drivers licenses are even more scarce than those with out, all in all, It's hard to find a babysitter. Times have changed, just twenty years ago there were 33 million children who needed to be watched, and 39 million babysitters(age 10 - 19), recent polls suggest that children that need to be watched raised 18 percent to 39 million while baby sitters dropped 5 percent to 37 million. The rise in children coupled with American families spending more time out then years ago, has allowed the babysitters to set their price with out haggeling. Baby sitters are making well over the federal minimum wage of $5.15 an hour because they are in demand, and scarce; the babysitters who train in CPR, serve dinner, and drive are the hardest to come by and can demand the highest wages. In this article we see many examples of supply and damand and the powers of supply and demand. Babysitters are in demand, there is an increase in the amount of children who need to be watched yet there are relativly few who choose to babysit from the allready decreased amount of the babysitter work force. This gives the babysitter the advantage of a noncompetitive work force, allowing the baby sitter to set the price with out bargaining. If we were to compare two different production possibility frontiers, we would see a left shift of the curve while demand for baby sitters rises, from 1980 to 1996. In economics we concider this an inflation, the amount of

Review on Abraham Lincoln And The Second American Revolution essays

Review on Abraham Lincoln And The Second American Revolution essays McPhersons book on Abraham Lincoln is about his struggle as president to keep the union together. The book explained the different strategies, decisions, and speeches Lincoln used in order to keep the confederacy from seceding from the union. His timing on military strategy and national strategy helped the outcome of the revolution. McPherson also talks about the lives of African Americans after the Emancipation Proclamation was put into effect. The most believed reason for the Civil War was Lincolns decision to abolish slavery and the emancipation. McPherson discusses how this outraged the south, where slavery was necessary for the everyday functions of their plantations. Lincoln immediately had to defend his decision and himself. Thus the war was a struggle between two conflicting capitalist systems- one reactionary, based on slave labor, and fearful of change; the other progressive, competitive, innovative, and democratic (P. 9). Mcpherson goes into depth about the generals Lincoln appointed, and the war tactics he had them oversee. Some of the generals had been quite inexperienced which led to many battle losses. Lincoln had spent a good amount of time studying war strategies for the use of putting down the confederates. Some of these In-depth facts McPherson includes in his book are quite interesting. Others were a little too much. He had many examples which provided the reader with a wide variety of mental pictures that could help the reader understand Lincolns reasoning. For example, the uses of Lincolns Metaphors helped a great deal. McPherson includes many of these in his book to show how wise Lincoln was, and to show how he could relate things to one another in order to get his point across to his listeners. An example of this is his story about the shepherd, the sheep and the wolf. The shepherd drives the wolf from the sheeps throat, for which the sheep tha...

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

Job Description - Essay Example Other responsibilities included input of system parameters, inventory analysis, Purchase Requisition, shortage status and follow-up of Pending Purchase Orders, required to make independent decisions on system and schedule requirements based on job knowledge. He/she should also be in-charge of managing program planning and material requirements, material Status planning and material support budgets, maintain current and accurate status of material procurements. Providing interface and coordination between all End Users, and recommend and implement stock reduction proposal and through forecast and estimates is also under his/her scope. Also, must be able to recommend logistics requirements to Procurement Department, program material budgeting, forecast, allocation, execution and reporting, execute planning and material availability and calculates Work Center Loads and Capacity Requirements. 6. Constantly reviews and analyses materials inventory policies and makes recommendations for changes. Identifies opportunities for inventory cost reductions. Maintains overall inventory support for the Company's operations at all times. 7. Co-ordinates periodic reviews of SAP based inventory system to reconcile stock records with actual stock. Investigates discrepancies, prepares reports with recommendations for corrective action where necessary. 8.

European Foundation for Quality Management (EFQM) Essay

European Foundation for Quality Management (EFQM) - Essay Example n Foundation ‘the EFQM (European Foundation Quality Management) Excellence Model was introduced at the beginning of 1992 as the framework for assessing organisations for the European Quality Award; it is now the most widely used organisational framework in Europe and it has become the basis for the majority of national and regional Quality Awards’ (European Foundation for Quality Management, 2007). In fact, EFQM Excellence model has become quite known in organizations operating both in the public and the private sector. Its effectiveness regarding the measurement and the evaluation of organizational performance has been the main reason for the expansion of this model in many countries around the world; EFQM Excellence model has been proved to be equally effective in the private and the public sector. Current paper examines the particular aspects of EFQM Excellence model and the applicability of this model on modern organizations around the world. In order for the structu re and the role of this model to be clearly understood, the application of the specific model in a particular case is examined. In this context, the application of European Foundation Excellence model in Dubai has be considered to be a characteristic example of the effectiveness of this model both on the private and the public sector internationally. In order to understand the role and the development of European Foundation for Quality Management, it would be necessary to refer primarily to the general characteristics of this model the main aspects of its application (positive and negative – if any – aspects of the application of EFQM in firms operating within the international market). In this context, it is noticed by the European Foundation of Quality Management that ‘the Excellence model is a management model for excellence which can be applied to any organisation to evaluate qualitatively its performance; it enables private, public and voluntary sector organisations to compare their

Distillation column Assignment Example | Topics and Well Written Essays - 1000 words

