Econ Essay Example | Topics and Well Written Essays - 250 words - 7

Econ - Essay Example n, Jagdish Bhagwati conveys both the India and china’s remarkable upturn of GDP in late 1980s and early 1990s, which resulted from the abolition of trade barriers. This illustrates how trade liberalization usually does to the global states’ economies owing to its free interaction characteristic besides thriving trade across their boundaries. Jagdish Bhagwati believes the remedy to the current global economic crises only rests in adopting trade liberalization or free trade rather than the present protectionism (Bhagwati 38). Jagdish Bhagwati refutes â€Å"Section 24 allowance† orâ€Å"allowance for Preferential Free Trade Agreements (FTA)† which the current US regime is applying besides other global states (Bhagwati 20). Since it yields to numerous economical predicaments presently faced by the global states’ besides posing the issue of economic unpredictability. This is evident in the incumbent US regime where the president Obama prefers protectionism approach and seems to forget its grievous impacts on economy notably in 1930s (Bhagwati 78). Jagdish Bhagwati does not approve the utilization of Preferential Free Trade Agreements (FTA) as a remedy to the present challenges. This is because he refers to the approach as an effective and malicious approach meant to undermine free trade or its liberalization. Therefore, Preferential Free Trade Agreements (FTA) normally erects barriers that prevent the flourishing of economy not only for US but also for other global states (Bhagwati

To Read without Being Lost Essay Example for Free

To Read without Being Lost Essay Human beings are almost always positive about knowing where they are in their life. But, they may never exactly know for certain where they maybe going or what their life will lead to. Billy Collins, the author of numerous poems including Introduction to Poetry and Schoolsville shows the aspects of this theory throughout his works. Collins provides enough details and description to let the reader know where they are when reading his poems, but not necessarily always where he is going with them. While most poets hide information or the fine points from us, Billy Collins does not. Instead, he indulges the reader with his clear topics, literary devices and precise imagery throughout the poems. In the poem, Introduction to Poetry, Collins chooses to use a personal experience of his own to form the topic. The poem describes him teaching to his students and telling them precisely how to write and find out the analytical meaning of a poem. Collins does this by telling his students to not express or say the underlying meaning in plain words. He suggests discovering the meaning of the words and phrases of the poem by â€Å"holding it up to the light like a color slide† (2-3). In a literal explanation, when a person holds a colored slide up to the light they see a great diversity of colors. Similarly, when looking at a poem differently, the poem conveys multiple important messages. Poet, Billy Collins, uses various literary devices to create a purpose for the reader. The desire Billy Collins has for the reader is to illustrate the picture he is painting for them and to comprehend his style. For instance, metaphors in the Introduction to Poetry make it almost painless for the reader to understand what is in fact being said: â€Å"I want them to water-ski across the surface of a poem† (9-10). This metaphor clearly explains that Collins wants the reader to have words to ponder, but the poem should flow smooth for them like water skiing across calm water. An additional literary device Collins makes relevant is personification. He gives living characteristics to a non-living object— a poem. When Collins says, â€Å"they begin beating it with a hose† (15) he does not literally mean that the students beat the poem with a hose. In reality, he is saying that the students get so frustrated that they can’t understand the concept. If they could they would beat it with a hose to get a meaning out. All Collins wants  is for them to treat the poem with loving attention and find the underlying significance for themselves. Imagery is also a key component when reading the Introduction to Poetry. Throughout the poem, Collins includes descriptive words to form mental images of a scene in the reader’s head. He makes it so clear that when he says they â€Å"torture a confession out of it† (14) a literal picture comes to my head. I see a student strangling the poem with a rope to force the meaning out of it. Imagery is presented again when Collins states: â€Å"drop a mouse into a poem and watch him probe his way out† (5-6). As I read this I pictured a mouse scattering through a poem like he would a maze, trying to find the piece of cheese. What the author is actually trying to declare is that he wants the students to have their poems not speak the meaning in plain words. Instead the poem should have the reader engaged in the work and wanting to find the way out, or meaning. In addition to the work, Introduction to Poetry, the poem Schoolsville also provides one of Billy Collins’ personal experiences when teaching as the topic. In the poem Collins informs the reader of how he reflects on the importance and meanings of his past. â€Å"Glancing over my shoulder at the past, I realize the number of students I have taught is enough to populate a small town† (1-3). Billy Collins means what he says word for word in these lines. This is the general idea for the poem. The topic also revolved around reminiscing and revisiting the past. Such as when Collins says, â€Å"I can see it nestled in a paper landscape† (4) he is referring to the past he had with his students. He stresses for the reader to understand that when he taught it was seen from his viewpoint only. It shows that traveling through one’s memory will eventually come to the reality of the present. Literary devices in the poem Schoolsville not only create a purpose, but they also make the poem interesting to read when depicting them. The reader is automatically grasped to the style of the poem by Collins’ literary devices. To be specific, when the author describes the girl at the drug store â€Å"brushing her hair like a machine† (19) he gives an example of a simile. In an analysis of this, he is saying the girl is brushing her hair furious, like a machine does work furiously. Another example of a literary device in Schoolsville is how the girl â€Å"signed her papers in lipstick† (17) is an allusion to â€Å"references to Hawthrone† (21). Hawthorne was the author of the  Scarlet Letter, which was a romantic novel. Therefore, the girl signing her papers in lipstick was also directed towards a romantic scene. Although I could not relate to this poem, it hooked my imagination through the imagery. The illusion of the teacher’s town, Schoolsville, is what made it almost real by Collins’ intricate description of the population. â€Å"The A’s stroll along with other A’s† (22) was a mental sketch of A plus students dressed tidy and carrying their books walking along with others of their kind. Another illustration of imagery is when Billy Collins writes, â€Å"a bell rings on the hour and everybody zigzags† (11). Immediately, I vision myself personally in high school waiting impatiently for class to end. As Collins did say, as soon as that bell chimes everyone from my class bolts out the door and â€Å"zigzags† through the hallways. The believability of the imaginary town is alluring to the reader. As Billy Collins writes his poetry he does so without losing the reader intentionally. The poems Introduction to Poetry and Schoolsville are descriptive, but yet easy to comprehend. The literary devices, apparent topics, and life-like imagery all contribute to what makes Billy Collins’ poems enjoyable and entertaining to read. Works Cited Collins, Billy. Introduction to Poetry. 1988. Print. Collins, Billy. Schoolsville. 1999. Print.

