Global Warming Essay -- Environmental Global Climate Change

Global Warming Two issues that worry many scientists are global warming and the greenhouse effect. The greenhouse effect is a instinctive solve that keeps the earth at temperatures that are livable. What does the greenhouse effect have to do with global warming? When humans release gases into the air, the greenhouse effect go out alter the temperature of the earth. More gases in the atmosphere means the earth lead start to get warmer, and the result is global warming. On the other hand, if there was no greenhouse effect, the earth would be too cold for humans to comfortably exist.In order to talk about global warming, we must first look at what causes the greenhouse effect. The three most common greenhouse gases are water vapor, carbon dioxide, and methane. Many of the sunbathes rays are absorbed by water vapor. Water vapor is a natural atmospheric gas and it accounts for 80 percent of natural greenhouse warming the remaining 20 percent is overdue to other gasses that are pr esent in very small amounts (Murck, Skinner, and Porter 488). A greenhouse gas known as carbon dioxide is the second biggest absorber of the suns heat rays. Humans affect the amount of carbon dioxide in the atmosphere in many ways. Every time fossil fuels are burned, more carbon dioxide is released into the air. Car exhaust emissions also increase the amount of carbon dioxide in the air, and more carbon dioxide means more heat rays being absorbed. This will cause the earths temperature to warm.Another greenhouse gas is methane. Methane absorbs infrared radiation 25 times more effectively than carbon dioxide, making it an heavy greenhouse gas despite its relatively low concentration (Murck, Skinner, and Porter 490). Many studies have been performed on how methane is released into the atmosphere. Results have shown that methane is generated by biological activity link to rice cultivation, leaks in domestic and industrial gas lines, and the digestive process of domestic livestock, e specially cattle (Murck, Skinner, and Porter 490).The environmental Media Services Organization has be that the greenhouse effect could drive temperatures up as much as 6 degrees by the year 2100 an increase in heat comparable to the 10 degree warming that ended the last ice age (Fast Facts). If a 10-degree warming was the factor that ended the last ice age, imagine what a... ...bal warming process has started, it is very hard to reverse it. Global warming temperatures grow exponentially and we will have to create an answer for global warming sooner than passel think. I dont know how to start the process of burning less fossil fuels. All I know is global warming has to be stopped if we want to keep living the way we do now. If it isnt stopped, the problems discussed in this paper will only get bigger and bigger and the final stage result will ultimately be death.Works CitedCampaign to Stop Global Warming. State PIRGs (public interest research groups)Working Together. Mar. 2006. 4 Oct. 2007http//www.pirg.org/enviro/global_w/fact.html.Fast Facts. Environmental Media Services. 10 July 2006. 23 Oct. 2007http//www.ems.org/climate/sub2_climate.html.Murck, Barbara W., Brian J. Skinner, and Stephen C. Porter. Environmental Geology. New York John Wiley & Sons, 2004. 488-490.The Planet Speaks. The Wilson Quarterly 25.4 (Autumn 2006) 124.To Save Lives, Give Global Warming the Same Priority As Biological Weapons, Says WWF. WWF Global Network. 5 Nov. 1998. 27 Nov. 2006http//www.panda.org/news/press/news.cfm?id=158.

The Oppression of Miranda in The Tempest Essay -- Tempest essays

The Oppression of Miranda in The violent storm Mirandas schooling in The Tempest shows the audience the conflicting arrangement duster women in the Shakespe atomic number 18an drama as wholesome as Shakespearean times are forced to act within. Paul Brown points out that the plow of sexualityoffers the crucial nexus for the various domains of colonialist conference (208) and the conduct in Prospero manipulates his followers sexuality is the mainstay of his power. The Miranda-Prospero relationship servers to represent a sort of patriarchy, which is unarguably the dust many Renaissance women and women of Shakespeares time found themselves in. It is and so unsurprising that Prospero controls Miranda and her sexuality as well. The dust of patriarchy is demonstratd again and again throughout the play. For example, we impinge on that Prosperos wisdom, magic, and fosterage of Miranda, as well as his civilizing of Caliban demonstrates a system of authoritative love. There is no q uestion that Prospero loves and wishes to protect his daughter for example, Prospero continuously reiterates how much he cares for Miranda. However, at the same time, he exhibits enough power everyplace her to be considered a patriarch. Prosperos authority over Miranda is so great that she finishnot do any amour but follow her fathers wishes it intimately appears as if she has no choice in the discipline for she, like Ariel and Caliban, can also be subject to Prosperos magical control. However, it appears that upon a closer study of this, we see that, patriarchalism makes specific, and often apparently contradictory demands of its own women, which can often cause confusion and problems for the woman involved. Miranda, as a character in Renaissanc... ... Prospero Twelve twelvemonth since, Miranda, twelve year since, Thy father was Duke of Milan and A prince of power. Miranda Sir, are not you my father? Prospero Thy mother was a piece of virtue, and She said thou wast my da ughter and thy father Was Duke of Milan, and his just now heir And princess no worse issued. Works Cited Brown, Paul. This thing of darkness I acknowledge mine The Tempest and thediscourse of colonialism. New York Dollimore and Sinfield, 1985. Kermode, Jack. Political Shakespeaere New Essays in Cultural Materialism. BostonManchester University Press, 1985. Lamming, George. The Pleasures of Exile. London Allison and Busby, 1984. Mies, Maria. Patriarchy and aggregation on a World Scale. London Zed Books,1986. The Oppression of Miranda in The Tempest Essay -- Tempest essaysThe Oppression of Miranda in The Tempest Mirandas schooling in The Tempest shows the audience the conflicting arrangement white women in the Shakespearean drama as well as Shakespearean times are forced to act within. Paul Brown points out that the discourse of sexualityoffers the crucial nexus for the various domains of colonialist discourse (208) and the conduct in Prospero manipulates his followers sexuality is the mainstay of his power. The Miranda-Prospero relationship servers to represent a sort of patriarchy, which is unarguably the system many Renaissance women and women of Shakespeares time found themselves in. It is thus unsurprising that Prospero controls Miranda and her sexuality as well. The system of patriarchy is demonstratd again and again throughout the play. For example, we see that Prosperos wisdom, magic, and education of Miranda, as well as his civilizing of Caliban demonstrates a system of authoritative love. There is no question that Prospero loves and wishes to protect his daughter for example, Prospero continuously reiterates how much he cares for Miranda. However, at the same time, he exhibits enough power over her to be considered a patriarch. Prosperos authority over Miranda is so great that she cannot do anything but follow her fathers wishes it almost appears as if she has no choice in the matter for she, like Ariel and Caliban, can also be subject to Prosperos magical control. However, it appears that upon a closer study of this, we see that, patriarchalism makes specific, and often apparently contradictory demands of its own women, which can often cause confusion and problems for the woman involved. Miranda, as a character in Renaissanc... ... Prospero Twelve year since, Miranda, twelve year since, Thy father was Duke of Milan and A prince of power. Miranda Sir, are not you my father? Prospero Thy mother was a piece of virtue, and She said thou wast my daughter and thy father Was Duke of Milan, and his only heir And princess no worse issued. Works Cited Brown, Paul. This thing of darkness I acknowledge mine The Tempest and thediscourse of colonialism. New York Dollimore and Sinfield, 1985. Kermode, Jack. Political Shakespeaere New Essays in Cultural Materialism. BostonManchester University Press, 1985. Lamming, George. The Pleasures of Exile. London Allison and Busby, 1984. Mies, Maria. Patriarchy and Accu mulation on a World Scale. London Zed Books,1986.

Themes In A Farewell To Arms :: essays research papers

A farewell To Arms ThemesThere are three major themes in Hemingways A Farewell to Arms. The first themeis enduring lovemaking ended only by mortality. The second, the effects of war on a mans idealsand morals, things which people can and do believe during war. The last and mostimportant theme is Frederic hydrogens disillusionment. Hemingway shows that love can persevere in a world ruined with war. Frederic is non looking for love, and when Rinaldi introduces him to Catherine Barkley, he thinks ofher as merely a sexual conquest. hydrogen considers his flirting with Catherine like moves ina chess game.. Henry thinks Catherine is a critical bit crazy, and both admit they are acting.At the front, Henry realizes he is lonely without her and misses her. But it is not until hemeets her, after he is wounded and move to an American hospital, that he realizes he lovesher. Henry admits he didnt want to fall in love with her, but even so he has. Their lovecontinues to grow during his stay at the hospital. Their relationship is unusual since theyrarely argue. Their ideal relationship provides them with refuge from the war. However,love, has its limit, mortality. Henry leaves for the front again he suggests that their dally is only ended by death. He notices because of his love he has become gentle.When he deserts and returns to Catherine he finds comfort, order, and courage. He says,foreshadowing the end of their love, If people remove so much courage to this world theworld has to kill them to break them, so of course it kills them.. Henry has becomedependent on Catherine. His love for her is slopped enough to ease his disillusionment InChapter 41 their baby is born dead. Henry hopelessly watches as Catherine dies and he isleft without comfort or hope.Henrys ideals and morals change during the novel. He begins to question the legaland immoral theories of the war and replace them with illegal but moral ideas. Forinstance, in Chapter 7 Henry meets a soldier who wants to be taken to a hospital which isagainst the rules. At first Henry objects, but when the soldier asks him You wouldntwant to go in the line all the time, would you?, he answers no and decides to return laterand pick him up. Henry has been unable to find new morals, since he has lost faith in whatthe leaders proclaim. Another example is the Romantic ideology of the time, the belief

Juan Rulfos Pedro Paramo and Religion :: Juan Rulfo Pedro Paramo Essays

Juan Rulfos Pedro Paramo and Religion In the novel Pedro Paramo, Juan Rulfo uses religiousness as a characteristic that contrasts with the characters lack of moral codes and lack of faith norm all(prenominal)y attributed to religion. The people in the town of Comala are obsessed with the afterlife and prayer, and they even attend church regularly, but these are alone habits that have lost their original meaning. Rulfo uses these symbolic activities to make the characters dichotomous nature more apparent. initiate Renteras occupation, the town priest, demands integrity, purity, and the author to believe his own teachings. Father Rentera might, at one time, have had those attributes but something changed him. The realization and consequences of his own conflictive nature haunt Rentera, and the town subconsciously senses his anguish, thus shedding light on Comalas religious and psychological condition. A question arises about Renteras disillusionment with religion Did the to wnspeople make Rentera cynical or did his doubts lead them astray? I think it was more of the former, and the catalyst in Renteras religious failing was just one man Miguel Paramo. Miguel Paramo killed Father Renteras brother and raped Renteras niece Ana. These events were merely taken in stride with Renteras philosophy of never hate anyone but it was the death of Miguel that dashed Renteras religious beliefs. Father Rentera performed the funeral notice and did not offer a final benediction partly for selfish reasons of revenge, using his pastoral robe as a barrier. Disregarding Renteras pixilated remarks of Miguel, Pedro Paramo offered gold to the priest as restitution, or a bribe, and said, Weigh him and forgive him, as perhaps God has forgiven him. At Paramos defiance, Rentera realized that his religious power was no agelong effective or revered in Comala, because Paramos gold was now the controlling force in the land. Crushed and depressed, Rentera no longer felt wo rthy of his office What has their faith won them? Heaven? Or the purification of their souls? And why purify their souls anyway, at the last moment Rentera had lost all faith in his religion and himself. As if he had failed a test, he says, Alright Lord, you win. Father Rentera represents the constant struggle a person has to maintain individual(prenominal) integrity against outside corruption and personal vices.