Distillation column - Assignment Example According to McCabe and Harriott (2000, p.204), this can be particularly achieved through pressure props to help reduce the temperature gradients between the bottom and the top column of the depropanizer column. Another important operational design consideration that should be observed during the design of the distillation column is its capacity. To allow room for the fluctuations of both the vapour and liquid rates in the depropanizer column, its capacity should be enough as this not only improves its operational efficiency but also the safety of the entire distillation column. Lastly, it is also important to consider the requirements such as cleaning, drainage and corrosion during the design of the column. This is particularly because system fluids that pass through the depropanizer column are occasionally affected by peculiarities such as coking as well as the presence of suspended particles and therefore taking into account such considerations in the design will help minimize operational and maintenance costs. During the commissioning of the Distillation plant operations, a series of checks as well as counterchecks should be performed to ensure that the entire chemical plant does not have any design errors and is suitable for the distillation operations. During this stage, various systems and equipment such as the valves, coolant and the control loops of the distillation column are first made operational using safe liquids such as water to help test their safety and efficiency (Speight, 1999, p.123). Leak testing should also be carried out to ensure that when the actual chemicals are introduced, the plant will perform as originally intended. There are a number of procedures that should be observed to avoid the occurrence of anomalies and problems that may arise during the start-up of the distillation column. During the initialization, one of the first procedures that are necessary before any action is taken at the tower is to set up all the