Leonhard Euler :: essays research papers

Leonhard Euler   Ã‚  Ã‚  Ã‚  Ã‚  Leonhard Euler, (born April 15, 1707, died Sept. 18, 1783), was the most prolific mathematician in history. His 866 books and articles represent about one third of the entire body of research on mathematics, theoretical physics, and engineering mechanics published between 1726 and 1800. In pure mathematics, he integrated Leibniz's differential calculus and Newton's method of fluxions into mathematical analysis; refined the notion of a function; made common many mathematical notations, including e, i, the pi symbol, and the sigma symbol; and laid the foundation for the theory of special functions, introducing the beta and gamma transcendal functions. He also worked on the origins of the calculus of variations, but withheld his work in deference to J. L. Lagrange. He was a pioneer in the field of topology and made number theory into a science, stating the prime number theorem and the law of biquadratic reciprocity. In physics he articulated Newtonian dynamics and laid the foundation of analytical mechanics, especially in his Theory of the Motions of Rigid Bodies (1765). Like his teacher Johann Bernoulli, he elaborated continuum mechanics, but he also set forth the kinetic theory of gases with the molecular model. With Alexis Clairaut he studied lunar theory. He also did fundamental research on elasticity, acoustics, the wave theory of light, and the hydromechanics of ships.   Ã‚  Ã‚  Ã‚  Ã‚  Euler was born in Basel, Switzerland. His father, a pastor, wanted his son to follow in his footsteps and sent him to the University of Basel to prepare for the ministry, but geometry soon became his favorite subject. Through the intercession of Bernoulli, Euler obtained his father's consent to change his major to mathematics. After failing to obtain a physics position at Basel in 1726, he joined the St. Petersburg Academy of Science in 1727. When funds were withheld from the academy, he served as a medical lieutenant in the Russian navy from 1727 to 1730. In St. Petersburg he boarded at the home of Bernoulli's son Daniel. He became professor of physics at the academy in 1730 and professor of mathematics in 1733, when he married and left Bernoulli's house. His reputation grew after the publication of many articles and his book Mechanica (1736-37), which extensively presented Newtonian dynamics in the form of mathematical analysis for the first time.   Ã‚  Ã‚  Ã‚  Ã‚  In 1741, Euler joined the Berlin Academy of Science, where he remained for 25 years. In 1744 he became director of the academy's mathematics section. During his stay in Berlin, he wrote over 200 articles, three books on mathematical analysis, and a scientific popularization, Letters to a Princess of Germany (3 vols., 1768-72).

