After the Journey Essay

Steve Clark, who wrote â€Å"Travel Writing and Empire† believes that â€Å"the traveller is altered, sometimes changed utterly† when he or she journeys in an unfamiliar environment; some stories from real life do prove this statement.   There are also well-known fictional travellers who can show how significant and life-changing journeys can be, and this is where we focus.   However, before dealing with these characters, imagine travelling to foreign countries, immersing in other cultures, and either fighting against or indulging in the new experiences.   These experiences, negative or positive, become part of the traveller’s life, however little the effect may appear. Robinson Crusoe’s wanderlust has led him to an experience that he has never thought possible.   All he has longed for is a taste of adventure, but what he has to give in exchange for this adventure is practically his whole life.   Meanwhile, Lemuel Gulliver only wants to relate his travels to other people. He professes that â€Å"I rather chose to relate plain matter of fact in the simplest manner and style, because my principal design was to inform, and not to amuse thee.† (Swift, 1962)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   â€Å"Robinson Crusoe’s† plot begins with disobedience.     Both Robinson Crusoe’s parents have opposed his desire to go on a voyage. â€Å"He asked me what reasons, more than a mere wandering inclination, I had for leaving father’s house and my native country, where I might be well introduced, and had a prospect of raising my fortune by application and industry, with a life of ease and pleasure†. (Defoe)   Crusoe is reminded by his father that he does not need to seek his fortune or win honour of some kind.   His later wretched condition reminds him of his father’s warnings. â€Å"Robinson Crusoe† is believed to be based on the life of Alexander Selkirk who has run away to sea in 1704.   He has made a request to be left alone in an uninhabited island before being rescued after five years. (Bibliomania) Crusoe’s experience is of course more imaginative and more complex, as Daniel Defoe adds in more adventures for the castaway. Although Crusoe’s situation is not contrived like Selkirk’s, who has clearly requested to be left alone, his strong desire to continue setting out to sea even after a perilous first voyage has led him to a similar fate.   Surviving the first voyage, Robinson Crusoe has continued his adventures and has ended up living in an uninhabited island alone. Crusoe has started the voyage as an inexperienced young man who has lived in comfort; he cannot have gone through his voyages without being changed in some manner.   Crusoe’s love for travel is undeniable.   He has risked not only a secure livelihood in order to pursue the adventure, but also his life.   As a person, he already does not conform to what the society expects of him.   Nevertheless, the castaway experience is still extreme even to an adventurer. Crusoe has to do things that he wouldn’t normally do given his former comfortable lifestyle.   A man who has not been trained to practice a trade, he has learned to create necessary tools and gear ranging from clay containers and clothes, to even a canoe. He has become very self-sufficient and resourceful as needed by the situation.   His daily experiences also range from peaceful inventions to discovering cannibals, saving a native whom he has named â€Å"Friday† and has even earned himself a fortune.   These experiences themselves can affirm that Robinson Crusoe is not the same man who has left his home for the first time.   Robinson Crusoe, who has been expected to live comfortably and without much risk, has proven himself to be capable of seeking his fortune on his own.   He not only changes himself in the process, but he also changes the perceptions of what a person must or must not do in society. Through his example, people are able to see that it can be profitable, although difficult, to go outside of the box that people of Crusoe’s time seem to have locked themselves in.   Crusoe experiences changes in his attitude towards religion.   Even though there is no longer a physical church to attend a mass in, it is in his solitude and with a Bible in hand that he is able to commune with God and nature.    Some critics have noted this as a sign that â€Å"Robinson Crusoe† is a morality story which begins with disobedience and results to conversion. (The Development of the Novel)   What cannot be changed in Crusoe, however, is his humanity.   Humans still long for the company of other human beings.   He does meet and obtain the companionship of the native, Friday, but he is unused to the other man’s culture.   Crusoe later develops a more open-minded attitude towards other cultures because of his immersion into their worlds.   He even tries to understand the cannibalistic ways of the natives. Now, we look at â€Å"Gulliver’s Travels.†Ã‚   Gulliver’s adventures are more fantastical than Crusoe’s.   He encounters little people and giants, and other strange communities.   There must be a change in Gulliver after years of travelling to such places.   In fact, Gulliver has to adapt in each of the four places that he visits. Like Crusoe’s first voyage, Gulliver’s first venture is met with dangerous weather.   This results to his being shipwrecked in Lilliput, where he describes the people to be less than six inches tall. (Swift, 1962)   Gulliver has to convince the Lilliputians that he is harmless.   He later gains their trust and has become the community hero, having been able to help the little people against their rival, the Blefescudans. Gulliver no longer wants to comply with the Lilliputians’ further demands and has to flee to save his life.   After his stay in Lilliput, his numerous adventures include an encounter with giants who make him feel like a Lilliputian, and meeting horses who rule over Yahoos, who are uncivilized human beings. During the various encounters, Gulliver is introduced to different kinds of civilisations.   His understanding of what an empire is broadens, as he encounters the various kinds of kingdoms, with their unique beliefs and practices.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   â€Å"Gulliver’s Travels† is tagged as a satire; Critics believe in the need to study Jonathan Swift’s background in order to fully understand the historical context in which he is writing the novel.   Swift is reported to have prior political influence, when he was still supporting the Whig Party.   He shifts his alliance to the Tory Party upon hearing that the Whig Party is opposed to the Anglican Church.   When the Whig Party gains more influence, Swift loses his.   This is believed to have caused Swift’s hostility against the government in London. (Glasgow University Library)   The different characters within the various communities Gulliver encounters in the story are said to be based on real political figures. Lemuel Gulliver is altered by his many adventures.   He has learned that there is not just one type of community for which the others are based.   For each new place, he has to adapt in order to fit into the norm.   Each adaptation is a change in Gulliver.   In fact, his immersion into the world of Houyhnhnms, which are horse-like creatures, has even created a dislike for humans in him.   Gulliver has to re-accustom himself to life with ordinary people when he goes home. â€Å"My wife and family received me with great surprise and joy, because they concluded me certainly dead; but I must freely confess the sight of them filled me only with hatred, disgust, and contempt; and the more, by reflecting on the near alliance I had to them†. (Swift, 1962) This is proof enough that journeys can totally alter the traveller, as is with Gulliver who not only changes a bit but drastically. â€Å"It is easy for us who travel into remote countries, which are seldom visited by Englishmen or other Europeans, to form descriptions of wonderful animals both at sea and land. Whereas a traveller’s chief aim should be to make men wiser and better, and to improve their minds by the bad, as well as good, example of what they deliver concerning foreign places.† (Swift, 1962) The above declaration by Gulliver signifies his belief that the traveller can effect a change in how other people think.   Even in real societies, people who have experience living in, or visiting foreign places come back with new beliefs that either blend with or completely erase their old ones.   They may not be completely different people, because Robinson Crusoe still longs for the company of fellowmen, but there are definite changes.   Each experience in life leaves indelible marks in the person who goes through it. Moreover, Gulliver has to undergo an adjustment period after being almost chameleon-like in his adjustments in different civilisations.   Robinson Crusoe has to transition from his comfortable and secure life to a life that is at times spent in solitude and sometimes spent in danger.   He also becomes better in touch with his spiritual side, while becoming a person who can survive anywhere.   It can be then concluded that the two classic novels, â€Å"Gulliver’s Travels† and â€Å"Robinson Crusoe† support Steve Clark’s idea that journeying into unfamiliar territory will alter or change the traveller completely. References Bibliomania. (n.d.). Retrieved October 18, 2007, from Bibliomania: Free Online Literature and Study Guides: http://www.bibliomania.com/0/0/17/31/frameset.html Defoe, D. (n.d.). Robinson Crusoe. Retrieved October 17, 2007, from Dead Men Tell No Tales: http://www.deadmentellnotales.com/onlinetexts/robinson/crusoe.shtml Glasgow University Library. (n.d.). Special Collections Department. Retrieved October 18, 2007, from http://special.lib.gla.ac.uk/exhibns/month/jan2006.html Swift, J. (1962). Gulliver’s Travels and Other Writings. (M. K. Starkman, Ed.) New York: Bantam Books. The Development of the Novel. (n.d.). Retrieved October 18, 2007, from University of St. Andrews: http://www.st-andrews.ac.uk/~cjmm/Crusoelec.html   

Anti Guns on Campuses Essay

Guns are a double-edged sword when it comes down to it. Guns provide many people the ability to feel safe and protected, while other guns are constant reminder that some freedoms are taken too far. Guns privileges are abused, misused, and mistreated. Young people glorify toting weapons like it’s a new fashion statement. Missing the fact, that what in reality is causing uproar and panic amongst everyone else. That is why I feel like guns should not be allowed on college campuses. Asking a young person to take the responsibility of not only carrying but carrying a gun around on a college campus is a lot to ask of a college aged young adult. Most people in college struggle with grasping a full-course load, let alone walking with a gun, or the fact that someone unbeknownst to them could be carrying an automatic weapon. The theory is not brilliant; if a situation occurs we should let the proper authorities handle it, in a professional manner in which they are paid to do so. Law enforcement is more than just capable of doing their job, in a professional sense. It makes sense for police to patrol all throughout a college campus to keep peace. Asking an 18- 24 year old who is still mentally and emotionally adjusting to life and new experiences is too much. College campuses are actually safer than the surrounding communities where an actual 93% of crimes that occur against college students take place. That in it of itself is an eye opener to those for gun on college campuses. College campuses are a safe heaven, where students can be at ease, and be at peace knowing that they are protected 24/7. Lawmakers should take joy as well. Campus police is actually doing what’s asked of them and doing it above and beyond. Police are doing what is asked of them. Now imagine if a student or even faculty member such as a teacher with no crisis training is asked to respond to an emergency situation? Many if not most would panic and not how to respond to the situation at hand. Situations could lead to disaster, so why not leave that to the professionals. Clearly not having guns on college campuses has worked so far. Why would society decide to change that now? The negatives outweigh the good in every facet. Yes like with anything there are positives, but those positives are few and far between. Students and faculty aren’t trained to handle the pressures and stress that come with dealing with carrying a loaded weapon on campus. Law Enforcement does a heck of a job, in protecting all persons on campuses now. By switching that up, you are making police officers job even way more difficult, asking them to distinguish in crisis situations who and who isn’t the culprit. Making them find out who has the gun? Guns should be allowed on college campuses period.

Examine the effects of the impact of human activity on soil

In the context of living in the modern world the environment is very important to study and maintain. As technology advances the world we live in is changing, but sometimes these changes are disturbing the balance of nature that has been well established for thousands of years. The effect that we are having on soil is often very detrimental; erosion is an ever-present problem all across the globe. I aim to investigate the impact that human activity has had on soil, and evaluate solutions to the problem. Initially it is important to look at what can be damaged and what the risk is to soils. The main threats include erosion, acidification, pollution, compaction, organic matter loss and salinisation. The increasing amounts of fertilizers and other chemicals applied to soils since World War II, has caused great concern over soil pollution. The application of fertilizers containing the primary nutrients, nitrogen, phosphorus, and potassium, doesn't lead to soil pollution, the application of trace elements does. Sulfur from industrial wastes has polluted soils in the past. Read this Ch. 22 Respiratory System When lead arsenate was used on crops this had deadly effects but this is now outlawed due to these. The application of pesticides also leads to short-term soil pollution. Ploughing was once a major erosion-causing problem. The way it used to be carried out was known as clean cultivation, which left the topsoils exposed to all natural erosive problems. This was done by the use of the moldboard plow by farmers, now replaced by better ploughs, which leave a litter layer on the surface to prevent erosion. Irrigation is the artificial watering of land to sustain plant growth. This happens across the globe in areas where the water budget is below the required amount. In dry areas, such as the southwestern United States, irrigation must be maintained from the time a crop is planted. In 1800 about 8. 1 million hectares (about 20 million acres) were under irrigation, a figure that has risen to more than 222 million hectares (550 million acres) today. Irrigation, however, can waterlog soil, or increase a soil's salinity to the point where crops are damaged or ruined. The irrigation of arid lands often leads to pollution with salts. This problem is now jeopardizing about one-third of the world's irrigated land. About a third of all soils in England and Wales have been identified as being at risk from water erosion. Another careless error of human kind is to let overgrazing to occur. Overgrazing, which in time can change grassland to desert, can be seen causing great problems in the USA. The dustbowl effect is evidence of this. It is believed by some historians that soil erosion has been an underlying cause in various population shifts and the fall of certain civilizations. Ruins of towns and cities have been found in arid regions such as the deserts of Mesopotamia, which shows that agriculture was once widespread in the surrounding territory. To remedy these problems we have to act fast. In protecting soil we have to consider not only the land but also the land use and the pressures on it, and then find the correct balance of how to help both the land and people. Often without the money coming in from industry and farmers the land that we need to conserve would have gone to waste anyway and there money is preserving it already. Farmers have been looking for solutions for centuries, and in the Middle Ages in Britain and to present day crop rotation was a possible solution. This is where through different seasons different crops were used, and sometimes the field was left bare to recuperate. In modern rotation systems soil-building plants are used. These crops hold and protect the plants during growth, and also when mixed in to the ground provide much needed nutrients. Special methods for erosion control include contour farming, where the farmer follows the contours of sloping lands, and ditches and terraces are constructed to reduce the runoff of water. This is particularly useful in areas with high precipitation. Another soil-conservation method is the use of strip-cropping. This is the use of alternate strips of crop and fallow land. This method is valuable for control of wind erosion on semiarid lands that need to lie crop-free for efficient crop production. Without human activities, losses of soil through erosion would in most areas probably be balanced by the formation of new soil. On new land a layer of vegetation protects the soil. When new industry is formed in an area the protective canopy of trees that would shield the ground from a lot of rainfall is destroyed which greatly speeds up erosion of certain kinds of soils. Erosion is less severe with crops such as wheat, which cover the ground evenly, than with crops such as corn and tobacco, which grow in rows and have bare spaces. When ramblers go out in the countryside they cause another problem, trampling. Through repeated trampling the ground gets ruined and so do the plants, until walkers use alternate paths and also eventually ruin those as well. These methods are all very effective in combating erosion. They are split into five categories, revegetation, erosion control, crop management, run-off control and soil reclamation. The latter is done through drainage. I believe the easiest of these to use is good crop management. This would mean a well-stratified plan to the use of the land b the farmer. It is the cheapest to do, as no alterations to the land are required. It can be done globally but in poorer areas there may be too much pressure to maintain this. At Kinder Scout in England revegetation has been a successful move, replacing plants where walkers had trampled them. The conclusion I am making is that for every soil where human problems have had a diverse effect, it will be a different solution required. There is no standard answer, and farmers, walkers and industrialists need to come up with their own.