Assessing financial management within Tesco plc

Assessing financial management within Tesco plc 1.1 Determine how to obtain financial data and assess it validity Tesco is Britains leading retailer. We are one of the top three retailers in the world, operating over 2,711 stores globally and employing 366,000 people. Tesco operates in 11 countries outside the UK Republic of Ireland, Hungary, Czech Republic, Slovakia, Turkey and Poland in Europe; China, Japan, Malaysia, South Korea and Thailand in Asia. Everyday life keeps changing and the Tesco team excels at responding to those changes. Tesco has grown from a market stall, set up by Jack Cohen in1919. The name Tesco first appeared above a shop in Edgware in 1929 and since then the company has grown and developed, responding to new opportunities and pioneering many innovations. By the early 1990s we faced strong competitors and needed a new strategy. We were good at buying and selling goods but had begun to forget the customers. Sir Terry Leahy, who became Chief Executive in 1997, asked customers the simple question what are we doing wrong? . We then invested in the things that matter to customers. For example, we launched our loyalty scheme Club card and Tesco.com, our internet home shopping service. Going the extra mile for customers has been key to our growth. We want to make customers lives easier and better in any way we can. Most plcs have their Annual reports available from their own web sites .. look for Investor Pages or Corporate News etc. Others can be downloaded as PDFs from sites like FTSE, Yahoo Finance etc. It is well known that high employee satisfaction contributes significantly to high customer satisfaction, which drives intent to return, and therefore, financial results. High employee satisfaction expresses itself as enthusiasm in ones work, which directly impacts the experience of the customer. Likewise, high customer satisfaction expresses itself as enthusiasm toward a particular organization, its products or services, which directly impacts the intent to return rate. It is a short leap, then, to understand how a high intent to return rate among customers impacts financial results. But with so many variables affecting employee and customer satisfaction, how does one determine those of greatest importance, so that interventions aimed at increasing satisfaction are of maximum effectiveness? The answer is in the root cause analysis derived from employee and customer survey data, (West, S.J.DR, 2009). 1.2 Apply different types of analytical tools and techniques to a range of financial documents and formulate conclusions about performance levels and needs of stakeholders When implementing human performance improvement, most organizations hope and expect that it will have an effect on the bottom line that there will be a financial benefit that justifies the improvement effort. But human performance is a complex entity, and translating changes in performance into quantitative and financial results is often a daunting task. In the ideal, it is desirable to generate a causal chain of evidence from the intervention to the final financial impact. For instance, consider a simple performance improvement intervention such as a training program. In order for the program to affect the financial bottom line of the organization, we must first assure that the training is in an area that is relevant to the bottom line. It is, after all, possible to do training on topics that are irrelevant to financial performance. Assuming that the training is relevant, we might expect that it first needs to affect the knowledge and skills of the learners. Even if it does, it will not be translated into human performance unless the learner is motivated to use the knowledge. Even if the learner wants to use the new knowledge, there are any number of factors that can prevent them from doing so, or cause them to try under less than optimal conditions. Even if the learner performs perfectly, this performance may not affect the overall performance of the business (e.g., how efficiently departments process products). And, even if there is an effect on busi ness performance, there may not be a corresponding financial impact (depending on how relevant the business performance is to financial results). We see that in most performance improvement contexts, the causal chain from the program to final result is often a long and difficult one. The method described in this paper falls into the class of statistical estimation approaches to financial returns. It has several key advantages over other methods of estimating financial returns: It requires only a small investment of client participant time typically less than one hour to determine reasonable estimates of project-level financial benefits. It calculates boundaries on financial return estimates (i.e., lower and upper limits), rather than just a single value. It integrates financial return estimation with human performance measurement at all levels. In this approach, project costs are estimated using traditional accounting procedures. Project-level financial benefits are estimated by a client participant group using an iterative Delphi methodology. These cost and benefit estimates are proportionally distributed across performance goals and objectives and weighted by observed performance. The performance-weighted financial returns (i.e., Benefit/cost ratio and ROI) can then be presented for each performance objective, performance goal, or the whole project. There are several key assumptions in this approach: Because all financial estimation methods are fallible, it makes more sense to estimate a range of financial return values within which the true value is likely to fall. In statistical terminology, rather than doing a point estimate, it is desirable to do an interval estimate. Following common statistical practice, for each financial return estimate, the 95% confidence interval will be calculated. With this interval, the odds are 95 out of 100 that the true estimate falls within the range. All financial estimates are calculated for a fixed period of time. Typically, returns are estimated on an annual basis. However, for many performance interventions, it is reasonable to expect that the major effects will accrue over time periods longer than one year. If this is the case, it will usually be desirable to estimate the returns for multiple years. Since the costs of interventions are not likely to be distributed evenly over time, it is also necessary to estimate costs for the same time pe riods. Depending on the situation, it may be reasonable to amortize some of the first year costs over a several year period. It is actually quite simple to implement in practice, assuming you have taken the time to develop a performance hierarchy. Once a hierarchy exists, all thats needed is an estimate of total costs and benefits for the project. Total costs should be relatively easy to obtain. Before implementation, one could use the budgeted amount for the program as an estimate. After the program is implemented, one simply uses the accounted costs for the project. To estimate benefits requires the Delphi procedure described earlier. This is a relatively simple process that should be easy to accomplish in less than an hour of participant time. The bottom line here is that a good performance measurement system will enable relatively easy estimation of financial results there is little additional marginal cost to estimating financial outcomes, assuming you have a well-constructed measurement system. The Concept System approach is designed so that the performance hierarchy is correctly constructed. Adding in the estimation of financial returns is then a relatively simple and inexpensive addition that yields critical information about the financial impacts of the performance improvement project, (Trochim .M.K.W, 2009). 1.3 Conduct comparative analysis of financial data Financial analysis refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Based on these reports, management may: Continue or discontinue its main operation or part of its business Make or purchase certain materials in the manufacture of its product; Acquire or rent/lease certain machineries and equipment in the production of its goods; Issue stocks or negotiate for a bank loan to increase its working capital; Make decisions regarding investing or lending capital; Other decisions that allow management to make an informed selection on various alternatives in the conduct of its business. Financial analysts often assess the firms: 1. Profitability its ability to earn income and sustain growth in both short-term and long-term. A companys degree of profitability is usually based on the income statement, which reports on the companys results of operations; 2. Solvency its ability to pay its obligation to creditors and other third parties in the long-term; 3. Liquidity its ability to maintain positive cash flow, while satisfying immediate obligations; Both 2 and 3 are based on the companys balance sheet, which indicates the financial condition of a business as of a given point in time. 4. Stability- the firms ability to remain in business in the long run, without having to sustain significant losses in the conduct of its business. Assessing a companys stability requires the use of both the income statement and the balance sheet, as well as other financial and non-financial indicators. Financial analysts often compare financial ratios (of solvency, profitability, growth, etc.): Past Performance Across historical time periods for the same firm (the last 5 years for example), Future Performance Using historical figures and certain mathematical and statistical techniques, including present and future values, This extrapolation method is the main source of errors in financial analysis as past statistics can be poor predictors of future prospects. Comparative Performance Comparison between similar firms. These ratios are calculated by dividing a (group of) account balance(s), taken from the balance sheet and / or the income statement, by another, for example  : n / equity = return on equity Net income / total assets = return on assets Stock price / earnings per share = P/E-ratio Comparing financial ratios are merely one way of conducting financial analysis. Financial ratios face several theoretical challenges: They say little about the firms prospects in an absolute sense. Their insights about relative performance require a reference point from other time periods or similar firms. One ratio holds little meaning. As indicators, ratios can be logically interpreted in at least two ways. One can partially overcome this problem by combining several related ratios to paint a more comprehensive picture of the firms performance. Seasonal factors may prevent year-end values from being representative. A ratios values may be distorted as account balances change from the beginning to the end of an accounting period. Use average values for such accounts whenever possible. Financial ratios are no more objective than the accounting methods employed. Changes in accounting policies or choices can yield drastically different ratio values,( Web 1, 2009). 