Finance For The Non Financial Manager Finance Essay - Free Essay Example

Sample details Pages: 14 Words: 4080 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? This assignment is done on the completion of the paper Finance for the non financial managers for the PGD leading to MBA level. As per the assignment given to us, we are required to analyze the financial performance of a company included in London Stock Exchange. For that purpose, I have chosen one of the biggest public retailers in the U.K., the Tesco. Don’t waste time! Our writers will create an original "Finance For The Non Financial Manager Finance Essay" essay for you Create order I have reasons to choose it, and the one of the reasons is its unassailable position in the retailing industry, in which it has left many of its competitors far behind. The other reason is its extraordinary sense of public service. These things always left me curious to know about how the organization functions. However, my focus will be concentrated on how such an organization manages its finance, that is to say the financial performance of the company. For that purpose I will briefly analyze the financial performance of the last three consecutive years of Tesco. Financial figures of Tesco in themselves do not clearly states its position in the market, due to that reason I have attempted to do the benchmark analysis comparing its financial performance with Sainsburys in the year 2009, and at the same time with industry average. For the industry average I have taken three companies in the same industry Tesco, Sainsburys, and Morrison. Tesco is the public retailer of groceries, consumer goods, financial services and telecoms. It was founded by Jack London in 1919 in East London. It sells food and drinks in its store and provides the services like clothing, consumer electronics, telecoms, home, health, and car insurance, dental plans, retailing and renting DVDs, CDs, music down loads, Internet services and software. Tesco operates its business in the U.K., the Czech Republic, Hungary, Poland, the Republic of Ireland, Slovakia, Turkey, China, Japan, Malaysia, South Korea, Thailand and the United States. TESCO brand was first used in 1924 and was included in London Stock Exchange in 1947 as Tesco Stores Limited. Tesco has a total of 4,331 stores worldwide; with a total of around 470,000.Currently it holds 28% market share in the U.K.s retailing industry. (www.investis.com ) 2. Financial Analysis of Tesco Despite the challenging environment, Tesco attained a considerable growth rate in the fiscal year ended in 28th February 2009. For the fiscal year ended in 2009 Tesco PLC achieved revenues of 59.4bn pound, an increase of 14.67% against the previous years 11.16%. Tesco exhibits an increasing trend in its growth rate. The companys revenues are derived from four major geographical regions: the UK, Rest of Europe, Asia and USA which accounted for 70.30%, 16.31%, 13.01%, and 0.38% of the revenue excluding tax of the fiscal year 2009 respectively. The growth rate of Tescos revenues in percentage in different region is shown in the pie chart in the appendix. Tesco exhibits a solid growth in the U.K. market despite the challenges of recession and strong competitors. Asia comes second in its growth rate followed by Europe. ( financial highlights.www. tesco.com) 2.1. Profitability Ratio Profitability Ratio in financial analysis is used to measure the businesss ability to generate revenue in relation to its expenses and costs. Higher the value of the ratio, the better would be the financial performance of the company. If a company is having a higher profitability ratio compared to its competitor, it can be inferred that the company is doing better than that particular competitor. The higher or same profitability ratio of a company compared to its previous period also indicates that the company is doing well. Profitability ratios are the particular interests of the shareholders. First profitability Ratio: Gross Profit Ratio: Gross profit/Revenue*100 The gross profit ratio tells how much a company earns after its cost of sales. In 2009, Tesco makes 7.76% gross profit for every 100 pound dollar which is slightly better than the previous year 2008 and worse than 2007 when the company had the gross profit margin 7.67% and 8.12% respectively. Compared to Sainsburys 5.48% in 2009, Tesco performs better. It operates above the industry average 6.51% in 2009. Second Profitability Ratio: Net Profit Margin Ratios: Net profit/ revenue*100% Net profit ratio gives us the net profit a business earns per 1 dollar turnover. It is calculated after taking into account the cost of sales and the expenses but before interest, dividend and taxation. Tesco has the net profit margin 5.44% in 2009 compared to 5.93% in 2008 and 6.22% in 2007.Although the company has the gross profit margin better in 2009 than in 2008, the net profit falls short than the previous year, which is due to the rise in the expenses than the previous year. The company is required to cut the administrative and other expenses to increase its net profit. Compared to the Sainsburys, the company is better in yielding net profit because Sainsburys net profit is only 3.55% in the current fiscal year 2009. Tesco exceeds the industry average in its net profit margin by 1.30%. The Third Profitability Ratio: Return on Capital Employed Ratio Operating profit/ capital employed*100 The ROCE tells the profit a company earns from the total investment made in the company. ROCE is calculated by dividing the operating profit by the total capital employed in percentage. Tesco earns 11.44 dollar for every 100 pound investment in the year 2009. ROCE for the company in the year 2009 is worse than then the last years ROCE which was 14.25 pounds which definitely accounts for the increasing expenses and decreasing operating profit and minority interests. Other factors in the decreasing ROCE of Tesco are: Heavy rise in borrowing, increase in past employment benefit obligations, heavy rise in provisions, and heavy rise in differed tax liabilities. Tesco performs better ROCE in the year 2009 compared to Sainsburys 9.46%., and at the same time exceeds the industry average by 2.22%. The Fourth Profitability Ratio; Return on Equity: Profit after tax/total equity*100% It measures how much a company earned from the total amount of shareholders equity found in the balance sheet. For every 100 pound investment by the shareholders of the company, Tesco earns 16.68 pound in the year 2009. Compared to the last year the performance is worse. The possible reasons are, finance cost is higher, and finance income is lower than in 2008 and taxation is higher. Compared to the Sainsburys, Tescos performance is better, for Sainsburys ROE for the year is 6.60%. Fifth profitability Ratio; Earning per Share Ratio: Profit after tax/No. ordinary share The company earns 27.50 pence for every ordinary share in the year 2009 which is slightly better than the previous year. This is because of the increase in the profit after the tax. Earnings per share of Tesco are better in the year 2009 than Sainsburys, for Sainsburys earnings per share for the year 2009 is 16.66 pence. In this regard also, Tesco far exceeds the industry average, 20.25 pence. 2.2. Liquidity Ratio. Liquidity ratios measure the ability of the company to meet the short term and long term obligations of the company. Liquidity ratios are the particular interests to those who are extending short term credit to the firm. Short term creditors prefer a high current ratio since it reduces risks, shareholder may prefer a lower current ratio so that more of the firms assets are working to grow the business. First Liquidity Ratio; Current Ratio: Current asset / Current Liability Current ratio is used to measure the companys ability to meet its short term commitments that is its debt and payables with its short term assets like cash, inventory and receivables. The higher the current ratio, the better the company is in paying its obligations. A ratio underÂÂ  1 suggests that the companyÂÂ  wouldÂÂ  beÂÂ  unable to pay offÂÂ  its obligations if they came due at that point. The current ratio can give a sense of the efficiency of a companys operating cycle or its ability to turnÂÂ  its product into cash. Analyzing Tescos current ratio we find for every 1 pound current liability Tesco has 0.79 worth of current assets in the year 2009. The company is weak in short term solvency and is not able to meet the short term obligations, but compared to last year it is better. The causes responsible for the better current ratio are: decrease in current tax liabilities, increase in the loans and advances to banks and other financial assets, incr ease in short term investments, cash and cash equivalents, increase in trade and other receivables and derivative financial instruments. Compared to Sainsburys in the year 2009, Tesco is better in fulfilling the short term obligations. It exceeds the industry average by 0.17, pushing the others behind. Second Liquidity Ratio: Acid Test Ratio or Quick Ratio or Liquid Ratio. Current asset- Inventories/ current liability Acid test ratio measures a companys ability to meet short term financial liabilities like the current ratio, but unlike current ratio it does not take into account the inventories, because inventories are not rapidly convertible to cash. Tesco has 0.63 of its liquidity assets for every pound current liability in the year 2009. It is weak because it is below the standard ratio 1:1. Acid ratio of Tesco for the 2009 is better than the year 2008 which suggests that the company is having the solid top line growth, quickly converting receivables into cash. Compared to Sainsburys in the year 2009, Tesco position is far better, for Sainsbury has only 0.31 pence worth of liquid asset for every 1 pound current liability. In this regard as well, the company pushes the company average behind. Third Liquidity Ratio; Working Capital to Net asset ratio WC/NA* 100 or CA-CL/NA*100 This ratio provides the percentage of remaining liquid assets. An increasing working capital to net asset ratio is a positive sign which shows the companys increasing liquidity and the vice versa. This ratio for Tesco in the year 2009 is negative which shows the company is undergoing severe short term liquidity problem. However, compared to the last year the company has brought slight change in the ratio showing its improvement. Compared to Sainsburys in the same year that is 2009, both companies seem to have passing through the same kind of problem. Both of them are in the same range though Sainsburys seems better, though insignificantly. 2.3. Efficiency Ratio: The purpose of using the efficiency ratio is to measure the efficiency of the company in utilizing its assets / resources to generate sales or profit. It looks at the internal working of the company. Efficiency Ratios types are as follows. Debtors Collection Days: Trade receivables/sales turnover*365 It is used to measure the efficiency of the credit control management. It is used to measure how quickly the company recovers debts from its credit customers. Most businesses make a large proportion of their sales on credit. Debtor days are a measure of the average time payment takes. Increases in debtor days may be a sign that the quality of a companys debtors is decreasing. This could mean a greater risk. Debtors collection days of Tesco for the year 2009 are only 12 days, which is more than the previous year, which is not definitely a positive sign. It exhibits the growing trends in the debtors collection days for the last two consecutive years when it was 10 and 9 days respectively. Compared to Sainsburys, Tesco exhibits worse scenario this is much higher than Sainsburys 0.95 days. Tesco bears high risk at collecting money from its debtors; however sounds it appears in other respects. It falls short to the industry average in this regard as well. Creditors Payments Days: Trade Payables/cost of sales or credit purchases *365 This ratio measures the promptness of the company in paying back to its suppliers or creditors. The company takes 32 days on average to pay back the debts it owes to its suppliers in the year 2009. The creditors payment days of 2009 are more than the year 2008 which is worse and indicates that the company has the weak liquidity ratio. Due to its cash problem, the company delayed the payment of debts than in the previous year. While comparing Sainsburys and Tesco, Tescos position is better, for Sainsburys pay back to its suppliers in 33.35 days. It outruns the industry average in this respect. Stock Turn over Days: Average Inventory/cost of sales*365 This ratio measures the efficiency of the inventory management or control. The companys stock turns over every 20 days in the year 2009. The stock maintained by the company is sufficient to meet the sales for 20 days, whereas it was 19 days in 2008 and 22 days in 2007 which means that the company is slower in 2008 and quicker in 2007 to sell the stocks than in the year 2009. Sainsburys stock turns over days are 27.45 days, worse than Tesco in the year 2009. Tesco makes quicker sell than Sainsburys. The company exacts the industry average in this respect. Asset turns over: Revenue/Net asset or capital employed. It measures the efficiency of the company in utilizing the assets to generate income. For every 1 pound the company invested in net asset, the company generates 1.94 worth of sales in the year 2009 which is worse than the previous years 2008 and 2007 when it was 2.36 and 2.56 respectively. Sainsburys generates 2.66 pound worth of sales for every 1 pound investment, better than Tesco in the year 2009 where as the industry average is 2.31. 