Managers learn better from experience or theory Essay

Managers learn better from experience or theory - Essay Example Hence, management development programmes are conducted by organisations to update the managers on any new managerial behaviour. In the competitive environment managers often have to face difficult situations in the workplace. To handle such kind of situations, it is extremely important for the manager to have sufficient knowledge backed by theories and prior experience behind him. But in the most difficult situation, bookish knowledge will help to some extent and practical experience and instincts of managers will become more effective in handling the situation with utmost care. But the importance of theory cannot be underestimated since it is the theory that will show the path for the manager, and the experience will pave the path. An organisation also needs to look at educating the present managers. It is expected that whatever may be their formal education requirement, it will not be able to meet the job demands during their tenure in the organisation. Hence, providing continuing education for the managers is important. Learning by doing matters for professional investors. Most of the organisations today believe in ELT, or experimental learning theory, which has been the foundation of management learning over the years. It has been seen that there have been improvements in the efficiency of the output produced from the existing technologies, though the inputs remain the same. It shows that inputs are an important determinant of total productivity. So the organisations have started realising that ‘on-the-job-training’, or learning by doing, is as important as formal education received, which forms the base of human capital. Discussion Every practice by managers is based on theory itself. Management theory gives an overall view of managers’ role and the competencies which the managers need. It acts as a guide to understand the process to help the managers learn (Mailick and Stumpf, 1998). But management practice is more specifically concern ed with task selection and performance delivery, which defines the manager’s contribution to the organisation. Management practice basically utilises management theory to help managers determine the process which they need to follow in specific situations (Bell and Goldsmith, 2013). Every manager has their own way of handling things, which they might feel is the optimal and efficient one. But the real world does not go by that logic. It is only when they are faced with real world solutions that they realise that they need to change their strategy to come out with new solutions (Levitt, List and Syverson, 2013). For example, a sales manager must be able to handle the team under their leadership. Team dynamics is the most important factor which they cannot neglect. Team dynamics will vary with the composition of members in it. Each team has to be handled differently. Experiential learning theory (ELT) gives a holistic model of the learning process. Learning is best viewed as a process, not as an outcome. Hence, improving the performance of managers by engaging them will enhance their learning and performance. All learning is re-learning. It is a process through which the manager’s beliefs and ideas about a topic can be examined, applied and integrated to form more new refined ideas. Learning is a holistic process of adaptation. It involves the integrated functioning of thinking, perceiving, feeling and behaving apart from cognition. Learning is

I will upload files that include the topic Essay

I will upload files that include the topic - Essay Example The people in the story are exiled from the memories of China and find difficulty in establishing their own identity in an estranged country. Both the stories talk about the people who come to America to construct their life leaving their home, family, attachments and jobs. However the story â€Å" Brave We Are† is more of accepting various culture than the Chinese immigrants of â€Å" The Good Fall†. The two stories talks about hybridity and cultural differences faced by American immigrants . (Thesis) People get mixed and children born out of such hybridity bring multiculturalism which can be a brave action but still a matter of concern. According to ( Naqvi 932)â€Å" Brave we are, we who answer questions that spill forth artlessly from the mouth of nine year old purist questions that can neither be waved not dismissed with ambiguity† The characters in both the novel were not able to switch culture easily as they think . According to(Jin 229) â€Å" Mark Zong has ordered him to leave, but the monk went to a park and hanged himself instead†. By birth, their identity had been shaped by their culture and religion. Being a Muslim from Pakistan, it was not easy for Naqvi to change her cultural identity. As per (Varnum 9-13) â€Å"Cultural psychologists have consistently found different patterns of thinking and perception in different societies, with some cultures demonstrating a more analytic pattern and others a more holistic pattern†. She was locked in to a solitary culture and could not embrace the American culture completely. The American culture is new to Naqvi and being a foreigner accepting the modern life of America is a strange concept for her as well as the Chinese immigrants in â€Å" A Good Fall†. In the novel â€Å" Brave We are†Naqvi a mother faces threats when her son ask her about the meaning of hybridity. She tries to answer the question without her son going deep into the subject. She finds it absurd about the

Cognitive Psychology response Essay Example | Topics and Well Written Essays - 750 words

Cognitive Psychology response - Essay Example The memory can also be triggered at anytime. Recovered memories are memories, which have been perceived to be irretrievable for a certain amount of time. False memories are when a person has recollection of a memory that never occurred. Research supports repressed memories, except there is debate whether this only occurs in trauma cases. There have also been cases in hypnotherapy where false memories have been implanted into a person’s memory, however there is no scientific evidence to support this. 2)Explain in detail the Atkinson-Shiffrin model of memory. It is sometimes referred to as the multimode of memory. It consists of sensory memory, short term memory, and long term memory. Sensory memory can only be held for a few seconds. If processed, it moves to short term memory where it lasts for approximately one minute and through rehearsal can be converted to long term memory which lasts indefinitely. 3)Define the term "reasoning" and explain the two basic forms of reasoning, giving examples for each. Reasoning is by process of thinking, an idea can form from another idea. Cognitive- instrumental reasoning involves the basis of the scientific method in that through observation, we are able to reason correlations and form hypotheses. Moral-practical reasoning is where you take into account the moral implications of making a decision based on faith, values system, culture, etc. 4)Describe the effect of learning to speak two languages on the process of language development.   Include any age-related differences that are discussed in the text.  Ã‚   Chomsky called this the language acquisition device in that at younger ages, children are much more cognitively developing than older children. They are constantly assimilating everything from their environment and integrating it into their memory. The idea behind the syntax and grammar of language requires multiple cognitive patterns and memory storage. Thus, children that are learning multiple languages ar e forming new connections and using more parts of their brain, which can allow them to succeed in other areas. 5)What would be the pros and cons to the idea of administering intelligence tests to all students? The pros to giving intelligence tests to students are that it allows schools to see how they are teaching and whether the teaching is effective. It also allows for standardization, meaning that students are put into classes which allow them to learn on a level of development that they are at. The cons to intelligence tests is that it locks students into an idea of what level of intelligence they are at. This can have serious consequences not only at the academic level, but also with self-esteem and interpersonal relations. 6)Based on memory research describe and give examples of at least four of the memory concepts a person could utilize to become a better student.   Repetition- the least effective, but multiple rehersal can help assimilation. Categorization- otherwise done with chunking, it allows students to store multiple pieces of information together Association- by making assocations with the knowledge and memory, it increases the ability to retrieve the information (most effective) Elaboration- by elaborating more on the topic, you learn more about the topic and

Impact of New Technology In the Public Sector In England Essay

Impact of New Technology In the Public Sector In England - Essay Example ced in 1976 by the police scientific development branch in the UK and the operation began in 1979.The first arrest was made in 1981 which was a stolen car. A number of persons have also been credited for the development of the ANPR to the modern structure, among them include; Bernard Hogan Howe, a metropolitan commissioner in the UK. The scope of offered services includes facilities to curb rising insecurity, drug trafficking, uninsured vehicles, untaxed and unlicensed vehicles. Following the recent innovations in the last decade, especially the introduction of the ANPR, cases of insecurity has been on the decrease. Police and security services have been able to track all the vehicles. This technology can store images and also text from the license plate. Statement of the Problem Stakeholders in the security sector have realized the need to embrace this technology in the country. The increase of the use of ANPR has been associated with a number of factors such as; it saves valuable p olice time, saves valuable police resources, helps in advancing investigation, it enforces arrest. Research Questions This Study was guided by the following research questions: 1. To what extent do the police departments embrace ANPR? 2. To what extent do the ANPR contribute to the efficiency? 3. What are the challenges faced by the security personnel in the adoption of the ANPR? Objectives of the Study Overall Objective: The overall objective of this study was to establish the effect of ANPR service delivery in the police sector. Specific Objectives: Specifically, the study sought to: 1. Establish the use and management of ANPR technology in the security sector. 2. To determine the effect of ANPR technology on the operations of police in England. 3. To find out the challenges faced by the... The study was primarily set within England context, with the focus on metropolitan police in England to explore and evaluate the effects of the ANPR on English. This area was preferred for the study because ANPR was first introduced in UK and also the presence of many vehicles on the roads in the United Kingdom. The findings of the study are useful to different stakeholders of the population. Firstly, UK citizens can use the study to educate themselves in order not to be on the wrong side of the law. Secondly, the findings of this study can be used by security personnel to control cases of rising insecurities in England. The study has exposed the Strengths and Weaknesses of this technology. The study was conducted in England and its environs, which is located in Europe. The study dealt with the citizens and security personnel of England who are served by the metropolitan police commission. The area was chosen because of its geographical position in Europe, first country to introduce this technology and also presence of many cars in its roads. Moreover, past studies showed that England has the most number of insecurities in the region. These reasons made the data collected from this study area to be one of the most reliable in the country. From this study, there is a close relationship between use of Automatic Number Plate Recognition and decrease in insecurity. This is because before introduction of this technology department of commission experienced a high rate of insecurity in England.

Receiving A Telephone Call From The Security Guard. Company's Security Essay

Receiving A Telephone Call From The Security Guard. Company's Security Issues - Essay Example I'll further ask the security guard to produce a list of those who entered the locker room and list of those who operated their lockers in last twenty four hours. The Security guard will be asked to call upon the in-charge of department handling cameras and equipments, the in charge will be requested to figure out if he had any clue regarding loss of the cameras. If yes, the main in-charge will be requested to report the exact timings of the loss. The security department will be asked to ascertain the list of those who visited the equipment department, and inquire about their purpose of visit, the frequency of visits has to be noted down. Upon reaching the location, I'll inspect the data gathered by the security guard. Every present employee, including the security officials, will be handed over a page, to give a brief description of their entire working day; the respective pages will then be handed over to the in-charge of the department for confirmation and verification. In the meantime, I'll develop a personal interaction with Randeep, listen to his part of the story, the team leader of his department will be requested to give me a highlight about employee's past record and activities. Randeep will be asked to provide the exact timings of when did he operated his locker last time, and why should he be considered innocent of the charges. Of course I will not consider Randeep to be the culprit, because if he had to steal it, he would not have been fool enough to place those cameras into his locker, that are regularly inspected. Randeep is either too stupid to make such robbery, or he is innocent. I'll inform the company's management about the incident, and will inform him about the steps taken. I'll seek his guidance, if he wanted crime forces to intervene, and conduct the inquiry, or wait for the outcome of the steps initiated by my authority as Human Resource Manager. The company's management guidance will be requested with reference to ordering immediate termination letter to the employees found guilty of charges. The company's management will be informed as per their convenience, before the next working day commence. What do you think has happened After listening to the employee's version, and receiving briefing by the team leader. I'll ask my deputy to interact with Phil. Phil will be asked verbally to ascertain all that he has written on the paper, he will asked to proof that he has no connection with the charges, such that neither he plotted the event, nor he supported Randeep for his action. I'll ask my deputy to not only target Phil, but target some other individuals, including staff in the security, because it was mainly a lapse from their side as well. I would have personally considered Randeep to be the culprit, but the reason for not doing is that because the crime committed or impose upon Randeep has emerged out during the period when the company is likely to announce the nomination of Randeep for the position of Team Leader. An employee who is so dedicated and sincere towards his task, who understands that he will be promoted soon, is not likely to commit such crime, perhaps Randeep would have received better opportunities to steal after his promotion. I will certainly have different versions related to the incident, 1. Either Randeep has stolen the camera, to gather money, because he has been always complaining shortage of finances after he separated. 2. Either Phil has committed this folly, because he wanted to damage the image of Randeep, as the company planned to announce the suitable

Case study Internal Control, LJB Company Example | Topics and Well Written Essays - 500 words

Internal Control, LJB Company - Case Study Example The report must explain the effectiveness of the internal control procedures and mechanisms of the company during the most current fiscal year. Some of controls areas that the SEC expects companies to cover include fraud prevention, risk assessment, and accounting procedures. SOX also includes a clause that stipulates that major executive managers of public companies, including the CEO, must sign the quarterly and annual financial statements assuring they are free of material error and fraud. If fraud is detected in the financial information, the CEO could be liable up to 25 years in prison (Whitecollarfirm, 2011). LBJ Company is doing some things well. The controller is a valuable asset to the business. The company uses multiple processes that are needed to have good internal controls such as bank reconciliations and asking for a written explanation if an employee uses the petty cash account. The petty cash process can be improved by asking the employees for a receipt of the purchase. Further recommendations to the petty cash process will be mentioned in the next paragraph. In terms of fostering a good corporate culture, the managerial staff is showing loyalty, empowerment, and a belief in the employees. There are many internal control issues at LBJ Company. First, the accounting department is understaffed, which has the controller serving too many functions. This creates internal control deficiencies in the entire system. The controller should not be making purchases, receiving checks, or making bank deposits. Nobody is overseeing the work performed by the controller. I recommend the company hire two additional accountants for the department. The company also needs to raise the level of accountability and to verify the work of the department. This can be done by implementing two company audits twice a year to be performed by an independent auditor with CPA credentials. The