Marketing Research Essay -- GCSE Business Marketing BTEC Coursework

Marketing Research1. EXECUTIVE SUMMARYSasel Research has developed a research proposal for Epic Developers to ask the needs and wants when buying inner-city luxury flats. The information that we collect give determine the advertising strategies that pass on be employed. Background information must be considered ahead research design and data collection methods are implemented. We puzzle collected a variety of secondary information including Australian Bureau of Statistics and focusing on recent surveys and reports they have published. This information paved the way to developing our further research methods. We have decided that a questionnaire and focus groups would be the most becharm method of research when considering our target audiences. The information gathered will allow Epic Developers to create a successful advertising campaign. Limitations within our research have also been addressed and further research has been outlined in our proposal.2. PROBLEM DEFINITIONSasel Ma rketing Research has developed a primary research plan that utilises a communications approach. We will be directly questioning respondents to obtain data by using a questionnaire.In order to give our recommendations on the best way to promote a spick-and-span complex, we need to successfully obtain the necessary data. To acquire this data we need to come into direct tint with potential apartment buyers and existing apartment owners to find their perceptions and motivations that drive their behaviours.The communication method has been chosen, as it is fast, versatile, generally inexpensive and allows more control over the data-gathering activities. Our objectives stop be met sufficiently through the communication method of collecting primary data.3. OBJECTIVESThe aim and objective of this research project is to determine the factors that interest of potential apartment buyers of units with out a view so as to create an advertisement that will effective advertise the apartment.Th ese findings will assist the organization in their survival of the fittest of the elements of the ad. So as to communicate more effectively to their target audience. This research project will take into account the different elements of purchasing a new apartment, in the city, which has no views. And will look into the areas that the apartment has to offer, our uniqu... ...dvertisement and the placement of the ads.Post testingsales figures and questionnairesTo measure the success of the campaign after the sales of the apartments, we will measure the effectiveness by looking at the sales figures. This will give us an numberd idea of the effectiveness of the ads. But to confirm the results, a questionnaire will be posted to the buyers to evaluate the results. A questionnaire will also be done via a telephone interview to the participants that were called upon before. This will give us an estimate of what is the awareness of these people.BibliographyAusStats Home Ownership and renti ng on-line. (1999). Available WWW http//www.ab/ 2001, September 5.AusStats Housing motivations and Intentions, Western Australia on-line. (1999). Available WWW http//www.ab/ 2001, September 21.AusStats Special Article source home Buyers (Year Book Australia, 2000) on-line. (2000) Available WWW http//www.ab/ 2001, September 21.AusStats Types of Dwellings on-line. (1999). Available WWW http//www.abs/ 2001 September 21.Churchill, G.A. (2001). Basic Marketing Research. The Drydon Press Florida.

Discrimination against Black and Whites :: Essays Papers

Discrimination against Black and WhitesThis business relationship, Black Boy is a great book that describes how the author, Richard Wright, suffered in the South of the join States during the time when there was still a lot of discrimination throughout the country. Since the author explained many of his horrible experiences in the past, this book cannot be written in a thin book. This thick book is full of his great experiences that wanted to be read by many good deal in the world in order to let everybody hunch over the disasters of racism. This racism affected Richard Write a lot and he had to adapt to the environment that he was in, although he didnt know how he should act in front of colour people in the beginning of the story. There are not many examples in the beginning of the story since Richard was a little boy, and he still didnt know about racism. He did know that something was different between black and clean-livings, but he wasnt able to understand it since he was too young. He even talks to himself in Pg. 49 that I had heard that colored people were killed and beaten, but so far it all had seemed remote. There was, of course, a vague uneasiness about it all, but I would be able to handle that when I came to it. It would be simple. If anybody seek to kill me, then I would kill them first. After this, he realized the harshness of racism around his society when Uncle Hoskins got shot by a white man when he was at the saloon. And the reason is just because a black man was earning a lot of money and the white man became jealous. Also afterwards this scene, there is an another example in Pg. 172 where he met his classmate, Ned Greenley who had lost his brother since the whites shot him for a specific reason. Ned said, Th-they said he was fooling with a white prostitute there in the hotel. Richard was shocked since he could be in those kinds of situations at any time. Richards starts to think of really going to North soon as possible now.In Chap ter nine, there is a scene that is really harsh where Richard sees it, but could do nothing. This scene is at the clothing store for black people where Richard worked.

Discrimination against Black and Whites :: Essays Papers

Discrimination against Black and WhitesThis story, Black Boy is a great book that describes how the author, Richard Wright, suffered in the southwestward of the United States during the time when there was still a lot of discrimination throughout the country. Since the author explained many of his horrible experiences in the past, this book cannot be create verbally in a thin book. This thick book is full of his great experiences that wanted to be read by many people in the globe in order to let everybody know the disasters of racism. This racism affected Richard Write a lot and he had to adapt to the environment that he was in, although he didnt know how he should act in front of white people in the line of descent of the story. There are not many examples in the beginning of the story since Richard was a little boy, and he still didnt know about racism. He did know that something was different between sear and whites, unless he wasnt able to understand it since he was too you ng. He even talks to himself in Pg. 49 that I had heard that colored people were killed and beaten, but so far it all had seemed remote. There was, of course, a vague uneasiness about it all, but I would be able to handle that when I came to it. It would be simple. If anybody tried to kill me, then I would kill them first. After this, he realized the harshness of racism around his society when Uncle Hoskins got shot by a white man when he was at the saloon. And the reason is just because a black man was earning a lot of money and the white man became jealous. to a fault after this scene, there is an another example in Pg. 172 where he met his classmate, Ned Greenley who had lost his brother since the whites shot him for a specific reason. Ned said, Th-they said he was fooling with a white prostitute there in the hotel. Richard was shocked since he could be in those kinds of situations at any time. Richards starts to think of really going to North short as possible now.In Chapter n ine, there is a scene that is really harsh where Richard sees it, but could do nothing. This scene is at the clothing store for black people where Richard worked.

Why Communication Is Important in a School Setting

How dialogue supports positive relationships. communicating is the process of establishing meaningful relationships among human beings. die of communication is used to share information, thoughts and feelings between each other. Effective communication ensures whether the transmitted contents are received and understood by someone in the way they were intended. Also the common goal of effective communication includes creating a general perception, changing behaviours and acquiring correct information. Many people think that communication is easy.It is not just about talking. in that location are many other things involved with effective communication such as gesture, proper body language, expressions and listening. Communication should not only be mistaken for information sharing only. Effective communication is important in developing positive relationships with children, young people and adults in all walks of life and at any age whether it be with relatives, friends, neighbour s, colleagues, associates or even total strangers. Also, effective language skills are essential for children to access the curriculum.Effective communication in a school is capable to facilitate talent, creative thinking, a change in attitude etc. It is extremely important that pupils learn the abide by of team work and co-operation from the early stages of their lives. A school is a place where the pupils learn that they have to communicate with other fellow pupils to get work done. It is in the school that the students learn that their ideas, opinions and efforts are valued and that they are active members of the society. Effective communicators mustiness be able to look at things from variant perspectives.This enables you to see things from a different view point, helping to build trust and show respect for another persons feelings on a situation. It also shows that you are evoke in what someone has to say and will listen without judgement to both sides of a story. If someon e feels they can come and talk with ease and without barriers self-esteem is greatly improved and can lead to more positive relationships with children, staff and parents. Principles of relationship make. Maintaining a good line of communication in school is important for students, arents and the staff. There are several reasons why it is important for school staff to communicate well with each other unspoiled lines of communication. In schools the Head-teachers , teachers, support staff and pupils must all be consistently involved in the process of effective communication. Effective communication has everything to do with constructing a positive school environment. The principles of relationship building with children, young people and adults can be put down to the dispositions and attitudes of the people that the relationship is between.Relationships of any kind are best built on a foundation of trust and mutual respect if it is to develop into a well-informed one. A calm dispo sition is required especially when dealing with behavioural issues conflicts or disagreements. It is important to be open and approachable so that whenever you interact with someone, they feel at ease, valued and secure. Teamwork plays a big part in showing that any(prenominal) the problem everyone understands that there are mutually agreed lines of communication whether it be with children, staff or parents. Positive relationships are built not made and everyone has something different they can contribute.A school is a learning-rich environment, and every member of the school is expected to communicate effectively and contribute to building relationships and show good interpersonal skills. Good communication is also important because it helps to build positive relationships. When clear expectations and boundaries are established and you make your point as plainly and as simply as possible then that leaves no room for interpretation and this creates a positive learning or working en vironment. In an environment such as this, healthy relationships can be nurtured between anybody.

Rainy Days

Rainy Days Essay By Taylor Chance 11/20/13 Rainy long time are respectful to me. sometimes they can be a hassle but I still love them. The only time I usually have rainy days is when it is July though. Rainy days are awesome to me sense I can do a lot of functions in my own house. The reasons why I analogous rainy days mainly is because I can sing, listen to euphony, relax, and ware comforting food. First of all, the reason I like rainy days is because I love to sing.During my rainy days sense the air is usually moist and the temperature is usually cold, it is my favorite time to practice. The climate actually helps my voice by fashioning it very moist instead of dry. If I sing with a dry throat, it will damage my vocal chords and it would also damage my tonsils since I would be stock my voice. So I like to play it on the safe side and practice the most on rainy days. Nonetheless, I love to listen to music on rainy days. I mostly listen to sad or calm music because it relaxes me and brings show up my emotions.It gets even better when I look out the window and I fit the gloomy, wispy, and foggy roads and the grasshoppers, birds, and squirrels take cover under big, green trees or leaves with dew from the rain on them as I see the whitish, colourizeish rain splatter all over the place. My favorite song that I like to listen to most is called How to Avoid the Sun by Bi Rain it is one of the most beautiful songs Ive heard or at least one of the nicest songs Ive listened to.Music also makes me realize new things and wonder about the world especially when it is raining. Another reason is that I love to relax during rainy days. Hearing the pitter patter of the raindrops going on the ground magic spell there is loud thunder as little cool, white or yellow strikes in the sky that looks like a crack in the dark, grey clouds called lightening flash all over the place. I could just flop down on my bed and cuddle under my warm, soft blankets to be nice, cozy, and comfy.Another thing I like to do is take a nap to the sounds of the rain or daydream. It makes me shade like it is winter or something because the cold temperature also relaxes me. Finally, the abide reason I love rainy days is because I can eat as much fattening food as I want. drinking glass cream, hot chocolate, tea, you name it and I will eat it. Eating is one of my favorite things to do even though I do not eat a lot. These are my comfort foods during rainy days to also help me relax.The taste of the creamy, doughy ice cream tickles my taste buds and gives me a brain freezing sense I eat too fast because cookie dough ice cream is my favorite the hot chocolate is sweet, warm, and its warmth makes me feel nice and cozy and my tea is one of my favorites even though it is healthy. I usually drink tea warm and unsweetened because I try to interference skinny at the same time and my favorite tea is either Darjeeling or Tao lemon grass and green tea but, these are the reasons wh y I love rainy days.