2.4. Financial Position Ratios: It measures the long term solvency of the company, the ability of the company to meet long term commitments i.e. financial commitments. It measures the financial risk involved in the company. This is the particular interest of the shareholders and long term creditors like bank who leverage the company. D/E Ratio: D/E*100 For every 100 pound shareholders equity, the company has 149.14 long term liability in the year 2009 which involves high financial risk. The company is in worse condition than in the year 2008 and 2007 because the companys debt increased considerably from 87.06% and 74.54% of the last two years considerably. Sainsburys has only 62.57 long term liability for every shareholders equity. Tesco is high geared company whereas Sainsburys is a low geared company. Tesco exceeds the industry average, for the industry average for the year 2009 is 76.48%. Interest cover Earnings before tax and interest/ Interest expenses Higher the ratio, the better the position This ratio is used to determine how easily a company can pay interest on outstanding debt. The interest coverage ratio is calculated by dividing a companys earnings before interest and taxes of the period by the companys interest expenses of the same period. For every 1 pound interest payable, the company earns 7.18 earnings before interest and taxation which is sufficient to meet the interest expenses. However, compared to its past two consecutive years, the company is not generating income in the same ratio. IT operates better than Sainsburys and almost exacts the industry average. Investment Ratios: Investment ratios are used to understand the investment prospect of the company. These ratios are used by investors to estimate the attractiveness of a potential or existing investment and get an idea of its valuation. For example, the most well-known investment valuation ratio is the P/E ratio, which compares the current price of companys shares to the amount of earnings it generates. The purpose of this ratio is to give users a quick idea of how much they are paying for each $1 of earnings. And with one simplified ratio, one can easily compare the P/E ratio of one company to its competitors and to the market. P/E Ratio (market Price of the share /Earnings per share Ratio) Market value per share of the company is about 12 times of its earnings per share in the year 2009. Compared to the previous year the company has its share value decreased in 2009. In 2008 and 2007, the ratio was 14.61 and 18.30 respectively. In the same period of the year 2009 Sainsburys market price per share is 18.67 times of its earnings, better than Tesco. Tesco falls short by 3.45 times than the industry average. Dividend Yield Ratio: Dividend per share/market price per share A financial ratio thatÂÂ  shows how much a company pays out in dividends each year relative to its share price There is increasing trend in dividend paid out which is 3.59, 2.77 and 2.23 for every 100 pound share in 2009, 2008 and 2007 respectively. It is better than the current interest rate and inflation rate. Sainsburys position is better than Tesco. Tesco outsmarts the industry ratio in this regards as well. Dividend Payout Ratio: Dividend per share/Earning Per share*100 It is the percentage of earnings paid to shareholders in dividends. The payout ratio provides an idea of how well earnings support the dividend payments. More mature companiesÂÂ  tend toÂÂ  have a higher payout ratio. Tesco paid 43% of profit after tax as dividend which is higher than the last year when they paid only the 40.44% of profit after tax as dividend. Sainsburys paid out 80% of the profit after the tax to the shareholders in the year 2009, more than the Tesco. Tesco paid lesser than the industry average. Net Asset Value per Share Net asset/No of ordinary Share The net asset value per every 1 pound share of Tesco in the year 2009 is 1.65 which is more than in the years 2008 and 2007 when it was 1.51 and 1.33 respectively. Compared to Sainsburys, it is worse. It worse than the industry average also. 3. Nonfinancial performance of Tesco 3.1. Strategy of Tesco Tesco Plc has consistent growth strategy which strengthens its business in the U.K. and other markets. Tesco Plcs has five objectives in its strategy .They are given as follow: To be a successful international retailer; To grow the core UK business; To be as strong in non-food as in food; To develop retailing services such as Tesco Personal Finance, Telecoms Tesco. Com and To put community at the heart of its activities. With these objectives in the core of its strategy, Tesco began to broaden its business embracing the customers in the large expanding market of the U.K. and abroad in central Europe, Asia and USA. It adopted the strategy of diversifying its business in 1997. Tescos strategy is competitive and profitable that has made it the market leader in many markets outside the U.K. Tesco exhibits a solid growth in the U.K. market despite the challenges of recession and strong competitors. Asia comes second in its growth rate followed by Europe. 3.2. SWOT analysis of Tesco. Tesco entails Strengths, Weaknesses, Opportunities and Strengths in its businesses and I have attempted to make short overview of SWOTs of Tesco in the following way. Strengths TESCO have secured commercial standing within the global market place winning Retailer of the Year 2008 at the World Retail Awards. This can be used for marketing campaigns to drive advantage towards the demographic base for future growth and sustainability. Similarly, in an environment where global retail sales are showing decline or level performance on a like for like basis TESCO Group have published sales gain of 13% for UK markets and 26% growth in international markets. As a business looking for continued expansion TESCO have reserve funds of credit coupled with income derived from property portfolio development funds. Besides these, Tesco has a lot of strengths: Increasing market share, Tesco personal insurance, Tesco online, price adjustment to address the customers crushed by credit crunch, store variety, Economies of scale etc. Weaknesses Despite its strengths in the retailing market, TESCO Finance profit levels were impacted through bad debt, credit card arrears and household insurance claims. TESCOs position as a price leader in UK markets can lead to reduced profit margins in order to retain the key price points on most of the commercial items. Moreover, the grocer outlets are not set up to operate as specialist retailers in specific areas of product which can be capitalized on by other smaller retailers. Whilst current economic conditions suggest TESCOs key value message will succeed there is a weakness in non-essential, mid to high ticket price items which will suffer from the rising cost of living and lower disposable incomes. Tescos heavy reliance on the U.K. market might dwindle its growth rate as the U.K. is slow to emerge out of recession. Opportunities Statistics suggest TESCO is the third largest global grocer which indicates a level of buying power to ensure mainstream economies of scale. At the same time, the acquisition of Homever provides the opportunity to develop the brand through Asia, specifically South Korea and further grow International markets for the group. The development of Tesco Direct through online and catalogue shopping will grow the use of technology, providing the launch pad for larger non food based products with moderate to high margin returns and less focus on sales and margin per foot return to space. TESCO mobile have grown ÂÂ ¼ million customers in 2008 and moved into profitable status suggesting further growth and development within this technological area can be developed. Threats UK and American markets have been affected by economic concerns through the credit crunch. Lower available income will impact and strategic focus may need to change to lower priced basic products with less focus on higher priced brands suggesting a switch in price architecture. Rising raw material costs from both food and non food will impact profit margins overall. Sourcing changes to Far East locations with regards exporting restrictions on some non food product areas will reduce margin rates on products with already low margins. Changes to consumer buying behaviors require further analysis as technology develops consumer buying patterns change which will result in product areas requiring evaluation. For TESCO there is a persistent threat of takeover from the market leader Wal-Mart who has both means and motive to pursue such action. 3.4. PESTEL analysis of TESCO: The external factors have a great impact in a business. The external factors impacting a business are dealt under PESTEL analysis. PESTEL stands for political, economic, social, technological, legal and environmental factors a business operates in. Political factors include tax policies, trade restrictions, tariffs etc. Economic factors include economic growth, interest rates, and inflation rates, Employment level etc. Sociological factors includes culture, health consciousness, working condition Technological factors include ecological aspects, research and development, the rate of technological change. Environmental factors includes recycling policies and pollution Legal aspects include health and safety laws, consumer laws and regulations. The global recession has a negative impact on the businesses. It is very hard for businesses to sustain in such an environment. Credit crunch has given rise to the unemployment rate. It has impact on Tesco, too. However, Tesco has been doing well by selling everything to everyone everywhere. In such a situation Tesco can give employment to people by opening new stores in many places. Tesco has to follow the laws and regulations about monopolies and competition protecting consumers. Meanwhile Tesco has to ensure the entrepreneurs right to compete. Many small businesses are falling due to recession, and Tesco has to consider the location of establishment. The UKs law that presupposes the organization with a large market share dominant will lead Tesco to continuous assessment to ensure it is not being exploitative. Planning Permission law of UK has made Tesco to identify the relevant laws on planning permission. The increase in immigration of Eastern Europeans or the increase in young p rofessionals has given rise to quick microwavable meals that the Tesco has to bear in thinking. The technological factor that has assisted Tesco is the growing use of internet that made on line shopping in Tesco and provides delivery service through Tescos website www.tesco.com. With growing public concern about social responsibility Tesco has to make its corporate responsibilities to address the environmental issues like encourage the customers to make low carbon choices. The growth of unemployment rate is also likely to impact the business of Tesco. 4. Conclusion. The financial analysis of Tesco exhibits that Tesco is true to its strategy in acquiring the large portion of market share delivering customer focus service in its diversified business portfolio. It attained noteworthy growth in sales, left behind its competitors in many ratios. However, Tescos creditors payment days are high which involves high financial risks and sometimes it sounds like that it excelled others because it provides large credit sales to the customers for many days. But it would be rash to assess its performance that way ignoring its strength in many other respects. As a whole Tesco is doing well and will do better in the times to come. Tesco is a real business owner in the retailing industry. Although Tesco is doing well in the retailing industry, it runs the risks of running the jack of all but ace on none. It has its hand in everything but fails to outsmart the companies that have come up with specialized product even in a single product. It should focus on specializing in some most demanded product. Tesco has to extend its businesses in the countries like India and china with the large population and rising economy.