Geico Case Study Essay Example | Topics and Well Written Essays - 1250 words

Geico Case Study - Essay Example Of a lot number of benefits, even few elements shall bring, aspirants, home about the benefits they can enjoy. Health and well being, that is in itself a complete program, is a well designed plan for its associates. The well being and health of the full time associate is covered 360 degrees making it perfect set of benefits. Education and training program, with, GEICO, is a lifelong learning opportunity that cares for career development coupled with trainings, tuition reimbursements and even family scholarships. Finance and retirement benefits are reinforced by astounding plan of profit sharing and variety of plans with over 20 investment options. For holidays and other leaves GEICO provides a plan that can help contentment for its associates. Similarly, family and life program and other perquisites along with a bunch of amenities are a great convenience. At GEICO the notion that family requirements should be understood to create affinity among the company and the associate is a way to integrate its associate well. The dependents of associates are also cared for and numbers of programs have been formed for the purpose. In these programs, long term care insurance plan, adoption assistance, associate assistance program are few that need a mention. Under associate assistance program GEICO provides up to three phone and/or in-person counseling sessions without any cost. AAP also includes work-life balance programs, baby welcome program, day care and elder care referrals, counseling for stress, anxiety and depression, and financial counseling, aid during crisis situation and legal consultation. To evaluate such perks are not only important for integrating its associates with the company, but also to make them realize that the relationship is symbiotic. In this paper a comparison of GEICO Total Rewards Program is being made with top advantages of Total Rewards program. Total Rewards program is now, known as an integrated part of HR best practices with a view of emplo yee retention and satisfaction. The World-at-Work Handbook of Compensation, Benefits & Total Rewards by John Wiley is perhaps a definitive guide to compensation and benefits from modern HR professionals. In accordance with the best practices, the management must be vigilant enough to attract, motivate and retain quality employees. This manual provides for an indispensable method to make HR professionals comprehend and implement Total Rewards concept (Bus.iastate.edu). GEICO plan in comparison to Total Rewards Program: In Total Rewards program organizational culture, business strategy and Human Resource strategy are key players that shape overall planning, initiated through this program. It includes above mentioned plans that primarily attract, motivate and retain employees. It is an employee centric program that causes satisfaction and dedication only for the purpose of better business and performance results. It can be seen from the offers under this GEICO Total Rewards Plan that t he initiative is more likely to achieve â€Å"benchmark and standards of Total Rewards Plan†. They are far sighting and can be termed as closer to an excellent level (Awlp.org). To analyze the program, let us see the advantages that are important for an organization to maintain its integrity and lead: No single element is left isolated, meaning that all elements are taken care of, yet certain â€Å"elements are prioritized†

ECommerce Essay Example | Topics and Well Written Essays - 3750 words

ECommerce - Essay Example Brown Limited. In preparing the strategic plan, the following activities have been carried out: identifying and prioritizing problems, evaluating possible solutions, discussing selected technologies, considering security issues and their solutions, and estimating budget. Failure of project managers to deliver the projects on time can be damaging for a company. This can lead to a gradual destruction of company’s brand image; even worst, it can result in the slow death of a company. E-commerce website design has evolved considerably in few recent years with the incorporation of new business models which primarily focuses on savings, revenues, and customer relationships. A recent study (Wen, Chen & Hwang, 2001) has highlighted two broad design strategies for e-commerce websites: Informational/communicational strategy can be applied to websites that are meant to support business activities, rather than replacing them. In other words, this design strategy is used for Web marketing. The important point to note is that this strategy does not support online-transactions. Furthermore, it has been found (Wen, Chen & Hwang, 2001) that there are existing twelve (12) e-commerce website design models based on two design strategies. Discussed below, the first four models are based on informational/communicational strategy while the rest are based on online/transactional strategy: Brand awareness and image building model provides detail and rational information about the company and its offerings. This model is best to indicate company’s edge over its competitors to current and prospective customers. Example websites for this model are Ford (www.ford.com) and Reebok (www.reebok.com). Cost saving model provides cost-effective and productivity savings. Cost-savings can be achieved through reduction in brochure printing, distribution costs and order-taking as customers use fill-out forms online. On the other hand, productivity

Medical Ministry - Logotherapy Essay Example for Free

Medical Ministry Logotherapy Essay He ranted and raved uncontrollably. He suddenly turned to me and said â€Å"Why me? † My reply was â€Å"Why not you? What makes you think that you are more special than the next person? † This confrontational response stopped him in his tracks, made him think about his situation and the anger and feeling sorry for himself disappeared, never to return again. Too often patients with incurable diseases surrender to all the negative emotions that overwhelm them. They become despondent, depressed, fearful and lose hope. All their time is spent fixating on themselves and their wellbeing. They become so focused on their problem that the problem can become their whole world. Patients then get caught in a vicious circle whereby the harder they try not to worry, the more they worry. The greater the effort not to think of their problems, the more they think about them. Without meaning in these patient’s lives, how do they mentally ensure quality of life? How do they make peace, emotionally and spiritually, with the situation they find themselves in? There is sufficient proof that everything can be taken from man except the choice of one’s attitude in any given set of circumstances. Inner freedom, which cannot be taken away, makes life meaningful and purposeful. My husband and I met with the oncologist and found out what treatment was required to push the cancer into remission. We decided to put our trust in the oncologist’s ability to treat this disease while we concentrated on living each day with love, humour and purpose. In effect we were practicing dereflection. Looking back now at the chemotherapy he had to endure, on and off, over a seven year period, I realise that disease/illness can be very meaningful. The chemotherapy room was a morbid place, where everyone sat quietly, lost in their own thoughts, with a chemo drip in their arm. My husband changed all that. He got to know all the patients and medical staff. He used humour to get people to open up about their situations. He would have me running around serving tea, coffee and cake to the patients. He instilled a feeling of hope and caring amongst the patients. They took an interest in one another’s lives, exchanged useful information, joked and laughed about themselves and their illness plus friendships were formed. The doctor often came to check what all the noise was about in the chemotherapy room. I believe this was my husband’s purpose during this period of his life. It was filled with meaning as were the lives of the patients whom he came to know and love. In 2001 the cancer came back aggressively and my husband had to have heavy doses of chemotherapy that almost destroyed his body. He was hospitalised and almost overnight lost so much weight. He was sent home weighing 49 kilograms and so weak that he became bedridden. He didn’t have the strength to walk or to sit up in bed. He began to feel humiliated and degraded due to the fact that he couldn’t do anything for himself. He thought that he had become a burden on me and together with a loss of dignity, he became very depressed. He believed that he would be totally helpless for the rest of his life. The loss of hope and meaning can have a deadly effect. Without faith and belief in the future the patient loses his spiritual hold and allows himself to decline by becoming subject to mental and physical decay. Total despair sets in and all the patient sees is a meaningless existence. To provoke patients to find meaning in their lives, the logotherapist must have a deep commitment for the uniqueness and dignity of each individual. The therapist must focus on the specific needs of individual patients instead of using a fact or technique valid for one situation, to make conclusions about a different situation. During my husband’s depression he tried to commit suicide but fortunately was stopped before he could commit the deed. I phoned Hospice for help. They sent a wonderful woman who came on a regular basis to chat and deal with my husband’s emotional needs. Meals were no longer served in bed. I carried him to the dining room table so that he could eat with the rest of the family. He had practically given up eating so I became more forceful about getting him to eat. On a daily basis I exercised his arms and legs. Hospice arranged for a wheelchair and if we went anywhere as a family, my husband came along. Together we set goals for him to achieve, baby steps as we called them, the first being the building up of his strength. We did a lot of laughing and some crying during this time. His depression disappeared and he started ooking forward to each day. He eventually managed to walk again much to his and the family’s delight. On his first visit to his oncologist after being bedridden, he was nicknamed â€Å"The Miracle Man† by the medical staff. Unfortunately my husband passed away in January 2005. Reading the account of Frankl’s story of the old general practitioner who suffered with depression after his wife died has given me much comfort. Frankl used a form of the Socratic dialogue and asked the practitioner what would have happened if he rather than his wife had died first. He answered, â€Å"How she would have suffered. † I can relate to this story in so far that my husband would have suffered if I had died first. I have spared him this suffering and that is very meaningful to me. There are various methods or techniques a therapist can use to assist their patients to find meaning in their lives. There is the â€Å"parable method† which is suited to some patients whereby the therapist relates a parable or tells a story which illustrates the point that no human being is exempt from illness. There is dereflecting as well as the Socratic dialogue Here is something I came across by an unknown author which can be applied to many diseases and which my husband and I found very inspirational during the period that he had lymphoma. WHAT CANCER CANNOT DO Cancer is so limited.. It cannot cripple love It cannot shatter hope It cannot corrode faith It cannot destroy peace It cannot kill friendship It cannot suppress memories It cannot silence courage It cannot invade the soul It cannot steal eternal life It cannot conquer spirit

