Nine Tomorrows Essay Example For Students

Nine Tomorrows Essay Will PCs control people later on? Individuals consistently will in general search the easyway out searching for something that would make their carries on with simpler. Machines andtools have enabled us to accomplish more in less time giving us, at the sametime, more solace. As the innovation propels, PCs become quicker and morepowerful. These new machines are empowering us to accomplish more in less time making ourlives simpler. The expanded utilization of PCs later on, notwithstanding, might havenegative outcomes and effect on our lives. In the novel Nine Tomorrows IsaacAsimov regularly scrutinizes our dependence on PCs by depicting a futuristicworld where PCs control people. One of the pictures which Asimov describesin the book is that people may turn out to be excessively subject to PCs. In one ofthe stories, Profession, Asimov expounds on individuals being taught by computerprograms intended to instruct easily an individual. As per the Professionstory individuals would no longer peruse books to learn and improve their insight. Individuals would depend on the PCs instead of attempt to retain enough tomatch another person who knows (Nine Tomorrows, Profession 55). Individuals wouldnot decided to consider, they would just need to be taught by PC tapes. Placing in information would take less time than understanding books and memorizingsomething that would take basically no time utilizing a PC in the futuristicworld that Asimov portrays. People may started to depend on PCs and allowthem to control themselves by letting PCs instruct individuals. PCs wouldstart training people what PCs let them know without having any decision ofcreativity. PC ould begin to control people lives and make humansbecome excessively subject to the PCs. Another point that is condemned byAsimov is the way that individuals may underestimate their insight allowingcomputers to dominate and control their lives. In a story called The Feeling ofPower, Asimov depicts how individuals began utilizing PCs to do even simplemathematical counts. Over an extensive stretch of time individuals turned out to be so reliableon PCs that they overlooked the least complex duplication and division rules. Ifsomeone needed to compute an answer they would just utilize their pocketcomp uter to do that (The Feeling of Power 77). Individuals turned out to be too independentfrom the beginning creation them overlook what they have realized before. Individuals inthe story The Feeling of Power would underestimate what they have learnedover hundreds of years of learning and picked PCs in light of their capacity to dotheir work quicker. The absence of manual science, which individuals decided to forgetin the story, made PCs be the ones to fathom basic mathematicsproblems for the p le assuming responsibility for the people by accomplishing the work for them(The Feeling of Power 81-82). The dependence of PCs went to such an extentthat even Humans started to utilize PCs in all fields of study and work allowingcomputers to control their lives by dominating and thoroughly taking care of them. As indicated by another story in the book, Asimov likewise portrays how computerswould have the option to anticipate probabilities of an occasion, future. In the story All theTroubles of the World one major PC anticipated wrongdoing before it in any event, happened,allowing the police to take the individual who would perpetrate the wrongdoing andrelease him/her after the risk has passed (All The Troubles of The World144-145). This PC, called Multivac, controlled people by informing theauthorities regarding who would carry out a wrongdoing making somebody beimprisoned until the threat has passed. It was the PC that made thedecision of someones opportunity or detainment and that controlled others toarrest an individual it associated with carrying out a wrongdoing controlling his/her predetermination. .u1ede521f42f9aa13a972af5bb5779726 , .u1ede521f42f9aa13a972af5bb5779726 .postImageUrl , .u1ede521f42f9aa13a972af5bb5779726 .focused content territory { min-stature: 80px; position: relative; } .u1ede521f42f9aa13a972af5bb5779726 , .u1ede521f42f9aa13a972af5bb5779726:hover , .u1ede521f42f9aa13a972af5bb5779726:visited , .u1ede521f42f9aa13a972af5bb5779726:active { border:0!important; } .u1ede521f42f9aa13a972af5bb5779726 .clearfix:after { content: ; show: table; clear: both; } .u1ede521f42f9aa13a972af5bb5779726 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; obscurity: 1; progress: darkness 250ms; webkit-progress: murkiness 250ms; foundation shading: #95A5A6; } .u1ede521f42f9aa13a972af5bb5779726:active , .u1ede521f42f9aa13a972af5bb5779726:hover { haziness: 1; progress: mistiness 250ms; webkit-progress: haziness 250ms; foundation shading: #2C3E50; } .u1ede521f42f9aa13a972af5bb5779726 .focused content zone { width: 100%; position: rel ative; } .u1ede521f42f9aa13a972af5bb5779726 .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; text-enhancement: underline; } .u1ede521f42f9aa13a972af5bb5779726 .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u1ede521f42f9aa13a972af5bb5779726 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; fringe sweep: 3px; box-shadow: none; text dimension: 14px; textual style weight: intense; line-tallness: 26px; moz-fringe range: 3px; text-adjust: focus; text-embellishment: none; text-shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: total; right: 0; top: 0; } .u1ede521f42f9aa13a972af5bb5779726:hover .ctaButton { foundation shading: #34495E!important; } .u1ede521f42f9aa13a972a f5bb5779726 .focused content { show: table; tallness: 80px; cushioning left: 18px; top: 0; } .u1ede521f42f9aa13a972af5bb5779726-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u1ede521f42f9aa13a972af5bb5779726:after { content: ; show: square; clear: both; } READ: Abortion Essay ConclusionThe choice of detaining somebody for a wrongdoing an individual didn't submit was allin the hands of a PC. It was the PC that controlled people and theirdestiny and controlling different people who had confidence in everything that computertold them. Multivac couldn't just foresee the future yet it additionally could answermany questions that would ordinarily humiliate individuals in the event that they would need to asksomeone else about it. Multivac could get to its tremendous database of trillions ofpieces of information and locate the best answer for ones issue (All TheTroubles of The World 153). All the in dividuals accepted that Multivac knows the bestand permitted a PC to control their lives by following the solutionsMultivac had given them (All the Troubles of The World 153). People followed acomputers answer for a difficult they couldn't settle themselves permitting acomputer to assume responsibility for their lives not permitting them to think forthemselves. In the Nine Tomorrows, Isaac Asimov frequently condemns our dependence oncomputers. The creator predicts that PCs will build their job in thefuture while the innovation propels. PCs will turn out to be quicker and peoplewill need to utilize them more to make their carries on with simpler. However, much the same as to anygood side there is an awful side. Asimov reflects in his composing that people mightdepend on the PCs so much that they will permit them to control theirlives.

Amazon Case study

Question 1In what ways does Bezos’s choice to create and convey the Kindle and Kindle Fire show efficient and instinctive thinking?I feel that Bezo’s choice to create and to convey the Kindle show orderly and natural thoroughly considering serious procedure to guarantee the accomplishment of the organization. Serious methodology alludes to a technique that is intended to make an incentive for clients by giving lower costs or remarkable highlights not offered by rival associations. This is demonstrated dependent on Amazon’s quarterly recording finishing March 31,2010 when their net deals had expanded to 45% in the hardware classification. Jeff Bezo, CEO of Amazon.com says â€Å" as we keep on offering expanded choice, lower costs and extra product offerings inside our hardware and other general product classification, we hope to see the overall blend of deals from this classification increase!†Another reason would be seeing an open door no one but Amazon.co m can give long shape perusing to be digitalized. They have examined their qualities and limits that helped them build up another development in the market. From that point, they had the option to create a refined item called Kindle that can survey and recall more what an individual peruses follow individuals of intrigue and permits one to see their Public notes and deal with his books, features, and notes.Question 2How do you depict the serious hazard in Amazon’s condition as Wal-Mart, Barnes and Noble, and different retailers reinforce their web based offerings?Having the majority of the administrations that Amazon gives myself it is my go to put for each time I am attempting to make a buy. As I would see it, since Amazon has built up a lot of clients and being the one of the most sorted out and cordial online spot where you can buy for all intents and purposes anything, it will be difficult for different contenders to accomplish such outcomes. Likewise the best advantage t o certain individuals isn't paying assessments on the items that they buy which is as of now being neglected by the Government to have amazon costumers to pay a tax.Question 3Amazon is ceaselessly searching for new markets to abuse. As CEO Bezos addresses the vital chance of conveying gushing video, he approaches you for guidance. Amazon’s nearness and innovation are as of now settled in this market. Be that as it may, what choice blunder and traps may make him settle on an inappropriate choices in regards to Amazon’s future moves, and why? What would he be able to never really maintain a strategic distance from these mistakes?Question 4What are the most recent activities coming out of Amazon? How would they stack up corresponding to genuine or expected rivalry? How has the choice to create the Fire turned out? Is Bezos settling on the correct choices as he directs the firm through today’s numerous business challenges?Latest activities that are coming out, is Pr ime membership.The benefits include:FREE Two-Day Shipping on qualified things. Note: If the thing you're requesting is unavailable or inaccessible to dispatch, we'll get it to both of you days after it's back in stock. Make sure to confirm the cut time appeared on the detail page. Things are conveyed each day however Sunday, and requests over $1300 may require a signature.FREE Standard Shipping on qualified things. FREE No-Rush Delivery (run of the mill conveyance multi week in the wake of putting in a request). Note: You may get limited time kudos for choosing No-Rush Shipping. Credit will be consequently applied to your Amazon.com account once the principal bundle from a No-Rush Shipping-qualified request ships. You'll get an email when the credit is accessible. You may choose No-Rush Shipping the same number of times as it's offered to you, however you won't be qualified for the credit on the off chance that you drop your No-Rush Shipping request or return things from it.Shipping Upgrades to facilitate conveyance. Free Prime Instant Video access for paid or free preliminary individuals in the U.S. what's more, Puerto Rico. Note: Instant Video isn't accessible to clients getting free Amazon Prime delivery benefits through Amazon Student, Amazon Mom, or as visitors of another membership.Kindle Owners' Lending Library access to individuals in the U.S. For more data, go to Kindle Owners' Lending Library. Note: Customers in a paid participation, free preliminary or accepting a free month of Prime advantages with a Kindle Fire enactment are qualified. The Kindle gadget must be related with the Prime record that is qualified for the benefit.Early access for individuals in the U.S. to download another book for nothing consistently from the Kindle First picks. For more data, go to Kindle First.An evaluated 200 million fire tablets have been transported worldwide since 2009 and another 1 billion are anticipated to send throughout the following five years. Market insi ght firm ABI Research evaluates that 22% of the U.S. tablet clients burn through $50 or more every month and 9% burn through $100 or more †a lot higher than the spending levels watched for cell phone clients. The developing notoriety of Amazon’s Kindle Fire range could imply that a significant portion of this spending will be re-coordinated to Amazon’s online retail facades. Since Kindle gadgets are advanced to run on Amazon’s administrations, we anticipate that them should drive more prominent reception of Amazon’s administrations. We accept that the substance business involving eBooks and film/music gushing will be the greatest gainer from the trend.In my assessment he is disobediently making the correct moves particularly in todays business world.