Privacy and Young People - 1017 Words

2.54 The city of Philadelphia requires GPS system in all taxicabs. Is a government requirement for a tracking system for private taxicabs a reasonable public safety measures or an unreasonable intrusion on the privacy of drivers and passengers? Identify several differences between such a government requirement and a taxicabs company choosing to install GPS system in its cabs? It’s more objectionable than other? 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Harlem Renaissance Short Essay Example For Students

Harlem Renaissance Short Essay Throughout the history of African Americans, there have been important historical figures as well as times. Revered and inspirational leaders and eras like, Martin Luther King and the Civil Rights Movement, Nat Turner and the slave revolt, or Huey Newton and the Black Panther Party. One such period that will always remain a significant part of black art and culture is the Harlem Renaissance. It changed the meaning of art and poetry, as it was known then. Furthermore, the Harlem Renaissance forever left a mark on the evolution of the black culture. The Harlem Renaissance found its birth in the early 1920s, in Harlem, New York. The period has been thought of as one of African Americans greatest times in writing. After War World I in 1918, African Americans were faced with one of the lowest points in history since the end of slavery. Poverty increased greatly in the South, as did the number of lynchings. The fear of race riots in the South caused large number of African Americans to move North between 1919 and 1926, to cities such as Chicago and Washington D. C. The idea that an educated black person should lead blacks to liberation was first founded from the works of W. E. B. DuBois. He also believed that blacks could not gain social equality by imitating the ideas of white people. Equality would have to be achieved by teaching black racial pride with an emphasis on black cultural heritage. The Cultural Revolution began as a series of literacy discussions in bars and coffee shops of lower Manhattan (Greenwich Village) and (Upper Manhattan) Harlem. Jean Toomer did one of the first and highly praised works. This would be Toomers only contribution to a time that he would later reject. Toomer is also known for his exquisite poetry like; Cotton Song, Evening Song, Georgia Dusk and Reapers. Jane Weldon Johnson had written the controversial Autobiography of an Ex-colored Man in 1924 and he had also edited The Book of American Negro Poetry. This collection included many of the Renaissances most talented poets. Included was Claude McKay, a Jamaican born writer. Weldons collection also included a young talented poet named Langston Hughes. Hughes had a love for music, mainly the blues, which became a bridge between African American Literature and Folk music. Zora Neale Hurston, an anthropologist originally born in Florida, wrote the literary magazine Fire! Although it lasted only one issue because of financial difficulties, Hughes, publisher Wallace Thurman, and a number of other influential black artists had shared in making one of most recognized Harlem Renaissance materials. Hurston later went on to publish Their Eyes were Watching God, in 1937, still keeping with the themes of strong black characters. Music was another art form found in the Harlem Renaissance. It became the background, inspiration, and the structure for the Harlem Renaissance literature. A style of music known as jazz represented the new, urban, unpredictable lifestyle. One of the greatest jazz singers of this time was Bessie Smith. She was a southerner and her recordings were rare for black performers during her time. Duke Ellington, whose legendary band played at the Cotton Club, personifies jazz. Charlie Parker and Billie Holiday would also record jazz music form the 1930s until the 1950s. Langston Hughes was one of the few poets that would combine both blues and jazz to create an original art form. Claude McKay used the jazz atmosphere in his novel Home to Harlem. In this novel, he presented Harlem as a beautiful, fantastic place. In the Harlem Renaissance somewhere using words to create images, while others were using canvas and various mediums to produce a visual art. By 1926, another stage in the developmental history of African-American visual artists came about, with the establishment of the Harmon Foundation. The Harmon Foundation became a tool for introducing the works of African-American artists to the world. William E. Harmon became the chief philanthropist and patron in the support of African-American artists and culture. Harmons interest in African-American artists reflected his interest in promoting justice and social commitment. .ub62fe6d6941a48484179c0e7dd159fae , .ub62fe6d6941a48484179c0e7dd159fae .postImageUrl , .ub62fe6d6941a48484179c0e7dd159fae .centered-text-area { min-height: 80px; position: relative; } .ub62fe6d6941a48484179c0e7dd159fae , .ub62fe6d6941a48484179c0e7dd159fae:hover , .ub62fe6d6941a48484179c0e7dd159fae:visited , .ub62fe6d6941a48484179c0e7dd159fae:active { border:0!important; } .ub62fe6d6941a48484179c0e7dd159fae .clearfix:after { content: ""; display: table; clear: both; } .ub62fe6d6941a48484179c0e7dd159fae { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ub62fe6d6941a48484179c0e7dd159fae:active , .ub62fe6d6941a48484179c0e7dd159fae:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ub62fe6d6941a48484179c0e7dd159fae .centered-text-area { width: 100%; position: relative ; } .ub62fe6d6941a48484179c0e7dd159fae .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ub62fe6d6941a48484179c0e7dd159fae .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ub62fe6d6941a48484179c0e7dd159fae .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ub62fe6d6941a48484179c0e7dd159fae:hover .ctaButton { background-color: #34495E!important; } .ub62fe6d6941a48484179c0e7dd159fae .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ub62fe6d6941a48484179c0e7dd159fae .ub62fe6d6941a48484179c0e7dd159fae-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ub62fe6d6941a48484179c0e7dd159fae:after { content: ""; display: block; clear: both; } READ: Information Technology EssayThe deprivation of black Americans, he reasoned, was a national problem, not simply a burden on blacks alone. Harmon and foundation were extremely vital in keeping the African-American artists working, learning, and creating expressions in the arts. Such artists as; Hale Woodruff, Edward Burra, Jacob Lawrence, John T. Biggers, Lois Mailou Jones, and William H. Johnson were among the talented that blossomed and shared their beliefs and fears through art. One artist that contributed his talents to the Renaissance was Aaron Douglas. For almost thirty years Aaron Douglas was head of the Department of Art at Fisk University, influencing a great many students, including a number who were to become prominent African American artists. Before that tenure Douglas was the leading artist of the Harlem Renaissance, known especially for his striking murals in libraries and other public buildings. These murals usually depicted significant events and people in African American history. While his murals were usually two dimensional and almost geometrical, his portraits, such as this one of Marian Anderson, were traditional and classical. Douglas personified what the Harlem renaissance was about, expression and acknowledgement of the greatness of African Americans. Furthermore, with that knowledge going on to have racial esteem, to do great things and influence others, thus making a mark on the world. The Harlem Renaissance taught future artist to look at art from an all-encompassing view. It knocked down barriers between literary and musical expression. The Renaissance added a new chapter in American History. A chapter that would highlight the African American thoughts and feelings as well as display their many talents.