Diagram For Five Bus Power System Computer Science Essay

Diagram For Five Bus Power System Computer Science Essay The main objective of this project is to analyse the different parameters of five bus bar power system. Analysis of these bus bars parameters must be supported by both theoretically and simulated results obtained by using Power World Simulator (PWS). Power World Simulator (PWS) used for engineering analysis, power system visualisation, simulation and analysis tool [1]. In this project five bus bars attached to each other according to their specific input data. According to power system terminology, bus is the node at which two or more different devices joined known as buses. In electrical power distribution, bus bar thick strip that conduct electricity to other electrical apparatus [2]. In this project, input data for five bus power system provided and the required power system designed on the Power World Simulator as per requirement. When five bus power systems designed on PWS instructions completely followed in order to make required design. After that one-line diagram is obtained shown in figure 1. Then design critically analysed by performing simulation in order to check voltages and flows on other network components. Figure 1: One-line diagram for five bus power system 2. Problem Analysis When designing five bus bar power system different problem were faced because designing is quite complex and skilled operation. 2.1 Data analysis Before start designing in order to draw one-line diagram input data for buses were properly analysed and also transmission line data and transformer data. As four variables associated with each bus: voltage magnitude Vk, phase angle ÃŽ ´k , real power Pk, and reactive power Qk. By these variables analyse which were input data and which were unknown from the provided input data. 2.2 Designing analysis In designing, general designing principles were followed in order to design five bus power system. The five-bus power system modelled in Power World Simulator (PWS), this software used for power system analysis. Although some guide provided to start modelling the five-bus power system in PWS. Modelling was quite complex and take several times because of different adjustment and given parameters was properly entered for buses, transmission lines, and transformers in order to simulate model properly. After completing the required model on PWS, power flow can be visualized and also other parameters that were unknown when simulation performed. 2.3 Software analysis According to the main objective of the project mainly focused on the modelling as per requirement and five-bus power system modelled on the Power World simulator for the purpose of simulation. This software requires some technical skills. Thats why general principles must follow in order to simulate the desired model otherwise problem might occur. 3. Problem Solutions 3.1 Data solution The one-line diagram can obtain by inserting the bus data, transmission line data and transformer as per requirement for the five-bus power system. The bus input data enable to distinguish between different kinds of buses. These buses are as follows: Slack bus ( V and ÃŽ ´ input data) Load bus (P and Q input data) Voltage controlled bus (P and V input data) Similarly transmission line input data provide series resistance, reactance, and shunt charging, transformer input data provide series resistance and reactance. With the help of these input data one-line diagram can be achieved by using the software. 3.2 Designing solution The required model designed on Power World Simulator which permits the system to perfectly model as single phase system. The connection between devices drawn by a single line in order to join them, therefore one-line diagram achieved. The desired model has five buses and by available input data for all devices model can be achieved by inserting all devices parameters properly. Make sure that all the devices connected to each other, otherwise its impossible to achieve the required results. In PWS, generator have circle shape with a rotor at the centre, large arrows represent the load and transmission line represented by simple line. By following the general principles required one-line diagram can be achieved. 3.3 Software solution Five-bus power system modelled on PWS as per requirement and then simulation performed to determine the unknown variables. By this software different techniques like Gauss-Seidel and Newton-Raphson techniques can be performed. By PWS, Y bus (Bus Admittance Matrix) can be easily obtained and compare with theoretical values of admittance matrix. PWS has some different and interesting specification if compare with MATLAB and Proteus. Simulation can easily perform by PWS but make sure that all the given parameters properly inserted. 4. Implementation The main objective of this project to analyse the five-bus power system that means to critically analyse the parameters for buses, transformers, and transmission lines. These parameters can be determined theoretically by performing different theoretical techniques but the result obtained have some human error and time consuming, thats why in order to remove these error Power World Simulator used. By following the modelling analysis and solution, implementation of five-bus power system can be achieved by using the software Power World Simulator (PWS). PWS used in order to compare both simulated and theoretical results. Power World Simulator has two modes, Edit mode and Run mode. Edit mode used to add buses, load and many other components as shown in figure 4.1 Figure 4.1 As this project based on Power World Simulator as per requirement and by following the bus input data totally five buses inserted in order to full fill the requirement. In the Edit mode, five buses inserted to desired location. All buses parameters set as provided and adjusted in Bus Field Options dialog and there are three load buses, one slack bus, and one voltage control bus. Between bus1 and bus5 transformer line connected and similarly between bus4 and bus3. This can be done graphically by selecting insert, transformer. Buses 2, 4 and 5 connected by line, all these line have different parameters, line series resistances, series reactance and MVA limit inserted in the line information dialog. The required model has two generators one on slack bus1 and other on voltage control bus3, and also two loads, one load inserted on bus2 and other load inserted on voltage control bus3. Parameters for buses, transmission lines and transformers properly set as given. By following all these pr inciple required one-line diagram obtained as shown in figure 4.2 Figure 4.2 Power World Simulator also has other mode, Run Mode which is used for the simulation. When simulation performed all the unknown values appeared on the screen. The arrows show the direction of power flow as shown in figure 4.3. On this final model different technique and changes performed as per requirement. Figure 4.3 5. Results and Discussions After completing the one-line diagram on Power World Simulator simulation performed. Through simulation all the unknown values determined and these parameters shown in table 5.1 Table 5.1 After that Y-matrix can be easily displayed in PWS by selecting case information, solution details, Y-bus. The Y-bus derived by other system parameters which cannot be change directly. These simulated values compare with the theoretical values. Y-bus matrix shown in table 5.2 Table 5.2 Theoretical values for Y-bus admittance matrix elements are given below: Off diagonal elements: Y42 = Y24 = 089276 + j 9.91964 Y52 = Y25 = 1.42284 + j 15.8714 Y51 = Y15 = 3.72 j 49.72 Y54 = Y45 = 2.8568 j 31.7428 Y43 = Y34 = 7.458 j 99.44 Diagonal elements: Y11 = 3.72 j 49.7 Y22 = 2.3211 j 25.791 Y33 = 7.458 j 99.44 Y44 = 11.21 j 121.25 Y55 = 8.0053 j 97.324 The theoretical values compare with the simulated values as obtained in table 5.2 almost same result obtained. After computing the Y-matrix, Gauss-Seidel and Newton-Raphson techniques apply in Power World Simulator in order to solve the power flow problem and compare the solution obtained by PWS. PWS gives the calculation by default Gauss-Seidel technique, so the bus record table 5.1 shown above is the solution for Gauss-Seidel. The solution computed by Newton-Raphson technique shown in table 5.3. Table 5.3 After computing the solutions from both the techniques and compared with each other. It observed from both the results that there was not much difference in both results except in generated reactive power (MVAr). Newton-Raphson gives more accurate results because it performs more iteration as compare to Gauss-Seidel. In the case when demand increases at bus 2 set as almost double, as a result load on the transformer between bus 3 and bus 4 increases and also reactive power in generator at bus 3 increases which indicates that losses in the generator also increases. It is observed that the acceptable generated range at bus 2 is 844MW, demand increases but power at bus to not upto required demand. Figure 5.1 In PWS the shunt capacitor connected on bus 2 in parallel with load and this method of connecting capacitor in parallel with load is known as power factor correction and decreases the apparent power of source, so source current also decreases. As the line connected between the load and generator line losses decrease and less line voltage drop across the line. The capacitor of 210 Mvar rating inserted at bus 2 and decreases the losses from 46.50 MW to 29.1MW as shown in area field option dialogue below: The connected capacitor shown in figure 5.2 which supplying the reactive power of 188.1Mvar. Capacitive reactance rating depends on assumed voltage 1.0 pu and this loss due to capacitor reactance varies directly with the square of the voltage. The voltage at bus 2 increases to 0.95 pu as per requirement also shown in figure 5.2 Figure 5.2 After that another possible changing in five-bus power system performed to find the low voltage problem, for that another transmission line inserted in parallel between bus 4 and 2 having the same parameters with the already exciting model and then simulation performed. After that all the parameters analyse and at bus 3 MVar of the generator decreases and hence losses. Load on line between bus 3 and 4 also decreases. At bus 2 the voltage increases to 0.96 pu and losses at bus 2 decreases shown area field dialogue given below. By inserting transmission line power factor also improve and simulated one-line diagram shown in the figure 5.3. The choice for inserting the line is less preferable as compare to capacitor in real implementation because of the cost factor but both these can be used for power factor improvement. Figure 5.3 In PWS, the real and reactive mismatches equation by simply selecting the option mismatches option, the table given below shows real and reactive power mismatches. The convergence tolerance is  ±1% of their rated value. The transmission line between bus 2 and 4 is removed for maintenance. After that five bus power system again simulated and its operating condition is not acceptable because transmission line between bus 5 and bus 4 is overloaded. Then in order to run the system under normal condition the load at bus 2 and bus 3 are equally shared in such a way that the overloading on the transmission line between bus 5 and bus 4 is reduced. 6. Conclusion After completing this project, we get enough information about how to draw bus power system by using Power World Simulator (PWS). This simulation software easy to use and give brief description of each step, voltage, load angle etc. Most importantly this software is less time consuming and free from any human error. This project gives very good understanding and knowledge about bus power system and clear idea about the different parameters that mainly analysed during simulation. Now a days mostly all industries using such kind of softwares in order to check any fault and transmission losses. Mainly electric consumption have increased and also the number of interconnections, so future planning become more complex. The software like PWS efficiently calculates power-flow solution of any numbers of bus power systems. This project gives an idea to analyse different kind of transmission design.

Impact of the Land Registration Act 2002

Impact of the Land Registration Act 2002 A registration scheme far more comprehensive than land charges is found today in the Land Registration Act 2002. The principle significance of this is that the register tells the purchaser who owns the legal estate. The system moreover is not limited to legal estates. Subject to some exceptions (overriding interest), all legal and equitable interest must be entered on the register if they are to bind a purchaser.[1] The first thing to ascertain when dealing with any piece of land is which system of conveyancing is to be applied. And it is clear in the scenario that the land is registered.[2]The purchaser will want to know whether any third parties have rights to the land which might interfere with the intended use of it. Concern about these matters will lead the purchaser to make extensive enquiries before the purchase of the estate is finally concluded.[3] A. Legal leases not exceeding seven years constitute overriding interest and this falls under schedule 3, Para 1 of LRA 2002. Short legal leases are specifically excluded by Para 1 from the category of short leases which override registered disposition. That includes leases which are to take effect in possession more than three months after the date of grant.[4] Polly comes to the cottage after Alisha brought it but Polly was given the lease the previous year. And since Alisha didn’t find any belongings in the cottage before buying we can assume that Polly returned after a year to take possession. In that case Sec.4 (1) (d) applies which makes the lease not an overriding interest. Because such leases mean that there is a real risk that the purchaser might buy the estate without discovering that it is subjected to a lease when the tenant is not necessarily in possession of the land. In such scenarios we can conclude that only the facts matters. And if Polly wants her legal lease to be protected knowing that she won’t be in possession of the cottage for some time she should have made a notice[5] in the register about her lease. But certain interests cannot be protected by notice[6] , one such case is when the lease doesn’t exceed more than three years, interest under a trust of land or restrictive covenants. Since Polly’s lease is for four years it can be entered into the charges register. The fact that an interest is the subject of a notice doesn’t mean that the interest is valid. However, if the interest is valid, the notice ensures both that it binds any purchaser for valuable consideration[7] , and he knows about it before he takes the estate.[8] It is therefore much safer to protect such interests by notice. Once such an entry has been made the interest losses its overriding status[9] , but of course binds a disponee for valuable consideration. B. It is essential to remember that, it is the rights of the occupiers that bind purchasers and not the occupation itself. The claimant must always prove two elements: actual occupation and an interest in land. In National Provincial Bank v Ainsworth[10] it was held that deserted wife’s equity to be a mere personal right against her husband; her occupation made no difference.[11] Judges have regularly emphasized that the question of whether a party is in actual occupation is essentially a question of fact. Lord Wilberforce stated that[12], ‘It is the fact that matters and what is required is physical presence on the land and not some entitlement in law’ this was stated in Abbey National v Cann. In LRA 2002 Schedule 3 , Para 2 if occupation is established but the interest claimed was not known to the purchaser , the question will then be whether the occupation was obvious on reasonable inspection of the land.[13] Wilma daily comes home even for a short while and it is very much unclear whether Alisha didn’t notice that. And the wedding photograph is good evidence to the fact that Wilma may have a share in the land. A thorough search should have taken place in such risky matters which Alisha didn’t. The question is Wilma not being present permanently in the cottage because she was looking after her sick mother which was clearly defined by the case of Chhokar v Chhokar[14]in relation to LRA 1925 were a similar situation has being dealt with. The court of appeal said that it had no difficulty in holding that she was in occupation at the date, and went on to describe her right in the property as an overriding interest. The effect of temporary absence is now being considered by the courts in Link Lending Ltd v Bustard.[15] Occupation of Wilma was obvious enough through the inspection even if Alisha didn’t know about it. This means that provided the occupation is discoverable, the disponee may still be bound by an interest of which she doesn’t know ( Malory Enterprises Ltd v Cheshire [2002] )[16]Nevertheless in Kingsnorth Finance Co Ltd v Tizard[17] provide that there was actual occupation even when the wife was divorced she visited every day to look after her children. Although she was not living there her daily activities might be regarded as sufficient to justify the result. The facts are all important in such a case.[18] The result in Chhokar seems clear, but what if the seller had removed all evidence of the wife. Like in the scenario it is unclear whether Alisha sees possessions of Wilma other than the wedding photograph before sale. And since Bob lies about a divorce Wilma’s claim might be stronger in such a circumstance. The purchaser has a statutory defence to an overriding interest if inquiry is made of the occupier, but the rights are not disclosed.[19] This is a clear hint to a purchaser as to what should be done. Those in actual occupation must be discovered and then asked what their interests are. In practice and in the scenario they tend to rely on the seller’s information. This might be convenient but gives no protection. And when Alisha identified the wedding photograph she should have been careful enough to ask the occupier what their interests are rather than whether she is present or not. This is because there is no need for overriding interest to be the source of the actual occupation.[20] The scenario doesn’t state that Wilma and Bob are divorced so this matter can be taken under Family Law Act 1996, s31 (10), that where one spouse or civil partner owns the family home, the other spouse has a right not to be evicted if already in occupation and a right with a leave of the court to enter and occupy if not already in occupation. And this lasts as long as the marriage continues. Under Sec.31 Wilma’s home rights constitute a charge on the estate or interest of Bob and will bind Alisha in the property for valuable consideration if they are protected by a notice on the register of the title. This acts as an exception to overriding interests and thus binds Alisha. C. Easements and profits can be created expressly or impliedly by granting another person a right over one’s land or by reserving a right over land which one is transferring to another person.[21]Only legal easements are now capable of overriding the register. The LRA 2002 effectively reversed the controversial case of Celsteel Ltd v Alton House Holdings Ltd[22] which held that both legal and equitable easements were overriding within 1925 scheme. But if somehow the deed is registered it loses its overriding status. We can assume that Maxwell’s claim satisfy the requirement for a valid easement as laid down in Re Ellenborough Park.[23]A valid easement can be created by prescription which is long use of land and under Sec 2 of the Prescription Act 1832. The use for many years of a right which is capable of being an easement can create a legal easement by prescription.[24] Prescription arises if an easement has been used openly, as of right, without permission and continuously by one fee simple owner against another, provided that the right could have legitimately been granted by the landowner.[25] Maxwell does use the path openly and even notify Alisha of his right and say he has been using it for any years. It is somewhat unclear whether the prescription is by lost modern grant. Finally, we can come to a conclusion which interests bind Alisha and which does not. The legal lease of Polly doesn’t bind Alisha since there’s lack of physical presence and notice as explained. But the share of Wilma does bind Alisha since she has some equitable rights towards her share of the property. And finally the easement will also bind Alisha through the Prescription Act 1832. Critically examine the rationale for the continued existence of interests which override. â€Å"Overriding interests are important and controversial because they contravene the most basic registration principle: they bind purchasers despite not being entered on the Register† Roger Smith, Elements of Land Law (Pearson Longman 2007) In a sense overriding interests are rather like ‘trump cards’ of the registered land system, taking automatic priority to any rights which are subsequently acquired by a person in the land. Not only that, but they can also lead to alteration of the register with no compensation being payable to the purchase. Little wonder then that a former Chief Land Register referred to them as ‘a stumbling block’.[26] When compulsory title registration was introduced, the aim of its creators was to simplify conveyance by placing all the essential information about an estate in land on a register. Thereafter a purchaser intending to buy the land will only have to look up at the register in order to discover all what he needed to know about the property.[27] A major difficulty arose from the category of ‘overriding interest’. The original notion of land registration was that the register would provide a complete record of the title, so that the purchaser will be able to buy it with minimum or other enquiries or inspections.[28] The fundamental principle behind registered land is the mirror principle, which is to reflect accurately and completely and beyond all argument the current facts that are material to a mans title. Overriding interests represents the greatest breach in the mirror principle. They were not accidentally created but rather deliberately done by the legislature and given automatic effect precisely because they should be obvious to any prospective purchaser or their enforcement is too important to depend on registration.[29] On the other hand the curtain principle is perhaps the most ambitious motive behind the origin 1925 Act and it remains a key principle under 2002 Act. The aim is to keep certain types of equitable interests off the register completely. As Williams and Glyn’s Bank v Boland shows, if the curtain is not raised the purchaser can easily be bound by such equitable interests. This problem clearly involves striking a balance between protection of the purchaser and protection for the occupier of land and it arose largely due to social and judicial changes.[30] Paragraphs 1 to 3 of Schedule 3 cover three types of interests which were overriding under LRA 1925. They are short leases, rights of persons in actual occupation and easements and profits. Schedule 3, Para 1 shortens the length of a lease from not exceeding 21 years to not exceeding 7 years. And in the future it can reduce to 3 years with the effect of e-conveyancing[31]. The reason why these leases override is that it would be unreasonable to expect short leases to be registered and if they were the register would be cluttered up by them. Under the 1925 Act anyone with proprietary right in property and also in actual occupation could claim an overriding interest. In Williams Glyn’s Bank v Boland in 1981 defined actual occupation as â€Å"It is the fact of occupation that matters and what is required is the physical presence in the land and not some entitlement in law†. However, Schedule 3 of LRA 2002 has reduced the extent to which these interests can bind a purchaser on subsequent registration of title so that a purchaser will not be bound if the occupation would not have been obvious on a reasonable inspection of the land at the time of the disposition. Under LRA 1925 s.70 (1) (a) all legal easements and profits and certain equitable easements[32] were overriding. But this wide category was reduced by LRA 2002 under Schedule 3, Para 3 where only legal easements by prescription or implied easements and profits were overriding. The LRA 2002 effectively reversed the controversial case of Celsteel Ltd v Alton House Holdings Ltd[33] which held that both legal and equitable easements were overriding interests within the 1925 scheme. Under LRA 1925 Sec. 70 (1) (f) a squatter could obtain title after 12 years adverse possession.[34] The new rules introduced by LRA 2002 apply to any squatter who had not completed the 12 year imitation period before the Act came into force on 13th October 2003. The rules are designed to protect the rights of the registered proprietor, and as a result the squatter’s chances of acquiring title to land are greatly reduced by the new scheme.[35] Finally local land charges override but they should be discovered by a local land charges search carried out before purchase. Moreover other interests, such as chancel repair liability will cease to override on 13 October 2013. Thus the ‘snap shot’ is becoming more accurate.[36] Why do we have them? At one time it was argued that the register replaces the title deeds and that the registration system should not protect purchasers in respect of interests not generally found in title deeds. Although this seems correct as historical explanation[37], the law commission has rejected it as an approach fit for the modern law. Their view is that, â€Å"In the interest of certainty and of simplifying conveyancing, the class of right which may bind a purchaser otherwise than as the result of an entry in the register should be as narrow as possible but †¦ interests should be overriding where protection against purchasers is needed, yet it is either not reasonable to expect or not sensible to require any entry on the register.†[38] They are also difficult to discover on an inspection of the land.[39] Not surprisingly the 2002 Act is working towards either minimizing or abolishing some overriding interests but has not yet worked out a strategy to eradicate them once and for all.[40] To make them lose their rights would contravene Article 1 of the First Protocol of ECHR. Active promotion of the advantages of registering interests could work in favor of both the purchaser and the beneficiaries of these rights. Times have changed and the importance of moving on cannot be underestimated.[41] This surely illustrates the deepening of the crack in the mirror principle of registered land. In order to narrow the crack, the class of overriding interests may be made more certain by narrowing the class. On the grounds of public policy, there will perhaps always be interests which will need protection against the purchaser, where it will be unreasonable to register the interests. Therefore, the extent of the crack can never really get away from third- party interests, which is just as important as having quicker and cheaper conveyancing. Until legislation makes clear specifications on what particular interests can qualify, the concerns of overriding interests will remain. Bibliography Textbooks Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) Roger J Smith,Property Law(7th, Pearson Education Limited, 2011) Martin Dixon , Gerwyn LL H Griffiths and Emma Lees, QA Land Law (8th, Routledge, 2013) Journal Articles Matthew Roach, the end is nigh for Overriding interests -Or is it? [Summer 2013 ] 2 Stewart-Wallace , principles of land registration, p 32 Online resources Mangala Murali, Overriding Interests –a conundrum of English Land Law (Law Brief Update October 10, 2012 ) http://www.lawbriefupdate.com/2012/10/10/overriding-interests-a-conundrum-of-english-land-law/> accessed 1/12/2015 Statues Land Registration Act 1925 Land Registration Act 2002 Prescription Act 1832 Limitation Act 1980 Cases Bakewell Management Ltd v Brandwood Celsteel Ltd v Alton House Holdings [1985] Celsteel Ltd v Alton House Holdings Ltd [1985] 1 WLR 204 Dewan v Lewis [2010] EWCA Civ 1382 Kingsnorth Finance Co Ltd v Tizard [1986] 1 WLR 783 (Ch D) Link Lending Ltd v Bustard [2010] EWCA Civ 424 Malory Enterprises Ltd v Cheshire [2002] National Provincial Bank v Ainsworth [1965] AC 1175 Re Ellenborough Park [1955] 3 All ER 667 Williams Glyn’s Bank Ltd v Boland [1981] 1 [1] Roger J Smith,Property Law(7th, Pearson Education Limited, 2011) 53 [2]If one is not sure whether a registration has been made it can be found out by making an ‘index map search’ which will tell you whether the estate has been registered. Further details may be obtained by making a full search of the register, which since 3 December 1990, can be done without the consent of the estate owner. [3] Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) 38 [4] S.4 (1) (d) [5] The Act defines a notice as ‘ an entry in the register in respect of the burden of an interest affecting a registered estate or charge’ S.32(1) [6] S.33 [7] S 32(3) [8] Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) 106 [9] S 29(3) [10][1965] AC 1175 [11] Roger J Smith,Property Law(7th, Pearson Education Limited, 2011) 254 [12] Williams Glyn’s Bank Ltd v Boland [1981] [13] Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) 118-119 [14] [15] [2010] EWCA Civ 424 [16] Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) 115 [17] [1986] 1 WLR 783 (Ch D) [18] Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) 115 [19] Sch3 Para 2b [20] Roger J Smith,Property Law(7th, Pearson Education Limited, 2011) 264 [21] Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) 111 [22] [1985] 1 WLR 204 [23] [1955] 3 All ER 667 [24] The role of this doctrine was summarized in Dewan v Lewis [2010] EWCA Civ 1382 [25] Bakewell Management Ltd v Brandwood [26] Roger J Smith,Property Law(7th, Pearson Education Limited, 2011) 251 [27] Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) 86 [28] Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) 86 [29] Martin Dixon , Gerwyn LL H Griffiths and Emma Lees, QA Land Law (8th, Routledge, 2013) 10 [30] ibid [31] The introduction of e-conveyancing will have tremendous significance for the operation of the registered title system. It will only remove the gap between execution and registration which , as we have seen , can cause problems , but will also reduce very considerably the number of interests which can be created ‘off the register’. [32] Celsteel ltd v Alton House Holdings [1985] [33] [1986] 1 WLR 512 [34] Even if the squatter is no longer in possession at the date of disposition. [35] Judith-Anne MacKenzie,Textbook on Land Law(15th, Oxford University Press, 2014) 141 [36] Martin Dixon , Gerwyn LL H Griffiths and Emma Lees, QA Land Law (8th, Routledge, 2013) 21 [37] Stewart-Wallace , principles of land registration, p 32 [38] Another important factor permeating the changes introduced by LRA 2002 is the extent to which a purchaser may be expected to discover these interests without making extensive inquiries. â€Å"Because overriding interests bind transferees of the land even though they are by definition, not protected on the register, they are widely acknowledged to be potential source of difficulty in registered conveyancing† The law commission report no254 1998 [39] Examples include rights of an occupier of land, a lease for a term of less than seven years, profits a prendre (fishing rights or shooting or hunting rights). [40] The rights of persons in actual occupation present formidable challenges for reformists and it is this area of law that professionals must work on to find a conducive solution. [41] Mangala Murali, Overriding Interests –a conundrum of English Land Law (Law Brief Update October 10, 2012 ) http://www.lawbriefupdate.com/2012/10/10/overriding-interests-a-conundrum-of-english-land-law/> accessed 1/12/2015