Engineering Economics Free Essays

Eng ineeri ng Economy Third Edition Leland T. Clear, P. E. We will compose a custom exposition test on Building Economics or then again any comparable theme just for you Request Now Branch of Industrial Engineering Assistant Dean of Engineering Texas A M University Anthony J. Tarquin, P. E. Division of Civil Engineering Assistant Dean of Engineering The University of Texas at EI Paso McGraw-Hill Book Company New York S1. Louis San Francisco Auckland Bogota Caracas Colorado Springs Hamburg Lisbon London Madrid Mexico Milan Montreal New Delhi Oklahoma City Panama Paris San Juan Silo Paulo Singapore Sydney Tokyo Toronto 4 Level One 1. Characterize and perceive in an issue articulation the economy images P, F, A, n, and I. 1. 6 Define income, state what is implied by end-of-period show, and develop an income outline, given an announcement portraying the sum and times of the incomes. Study Guide 1. 1 Basic Terminology Before we start to build up the phrasing and central ideas whereupon designing economy is based, it is proper to characterize what is implied by designing economy. In the least difficult terms, designing economy is an assortment of scientific procedures which disentangle monetary examinations. With these strategies, a normal, important way to deal with assessing the financial parts of various techniques for achieving a given goal can be created. Designing economy is, in this way, a choice help device by which one technique will be picked as the most prudent one. With the end goal for you to have the option to apply the strategies, in any case, it is vital for you to comprehend the essential phrasing and key ideas that structure the establishment for designing economy contemplates. A portion of these terms and ideas are depicted underneath. An option is an independent answer for a give circumstance. We are confronted with choices in for all intents and purposes all that we do, from choosing the technique for transportation we use to get the opportunity to work each day to settling on purchasing a house or leasing one. So also, in designing practice, there are consistently seveffl methods of achieving a given errand, and it is important to have the option to look at them in a reasonable way so the most affordable option can be chosen. The options in building contemplations for the most part include such things as buy cost (first cost), the foreseen life of the advantage, the yearly expenses of keeping up the benefit (yearly upkeep and working cost), the foreseen resale esteem (rescue esteem), and the loan cost (pace of return). After the realities and all the pertinent assessments have been gathered, a designing economy investigation can be directed to figure out which is best from a financial perspective. In any case, it ought to be brought up that the techniques created in this book will empower you to settle on precise monetary choices just about those choices which have been perceived as choices; these strategies won't help you distinguish what the choices are. That is, if choices ,4, B, C, D, and E have been distinguished as the main potential strategies to take care of a Particular issue when strategy F, which was never perceived as another option, is actually the most appealing technique, an inappropriate choice is sure to be made on the grounds that elective F would never be picked, regardless of what systematic procedures are utilized. In this way, the significance of elective distinguishing proof in the dynamic procedure can't be overemphasized, in light of the fact that it is just when this part of the procedure has been altogether finished that the examination strategies introduced in this book can be of most prominent worth. So as to have the option to think about various strategies for achieving a given goal, it is important to have an assessment rule that can be utilized as a premise Terminology and Cash-Flow Diagrams 5 for making a decision about the other options. That is, the assessment rule is what is utilized to respond to the inquiry â€Å"How will I know which one is ideal? Regardless of whether we know about it or not, this inquiry is posed of us ordinarily every day. For instance, when we drive to work, we subliminally believe that we are taking the â€Å"best† course. Be that as it may, how could we characterize best? Was the best course the most secure, briefest, quickest, least expensive, generally grand, for sure? Clearly, contingent on which model is utilized to distinguish the best, an alternate course may be chosen each time! (Numerous contentions could have been evaded if the chiefs had just expressed the rules they were utilizing in deciding the best). In monetary examination, dollars are commonly utilized as the reason for correlation. Accordingly, when there are a few different ways of achieving a given target, the strategy that has the most reduced generally cost is typically chosen. In any case, much of the time the options include impalpable components, for example, the impact of a procedure change on representative resolve, which can't promptly be communicated as far as dollars. At the point when the choices accessible have around a similar proportionate expense, the nonquantifiable, or immaterial, elements might be utilized as the reason for choosing the best other option, For things of an elective which can be evaluated as far as dollars, it is essential to perceive the idea of the time estimation of cash. It is frequently said that cash brings in cash. The announcement is in reality evident, for on the off chance that we choose to put away cash today (for instance, in a bank or reserve funds and advance relationship), by tomorrow we will have gathered more cash than we had initially contributed. This adjustment in the measure of cash over a given timespan is known as the time estimation of cash; it is the most significant idea in designing economy. You ought to likewise understand that if an individual or organization thinks that its important to obtain cash today, by tomorrow more cash than the first advance will be owed. This reality is additionally clarified when estimation of cash. The indication of the time estimation of cash is named premium, which is a proportion of the expansion between the first total obtained or contributed and the last sum owed or collected. In this manner, in the event that you put cash previously, the premium would be Interest = aggregate sum gathered †unique venture (1. 1) On the other hand, on the off chance that you obtained would be Interest cash previously, the premium (1. 2) = present sum owed †unique credit In either case, there is an expansion in the measure of cash that was initially contributed or obtained, and the increment over the first sum is the premium. The first speculation or advance is alluded to as head. Probs. 1. 1 to 1. 4 1. 2 Interest Calculations When intrigue is communicated as a level of the first sum per unit time, the outcome is a loan fee. This rate is determined as follows: . Percent loan cost = intrigue collected per unit time 00% .. I x 1 0 origma sum (1. 3) 6 Level One By far the most well-known timeframe utilized for communicating financing costs is 1 year. In any case, since loan fees are regularly communicated over timeframes shorter than 1 year (I. e. 1% every month), the time unit utilized in communicating a financing cost should likewise be recognized and is named an intrigue period. The accompanying two models delineate the calculation of financing cost. Model 1. 1 The Get-Rich-Quick (GRQ) Company contributed $100,000 on May 1 and pulled back a sum of $106,000 precisely one year later. Register (a) the premium picked up from the first speculation and (b) the loan cost from the venture. Arrangement (a) Using E q. (1. 1), Interest = 106,000 †100,000 = $6000 (b) Equation (1. 3) is utilized to get Percent loan cost = 6000 every year 100,000 x 100% = 6% every year Remark For acquired cash, calculations are like those appeared above with the exception of that premium is registered by Eq. (1. 2). For instance, if GRQ obtained $100,000 now and reimbursed $110,000 in 1 year, utilizing Eq. (1. 2) we find that intrigue is $10,000, and the financing cost from Eq. (1. 3) is 10% every year. Model 1. 2 Joe Bilder plans to get $20,000 for 1 year at 15% intrigue. Process (a) the intrigue and (b) the aggregate sum due following 1 year. Arrangement (an) Equation (1. 3) might be fathomed for the intrigue accumulated to acquire Interest = 20,000(0. 15) = $3000 (b) Total sum due is the aggregate of head and intrigue or Total due Comment = 0,000 + 3000 = $23,000 Note that to a limited extent (b) over, the aggregate sum due may likewise be registered as Total due = principal(l + financing cost) = 20,000(1. 15) = $23,000 In every model the intrigue time frame was 1 year and the intrigue was determined toward the finish of one period. At the point when more than o ne yearly premium period is included (for instance, in the event that we had needed to know the measure of premium Joe Bilder would owe on Terminology and Cash-Flow Diagrams 7 the above advance following 3 years), it gets important to decide if the premium . payable on a basic or compound premise. The ideas of straightforward and accumulating funds are talked about in Sec. . 4. Extra Examples 1. 12 and 1. 13 Probs. 1. 5 to 1. 7 1. 3 Equivalence The time estimation of cash and loan fee used together produce the idea of identicalness, which implies that various aggregates of cash at various occasions can be equivalent in financial worth. For instance, if the loan fee is 12% every year, $100 today (I. e. , at present) would be proportionate to $112 one year from today, since mount accumulated = 100 =$112 Thus, in the event that somebody offered you an endowment of $100 today or $112 one year from today, it would have no effect which offer you acknowledged, since in either case you woul d have $112 one year from today. The two entireties of cash are along these lines comparable to one another when the loan fee is 12% every year. At either a higher or a lower loan fee, be that as it may, $100 today isn't comparable to $112 one year from today. Notwithstanding thinking about future identicalness, one can apply similar ideas for deciding comparability in earlier years. In this manner, $100 now would be proportional to 100/1. 12 = $89. 29 one year

Leadership in Practice (MSC Business and management) Assignment

Initiative in Practice (MSC Business and the board) - Assignment Example gled with the work and it had prompted a circumstance where pace of work had gotten more slow contrasted with what it was before the execution of the framework. The efficiency of the association had endured subsequently and the result was practically confusing. Absence of PC information and miscommunication between offices were the central factors that had prompted the contention. The representatives got disappointed unfit to finish their individual assignments not to mention the authoritative objectives. The business office was uncommonly late in transferring the reports which thusly postponed the promoting office in their game-plan. The ranking director was puzzled at the result and couldn't appreciate the manner by which this stalemate could be settled. The individual divisions accused each other for the postponement in work and this caused the entire association to endure. The subordinates began to accuse the senior administration and the workplace got sound. I was working in the showcasing division of Ledus Manufacturing. I accept that the initiative style was the administration was the primary explanation that had prompted this issue in any case. The thought was a novel one as quick working could bring about taking into account an enormous number of customers and improved the gainfulness of the association. I think the initiative style displayed by the CEO of the organization was basically a value-based one which depended on an objective prize based methodology without tending to the inside elements of the issues (Northouse, 2012). The CEO had unmistakably referenced the advantages that could be accomplished if the objectives could be met by the representatives. This was for the most part to persuade the representatives and assist them with accomplishing their individual objectives. The speculations of initiative express that, in value-based authority, the pioneer utilizes way objective system to accomplish authoritative objectives. For this situation the great issue was that reasonable orders were given to every one of the workers by characterizing their activity jobs yet the intrinsic