Intellectual free essay sample

An intellectual is a person who primarily uses intelligence in either a professional or an individual capacity. As a substantive or adjective, it refers to the work product of such persons, to the so-called life of the mind generally, or to an aspect of something where learning, erudition, and informed and critical thinking are the focus, as in the intellectual level of the discourse on the matter was not high Jacques Barren, a French-American intellectual. The intellectual is a specific variety of the intelligent, which unlike the general repertory, is strictly associated with reason and thinking.Many everyday roles require the application of intelligence to skills that may have a psychometric component, for example, in the fields Of medicine, sport or the arts, but these do not necessarily involve the practitioner in the world of ideas. The distinctive quality of the intellectual person is that the mental skills, which he or she demonstrates, are not simply intelligent, but even mo re, they focus on thinking about the abstract, philosophical and esoteric aspects of human inquiry and the value of their thinking. We will write a custom essay sample on Intellectual or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Traditionally, the scholarly and the intellectual classes were closely identified; however, while intellectuals need not necessarily be actively involved in scholarship, they often have an academic background and will typically have an association with a profession. More broadly, any work of the mind may be termed intellectual property, whether or not its content is intellectual in the sense covered in this article. Intellectuals include not only philosophers, interested in epistemology, but also others in the arts and sciences, plus the humanities, with no boundaries as to fields of study.

Comparison of Two Commercials Essay Example

Comparison of Two Commercials Essay Example Comparison of Two Commercials Essay Comparison of Two Commercials Essay Outline Thesis statement: When compared side-by-side, there are differences in the two. Some of these include that the Lexus ad uses predominantly the logos, or logical, appeal whereas the second uses pathos, the emotional appeal, the target audiences for both commercials, and the effectiveness of each. 1. Pathos or logos? 1. VW uses more pathos than Lexus. 1. Humor is effective tactic in advertising. 2. By using humor, advertisers make their product more memorable. 2. Lexus uses more Logos than VW. II. Target audiences. 1. VW targets younger viewers but could be effective on almost anyone. 2. Lexus targets a more mature, serious audience. III. Effectiveness. 1. VW is more effective because it provides information, and it is entertaining as well. 2. The Lexus ad fails to be memorable. Rough Draft: Volkswagen vs. Lexus Over the last few decades, American culture has been forever changed by the huge amount of advertisement the people are subjected to. Advertising has become such an integral part of society, many people will choose whether or not they want to buy a product based only on their familiarity with it rather than the product’s price or effectiveness. Do to that fact, companies must provide the very best and most convincing advertisements as possible. Those companies have, in fact, done just that, and often times use varied methods of persuading consumers. By comparing two automobile commercials, this essay will look at how the first ad uses predominantly the logos appeal whereas the second uses pathos, the target audiences for both commercials, and the effectiveness of each. First, the commercial by Volkswagen uses primarily the pathos appeal (â€Å"Meet†) whereas; the Lexus commercial uses mainly logos (â€Å"Engineering†). The VW ad uses humor to get its message across (â€Å"Meet†). Humor is a very effective tactic used in advertising because it entertains the viewer, and that makes them more likely to remember the product being promoted. In contrast, the advertisement by Lexus presents facts about their product to persuade the audience to consider their vehicles (â€Å"Engineering†). This is also a good way for companies to inform their potential customers. Businesses build up credibility by presenting factual information rather than meaningless entertainment. In that way, they are using the ethos appeal by using the logos appeal. These two approaches to advertising are both effective, and which appeal a company focuses on may be largely contributed to the audience being targeted. On that note, the target audiences for both commercials will be compared. The commercial by Volkswagen uses humor to captivate the viewer and throws in a few facts while the audience is being entertained (â€Å"Meet†). The Lexus commercial, on the other hand, is much more serious (â€Å"Engineering†). It leads the viewer to believe that they have the answers to questions about future fuel demand and provides information in support of that (â€Å"Engineering†). The audience being targeted by VW is made up of more young people than the Lexus ad; however, it could also appeal to some older individuals as well. Lexus is targeting specifically a more mature audience in their ad. One can tell this because they spend less time on entertainment and more time for facts. This type of advertising would appeal to more serious and educated individuals. The goal of advertising is to convince the target audience to buy the product being advertised. With that being said, which one of these two commercials is the most effective at doing that? Though both do a good job getting their messages across, the ad by VW is more effective. This is because VW uses pathos, logos, and some ethos. By using all of the appeals, Volkswagen of America is able to grab the viewer’s attention, use ethos, in the form of an old car that they used to make, to establish credibility, and then provide logical information about the vehicle to inform the consumer (â€Å"Meet†). The Lexus ad does a good job of providing information, but fails to provide a way for the audience to remember their advertisement for very long after watching it (â€Å"Engineering†). In conclusion, the commercials by Lexus and Volkswagen both make the viewer consider their product. To do this, they use different methods of advertising. Also, both companies target different audiences. When all is said and done, they have varying degrees of success in doing so. Advertising is a fundamental force in today’s society, and because of this, companies must provide the most effective commercials with presentation of as many logical appeals as possible. Word Count: 607 Meet The Volkswagens – Jetta TDI Meets Prius Youtube. 18 May 2009. Web. 10 October 2011. † youtube. com/watch? v=JXK63kvUi6U Engineering Amazing Commercial Wall Youtube. 9 June 2011. Web. 10 October 2011. † youtube. com/watch? v=AJTYPq0gNCofeature=pyv Final Draft: Volkswagen vs. Lexus Over the last few decades, American culture has been forever changed by the huge amount of advertisement the people are subjected to. Advertising has become such an integral part of society, many people will choose whether or not they want to buy a product based only on their familiarity with it rather than the product’s price or effectiveness. Do to that fact, companies must provide the very best and most convincing advertisements as possible. Those companies have, in fact, done just that, and often times use varied methods of persuading consumers. Two commercials that provide a good view of the different types of advertising used today include a commercial by Lexus Motor Company featuring all the ways that their car is prepared for the future (â€Å"Engineering†) and a commercial by Volkswagen of America that provides some factual information but mainly focuses on humor (â€Å"Meet†). When compared side-by-side, there are differences in the two. Some of these include that the Lexus ad uses predominantly the logos, or logical, appeal whereas the second uses pathos, the emotional appeal, the target audiences for both commercials, and the effectiveness of each. First, the commercial by Volkswagen uses primarily the pathos appeal (â€Å"Meet†) whereas; the Lexus commercial uses mainly logos (â€Å"Engineering†). The VW ad uses humor to get its message across (â€Å"Meet†). Humor is a very effective tactic used in advertising because it entertains the viewer, and that makes them more likely to remember the product being promoted. In contrast, the advertisement by Lexus presents facts about their product to persuade the audience to consider their vehicles (â€Å"Engineering†). This is also a good way for companies to inform their potential customers. Businesses build up redibility by presenting factual information rather than meaningless entertainment. In that way, they are using the ethos appeal by using the logos appeal. These two approaches to advertising are both effective, and which appeal a company focuses on may be largely contributed to the audience being targeted. On that note, the target audiences for both commercials will be compared. The commercial by Volkswagen uses humor to captivate the viewer and throws in a few facts while the audience is being entertained (â€Å"Meet†). The Lexus commercial, on the other hand, is much more serious (â€Å"Engineering†). It leads the viewer to believe that they have the answers to questions about future fuel demand and provides information in support of that (â€Å"Engineering†). The audience being targeted by VW is made up of more young people than the Lexus ad, however, it could also appeal to some older individuals as well. Lexus is targeting specifically a more mature audience in their ad. One can tell this because they spend less time on entertainment and more time for facts. This type of advertising would appeal to more serious and educated individuals. The goal of advertising is to convince the target audience to buy the product being advertised. With that being said, which one of these two commercials is the most effective at doing that? Though both do a good job getting their messages across, the ad by VW is more effective. This is because VW uses pathos, logos, and some ethos. By using all of the appeals, Volkswagen of America is able to grab the viewer’s attention, use ethos in the form of an old car that they made in the past to establish credibility, and then provide logical information about the vehicle to inform the consumer (â€Å"Meet†). The Lexus ad does a good job of providing information, but fails to provide a way for the audience to remember their advertisement for very long after watching it (â€Å"Engineering†). In conclusion, the commercials by Lexus and Volkswagen both make the viewer consider their product. To do this, they use different methods of advertising. Also, both companies target different audiences. When all is said and done, VW’s advertisement is the most effective because it uses all of the appeals to convince their audience. Advertising is a fundamental force in today’s society, and because of this, companies must present as many logical appeals as possible and provide the most effective commercials possible. Word Count: 675 Meet The Volkswagens – Jetta TDI Meets Prius Youtube. 18 May 2009. Web. 10 October 2011. † youtube. com/watch? v=JXK63kvUi6U Engineering Amazing Commercial Wall Youtube. 9 June 2011. Web. 10 October 2011. † youtube. com/watch? v=AJTYPq0gNCofeature=pyv