A Comparitive Study Of The Work Of The Devil :: essays research papers

It is true that the study of the devil or evil in general as a part of the world has intrigued man for centuries. This is mostly because it is something people don't have concrete proof of and is also considered taboo in our society. Yet, studies and/or story telling on the devil and his evil forces seems to have been apart of all societies since the begining of time. Such as, Christpher Marlowe's play, The Tragical History of Dr. Faustas, written in the 16th century and the modern day film, The Devil's Advocate, starring Al Pacino and Keanu Reeves. The devil in Marlowe's play doesnt come to Dr. Faustas as himself , instead he sends one of his disciples named Mephistophilis. When Mephistophilis first comes to Dr. Faustas he comes as himself, a demon like creature that is not quite appealing to the eye and seems to frighten or sicken Dr.Faustas. Dr. Faustas immediatley asks Mephistophilis to come back as something more pleasant, such as a fransiscan friar. The devil immediatly does so. I assume he does this to please Dr. Faustas and to show him that with the type of power he possesses he can appear to be or even change into whom ever he wants. This being something that the doctor can also achieve by giving up his soul. He also offers Dr. Faustas many things such as, knowledge (something the Doctor can't get enough of) and tells the Doctor that he can basically have everything he desires in exchange for his soul. Something very similar to this instance also occurs in The Devils Advocate. In the beginning of the film Keanu Reeves is approached by a man( also a messenger of the devil's) in a bar offering him a job opportunity in Manhattan and to persuade him to come he offers him a very large sum of money. When Keanu arrives he is surrounded by all the materialistic things he could desire in addition to the power and acknowledgment he so strongly desires. This is all once again there to tempt him towards evil and persuade him to sell his soul. Another pertinant similarity between the 16th century play and the modern day film is the chance that both characters were given to give it all up, leave the devil and regain their souls, yet the outcome is far different. In Marlowe's play, Dr.

CONVERGE :: Essays Papers

None Provided15 CONVERGE Converge is an exhibition on at the South Australian Art Gallery between March 2nd until March 30th. The exhibition profiles a selection of work from Australian artists. Our perceptions are challenged as we explore the nexus between art, science and technology. Combining technology and science with art. Ranging from bioethics to the environment to robotics. The exhibition is based on research and discovery. Australian artists have met the challenge merging art and science together producing work that is contemporary a journey for us all to take. Converge artists are engaged in critical debates helping to fusing social and political issues. Converge symposium (at the Adelaide Festival 2002 and online) is an opportunity to express and share opinions on the many issues Converge brings up. Just how could you bring together Art, science and technology? The artists of Converse have done just this admirably. The works have been produced using many different mediums, exploring cutting edge research. One project named Pig Wings created by Oron Catts and Ionat Zurr uses semi-living tissues to create three dimensional tissue sculptures. In the last five years the artists have grown semi-living objects, by culturing cells on artificial scaffolds. The ultimate goal of this work is to culture and sustain for long periods, tissue sculptures thus creating a whole new artistic palette. The semi-living objects consist of both synthetic materials and living organic matter. This particular project used pig’s marrow stem cells in order to grow three sets of wings. The use of living cell and tissues for artistic purposes has created concerns. It blurs the boundaries between what we consider acceptable and what is not. There has been much debate recently in regard to the use of human embryonic stem cells. These cells could potentially help millions of people, but governments and churches that say it is not ethical to use â€Å"potential† human beings have blocked the use of them. This project could help to challenge our perceptions about the use of stem cells. A piece of work completely different from Pig Wings is Ngurrara Canvas by the Mangkaja artists. This work is a collorative effect with each of the artists painting his or her own piece of country. The piece is eight metres by ten metres and maps the lands that form part of the Great Sandy Desert. The main intention behind the work was political but the artists have worked well together blending each area so as to create a seamless whole.

Privatization in India Essay

Ram Mohan Visiting Faculty, Finance and Accounting Area Indian Institute of Management Ahmedabad, India Abstract The proposed research is intended to survey the process of privatization in India and assess its impact on the Indian economy. The central issue we will address is the impact of privatization that has taken place so far on profitability and performance of PSUs. Going beyond this, we will attempt to understand what explains the impact of privatization on performance. Is it the use of market power by oligopolistic firms whose pricing power had been constrained under government ownership ? Is performance bought at the expense of labour through extensive layoffs so that what we see is essentially a transfer from workers to shareholders ? Or are we confusing the impact of privatization with the more generalised impact of deregulation in the economy, which in itself could spur efficiency ? The research output will comprise the following: 1. A survey of the literature on privatization, particularly with respect to less developed countries. 2. A review of the role of the public sector in the Indian economy, and the process of economic liberalization and privatization in India upto this point. 3. Impact of privatization on firm performance. 4. Explanation for the impact of privatization 5. Assessment of mechanisms of corporate governance in India. -2- I. Background: privatization in theory and practice A great wave of privatization has swept the world in the past two decades, embracing the industrial economies, the transition economies of East Europe and large parts of the less developed world, and it continues to roll on. It is interesting, however, that its basis in theory was somewhat shaky to start with. Moreover, a sizable enough body of empirical evidence, on which hypotheses about its impact could be tested, became available only several years down the road. So much of the initial impetus to privatization entailed a leap in faith, and, as happens all too often in the development of knowledge, attempts to explain its impact have followed on the heels of widespread existing practice.

