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

Robert Louis Stevensons Treasure Island for Study

Robert Louis Stevensons Treasure Island for Study Not only is Robert Louis Stevensons ​Treasure Island  one of the most popular childrens books in history, its had a major influence on popular culture portrayals of 19th-century pirates. It tells the story of young Jim Hawkins, cabin boy on a ship bound for an island where the treasure is believed buried. He encounters pirates who seek to overthrow the ships officers in a mutiny. Published as a series in the magazine Young Folks between 1881 and 1882, Treasure Island is notable as a childrens book because of the moral ambiguity of many of its main characters; the good guys are sometimes not so good, and its most memorable character, Long John Silver, is a classic anti-hero. The story has captured imaginations for more than a hundred years and has been adapted for film and television more than 50 times.​​ Questions for Study and Discussion Why do you think Jim goes on the journey as a cabin boy?How does Robert Louis Stevenson reveal the characters motivations in Treasure Island?Knowing that this was a serialized story when it was first published, do you have a sense of whether Stevenson plotted out the entire story before writing, or do you think he changed elements of the plot as he wrote each individual section?What are some symbols in Treasure Island?Is Jim Hawkins consistent in his actions? Is he a fully developed character?What about ​Long John Silverare his actions consistent?How easily can you identify with Jims feelings? Do you think this portrayal of a young boy seems dated, or does it stand the test of time?If this novel were written in present day, what details would have to change?Discuss how Long John Silver is or is not a father figure to Jim.Which of the characters surprises you the most?Does the story end the way you expected?How essential is the setting to the story? Could the story have taken p lace anywhere else? Besides Jim Hawkins mother, there are very few women in Treasure Island. Do you think this is important to the plot?What would a sequel to this novel have looked like? Would it be possible to continue the story?

A Night in the MVSEVM

A Night in the MVSEVM A Night in the MVSEVM A Night in the MVSEVM By Maeve Maddox A reader, noticing the way the word museum is engraved on some statues and entrances, writes: I am wondering why the word Museum is spelled Mvsevm . . . on many older things like statues. Until the twentieth century, classical Latin was an indispensable part of the school curriculum. Anyone who had been to school beyond the age of seven had at least a smattering. What are now called elementary schools or grade schools were once known as grammar schools. When the term grammar school originated, the grammar meant was Latin grammar. Because Latin was regarded as being much classier than English, it was often used to commemorate special occasions. For example, Latin was the language of choice on diplomas, ceremonial proclamations and stone inscriptions on statues, tombs, and museum entrances. The classical Latin alphabet did not contain the letters J, W or U: A B C D E F G H I K L M N O P Q R S T V X Y Z It did not have what we call lowercase letters either. Latin inscriptions, therefore, were written in all capital letters. The letter V stood for both the vowel sound we represent with the letter U and the consonant sound we represent with the letter W. During the second century CE the rounded U form of the V appeared in Latin writing. A carved inscription that substitutes a V where English would use a U is supposed to look like classical Latin. Hence the capitals and the Vs for Us. Besides, Id guess that its much easier to make a V with a chisel than a U. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:English Grammar 101: All You Need to KnowThe Writing ProcessHow Many Sentences in a Paragraph?

Managerial Decision Making Essay Example | Topics and Well Written Essays - 500 words - 4

Managerial Decision Making - Essay Example Therefore, this report seeks to discuss how employee empowerment is essential for the employees themselves and how it is a good business to the organization (Farheen & Sidrah, 2011). It also gives the reason as to why employees must be empowered. First, an organization has to give up some of its power in favor of employee autonomy. This will give employees a sense of free environment in contributing ideas and methods by which they will fulfill their tasks. Secondly, invite feedback from employees by installing a suggestion box (Huq, 2010). By doing so, an organization will understand how best to aid their empowerment. Thirdly, opening doors to employees and asking for opinions in meetings will help employees know that they are cared about and that their opinion matter to the organization. In addition, promote employee education by allowing them to get the necessary education. Also, arrange for them to attend career development seminars. By so doing, the organization gains employee loyalty and improve employee performance (Farheen & Sidrah, 2011). Lastly, acknowledging employee achievements by recognizing and congratulating employees on a good job done. This will motivate employees to improve their responsibilities and work m uch harder to deliver efficient and effective outcomes. Employee empowerment is very important to the employees because firstly it brings satisfaction and motivation leading to increased productivity (Sandri, 2011). Secondly, freedom of expression will lead to creativity and innovation. Thirdly, the employees will feel efficient and there will be a lesser need of supervision. Hence this tool of not being supervised, gives employees a freelance attitude and they become more customer friendly, which is a big boost to an organization. Lastly, empowerment will create a sense of ownership hence encouraging employees become more enterprenual. Research has shown that empowering employees is the best

Town Quay development at Southampton Waterfront Assignment

Town Quay development at Southampton Waterfront - Assignment Example The area is considered as a prime location because of its panoramic view of the sea and the volume of business activity surrounding the area. Although it is currently being used as a car park, the business potential of the area is quite considerable. There is a need to comprehensively and meticulously plan how the development project will operate to avoid any problems that may make the venture a failure. One must always take into consideration that a comprehensive evaluation of local and government planning policies and guidelines should be undertaken to ensure that the project is harmonious with them. The main goal is that the development actually complements and benefits the surrounding area and addresses the needs of the community. In short, the project is to be undertaken with full regards to the community as a whole. It has long been recognized that this strategy is one determining factor in the financial viability and sustainability of the venture. In the development appraisal portion, an analysis is provided on the following: planning constraints, observable constraints, uncertain matters to be investigated, access and egress, neighbours and any other matters that are likely to influence the success of the development. A development plan is then provided that shows the layout for building massing, use and phasing, suggested storey heights, parking, landscaping, access and egress. We make use of an ordinance survey map to illustrate the scheme. Following this is an evaluation of how the development plans and the site appraisal fares with the aspirations of the local planning authority. It is also in this section where an analysis of how the scheme will fit in with the established property market, ABP's dock estate and the surrounding buildings. After all this, a residual valuation that analyzes the commercial viability is presented along with the provision of 3 options showing how ABP may obtain a return from the site. Section 1 - Appraisal of the Site Planning Constraints Local and government planning policies should be evaluated when planning for any development. Any project that fails to do this has a greater chance of failure as local laws are sufficient grounds for non-continuance of the project. In any case, we are developing the area for the local population and we don't want them to be alienated. In evaluating, there is a need to determine what construction practices and parameters are allowed on the area. For example, vertical structures may only have a