The United Nations History, Organization, Functions

The United Nations History, Organization, Functions The United Nations is an international organization designed to make the enforcement of international law, security, and human rights; economic development; and social progress easier for countries around the world. The United Nations includes 193 member countries  and two permanent observer entities  that cannot vote. Its main headquarters is in New York City. History and Principles of the United Nations Prior to the United Nations (UN), the League of Nations was the international organization responsible for ensuring peace and cooperation between world nations. It was founded in 1919 to promote international cooperation and to achieve peace and security. At its height, the League of Nations had 58 members and was considered successful. In the 1930s, its success waned as the Axis Powers (Germany, Italy, and Japan) gained influence, eventually leading to the start of World War II in 1939. The term United Nations was then coined in 1942 by Winston Churchill and Franklin D. Roosevelt in the Declaration by United Nations. This declaration was made to officially state the cooperation of the Allies (Great Britain, the United States, and the Union of Soviet Socialist Republics) and other nations during World War II. The UN as it is known today, however, was not officially founded until 1945 when the Charter of the United Nations was drafted at the UN Conference on International Organization in San Francisco, California. Representatives of 50 nations and several non-governmental organizations attended the conference, all of which signed the charter. The UN officially came into existence on October 24, 1945, after its charters ratification. The principles of the UN are to save future generations from war, reaffirm human rights, and establish equal rights for all persons. In addition, it also aims to promote justice, freedom, and social progress for the peoples of all of its member states. Organization of the UN Today To handle the complex task of getting its member states to cooperate most efficiently, the UN today is divided into five branches. The first is the UN General Assembly. This is the main decision-making and representative assembly and is responsible for upholding the principles of the UN through its policies and recommendations. It is composed of all member states, is headed by a president elected from the member states, and meets from September to December each year. The UN Security Council is another branch and is the most powerful. It can authorize the deployment of UN member states militaries, can mandate a cease-fire during conflicts and can enforce penalties on countries if they do not comply with given mandates. It is composed of five permanent members and 10 rotating members. The next branch of the UN is the International Court of Justice, located in The Hague, Netherlands. Next, the Economic and Social Council assists the General Assembly in promoting economic and social development as well as the cooperation of member states. Finally, the Secretariat is the branch headed by the Secretary-General. Its main responsibility is providing studies, information, and other data when needed by other UN branches for their meetings. Membership Today, almost every fully recognized independent state is a member of the UN. To become a member of the UN, a state must accept both peace and all obligations outlined in charter and be willing to carry out any action to satisfy those obligations. The final decision on admission to the UN is carried out by the General Assembly after recommendation by the Security Council. Functions of the United Nations Today As it was in the past, the main function of the UN today is to maintain peace and security for all of its member states. Though the UN does not maintain its own military, it does have peacekeeping forces that are supplied by its member states. On approval of the UN Security Council, these peacekeepers are, for example, sent to regions where armed conflict has recently ended to discourage combatants from resuming fighting. In 1988, the peacekeeping force won a Nobel Peace Prize for its actions. In addition to maintaining peace, the UN aims to protect human rights and provide humanitarian assistance when needed. In 1948, the General Assembly adopted the Universal Declaration of Human Rights as a standard for its human rights operations. The UN currently provides technical assistance in elections, helps to improve judicial structures and draft constitutions trains human rights officials, and provides food, drinking water, shelter, and other humanitarian services to peoples displaced by famine, war, and natural disaster. Finally, the UN plays an integral part in social and economic development through its UN Development Program. This is the largest source of technical grant assistance in the world. In addition, the World Health Organization; UNAIDS; The Global Fund to Fight AIDS, Tuberculosis, and Malaria; the UN Population Fund; and the World Bank Group, to name a few, play an essential role in this aspect of the UN. The parent organization also annually publishes the Human Development Index to rank countries in terms of poverty, literacy, education, and life expectancy. Millennium Development Goals At the turn of the century, the UN established what it called its Millennium Development Goals. Most of its member states and various international organizations agreed to target goals relating to reducing poverty and child mortality, fighting diseases and epidemics, and developing a global partnership in terms of international development, by 2015. A report issued as the deadline neared noted the progress that had been made, lauding efforts in developing nations, and noted shortfalls as well that need continued focus: people still living in poverty without access to services, gender inequality, the wealth gap, and climate changes effects on the poorest people.

Basic Quantitative Analysis Essay Example | Topics and Well Written Essays - 1000 words

Basic Quantitative Analysis - Essay Example The glossary- like essay is prepared based principally on the typical book by Paul C. Cozby titled Methods in Behavioral Research. Some other established and authentic books are also cited. It is used to compare between two or more individual students of two or more divisions, classes or schools or the performance of two or more classes or schools, or the performance of an individual under two or more dissimilar testing conditions in terms of possession of some attributes or characteristics. Gravetter, Forzano (2008) assert that when the data is presented not in numerical values we have no alternative other than comparing the proportions or percentiles (p.452). In order to compare the achievements of two individuals or groups, the means are compared. It is possible when the scores are distributed in numerical figures. We compare mean score first, and then we do means. Contrary to both, in co relational study, we compare two variables for each and every individual, included in a particular group, and the score of different groups. If the data is numerical we resort to co relational studies, if not we use chi-square. (p.453) The name pie chart is given to a circle diagram. In determining the circumference of a circle we have to take into consideration a quantity known as ‘pie’. In this form of graphical representation, the data is represented through the sections or portions of circle. It is a graph in which frequencies are represented by bars, arranged one touching the next. The height of the bar will represent the frequency of the class. The area of the rectangle is proportionate to its frequency. In this way the total area of a bar graph which includes all those rectangular bars will represent the total frequency or ‘N’. A polygon is a many-sided closed figure. A frequency polygon is a graphic representation of a given frequency distribution. In this graph, the midpoints of the classes are plotted on the X-axis, to

ETHICS MANAGEMENT Essay Example | Topics and Well Written Essays - 750 words

ETHICS MANAGEMENT - Essay Example The individual scenarios illustrate the importance of ethics in management in their day to day activities. The CFA Code of Ethics and Professional Conduct is used as a guideline in resolving each given problem. The Code and Standards  serves as the ethical yardstick of investment professionals all around the world, setting aside the aspects of job title or position, cultural differences, or local laws. The values of integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets are hereby applied in the sample problems in order to resolve the ethical issues presented in this paper. Keywords: ethics management, ethical dilemma, code of ethics, professional conduct, values, global investment ETHICAL MANAGEMENT This paper presents some of the common problems encountered in the professional environment by applying CFA In stitute Code of Ethics and Standards of Professional Conduct to as a guide in order to resolve the ethical dilemmas. The CFA Code of Ethics emphasizes the values of integrity, competence, respect and how to maintain professional competence by placing the interests of the clients above individual interest. On the other hand, the CFA Standards of Professional Conduct highlights the values of professionalism, duties to clients, employers, colleagues, the integrity of capital markets, investment analysis and recommendations and conflicts of interest. Both are used as point of reference in resolving ethical dilemmas and ethical conflicts by applying ethical theories. Problems A & B As a sales representative, I am faced with the ethical dilemma of whether I should close the deal with Fortune 500 company even if I know that the other 2,000 computers will be delayed in delivery and I will earn a sizeable profit by receiving a big commission from such sale and will definitely boost the compa ny’s stock option. As a mother of two children, my kids are entitled to receive support from me, the money that I will be earning will help our family to defray our daily expenses. On the other hand, I will be in violation of the Code of Ethics as I should â€Å"act with integrity, competence, diligence and respect to my clients. I am expected to put the interest of client above my own personal interests†(CFA Code of Ethics 2010). One of my duties to my clients is to be fair in all my dealings with them. In this case, if I pursue with the sale with personal knowledge that the other computer units will not be delivered on time, I am guilty of putting my personal interest above the interest of my client. The long term effect of this sale to Fortune 500 would mean that their company will incur losses because of the failure of delivery on the part of our company. Our company will stand to lose a valuable client if I choose to close the deal without informing them that we c annot deliver on time and blame the delay to the manufacturer of computers. The short term effect will be advantageous on my part as I will receive a lucrative commission and the company will also benefit from the sale by receiving a boost in the company’s stock price and help our executives who want to exercise stock options. In the end, my final decision will be to forego with the deal even if our company will stand to lose a reasonable amount of profit and also if I lose the chance to earn personal gain. The Standards of Professional Conduct requires that in cases of â€Å"conflict of interest, I should make full and fair disclosure of all matters that could reasonably be expected to impair my independence and objectivity or interfere with respective duties to my clie