On the Idle Hill and The Drum Essays

On the Idle Hill and The Drum Essays On the Idle Hill and The Drum Paper On the Idle Hill and The Drum Paper Paper Topic: A. E. Housman Poems Verse War, in any shape or structure, influences individuals from numerous points of view. Numerous individuals decide to communicate their sentiments and encounters of war in sonnets. The two sonnets I have picked all have various states of mind, structures and rhythms yet their importance is no different war is savage, alarming and silly. The sonnet On the Idle Hill is by A. E. Housman (1859-1936). Housman composed the sonnet in 1896 and he was not expounding on a specific war yet simply the ghastliness of fight when all is said in done. Housman never participated in any war yet caught wind of the fear of it from different people groups encounters. The primary refrain depicts a tranquil, upbeat and a warm scene. Words, for example, summer, sluggish and streams accentuates this. Be that as it may, the consistent drummer slices through this serene climate. It is the sound of the military coming, searching for newcomers to do battle with them. The main refrain is by all accounts about the drum and how it calls individuals to war and tears them away from their homes. The line; Drumming like a commotion in dreams. Causes the drum to appear to be a bad dream, something everybody fears. In the subsequent stanza, the tone is part more troubled and darker. The expressions, Far and close and low and stronger are recommending war is all over the place, and can be seen in various levels everywhere throughout the world. Likely one of the most striking and ground-breaking lines in the sonnet, Dear to companions and nourishment for powder is stunning and adds an increasingly close to home topic to the sonnet, in light of the fact that the fighters are currently being viewed as companions, fathers and genuine individuals rather than just toys in war. The powder is black powder so the artist is indicating the way that the men are only nourishment for the war. The war is made to seem like a genuine living thing; this is a genuine case of embodiment. The last line of refrain two, Soldiers walking, all incredible. is discouraging and it accentuates the pointlessness and repulsiveness of war. The rhyme in On the Idle Hill is a b a b and it keeps a moderate, consistent mood all through the sonnet, giving a miserable, despairing tone to the sonnet. The structure is which the essayist has set out the sonnet, in four sections; it is powerful in light of the fact that every one discussions about an alternate part of war. This sonnet shows A. E. Housmans scorn of fight and how futile and merciless he thinks it is. War has clearly influenced him profoundly and we can see from his language all through the sonnet that he feels firmly about it. In the two sonnets, the two of them utilize comparable gadgets, for example, analogies, illustrations and embodiment. They were both set in the Pre 1914, the adequacy of the two sonnets have a major effect in view of these citations: Lovely chaps and dead and spoiled; for the Idle Hill and for the Drum its this: And consuming towns, and destroyed lovers, the two sonnets show the hopelessness of war and it impacts the peruser making them, feel progressively upset for the individuals that did battle and the individuals will think war isn't energetic however its unpatriotic. The social and social foundation for Drum and Idle Hill are between wars.

Hookah Smoking and Its Risks

Hookah Smoking and Its Risks Addiction Nicotine Use Print Hookah Smoking and Its Risks By Terry Martin facebook twitter Terry Martin quit smoking after 26 years and is now an advocate for those seeking freedom from nicotine addiction. Learn about our editorial policy Terry Martin Medically reviewed by Medically reviewed by Armeen Poor, MD on January 27, 2020 Armeen Poor, MD, is a board-certified pulmonologist and intensivist. He specializes in pulmonary health, critical care, and sleep medicine. Learn about our Medical Review Board Armeen Poor, MD Updated on January 29, 2020 More in Addiction Nicotine Use After You Quit How to Quit Smoking Nicotine Withdrawal Smoking-Related Diseases The Inside of Cigarettes Alcohol Use Addictive Behaviors Drug Use Coping and Recovery As of Dec. 20, 2019, the new legal age limit is 21 years old for purchasing cigarettes, cigars, or any other tobacco products in the U.S. Hookah smoking is often mistaken as a healthier alternative to cigarette smoking, primarily due to the sweet smell and taste of hookah tobacco, and the social aspect that usually leads to hookah smoking being only an occasional habit. But theres no such thing as a healthy smoking option, and hookah smoking can be just asâ€"if not moreâ€"dangerous as cigarette smoking. Illustration by Brianna Gilmartin, Verywell What Is Hookah? A  hookah is a water pipe that is used to smoke sweetened and flavored tobacco. Other names for hookah are narghile, argileh, shisha, hubble-bubble, and Goza. The pipe is usually quite large and consists of a water chamber, a tobacco chamber, and one  or more flexible tubes stemming from it that allow multiple smokers  to inhale at the same time. Hookah tobacco is often sweetened with molasses, fruit pulp, or honey, with additional flavor added like coconut, fruit flavors, mint, or coffee. These flavorings sweeten the taste and aroma of the  tobacco, making it especially appealing to young people.?? Hookah pipes have been in use for about 400 years, originating in India and Asia. In the early 1600s, Hakim Abdul Fath, a physician from India, invented the hookah, mistakenly believing the health hazards of tobacco smoke would be minimized by passing it through water before inhalation. In the 1990s, flavored tobacco became popular in the Eastern Mediterranean countries, and hookah use grew from there to eventually spread around the world. How the Hookah Works The tobacco chamber in a hookah consists of a bowl containing burning charcoal that is placed on top of the flavored tobacco. Charcoal is separated from tobacco by perforated aluminum foil. As the charcoal heats the tobacco below, smoke is created. When users draw on the stem (hose) of the hookah, the smoke is pulled through the water chamber, cooling it before being inhaled into the lungs. Toxins in Hookah It is a common misconception that smoking from a hookah removes  nicotine  and other  toxins from the tobacco.  While water-cooled smoke is less harsh on delicate lung tissue, the toxicity of the smoke is unchanged and the cancer-causing chemicals present in the hookah tobacco are not filtered out by this process.   Hookah smoke contains many of the same harmful chemicals in traditional cigarette smoke, including:?? Carbon monoxideTarArsenicChromiumCobaltCadmiumNickelFormaldehydeAcetaldehydeAcroleinLeadPolonium 210, a radioactive isotope Some hookah tobacco products claim they dont contain  tar, but that information is misleading. The fact is, no tobacco contains tar until it is burned, or in the case of hookah tobacco, heated. This difference leads some to believe that the toxicity of hookah tar may be less than that of cigarette tar, which is not the case. Additionally, the charcoal that is used to heat the tobacco contains  carbon monoxide,  metals, and other cancer-causing agents like polyaromatic hydrocarbons, adding another level of danger to hookah smokers.?? Hookah vs. Cigarettes A typical manufactured cigarette contains between 7 and 22 milligrams of  nicotine, depending on the brand, with about 1 mg being absorbed by the smoker.  An average hookah bowl contains as much nicotine as a pack of 20 cigarettes.  Nicotine is an addictive drug, so smoking hookah can be every bit as addictive as smoking cigarettes.?? Smokers inhale 500 to 600 ml of smoke in the 20 puffs it takes to smoke a cigarette. If theyre smoking hookah, which is typically an event lasting 45 minutes to an hour, smokers inhale approximately 90,000 ml of smoke and take as many as 200 puffs on the water pipe.?? Compared to traditional cigarette smoke, hookah smoke has about six times more  carbon monoxide  and 46 times more  tar, and hookah smokers may take in more of these toxins because inhalation through the water pipe requires a stronger drag for a longer period of time. It has been estimated that a single hookah session can cause smokers to absorb approximately the same amount of nicotine and  other chemicals  as they would if they smoked two to 10 cigarettes a day, depending on how often they smoke hookah. Health Concerns Hookah smokers are at risk for many of the same illnesses as cigarette smokers,?? such as Oral cancerLung cancerStomach cancerEsophageal cancer Hookah use is also  associated with decreased lung function and  heart disease,  and it can have a negative effect on fertility. Secondhand smoke  from a hookah is also hazardous.  If youre in the room with a lit hookah water pipe, youre breathing in cancer-causing toxins just as with secondhand cigarette smoke.?? Hookah smoking can also spread illness.  Because it is usually smoked in a social setting, with several people sharing the same pipe and sometimes the same mouthpiece, colds and other infections, including oral herpes, can be easily passed along.??     A Word From Verywell Hookah tobacco is addictive and every bit as hazardous to a smokers health as traditional cigarettes. A one-hour session of hookah smoking can expose smokers to as much nicotine and toxins as they would get from an entire  day or more of cigarette smoking.?? In the short-term, hookah smoking raises blood pressure and heart rate, which may increase the risk of heart attack and stroke. In the long-term, hookah smoking can contribute to a variety of cancers, heart disease, and lung disease.?? The best thing you can do for your health is to avoid all tobacco products because none of them are considered safe. Dont be lulled into thinking that smoking cessation is something you can put off until later in life.  The longer you wait, the more you risk.  Luckily, there are plenty of resources and support systems available that can help you quit smoking for good. How Bidi Cigarettes Are Dangerous to Your Health