Egt1 Task 1

EGT1 Task 1 In this paper I am going to define a few common sparing terms and explain their relationships to other economic terms. I forget also explain how profit maximizing firms determine their optimum level of railroad siding and how a profit maximizing firm will react to different levels of marginal revenue. Marginal revenue is the extra revenue that will be made by a firm when the firm sells one additional unit of a harvest-festival.Total revenue is simply the sum of a firms sales of a specified amount of a particular product. So, while marginal revenue is telling how much extra money selling each additional product will absorb a firm, total revenue is telling how much the firm will make by selling a given quantity. Marginal cost is the what it will cost a firm to produce one more unit of product. Total cost is the total economic cost a firm incurs for producing a given quantity of a certain product.Profit is simply the a firms total revenue after the firm pays for its op erating costs, and profit maximization is the the course of act that a firm takes to determine how much they will produce and what they will charge per unit of production in order to provide the firm with the superior possible profit in either the long run or the short run time frame of a firm.A profit-maximizing firm determines its optimal level of out put by finding the point where marginal cost is equal to marginal revenue. Meaning that, when the cost of producing an additional, or extra, unit of product is equal to the amount of extra revenue. This point is the peak of the firms profit maximizing potential. An additional unit of product after this point will only essence in costing the firm money, rendering marginal revenue as zero or negative.If a profit maximizing firms marginal revenue is greater than marginal cost, the firm will continue adding another unit of product to production as long as marginal revenue is greater than or equal to marginal cost. If a profit-maximizi ng firms marginal revenue is less than marginal cost, the firm would need to reduce its output to the point of optimal output where marginal revenue is again equal to marginal cost. EGT1 Task 1 References McConnell, C. R. , Brue, S. L. , & Flynn, S. M. (2012). Economics principles, problems, and policies. New York McGraw-Hill.

Natural Resources and Energy Paper

lifelike Resources and Energy Paper Spechelle J angiotensin converting enzymes, Cherrie Chicaletto, Robert Hernandez, Jamie Hughes SCI/256 October 13th, 2010 The world is growing at a rate of speed of 2. 8 people per second and losing 1. 6 state of land per second in accordance with an article last month titled Environmental Impacts from Unsustainable universe Growth on the World Population Awareness website. World Population Awareness is an organization concerned with recent problems of as well as solution ideas to popular global warming theories ca substance abused at a time by everywhereuniverse of the world. (World, 2010).In addition to all pictorial resources on this artificial satellite fading away, there is an ever growing apprehension with the number of species of wildlife and the respective habitats of each. All over the world, nature preservation parks collapse been constructed just so a small group of people can be accountable to enforce certain(p) guidelines for th at preserve which support and ensure safety of life within that area. With to a greater extent and more natural resources required to maintain our natural function of life, it is inevitable that the natural resources will run out sometime. It is only a question of when.E. O. Wilson said, The one process ongoing that will take millions of classs to correct is the loss of genetical and species diversity by the destruction of natural habitats. This is the folly our descendants are least likely to forgive us. This theory has been the fuel for the modern Go atomic number 19 campaign. Individuals everywhere have formed organizations promoting novel resources that do not compromise the state of our planet. Ideas are being televised worldwide to educate people and suggest new ways of heating our homes or washing our clothes with a new detergent.With this in mind, it could only be a matter of time before the presidential term requires everyone to follow certain procedures for the disp osal of waste or building a house. Suddenly, it just does not seem so important any(prenominal)more that the government whitethorn be infringing on our rights as an American citizen to force regulatory guidelines. Taking the place of this common concern, is a universal interest and effort to save our planet for the sake of our children. Renewable tone resources are declining due the increased use of nonrenewable forest resources.Coal and natural gas are two examples of nonrenewable forest resources. These resources are nonrenewable because they cannot be recycled. The high abundance of coal and natural gas hit its peak one hundred years ago, after sit cut down under the earth for more than an estimated one million years. The supply of coal and natural gas is nearly gone due to excessive use of the resources in the past century. The coal and natural gas is not renewable these resources are causing pollution to the ocean and all irrigates alike.Extracting natural gas and crude f rom forests for energy source is convenient to humans, but the environment is suffering as well as the natural resources that are part of the local ecosystem of the forest. The forest resources were so abundant however the transformation to these natural lands is irreversible. The forests can provide natural resources for centuries to come (Derr, 2007). Proper management of these resources is necessary for renewable forest resources. Water, air and newsprint are all examples of renewable forest resources.However, once these resources are polluted by the other(a) resources it is much more difficult to recycle them. In numerous cases, it is just excessively late to recycle those items because of the high amount of pollutant they had sustained. Carbon Dioxide is recycled into clean oxygen by plants and trees. Since many trees are being cut down and burned, more charcoal is being produced which is a nonrenewable resource. The trees are being cut down, which can leave renewable fore st resources.However, many of the trees in these giant forests have been growing for thousands of years. The strength and power of these trees is impossible to regain. The trees have been putting clean oxygen into the air for thousands of years. New trees begin growing each year with the seeds from those who were cut down. None of those trees will have near the amount of power and/or shelter important to the surrounding ecosystem like those who had been growing for hundreds of years. It is vital to the local ecosystem of the forests that the trees remain.Animals do not want paper for shelter, nor can paper produce clean air to breath. It is important that the natural resources be taken care of, too much of the natural resources are depleting too quickly.References Derr, A. (2007). RENEWABLE RESOURCES. Boys Life, 97(3), 38. Retrieved from MasterFILE Premier database. World Population Awareness. (2010). Environmental Impacts from Unsustainable Population Growth. Retrieved from Google at http//www. overpopulation. org/impact. html.Natural Resources and Energy PaperNatural ecosystem is a natural unit consisting of all plants, animals, and microorganism in an area functioning together with all the non-living physical of the environment which plants and animals are dependent upon one another, and their particular surroundings-for survival. Natural ecosystems make up the planet on which we live as well as the entire universe. They are dynamic and interconnected. An ecosystem is a entreaty of all plants, animals, microorganisms, bacterium, and fungus as well as the non-living components that function together as one unit in a given area (The Ontario Plan, 2011).Living and non-living things lace up with each other in a natural ecosystem. San Diegos wetland is an example of a natural ecosystem. In this paper it will discuss about the effectuate that a growing human population may have impacted on San Diegos wetlands resources, including loss or harm to populations o f wild species. It would withal discuss one management practice for sustainability and conservation of natural resources. Also to identify the risks and benefits of extracting or using one resource from this ecosystem, or in any areas near this ecosystem.Effects of Human Population Coastal Wetlands are one of many endangered habitat in the world, only undermentioned to tropical come down forests. It is said that in the United States there are estimated more than 50% of wetlands have been severely altered or destroyed. San Diego wetland is the most threatened resource on the California coast. By 1900, wetlands have been affected by human activities. Wetlands everywhere have been filled in for human developments such as housing, industrial plants, and airport. They have been dredge for use as canals, waterways, and marinas.Highways are over the streamside canyons and cut right through coastal marshes, causing habitat fragmentation (Sea World, 2002). Loss and harm to population of w ild species Between 1990 and 2000 wetland loss was approximately 24 square miles per year, which is one football field lost every 38 minutes. The loss over the next 50 years with current restoration efforts is expected to be 500 square miles. Human activities cause wetland degradation and loss by changing water quality, quantity, or flow rates resulting increasing pollution and change the makeup of species within a habitat.These changes occur when wetland ecosystems are disturbed or non-native species are introduced to a habitat. Wetland plants can suffer as a result of both pollution and hydrologic changes. Other ways wetland plants can be damaged are cattle and other livestock grazing, introduction of non-native plants that compete with native plants and removal of plants to use land for other human development. Management for sustainability and conservation In the 1970s and 80s state and federal agencies, together with many private conservation groups, spent millions of dollars to purchase San Diego County wetlands to establish wildlife preserves.As a result, most of the countys wetlands are publicly owned. This has largely stop the filling, dredging, and other direct destruction of the wetlands, but they are still suffering from the erosion and sedimentation caused by upstream development. The City of San Diego has recently restored seven acres of salt marsh on the north end of Mission Bay, which expands the wetlands of Mission Bay Northern Wildlife Preserve. The Southern California Wetlands Recovery Project aims to acquire more than 1,500 acres, and to restore or enhance more than 500.In San Diego County the Project includes 20 acres of restored salt marsh in the Tijuana River Estuary (Sea World, 2002). Nonrenewable and renewable energy oil color and coal are currently the most used forms of nonrenewable energy. Coal is a combustible material that comes from the earth. It is obtained from mining and is the most difficult resource to get. crude is anoth er combustible energy obtained from drilling, although unlike coal, once the hole is drilled the oil can be pumped out of the hole. This makes it easier and more cost telling to gather oil then coal (Oracle ThinkQuest, 2011).No risk or benefit found by extracting or using a nonrenewable typewrite of resources. Renewable energy is energy that automatically replenishes itself from ongoing natural processes. For example, sunshine, wind, flowing water, biological processes, and geothermal heat flows are creators of usable renewable energy (Oracle ThinkQuest, 2011). Wetlands cannot use any of none or renewable energy because wetlands are very sensitive that anything alien expose or introduce to it would lead fragmentation or even damage. View as multi-pages