The Neurobiology of Genius Essay -- Biology Essays Research Papers

Genius: The Neurobiology of Giftedness Toby Rosenberg, in all the five years of his life, has never been your typical toddler. At age 14 months, Toby could read aloud from posters his stroller passed by. A year later, he spoke both Polish and English fluently, and at the age of 4, he compiled a dictionary of hieroglyphics after visiting a museum shop and perusing through a book on ancient Egypt (1). From W.A. Mozart to Bobby Fisher to Toby Rosenberg, some children have since their birth amazed the world with their incredible intellect and abilities that can at times outdo even the brightest of adults. Why is this so, and, as many parents-to-be wonder, can a genius be created? It is evident that when a child's mental development is displayed far beyond the usual time, the only reasonable explanation is that the brain and nervous system are much more highly developed than is normal for the age (2). Some scientists believe that there are quantitative differences in these children's cerebral organization, and that these diffe rences may possibly have a genetic link. However, although results seem to indicate this as so, more data is needed to establish this firmly and to ultimately explain why so few children have such gifted abilities. First, however, one must have a clear notion of what is meant by giftedness. Only the top 2-5 % of children in the world are truly gifted. These children are precocious, self-instructing, can intuit solutions without resorting to logical, linear steps, and have an incredible interest in an area or more that they focus so intently on, that they may lose sense of the outside world (3). Early reading and development of abstract thought are typical characteristics as well. The acceleration of ment... ...cience and human genetics concerned with human learning, memory, and intellectual developments which have implications in gifted education. http://www.edfac.unimelb.edu.au/LED/GDE/brain.html 6)Raising Albert: Can studying dead brains ever tell us anything about genius?, Environmental factors may be a source of Einstein's genius. http://www.newscientist.com/ns/19990626/editorial.html 7)TI: Mental rotation and the right hemisphere, Abstract of research findings regarding enhanced development of the right cerebral hemisphere and its connection to extreme intellectual giftedness. http://www.soton.ac.uk/~crime/Mathematics_brain.html 8) Wetware: The Biological Basis of Intellectual Giftedness, A thorough analysis of the parts of the brain and their related systems in comparison to the intellectually gifted. http://www.hoagiesgifted.org/montage/v1n4p3.html The Neurobiology of Genius Essay -- Biology Essays Research Papers Genius: The Neurobiology of Giftedness Toby Rosenberg, in all the five years of his life, has never been your typical toddler. At age 14 months, Toby could read aloud from posters his stroller passed by. A year later, he spoke both Polish and English fluently, and at the age of 4, he compiled a dictionary of hieroglyphics after visiting a museum shop and perusing through a book on ancient Egypt (1). From W.A. Mozart to Bobby Fisher to Toby Rosenberg, some children have since their birth amazed the world with their incredible intellect and abilities that can at times outdo even the brightest of adults. Why is this so, and, as many parents-to-be wonder, can a genius be created? It is evident that when a child's mental development is displayed far beyond the usual time, the only reasonable explanation is that the brain and nervous system are much more highly developed than is normal for the age (2). Some scientists believe that there are quantitative differences in these children's cerebral organization, and that these diffe rences may possibly have a genetic link. However, although results seem to indicate this as so, more data is needed to establish this firmly and to ultimately explain why so few children have such gifted abilities. First, however, one must have a clear notion of what is meant by giftedness. Only the top 2-5 % of children in the world are truly gifted. These children are precocious, self-instructing, can intuit solutions without resorting to logical, linear steps, and have an incredible interest in an area or more that they focus so intently on, that they may lose sense of the outside world (3). Early reading and development of abstract thought are typical characteristics as well. The acceleration of ment... ...cience and human genetics concerned with human learning, memory, and intellectual developments which have implications in gifted education. http://www.edfac.unimelb.edu.au/LED/GDE/brain.html 6)Raising Albert: Can studying dead brains ever tell us anything about genius?, Environmental factors may be a source of Einstein's genius. http://www.newscientist.com/ns/19990626/editorial.html 7)TI: Mental rotation and the right hemisphere, Abstract of research findings regarding enhanced development of the right cerebral hemisphere and its connection to extreme intellectual giftedness. http://www.soton.ac.uk/~crime/Mathematics_brain.html 8) Wetware: The Biological Basis of Intellectual Giftedness, A thorough analysis of the parts of the brain and their related systems in comparison to the intellectually gifted. http://www.hoagiesgifted.org/montage/v1n4p3.html