Executive compensation scheme shareholder - Free Essay Example

Introduction Executive compensation is incentive payment to the executive who is acting as an agent to run the company on behalf of the shareholder. Cash compensation include the salary and bonus, while total compensation composed of long-term incentive payouts, the value of restricted stock grants, the value of stock option etc. The unexpected earnings and stock returns directly influenced changes in cash-based and total compensation but not changes in stock-based compensation. Literature review Nourayi and Daroca (2008), stated that the compensation scheme of the executive level is not have strongly related to firm performance. Found the compensation scheme also has a declining link to the performances of the company. Both this authors suggest that performance of the company is not related to only executive compensation scheme. Lee (2009) state, that the magnitude of the observed pay and performance relationship is too small to provide an effective incentive. In others hand that may look forward for executive compensation measure of performance, the management are trying to increase their incentive, there may induce future profitability (Nourayi.m, Mints.s.m, 2008) [online]. Conversely accounting based measurement about the company past performance (Nourayi.m, Mints.s.m, 2008). Nourayu.M and Mints.S.M (2008) state that the incentive paid using non- cash compensation (stock option grants) should be disclosed a pay performance scheme at executive level. The remuneration package typically includes a fixed component and a variable or incentive payment, which is largely paid as a cash bonus and a long term incentive including share option or other form of shares payment which should be disclosed in the corporate governance section of the company annual report (Lee.J, 2009). Nourayi and Mintz (2008), state that the any compensation scheme discloses to the financial report may lead the management purposely alter the financial report to mislead the shareholder or to influence contractual outcomes that depend on the financial accounting numbers. Nouray and Daroca(2008), state that the CEO compensation in regulated industries are influenced heavily by the accounting profit and operational growth as indicated by the increase in the number employees. Both author are stated that the large corporate, the CEO compensation more depend on the firm performance and paid by cash compensation. In other hand the smaller corporate, characterized by their cash flow problems, the executive compensation will tend to option based compensation. Lee (2009), state that the executive should have their own incentive package for the stewardships role. From the view of the Lee (2009) paid of compensation to encouragement the executive level is to increase corporate value and to retain key management for their performance. Nourayi and Mintz (2008) provide that, the sensitive companys performance is no longer tenure and Chief Executive Officers (CEO) of compensation. Drawing from Nourayi and Daroca (2008) result in research, state that the CEOs of the firm that have bad performance still got a higher compensation. Nourayi and Daroca (2008), has make the empirical research that the growth of the sales or shareholder return are not much related to the executive compensation, but are correlated to the earning, book value and per share dividend. In other hand the companies are using the stock option as compensation scheme; the (CEO) may manipulate the earning of the company to lead the share price increase and get higher return on the increasing share price (Nourayi.M.M, Mintz.S.M, 2008). The executive want to increase the value of the share, that may incurred the fraudulent activity in the company. Research by Nourayi and Daroca (2008) found that compensation holding of stock and option are little supported to deduce the shareholder agency cost and the value of the company. According to Lee (2009), when the executive are paid compensation using stock option may create a conflict of interest between the management and shareholder. These conflicts generally arise from the management motives to pursue their own interest at the expense of the shareholder (Lee.J 2009). Lee is providing that the top executive compensation have a significant positive relationship with the shareholder wealth. Compensation scheme The increase in the compensation scheme may influenced by the increase in sales in company, this increase in rate of compensation may known as the incentive reward to the CEO (Nourayi.M.M, Daroca.F.P, 2008). Sales, assets, and stock price performance, are less likely to be affected by the CEO discretionary choice (Nourayi.M.M, Mintz.S.M 2008). Nourayi.M.M and Daroca.F.P state that the politics may affect the executive compensation. Nourayi.M and Mintz.S.M. (2008) are discussed that when the company are provides others incentives other than the cash compensation measurements, this may lead to inaccuracies of accounting because of the difficulty in discerning the value in monetary term to show in company financial statement. Nourayi and Daroca (2008) state that the company provides the stock option in compensation scheme may incur conflict on the value of the compensation when disclose it. This is because the stock option only incurred the economic costs by the outside investors would pay for invest and does not provide an accounting cost or cash expenditure. Lee (2009) is stated that the compensation for CEO typically includes the base salary, a variable component, and other benefit. The variable component is regarded as performance-related the basis which management performance will be measured not reported in the annual report (Lee.J 2009). The compensation do not disclose to traditional financial statement, the compensation scheme is proposal by the executive themselves. The compensation scheme may direct correlated to the performance of the management. The high compensation may help CEO mange the company better. The good corporate may have committee remunerations to control the total of the compensation claim by the executive level in the company. Conclusion In the conclusion, the executive compensation should be proposal by the independence board of director. The level of the compensation scheme of the CEO do not set by one or close relationship person with the CEO. This will influence by the CEO to get higher compensation but provide the poor performance in company. The total compensation need to disclose to the annual report. To give the shareholder can have decided to continue employed the CEO to help them manage the corporate, to decide the corporation is manage in good status or not. The stock option compensation needs to disclose at the price of the day issues to the executive. The executive may need to monitor the rule and regulation in the country that lead the level of the compensation scheme in corporate may too high or low to executive level. Reference Lee,J, 2009. Executive performance-based remuneration, performance change and board structures. The International Journal of Accounting, UK Vol. 44, pp 138-162 [URL: https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6W4P-4W3874D-1-1_cdi=6548_user=8187596_orig=search_coverDate=06%2F30%2F2009_sk=999559997view=cwchp=dGLbVlW-zSkzVmd5=d9559ecc007c2a6b1c67d353b6e22a71ie=/sdarticle.pdf] (Accessed date: 20/07/2009) Nourayi,M.M and Daroca,F.P, 2008 CEO compensation, firm performance and operational characteristics Managerial Finance vol.34 No. 8 pp. 562-584 [URL: https://www.emeraldinsight.com/Insight/viewPDF.jsp?contentType=ArticleFilename=html/Output/Published/EmeraldFullTextArticle/Pdf/0090340804.pdf] (Accessed dated: 23/07/2009) Nourayi,M.M and Mintz,S.M, 2008 Tenure, firms performance, and CEOs compensation Managerial Finance vol.34, No 3 pp. 524-536 [URL: https://www.emeraldinsight.com/Insight/viewContentItem.do;jsessionid=3355AC1544DBC095B56E07D9ED60CBF7?contentType=ArticlehdAction=lnkpdfcontentId=1733175history=true] (Accessed dated: 20/ 07/2009) Bibliography Ang,J.S. and Constand,R.L, 1997 Compensation and performance: the case of Japanese managers and directors Journal Multinational Financial Management Vol. 7 pp. 275-304 [URL: https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6VGV-3SX8BMF-1-1_cdi=6048_user=8233547_orig=na_coverDate=12%2F31%2F1997_sk=999929995view=cwchp=dGLzVtb-zSkzSmd5=c96040dd6413837aa4e1ee57b2480470ie=/sdarticle.pdf] (accessed dated: /07/2009) Brunello, G and Graziano, C, Parigi. B, 2001. Executive compensation and firm performance in Italy. International Journal of Industrial Organization Volume 19 Pages 133-161[Online] [URL:https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6VFK-3XH3HHM-4-6_cdi=6013_user=8233547_orig=na_coverDate=09%2F30%2F1999_sk=999949996view=cwchp=dGLbVtz-zSkWzmd5=2f1563eef1372d955d1954a3b8e79156ie=/sdarticle.pdf] [Accessed: 3 July 2009] Devers,C.E and Cannella,Jr.A.A, 2007 Executive compensation: A Multidisciplinary review of recent developments journal management 33:1016 [online] URL: https://jom.sagepub.com/cgi/reprint/33/6/1016 (accessed dated: 24/07/2009) Lee,J, 2009. Executive performance-based remuneration, performance change and board structures. The International Journal of Accounting, [online] UK Vol. 44, pp 138-162 URL: https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6W4P-4W3874D-1-1_cdi=6548_user=8187596_orig=search_coverDate=06%2F30%2F2009_sk=999559997view=cwchp=dGLbVlW-zSkzVmd5=d9559ecc007c2a6b1c67d353b6e22a71ie=/sdarticle.pdf (accessed date : 20/07/2009) Michael F, Peter M.Y. F, Oliver M. R, 2006. Corporate performance and CEO compensation in China Journal of Corporate Finance vol-12 pages 693 714[Online] [URL: https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6VFK-4GGXX91-1-3_cdi=6013_user=8233547_orig=na_coverDate=09%2F30%2F2006_sk=999879995view=cwchp=dGLbVtz-zSkWzmd5=098f43a768ee82d17f359d83e536c3e6ie=/sdarticle.pdf] [Accessed: 8July 2009] Nourayi,M.M and Daroca,F.P, 2008 CEO compensation, firm performance and operational characteristics Managerial Finance [online] vol.34 No.8 pp.562-584 [URL: https://www.emeraldinsight.com/Insight/viewPDF.jsp?contentType=ArticleFilename=html/Output/Published/EmeraldFullTextArticle/Pdf/0090340804.pdf] (Accessed dated: 23/07/2009) Nourayi,M.M and Mintz,S.M, 2008 Tenure, firms performance, and CEOs compensation Managerial Finance vol.34, No 3 pp. 524-536 [URL: https://www.emeraldinsight.com/Insight/viewContentItem.do;jsessionid=3355AC1544DBC095B56E07D9ED60CBF7?contentType=ArticlehdAction=lnkpdfcontentId=1733175history=true] (Accessed dated: 20/ 07/2009)

The Way Jews Were Treated During the Holocaust Essay

The way that Jews were treated during the Holocaust was harshful and crule to do to humans. The reason that the whole Holocaust started was with a man name Hitler and how he rose to power. Hilter had a horrible back story, when Hitler was very young and his twin brother died. While he grew up his father would offen harm Hilter in some way. The thing that many people doesnt know about Hitler is that he didnt grow up in Germany, but born in a a near by county. Hilter had a active liking for the arts and he adored to draw and paint, but his father disapproved of him drawing. He applied to an art school, but was turned down. Hilter then became more interseted in politices. Then he set up a team called the Nazi party and they tried to†¦show more content†¦Many Jews couldnt marry non-Jews, so if they already was married they would have to either become a Jew or they could leave there spouse and kids behind. Jews could have nothing to do with non-Jews and most of them in trouble fo r even talking to them. Jews were kicked out of there school and they had to do to Jewish schools. Also they werent allowed out of the house at a certain time in the morning and at night. There was also many other groups that got suck in the undesirbale list such a homosexuals and gypies, but Jewish was the biggest group affected. When the war started, there was many other countries teaming up with eath othere getting ready for war. Germany made allies with Italy, and Japan. They made a plan that was called the Tripacti Pack. It said that all three countries would help eachother out with poltical, millitary, and safety from other countries. They thought the pack was so good that they could renew it again in another 10 years. Another pack was signed and that was the allie power, it consited of Russia, Great Brittian, and the United States of America. 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LEGAL PROVISIONS AND GOVERNMENT RESPONSE - Free Essay Example