1.4 Review and question financial data In November 2007 the Panel identified the areas in the economy considered to be under most strain as the banking, retail, travel, commercial property and house-building industries. The Panels selection of accounts for review in 2008/09 has been biased towards these sectors as annual financial statements and half-yearly accounts have become available. These reviews are continuing and the Panel is in correspondence with a number of companies. The Financial Reporting Council (FRC) has also taken a closer look at impairment and liquidity two aspects of reporting that are of increased significance given the pressure from the restricted availability of credit and reduced expectations for growth in the economy. The FRC is reviewing the goodwill and related impairment disclosures of 30 listed companies with significant goodwill balances at 31 December 2007 and the liquidity disclosures of 30 listed companies that have announced profit warnings or rescue fund raisings in the first half of 2008. The FRC will publish brief reports on its findings later in October. In 2007/08, the Panel reviewed 300 sets of accounts (2006/07: 311) and wrote letters to 138 companies (2006/07: 135) asking for further information about areas of possible non-compliance with the accounting requirements of the Companies Act 1985 (the Act) or the Financial Services Authoritys (FSAs) Listing Rules. At the time of writing this report, all but 17 cases are concluded. On the basis of accounts reviewed to March 2008, the Panel has concluded that the current standard of corporate reporting in the UK is good. The areas of reporting that prompted most questions were those dealing with more complex accounting issues or where the exercise of judgement b y management is most critical. The Panel did not identify any systemic issues requiring immediate remedial action. The Panel does not ask questions about reports and accounts in order to test its judgement against that of management. Directors, with the assistance of their professional advisers, are best placed to apply corporate reporting requirements to the particular circumstances of their companies. The Panel asks directors for additional information or explanations when it needs to clarify the facts and circumstances attaching to specific events, transactions or conditions reflected in reports and accounts. Once these are available the Panel is better placed to consider the thought processes applied to the reporting requirements, particularly the extent to which management has relied on working assumptions that are supported by a realistic appraisal of past performance and experience and future expectations, taking account of risks and uncertainties. It is the Panels experience that reports which clearly set out the companys business model are those which are easiest to understand. The Panel continues to be pleased by the way in which directors co-operate openly and constructively with the Panel and by their willingness to volunteer undertakings to improve the quality of their future annual and halfyearly reports. Company responses to the Panels letters of enquiry continued to be well considered. Directors who answered the questions they were asked, who presented well analysed and comprehensive replies, and who involved audit committees and external auditors in the process will usually have found that the Panel was able to conclude its enquiries after minimal exchanges of correspondence. The Panel published two press notices in the year in respect of companies that had failed to comply with the requirements of the Act. These companies restated comparative amounts in their next set of annual and half-yearly financial statements. UK companies with securities traded on a regulated market have been required since 2005 to prepare their consolidated financial statements in accordance with IFRS. From January 2007, AIM quoted companies have also prepared their accounts in accordance with IFRS as required by the Stock Exchange. The Panels experience is that there has been good progress and that the overall quality of financial statements has improved since 2005. The areas referred to below represent those where there is room for further advances in quality, particularly in the context of the difficult current conditions in the financial markets. Disclosure points that were frequently raised with companies during the period under review are noted at the end of the section. During the year to March 2008, the Panel reviewed the accounts of 10 retail and investment banks reporting under IFRS. The Panel considered compliance with all applicable reporting standards. The Panel identified banks as a priority sector in its accounts selection for 2008/09. Reviews conducted in the current year have concentrated on disclosures of financial risks as required by IFRS 7, the results of which will be reflected in the 2009 Panel Report. Issues raised varied between banks and there was no evidence of systemic reporting weaknesses. Most of the points raised indicated a need for refinement of certain disclosures rather than significant changes in recognition or measurement policies. The Panels remit was extended during the year to cover directors reports, including the business review, for periods commencing on or after 1 April 2006; effectively 31 March 2007 year ends. The following summarised findings therefore relate only to a minority of accounts reviewed in the period to March 2008. Comments on business reviews now feature regularly in the Panels correspondence with companies. The Panels approach to the business review was set out in a press notice published in September 2007 and also in a paper made available on the FRRP website, (Web 2, 2009). 2: Be able to assess budgets based on financial data to support organizational objectives. 2.1 Identify how a budget can be produced taking into account financial constraints and achievement of targets, legal requirements and accounting conventions The modern U.S. budget process dates from the Budget and Accounting act of 1921, which required that federal agencies request their funds from Congress only through the presidents budget. This act reflected in the view that the budget is a financial plan for the government, which has become among the most common ways of characterizing it. Equally frequent is the statement that the budget is ultimately a political document or that the budget process is ultimately a political one. Perhaps because they are stated so frequently, these phrases tend to be passed over, as if their implications were obvious. On reflection, however, the combination of a comprehensive financial plan that becomes a reality with a political process driven by the structure of the US governmental system hardly seems to be a formula for rationally driven, clear and effective budget. That there are shortcomings is not so surprising. The budget is a financial plan, but it is one of extraordinary scope and detail. Modern budgetary practice recognizes three major levels which the budget addresses: Macro economic (concerning the degree to which the budget affects national savings consumption investment and output), Major sector choices or national needs Karen including considerations of both expenditure policy and tax policy), and Detailed program design and execution. Simply put, the budget attempts to cope with this dilemma: people want individual pieces of the budget to be larger but for the total to be smaller. Steps in the Evolution of the Budget Process Budget and accounting act of 1921 established a single federal budget proposed by the president to Congress Post-World War II evolution of fiscal policy incorporated the budget as a factor in determining the direction of the economy Budget and deficit control act of 1973 created a congressional budget process and provided for specific measures for the president to propose and the Congress to act on reductions in approved appropriations. Graham Rodman Hollings provided for automatic cuts in budget outlays in the event deficit targets were exceeded Budget enforcement act provided specific limits for annual appropriations and created zero sum rules for changes to an entitlement programs and revenue measures. A major purpose of Budget concepts is to create a level playing field on which advocates for using the public treasury may meet in fair and open competition. Continuing the familiar analogy, the budget process provides the rules of the game. However, the game may be played by five- year-olds, and there can be as many referees yelling from the sidelines as there are players maybe more. Five-year-olds understand cheating, which is not to be condoned, but they also understand that changing the rules of the game, redefining what constitutes winning and getting a referee to rule in your favor are all excellent substitutes. It is not a coincidence that insiders discuss budget scorekeeping as something that is malleable, (Mathiasen.D,2009). 