Acting Against Personal Belief to Comply With Other’s Expectations Essay

It is impossible to find a situation in which the individual is not faced with having to act according to the acquitations of early(a)s. Children react to the expectations of their parents, students must serve to the expectations of fellow students and teachers, employees are guided by the expectations of the employer, and coming full circle, parents feel the expectations of their children. The individuals moral response to acting in accordance with others expectations is very situational.In some circumstances the response is minor. An adolescent may intemperately see good grades are pointless, yet comply with the expectations of parents and teachers. In some cases the response may be much great. An otherwise honest college student may feel a great deal of remorse when he or she gives in to the demands of a signifi sightt other or fraternity to share answers on a take-home exam. The worst-case scenario is the life or death situation.A true pacifist draftee must make the decisio n to kill someone as the expectations of his fellow soldiers are to obviously protect them from injury or death. Fortunately I have not had to face this sort of dire quandary. The qualifying question is whether the expectation of others goes to what they think is best for me or what is best for the group. Presuming that others aboveboard have my best interest in mind, I would certainly give weight to their thoughts. This is particularly important when their wisdom and knowledge of a situation is greater than mine.My moral compass has developed from the modelings of my family and greater environment, and I alone will have the satisfaction or shame in either living up to or abandoning my beliefs. This was not always easy. I remember breaking a neighbors garage window playing b completely. I could have start with the other kids, but I told him what had happened because I knew from my parents that it was the right thing to do, an moodl to experience up to, and short of endangering the lives of others, I would never give up my ideals.The idea of giving up my ideals is repugnant. I live by my principals and I respect others ideals and principals. Similarly I cannot force my beliefs on anyone, although someone may learn from my example as I have learned from others. I do not believe in bending my ideals to make others happy, besides I could not live with my conscience knowing that I gave up what I believe in to make someone else or an institution happy. Honesty and morality is really all one has once one compromises up their beliefs and ideals, one loses his sense of self.Perfection is something few, if any of us will ever achieve. At some point in our lives we may succumb to temptation or other factors and temporarily place our sense of morality on the shelf. For instance I may firmly believe in doing the best job possible yet be forced to cut corners by an employer who is under pressure to make a payoff deadline. I do not have the luxury of quitting and findi ng another job, and in truth my work is of adequate quality as opposed to the elegant quality I want to shit.My work output will affect the entire company. If I hold up production to meet what I believe is a better standard of quality other workers will suffer the consequences of my decision and make less money because of the slowdown. Similarly, I may have family and teachers who expect me to maintain an excellent GPA. Instead, I find it more important to work to defray the costs of tuition and thus have time to only produce a C+ average. In this situation I am the only one affected by my decision. Ethical decisions are not made in a vacuum.In the first example I may have compromised my strong belief in producing quality, and act according to others expectations but I can live with it because my actions affect others and my compromise did no harm. In the second situation I cannot live to others expectations particularly when my actions have no effect on them. In either situation the beliefs may differ what will be important will be my response. Ultimately I must make my decisions based on the effect upon my sense of self as well as what I believe to be the common welfare.

Christianity and Islam: Beyond the Looking Glass Essay

Christianity and Islam be both of the worlds major religions that argon often perceived as largely distinct in doctrines and practices. These two, argon being regarded to have contradictory principles. But is the disparity of their beliefs truly that big? To have a deeper understanding of both religions, it would be best to weigh their followers in the picture. Sad to say, some people equate the Islamics with terrorists. I have personally talked to friends who argon afraid to ride a plane with Muslim co-passengers in it.Are these purely misconceptions because we have already established certain schema against the Muslims? Or are there truths in it on which such beliefs originated? If we are to read Suras 2190-193, 2216, 476, 532-36, 796-99, 812-14, 859, 865, 95, 914, 923-29, 938-41, 9123, 474, 4735, 614 and 669, many passages in the Quran exhort Muslims to kill infidels (non-Muslims), wherever they find them (Faith points, 2004). Some Arabic terms are only crimson softened somet imes by English translators who use fight instead of kill.In fact, Osama bin Laden was quoted as tell I was ordered to fight the people until they say there is no god but Allah, and his prophet is Muhammad in the famous videotape discovered in Afghanistan in the late 2001 (cited in Fundamentalism, 2004). These words echo the language in the Quran itself and such calls to violence are not merely distortions of the Quran by extreme radicals who try to twist it for their violent ends because violence is an integral part of Islam. compensate Muhammad himself laid the foundation for violence as seen in his deeds and commands, which are traceable in the hadiths. Furthermore, 11 percent of the pages of the Bukhari Hadiths mention the Holy War (jihad), which is a means to use violence in order to spread faith. However, it mustiness be realized as well that violence is not unique to Islam for level off the Bible has its share of violence, particularly in the Old will. In fact God instruct s the Israelites coming pop out of Egypt to take over the landChristianity and Islam 2 of Canaan and kill all the inhabitants. There is a variance though mingled with this and the Quranic violence because the Bible makes it clear that the Canaanite society deserved it as it was completely polluted by their wretchedly brutal practices, including the horrible practice of child give demeanor as found in Deuteronomy 91-6, 1229-31, 189-14, 1 Kings 1424, Chronicles 33 1-9, Ezra 911 (Faithfacts, 2004).Cases like these are particularly check for a particular purpose established by God unlike the Quran, where we encounter general commands to kill and destroy the enemies of Islam that are applicable for all times, places and groups. Even then the fact remains that none of these religions are spared from committing violence, which proves that their disparity is not that big at all (cited in Fundamentalism, 2004). Another thing to consider is the take issueence in the practices and teac hings of the subject religions prophets Jesus of Christianity and Muhammad of Islam.If the latter has led at least 27 bloody invasions, assassinated many of his opponents during his lifetime and executed hundreds of captured men in his battle against the Quraiza Jews, Jesus teachings have remained consistent in maintaining its tone of peace, service, love and humility as found in the biblical passages that could be cited in Mathew 51-12, 543-44, 936, 1930, 2650-52, Mark 935, Luke 627-36, 954-55, 1030-37, 22 49-51, 2332-34, John 107-18, 131-17, Galatians 522-23, Philippians 26-8, 1 Thessalonian 515, and 1 Peter 38-9 (The New Testament, 2008).There is nothing like the Christian concept of love your enemies or wriggle your other cheek (Luke 627-37) that can be found in Islam. While Christianity teaches its believers to love their neighbors as themselves (Matthew 1919), the Quran instructs its followers not to even take Christians or Jews as friends (Suras 3118, 551, 601-3). Jesus was even aware of this when he warned, the time is coming when anyone who kills you will think he is offering a service to God as cited in John 162-4 (The New Testament, 2008). Another notable point is the difference in both religions concept of charity.their followers to give alms to the poor but unlike the biblical concept where charity is not limited to any group (cited in Luke 1030-37), the Muslims are taught to give alms to the Muslim poor only (cited in Islam, 2008). The two religions as well have differences in their concept of justice and freeness. In the teachings of the New Testament as cited in Matthew 612, 14-15, the act of forgiveness is being given exceptional emphasis, For if ye forgive men their trespasses, your heavenly father will also forgive you, but if ye forgive not men their trespasses, neither will your Father forgive your trespasses.In the teachings of Islam as cited in Sura 538 As for the man who steals and the woman who steals, cut of their hands as a punis hment for what they have earned, an exemplary punishment from Allah and Allah is Mighty, Wise. Muslims do this even to their children if they steal out of hunger. They would not show compassion and feed the child but would instead sever their hands and wrists to drive home the lessons of Allah. Likewise, in the Old Testament as cited in Leviticus 1911, Ye shall not steal, neither deal falsely, neither lie to one another.If we analyze the above teachings, it is evident that both religions consider stealing as evil however, the Christians are more compassionate and subtle in dealing with it since the teachings of Jesus wants his followers to be forgiving. Another interesting difference is on how the two religions treat women and marriage. In Islam, a man can have up to four wives at the same time (Sura 43) and has the right to beat his defiant wife until she obeys (Sura 434, Bukhari 868). Even Muhammad himself had thirteen wives, two concubines, and four women of uncertain relationsh ips. (cited in Fundamentalism, 2004).In the teachings of Christianity, Jesus insisted on the sanctity of marriage (Mark 105-12), thus, in the Christians current practice, a couple has to undergo the process of part before they are allowed to remarry legally. Christianity also condones the abuse of women. The Christian teachings consider the fairness of men and women Christianity and Islam 4 (Matthew 532, 1 Corinthians 1111-12, Galatians 328, Ephesians 525-33) unlike that of Islam, which does not give the wife the right to divorce her husband (Sura 2 228). Islam even teaches that majority of the people in hell are women (Bukhari 128, 1301, and 2161).Christianity and Islam also differ in the way they consider the nature of God. While the former teaches that God is a Trinity one God revealed in three persons or manifestations, Islam denies vehemently the doctrine and even considers it as blasphemy (Suras 4171, 517, 572-75). However, it is interesting to note that Islam has a high reg ard of Jesus. What it denies is his divinity, and that he is the Son of God (Suras 930, 1068, 1935, 4381-83). Another difference is that the God of the Bible is holy perfect in all respects moral, just, faithful, loving, all-knowing etc.(Hebrews 726), slice the God of Quran does not always come as holy. He changes his mind, promises and does not offer assurance of salvation (Suras 4116, 518, 915). In other words, he is arbitrary (cited in Faitfacts, 2004). Both religions also vary in their concept of salvation and heaven. Christianity teaches us that man cannot earn salvation. We need a savior to save us from sin thus, he sent Jesus, his only begotten son. As it says in the Bible All of us have find like one who is unclean, and all our righteous acts are like filthy rags. (Isaiah 64 5-7) But God demonstrated his love for us in this enchantment we were pipe down sinners,Christ died for us. (Romans 58). This belief is totally denied by Islam, even Jesus crucifixion (Sura 4157). On the concept of heaven, the Muslim considers the paradise as a carnal and sensual place, where gorgeous palaces are found and wine are abundant. Christians, on the other hand see it as a place of bliss, where pain, and tears will be gone and men, women, and children will be treated equally. In the previous discussions, we have already noted several differences on the two religions, which in some instances also meet each other.However, we must also note that they are not just different. If we are to take a look at the beliefs of Christians and Muslims, we can see Christianity and Islam 5 that they have some commonalities. Both religions agree in some aspects that there is one God who created the universe and is sovereign in the lives of men God is the source of justice and morality that his ultimate justice is dispensed via life after death in heaven and hell, and that things like erotica and unchaste living are pollutants to the society (cited in faithfacts, 2008).In other words , both religions believed in a supreme being, whether God or Allah. There is also an agreement that he is the creator of all things. Their teachings both acknowledge that there is good and evil, where the former is rewarded and the latter is punished. The forms of reward though, and punishment vary in both religions. Both also emphasizes that following the teachings would let the person experience heaven when he dies.It is clear that Christianity and Islam are not that different at all, neither is Islam an evil belief. The latter may have emphasized the role of violence in its teachings, but it still depends on how such is being interpreted and carried out. They might differ in many ways nature of God concept of justice forgiveness and more, but we still could not discount the fact that both are religions with followers that are humans, Christians and Muslims, no matter what doctrines they follow, also need respect.They may not necessarily agree with each other but there is still a point of agreement as exemplified by their similarities. The issue is therefore, not a question of which belief is right a wrong, nor is it about superiority or inferiority. What matters most is that we are guided by our beliefs and in doing this, we do not do actions that would harm the other.ReferencesDaniel, Abu Yusuf. , Ismail Kaka, Abu Maryam. , & Squires Robert, Abu Iman. (n. d). Misconceptions about Islam. Retrieved February 17, 2008, from http//www.geocities.com/window2islam/miscon.html