Homework on Engineering Ethics Essay

There are several situations in which a code of ethics becomes an important development tool for engineers in resolving moral dilemmas they encounter in the course of their profession. Engineering as a profession. A code of ethics becomes necessary due to the nature and purpose of engineering as a profession. Different professionals have different concepts of responsibility attached to the nature of their work. By job definition, â€Å"an engineer is a knowledge expert specially trained to design, test, and assess the performance characteristics of technologies within his or her realm of expertise† (Pinkus 33). Hence, an engineer needs not only to be competent in designing technology but must be able to perform sound risk assessment and be adept at identifying the failure characteristics of a given technology. This is because the character of engineering as a profession places public safety above all other goals (Harris, Pritchard, and Rabins 38). Hence, the code of ethics is an important tool for engineers to be reminded that the nature of their profession may compel them to go the extra mile to ensure public safety and welfare. Conflict in professionalism and bureaucracy. A code of ethics is also important when engineers face conflict with regard to professionalism.   An ethical code will greatly help in resolving dilemmas that engineers may encounter such as whether or not an engineer should prioritize the welfare of the client first than the general public when a certain technology or structure becomes a threat to public safety. Engineers may find themselves in situations when clients do not strictly follow his directions and recommendations and cut costs or improvise that may compromise quality. Such was the case of the Space Shuttle Columbia which was found to be built with low-cost materials because of the lack of federal funding. Schedule issues need to be resolved by the engineer as well and he must evaluate and make decisions on whether the launch of a given technology will have a negative impact on public safety and welfare (Pinkus 16). Corporate responsibility. Another reason why code of ethic becomes a significant development tool for engineers is the demand for decisions regarding corporate responsibility. As technology requires the extraction and utilization of greater quantities of natural resources, corporations now face the responsibility of ensuring that their operations conform strictly to environmental laws (Harris, Pritchard, and Rabins 34). Works Cited Harris, Charles E., Pritchard, Michael S., and Rabins, Michael J. Engineering Ethics: concepts and cases. New York: Cengage Learning, 2005. Pinkus, Rosa Lynn B. Engineering ethics: balancing cost, schedule, and risk – lessons learned from the space shuttle. Cambridge, MA: Cambridge University Press, 1997.