Human Development Essay Example for Free

Human Development Essay Taking a look at the Human Development Index map of Africa, which can be seen on (http://en.wikipedia.org/wiki/Human_Development_Index) on the web; it shows that many of Africas countries are very underdeveloped.7 One of the obvious reasons for why countries is Africa are underachieving is because of how poor is the strength of their economy compared to others. As it is well known, Africa is very rich in mineral resources as many other states rely upon their, possessing most of the known minerals types of the world. Africas economy is more reliant on agriculture than that of any other continent, with around 60% of Africans working in the agricultural sector. Secondly, the economic development of virtually all African nations has been hindered by inadequate transportation systems. Most countries rely on road networks that are composed largely of dirt roads, which become impassable during the rainy seasons. Road networks tend to link the interior of a country to the coast; few road systems link adjacent countries.9 To show how poor and how bad economy crisis is in Africa, one ought to take a look at their food crisis and the growing volume of food imports. Whereas Africa imported an average volume of 1.96 million metric tons of agricultural products in the years 1961-63, by 1980-82 this figure had risen to 11.2 million metric tons at an annual value of over $6.8 billion (over one-seventh of the total value of Africas imports in 1982).Owing to foreign exchange constraints, most African countries have had to rely increasingly on food aid to meet their imported food requirements.10 The commercial sectors of most African states rely heavily on one or a few export commodities. The bulk of trade occurs with industrialized nations, which require raw materials and sell industrial and consumer goods. Trade between African states is limited by the competitive, rather than complementary, nature of their products and by trade barriers, such as tariffs, and the diversity of currencies. Looking at the economy of Europe, a sharp contrast in strength and influence can visibly be seen. Europe has long been a world leader in economic activities. As the birthplace of modern science and of the Industrial Revolution, Europe acquired technological superiority over the rest of the world, which gave it unquestioned dominance in the 19th Century. An important impetus for growth since the mid-20th Century has been the formation of supranational organisations such as the European Union, the European Free Trade Association, and the Organisation for Economic Cooperation and Development. Unlike Africa, Europe has highly developed transport systems, which are densest in the central part of the continent. Many countries in Europe use well maintained transportation systems to transport important goods such as water transport which plays a major role in the European economy. Almost all European countries maintain national airlines, and several, such as Air France, British Airways, Swissair, Germany, and Netherlands are major worldwide carriers.13 Looking at both economies and trade, it is unquestionably obvious that Europe conducts substantial international trade compared to Africa. For Europe, much of its trade is intra-continental, especially among members of the European Union, but also engages in large-scale trade with countries of other continents. Germany, France, Great Britain, Italy and the Netherlands are among the worlds greatest trading nations. A large portion of European inter-continental trade involves the exporting of manufactured goods and the importing o f raw materials. Europes agricultural sector is generally highly developed, especially in Western Europe. The agricultural sector in Europe is helped by the Common Agricultural Policy, which provides farmers with a minimal price for their products and subsidized their exports, which increases competitiveness for their products. This policy is highly controversial as it hampers free trade worldwide (protectionism sparks protectionism from other countries and trade blocs: the concept of trade wars) and is violating the concept of fair trade.15 Africas economy is more reliant on primary products (i.e, agricultural and mineral) than that of any other continent, with around 60% of Africans working in the agricultural sector. About three fifths of African farmers are subsistence farmers tilling small pots of land to feed their families, with only a minimal surplus that can be sold for other goods.16 However, there are significant number of large farms that grow cash crop such as coffee, cotton, cocoa, and rubber; these farms, normally operated by large corporations, cover tens of square kilometres and employ large number of labourers. Africas geography is unsuited to trade and thus hampers its economy. The centre of the continent, at least on the western side, is an almost impenetrable rainforest that greatly impedes the transit of people of goods. Some of the wealthiest parts of South Africa are blocked from the rest of Africa by the Kalahari Desert, while the Sahara creates an obvious barrier to trade. While Africa has a number of great river systems such as those of the Nile, Niger, Congo, and Zambezi, it is not nearly as well-linked rivers as are other areas such as Europe. Moreover, many of the rivers are blocked by rapids and cataracts that require vast development projects if they are to be bypassed. The wetness of the roads and tracks makes transport difficult and hazardous. In addition Africa is cut off from the sea to a greater extent than any other continent. To enforce even more problems to Africa; there is an increasing amount of desertification occurring in Africa where the deserts, especially the Sahara are becoming larger, enveloping area around them, leaving less space for land. This process is partly due to the deforestation of areas of forest; with no roots to hold soil in place, it blows away leaving an infertile desert. Europe has a well developed financial sector. Many European cities are financial centres with the City of London being the largest.19 The European financial sector is helped by the introduction of the euro as common currency. This has made it easier for European households and firms to invest in companies and deposit on banks in other European countries as exchange rate fluctuations are now non-existent in Europe. As mentioned above, Europes economy is superior to that of Africa, so what can Africa do to improve its economy or perhaps what can it take from the Europe economy as a model. Professor J A. van Ginkel held a conference on the Knowledge and Development in Africa; here he talked about ways to improve Africas economy however not only by getting the economic policies right.20 Prof van Ginkel mentions that there is now substantial evidence that institutional weakness in many African countries is a critical obstacle to economic performance.21 From the surveys he conducted on the obstacles to business in Africa it highlights the damage caused by: the unpredictability of changes in laws and policies, the unreliability of law enforcement, and the impact of corrupt bureaucracies.22 Unless governments eliminate these kinds of obstacles then it is unlikely that the economy whether it is just locally in certain parts of Africa or on a national front will flourish. An aspect of the Europe model that Africa can learn from is the aspect of knowledge. No commodity is more expensive than knowledge. An Africa without a sustainable, strong knowledge sector of its own will always remain in a dangerously dependent position. Research and training institutions on the continent can make a critical contribution in at least three ways: by making the most of existing indigenous knowledge; by accessing the vast reservoir of existing global knowledge, as well as the ongoing advances in understanding, and adapting them to suit specific local conditions; and by helping to find innovative solutions to seemingly intractable problems.23 In terms of human resources, it was highlighted in the Seminars of Anticipation that African developments suffers from a tragic paradox: on the one hand, elites trained in Western world are too many (and most of them stay in the US or in the EU because they cannot find well-paid qualified positions in Africa, or because their skills do not correspond to African needs); while on the other hand the well-trained intermediate executives required to manage a modern economy are cruelly missing in Africa (higher technical experts, management executives, civil administrators). To conclude, this essay has looked the economies of both Europe and Africa and compared and contrast both of them. It has also provided information about both economies in terms of trade and finance. A brief history was provided which looked at the relationship between Europe and Africa and to the days of colonisation. Reasons as to why both regions are on different levels economically were provided to show how dominant and rich Europe was and how poor and underdeveloped Africa was. The Africa food crisis was mentioned to give an account of how poor Africa was against other regions. In addition ways that Africa can improve their economy thus bringing it more power and strength so that it can compete with other regions was provided, for example making sure Africa had the aqeduate education so that it learn. Many Africans move to the west so that they can have higher education which is not available in Africa and tend to stay there once they have completed their studies. This is detrimental to Africas development and thus a solution to the problem would be to support the creation of a complete curriculum. This would lead to a massive contribution to the development of vocational and technical education in Africa thus improving Africas economy. So as it can seen, the economies for both Europe and Africa are at this present time in contrast to each other but there is hope for Africa to become more dominant and influential in world affairs if the correct adjustments and policies are introduced to improve them. References Fawcett, L., Hurrell, A., Regionalism in World Politics, Oxford, Oxford University Press, 1995, pg 43Â  Ravenhill. J, Africa in economic crisis, Basingstoke, Macmillan, 1986, pg 9Â  www.ciaonet.org/isa/rajo

Electronic Trade and Money Laundering :: Economics

Electronic Trade and Money Laundering ELECTRONIC TRADE — FEATURES AND EXPECTATIONS Electronic trade is a reality that reveals and promises both rapid and exponential growth. Its constant progress, as well as increasing innovation in electronic payments, has for long been the subject of wide attention, especially for regulatory bodies, in respect of the opportunities for money laundering that these new instruments can provide, and of the responses that regulatory systems can and must develop in their regard. Detailed reports on the wholesale implementation of the new payment systems are available from the Bank for International Settlements. These reports show that, with greater or lesser speed, such systems are taking on a global dimension. Innovation continues incessantly; and rumours spread every day about the development of newer instruments, residing even in the most familiar tools such as mobile telephones." Aside from unpredictable shocking events, which could thwart the advance and availability of technological resources, electronic trade is eventually likely to become the norm, at least in the most advanced countries. It will spread over all markets, just as other instruments — cars, household appliances, telephones — have done before, because it is equally effective, cheap, and within everybody's reach. The main factors still inhibiting widespread diffusion are security risks — such as problems of transparency and symmetry of information; a need for defence from intrusive technologies; a call for guarantees against threats deriving from fraud, embezzlement, counterfeiting, false identities and privacy. These risks are likely to be scaled down, as the diffusion of the new instruments enlarges the market in such a way as to make lawful behaviour thoroughly prevail — which in turn will make the market itself more reliable. Under such conditions, obstacles and constraints that interfere with market development will not be able to resist its inner pressure, or will turn into discriminations and losses in commercial competition, which is positively unwelcome for the economies involved. It is certainly not by chance that in this matter the governments of many countries have so far shown a 'wait and see' attitude. NEW INSTRUMENTS AND MONEY LAUNDERING RISKS In its broadest sense, money laundering includes whatever activity is apt to disguise the source of illicitly earned wealth, dissolving the tracks that can lead back to it. To this goal, whatever means the economic and financial system can supply is beneficial. Experience has shown that money launderers prefer environments featured with poor control, high risks that justify high losses and profits, multiplier effects, little transparency and thus asymmetric information, ease of manipulation, chance of connivance or illicit profit sharing. In this perspective, the internet is an ideal environment. The access to new technologies is more effective, and at