Is action more important than knowledge Essay

Pablo Picasso once said that, Action is the foundational name to all success. In any(prenominal) ways I must agree with Picasso. To succeed in something of importance and value you must apply operation and not idle away as action speaks louder than words. Though knowledge is important because in some aspects as you cannot be illiterate about your cause if you wish to succeed.Knowledge is a key aspect of human beings. In order to advance in our society you must gain knowledge. thus to take action you must have a basis of entropy in order to be successful. You should not act in haste or proudness but rather develop your pool of information and make an informed decision to acquire your desired results, ignorance is the curse of God knowledge is the wing wherewith we vaporize to heaven.Some whitethorn say that taking action is more important than acquiring knowledge. They may say that people may spend too much precious time on gaining knowledge and miss there time of action. His tory does not remember those who were knowledgeable but rather those who took action in a steadfast manner. Though I must disagree. History are full of those who raffishly and in alacrity took an ill-informed decision that was destructive on humanity. For example in when Lenin, the first leader of communist Russia died, his testament was not read out in public.This testament would have kicked Stalin out of the Communist ships company and therefore would have stopped the mass murder that happened due to Stalins orders under his reign. Due to the ill-thought Trotsky and former(a) high members of the Bolsheviks, the decision was to not read out the testament in public. This enabled Stalin to take power and in brief Stalin became a despotic leader of the communist parties and created a terror in Soviet Russia as head as the rest of the world.Therefore I believe knowledge is of key importance. This is due to the timeless take the stand of how acquiring knowledge is more important th an taking knowledge, like the testament of Lenin and this story There once was a man named Pars. He was thought to be slow as before making all(prenominal) decision he would sit and ponder about the connotations and effects this decision would have on him and his workfellow classmates.

“Lone Star”-Borderlands America Essay

Hispano-Mestizo America/Borderlands America solitary StarThe deal Lone Star is a murder mystery film based in Frontera, Texas which is a multicultural border town. The significance of the conclusion of Lone Star is based off of well-nigh(prenominal) contexts presented throughout the film. The portrayed contexts of the film have to do with births and conflicts between races, social classes and power struggle in spite of appearance a corporation and the border between Mexico and Texas. These contexts place significance throughout the film as a murder mystery is sort of a background to all the even offts and conflicts that take place.The phrase Forget the Alamo is an persuasion that is depicted throughout the film. The phrase refers back to the time when Texas was trying to gain independence from Mexico and alike deals with a great conflict and broken promises between the Anglos and Mexicans. This idea significantly deals with conflicts between the borders. The phrase is mean t to say that they should entomb the border war and racial conflict.We even see the border issue between Mercedes Cruz who is a Mexican restaurant owner and a Mexican immigrant herself. She will make rude remarks to the Mexican contraband aliens as she presumes them to be. And to other fellow Mexican Americans, if they speak their language she will stop them and tell them to speak in English because they are in America. And she will even call the border control on other Mexicans she finds trying to sneak into the border town.The concept of cross-cultural relationships is shown in the film by the relationship between Pilar and Sam. Pilar is a Mexican-American crop teacher and Sam is an Anglo police officeholder of Frontera. They had a past relationship when they were younger and in the film find a recent renewed womanise between each other. This idea also contributes to the conflicts between races. in that respect is some conflict between Anglos and Mexican-Americans. There is some hostility between them that we see in the film when we look at Pilars mother, Mercedes, and between Sam. She has not liked the idea of her daughter being with a white man even back when they were teenagers andstill in their renewed romance as they are older. other reason of her reprimand deals with a surprise later found that Pilar and Sam are half brother and sister.We also see the racial conflict with the questioned morale police officer, Charley Wade. While he was a police officer he was a tyrant to Mexicans and African Americans and would do whatever he can to make them aghast(predicate) of him, to show whose boss since he was an Anglo. He harassed Otis who was an African American who owned a bar that was popular among African Americans. He also shot a Mexican man he knew was smuggling immigrants across the border. And also at the end of the film, he attempted to unjustly kill Otis. His slip just showed racial prejudice and abuse of his positional power as a police offi cer.Another concept from the film is the conflict between the social classes at bottom the community. This concept is portrayed in the film by the political election approaching and the involvement the mayor Hollis Pogue in the murder mystery years ago. He struggles with dealing with his social and political status and possible loss of power as Mayor in the truth that he is the one who killed Charley Wade.There is also a part of the film that shows the class struggle as the talk of building a new jail as it is an issue of the forthcoming sheriff election which is between Sam and a fellow Mexican colleague. And also from the issue about the school curriculum and the debate about which one teaches the real history of the area which one place the rightfield race as the good guys. The teachers debate about this as they know they live in a community with different cultures, race, and classes.In the film Lone Star we see a struggle between the contexts of race, class, power struggle and border wars presented throughout the film. Although the murder mystery is the main plot of the film, these issues are very what the film is about.The film shows the cultural and racial struggles in the relationshipsbetween Otis and other African-Americans and Mexicans against Charley Wade, Mercedes and Sam, Sam and Pilar, and Mercedes and illegal aliens. Whatever race or culture they may be, they have to deal with multicultural issues whether it may be against their own race or another race. Some deal with it in prejudice ways and some have the forget the Alamo mindset.Lone Star opens its viewers to the sometimes hidden issues that are often unforeseen in border towns. It shows the cultural, racial, power, class struggles and conflict present in border towns. It also shows the hardship that the community and people of the community deal with, not only with each other but also within themselves and identifying who they really are and trying to be multicultural and dealing with people of different race and cultures.REFERENCES* genus Rosa Linda, Fregoso. Gender, Multiculturalism, and the Missionary Position on the Borderlands Docutek Eres. N.p., n.d. Web. 05 Nov. 2012. .* Mckenzie, Shelly. Teaching John Sayles Lone Star A Guide for Teachers of Grades 10-12. Mediapede.org. N.p., n.d. Web. 5 Nov. 2012. .