The assessment of social mobility essays

The assessment of social mobility essays Are the 35 million Americans who fall below the poverty line there because they are lazy and have let all opportunities for social advancement pass them by? Or is there currently a social structure that successfully reproduces classes and limits upward social mobility in America? Certain institutions in American society, including education, work and occupational structure and the family help perpetuate social class stratification. These institutions widen the gap between the rich and the poor by placing inherent restrictions on opportunities for those born into different classes. Although the degree of effort put forth by each individual is critically important, their relationship to the aforementioned institutions can severely limit upward social mobility. The current educational system creates a unique contradiction. While traditionally the best way to climb the ladders of society, American schools are now reproducing social classes. Those children born into poor families and neighborhoods usually begin their school career at a steep disadvantage. Public schools that are run down and lack sufficient funding or other key resources like good teachers are endemic to these lower income areas. The idea of class reproduction, or the correspondence principle, is obviously present in education. As mentioned above, differences between schools and school districts exist. In his article on the inequalities of public education in New York, Kozol describes an elementary school in North Bronx where 63 children share an average sized classroom. The room has no windows, for the building used to be a roller-skating rink. Consisting of 90% black and Hispanics, the student body of 1,300 has only 26 computers. (Kozol, 95) On the other hand, educational standards in upper-middle class communities are far superior. Here in Grand Blanc, Michigan an average second grade class would have one teacher for under thirty students and more than one computer i...

Reception of Al Pacino

Reception of Al Pacino Introduction Al Pacino is widely known for his villainous roles in The Devil’s Advocate, Scarface, The God father and several others. His depiction of these roles resonated with audiences owing to its unconventionality and charisma.Advertising We will write a custom essay sample on Reception of Al Pacino specifically for you for only $16.05 $11/page Learn More Reception of Al Pacino by fans and reviewers Reviewers thought that Al Pacino’s depiction of gangsters was quite unusual but refreshing. Not only did the actor portray those roles with great depth, but he also handled the various complexities of their characters flawlessly. The genre had been marred by depictions of gangsters as distasteful individuals whose interactions with their families largely centred on disagreements with them. However, Al Pacino, in The Godfather, sought to depict another side of the mafia life. The film supported the notion that these were organisations in which t heir leaders’ families were royalty. The head would protect his family and work alongside them to get compensation for his work. 1 The author Barbas Samantha explains why certain fan bases existed for an actor, such as Al Pacino. The proliferation of the mass media as well as modernisation in the early 1900s meant that the relevance of religion had diminished. Furthermore, crowded cities had no room for the sincerity and morality preached in the nineteenth century. At the time, individuals needed to look for a way of redefining themselves and standing out from the crowd. Therefore, society created the notions of charisma, style and personality.2 While this phenomenon of the personality cult was relatively new in the 1930s, it persisted in film depictions until the 1970s. Definitions and portrayals of personality also altered significantly in these four decades. Al Pacino attracted a lot of attention because his type of charm and personality was new in the industry.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More He was an underdog in the criminal world whose magnetism was unmistakable. His fan base consisted of similar underdogs who could resonate with his obsession to achieve the American Dream by all means necessary. Al Pacino’s films invite spectatorship by a certain group of people. Male underdogs can relate to these films because many of the motion pictures portray countercultures. Gangsters in the films stereotype masculinity through their tough persona and choice of words; this explains why men are likely to embrace it. Underdogs are likely to embrace the films, as well, because most stories are responses to the rot or corruption that exists in society. These villains choose criminal lifestyles because the straight and narrow path is dysfunctional. Members of a counterculture are invited into Al Pacino movies because they resonate with his mo tivations. The criminal world is simply a way out of poverty or a mechanism for achieving the American Dream, albeit illegally. 3 It is likely that Al Pacino appealed to certain groups and not others owing to the futility in his actions. Additionally, not everyone may get carried away by the charm and appeal of a certain actor. Some audiences pay more attention to the story line and what eventually happens to the main performer. Gangster movies often cause one to support the criminal, but the individual often gets what he deserves. This leads to a lot of annoyance and frustration by those who supported him. Consequently, persons who have made it in life through conventional means will not embrace Al Pacino because they believe in the straight and narrow. They see no need to choose criminality as it is futile. These audiences are more interested in morality lessons rather than mere charisma. Conclusion The actor, Al Pacino epitomises America’s obsession with the underdog or ba d guy. He represents a counterculture that connects with several members of countercultures. Even those who sympathised but did not belong to the underworld also enjoyed his films.Advertising We will write a custom essay sample on Reception of Al Pacino specifically for you for only $16.05 $11/page Learn More Bibliography Barbas, Samantha. â€Å"The cult of personality.† In Movie crazy: fans, fans, stars and the cult of celebrity, 35-57. New York: Palgrave, 2008 Cowie, Peter. The Godfather book. New York: Faber and Faber, 1997. Snyder, James, â€Å"Scarface nation.† Time, November 19, 2009. Footnotes 1 Peter Cowie, The Godfather book, (New York: Faber and Faber, 1997), 150. 2 Samantha Barbas. â€Å"The cult of personality,† in Movie crazy: fans, fans, stars and the cult of celebrity (New York: Palgrave, 2008), 37. 3 James, Snyder, â€Å"Scarface nation,† Time, November 19, 2009, 11.