Sample details Pages: 9 Words: 2760 Downloads: 3 Date added: 2017/06/26 Category Analytics Essay Type Analytical essay Did you like this example? 1. The trafficking of women, drugs and diamonds involve huge numbers of individuals and groups, there is a higher degree of transnationalism and trade patterns are very complex. There are thousands of human traffickers operating independently within relatively hierarchical groups and exploit tens of thousands of women and girls often in cross border operations that violate countries sovereignty. Under international law governments are obligated to protect their citizens from being trafficked through policies and programmes that aim at prevention and protection of victims. 2. A review of the laws and provisions of various countries provides an impression of the growing awareness and recognition of the issues relating to trafficking across the world. Most of these countries have made efforts to amend their existing laws or to introduce new legislation in consonance with international instruments. Don’t waste time! Our writers will create an original "LEGAL PROVISIONS AND GOVERNMENT RESPONSE" essay for you Create order 3. Most European countries and US have adopted legislation against human trafficking. The same holds good for South and South East Asian countries including India and her neighbours. Infact in March 1998 in recognition of International Womenà ¢Ã¢â€š ¬Ã¢â€ž ¢s Day President Clinton issued an Executive Memorandum on Steps to Combat Trafficking that pledges to combat à ¢Ã¢â€š ¬Ã…“trafficking in women and girls with a focus on areas of prostitution, victim assistance and protection, and enforcement.à ¢Ã¢â€š ¬? The role that various government agencies will play is also outlined. International Framework of Laws An overview of select protocols and conventions that regulate trafficking at the international level is listed at Appendix E- International Framework of Laws Related to Trafficking. Regional Legal Instruments The framework of law in countries of South Asia is listed at Appendix F- Legal Framework in South Asian Countries. India à ¢Ã¢â€š ¬Ã¢â‚¬Å" Initiatives to combat trafficking 4. Prevention and com bating Trafficking of Human Beings has received the highest priority in India and as the problem is multi dimensional, we have adopted a multi-pronged strategy to address the issue. Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s approach to combating trafficking is holistic, participative and inclusive and is not just restricted to primary or direct intervention against trafficking but seeks to eradicate the menace through empowering the potential victims. 4.1 Constitutional and Legal Framework to address Trafficking 4.1.1 India has a fairly wide framework of laws enacted by the Parliament as well as some of the State legislatures in addition to the various constitutional provisions. These are listed in Appendix G à ¢Ã¢â€š ¬Ã¢â‚¬Å"Legal Framework to Address Trafficking in India. 4.1.2 The premier legislation to tackle trafficking for commercial sexual exploitation is the Immoral Traffic (Prevention) Act, 1956. The Act is being amended in order to further strengthen the various provisions. Salient features of the amendments to ITPA Re-defi ne the age of the child from 16 to 18 years. Deletion of sections, which re-victimize the victims. In-Camera proceedings in Courts to safeguard privacy of victims. Enhanced punishment for traffi ckers, brothel keepers, pimps etc. Punishment for persons who visit brothels for commercial sexual exploitation. Defi nition of à ¢Ã¢â€š ¬Ã‹Å"traffi ckingà ¢Ã¢â€š ¬Ã¢â€ž ¢ adopted from the UN Protocol. Setting-up of Centre and State nodal authorities in the States for preventing and combating offence of traffi cking through coordination, investigation, rescue, rehabilitation, judicial support, research and training. 4.2 International Commitments 4.2.1 India is a signatory to a number of international instruments such as the Convention on the Rights of the Child (CRC) and its Optional Protocols; Convention on Elimination of all Forms of Discrimination against Women (CEDAW); UN Convention against Transnational Organized Crime with ità ¢Ã¢â€š ¬Ã¢â€ž ¢s UN Protocol to Prevent, Suppress and Punish Trafficking in Persons, especially Women and Children supplementing above Convention and Millennium Development Goals. 4.2.2 It is also part of major SAARC initiatives for South Asia which includeà ¢Ã¢â€š ¬Ã¢â‚¬ SAARC Convention on Preventing and Combating Trafficking in Women and Children for Prostitution; SAARC Convention on Regional arrangements for Promotion of Child Welfare in South Asia; SAARC Charter where trafficking issues are to be addressed at regional level. 4.3 Institutional Mechanisms India has a federal set up where law enforcement and public order are primarily State subjects. However, the Central Government too shares responsibility with the States for tackling organized crime such as commercial sexual exploitation rests with the Ministry of Women and Child Development, while the Ministry of Labour deals with all matters related to labour. The Ministry of Home Affairs is responsible for ensuring the enforcement of the various legislations related to the criminal activity of trafficking An example of Centre State collaboration is the high-level Central Advisory Committee to Combat Trafficking for Commercial Sexual Exploitation to deliberate on various aspects on trafficking and recently has formulated Blue Print for Action in the area of Inter-State Rescue Protocol, Prevention, Rehabilitation, Health, Legislation and Management Information System. The Ministry of Social Justice has taken initiatives to prepare a user-friendly system for speedy and effective restoration of missing, abducted/kidnapped and runaway children to their families. As there is a direct linkage between missing persons and trafficking. Therefore, a concerted effort to address the issue of missing women and children will be of immense use and help in preventing and combating trafficking. The Government of India has also set-up autonomous organizations such as National Human Rights Commission, National Commission for Women and National Commission for Protection of Child Rights, which seek to protect the rights of women and children. Policies and Protocols National Plan of Action to Prevent and Combat Human Trafficking with special focus on Children and Women was formulated in 1998, with the objective of mainstreaming and re-integrating women and child victims of commercial sexual exploitation in to the community. The National Plan of Action for Children, 2005 commits itself to ensure that all rights of all children up to the age of 18 years are protected. National Policy for Empowerment of Women, 2001 aims to bring about the advancement, development and empowerment of women. Protocol for Pre-rescue, Rescue and Post-rescue Operations of Child Victims of Trafficking for the Purpose of Commercial Sexual Exploitation provides guidelines for enforcement agencies and NGOs involved in the rescue of victims from their place of exploitation, medical and legal procedures to be followed and rehabilitative measures to be provided to the victims. Protocol on Prevention, Rescue, Repatriation and Rehabilitation of Trafficked and Migrant Child Labour aims to ensure smooth rescue, repatriation and rehabilitation of trafficked and migrant child labour. A blue print of action in interalia the following areas has also been developed: Protocol on Inter-State Rescue and Post-rescue Activities Relating to Trafficked Persons providing guidelines to the State Governments on the inter-state rescue operations, the modalities involved, precautions to be undertaken and responsibility of various stakeholders in providing services to the rescued victim. Prevention of Trafficking of Women and Children à ¢Ã¢â€š ¬Ã¢â‚¬Å" It provides for various steps to be undertaken to prevent trafficking of women and children for commercial sexual exploitation and includes formation of adolescent groups and community vigilance groups, anti-trafficking regional networks, appropriate interventions that should be taken up in brothel areas to prevent second-generation prostitution, special measures targeting those communities traditionally involved in commercial sex work and rehabilitation of women who have become old to carry on the profession and are in need of care and protection. Rehabilitation of Victims of Traffi cking à ¢Ã¢â€š ¬Ã¢â‚¬Å" It provides for action points related to areas of rehabilitation such as care and support programmes, community based rehabilitation, custody of victims, education and skill building of victims and their ultimate rehabilitation in the society. Human Trafficking Management Information System (HTMIS) provides a format for enforcement agencies to collect data on trafficked victims and traffickers. Programmes and Schemes The Ministry of Women and Child Development runs Shelter homes (Swadhar and Short Stay Homes) for women in difficult circumstances. These also cater to rescued trafficked victims and provides for shelter, food, clothing for women and children, counseling, clinical, medical, legal and other support, training and economic rehabilitation and helpline facilities. A relatively recent sheme known as à ¢Ã¢â€š ¬Ã…“Ujjawalaà ¢Ã¢â€š ¬? (Radiance of light) is a Comprehensive Scheme for Prevention of Trafficking and Rescue, Rehabilitation and Re-integration of Victims of Trafficking and Commercial Sexual Exploitation. Dhanalakshmi, is a conditional cash transfer scheme for girl child with insurance cover linked to various milestones in a girls life. It is expected that the scheme would ensure that the girl child is not only born but also that she is enrolled and retained in school which would decrease her vulnerability to traffi cking, child labour, child marriage etc. The à ¢Ã¢â€š ¬Ã…“Integrated Child Protection Schemeà ¢Ã¢â€š ¬? (ICPS) scheme aims to provide for children in conflict with law and children in need of care and protection improved institutional care, quality non-institutional, adoption and alternative care, counselling and family support, training and capacity building, CHILDLINE services ,child tracking system and website for missing children. While programs and schemes to rehabilitate and reintegrate victims of trafficking are no doubt important, the mechanisms to prevent the occurrence of trafficking or to create an enabling environment to prevent trafficking is equally if not more important. This is particularly important as trafficking is essentially a developmental issue. Economic Empowerment of women Poverty makes women and children vulnerable to trafficking. Hence poverty alleviation programs feature high in the list to combat trafficking and at the same time achieve economic empowerment. India has embarked on massive poverty alleviation and income generation programs where women beneficiaries are significantly involved. The National Rural Employment Guarantee Scheme ensures at least 100 days of guaranteed wage employment in a financial year with 30% reservation for women beneficiaries. Support to Training and Employment Programme for Women provides updated skills and new knowledge to poor and asset less women in the traditional sectors such as dairy development, animal husbandry sericulture, handloom and social forestry. The Self Help Group (SHG) movement and linking such groups to credit facilities especially micro credit facilities is effectively used in India for both poverty reduction and a conduit for routing a wide range of social development messages and schemes.. The scheme of Swayamsidha Priyadarshini etc are some such schemes based on mobilization of women into Self-Help Groups. The Rashtriya Mahila Kosh an exclusive micro credit agency for women which provides credit to poor and asset-less women in the informal sector. Social and Political Empowerment of Women Economic empowerment of women cannot deliver desired outcomes unless judiciously combined with social and political empowerment. Education was made a Fundamental Right through the 86th Constitutional Amendment. Universalization of Elementary Education, namely the Sarva Shiksha Abhiyan, has a pronounced gender focus, and creates an enabling environment for encouraging more and more girls to attend schools with various incentives. The National Rural Health Mission aims to improve the availability of and access to equitable, affordable and effective health care to rural people especially poor women and children. To tackle discrimination in the provision of adequate and timely nutrition the National Nutrition Mission addresses the problems of malnutrition in a holistic manner. The Food and Nutrition Board of the MWCD has regional centers and community food and nutrition education units for mass awareness, nutrition education etc. for women and children. The program for Integrated Child Development Services is the largest child care program where children below 6 years and their mothers are provided nutritional and immunization health inputs. In this process, the programme enables an in-built tracking system to ensure the well-being and safety of the beneficiaries. Adolescent girls are highly prone to many forms of violence and abuse especially trafficking . Specific interventions for the welfare of these girls is undertaken through Nutrition Programme for Adolescent Girls where under-weight girls are provided with additional food grains per month. Similarly the Kishori Shakti Yojana program aims at holistic improvement of these girls and equipping them with vocational skills so that they can be gainfully engaged. Political empowerment-Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s concern for safeguarding the democratic rights and privileges of women finds its best expression in the Constitution of India with provisions which empower the State to make affirmative discrimination in favour of women. In a significantly gender empowering measure, the 73rd and 74th Amendments to the Constitution, enabled a 1/3rd reservation of seats for women in the local governance or Panchayat Raj Institutions in the rural and urban areas. These special measures ushered in nearly 1 million women in the electoral fora and decision-making bodies. Gender Budgeting -To ensure that all facets and sectors of the economy are gender sensitive the Government has initiated the process of Gender budgeting which encompasses incorporating a gender perspective and sensitiveness in all sectors à ¢Ã¢â€š ¬Ã¢â‚¬Å" be it economic or social. Training and Capacity Building As the tasks for combating trafficking is to be performed by multi stakeholders, the government has laid stress on training and capacity building of different stakeholders such as NGOs, police, Social Workers, Medical Officers, Judiciary and Counselors with comprehensive resource material and communication strategies. Cross border One of the concerns of the Government of India is the problem associated with cross-border trafficking. The Regional Task Force of SAARC for implementation of the SAARC Convention on Preventing and Combating Trafficking in Women and Children for Prostitution met for the first time in New Delhi on 26th June, 07 in New Delhi. The decisions taken in the SAARC Meeting included sharing best practices, setting up a toll free phone number for use of victims, capacity building and training programmes, wherever possible harmonizing national legislations to tackle trafficking and development of Standard Operating Procedures (SOP) for operationalising the Convention, including repatriation of victims. To address the issue of cross-border trafficking between India and Bangladesh, the Ministry of Women and Child Development in collaboration with Ministry of Home Affairs, Ministry of External Affairs, UNICEF and Bangladesh Counterparts are in the process for formulating and finalizing a victim friendly Roadmap and Joint Plan of Action for safe, humane and quick repatriation of trafficked victims. Under this, both Indian and Bangladesh have identified that their respective Ministry of Home Affairs would be the focal point for repatriation of trafficked victims. The roadmap and joint plan of action would include §streamlining procedures and processes for safe and quick repatriation of cross border victims to and from Bangladesh; develop uniform checklists/ proformas /guidelines/protocols/case management systems for identification/ registration /interviewing; make appropriate provisions for the care and maintenance of children during the repatriation process; promote exchange of technical skills, especially of skill training/capacity building; set up safe, secure transit points /transit camps at border with adequate physical facilities. Given the seriousness of the trans-border trafficking scenario on the borders, interface has been organised between the law-enforcement officials, NGOs, etc. at various places. For example, a meeting are held between Indian officials and the appropriate authorities in Nepal and Bangladesh. Holistic Approach to Trafficking To formulate a more holistic policy and program for trafficking in persons which will incorporate all forms of trafficking (such as sexual exploitation, child labour, bonded labour, organ trade etc) and enable an integrated approach to tackle the problem, the MWCD in collaboration with Ministry of Home Affairs, National Human Rights Commission and National Commission for Women is formulating an à ¢Ã¢â€š ¬Ã…“Integrated Plan of Action to Prevent and Combat Trafficking of Human Beings, with special focus on Women and Childrenà ¢Ã¢â€š ¬?. International Cooperation You will all agree that International collaborations, co-operations and sharing of knowledge and information are key to address the global ramifications of trafficking. In all our efforts, our UN partners have been very proactive. The UNODC GIFT programme aims in the South Asia Region to heighten the awareness on the various facets of trafficking. The à ¢Ã¢â€š ¬Ã…“Delhi Declarationà ¢Ã¢â€š ¬? as a collaborative effort between GOI and UNODC has avery strong commitment to protect all children from sexual exploitation and stringent measures against sex selection and violence against the girl child, evolve a synergistic approach in dealing with trafficking issues, reduce demand for prostitution, use of child labour, forced labour and to strengthen the collaborative efforts of NGOs, local Governments, and other institutions to prevent all forms of trafficking. In conclusion, it can be stated that the Union Government and the state governments have taken several initiatives to address the various issues related to the trafficking of women and children. The Plan of Action by the Union Government and their monitoring of the implementation of the programmes in the states have made a notable impact in addressing several aspects of prevention, protection and prosecution. There is clearly an undercurrent of gender discrimination and consequent exploitation in human trafficking. This can be addressed only if the issue of gender is integrated with schemes, programmes and policies in all the relevant sectors. Counter-trafficking measures, especially those relating to prevention and rehabilitation, should be integrated with the policies and programmes of all the related departments. Only such a holistic approach can, in the long run, provide the required empowerment to women and children, especially those in vulnerable circumstances, and equip them w ith safe livelihood options, rights awareness and guarantee against exploitation.