Ministry of Manpower, Singapore

Brief Description of Ministry of Manpower EE4041 E-learning week assignment by LIU TIANCHI Group Y15 As one of the Tripartite Partners in Singapore, Ministry of Manpower (MOM) plays the government role and aspires to develop a great workplace together with the other two partners, the National Trades Union Congress (NTUC) and the Singapore National Employers Federation (SNEF) which represent the employees and employers separately.The mission of MOM is to achieve a globally competitive workforce and great workplace, for a cohesive society and a secure economic future for all Singaporeans. To break it down into two parts: MOM aims to empower Singaporeans so that they can realize their potential; MOM also deals with and regulates the workplace so as to achieve a cohesive society. In order to achieve the mission, MOM is structured with divisions and statutory boards, both of which have certain specific responsibility.For example, Labor Relations and Workplaces Division (LRWD) plays a cruc ial role in dispute settlement. Most of the time, the parties, unions and companies, can settle disputes between themselves, as they know the issues well and would be in a good position to find solutions. If this fails, then conciliation by LRWD would kick in at the request of either party. LRWD or MOM receive and settle an average of about 300 disputes from the unionized sector for conciliation every year. This is an important pillar in maintaining industrial stability in Singapore.One example of the statutory board is Central Provident Fund (CPF) Board, which administers the CPF well known as a compulsory and comprehensive social security savings plan. Besides the regulation and administration responsibilities, MOM also provides services. For example The Work Pass Division facilitates the employment of foreign nationals in Singapore with a convenient application process. The foreign employees can find all information that they need to know before coming to work in Singapore from M OM website.Most of the application processes also take place online, which is very efficient. MOM has won many awards because of its great contribution to the healthy tripartite relationship, which is the envy of many countries. It’s worth mentioning that MOM once won United Nations Public Service Awards, which is the most prestigious international recognition of excellence in public service. As can be seen, MOM has its unique and important role in maintaining the healthy and striving workplace in Singapore.

Narrative Writing & Tupac Essay

American rapper, actor, activist, poet 2Pac was truly one of hip hop’s most distinctively talented artists and indeed, a dynamically influential figure who conveyed his introspective thoughts through such vibrantly resonating music and lyrics. However, 2Pac’s journey to glory and recognition was filled only with many intricacies and hardships but fuelled only by gifted ability, wit, heart and sheer passion. Many could either label him from anywhere as both a thug and gangster or a natural born leader and poet—but 2pac emphasized: â€Å"Measure a man by his actions fully, with his whole life from the beginning to the end† (qtd. in Lazin). Born Tupac Amaru Shakur (June 16, 1971) in East Harlem, New York, 2pac was named after a proud Inca chief from South America by his mother who was a key member of the Black Panther. Due to her significant affiliation with the movement, Afeni Shakur was incarcerated during her pregnancy to her son. 2pac admits the absolute admiration he has for his mother for being able to withstand all adversity and eventually giving birth to him, affectionately mentioning her as a â€Å"strong black woman†(Lazin). 2pac values his mother’s teaching of raising him and his sister to be community-oriented and socially aware, amidst the financial shortcomings they faced. 2pac categorizes their financial status then as being â€Å"stone broke† as they did not have luxuries or even necessities which he thought they needed. Growing up, 2pac had no real father figure to look up to—he stresses such longing in saying that â€Å"You need a man to teach you how to be a man† (qtd. in Lazin). Due to his troubles to gain a steady source of income, his mother decided to move to Baltimore. There, 2pac was enrolled in the Baltimore School of Arts and spent three years there learning assorted facets of art and meeting various individuals-turned-friends. In the process of education, 2pac pin points one major flaw of lack of shedding light into life’s reality. In his observation of the social and economic inequality, he states, â€Å"Rich people should live like poor people, and poor people should live like rich people. They should change every week† (qtd. in Lazin). In attempt to escape poverty and violence, 2pac moved to California only to realize the same poverty element shared by the â€Å"black community. † Yet, amidst it all, he stayed strong. After having decided to move out of his mother’s house and authority, with no other choice, 2pac resorted to the ways of street life in which he cites how he found father-figures in the form of drug-dealers, pimps, and criminals. It was in the streets that his rather sharp tongue was cultivated: â€Å"The words that I say are the words that don’t come out from a mother’s mouth or a father’s mouth† (2Pac qtd. in Lazin). Eventually dropping out from high school, 2Pac had a short turn in selling drugs but was advised later on by the same people— his co-drug dealers, who later stood as financial sponsors for him to follow his dreams in music. 2pac professionally started in an early nineties hip hop group known as the â€Å"Digital Underground. † Shock G, leader of the group, gave opportune chances for 2Pac as he was starting out—free style raps during performances and songs, having him belong in the group as a roadie and taking him in. After having some songs under his belt and being recognized for his talent by major music labels and prominent figures such as Interscope and Ted Field, â€Å"2Pacalypse Now† was released as his first platinum album in which he tackled major social issues and expressed and stimulated the pain he dealt with throughout his childhood. This was the beginning of a series of albums that were not only of commercial and critical success but also were of social significance. As 2Pac’s fame grew, he opted to stretch his skills for the silver-screen, through films such as â€Å"Juice† (1992), â€Å"Poetic Justice† (1993), and â€Å"Above the Rim† (1994) which displayed both his aggressive and sensitive strengths in his character and also, acting prowess. As his messages of social awareness come across even more, 2Pac stressed his personal take and concept of how he wants to empower the youth, the oppressed, and the ill-fated through his idealistic but rather controversial theme of â€Å"Thug Life. † However, there were rather social distortions in between 2Pac’s and the media’s meaning. Hence, in a subjective interpretation, 2Pac explains that this idea has nothing to do with the dictionary’s definition of thug; rather, it pertains to the underdog who chooses to overcome each life’s seemingly hopeless obstacles with pride, dignity, and courage. His fame was often accompanied by many sorts of controversy which included a violent altercation with a limousine driver, clashes with rightist group members like C. Dolores Tucker and William Bennett, to the news and media pertaining to his lyrics content, and even assault, which took quite heavy blows upon him. Most especially on life and freedom threatening occurrences, after being a victim of a shooting, he was later convicted to serve a prison sentence due to losing to charges of rape. His prison stint, only gave rose to strength and experience in him becoming a better man of insight in life’s truths. In addition, while serving his sentence, his music still crossed-over to the hearts and minds of millions. With all of these, he realized his irresponsible actions, mistakes, and rather wrong decision making of what to say, what to do, and how to act. After being bailed out through a record deal with CEO with a criminal past, Suge Knight and his music label, Death Row Records, 2Pac was freed and at once focused on getting his music on the rise again. Despite having freedom, 2Pac had to face an assortment of financial battles, just as so as he would not to go back to jail. As 2Pac music rode the Death Row banner high and proud, together with peers such as Dr. Dre and Snoop Doggy Dogg, a feud between East Coast and West Coast rapper grew, but 2Pac stresses that such tension was rooted only and mainly on two men—him and East Coast rapper Notorious B. I. G. 2Pac understood the effects of such strain of which he felt responsible for and said that â€Å"I hope we would exercise greater restraint,† pertaining to the situation (qtd. in Lazin). Amidst all the past difficulties and pressing danger, 2Pac kept a strong outlook on life: â€Å"I felt that the only thing that could kill me is death, and even then, my music will live forever† (qtd. in Lazin). While in Las Vegas, after a Mike Tyson-Bruce Seldon bout, a car pulled up alongside were Suge Knight, and 2Pac was positioned then open fired upon by four gunmen as they were supposedly headed to a night club. After undergoing two surgeries, having a lung removed and despite having a surge of praying fans outside the hospital of which were he stayed, 2Pac passed away with his truth message and true music of which he left behind to us. His legacy would never be forgotten for his music captured continuing struggles of the common man who only demanded for change, progress, and the right to have a better future. Tupac Amaru Shakur indeed was a warrior and prophet, despite the controversy, despite the media frenzy he had to go through, and despite everything else. Indeed, his message is powerful: â€Å"I’m not saying I’m going to change the world, but I guarantee you that I will spark the brains that will change the world. So, keep you head up† (2Pac qtd. in Lazin). Works Cited Lazin, Lauren. Tupac: Resurrection. Los Angeles, California: Paramount Pictures, 2003.