10 things you get from our custom term paper writing service Essay Example

10 things you get from our custom term paper writing service Essay Example 10 things you get from our custom term paper writing service Essay 10 things you get from our custom term paper writing service Essay With every new academic year lessons are getting harder, amount of assignments is increasing and free time is getting more limited. Sleepless nights of study, missed classes and many other reasons are necessitating students to turn themselves to the custom writing services to get qualified writing help with their assignments. Once you choose to use our writing service, you will be entitled to a long list of advantages you get with us. In this short article, 10 things you get from our custom term paper writing service will be touched on briefly. First of all, with us you will get excellently written custom term papers which match all your needs and requirements. All papers what we provide our customers with are written by experienced writers who have at least over 2 years of experience on extensive academic research and writing experience in the paper writing service. Secondly, we guarantee to you that writers hired by our paper writing service provider will conduct in-depth research on the specific topic given by your instructions. Under no circumstance our writers conduct research haphazardly and every time they investigate the topic and instructions provided by your tutor in all details. Every term paper request is handled with the seriousness it deserves. Thirdly, we offer a lot of free extra service to all our clients. Some of these are free cover page, free bibliography page, free table of contents, free formatting, outline and so on. While other custom term paper writing services demands students to make additional payments for these features, we offer them freely and never charge you for them. 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Juvenile Justice Authority in Maine Term Paper Example | Topics and Well Written Essays - 1250 words

Juvenile Justice Authority in Maine - Term Paper Example Journals, books, and credible Government and educational websites have been used as references. The Juvenile Justice System In order to explore the juvenile justice authority activities in Maine, we must first understand the juvenile justice system of the state. The juvenile justice system in Maine is functional inside the greater juvenile justice framework of the United States. The theory behind this framework is based on extensive research, experience, and sociological introspection. Critical theorists and sociologists hold juvenile delinquency and juvenile justice in the terms of a class structured capitalist society. â€Å"They point to economic and social inequalities that increase the probability of lower-class youth turning to crime because so few opportunities are open to them. Critical criminologists contend that the origin of the concept of delinquency and juvenile justice in America is based on economic and class differences.† (Hesse and Lawrence, 2010, p. 59) The j uvenile justice authority in Maine practically implements the conceptual framework based on this theoretical perspective. Under the auspices of Maine Department of Corrections (MDOC), the juvenile services of the state seek to establish a society oriented approach that will give rise to a collaborative and supportive social system including the individuals along with their communities and families. Thus, the factors that put children at risk can be addressed and necessary action can be taken in proper time. Technically, the resultant functionary is both proactive and amply oriented to the social needs. Juvenile Justice in Maine: An Overview The Maine Department of Corrections (MDOC) regulates juvenile justice in the state through its Division of Juvenile Services, which is the main juvenile justice authority in the region. In their publication Taking Measure, the authorities have explicitly explained their mission in the following words: â€Å"To promote public safety by ensuring t hat juvenile offenders are provided with education, treatment and other services that teach skills and competencies; strengthen prosocial behaviors and require accountability to victims and communities.† (MDOC, Division of Juvenile Services, 2007, p. 3) The structure of the service framework is primarily based on the youth development centers. The two most prominent centers are: 1. The Long Creek Youth Development Center (LCYDC) 2. The Mountain View Youth Development Center (MVYDC) LCYDC: The center was originally named the Boys Training Center established in 1853. After several remodeling and adaptation drives, â€Å"it continues to redefine many of its program functions to enable a total multi-disciplined team approach in working with those committed and held within the facility.† (MDOC, 2011a) MVYDC: This facility started operation in 1998. â€Å"This secure facility replaced the use of county jails within the ten counties as the primary detention location for juven iles pending court action prior to sentencing† (MDOC, 2001b) It also serves the purpose of brief confinements. Moreover, the juvenile services have collaborated with the University of Southern Maine in order to embark on different social-scientific projects. These projects address the evolving needs of the juvenile justice framework. Many of the projects are designed to collected and exploit statistical data regarding juvenile delinquency and its effects in the