2.2 Analyse the budget outcomes against organization objectives and identify alternatives. 1. An operating budget is a formal, written plan that aligns the operating requirements with the funding sources of an organization. An operating budget reflects the missions and specific command objectives of the organization, as well as any limitations and controls (e.g., constraining targets, available funds) imposed upon it. An operating budget provides one the means to control obligations and expenditures against approved funding levels. 2. The objective of the operating budget is to provide managers with the ability to plan, organize, staff, and control the operations to accomplish the mission for the fiscal year. 3. There are several factors that are critical to the success of an operating budget. The following is a synopsis of those factors that need to be present to create a positive effect on the process. a. Management Support. Managers at all levels must support the operating budget concept not only in the formulation stage but through the execution stage. b. Guidelines. Guidance must be issued early to allow sufficient time for logical thought processes to take place, and to allow time for establishing milestone dates, specifying targets and limitations, defining terms, formats, and cost categories. c. Periodic Review. Operating budgets must be reviewed periodically to determine that the budget is properly executed. Appropriate adjustments can be made after these reviews. d. Level of Control. The responsibility for budget preparation and execution must be assigned to the level of management that has the responsibility and authority to control costs. Managers should not delegate this responsibility to personnel who do not have the skills and knowledge needed to prepare the organizations operating budget. Budget formulation and execution responsibilities should be incorporated into each appropriate managers performance standards to ensure accountability. Operating Budgeting Process The operating budget process consists of seven phases. Following is a brief description of each phase. Phase 1. Formulation This is the initial phase of the operating budget process. Budget Officers identify policies and guidance from HQUSACE and local areas of concern. Budget Officers will also determine the workload (income and expense), identify targets and limitations (planning and design, supervision and administration, overtime, travel, training, awards, etc.), income estimating guidelines and budget milestones. Phase 2. Review and Analysis Budget Officers review the initial input from the organizations for reasonableness, accuracy, valid assumptions, and past performance. They are also responsible for ensuring rates for departmental overhead, general and administrative overhead, facility accounts and plant accounts are appropriate and reasonable. Budget Officers prepare a proposed budget, identify the impact of alternatives to the proposed budget, make recommendations, and present the proposed budget to the PBAC (Program and Budget Advisory Committee). Phase 3. PBAC Review and Consensus The PBAC will review the proposed budget and alternatives and will determine a recommended budget for submission to the Commander. The PBAC may identify unfinanced requirements, showing their dollar amounts and justifications. Significant changes will be approved by the PBAC and the Commander. Phase 4. Approval The Budget Officer submits the PBAC recommended budget and alternatives for final Command approval. The approved operating budget is made available for execution. Phase 5. Execution Managers obligate and expend funds in accordance with the approved operating budget. Phase 6. Monitoring Operating budgets should be monitored on a monthly basis. Feedback reports are available to managers for monitoring actual performance compared to budgeted amounts. The Budget Officer provides periodic execution reports and analysis to the PBAC and the Commander. As a minimum, mid-year review will be completed. Phase 7. Adjustments Significant operating budget changes identified during the monitoring stage will be summarized and presented to the PBAC and the Commander for approval, (Genetti.A.JR, 1998). 3: Be able to evaluate financial proposals for expenditure submitted by others 3.1 Identify criteria by which proposals are judged The Sustain our Nation experts will be judging proposals using the following criteria: Identifying a Need Does the proposal address one or more of the five key themes? Does the proposal identify a genuine social need without creating issues or problems? User Empathy Have the relevant target individuals and groups been fully consulted in order to identify a legitimate issue? Does the designer fully understand the lifestyle and attitudes of the end user/stakeholders? Sustainability Has the designer considered the triple bottom line: economic, social and environmental factors? Innovation Does the proposal demonstrate a breadth of innovation and creativity? Business planning Are the business/enterprise, its objectives, strategies and market credible? Does the application include viable financial forecasts? Quality of presentation Is the presentation of a professional standard with cohesive narrative and appropriate visuals? (Web 3, 2009). 3.2 Analyse the viability of a proposal for expenditure Calculation of Financial and Economic Viability    Financial and economic appraisal is an important component of any project without which it is incomplete. Increasing awareness about the use of scare resources and the returns obtainable from it makes the issue more important. Financial analysis is used to describe the commercial viability of the project and shows its strength from financial angle. The concept of economic analysis can be considered as an extension of the financial analysis. In economic analysis the concern is on the developmental effect on the society/economy as a whole as against the financial analysis that bothers the interest of the specific entity. In the present report, financial analysis has been done for each market and of each category. Assumptions In the absence of past trends and its proper records it is necessary to make certain assumptions based on the reality of situations for assessing the true viability of any project. For this master plan, following assumptions have been taken:   i) Economic Life of the Project The horizon is important for calculation of benefit and cost of a project. Generally, 20-25 years period is considered proper as economic life of the project. In present case, calculations have been made assuming the economic life of the markets as 20years ending at 2020 A.D.   ii) Growth Period Proposed proposals for market development in Chhatishgarh is very simple. In number of markets, already minimum necessary requirement of construction has been met out and only a small addition or change will take place. In other cases markets would come up in a reasonable time. Therefore, it has been assumed that three-years period will be sufficient for completion of the proposed construction to make the new market yard fully operational. The full revenue in the form of ground rent is expected to flow after a gestation period of three years only.   iii) Occupancy    While making calculations, it has been assumed that all sellers operating in the market at present will shift and occupy space in new market, as they would get better trading facilities. Therefore, 100% space occupancy along with zero leakage of revenue has been considered. Occupancy of space in godown has been estimated for three to six months only in a year since space in godown may be utilized or in demand during harvesting and peak marketing season of different commodities. iv) Income and Expenditure    The main source of income of markets is market fee, leased rent and other sources of income. The income from market fee is assumed and computed at the rate of 1.5% of the value of arrivals expected with the implicit assumption that all the markets will be regulated and there will be a market committee to supervise the market operations and collect the market fee. The growth rate, which has been used for projecting the arrivals, is used for projecting income from this source for next 20 years i.e. up to 2018. Base year value is based on the actual value of arrival for the year 1998-99.   The other main source of income is rent chargeable on buildings. Rent has been assumed at 14% of the cost of construction of trading section and non-trading sections. No change rental has been proposed. While projecting income from this source it would get generate after the gestation period of three years is over. Usually, rent can be increased @10% after every 3 years, which would be, beneficial to the markets. Other income includes fines, sale of forms etc. that has been assumed  £.20,000 per annum and has been kept constant.   Various kinds of expenditure items like establishment cost, repair and maintenance, cost of land, capital cost etc. have to be looked into before preparing cash-flow statement. Establishment cost has been assumed @30% of the market fee expected, as the present staffing plan and expenditure was not available. Repair and maintenance cost has been estimated at 1% of the total cost. A lump sum amount of  £.5000 has been kept as miscellaneous expenditure to meet any contingency. Each market committee has to contribute Marketing Board Fund out of its income. Accordingly, it has been proposed that each market will contribute 10% of its market fee to this fund and the same has been kept as one of the component of operating expenditure. Gross benefits have been worked out for 26 years by deducting total operating expenditure from total income. Net benefits are net of interest payment and depreciation. Depreciation has been estimated by the straight-line method i.e. total capital cost divided by the life of the project assumed a