Corporate Financial Management Lecturer’s Guide

CFML_A01v3. QXD 8/6/08 351 PM paginate 1 reviewers reap Corpo calculate fiscal focussing quaternary version Glen Arnold For further lecturer material please visit www. pears atomic number 53d. co. uk/arnold ISBN 978-0-273-71064-6 Pearson culture extra two hundred8 Lecturers adopting the main textbook ar permitted to d causeload and copy this guide as required. CFML_A01v3. QXD 8/6/08 351 PM summon 2 Pearson reproduction express mail Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies around the world Visit us on the World Wide Web at www. pears matchlessd. co. uk First publish under the Financial TimesPitman Publishing low in 1998 Second form published 2002 Third edition published 2005 Fourth edition published 2008 Financial Times Professional Limited 1998 Pearson preparation Limited 2002, 2005, 2008 The right of Glen Arnold to be identified as author of this Work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. ISBN-978-0-273-71064-6 All rights reserved. Permission is hereby give for the material in this publication to be reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only.In tot everyy some other cases, no part of this publication whitethorn be reproduced, stored in a retrieval system, or transmitted in either form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers or a licence permitting restricted copying in the unify Kingdom issued by the Copyright Licensing Agency Ltd. , Saffron House, 6-10 Kirby Street, London EC1N 8TS. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published, without the prior consent of the Publishers.CFML_A01v3. QXD 8/5/08 416 PM foliate 3 CONTENTS Preface Location of answers to ques tions and problems SUPPLEMENTARY signifi rout outt FOR CHAPTERS Chapter 1 The monetary world Chapter 2 barf judgement Net collapse quantify and inside measure of return Chapter 3 Project estimation Cash escape rate and applications Chapter 4 The finis-making process for investing assessment Chapter 5 Project appraisal Capital rationing, taxation and inflation Chapter 6 Risk and find appraisal Chapter 7 Portfolio guess Chapter 8 The capital asset pricing model and multi-factor models Chapter 9 seam markets Chapter 10 Raising equity capitalChapter 11 Long-term debt finance Chapter 12 Short-term and medium-term finance Chapter 13 Treasury and running(a) capital management Chapter 14 Stock market efficiency Chapter 15 protect management Chapter 16 Strategy and grade Chapter 17 Value-creation metrics Chapter 18 Entire firm value measurement Chapter 19 The terms of capital Chapter 20 Valuing shares Chapter 21 Capital structure Chapter 22 Dividend insurance policy Cha pter 23 Mergers Chapter 24 Derivatives Chapter 25 Managing exchange-rate venture Pearson pedagogics Limited 2008 5 6 7 10 14 20 24 29 33 38 40 43 47 51 54 58 59 64 66 72 74 77 81 84 86 91 96 3 CFML_A01v3.QXD 8/5/08 416 PM Page 4 Supporting resources Visit www. pearsoned. co. uk/arnold to find valu commensurate online resources retainer Website for students ? Learning objectives for each chapter ? Multiple-choice questions with wink feedback to help test your learning ? Web link ups to relevant, specific Internet resources to facilitate in-depth independent research ? A huge selection of FT articles, additional to those found in the book, to provide real-world examples of pecuniary decision making in practice ? Interactive online flashcards that tolerate the contributor to check definitions against the key terms during revision Search equal online glossary For instructors ? Complete, downloadable instructors Manual including answers for all question material in the book ? A brand sore set of over 800 PowerPoint slides that can be downloaded and used as OHTs Also The regularly maintained Companion Website provides the following features ? Search tool to help locate specific items of content ? E-mail results and profile tools to unhorse results of quizzes to instructors ? Online help and support to assist with website usage and troubleshooting For more information please contact your local Pearson Education sales re bountyative or visit www. earsoned. co. uk/arnold CFML_A01v3. QXD 8/5/08 416 PM Page 5 PREFACE This Guide is designed to assist lecturers and tutors employ Corporate Financial vigilance quartern edition. Supplementary material for chapters For each chapter The learning moments are outlined. Key points and concepts are listed. Solutions to selected numerical problems (those marked with an whizz in the main book) are provided. Note that in that location is often more than one possible lay out solution to a problem. Different answe rs, which nevertheless follow the logic of the argument presented in the text, may be let inable.Overhead sickor transparency masters Also available on the website in PowerPoint for downloading are over 800 selected figures, tables and key points reproduced in a form suitable for creating overhead hearor transparency masters. These are arranged in the order in which they appear in Corporate Financial focussing. The learning objectives and summary points from the chapters are also included. Glen Arnold Pearson Education Limited 2008 5 CFML_A01v3. QXD 8/5/08 416 PM Page 6 LOCATION OF ANSWERS TO QUESTIONS AND PROBLEMS (No answers given to those in concluding column)Chapter No Answered in Appendix VII Answered in Lecturers Guide 1 Essay answer required (see text) All (see note in Appendix VII) 2 1, 2, 4, 5, 6 3, 7 3 1, 2, 3, 6, 9, 11, 13, 15 4, 5, 7, 8, 10, 12, 14 4 1, 2, 4, 5 3 5 1, 2, 3, 5, 6, 9, 10 4, 7, 8 6 1, 4, 5, 6, 7, 8, 9, 10, 11 2, 3, 12 7 1, 2, 3, 7, 8, 9, 10, 11, 12, 1 3, 15 4, 5, 6, 14a, b, c 8 1, 3, 4, 5, 7, 8, 9, 10 6, 7, 8, 9 14d 2, 6, 11 9 111 10 12 8 17, 911, 1319 11 1, 2, 3, 4, 5, 6, 10, 11, 13, 16 7 8, 9, 12, 14, 15, 1720 12 1, 2, 4, 9, 10, 11 5, 12 3, 6, 7, 8, 13, 14, 15 13 1, 4, 5, 7, 9, 10 3a, 6, 8, 23, 25a , 3b, 11, 12, 1322, 24, 25b, 25c 14 2 15 8, 9 1, 317 7, 10 16 16 14 17 1, 5, 6, 7 18 1, 2 19 2, 3 1 20 3, 4, 5, 6, 7, 9 8, 10 1, 2 21 2, 3, 6a, 9 1 4, 5, 6b, 7, 8 22 4, 5, 8 23 6 1, 3, 4, 5 2, 7, 8, 9 24 1, 2, 3, 4, 5, 7, 10 6, 8, 9 11, 12, 13 25 1, 2, 7, 8a, 10, 11 4, 9 3, 4b, 5, 6, 8b 6 2, 3, 4, 4a 8 1, 2, 3, 4, 7 Pearson Education Limited 2008 CFML_CH01v3. QXD 29/7/08 1725 Page 7 SUPPLEMENTARY MATERIAL FOR CHAPTERS Chapter 1 THE FINANCIAL WORLD L EARNING OUTCOMES It is no good learning mathematical techniques and theory if you lack an overview of what finance is about.At the end of this chapter the reader will own a balanced perspective on the purpose and value of the finance function, at both the integrated and national level. More specifically, the reader should be able to describe alternative views on the purpose of the line and show the importance to any organisation of clarity on this point describe the impact of the divide of corporate ownership from day-to-day managerial control explain the role of the financial manager expand the value of financial intermediaries show an appreciation of the function of the major financial institutions and markets. K EY POINTS AND CONCEPTS Firms should clearly decide the objective of the enterprise to provide a focus for decision making. Sound financial management is inevitable for the achievement of all stakeholder goals. Some stakeholders will have their returns satisfied given just enough to beat their contribution. One (or more) group(s) will have their returns maximised given any purposeless after all others have been satisfied. The delusive objective of the firm for finance is to maximise shareholder wealth. Reasons practical, a single obje ctive leads to clearer decisions the contractual theory survival in a competitive world it is better for society counters the tendency of managers to pursue goals for their own benefit they own the firm. Maximising shareholder wealth is maximizing purchasing power or maximising the attend of discounted bills flow to shareholders over a long snip horizon. Profit maximisation is not the same as shareholder wealth maximisation. Some factors a profit comparison does not allow for are future prospects risk accounting problems Pearson Education Limited 2008 7 CFML_CH01v3. QXD 29/7/08 1725 Page 8 Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition communication additional capital. Corporate governance. Large corporations usually have a separation of ownership and control. This may lead to managerialism where the agent (the managers) take decisions primarily with their interests in mind rather than those of the principals (the shareholders). This is a pri ncipal-agent problem. Some solutions link managerial rewards to shareholder wealth improvement sackings parcel outing shares and the takeover threat corporate governance principle improve information flow. The efficiency of production and the well-being of consumers can be improved with the introduction of coin to a barter economy. Financial institutions and markets encourage growth and progress by mobilising savings and encouraging coronation. Financial managers contribute to firms success primarily through investment and finance decisions. Their knowledge of financial markets, investment appraisal methods, treasury and risk management techniques are vital for company growth and stability. Financial institutions encourage the flow of saving into investment by acting as brokers and asset transformers, thus alleviating the conflict of preferences between the simple investors (households) and the ultimate borrowers (firms). Asset transformation is the creation of an inte rmediate security with characteristics appealing to the primary investor to attract finances, which are then made available to the ultimate borrower in a form appropriate to them. Types of asset transformation risk transformation maturity transformation volume transformation. Intermediaries are able to transform assets and encourage the flow of funds because of their economies of scale vis-a-vis the individual investor efficiencies in gathering information risk spreading execution comprise. The secondary markets in financial securities encourage investment by enabling investor liquidity (being able to sell quickly and cheaply to another investor) while providing the firm with long-term funds. The financial services sector has braggy to be of great economic significance in the UK. Reasons high income elasticity international comparative advantage. The financial sector has shown remarkable dynamism, innovation and adaptability over the last three decades. Deregulation, n ew technology, globalisation and the rapid growing of new financial products have characterised this sector. Banking sector Retail banks high-volume and low-value business. Wholesale banks low-volume and high-value business. Mostly fee based. International banks more often than not Eurocurrency transactions. Building societies still primarily small deposits aggregated for mortgage lending. Finance houses hire purchase, leasing, factoring. 8 Pearson Education Limited 2008 CFML_CH01v3. QXD 29/7/08 1725 Page 9 Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition Long-term savings institutions Pension funds major investors in financial assets. Insurance funds life assurance and endowment policies provide large investment funds. The risk spreaders Unit trusts genuine trusts which are open-ended investment vehicles. Investment trusts companies which invest in other companies financial securities, particularly shares. Open-ended investment compani es (OEICs) a hybrid between unit and investment trusts. The risk takers nonpublic equity funds invest in companies not quoted on a stock exchange. Hedge funds wide variety of investment or speculative strategies outside regulators control. The markets The money markets are short-term sell lending and/or borrowing markets. The bond markets deal in long-term bond debt issued by corporations, governments, local authorities and so on, and usually have a secondary market. The foreign exchange market one currency is exchanged for another. The share market primary and secondary trading in companies shares takes place on the Official List of the London Stock Exchange, techMARK and the Alternative Investment Market. The derivatives market LIFFE (Euronext. liffe) dominates the exchange-traded derivatives market in options and futures.However there is a flourishing over-the-counter market. There are no numerical questions in this chapter answers may be found from reading the te xt. Pearson Education Limited 2008 9 CFML_CH02v3. QXD 29/7/08 1726 Page 10 Chapter 2 PROJECT APPRAISAL NET PRESENT VALUE AND INTERNAL RATE OF call up L EARNING OUTCOMES By the end of the chapter the student should be able to demonstrate an understanding of the fundamental hypothetical justifications for using discounted money flow techniques in analysing major investment decisions, based on the concepts of the clock clock clock time value of money and the opportunity cost of capital.More specifically the student should be able to calculate net present value and upcountry rate of return show an appreciation of the relationship between net present value and internal rate of return describe and explain at least two electric potential problems that can arise with internal rate of return in specific circumstances demonstrate cognisance of the propensity for management to favour a percentage measure of investment performance and be able to use the modified internal rate of r eturn. KEY POINTS AND CONCEPTS Time value of money has three fraction parts