Piagets Theory of Cognitive Development - 1075 Words

Piaget’s Theory of Child Psychological Development There currently exists a great deal of literature based on child developmental psychology from a variety of great psychologists, notably Freud, Erikson, Bowlby, Bandura, Vygotsky, and many others. However, this paper will focus on the theories of Jean Piaget. Jean Piaget, a Swiss developmental psychologist and philosopher, was born in Neuchatel, Switzerland on August 9, 1896. After working with Alfred Binet in his children’s intelligence tests, Piaget developed an interest in the development of children He is widely known for his epistemological studies regarding children and formulating the Cognitive Theory of Development. Piaget self-identifies as a genetic epistemologist; â€Å"What†¦show more content†¦Similar to the concept of irreversibility is the inability to conserve. Piaget shows two similar glasses full of water to children. The children understand that they two glasses are identical, and therefore have the same amount of water. However, after pouring the water from one glass onto another taller or wider glass, the children do not perceive that mass stays the same, even though shape changes. At this stage children also begin to categorize; Concrete Operational Stage The concrete operational stage, taking place from seven to 11 years, is characterised by the onset of logic and reasoning. The period is when the cognitive development of the child becomes a drastic improvement from the previous stages. Using the previous test of water in two glasses, this is the stage where the child learns that the mass stays similar, even in another container. They understand the concept of reversibility. Children also learn the concept of seriation: ordering objects according to differences. At the concrete operational stage, children have â€Å"no difficulty with the seriation task. The 10 sticks are ordered accurately without trial and error†. They are shown to have grown capable of mentally calculating and sorting three characteristics at once. Formal Operations Stage The formal operations stage starts from age twelve and develops intoShow MoreRelatedPiagets Theory of Cognitive Development1173 Words   |  5 PagesCognitive development is the development of thought processes, including remembering, problem solving, and decision-making, from childhood through adolescence to adulthood. Historically, the cognitive development of children has been studied in a variety of ways. The oldest is through intelligence tests. An example of this is the Stanford Binet Intelligence Quotient test. IQ scoring is based on the concept of mental age, according to which the scores of a child of average intelligence matchRead MorePiaget’s Theory of Cognitive Development3150 Words   |  13 PagesPiaget’s Theory Of Cognitive Development Jaclyn F. Losquadro Hunter College, The City Of New York Piaget’s Theory of Cognitive Development Cognitive development is much more than addition of new facts and ideas to an existing store of information. According to Piaget, our thinking processes change radically, though slowly, from birth to maturity because we constantly strive to make sense of our world. He also believed that all people pass through the same four stages (sensorimotor, preoperationalRead MorePiagets Theory of Cognitive Development959 Words   |  4 Pagesï » ¿ The term cognitive development refers to the process of developing intelligence and higher level thinking that allows a person to acquire problem-solving skills from the age of infancy through adulthood. A Swiss philosopher by the name of Jean Piaget took an interest in in developmental psychology; specifically in children during infancy through pre-adolescence. This model developed by Piaget still has a modern-day relevancy. Contributions to Learning and Cognition Read MoreTheories Of Development : Piagets Theory Of Cognitive Development1363 Words   |  6 PagesPiagets theory of cognitive development In the 1960s and 1970s, the Freudian psychology was changed with the initiation of the empirical methods to study the human behavior. Psychologist and philosopher Jean Piaget empirically verified, moving towards the cognitive development theory to provide the new perspective to the individual in getting awareness about the developmental stages of the children. Just like Freud, Piaget thought that human development could only be described in stages. On theRead MoreDiscuss Piagets theory of cognitive development1235 Words   |  5 Pagesï » ¿Discuss Piaget’s theory of Cognitive Development Cognitive Development can be defined as the development of thought processes. This includes thinking, concept understanding, problem solving, and decision making and remembering from childhood on to adulthood. There are two theories of Cognitive development that offer us two different ways of understanding it. The first is called Domain general. This theory states that one line of development determines all of the changes in a child’sRead MorePiagets Theory of Cognitive Development Essays1715 Words   |  7 Pagesa lifelong interest in how individuals, especially children, use cognitive development to adapt to the world around them. Piaget published his first paper by the age of 10, completed his bachelor’s degree by the age of 18, and at the age of 22 received his PhD from the University of Neuchatel. Piaget spent many years of his life researching the developmental and cognitive knowledge of children. The Theory of Cognitive Development places focus on human intelligence and developmental thinking. â€Å"InfluencedRead MorePiagets Stage Theory of Cognitive Development647 Words   |  3 PagesThe Piagets Theory The Piagets stage theory of cognitive development is also known as the stage theory. It introduces that, in the expansion of our thinking, we act through an organized and certain sequence of steps. However, the theory focuses not only on compassionate how the children obtain knowledge, but likewise on the discernment of the substance of intelligence. According to the Piaget’s theory of cognitive development, there are two stages in the thinking pattern of a 3-year old preschoolerRead More Major Challenges to Piagets Theory of Cognitive Development2134 Words   |  9 Pageschallenges to Piagets theory of cognitive development and what aspects still have value? To answer this question, Piagets theory of development should be explained along with Vygotskys theory and the connectionist theory of development, and then each should be compared with the others. Once this has been achieved the main similarities and differences will be summarized, and finally the areas of Piagets theory that have not been undermined by other theories will be reiterated. In Piagets opinionRead MoreThe Sensorimotor Stage of Piaget’s Theory of Cognitive Development 1125 Words   |  5 PagesThe theorist, Jean Piaget, was most interested in the development of children’s intellectual organization. Piaget’s theory of cognitive development begins with the sensorimotor stage. Sensorimotor intelligence is thinking by observing objects and acting in response to them. Throughout the stages the child understands that objects continue to exist even when they cannot be seen which is referred to as object permanence. When a child exhibits a behavior that creates an experience that leads to repetitionRead MoreEssay about Understanding Piaget’s Theory and Current Criticism1370 Words   |  6 Pagesestablished a theory of cognitive growth during childhood. This theory was viewed as a major model for understanding the intricate steps of mental development from the thinking to understanding for a child. This theory also gave rise to the me ntality that cognitive processes during childhood are not minuscule versions of adults but rather an irrational yet unique process with its own rules. Even though Piaget’s theory seems quite reasonable and logical, under the light of recent speculation his theory has