Milk Production Linear Programing Essay

Abstract – A Mixed Integer Linear Programming (MILP) model is proposed in this paper that targets the optimal production scheduling in a single milk production line. The model takes into account all the standard constraints encountered in production scheduling (material balances, inventory limitations, machinery capacity, labor shifts and manpower restrictions). Furthermore, it considers special features that characterize milk production, which are limitations in production sequencing mainly due to different fat contents and flavors of various products and sequence-dependent setup times and costs. The objective function that is minimized considers all major sources of variable cost that depend on the production schedule, i. e. changeover cost, inventory cost and labor cost. The model is applied to a milk production line of a Sala industry in Iran and the results are presented and discussed. Keywords: Production scheduling; Mixed integer linear programming; Sequence-dependent setups. 1. Introduction Several restrictions encountered in everyday production complicate the scheduling problem. The available machine time and man hours constitute a significant restriction to the problem. Another issue in the scheduling process is accomplishment of the production targets. There are several possible modes of operation and the choice among them depends on the goal sought, which could be the optimization of production earliness or tardiness or the optimization of the incurring production profit or cost.. There could also be limitations in the production sequence. Technical issues can arise due to configuration modifications in the machinery during transitions or due to changes in the packaging materials. Both require a changeover time,during which the production is seized. In some cases the equipment has to be cleaned during transitions,which additionally creates a changeover costdue to losses of product quantities and consumption of utilities. Much of the scheduling research is directed towards problems with sequence-independent transitions. A scheduling methodology that incorporates sequence-dependent changeovers would be closer to reality and increase its effectiveness to a great extent. This can be justified as follows:If a sequence of operations requires excessive changeover time,it should not be preferred,despite the fact that its setup cost may be small. Setup cost in this situation would be high; setup time would vary depending on the cleaning procedure. A comprehensive review of scheduling problems that consider sequence-dependent transitions between products can be found in Reklaitis(2000) and Allahverdi et al. (1999). Another important issue that must be considered in milk production scheduling is the rather short life-cycle of the products that must be consumed in a matter of weeks or even days. Furthermore, customers prefer that the milk they buy is as fresh as possible. This pushes towards a just-in-time mode of operation,which makes the supply chain more susceptible to fluctuations in demand. All the above factors need to be taken into consideration in the design and implementation of the scheduling process. (Schuermann &Kannan, 1977; Sullivan & Secrest, 1985) + Corresponding author. Tel. : 09183601930 ; E-mail address: h-javanmardha@iau-arak. ac. ir 318 1. 1. Nomenclature Indices †¢ †¢ i days j, k, l products N scheduling horizon (days) P number of products demand(i, j) demand for product j on day i (ton) csetup(j,k) changeover cost from product j to productk (â‚ ¬) tsetup(j,k) changeover time from product j to productk (h). Cstorage storage cost (â‚ ¬/1000 cups/day) costs for the three shifts (â‚ ¬/h) u(j) machine speed for product j (ton/h) openinv(i, j), tarinv(i, j) opening and target inventory level of product j at the end of day i (ton) M(j), l(j) maximum and minimum production lots(ton) prod(i,j) produced quantity of product j on day i (ton) inv(i, j) inventory level of product j at the end of day i(ton) Time(i) total utilization of machine, including changeover times on day i (h) BIN(i, j) production of product j on day i (1/0) BINSETUP(i,j,k) changeover from product j to product k on day i (1/0). The rest of the paper is structured as follows: In the next section the motivating example that led to the development of the model is briefly described. 1. 2. Parameters †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ 1. 3. Decision variables †¢ †¢ †¢ †¢ †¢ †¢ 2. Problem definition – model formulation. The problem that is examined in this paper has the following structure: Given †¢ the daily demand of each product, †¢ the starting inventory, †¢ setup costs and times for the transitions between products, †¢ the production speed of each product, †¢ the inventory holding cost, †¢ the labor cost for the three working shifts, †¢ the sequencing limitations 3. objective of the model is to decide and calculate the products to be manufactured in each day and their respective quantities, †¢ the machine time (starting time and ending time) utilized by each product †¢ the inventory quantities of each product at the †¢ end of each day. At the same time, the constraints of the problem should be met. There are restrictions in: †¢ production demands, †¢ due dates of orders, †¢ sequencing of operations, †¢ available machine time and man hours. †¢ More precisely, the basic characteristics of the proposed scheduling tool are the following: †¢ †¢ 3. 1 3. 2 319 Model formulation and time representation: The formulation that is presented in this paper uses binary variables to indicate whether setup between two products takes place or not. The total scheduling horizon is separated into discrete-time periods, whose length isequal to one day. Within each time period, continuous- time formulation was preferred in order to reduce the size of the model and the required solution time and increase the accuracy of the model regarding time representation. †¢ Food industry-specific: The methodology that is presented in this work is oriented towards the food industry, as it takes into consideration a set of production restrictions that are frequent in food and especially milk production practice. Moreover, transitions between products are sequence dependent, meaning that both changeover times and costs are considered as sequence dependent. One more industry-specific requirement is the fact that at the endof the day all the equipment must be cleaned. So, production is seized at the end of each day. (P. Doganis, H.Sarimveis / Journal of Food Engineering 80 (2007) 445–453 447). †¢ Demand satisfaction: Demand is product-specific and is considered daily, that is, there are product orders and due dates within the scheduling horizon, often multiple within the week. Early production is possible but tardiness is not allowed. †¢ Decision variables: A number of model characteristics are not fixed or pre-determined in order to allow the solution algorithm to search for a combination of their values that would optimize the objective function. †¢ Objective function: The objective function not only takes makespan into consideration, but also includes setup costs, standard and overtime labor costs and inventory costs. The model is formulated as a Mixed Integer Linear Programming (MILP) problem, which is explained in details in the sequel. 3. 3 Parameters †¢ scheduling horizon, †¢ number and sequencing of products, †¢ demand of each product for each day, †¢ setup time and cost for each possible transition, †¢ storage cost of a unit of product for a day, †¢ labor cost for each shift, †¢ machine speed for each product, †¢ opening inventories and target inventories at the end of the scheduling horizon. 3. 4 Decision variables The optimal values of the decision variables are provided by the solution of the optimization problem and can be grouped into continuous variables and binary variables. For each day in the scheduling horizon, the optimal values of the following variables are obtained: †¢ 3. 5 Continuous variables The produced quantity of each product. The inventory level of each product at the end of the day. †¢ The total utilization of the machine including the setup times. Binary variables †¢ Binary variables (one for each product) indicating whether the respective product is to be produced in the particular day. †¢ Binary variables (one for each possible transition) indicating whether the respective changeover will take place or not. †¢ †¢ 3. 6 4. Objective function – minimization of The objective function represents the production cost, variable cost csetup(j,l). BINSETUP(i,j,l)+ inv(i,j). cstorage +?cost . Time(i) which is comprised of the setup costs, the inventory holding costs and the labor costs for all days of the scheduling horizon. Raw material and utility costs do not depend on any particular schedule and are not included in the objectivefunction. 320 4. 1 Constraints The constraints that must be satisfied are expressed by the following set of equations. The names of the parameters and variables are explained in the nomenclature. 4. 1. 1 Relationship between continuous variables and binary Variables Prod(i, j)? m(j). bin(i,,j) Prod(i,,j)?  µ(j). bin(i,,j) where m(j) and  µ (j) indicate the maximum and the smallest lot sizes allowed. The above inequalities express the restriction that production of product j in day i is allowed (prod(i, j) > 0) if and only if the binary variable BIN(i, j) takes the value of 1. Similarly, product j is not manufactured in day i (prod(i, j) = 0), if and only if the binary variable BIN(i, j) takes the value of 0. 4. 1. 2 Total material balance for each product throughout the scheduling horizon Openinv(j)+? prod(i,,j)=? demand(i,,j)+inv(N,,j) The summation of produced quantities of product j throughout the production horizon plus the initial inventory must equal the sum of demand of all days plus the inventory of product j at the end of the last day. †¢ Earliness is possible, but no tardiness is allowed Inv(1,,j)=openinv(j)+prod(1,,j)-demand(1,,j) Inv(1,j)? 0 Inv(i,j)=inv(i-1,,j)+prod(i,,j)-demand(i,,j) i>1 Constraints (5 and (6 calculate the daily inventory levels for each product j, while at the same time require that daily demands are satisfied and no tardiness is allowed. At the end of the first day, the inventory must equal the initial inventory plus any produced quantity, reduced by the demand of that day (Eq. 5 On any other day, the inventory must be equal to the inventory level of the previous day plus any produced quantity, reduced by that day’s demand. †¢ Satisfaction of the target inventory level at the end of the scheduling horizon Inv(N,,j)=tarinv(j) The inventory levels at the end of the scheduling horizon must meet the targets. 4. 2 Case study. The case study presented here concerns a specific milk production line, where 4products are produced. The products are indicated in Table 1 along with the production speeds. The problem for a six-day schedulinghorizon. The proposed tool was utilized to calculate the optimal production schedule for a week, for which the complete list of data are shown in Tables 1–5 Both opening and target inventories are set to zero for all 4different products in this case study. Setup constraints We need the binary variable BINSETUP(i, j,l) to take the value of 1 if and only if there is a changeover from product j to product l on day i. This is achieved by the following set of inequalities:where k is a sufficiently small number. It is shown that for each case there is only one possiblevalue of BINSETUP (i, j, l), which is becoming equal to 1, only if BIN(i, j) is 1 and BIN(i,l) is 1 . The MILPoptimization problem that was formulated was solved using the LINDO 6. 1The optimal production schedule, daily machine utilization and daily inventory levels are depicted respectively in Tables 6-8e production schedule contains the decisions concerning the products to be manufactured every day and therespective quantities. As can be observed, 321 production is accommodated towards the minimization of cost. Table 8 gives the daily machine utilization time allocated to each product. Additionally, the total time that the machine is utilized every day (including the changeover times) is shown in the last row of the same table Table 1 Production sequence and machine speed Priority Product Machine speed (in ton) machine speed 1 2 3 4 PRODUCTION P Pasteurized milk Sterile milk Homogenized milk Coco milk U(j) 36 30 24 18 Table 2 Changeover costs (in â‚ ¬) PRODUCTION Changover costs 1 2 3 P Pasteurized milk Sterile milk Homogenized milk Sterile 130000 Homogenized 520000 520000 Coco 650000 650000 790000 Table 3 Change over times (in h) PRODUCTION Changover times 1 2 2 P Pasteurized milk Sterile milk Homogenized milk Sterile 0. 8 Homogenized 0. 3 0. 3 Coco 0. 4 0. 4 0. 5 Tale4 Maximum & minimum production on day(in ton). PRODUCTION Capacity of production 1 2 3 4 p Pasteurized milk Sterile milk Homogenized milk Coco milk  µ (j) 18 15 12 9 m(j) 288 240 192 144 Table 5 Production demand during the scheduling horizon (in ton) Production Daily demand Wednesday Thursday 150 150 100 60 28 19 15 sum 550 420 160 135 P Saturday Sunday Monday Tuesday Pasteurized milk 50 200 Sterile milk 27 150 83 Homogenized milk 20 25 53 43 Coco milk 42 20 30. Table 6 The calculated production schedule (in ton) Production Daily production Wednesday Thursday 150 18 100 15 14 28 sum 550 420 160 135 P Saturday Sunday monday tuesday Pasteurized milk 288 94 Sterile milk 72 150 83 Homogenized milk 20 12 12 12 Coco milk 42 56 Table7 Daily production time including setup times (in h) 322 Production Daily production time.rized milk Sterile milk Homogenized milk Coco milk Saturday 8 2. 4 0. 8 2. 3 Sunday 2. 6 0. 5 3. 1 Monday 5 0. 5 Tuesday 2. 8 0. 5 0. 5 Wednesday Thursday 4. 2 3. 3 1. 6 0. 5 0. 5 4. 3. Table 8 Inventory levels beyond the safety limits at the end of each day (in ton) inventory P Pasteurized milk Sterile milk Homogenized milk Coco milk saturday 238 72 Daily inventory sunday monday 94 tuesday Wednesday Thursday 104 56 In these charts both production times for the different products and changeover times between products can be observed. Finally, Table 8 provides full knowledge of the inventory profile throughout the scheduling horizon. 5. Conclusions. The problem of production scheduling for a milk productionline of a dairy industry was studied in this work. The specific restrictions of the milk production process were taken into consideration in the formulation of a production scheduling optimization problem. The problem contains only linear equalities and inequalities, so that the global optimum solution is reached in a very short time. Another important aspect is that the optimization criterion is not restricted to time consideration (i. e. production time or earliness/tardiness), but includes production sequence dependent costs, labor costs and inventory holding costs, in order to represent more realistically the production cost while achieving production goals. The model produces the complete production schedule for a selected future horizon, including the sequence of products that should be produced every day and the respective quantities and the inventory levels at the endof each day. Ultimately, a production planning system that would include all production lines in a plant, including raw material and inventory capacity considerations, would offer a complete scheduling tool for the dairy industry. FinanLP OPTIMUM FOUND AT STEP OBJECTIVE FUNCTION VALUE 1) 46920000 6. References 32 [1] Allahverdi, A. , Gupta, J. N. D. , & Aldowaisan, T. (1999). A review of scheduling research involving setup considerations. Omega, 27(2),219–239. [2] Nakhla, M. (1995).. International Journal of Operations & Production Management, 15(8), 73–88. [3] Pinto, J. M., & Grossmann, I. E. (1998). Assignment and sequencing models for the scheduling of chemical processes. Annals of Operations Research, 81, 433–466. [4] Kohansal(2007),national congeress of food technology,1-5 [5] Reklaitis, G. V. (2000). Overview of planning and scheduling technologies. Latin American Applied Research, 30(4), 285–293. [6] Schuermann, A. C. , & Kannan, N. P. (1977). A production forecasting and planning system for dairy processing. Computers and Industrial Engineering, 2, 153–158. [7] Sullivan, S. , & Secrest, S. C. (1985). A simple optimization DSS for Interfaces, 15, 46–53. Philip DOGANIS(2007)journal of food engineering,445-453. 323.