Polar Bears :: essays research papers fc

Polar Bear is the name for a white bear found on the icy sea of the Arctic throughout the North Polar basin. Being the only bear considered being marine, it is longer than other bears and streamlined for aquatic life. It has the â€Å"plantigrade† feet (heel and sole touching the ground) which are typical in all bears, with five sharp, claws on each foot for grasping at the ice and holding its prey. Long hair between the pads protects the bear's feet from the cold and provides traction on the ice so he doesn’t slip. Hard hairs on the forelegs, and very wide front feet, help the bear swim. All polar bears are white, although their fur may yellow in the summer because of the fat from animals it kills. The largest wild bears ever weighed—were more than 800 kg (which is more than 1800 lb)—have been polar bears. However, most male polar bears weigh an average of about 350 kg (about 880 lb), and most females weigh about 250 kg (550 lb). Polar bears have a strong navigational sense, an extremely good sense of smell, and they are extremely good at solving problems in order to obtain food. They eat primarily ringed seals, and sometimes they also enjoy bearded seals, walruses, or even white whales. They also feed on berries, sedges, mussels, and kelp when they have no other food sources left. As with other â€Å"true† bears, polar-bear mothers and young create strong bonds. The young cubs are very small when they are born: about 1 kg (about 2.2 lb). Their eyes remain closed for about 40 days and they must be fed every few hours. The mother keeps them close to make sure that they stay warm. Except during the breeding season, male polar bears are solitary and walk over vast amounts of sea ice while hunting. During the breeding season (which is from May to June), the males fight nonstop over females. Both the male and female may mate with other individuals as well.

A Short Story Essay

During Maytag’s final surrender to Whirlpool, appliance parts are now in surplus. As a result, the warehouse has been shipped an overabundance of parts. The likes of which we rarely see. Because the market has gone down in flames, the demand for appliance parts is sky-high. Thus we have a beautiful supply and demand ratio between our suppliers and our customers. Since no one has the capital to go out and purchase a brand new washing machine or refrigerator, in spite of Obama’s Energy Star credit stimulus, more and more appliances are being serviced. This allows servicers to keep in business and increase profits. Their increase in business requires that they purchase more parts from us, of which we are consistently replenishing due to the business deals made by our suppliers. Thus the servicer is never thrown into hysteria over a lack of parts. Thus we keep in business. Thus we keep our jobs. We even manage to allocate overtime on occasion. I know all this because the warehouse hides nothing from me. The warehouse needs me. The warehouse is me. Or else I’d like to think. By the end of the shift we are all manifesting the last of the packages that are to be shipped out via UPS and FedEx. The trailers are closed. The semis drive off. The workers go home. I stay to close shop. I print the manifest reports and shut down the computers. I record our shipping quantities and turn out the lights. The doors are locked, the security enabled. I shut the last door before I stroll to the bus stop. The driver sees my monthly pass purchased online at the warehouse’s very own computer, addressed to my own PO box. The driver lets me on. There are a couple of folks onboard. One works at Chili Works not too far from the warehouse. The other is a Wal-Mart employee. We are all considered workers of the underclass. The only difference is that I have approximately ten grand in my savings. Most people are ten grand in dept. Of course, not too many take microeconomics as seriously either. When my girlfriend cheated on me and insurrected herself from our apartment, I decided to take control of my cash. I realized that I was spending nearly six thousand dollars a year in rent money. When the lease was up, I took the capital gained from the security deposit, including the five dollar interest they were required to give, and invested in a bicycle. Of course, I invested in the bicycle after I totaled my Pontiac grand prix. I did this because for the next year I would have to spend three thousand dollars in car payments and two-thousand dollars in gasoline. The insurance forked me four grand. At this point I was a bit of an alcoholic anyway so I decided that the car was an opportunity cost. If I wanted to continue to go to the bars each night and have my juicy burger and tray full of cigarette butts, I would need to sacrifice the Pontiac. This capital was generally inadequate when compared to my personal entrepreneurship. My taverns, my coffee and reading clubs, my model-crafting. I’m getting to the point at which I can sell World War II naval ship recreations for a profit. No one would know my storage cell housed the Battle of Midway. Then there are my books that I buy and sell later to used book stores. It may be cheaper to go to a library, but the city doesn’t give cards to homeless folk. Still, I manage. The only real resources I depend on is my own personal entrepreneurship, my labor, and the permanence of the land. The capital built up over the years is strictly a luxury. Since my supply of bar beverages is at a constant growth, the supply of such beverages usually comes at a low cost. More and more I see laid off engineers and factory machinists come night after night, drowning their miseries away. Winter approaches, so the construction jockeys are hitting Bourbon Street like an army from hell. Meanwhile, the bars are ordering more and more of their stock. More than probably necessary, as I feel they have built a surplus. Everyday I see trucks stocked with Miller products and Coors make dock. By Tuesday night the bartenders are giving drinks away, they have so much. If their bands of laid-off workers don’t make a buck soon, the bars will start to run into a massive deficit without having a stable consumer base. An unemployed man can only spend for so long. Still, I reap the benefits. And if ever there is a time when someone may ask me why it is I chose my life without shelter; perhaps an intrigued lady aroused by such mystery or a confused little boy who was always taught to work with what they got; I shall tell them both that I live in the market of the free. My entire essence is dedicated to what I want and how accessible it is to make such an acquisition. Everything else is simply an unnecessary expenditure. A Short Story Essay The cold hit him straight way, and he turned to the see the appealing glow of the gas lamp that cast silhouettes on the walls, the shadows dancing with each flicker of the small flame. The wind blew quiet but harsh and found its way through the gaps in his woollen overcoat. He turned up the collar and regretted that there was no button to keep it in place. He scurried down the well-trodden path, passing withering plants and whatever else lay in the darkness. Without warning, the headlights of an approaching illuminated him against the darkness of the forest; he threw himself to the hard ground, scurrying towards the relative safety of the undergrowth. He didn’t dare to move, terrified that any shuffle or scratching might give away his position, as the truck stopped at the side of the road. He heard the slamming of doors and the shuffling of feet. The man could see nothing but the very top of the trucks canvas roof, but he could hear their voices. One shouted out to another in German; the reply was a harsh laugh that seemed to pierce the very core of the wildlife; a large bird that has been making its way cautiously over to the man suddenly opened its wings out and took off violently from where it stood with a loud shriek that filled the deadly quiet. The man stopped breathing, covered his head with both of his hands and screwed his eyes tightly shut, willing the other men to go away. He could hear them walking over, their hard-soled boots thudding, again and again, as they made their way closer. He had attempted to bury himself in the plantation, but it was to no avail. A narrow, white torch beam, moved across the perimeter of the forest, and slowly made its way down to his level. He shut his eyes tight and willed them to leave him be, to go away. And just like that, the beam of light vanished, and the footsteps gradually died away. With the slam of two doors, the engine started, and the truck moved off. The man lifted his head slightly, just in time to see the terrifying symbol of the Swastika that would be engrained in his mind for the rest of his life.