The, The Roman Empire, And Councils Of The Early Church

Arius, the Roman Empire, and Councils of the Early Church Christianity came to a crossroads during the fourth century. Previously, there had been gaps in Church teaching, and so some people began to fill those gaps. One of those people was Arius. Arius was born in 256 A.D. in Libya, but moved to Alexandria, Egypt and became a presbyter there. He began to teach about Jesus as a creature created by God the Father, and so therefore not God. This was seen by many early Christians as a possibility, as there had not previously been any official teaching set, and many of them started to follow Arius. Though the Church experienced some struggle with this heresy, in the end it was made stronger because it was forced to set theological beliefs. The Christian Church was advanced in the fourth century through struggles with the Arian heresy, a drastic change in the Roman Empire, and the combination of the Empire and Church to combat heresy. Arius’ teaching called to question multip le beliefs of Christians that had not yet been established. First, Arius taught that God the Father is one, singular God.1 He derived this principle from the beliefs of Judaism, from which Christianity was born. According to Arius, God has some qualities that only he can possess2, making him uniquely alone and unequal to any other thing. One of those qualities possessed by God is that he is â€Å"ingenerate.† This means that he had no beginning in time: he always was. He is also perfect, which bringsShow MoreRelatedChristianity And Christianity Of Christianity892 Words   |  4 PagesOver the course of hundreds of thousands of years, Christianity and Catholicism have gone through tremendous changes through different major events in history. Ranging from the Council of Nicaea—the early church community prior to 1054—to the Spanish Colonization of the New World—prior to 1900—to the Second Vatican Council—after 1900—all of these events created waves of change in these religions and helped form them into what they are today. At the dawn of Christianity, many differing beliefs existedRead MoreThe Great Schism Of The Church1454 Words   |  6 PagesGrace Communion International logoGrace Communion International Login Search Home God Media Publications Our Story Our Churches Church Development Education Participate Online Giving The Great Schism of the Church 2005, 2015 July 6, 1054 was rapidly approaching, and the Christian world was about to experience a major event on the road to a schism that continues to our day — the divide between the Western and Eastern Christian churches. The central actors in the looming conflict were Michael CerulariusRead MoreThe World Of Antiquity, The Roman Empire Essay1678 Words   |  7 PagesIn the world of antiquity, the Roman Empire (A.D. 117) was one of the roots of medieval Europe, where romans were at the top. They ruled this enormous amount of lands, the center being the city of Rome and the leader being the roman emperor. The empire’s extensive political, economic and social structure became vital to the heritage of the Ancient Civilization. The emergence of sustainable agriculture, primitive technology, scholarly writing and reading, and metalworking had developed stability,Read MoreThe Smyrna Church, Ad 100-300 Essay1456 Words   |  6 Pages (AD 70– ¬156) – The Smyrna Church, AD 100–300 A Brief Biography of Polycarp Born about AD 70, Polycarp was an apostolic father known from Smyrna. Not much is recorded about his younger life, but according to tradition, he was mentored by the Apostle John. Later, Polycarp became the bishop of Smyrna which is in modern-day Turkey. His only known surviving writing was an epistle to the church at Philippi which revealed that he had little formal education and evidenced his humility and straightforwardnessRead More Q: European monarchs of the late fifteenth and early sixteenth centuri848 Words   |  4 Pages In northern Europe after the Middle Ages, monarchies began to build the foundations of their countries that are still in affect today. During the late fifteenth and early sixteenth centuries these â€Å"New Monarchs† made many relevant changes in their nations. During the middle of the fifteenth century Europe was affected by war and rebellion, which weakened central governments. As the monarchies attempted to develop into centralized governments on ce again, feudalism’s influence was lessened. This â€Å"new†Read MoreMedieval Period in European History1575 Words   |  7 Pagesthe Roman Empire around 500 C.E., and continued until the early modern period beginning around 1500. The medieval period is split into the sub-categories of early medieval (500-1000), central middle ages (1000-1300), late medieval (1300-1500), and followed by the early modern period (1500-1800). At each of these periods of time important political, economic, social, cultural, religious and scientific changes were being made in Western Europe. Early Medieval The collapse of the Roman Empire ledRead MoreThe Catholic Church Follow After Martin Luther Essay1086 Words   |  5 PagesProtestant Church follow after Martin Luther, meaning they do allow Priest who are not married to marry. They do not impose celibacy at all. b) The Orthodox Church does not refute a celibate priesthood, that is after all why the priest-monks (monks that are also priests) exist. Celibacy is on a voluntary bases and never to be forced upon anyone. c) The Catholic Church does impose celibacy on its priest. Recently some of Eastern Catholic Church have allowed for their priest to marry. The Latin Roman CatholicRead MoreThe During The Age Of Reformation Essay1080 Words   |  5 Pagesof Reformation people were greatly against the abuses that existed in the Roman Catholic Church. A couple of abuses that were greatly stressed were the selling of indulgences, simony, and nepotism. It was some of these same abuses that prompted German reformist Martin Luther to write his 95 Theses. And for the Council of Trent to later address them in a series of meetings. The most criticized abuse of the Roman Catholic Church was the selling of indulgences by the pope. Indulgences permitted peopleRead MoreHow Christianity Changed Between The First Century And Its Legalization1036 Words   |  5 Pagesspreading the teachings of Christ throughout the Roman Empire and beyond. John started to preach good news and John the Baptist told the people that the kingdom of god was near. The teachings included that sins could be forgiven through Gods orders. God was a loving and forgiving father, and believed in life after death. Jesus could perform miracles, raise the dead, and cure blindness. Christianity was seen at first as a part of Judaism, and the early believers were comprised of an apocalyptic JewishRead MoreThe Christianity Of The Roman Empire1170 Words   |  5 Pagesresurrection of its saviour Jesus Christ in 33 C.E. Christianity emerged in the Middle East which at the time was called the Greco-Roman world because the Jews were under the control of Greeks and then the Roman Empire. At that time in the Middle East the most prominent religion was Judaism, they believed in the coming of their Messiah. Many of the Jews in the early formation of the Church believed that Jesus was their Messiah and converted to the newly formed Christianity. However many of them did not believe

Reaction Paper on Restructuring Free Essays

Director of Pony Express called a strategic planning meeting. They predicted from numerous rumors some possible problems and potential competitions. Pony Express was a mail service delivering messages, newspapers, mail and simple packages from SST. We will write a custom essay sample on Reaction Paper on Restructuring or any similar topic only for you Order Now Joseph, Missouri, across the Great Plains, over the Rocky Mountains, and the Sierra Nevada to Sacramento, California, by horseback, using a series of relay stations. It is the westerners most direct means of east-west communication before the telegraph was established and was vital for trying the new state of California with the rest of the country. (Wisped) Because of that time that there was so many opportunities of change, there are so many ideas that everybody is doing something to make a change, to make a name or something like inventing ideas and make them come possible. With a professor with them during the meeting, they started doing SOOT Analysis ad identifying their mission statement. Previously, I thought that nobody can ever think something like breeding a six-legged horse. For me, reading the article seems to be unrealistic and the thinker is so desperate to meet the expectations of the customers and the demand of the changing environment. I have also noticed that there are instances that a rider must have a degree in master. Although it is a little bit exciting that horse riding instructors that time do have some opportunities that they have their profession upgraded by taking their masters. How about today, does still exists? Harcourt is the world’s largest esquire college and provides courses university level (undergraduate and post graduate) BEET diploma and short courses. This is a college that has world- class esquire facilities students can bring their horses to live on campus. (http:// www. Harcourt. AC. UK/courses/esquire) With the ideas in mind of the Board of Director, why does Pony Express didn’t last for long? According to Wisped, there were numerous attacks Pony Express have encountered. These attacks were done by the Indians during the Apatite War. Apatite Indians tribe in Nevada, does minor series of raids and ambushes which resulted in the disruption of mail services of the Pony Express. It took place from May through June 1860, through sporadic violence continued for a period afterward. Pony Express operated only once did the mail not go through. After completing eight weekly trips from both Sacramento and Saint Joseph, the Pony Express was forced to suspend mail services because of the outbreak of the Apatite Indian War in May 1860. In addition to their threats, maybe this has contributed large impact on the operations that they cannot manage during the time of operations. Having read this article, I now realized that SOOT Analysis is one of the tools from the many management tools that can be used in strategic planning. On the article that I have read, SOOT Analysis was the tool only used and none other tools were stated. Furthermore, I have earned that analysis are being done by the groups of the Board lust outsiders. Outsiders are the experts that can contribute much on the planning. They may be a number of different planners and/or experts and that can attend on numerous meeting until all such possibilities has been tackled perfectly. Now I have slightly developed me knowledge and understanding on our strategic planning. This makes me feel comfortable on our next strategic planning for the big project our Institute is facing. This knowledge could be essential to me as a learner, a practitioner, a leader, and a public servant. How to cite Reaction Paper on Restructuring, Papers