Data Collection Method

the researcher used Quantitative data collection methods. Using qualitative data collection method, it rely on random sampling and structured data collection instruments that fit diverse experiences into predetermined response categories. They produce results that are easy to summarize, compare, and generalize. Quantitative research is concerned with testing hypotheses derived from theory and/or being able to estimate the size of a phenomenon of interest. Depending on the research question, participants may be randomly assigned to different treatments.If this is not feasible, the researcher may collect data on participant and situational characteristics in order to statistically control for their influence on the dependent, or outcome, variable. If the intent is to generalize from the research participants to a larger population, the researcher will employ probability sampling to select participants. From this research, the researcher used questionnaires and surveying technique in co llecting data. In the surveying techniques, it involves direct questioning of respondents about price.The researcher can choose whether to present the respondent with a range of possible prices, or force a response with no point of reference other than the concept and the question. While, for the questionnaires, researcher used the Web based questionnaire and structured questionnaire. By using web based questionnaire, it is the use of Internet based research. This would mean receiving an e-mail on which would click on an address that would take to a secure web-site to fill in a questionnaire. This type of research is often quicker and less detailed.People might be in a hurry to complete it and so might not give accurate responses. In this research ,researcher used of 2500 questionnaires mailed. While, for the Structured questionnaire, it is the structure of the individual questions requires respondents to qualify their price based on an implied assumption about quality. The structur e of the individual questions also was designed to capture consumers’ willingness to pay more for the five common wood products, given environmental certification.Respondents were given a non-certified price for each of the five products and asked to identify the price they were willing to pay for an environmentally certified product. DATA ANALYSIS TECHNIQUES Researcher have analyzed their data using data analysis techniques. Data analysis techniques that stated in this research includes, factor analysis, correlation, ANOVA, Chi Square, and descriptive statistics. Factor analysis( maximum likelihood with varimax rotation) was conducted on 20 items. This resulted in a reduction to five underlying factors.The factors were subjected to scale testing with resulting Cronbach alpas ranging from 0. 62 ( involvement in Certification) to 0. 90(importance of Certification). Correlation analysis . Correlation analysis is used by the researcher to test the relationship between factored. All hypothesized relationships were found to be significant and all but one was found to be directionally as hypothesized. Price was found to be positively correlated to consumer willingness to pay for certified wood products, the inference being that consumers perceive incremental value in certified products.ANOVA . Analysis of Variance (ANOVA) is a data analytic technique based on the idea of comparing explained variance with unexplained variance, kind of like a comparison of the coefficient of determination with the coefficient of alienation. It uses a rather unique computational formula which involves squaring almost every column of numbers. ANOVA techniques was used to test the hypotheses of no difference between the cluster means in this research. Chi square.In this research, researcher used chi square. A technique designed for less than interval level data is chi-square and the most common forms of it are the chi-square test for contingency and the chi-square test for indepen dence. The chi-square test for contingency is interpreted as a strength of association measure, while the chi-square test for independence (which requires two samples) is a nonparametric test of significance that essentially rules out as much sampling error and chance as possible.In this research it used chi square for the purpose of compared consumer segments on selected demographic characteristics. The consumer segments compared on selected demographic characteristics includes democrat, and environmental group member. Descriptive statistics. Descriptive statistic used in this research to measures of central tendency of mean. Examples include descriptive analysis of age, gender, education level, income level, republican , political view, democrat and environmental group member.