Current event analysis Essay Example | Topics and Well Written Essays - 250 words

Current event analysis - Essay Example ates that the state of Florida announced they are facing a $3 billion dollar deficit and as a result the mental health programs could be cut by as much as thirty to fifty percent by the Florida House and the Florida Senate. Jacque Henderson, director of Tri-County Human Services residential programs in Lakeland spoke about the potential cuts and said that almost every significant advance in the last thirty-years, including drug court, mental health court, and miscellaneous treatment services, are all at risk of being cut. The current House plan is to cut over $172 million, while the Senate has a proposal for $205 million in cuts. Expressing similar sentiments to Jacque Henderson, Partners in Crisis was also highly concerned about the potential of losing drug court and mental health court programs. The article states that the Peace River staff has already taken 5% pay cuts, and only through a large private donation were they able to remain a viable institution. While the article does mention research that states recent statistical analysis states that the programs that might be cut have demonstrated significant preventative value, it doesn’t elucidate on these findings. While mental health programs should be of the utmost concern and valued as highly as other medical programs, one would hope to see some fiscal responsibility and proof of

Commercials in classrooms Essay Example | Topics and Well Written Essays - 1500 words

Commercials in classrooms - Essay Example Many factors are responsible for it. But for the present, the focus will be on one major factor, displaying of commercials in classroom. The School premises have become an important playground for the companies. To increase their customer base, companies marketing strategy makers have been innovating newer and newer ways. For many companies children and teenagers are being viewed as the vital customer base. They are inventing various ways to attract teenagers towards their product. Among the newly innovated ways, one of the important ones is using commercial in different parts of school premises to attract children’s and teenager’s attention towards their product. Earlier companies used to attract customer’s attention by giving advertisements of their products on T.V., radio, news Paper, magazines, billboards in the road sides etc. But now companies are making direct interaction with children and teenagers through schools. The present paper is concerned with a review of Mr. Michael Sandel’s essay on â€Å"Commercials in the classroom†. This paper actually seeks to analyze the demerits of using commercials in the classroom and then will discuss which kinds of advertisement ought to be removed from the classroom along with explaining the reasons for doing so. Commercials in classroom – a threat to pupil’s future: Classroom no longer remained the place of learning only. This holy place also has not been left untouched by corporate marketing strategy. Marketing personnel of the companies are now seeing a huge client base among the children and teenager. They, therefore, have become very much desperate to attract those customers to their products. They have invented new process of advertising for their products. Advertising on T.V, radio, news paper, etc does not ensure that these will be watched by the audiences they are targeting. If children and

Questionnaire Survey Method for Research Essay Example | Topics and Well Written Essays - 1500 words