Solutions of Financial Management

Chapter 1 An Overview of Financial Management Learning Objectives After reading this chapter, students should be able to: ? Identify the three main forms of business organization and describe the advantages and disadvantages of each one. ? Identify the primary goal of the management of a publicly held corporation, and understand the relationship between stock prices and shareholder value. ? Differentiate between what is meant by a stock’s intrinsic value and its market value and understand the concept of equilibrium in the market. Briefly explain three important trends that have been occurring in business that have implications for managers. ? Define business ethics and briefly explain what companies are doing in response to a renewed interest in ethics, the consequences of unethical behavior, and how employees should deal with unethical behavior. ? Briefly explain the conflicts between managers and stockholders, and explain useful motivational tools that can help to prevent t hese conflicts. Identify the key officers in the organization and briefly explain their responsibilities. Lecture Suggestions Chapter 1 covers some important concepts, and discussing them in class can be interesting. However, students can read the chapter on their own, so it can be assigned but not covered in class. We spend the first day going over the syllabus and discussing grading and other mechanics relating to the course. To the extent that time permits, we talk about the topics that will be covered in the course and the structure of the book.We also discuss briefly the fact that it is assumed that managers try to maximize stock prices, but that they may have other goals, hence that it is useful to tie executive compensation to stockholder-oriented performance measures. If time permits, we think it’s worthwhile to spend at least a full day on the chapter. If not, we ask students to read it on their own, and to keep them honest, we ask one or two questions about the mate rial on the first mid-term exam.One point we emphasize in the first class is that students should print a copy of the PowerPoint slides for each chapter covered and purchase a financial calculator immediately, and bring both to class regularly. We also put copies of the various versions of our â€Å"Brief Calculator Manual,† which in about 12 pages explains how to use the most popular calculators, in the copy center. Students will need to learn how to use their calculators immediately as time value of money concepts are covered in Chapter 2. It is important for students to grasp these concepts early as many of the remaining chapters build on the TVM concepts.We are often asked what calculator students should buy. If they already have a financial calculator that can find IRRs, we tell them that it will do, but if they do not have one, we recommend either the HP-10BII or 17BII. Please see the â€Å"Lecture Suggestions† for Chapter 2 for more on calculators. DAYS ON CHAPT ER: 1 OF 58 DAYS (50-minute periods) Answers to End-of-Chapter Questions 1-1When you purchase a stock, you expect to receive dividends plus capital gains. Not all stocks pay dividends immediately, but those corporations that do, typically pay dividends quarterly.Capital gains (losses) are received when the stock is sold. Stocks are risky, so you would not be certain that your expectations would be met—as you would if you had purchased a U. S. Treasury security, which offers a guaranteed payment every 6 months plus repayment of the purchase price when the security matures. 1-2No, the stocks of different companies are not equally risky. A company might operate in an industry that is viewed as relatively risky, such as biotechnology—where millions of dollars are spent on R&D that may never result in profit.A company might also be heavily regulated and this could be perceived as increasing its risk. Other factors that could cause a company’s stock to be viewed as re latively risky include: heavy use of debt financing vs. equity financing, stock price volatility, and so on. 1-3If investors are more confident that Company A’s cash flows will be closer to their expected value than Company B’s cash flows, then investors will drive the stock price up for Company A. Consequently, Company A will have a higher stock price than Company B. -4No, all corporate projects are not equally risky. A firm’s investment decisions have a significant impact on the riskiness of the stock. For example, the types of assets a company chooses to invest in can impact the stock’s risk—such as capital intensive vs. labor intensive, specialized assets vs. general (multipurpose) assets—and how they choose to finance those assets can also impact risk. 1-5A firm’s intrinsic value is an estimate of a stock’s â€Å"true† value based on accurate risk and return data. It can be estimated but not measured precisely.A sto ck’s current price is its market price—the value based on perceived but possibly incorrect information as seen by the marginal investor. From these definitions, you can see that a stock’s â€Å"true long-run value† is more closely related to its intrinsic value rather than its current price. 1-6Equilibrium is the situation where the actual market price equals the intrinsic value, so investors are indifferent between buying or selling a stock. If a stock is in equilibrium then there is no fundamental imbalance, hence no pressure for a change in the stock’s price.At any given time, most stocks are reasonably close to their intrinsic values and thus are at or close to equilibrium. However, at times stock prices and equilibrium values are different, so stocks can be temporarily undervalued or overvalued. 1-7If the three intrinsic value estimates for Stock X were different, I would have the most confidence in Company X’s CFO’s estimate. In trinsic values are strictly estimates, and different analysts with different data and different views of the future will form different estimates of the intrinsic value for any given stock.However, a firm’s managers have the best information about the company’s future prospects, so managers’ estimates of intrinsic value are generally better than the estimates of outside investors. 1-8If a stock’s market price and intrinsic value are equal, then the stock is in equilibrium and there is no pressure (buying/selling) to change the stock’s price. So, theoretically, it is better that the two be equal; however, intrinsic value is a long-run concept. Management’s goal should be to maximize the firm’s intrinsic value, not its current price.So, maximizing the intrinsic value will maximize the average price over the long run but not necessarily the current price at each point in time. So, stockholders in general would probably expect the firmâ⠂¬â„¢s market price to be under the intrinsic value—realizing that if management is doing its job that current price at any point in time would not necessarily be maximized. However, the CEO would prefer that the market price be high—since it is the current price that he will receive when exercising his stock options.In addition, he will be retiring after exercising those options, so there will be no repercussions to him (with respect to his job) if the market price drops—unless he did something illegal during his tenure as CEO. 1-9The board of directors should set CEO compensation dependent on how well the firm performs. The compensation package should be sufficient to attract and retain the CEO but not go beyond what is needed. Compensation should be structured so that the CEO is rewarded on the basis of the stock’s performance over the long run, not the stock’s price on an option exercise date.This means that options (or direct stock awards) sho uld be phased in over a number of years so the CEO will have an incentive to keep the stock price high over time. If the intrinsic value could be measured in an objective and verifiable manner, then performance pay could be based on changes in intrinsic value. However, it is easier to measure the growth rate in reported profits than the intrinsic value, although reported profits can be manipulated through aggressive accounting procedures and intrinsic value cannot be manipulated.Since intrinsic value is not observable, compensation must be based on the stock’s market price—but the price used should be an average over time rather than on a spot date. 1-10The three principal forms of business organization are sole proprietorship, partnership, and corporation. The advantages of the first two include the ease and low cost of formation. The advantages of the corporation include limited liability, indefinite life, ease of ownership transfer, and access to capital markets.The disadvantages of a sole proprietorship are (1) difficulty in obtaining large sums of capital; (2) unlimited personal liability for business debts; and (3) limited life. The disadvantages of a partnership are (1) unlimited liability, (2) limited life, (3) difficulty of transferring ownership, and (4) difficulty of raising large amounts of capital. The disadvantages of a corporation are (1) double taxation of earnings and (2) setting up a corporation and filing required state and federal reports, which are complex and time-consuming. 1-11Stockholder wealth maximization is a long-run goal.Companies, and consequently the stockholders, prosper by management making decisions that will produce long-term earnings increases. Actions that are continually shortsighted often â€Å"catch up† with a firm and, as a result, it may find itself unable to compete effectively against its competitors. There has been much criticism in recent years that U. S. firms are too short-run profit-oriente d. A prime example is the U. S. auto industry, which has been accused of continuing to build large â€Å"gas guzzler† automobiles because they had higher profit margins rather than retooling for smaller, more fuel-efficient models. -12Useful motivational tools that will aid in aligning stockholders’ and management’s interests include: (1) reasonable compensation packages, (2) direct intervention by shareholders, including firing managers who don’t perform well, and (3) the threat of takeover. The compensation package should be sufficient to attract and retain able managers but not go beyond what is needed. Also, compensation packages should be structured so that managers are rewarded on the basis of the stock’s performance over the long run, not the stock’s price on an option exercise date.This means that options (or direct stock awards) should be phased in over a number of years so managers will have an incentive to keep the stock price hig h over time. Since intrinsic value is not observable, compensation must be based on the stock’s market price—but the price used should be an average over time rather than on a spot date. Stockholders can intervene directly with managers. Today, the majority of stock is owned by institutional investors and these institutional money managers have the clout to exercise considerable influence over firms’ operations.First, they can talk with managers and make suggestions about how the business should be run. In effect, these institutional investors act as lobbyists for the body of stockholders. Second, any shareholder who has owned $2,000 of a company’s stock for one year can sponsor a proposal that must be voted on at the annual stockholders’ meeting, even if management opposes the proposal. Although shareholder-sponsored proposals are non-binding, the results of such votes are clearly heard by top management. If a firm’s stock is undervalued, t hen corporate raiders will see it to be a bargain and will attempt to capture the firm in a hostile takeover.If the raid is successful, the target’s executives will almost certainly be fired. This situation gives managers a strong incentive to take actions to maximize their stock’s price. 1-13a. Corporate philanthropy is always a sticky issue, but it can be justified in terms of helping to create a more attractive community that will make it easier to hire a productive work force. This corporate philanthropy could be received by stockholders negatively, especially those stockholders not living in its headquarters city.Stockholders are interested in actions that maximize share price, and if competing firms are not making similar contributions, the â€Å"cost† of this philanthropy has to be borne by someone–the stockholders. Thus, stock price could decrease. b. Companies must make investments in the current period in order to generate future cash flows. Sto ckholders should be aware of this, and assuming a correct analysis has been performed, they should react positively to the decision. The Mexican plant is in this category. Capital budgeting is covered in depth in Part 4 of the text.Assuming that the correct capital budgeting analysis has been made, the stock price should increase in the future. c. U. S. Treasury bonds are considered safe investments, while common stock are far more risky. If the company were to switch the emergency funds from Treasury bonds to stocks, stockholders should see this as increasing the firm’s risk because stock returns are not guaranteed—sometimes they go up and sometimes they go down. The firm might need the funds when the prices of their investments were low and not have the needed emergency funds.Consequently, the firm’s stock price would probably fall. 1-14a. No, TIAA-CREF is not an ordinary shareholder. Because it is one of the largest institutional shareholders in the United St ates and it controls nearly $280 billion in pension funds, its voice carries a lot of weight. This â€Å"shareholder† in effect consists of many individual shareholders whose pensions are invested with this group. b. The owners of TIAA-CREF are the individual teachers whose pensions are invested with this group. c. For TIAA-CREF to be effective in wielding its weight, it must act as a coordinated unit.In order to do this, the fund’s managers should solicit from the individual shareholders their â€Å"votes† on the fund’s practices, and from those â€Å"votes† act on the majority’s wishes. In so doing, the individual teachers whose pensions are invested in the fund have in effect determined the fund’s voting practices. 