Make a Science Fair Poster or Display

Make a Science Fair Poster or Display The first step to creating a successful science project display is to read the rules concerning the size and types of materials allowed. Unless you are required to present your project on a single board, I recommend a tri-fold cardboard or heavy poster board display. This is a central piece of cardboard/posterboard with two fold-out wings. The folding aspect not only helps the display support itself, but it is also great protection for the interior of the board during transport. Avoid wooden displays or flimsy poster board. Make sure the display will fit inside any vehicle that is required for transportation. Organization and Neatness Organize your poster using the same sections as are listed in the report. Print each section using a computer, preferably with a laser printer, so that bad weather wont cause the ink to run. Put a title for each section at its top, in letters large enough to be seen from several feet away (very large font size). The focal point of your display should be your purpose and hypothesis. Its great to include photos and bring your project with you  if it is allowed and space permits. Try to arrange your presentation in a logical manner on the board. Feel free to use color to make your presentation stand out. In addition to recommending laser printing, my personal preference is to use a sans serif font because such fonts tend to be easier to read from a distance. As with the report, check spelling, grammar, and punctuation. TitleFor a science fair, you probably want a catchy, clever title. Otherwise, try to make it an accurate description of the project. For example, I could entitle a project, Determining Minimum NaCl Concentration that can be Tasted in Water. Avoid unnecessary words, while covering the essential purpose of the project. Whatever title you come up with, get it critiqued by friends, family, or teachers. If you are using a tri-fold board, the title usually is placed at the top of the middle board.PicturesIf at all possible, include color photographs of your project, samples from the project, tables, and graphs. Photos and objects are visually appealing and interesting.Introduction and PurposeSometimes this section is called Background. Whatever its name, this section introduces the topic of the project, notes any information already available, explains why you are interested in the project, and states the purpose of the project.The Hypothesis or QuestionExplicitly state your hypothesis or question. Materials and MethodsList the materials you used in your project and describe the procedure that you used to perform the project. If you have a photo or diagram of your project, this is a good place to include it.Data and ResultsData and Results are not the same thing. Data refers to the actual numbers or other information you obtained in your project. If you can, present the data in a table or graph. The Results section is where the data is manipulated or the hypothesis is tested. Sometimes this analysis will yield tables, graphs, or charts, too. More commonly, the Results section will explain the significance of the data or will involve a statistical test.ConclusionThe Conclusion focuses on the Hypothesis or Question as it compares to the Data and Results. What was the answer to the question? Was the hypothesis supported (keep in mind a hypothesis cannot be proved, only disproved)? What did you find out from the experiment? Answer these questions first. Then, depending on your answ ers, you may wish to explain ways in which the project might be improved or introduce new questions that have come up as a result of the project. This section is judged not only by what you were able to conclude  but also by your recognition of areas where you could ​not draw valid conclusions based on your data. ReferencesYou may need to cite references or provide a bibliography for your project. In some cases, this is pasted onto the poster. Other science fairs prefer that you simply print it out and have it available, placed below or beside the poster. Be Prepared Most of the time, you will need to accompany your presentation, explain your project, and answer questions. Sometimes the presentations have time limits. Practice what you are going to say, out loud, to a person or at least a mirror. If you can give your presentation to a person, practice having a question and answer session. On the day of the presentation, dress neatly, be polite, and smile! Congratulations on a successful science project!

Penubuhan Malaysia 1963 Essay Example

Penubuhan Malaysia 1963 Essay Example Penubuhan Malaysia 1963 Essay Penubuhan Malaysia 1963 Essay 16 September 1963 The establishment of Malaysia The Prime Minister of the Federation of Malaya, Tunku Abdul Rahman Putra in his speech at the Conference of Foreign Journalists Association of Southeast Asia held at the Adelphi Hotel, Singapore on 27 May 1961, had an insight about the need to establish a plan to bring the Federation of Malaya, Singapore, North Borneo, Brunei and Sarawak into a form of political and economic cooperation. Among other things, this cooperation should be conducted with the aims of limiting the influence of ommunist influence that could Jeopardise the political stability within the region. The Governments stand is based on the political developments in Singapore that shows an increasing influence of the Leftist. In addition to that, the idea is to offset the total population, increasing the economic development and to accelerate the process of the independence for Singapore, Brunei, North Borneo and Sarawak. The Commonwealth Parliamentary Association Branch of Malaya and Borneo Meeting n Singapore on 23 July 1961 had agreed to establish the Malaysia Solidarity Consultative Committee, chaired by Donald Stephen. The purpose of setting up this committee is to explain more clearly about the concept of Malaysia to the public, especially to the people of Sabah, Sarawak and Brunei. In this committee, the representatives of Malaya consisted of members of Parliament. Singapore Representatives comprises of the Legislative Council members and one from the opposition party. Members of the delegation from Sarawak were members of the State Council, the same with Sabah. The Committee convened four times to discuss matters relating to the establishment of Malaysia. The first meeting was held in Sabah in August 1961, followed by Kuching, Sarawak in December 1961 and then in Kuala Lumpur in January 1962. The last meeting was held in Singapore in February 1962. In the last meeting, the Committee agreed to submit a memorandum to the Cobbold Commission to conduct surveys on the views of the people in Sarawak and Sabah on the notion of Malaysia