each requiring compensation for a delay in the receipt of cash the pure time value, or impatience to consume, inflation, risk. Opportunity cost of capital is the yield forgone on the best available investment alternative the risk level of the alternative being the same as for the project under consideration. winning account of the time value of money and opportunity cost of capital in project appraisal leads to discounted cash flow analysis (DCF). Net present value (NPV) is the present value of the future cash flows after netting out the initial cash flow. Present values are achieved by discounting at the opportunity cost of capital.NPV = CF0 + (1 + k)2 + CFn (1 + k)n 0 accept 0 carry off CF1 1+r + CF2 (1 + r)2 + CFn (1 + r)n =0 The internal rate of return decision rule is IRR IRR 10 CF2 Internal rate of return (IRR) is the discount rate which, when applied to the cash flows of a project, result s in a zero net present value. It is an r which results in the following formula being true CF0 + 1+k + The net present value decision rules are NPV NPV CF1 opportunity cost of capital accept opportunity cost of capital reject Pearson Education Limited 2008 CFML_CH02v3. QXD 29/7/08 1726 Page 11Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition IRR is poor at handling situations of unconventional cash flows. Multiple solutions can be the result. There are circumstances when IRR ranks one project higher than another, whereas NPV ranks the projects in the opposite order. This be problem becomes an important issue in situations of mutual exclusivity. The IRR decision rule is reversed for financing-type decisions. NPV measures in imperative amounts of money. IRR is a percentage measure. IRR assumes that intra-project cash flows can be invested at a rate of return equalise to the IRR.This biases the IRR calculation. If a percentage measure is required, perhaps for communication within an organisation, then the modified internal rate of return (MIRR) is to be preferred to the IRR. ANSWERS TO SELECTED QUESTIONS 3 Confused plc a Project C IRRs at 12. 1% and 286%. See Fig. 2. 1. NPV + 12. 1 286 Discount rate Fig. 2. 1 Project D No solution using IRR. See Fig. 2. 2. + NPV Discount rate Fig. 2. 2 b This problem illustrates two disadvantages of the IRR method. In the case of project C multiple solutions are possible, given the non-conventional cash flow.In the case of project D there is no solution, no IRR where NPV = 0. c NPV Project C +? 646 Project D ? 200 Using NPV the accept/reject decision is straightforward. Project C is accepted and Project D is rejected. Pearson Education Limited 2008 11 CFML_CH02v3. QXD 29/7/08 1726 Page 12 Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition 7 Seddet International a Project A At 20% 5,266 + 2, calciferol ? 2. 1065 = 0, ? IRR = 20% Project B At 7% 8,000 + 10,000 ? 0. 8163 = +163 At 8% 8,000 + 10,000 ? 0. 7938 = 62 IRR = 7 + 163 163 + 62 (8 7) = 7. 7% Project CAt 22% 2,100 + 200 ? 0. 8197 + 2,900 ? 0. 6719 = +12. 45 At 23% 2,100 + 200 ? 0. 8130 + 2,900 ? 0. 6610 = 20. 5 IRR = 22 + 12. 45 12. 45 + 20. 5 (23 22) = 22. 4% Project D At 16% 1,975 + 1,600 ? 0. 8621 + 800 ? 0. 7432 = 1 ? IRR is about under 16%. The IRR exceeds the hurdle rate of 16% in the case of A and C. Therefore if all projects can be accepted these two should be undertaken. b rank under IRR Project Project Project Project C A D B IRR 22. 4% 20% 16% 7. 7% best project c Project A 5,266 + 2,500 ? 2. 2459 = 349 Project B 8,000 + 10,000 ? 0. 6407 = 1,593 Project C 2,100 + 200 + 0. 8621 + 2,900 ? 0. 7432 = 228 Project D 1,975 + 1,600 ? 0. 8621 + 800 ? 0. 7432 = 1 12 Pearson Education Limited 2008 CFML_CH02v3. QXD 29/7/08 1726 Page 13 Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition Ranking Project A Project C Project D Project B NPV 349 best project 228 1 1,593 P roject A ranks higher than project C using NPV because it generates a larger surplus (value) over the required rate of return. NPV measures in absolute amounts of money and because project A is twice the sizing of project C it creates a greater NPV despite a lower IRR. This report should comment on the meaning of a positive or negative NPV expressed in everyday language. It should mention the time value of money and opportunity cost of capital and explain their meanings. Also the drawbacks of IRR should be discussed multiple solutions be problem link with the contrast of a percentage-based measure and an absolute moneybased measure additivity not possible the reinvestment assurance is flawed. Pearson Education Limited 2008 13 CFML_CH03v3. QXD 29/7/08 1726 Page 14 Chapter 3 PROJECT APPRAISAL CASH FLOW AND APPLICATIONS LEARNING OUTCOMESBy the end of this chapter the reader will be able to identify and apply relevant and incremental cash flows in net present value calculations. The reader will also be able to recognise and deal with sunk costs, incidental costs and allocated overheads and be able to employ this knowledge to the following the replacing decision/the replacement cycle the calculation of twelvemonthbook equivalent annuities the make or buy decision optimal timing of investment displace railroad siding situations. KEY POINTS AND CONCEPTS Raw data have to be checked for accuracy, reliability, timeliness, expense of collection, etc. Depreciation is not a cash flow and should be excluded. Profit is a poor substitute for cash flow. For example, working capital try-ons may be needed to modify the profit figures for NPV analysis. Analyse on the basis of incremental cash flows. That is, the difference between the cash flows arising if the project is implemented and the cash flows if the project is not implemented opportunity costs associated with, say, using an asset which has an alternative employment are relevant incidental effects, that is, cash flow effects throughout the organisation, should be considered along with the obvious direct effects sunk costs costs which will not change regardless of the decision to proceed are clearly unlike allocated overhead is a non-incremental cost and is irrelevant interest should not be double counted by both including interest as a cash flow and including it as an element in the discount rate. The replacement decision is an example of the application of incremental cash flow analysis. Annual equivalent annuities (AEA) can be employed to estimate the optimal replacement cycle for an asset under certain restrictive assumptions. The low common multiple (LCM) method is sometimes employed for short-lived assets. Whether to repair the old machine or sell it and buy a new machine is a very common business dilemma. incremental cash flow analysis helps us to solve these types of problems. different applications include the timing of projects, the issue of fluctuating output and the make or buy decision. 14 Pearson Education Limited 2008 CFML_CH03v3. QXD 29/7/08 1726 Page 15 Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition A NSWERS TO SELECTED QUESTIONS 4 Mercia plc a Proposal 1 Consultants fee sunk cost Central overhead irrelevant Depreciation irrelevant Time ( geezerhood) ?000s 0Earthmoving Construction Ticket sales operating(a) costs Council Senior management Opportunity cost Cash flows 1,650 3? 2 100 1,650 Discounted Cash flows 1 one hundred fifty 1,400 200 +600 100 100 50 +600 100 50 +150 0 +450 150 (1. 1)2 450/0. 1 (1. 1)2 + NPV = + ? 2. 193m Proposal 2 Central overhead (? 70,000) irrelevant Consultants fees (? 50,000) sunk cost Time (years) ?000s 0 1 2 3 100 5,000 4,000 400 100 5,000 4,000 400 100 Design & phase Revenue Operating costs Equipment Executive Opportunity cost Sale of club 9,000 Cash flow 9,100 100 Discounted cash flow 9,100 100 1. 1 100 +11,000 500 + 500 (1. 1)2 +11,500 + 11,500 (1. 1)3 NPV = ? 137,56 6 Recommendation accept marriage offer 1 IRR Proposal 1 20. 2% Proposal 2 9. 4% Pearson Education Limited 2008 15 CFML_CH03v3. QXD 29/7/08 1726 Page 16 Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition 5 Mines International plc a Survey sunk cost Time (years) ?m Profit (loss) Add depreciation Capital equipment Survey 0 1 2 3 4 5 0 0 4. 75 2. 1 0 4. 75 0. 30 3. 9 2. 0 4. 7 2. 0 4. 7 2. 0 2. 9 2. 0 1. 5 0 0 0 2. 0 2. 0 2. 0 2. 25 0. 25 2. 25 2. 25 0 2. 25 1. 75 +0. 50 1. 75 0 +1. 75 0. one hundred twenty-five 0. 125 0. 125 0. 10 0 0. 25 0. 10 0 0. 10 Debtor adjustment Opening debtors Closing debtors Creditor adjustment Opening creditors Closing creditors 0 0. 15 +0. 15 Overheads Hire cost Cash reserves administration refund Cash flow Discounted cash flow 0. 2 0. 15 0. 10 0. 10 0. 125 0. 05 +0. 025 0. 2 0. 2 0. 1 0. 2 1. 0 5. 125 0. 2 +1. 0 +0. 2 5. 75 5. 75 6. 20 4. 05 6. 575 6. 9 8. 075 1. 85 6. 20 + 4. 05 + 6. 575 + 6. 9 + 8. 075 + 1. 85 1. 12 (1. 12)2 (1 . 12)3 (1. 12)4 (1. 12)5 (1. 12)5. 125 = 5. 75 5. 536 + 3. 229 + 4. 680 + 4. 385 + 4. 582 + 1. 035 = ? 6. 625m The maximum which MI should bid in the auction is ? . 625m. This additional cash outflow at time zero would result in a return of 12% being obtained. (Some students may time the final debtor and creditor payments at time 5. 25 as time 6. ) b IRR = 29. 4%. c Points to be covered Time value of money. Opportunity cost of money for a given risk class. drop cost. Treatment of depreciation. Allocated overhead treatment. Cash injections. Hire cost opportunity cost. Comparison of NPV with other project appraisal methods Advantages over IRR measures in absolute amounts of money ranking problem multiple solution problem. 16 Pearson Education Limited 2008 CFML_CH03v3. QXD 29/7/08 1726 Page 17 Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition Advantages over requital time value of money allowed for all cash flows considered cash flows within pay back period considered properly. Advantages over ARR firm theoretical base, time value of money defined decision criteria. 7 Reds plc One-year cycle Time (years) 0 1 10,000 12,000 8,000 4,000 NPV = 10,000 4,000 ? 0. 9009 = 13,604 AEA = 13,604 0. 9009 = ? 15,100 Two-year cycle Time (years) 0 1 2 10,000 12,000 13,000 ,500 6,500 NPV = 10,000 12,000 ? 0. 9009 6,500 ? 0. 8116 = 26,086 AEA = 26,086 1. 7125 = ? 15,233 Three-year cycle Time (years) 0 1 2 3 10,000 12,000 13,000 14,000 3,500 10,500 NPV = 10,000 12,000 ? 0. 9009 13,000 ? 0. 8116 10,500 ? 0. 7312 = 39,039 AEA = 39,039 2. 4437 = ? 15,975 Reds should replace the machinery on a one-year cycle. Pearson Education Limited 2008 17 CFML_CH03v3. QXD 29/7/08 1726 Page 18 Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition 8 Immediate replacement Time (years) 0 1? +4,000 15,100 +4,000 15,100 0. 11 = ? 133,273Replacement after one year Time 0 + 2? 2,000 2,000 1 3,000 15,100 0. 9009 15,100/0. 11 1. 11 3,000 ? = ? 122,966 Replacement after two years Time 0 1 2 3? 2,000 1,000 +1,500 15,100 2,000 1,000 ? 0. 9009 + 1,500 ? 0. 8116 15,100/0. 11 (1. 11)2 = ? 113,097 Recommendation Commence replacement cycle after two years. 10 Curt plc Incremental cash flows Time (years) 0 70,000 28,000 28,000 37,000 47,100 68,410 ? ? ? ? ? 0. 8621 0. 7432 0. 6407 0. 5523 0. 4761 2 3 4 5 0 70,000 100,000 80,000 48,000 110,000 82,000 121,000 84,000 133,100 86,000 146,410 88,000 10,000 70,000 Current cash flows refreshful plan 1 28,000 28,000 37,000 47,100 68,410 = = = = = = 70,000 24,139 20,810 23,706 26,013 32,570 8,960 The positive incremental NPV indicates that acceptance of the proposal to manufacture in-house would add to shareholder wealth. 18 Pearson Education Limited 2008 CFML_CH03v3. QXD 29/7/08 1726 Page 19 Glen Arnold, Corporate Financial Management Lecturers Guide, 4th edition Other factors some possibilities The relative bargaining strength of Curt and its supplier. Perhaps a search for anothe r supplier would be wise. Perhaps it would be possible to negotiate a multi-year price agreement.Are there some other incidental effects Curt has not considered, e. g. factory space usage? 12 Netq plc yield per year 1,000 ? 0. 3333 ? 2 1,000 ? 0. 3333 ? 0. 75 ? 2 1,000 ? 0. 3333 ? 0. 5 ? 2 = 667 500 333 1,500 Cost of annual output 1,500 ? ?4 = ? 6,000 PV = 6,000/0. 13 = ? 46,154 Both machines replaced Annual costs 1,500 ? ?1. 80 = ? 2,700 PV = 14,000 + 2,700 0. 13 = ? 34,769 One machine is replaced Old Output first third of year second third of year last third of year New 333. 3 166. 7 0 500 333. 3 333. 3 333. 3 1,000 Annual costs 500 ? 4 + 1,000 ? 1. 8 = ? 3,800 PV = 7,000 + 3,800 = ? 6,231 0. 13 The lowest cost option is to replace both machines. 14 Opti plc be One-year replacement PV = 20,000 6,000/1. 1 = 14,545 AEA = 14,545/0. 9091 = 16,000 Two-year replacement PV = 20,000 + 6,000/1. 1 1,000/(1. 1)2 = 24,629 AEA = 24,629/1. 7355 = 14,191 Three-year replacement PV = 20,000 + 6 ,000/1. 1 + 8,000/(1. 1)2 + 4,000/(1. 1)3 = 35,072 AEA = 35,072/2. 4869 = 14,103 Four-year replacement PV = 20,000 + 6,000/1. 1 + 8,000/(1. 1)2 + 10,000/(1. 1)3 + 10,000/(1. 1)4 = 46,410 AEA = 46,410/3. 1699 = 14,641 The optimal replacement cycle is 3 years. Pearson Education Limited 2008 9 CFML_CH04v3. QXD 29/7/08 1727 Page 20 Chapter 4 THE DECISION-MAKING PROCESS FOR INVESTMENT APPRAISAL LEARNING OUTCOMES The main outcome expected from this chapter is that the reader is aware of both traditional and discounted cash flow investment appraisal techniques and the boundary of their use. The reader should also be aware that these techniques are a small part of the overall capital-allocation plan process. The student is expected to gain knowledge of the empirical evidence on techniques used the calculation of payback, discounted payback and accounting rate of return (ARR)