1-15Earnings per share in the current year will decline due to the cost of the investment made in the current year and no significant performance impact in the short run. However, the company’s stock price should increase due to the significant cost savings expected in the future. -16The board of directors should set CEO compensation dependent on how well the firm performs. The compensation package should be sufficient to attract and retain the CEO but not go beyond what is needed. Compensation should be structured so that the CEO is rewarded on the basis of the stock’s performance over the long run, not the stock’s price on an option exercise date. This means that options (or direct stock awards) should be phased in over a number of years so the CEO will have an incentive to keep the stock price high over time.If the intrinsic value could be measured in an objective and verifiable manner, then performance pay could be based on changes in intrinsic value. Since intrinsic value is not observable, compensation must be based on the stock’s market price—but the price used should be an average over time rather than on a spot date. The board should probably set the CEOà ¢â‚¬â„¢s compensation as a mix between a fixed salary and stock options. The vice president of Company X’s actions would be different than if he were CEO of some other company. 17.Setting the compensation policy for three division managers would be different than setting the compensation policy for a CEO because performance of each of these managers could be more easily observed. For a CEO an award based on stock price performance makes sense, while in this situation it probably doesn’t make sense. Each of the managers could still be given stock awards; however, rather than the award being based on stock price it could be determined from some observable measure like increased gas output, oil output, etc. Answers to End-of-Chapter ProblemsWe present here some intermediate steps and final answers to end-of-chapter problems. Please note that your answer may differ slightly from ours due to rounding differences. Also, although we hope not, some of the problems may have mor e than one correct solution, depending on what assumptions are made in working the problem. Finally, many of the problems involve some verbal discussion as well as numerical calculations; this verbal material is not presented here. 2-1FV5 = $16,105. 10. 2-2PV = $1,292. 10. 2-3I/YR = 8. 01%. 2-4N = 11. 01 years. 2-5N = 11 years. 2-6FVA5 = $1,725. 22; FVA5 Due = $1,845. 99. 2-7PV = $923. 98; FV = $1,466. 4. 2-8PMT = $444. 89; EAR = 12. 6825%. 2-9a. $530. d. $445. 2-10a. $895. 42. b. $1,552. 92. c. $279. 20. d. $499. 99; $867. 13. 2-11a. 14. 87%. 2-12b. 7%. c. 9%. d. 15%. 2-13a. 10. 24 years. c. 4. 19 years. 2-14a. $6,374. 97. d(1). $7,012. 47. 2-15a. $2,457. 83. c. $2,000. d(1). $2,703. 61. 2-16PV7% = $1,428. 57; PV14% = $714. 29. 2-179%. 2-18a. Stream A: $1,251. 25. 2-19a. $423,504. 48. b. $681,537. 69. c(2). $84,550. 80. 2-20Contract 2; PV = $10,717,847. 14. 2-21a. 30-year payment plan; PV = $68,249,727. b. 10-year payment plan; PV = $63,745,773. c. Lump sum; PV = $61,000,000. 2-22a . $802. 43. c. $984. 88. 2-23a. $881. 7. b. $895. 42. c. $903. 06. d. $908. 35. e. $910. 97. 2-24a. $279. 20. b. $276. 84. c. $443. 72. 2-25a. $5,272. 32. b. $5,374. 07. 2-26$17,290. 89; $19,734. 26. 2-27a. Bank A = 4%. 2-28INOM = 7. 8771%. 2-293%. 2-30a. E = 63. 74 yrs. ; K = 41. 04 yrs. b. $35,825. 33. 2-31a. $35,459. 51. b. $27,232. 49. 2-32$496. 11. 2-33$17,659. 50. 2-34a. PMT = $10,052. 87. b. Yr 3: Int/Pymt = 9. 09%; Princ/Pymt = 90. 91%. 2-35a. PMT = $34,294. 65. b. PMT = $7,252. 78. c. Balloon PMT = $94,189. 69. 2-36a. $5,308. 12. b. $4,877. 09. 2-37a. 50 mos. b. 13 mos. c. $112. 38. 2-38$309,015. 2-39$36,950. 2-40$9,385. 3-1$1,000,000. 3-2$2,500,000. -3$3,600,000. 3-4$20,000,000. 3-5a, possibly c. 3-6$89,100,000. 3-7a. $50,000. b. $115,000. 3-8NI = $450,000; NCF = $650,000; OCF = $650,000. 3-910,500,000 shares. 3-10a. $2,400,000,000. b. $4,500,000,000. c. $5,400,000,000. d. $1,100,000,000. 3-11$12,681,482. 3-12a. $592 million. b. RE04 = $1,374 million. c. $1,600 million. d. $15 million. e. $620 million. 3-13a. $90,000,000. b. NOWC05 = $192,000,000; NOWC04 = $210,000,000. c. OC04 = $460,000,000; OC05 = $492,000,000. d. FCF = $58,000,000. 3-14a. $2,400,000. b. NI = 0; NCF = $3,000,000. c. NI = $1,350,000; NCF = $2,100,000. 4-1AR = $800,000. 4-2D/A = 58. 33%. 4-3TATO = 5; EM = 1. . 4-4M/B = 4. 2667. 4-5P/E = 12. 0. 4-6ROE = 8%. 4-7$112,500. 4-815. 31%. 4-9$142. 50. 4-10NI/S = 2%; D/A = 40%. 4-112. 9867. 4-12TIE = 2. 25. 4-13TIE = 3. 86. 4-14ROE = 23. 1%. 4-15(ROE = +5. 54%; QR = 1. 2. 4-167. 2%. 4-17a. 4-186. 0. 4-19$262,500. 4-20$405,682. 4-21$50. 4-22A/P = $90,000; Inv = $90,000; FA = $138,000. 4-23a. Current ratio = 1. 98; DSO = 76. 3 days; Total assets turnover = 1. 73; Debt ratio = 61. 9%. 4-24a. TIE = 11; EBITDA coverage = 9. 46; Profit margin = 3. 40%; ROE = 8. 57%. 6-1b. Upward sloping yield curve. c. Inflation expected to increase. d. Borrow long term. 6-22. 25%. 6-36%; 6. 33%. 6-41. 5%. 6-50. %. 6-621. 8%. 6-75. 5%. 6-88. 5%. 6-96. 8%. 6-106. 0 %. 6-111. 55%. 6-120. 35%. 6-131. 775%. 6-14a. r1 in Year 2 = 6%. b. I1 = 2%; I2 = 5%. 6-15r1 in Year 2 = 9%; I2 = 7%. 6-1614%. 6-177. 2%. 6-18a. r1 = 9. 20%; r5 = 7. 20%. 6-19a. 8. 20%. b. 10. 20%. c. r5 = 10. 70%. 7-1$935. 82. 7-2a. 7. 11%. b. 7. 22%. c. $988. 46. 7-3$1,028. 60. 7-4YTM = 6. 62%; YTC = 6. 49%; most likely yield = 6. 49%. 7-5a. VL at 5% = $1,518. 98; VL at 8% = $1,171. 19; VL at 12% = $863. 78. 7-6a. C0 = $1,012. 79; Z0 = $693. 04; C1 = $1,010. 02; Z1 = $759. 57; C2 = $1,006. 98; Z2 = $832. 49; C3 = $1,003. 65; Z3 = $912. 41; C4 = $1,000. 00; Z4 = $1,000. 00. -710-year, 10% coupon = 6. 75%; 10-year zero = 9. 75%; 5-year zero = 4. 76%; 30-year zero = 32. 19%; $100 perpetuity = 14. 29%. 7-815. 03%. 7-9a. YTM at $829 ? 15%. 7-10a. YTM = 9. 69%. b. CY = 8. 875%; CGY = 0. 816%. 7-11a. YTM = 10. 37%; YTC = 10. 15%; YTC. b. 10. 91%. c. -0. 54% (based on YTM); -0. 76% (based on YTC). 7-12a. YTM = 8%; YTC = 6. 1%. 7-13VB = $974. 42; YTM = 8. 64%. 7-1410. 78%. 7-15a. 5 years. b. YTC = 6. 47%. 7-16$987. 87. 7-17$1,067. 95. 7-188. 88%. 7-19a. ABS = 6. 3%; F = 8%. 7-20a. 8. 35%. b. 8. 13%. 8-1[pic] = 11. 40%; ( = 26. 69%; CV = 2. 34. 8-2bp = 1. 12. 8-3r = 10. 9%. 8-4rM = 11%; r = 12. 2%. 8-5a. = 1. b. r = 13%. 8-6a. [pic]Y = 14%. b. (X = 12. 20%. 8-7bp = 0. 7625; rp = 12. 1%. 8-8b = 1. 33. 8-94. 5%. 8-104. 2%. 8-11r = 17. 05%. 8-12rM – rRF = 4. 375%. 8-13a. ri = 15. 5%. b(1). rM = 15%; ri = 16. 5%. c(1). ri = 18. 1%. 8-14bN = 1. 16. 8-157. 2%. 8-16rp = 11. 75%. 8-171. 7275. 8-18a. $0. 5 million. d(2). 15%. 8-19a. CVX = 3. 5; CVY = 2. 0. c. rX = 10. 5%; rY = 12%. d. Stock Y. e. rp = 10. 875%. 8-20a. rA = 11. 30%. c. (A = 20. 8%; (p = 20. 1%. 8-21a. ri = 6% + (5%)bi. b. 15%. c. Indifference rate = 16%. 9-1D1 = $1. 6050; D3 = $1. 8376; D5 = $2. 0259. 9-2[pic] = $6. 25. 9-3[pic] = $21. 20; rs = 11. 30%. 9-4b. $37. 80. c. 34. 09. 9-5$60. 9-6rp = 8. 33%. 9-7a. 13. 33%. b. 10%. c. 8%. d. 5. 71%. 9-8a. $125. b. $83. 33. 9-9a. 10%. b. 10. 38%. 9-10$23. 75. 9 -11$13. 11. 9-12a(1). $9. 50. a(2). $13. 33. a(3). $21. 00. a(4). $44. 00. b(1). Undefined. b(2). -$48. 00, which is nonsense. 9-13a. rC = 8. 6%; rD = 5%. b. No; [pic] = $32. 61. 9-14[pic] = $27. 32. 9-15a. P0 = $32. 14. b. P0 = $37. 50. c. P0 = $50. 00. d. P0 = $78. 28. 9-16P0 = $19. 89. 9-17a. $713. 33 million. b. $527. 89 million. c. $42. 79. 9-186. 25%. 9-19a. $2. 10; $2. 205; $2. 31525. b. PV = $5. 29. c. $24. 72. d. $30. 00. e. $30. 00 9-20a. P0 = $54. 11; D1/P0 = 3. 55%; CGY = 6. 45%. 9-21a. 24,112,308. b. $321,000,000. c. $228,113,612. d. $16. 81. 9-22$35. 00. 9-23a. New price = $44. 26. b. beta = 0. 5107. 9-24a. $2. 01; $2. 31; $2. 66; $3. 06; $3. 52. b. P0 = $39. 43. c. D1/P0 2006 = 5. 10%; CGY2006 = 6. 9%; D1/P0 2011 = 7. 00%; CGY2011 = 5%. 10-1rd(1 – T) = 7. 80%. 10-2rp = 8%. 10-3rs = 13%. 10-4rs = 15%; re = 16. 11%. 10-5Projects A through E should be accepted. 10-6a. rs = 16. 3%. b. rs = 15. 4%. c. rs = 16%. d. rs AVG = 15. 9%. 10-7a. rs = 14. 83%. b. F = 10%. c. re = 15. 81%. 10-8rs = 16. 51%; WACC = 12. 79%. 10-9WACC = 12. 72%. 10-10WACC = 11. 4%. 10-11wd = 20%. 10-12a. rs = 14. 40%. b. WACC = 10. 62%. c.Project A. 10-13re = 17. 26%. 10-1411. 94%. 10-15a. g = 9. 10%. b. Payout = 50. 39%. 10-16a. g = 8%. b. D1 = $2. 81. c. rs = 15. 81%. 10-17a. g = 3%. b. EPS1 = $5. 562. 10-18a. rd = 7%; rp = 10. 20%; rs = 15. 72%. b. WACC = 13. 86%. c. Projects 1 and 2 will be accepted. 10-19a. Projects A, C, E, F, and H should be accepted. b. Projects A, F, and H should be accepted; $12 million. c. Projects A, C, F, and H should be accepted; $15 million. 10-20a. rd(1 – T) = 5. 4%; rs = 14. 6%. b. WACC = 10. 92%. 11-1NPV = $7,486. 68. 11-2IRR = 16%. 11-3MIRR = 13. 89%. 11-44. 34 years. 11-5DPP = 6. 51 years. 11-6a. 5%: NPVA = $3. 52; NPVB = $2. 87. 0%: NPVA = $0. 58; NPVB = $1. 04. 15%: NPVA = -$1. 91; NPVB = -$0. 55. b. IRRA = 11. 10%; IRRB = 13. 18%. c. 5%: Choose A; 10%: Choose B; 15%: Do not choose either one. 11-7a. NPVA = $866. 16; IRRA = 19. 86%; MIRRA = 17. 12%; PaybackA = 3 yrs; Discounted Payback = 4. 17 yrs; NPVB = $1,225. 25; IRRB = 16. 80%; MIRRB = 15. 51%; PaybackB = 3. 21 yrs; Discounted Payback = 4. 58 yrs. 11-8a. Without mitigation: NPV = $12. 10 million; With mitigation: NPV = $5. 70 million. 11-9a. Without mitigation: NPV = $15. 95 million; With mitigation: NPV = -$11. 25 million. 11-10Project A; NPVA = $30. 16. 11-11NPVS = $448. 86; NPVL = $607. 0; Accept Project L. 11-12IRRL = 11. 74%. 11-13MIRRX = 13. 59%. 11-14a. HCC; PV of costs = -$805,009. 87. c. HCC; PV of costs = -$767,607. 75. LCC; PV of costs = -$686,627. 14. 11-15a. IRRA = 20%; IRRB = 16. 7%; Crossover rate ? 16%. 11-16a. NPVA = $14,486,808; NPVB = $11,156,893; IRRA = 15. 03%; IRRB = 22. 26%. b. Crossover rate ? 12%. 11-17a. NPVA = $200. 41; NPVB = $145. 93. b. IRRA = 18. 1%; IRRB = 24. 0%. c. MIRRA = 15. 10%; MIRRB = 17. 03%. f. MIRRA = 18. 05%; MIRRB = 20. 48%. 11-18a. No; PVOld = -$89,910. 08; PVNew = -$94,611. 45. b. $2,470. 80. c. 22. 94%. 11-19b. NPV10% = -$99,174; NPV20% = $500,000. d. 9. 54%; 22. 7%. 11-20$10,239. 20. 11-21MIRR = 10. 93%. 11-22$250. 01. 12-1a. $12,000,000. 12-2a. $2,600,000. 12-3$4,600,000. 12-4b. Accelerated method; $12,781. 64. 12-5E(NPV) = $3,000,000; (NPV = $23. 622 million; CV = 7. 874. 12-6a. -$178,000. b. $52,440; $60,600; $40,200. c. $48,760. d. NPV = -$19,549; Do not purchase. 12-7b. -$126,000. c. $42,518; $47,579; $34,926. d. $50,702. e. NPV = $10,841; Purchase. 12-8a. Expected CFA = $6,750; Expected CFB = $7,650; CVA = 0. 0703. b. NPVA = $10,036; NPVB = $11,624. 12-9NPV5 = $2,211; NPV4 = -$2,081; NPV8 = $13,329. 12-10a. NPV = $37,035. 13. b. +20%: $77,975. 63; -20%: NPV = -$3,905. 37. c.E(NPV) = $34,800. 21; (NPV = $35,967. 84; CV = 1. 03. 13-1a. E(NPV) = -$446,998. 50. b. E(NPV) = $2,806,803. 16. c. $3,253,801. 66. 13-2a. Project B; NPVB = $2,679. 46. b. Project A; NPVA = $3,773. 65. c. Project A; EAAA = $1,190. 48. 13-3NPV190-3 = $20,070; NPV360-6 = $22,256. 13-4A; EAAA = $1,407. 85. 1 3-5Projects A, B, C, and D; Optimal capital budget = $3,900000. 13-6NPVA = $9. 93 million. 13-7Machine B; Extended NPVB = $3. 67 million. 13-8EAAY = $7,433. 12. 13-9Wait; NPV = $2,212,964. 13-10No, NPV3 = $1,307. 29. 13-11a. Accept A, B, C, D, and E; Capital budget = $5,250,000. b. Accept A, B, D, and E; Capital budget = $4,000,000. c.Accept B, C, D, E, F, and G; Capital budget = $6,000,000. 13-12a. NPV = $4. 6795 million. b. No, NPV = $3. 2083 million. c. 0. 13-13a. NPV = -$2,113,481. 31. b. NPV = $1,973,037. 39. c. E(NPV) = -$70,221. 96. d. E(NPV) = $832,947. 27. e. $1,116,071. 43. 14-1QBE = 500,000. 14-230% debt and 70% equity. 14-3a. E(EPSC) = $5. 10. 14-4bU = 1. 0435. 14-5a. ROELL = 14. 6%; ROEHL = 16. 8%. b. ROELL = 16. 5%. 14-6a(1). -$60,000. b. QBE = 14,000. 14-7No leverage: ROE = 10. 5%; ( = 5. 4%; CV = 0. 51; 60% leverage: ROE = 13. 7%; ( = 13. 5%; CV = 0. 99. 14-8rs = 17%. 14-9a. P0 = $25. b. P0 = $25. 81. 14-10a. FCA = $80,000; VA = $4. 80/unit; PA = $8. 0/unit. 14-11a. 10. 96%. b. 1. 25. c. 1. 086957. d. 14. 13%. e. 10. 76%. 14-12a. EPSOld = $2. 04; New: EPSD = $4. 74; EPSS = $3. 27. b. 339,750 units. c. QNew, Debt = 272,250 units. 14-13Debt used: E(EPS) = $5. 78; (EPS = $1. 05; E(TIE) = 3. 49(. Stock used: E(EPS) = $5. 51; (EPS = $0. 85; E(TIE) = 6. 00(. 15-1Payout = 55%. 15-2P0 = $60. 15-3P0 = $40. 15-4D0 = $3. 44. 15-5$3,250,000. 15-6Payout = 31. 39%. 15-7a. $1. 44. b. 3%. c. $1. 20. d. 33? %. 15-8a. 12%. b. 18%. c. 6%; 18%. d. 6%. e. 28,800 new shares; $0. 13 per share. 15-9a(1). $3,960,000. a(2). $4,800,000. a(3). $9,360,000. a(4). Regular = $3,960,000; Extra = $5,400,000. c. 5%. d. 15%. 16-1103. 41 days; 86. 99 days; $400,000; $32,000. 16-273 days; 30 days; $1,178,082. 16-3$1,205,479; 20. 5%; 22. 4%; 10. 47%; bank debt. 16-4a. 83 days. b. $356,250. c. 4. 87(. 16-5a. DSO = 28 days. b. A/R = $70,000. 16-6a. 32 days. b. $288,000. c. $45,000. d(1). 30. d(2). $378,000. 16-7a. 57. 33 days. b(1). 2(. b(2). 12%. c(1). 46. 5 days. c(2). 2. 1262(. c(3 ). 12. 76%. 16-8a. ROET = 11. 75%; ROEM = 10. 80%; ROER = 9. 16%. 16-9b. $420,000. c. $35,000. 16-10a. Oct. loan = $22,800. 17-1AFN = $410,000. 17-2AFN = $610,000. 17-3AFN = $200,000. 17-4a. $133. 50 million. b. 39. 06%. 17-5a. $5,555,555,556. b. 30. 6%. c. $13,600,000. 7-6$67 million; 5. 01. 17-7$156 million. 17-8a. $480,000. b. $18,750. 17-9? S = $68,965. 52. 17-10$34. 338 million; 34. 97 ? 35 days. 17-11$19. 10625 million; 6. 0451. 17-12a. $2,500,000,000. b. 24%. c. $24,000,000. 17-13a. AFN = $128,783. b. 3. 45%. 17-14a. 33%. b. AFN = $2,549. c. ROE = 13. 06%. 18-1a. $5. 00. b. $2. 00. 18-2$27. 00; $37. 00. 18-3a, b, and c. 18-4$1. 82. 18-5rd = 5. 95%; $91,236. 18-6b. Futures = +$4,180,346; Bond = -$2,203,701; Net = $1,976,645. 18-7a. $3. 06; $4. 29. b. 16. 67%, 61. 46%; -100%. c. -16. 67%; -100%; 63. 40%. d. No; $30. 00 and $27. 00. e. Yes; $37. 50 and $37. 50. 19-10. 6667 pound per dollar. 9-227. 2436 yen per shekel. 19-31 yen = $0. 00907. 19-41 euro = $0. 68966 or $1 = 1. 45 e uros. 19-5 |Dollars per 1,000 Units of: | |Pounds |Can. Dollars |Euros |Yen |Pesos |Kronas | |$1,747. 10 |$820. 60 |$1,206. 90 |$8. 97 |$93. 10 |$128. 10 | 19-76. 49351 krones. 19-815 kronas per pound. 19-10rNOM-U. S. = 4. 6%. 19-11117 pesos. 19-12b. $1. 6488. 19-13a. $2,772,003. b. $2,777,585. c. $3,333,333. 19-14+$250,000. 19-15b. $19,865. 19-16$468,837,209. 19-17a. $52. 63; 20%. b. 1. 5785 SF per U. S. $. c. 41. 54 Swiss francs; 16. 92%. 20-155. 6%; 50%. 20-2$196. 6. 20-3CR = 25 shares. 20-4a. D/AJ-H = 50%; D/AM-E = 67%. 20-5a. PV cost of leasing = -$954,639; Lease equipment. 20-6a. EV = -$3; EV = $0; EV = $4; EV = $49. d. 9%; $90. 20-8a. PV cost of owning = -$185,112; PV cost of leasing = -$187,534; Purchase loom. 20-9b. Percent ownership: Original = 80%; Plan 1 = 53%; Plans 2 and 3 = 57%. c. EPS0 = $0. 48; EPS1 = $0. 60; EPS2 = $0. 64; EPS3 = $0. 86. d. D/A0 = 73%; D/A1 = 13%; D/A2 = 13%; D/A3 = 48%. 21-1P0 = $37. 04. 21-2P0 = $43. 48. 21-3$37. 04 to $43. 48. 21-4a. 16. 8%. b. V = $14. 93 million. 21-5NPV = -$6,747. 71; Do not purchase. 21-6a. 14%. b. TV = $1,143. 4; V = $877. 2.