China's Economic Growth Appraisal through the Solow Model Research Paper

China's Economic Growth Appraisal through the Solow Model - Research Paper Example The short term implications include policy measures such as tax cuts as well as subsidies on investment that could affect the steady state levels of output but not the growth in the longer run. Furthermore the growth is affected in the shorter run only because the economy converges to newer steady state levels of output. In addition the rates of growth of the economy as the economy converges to a steady state are determined by the rate of capital accumulation alone. The rate of capital accumulation is the determined using the savings rate as well the overall depreciation of capital. In contrast the long term implications of the Solow model imply that the long term rate of growth can be determined exogenously only. A common method of predicting implies that an economy will tend to converge towards a steady state rate of growth depending only on the rate of labor force growth and the rate of technological progress. The Solow model accommodates for higher saving rates producing higher growth rates much like older models but it appreciates technological innovation more in the longer run compared to accumulation of capital. The key assumption of the Solow growth model is that the involved capital is subject to the law of diminishing returns within a closed economy. Mathematically the Solow model is represented through the interaction between five macroeconomic equations for GDP, change in capital, the macro production function, savings and changes in the workforce. These functions can be represented mathematically as below (Haines). Function Mathematical Expression M acro-production Function Savings Function Changes in Capital Changes in Workforce Where:  is the total production of the economy  is the multifactor productivity or technology  is the capital  is the labor  is the savings  portion of total production which represents savings  is the depreciation  is the net growth rate  is the time 2. China’s Growth as per the Solow Model The Solow model has been used extensively in various forms in order to decipher national growth in the longer run utilizing exogenous perspectives. The basic key assumption remains the same as above which is the diminishing returns of the capital within a closed economy model. Moreover the textbook Solow model relies on exogenous rates for capital accumulation, technological progress and population growth. The overall economic growth in the longer run is estimated exogenously through relying on the rate of technological progress as stipulated in the discussion above. However the basic textb ook Solow model cannot reliably predict economic growth so it is often augmented with structural terms. This text will not deal with the derivation of the Solow model’s mathematical implications as it is beyond the scope of this text but instead it will report on the primary equations utilized for the Solow model. The derivation for the mathematical expressions used in the Solow model can be retrieved from various economics studies relating the Solow model to economic growth (Ding and Knight) (Temple and Wobmann). Based on these researches the primary equations in use are: The equations listed above accommodate for structural changes, efficiency of the economy, changes in labor patterns, technological changes as well as residuals required for convergence. The model listed above was used along with panel data from a variety of sources such as PWT (Penn World Table), WDI (World Bank Development Indicators), and FAO

Compression in Media Essay Example | Topics and Well Written Essays - 1250 words

Compression in Media - Essay Example This run of information is learnt to be facilitated by the different forms of media present around us. The absence of the efficient flow or exchange of such extensive information would as a result restrict the viewpoints and attitudes of the general people further exploiting their respective thoughts and inferences in relation to the happenings in the world around them. It needs to be mentioned in this context that the theories related to the media helps in justifying as well as manipulating the work done and the information provided to the audiences (Lorimer, Gasher & Skinner, 2012). Thesis Statement This paper would focus on providing a detailed comprehension regarding the various theories related to the media along with a comparison between those. The research paper would also attempt to ascertain the specific perspectives on the way the media functions and manipulates in the society of that country. For the reason of comprehending the specific perspective, a lucid insight require s to be gained regarding the various theories such as libertarian theory, social responsibility theory and political economic theory related to media. Libertarian Theory The notion with regard to this particular libertarian theory is learnt to have developed from the thought that individuals are considered as rational beings who possesses enough competence to differentiate between the factual and the improper facts or information and make appropriate decisions based on such judgments. The underlying belief of this theory relates to the chief aim of the media that is believed to be the passing on of truth or facts and also the belief that media would desist from succumbing to any kind of outside pressures; for instance, from the corporate owners or the advertisers (Lorimer, Gasher & Skinner, 2012). The theory of libertarian even presumes that individuals holding contrasting or divergent perspectives will also be paid attention to. This implies that the responsibility of media under t his theory is considered to be the communication or presentation of the negative as well as the positive viewpoints. According to this theory, assails made on the guiding principles as has been laid down by the government are completely acknowledged and are also supported at times. This theory also eliminates any kind of limitations exerted on the import as well as export of the media information with regard to the national boundaries. The libertarian theory believes in complete independence of the journalists along with the media experts within the system of media organization (Lorimer, Gasher & Skinner, 2012). Social Responsibility Theory The theory of social responsibility has been stated to comply with the notion of the libertarian theory but still suggests the need to recommend the kind of behavior or functions that the media should indulge into. This specific theory was learnt to evolve from the Hutchins Commission Report regarding the Free and Responsible Press. There were ce rtain objectives that were assigned by the commission which also entailed the requirement for honest and comprehensive reporting of the entire possible aspects related to any issue. It believes that the media holds some specific responsibilities and commitments toward the society (Lorimer, Gasher & Skinner, 2012). This particular social responsibility theory even believes and complies with the notion that the government needs to support the media for the reason of acting in accordance with their respective responsibilities towards the society in case of any failures in keeping up with the obligation that is expected with regard to the media. It should be stated in this regard that this is where the theory stands apart from the libertarian t