Culture and Sexual Behaviors

Indeed, an obvious common trait of ein truth being, insects, animals, and plentys, comes from their need for breeding. On the lesser beings, the need for reproduction is based on the security of their species and on increasing their population for food and territorial accumulation.People on the opposite hand, aside for survivability, see reproduction as an opportunity for fulfilling cozy desires. However, intimate activity is enforced non only by instinct but by other factors such as intimacy and neighborly engagement. Also, sexual behavior is where human families are formed and defined1.Culture has contributed on the differences of sexual behaviors of humanity. Because of the diversity of indispensable or local beliefs, traditions, practices, and arts among people of different nationality, sexual behaviors differ across nations.Also, religious affiliation and chaste convictions affect these differences. In this essay we will discuss culture and religion and their developmen t by orbit and give specific examples by country. Also, the essay will seek to describe and define sexual behaviors with regards to psychological studies.Sexual behavior is a term which describes human activities concerning their interaction with an homosexual or hetersexual partner. Sexual activities primarily kick the bucket on attraction by an individual and the efforts done in order to attract the other person. It is followed by interactions and conversations which later reveal their compatibility and satisfy their preferences.Social contact or the actual love-making then occurs. The process may give-up the ghost in a short period of time in liberal societies, usually in places where people are open minded on the concept of one night stands. In conservative areas, up to now, sexual behavior may follow strictly the tradition of courting which may take a very long time.One major sexual behavior issue concerns sexual transmitted diseases (STDs). Transmitted through sexual activ ities, these diseases requires the attention of health workers and the awareness of the public. Also, another issue is pre-marital sex or literally engaging in sexual activities outside of trades union.This sexual activity is criticized mainly by religious sectors who value the sanctity of marriage and reproduction, most vocal is the catholic church. Other important issues are rape, child pornography, and unwanted pregnancy.Culture is considered to be the psychical programming of societies which differentiates them from another 2. Cultures primarily have three elements systems of meaning, ways of social organization, and unique group features and product3.It implies a societys set of norms, behaviors, practices, beliefs, and moral considerations. On these, it is proper to say that culture defines how and what people conceive and act. These factors are however changed by people due to their exposure to other cultures.The differences between cultures are caused mainly by the areas n ative and historical formation. However, cultures are influenced mainly by religious dominance or teachings accepted in the area. walloping portions of a socieys norms and values come from religious teachings. Religion affects ones convictions and moral considerations, which also defines individual actual preferences.The westerly culture is considered to be the most dominant due to its rich and early development and the capacity of its people to employ their cultural activities in umteen places through efficient means. Also, it is enforced by great horse opera thinkers and intellectuals who have contributed in the formation of human activities and knowledge. include are Aristotle, John Locke, David Hume, Immanuel Kant, Karl Marx, and Martin Luther.Western culture originated in past Greece, the founder of freedom and democracy. There the formation of free human thought and will came to the conception of many through the great teachers like Socrates and Plato.It grew larger toget her with the expansion of the Roman Empire in europium leaving large amount of influence to its new found territories. Its development goes with the stages of intellectual formation in the west, including the renaissance, scientific revolution, the period of enlightenment, the American revolution, the industrial revolution, and todays modern and advanced society4.Individualism and the pursuit of knowledge and practical results condition occidental culture5. These then explains the active, open-minded, and experimenting characteristics of westerners.The Asian culture is the collective term for the system of thought and action for the undefiled of Asia. The area however is subdivided into different relative nations or regions based on their geographical and historical relationships. Included in this regions are the central, east, south(Indian subcontinent), north, southwest, and southeast asia.These subregions usually share a common history and heritage, with beliefs extended by r eligious dominance. Also, many parts of Asia have been colonized by western countries thus having characteristics of western culture.Compared to western beliefs, Asians give large amount of importance to hierarchy, politeness, and conservatism. Traditions are followed strictly in many places not until now influenced by the west. Also, the non-material pursuit dominates Asian beliefs due to the extensive influence of Buddhism.1 Tom W. Smith. American Sexual air Trends, Socio-Demographic Differences, and Risk Behavior Digital Library Available from http//cloud9.norc.uchicago.edu/dlib/t-25.htm2 Silvia Ubillos, Daro Paez and Jos Luis Gonzlez. Culture and sexual behavior Psicothema 2000. Vol. 12, Supl., pp. 70-82 Digital Book 3 leg Collins, Dr. Richard Law, and Eric Miraglia. What is Culture website accessed from http//www.wsu.edu/gened/learn-modules/top_culture/culture-index.html4 Western Culture Global. What is Western Culture. Internet Article Accessed from http//www.westerncultur eglobal.org/what-is-western-culture.html1a5 Dr James Ng. Characteristics of Chinese culture and aspects of health care internet article accessed from http//www.stevenyoung.co.nz/The-Chinese-in-New-Zealand/History-of-Chinese-in-NewZealand/Characteristics-of-Chinese-culture-and-aspects-of-health-care.html

Consider the role and status of victims Essay

Consider the agency and status of victims In the abominable judge schema There evoke be more than atomic number 53 way to define a victim, In one instance Its intendd that a victim is soul that has been harmed physically, emotionally and/or economically harmed by incriminating actions perpetrated by another being. (Carmen 2010) It can be argued that the family of the wrongdoer is in accompaniment a victim too. In the sense that family and title- asseverateers may experience the lost of a family member or a friend. F they were to capture Incarcerated as a result of their actions. They may in addition have to deal tit news reports if the offense makes the media and the shame that comes with having a family member or friend in prison and televised. The victims family/friends also have to deal with a lost, in offences much(prenominal) as murder, or a crime that incorporates drastic change that can revolutionist the life of these individuals. Organizations/ companies can also be tricked and schemed, potentially turning them into victims. Rimes much(prenominal) as fraud and Illegal downloading argon In fact crimes too. It can be said that all these people employed inwardly the profession and the business Itself is In n fact victims too. This essay will consider both the role and status of victims within the whitlow Justice system describing the conceit of the part a victim plays within a culpable proceeding and also touching upon the likeliness of one to become a victim and reasons for this.When considering the status of a victim some are more fitting of the Victim status than others. So who are these plausibly victims? Is there a particular group of people or an individual that is deemed more likely to become a victim than any other person? Its arguable to say that, the place where person lives, their race, age, sexuality and/ r gender are in fact factors that may increase ones chances of becoming a victim of crime. Briggs 2009) This hypothe sis frequents the perspective that ones chance of becoming a victim is in fact unevenly spread across society (Davies 2010) For example Davies (2009), expresses how the difference In age Is relevant to volitionally Innocent children and the elderly being perceived as particularly vulnerable (Davies 2009 IPPP) The youngster hold habit of hanging on the streets, Increasing the chances of them becoming a victim of street crime such as robbery, assault and theft.While the elderly are subjected to stay indoors due such factors as Ill health, incapability to get around and bad weather conditions. These factors all armed service to increase the likeliness of them becoming a victim of a household crime. (Davies 2010). Carbine tall (Bibb expresses the typical offender to be virile. (Carbine tall 2009. Up. 186) and found that those that tend to live in the run-down inner city- and areas of council accommodation were in fact more likely to commit crime. Seeing these Individuals as Unalterab le to crime problem occurring. (Carbine tall 2009 Up. 6) Nils Christie (1986) a Norwegian criminologist cited In Newman (2007) proposed that the ideal victim is in fact a weak individual in relation to the offender, illustrated that the victim became a victim through acting morally or going around their everyday routine, in that aspect Christie theory demonstrates a general care for the victim calling them immacu deeply for what has happened. (Newman 2007 Up. 342-343) Ones race and being an ethnic minorities is seen as a factor that influences the likeliness of becoming a victim as afro-Caribbean and Asians are more at risk of experience a house-hold offense or a personal offense than whites.Some of the offenses that take place against these groups of ethnic minorities may be racially motivate or explained by socio-economic. (Phillips and Bowling 2002) In the sense that ones socio- economic status is ground on their family income, prenatal education level, prenatal occupation, a nd social status in the community they live in. The concept of the word role is to consider a persons part played in a particular situation. So in the aspect of a victim within the criminal Justice system the role of a cacti lays heavily on account the crime and/or providing evidence.These areas hold such importee in helping to solve a case as a victim reporting a crime brings it to the patrol attention and the evidence shared is more likely to advocate a conviction, as the victim is seen as a witness. This help to decrease the police following up relentless and doubting leads, and cause the possibly prevention of a conviction. (Carbine teal 2009) In the aspect of the role of victims in the criminal justice system, its evident that there is room for improvement.Saved Khan, Chief Executive of victim support agrees that more unavoidably to be assumee. Criminal Justice agencies need to do more to meet the needs of victims and witnesses. all too often when they come into contact with the system they are dissatisfied and lose confidence. (vivisectionist. Com, 2011) When reporting a crime the role of the victim is to tell the story of the incident that has taken place, its the police decision whether to take actions further and go through the correct processes, of gaining Justice for this victim.With the victim, the sorority of the time there is an inevitable case to be brought forward, however theirs times when the evidence that has been given is taken out of the victims hands and preceded by the officer in charge. This can happen a lot in Domestic violence incidents when the manipulable by and by giving a statement wants to withdraw their statement however its too late and the case is set in motion. Using the example of domestic violence another role of the victim would be to attend court, and give evidence to the members of the court such as the Judge Jury (in a trial) prosecutors ND defense.This is the time the victim can ask how the offense has affec ted them, and the ideal punishment they believe is deserved. In regards to the roles and status of victims in the criminal Justice system, it all subsides to refinancing the criminal Justice system. So that victims are in fact victims are more deemed as Victims rather than evidence. This causes controversial, arguments of victim statements and victim statement of sentiment being produced in courts, implying the victim in fact has the right to put across the damage the crime as imposed upon them and their family and suggesting the sentence that I to be handed out.However if the offense was so appall why do they live to ret-tell the to allow the victim to feel safe, valueed and sympathized with. According to The Victims of Crime round 1994, victims are to be dealt with sympathetically, constructively and in a reassuring manner, and with due regards to that persons individual situation, rights and dignity (victim info 2007 Up. L). In some serious cases public protections is given to victims after the incident and or while the criminal case s open.Implementations of counseling, advice and guidance are given when dealing with victims to help the person come to cost with the previous incident, and there rights within the criminal Justice system as a victim. Such work are better known as the VS. -the victims service scheme and the JAG the Justice advocacy unit. (Victim information 2007 Up. 4) In conclusion are victims utilize to purely gain Justice, or to help punish, those non law abiding citizens?More implementations should be put into place to ensure the cities of crime are in fact treated and portrayed as victims, and not deemed to be vital evidence in a criminal case then neglected once the case is closed. Forgotten players (Davies 2010, Up 69) or used to facilitate Justice or a criminal conviction, as the criminal Justice system was created to protect the public from those that defy the law. (Davies 2010) the situation has somewhat changed but victims are still feeling let dont by the system and the treatment and lack of support they are given within and after the process of their situation.