English 0990 Reality tv free essay sample

In â€Å"The Distorting Mirror of Reality TV† written by Sarah Coleman, says that the producers have a distorting mirror to us as viewers. All producers distort all stereotypes and want the viewers to know what life is really like because of human diversity. Coleman states that the producers choose particular contestants, and the producers are making the chosen contestants are playing particular characters that the producers want them to be Coleman states â€Å"For ethnic minorities, old people, the unbeautiful, and the disabled, the message is harsh even in â€Å"reality† you don’t exist. †(pg 207) In addition to reality TV shows having all villains also helps the producers find exotic locations. â€Å"In reality TV, every character is a villain. †(pg 207), Coleman states. Reality TV according to Coleman is viewed as â€Å"One man for themselves† and she says this well when she writes â€Å" By eliminating one contestant each week, the show offers us a symbolic form of public execution. We will write a custom essay sample on English 0990 Reality tv or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page †(pg208)This is distorting because it shows once again human diversity. After all its not us that is being eliminated so it does not really matter who gets eliminated because we are still able to see the show and this is what keeps the viewers watching the reality shows, which offers us the symbolic form of public execution. On the contrary is the mirror of reality TV showing us the viewers what real life is about because of what reality TV shows people in society. The producers of Reality TV shows society that anyone will do anything for money and fame no matter how ugly and nasty they have to be to get it, they are determined to do whatever it takes. Coleman says this best when she says â€Å"Not are the shows’ producers the only cynics in this game. With winners appearing everywhere from playboy to lip-salve commercials, and sore losers suing producers for alleged results-fixing, it seems everyone is exploiting everyone here. † (pg208)

Nike Case Essay Example

Nike Case Paper What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? WACC is the weighted average cost of capital. It can be calculated as: WACC = (Weight of funding source 1) x (Cost of funding source 1) + †¦ + (Weight of funding source n) x (Cost of funding source n) Usually this will be simply: WACC = (Percentage of debt) x (Cost of debt) + (Percentage of equity) x (Cost of equity) It is important to estimate a firm’s cost of capital for the appraisal of new projects; a project should only be undertaken if the return from it is greater than that of the capital required to fund it unless there are other compelling (strategic) reasons. A firm should also be aware of it’s own cost of capital and try to minimise this. We do not agree with Joann’s WACC calculation: ? Her funding source weightings are wrong ? There is an argument that all debt (including accounts payable etc) or net debt and a blended return on this should be used The debt figure will only ever be an estimate as the balance sheet is one day in the year ? Her analysis assumes Nike debt is trading at par – it is not ? Equity should be based on market value, not book value ? Hence total will be based on market cap. , not balance sheet ? Her debt cost is wrong ? She should use the current or projected cost rather than a historic one ? i. e. use a Bloomberg terminal (other term inals are available) to research yields on debt of the same credit rating as Nike ? It is unlikely Nike has a cost of debt lower than T bills Raising debt in a foreign currency (Jap Yen) either carries an associated hedging cost or exposes the borrower to FX risk, hence the coupon rate on the notes is not the actual cost of the debt ? Her assumed tax rate is probably wrong, if a firm is paying anywhere near the statutory tax rate they are not doing their job properly. We would expect their actual tax rate to be much lower, even though the case does not show this ? Her equity cost is only an estimate and she has not used all of the tools available to her ? The CAPM only provides an estimate. Her inputs are based on assumptions: We do not know whether 20 year T bills are the most appropriate measure of the risk free rate. If NorthPoint is planning a 20 year investment they might be but we need more information. Any proxy for the RFR will only ever be an estimate ? The market risk prem ium is even harder to estimate. Although the geometric mean is the better measure she has used numbers based very old data. Markets may well have changed since 1926 and hence a more recent or even anticipated premium should be used ? Nike’s Beta appears to be on a downward trend so an average might not be the best estimate. We will write a custom essay sample on Nike Case specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Nike Case specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Nike Case specifically for you FOR ONLY $16.38 $13.9/page Hire Writer A forward looking Beta based on the outlook and expectations for the business would be better ? Because equity markets are forward looking (12 to 18 months) the current Beta is probably the best estimate ? Nike has been very volatile compared to the SP 500 so the historic Betas smooth reality ? By only considering the CAPM she ignores other methods for calculating the cost of equity and potentially makes a mistake ? A better approach would be to calculate the cost of equity using all available methods then make an estimate based on a larger range of data If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions [pic] Assumptions: ? Market value of debt ? Better reflection of actual value of source of funds ? We want to be forward looking, par is a historic number ? Running yield on bonds rather than YTM ? Quicker and easier to use ? Not much difference between them (7. 2 vs. 7. 0) o Capital gain on bond is small over life ? Any new debt would have an issue cost so YTM is not a true measure of funding cost ? Effective tax rate from 2001 The best proxy we have ? Still don’t like this number, feels too close to statutory rate. Interest is low so not much tax shield but what about capital allowances and general mitigation schemes? ? Most current equity market price ? Best information we have ? CAPM cost of equity ? See question 3 below for fuller description of methods ? CAPM is not perfect but: o Dividend Discount Model is too heavily dependent on a ‘black box’ nu mber for dividend growth – we have no understanding of this number o Capitalisation Ratio is quite a crude approach Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalisation ratio. What are the advantages and disadvantages of each method? CAPM: [pic] Risk Free Rate is an average of 1, 5 and 10 year T bills. We assume this as a proxy for Nike’s actual debt profile. We use the current Beta because equity markets are forward looking. If we assume efficiency then all known information is in the current Beta. Betas will change over time so historic data is less relevant; we need to predict the future. Using regression our forecast Beta is 0. 0 so the results are very close. We use 9. 2% as a risk premium. It comes from Brealey Myers (2000) and is for the SP 500. It is the number that would have been available and appropriate for Kimi at the time. We may use a different number today based on our expectations of market returns although Brealey Myers argue that the best approach is to use as much data as possible to remove the effects of market fluctua tions. We have to ask ourselves whether market behaviour from 2008 onwards is the new paradigm. Advantages: ? Recognises return for risk Only considers risks that cannot be eliminated by diversification ? Is the most simple way of doing both of these ? Widely used so widely understood ? Does not rely on company financial projections Disadvantages: ? More of an art than a science. Includes estimates and assumptions for ? Risk free rate. Govt. bonds are not always the best proxy, i. e. some European debt. Also, RFR is probably not a real return due to inflation ? Expected market return. If we knew this number we would not be working for a living ? Beta. Decisions a company makes will change Beta. Depending on what the company is doing historic data may be worthless and hence we need to make our own estimate ? Assumes that Beta is the only reason equity prices move ? Assumes equity indices as proxies for movements in all asset values. This is a simplification of reality as many companies are privately owned ? The perceived required risk premium will change over time ? Investors will have different required rates of return for Nike depending on whether or not they hold it in a portfolio Dividend Discount Model: Problem:Dividends have been constant for the last 3 years. We are being asked to believe a growth story and perhaps an increase in dividend from that. We have no guidance on future dividend levels so the best we can do is use the Value Line Forecast of 5. 50%. Assuming constant growth and using the Gordon Model: Expected Return = Expected Dividend Yield + Expected Growth = 6. 6% Advantages: ? Very simple (in the constant growth form) ? Based on actual cashflows to shareholders Disadvantages: ? The simplified version of the equation we have used assumes the stock is in equilibrium ? Assumes a constant dividend growth rate, this is highly unlikely We do not have sufficient information to predict non-constant growth dividends to put into the full DDM ? Highly dependent on the expected growth rate which we actually have very little idea about ? Assumes we hold the stock in perpetuity. This is not likely for NorthPoint; as a value based fund they will sell at some point to realise a gain (hopefully! ) and re-invest in something they perceive to b e undervalued ? Assumes dividends grow with earnings. We could negate this by assuming dividend irrelevance and basing the analysis on earnings per share Earnings Capitalisation Ratio: Capitalisation Rate = Projected Earnings / Price Method used:Divide forecast free cashflows by current EV Take average Capitalisation Rate = 8. 6% Advantages: ? Quick and simple ? Can be used when no dividends are paid, hence payout ratio is irrelevant Disadvantages ? Relies on projections which are subjective and uncertain ? Compares future earnings to current EV ? Ignores the time value of money ? Solving the Corporation Valuation Model for WACC would be a better approach What should Kimi Ford recommend regarding an investment in Nike? Based on our WACC of 10. % Nike appears to be undervalued (using Joanna’s model, which we have not checked) so Kimi should recommend a buy. However, Kimi should consider the following: ? Do you really want to buy into a promised growth story? Earnings have been flat for a while; do you believe the growth projections? ? How does market price compare to intrinsic value? ? Is the market efficient? Have we really picked up something that no other analyst has or is everything in the price? ? Does the market even recognise fundamental value or is it driven by other things (fear and greed)? Competitors – we have only analysed one company. It is not possible to invest on this basis alone. The price of Nike must be compared to a suitable peer group ? Other investment appraisal methods should be used for comparison – P/E ratios etc ? Charting (investing technique) could also be considered ? Use her experience (of competitors etc) to estimate a Beta Final recommendation: Growth is uncertain and hence the value of the equity may fall further. This business has low levels of debt (low risk) paying 7% while the required equity return is 11%. Do not buy the equity. Set up an SPV, leverage this as highly as you can and buy the debt. Even if you can only achieve 50% leverage and 5% cost of borrowing (which should not be too ambitious) then you will achieve an 18% return on your equity in the SPV, all whilst invested in a far safer part of the Nike capital structure. Bibliography BREALEY, R. A. and MYERS, S. C. (2000) Principles of Corporate Finance. Sixth Edition. London: McGraw Hill BRIGHAM, E. F. and HOUSTON, J. F. (2009) Fundamentals of Financial Management. Twelfth Edition. Mason: Cengage