Questionnaire Survey Method for Research - Essay Example There are various methods of research available including statistical analysis, simulations, observations, interviews, action oriented research, case study based research etc. Depending upon the field of research, the major approaches to research methodology differs and research in social science fields rely mainly on qualitative and quantitative research. In conducting qualitative or quantitative research, various research tools are utilised and questionnaires remain a key component in survey based research activities. Motives behind initiating a qualitative research is mainly to uncover or establish a basic understanding, knowledge or a hypothesis pertaining to a certain issue. Such research often lays the foundation for further research of quantitative nature, which can establish the validity of new knowledge generated through the qualitative research. Qualitative research differs from quantitative research on grounds of what is being researched of. â€Å"Qualitative research involves the collection of data about attitudes, beliefs and intensions† (Hall et al 2004). The objective of qualitative research is to unearth in-depth knowledge of reasons, which drives the human behavior while quantitative research on the other hand is concerned of data that can be measured. While there are numerous means of conducting qualitative research, methods such as focus groups, surveys through application of unstructured or semi structured questionnaires as well as participant observations (Wolcott 1995). Surveys remain one of the major forms of research and the most widely used where quantitative research is concerned. â€Å"Survey research is the method of gathering data from respondents thought to be representative of some population, using an instrument composed of closed structure or open-ended questions† (Survey Research 2006). Nature of survey research allows effective and efficient data gathering from a large population and thus

Looking for Freud Essay Example | Topics and Well Written Essays - 500 words

Looking for Freud - Essay Example As it is hard sometimes to be true to oneself, acceptance of what one's life has been is an important key.Looking into Freud's stages of psychosexual development, his contribution to developmental psychology, I cannot recall if I indeed have gone through the oral and anal stages. Maybe I was too young to remember. But I distinctly remember going through the "feminine Oedipus attitude" phase or Elektra complex as how Carl Jung called it. According to Freud, this happens during the phallic stage (Boeree). When I was five years old, I remember I was so attached to my father. This romantic attachment by a daughter to her father is also described by Dr. Spock, in his book Baby and Child Care, as a natural stage in a female child's development. Freud also posited the idea that if one had problems in these psychosexual stages, these problems will be manifested into fixations and will affect one's character development. In my experience when I was in the feminine Oedipal attitude or the Elek tra complex stage, I perceived that my father favored me over my mother. Because of these, I became quite self-centered and vain during my teens to early adulthood. But as aged, I learned to veer away from these attitudes

Questionnaire Survey Method for Research Essay Example | Topics and Well Written Essays - 1500 words

Questionnaire Survey Method for Research - Essay Example There are various methods of research available including statistical analysis, simulations, observations, interviews, action oriented research, case study based research etc. Depending upon the field of research, the major approaches to research methodology differs and research in social science fields rely mainly on qualitative and quantitative research. In conducting qualitative or quantitative research, various research tools are utilised and questionnaires remain a key component in survey based research activities. Motives behind initiating a qualitative research is mainly to uncover or establish a basic understanding, knowledge or a hypothesis pertaining to a certain issue. Such research often lays the foundation for further research of quantitative nature, which can establish the validity of new knowledge generated through the qualitative research. Qualitative research differs from quantitative research on grounds of what is being researched of. â€Å"Qualitative research involves the collection of data about attitudes, beliefs and intensions† (Hall et al 2004). The objective of qualitative research is to unearth in-depth knowledge of reasons, which drives the human behavior while quantitative research on the other hand is concerned of data that can be measured. While there are numerous means of conducting qualitative research, methods such as focus groups, surveys through application of unstructured or semi structured questionnaires as well as participant observations (Wolcott 1995). Surveys remain one of the major forms of research and the most widely used where quantitative research is concerned. â€Å"Survey research is the method of gathering data from respondents thought to be representative of some population, using an instrument composed of closed structure or open-ended questions† (Survey Research 2006). Nature of survey research allows effective and efficient data gathering from a large population and thus

Robin Hoods Band as an Example of Financial Control and Authority in Assignment

Robin Hoods Band as an Example of Financial Control and Authority in Resolving Disputes between People - Assignment Example Imposing a fixed tax on the route through the forest would make Robin unpopular with the band which in turn could lead to a revolt against Robin and his supporters (Burke, Lake and Paine). It is also important to mention here that a fixed transit tax would have Robin lose the support of the villagers. Expanding into new territory would allow Robin and his band to generate greater revenue than they are currently generating. This would not only solve financial problems of the band but would also make it harder for Prince John and the Sheriff to track down members of the band and interrogate them regarding the whereabouts of the entire band. Expanding into new territory would also provide the opportunity to hide their loot in different more secure places. Killing the Sheriff would not yield the result of Robin’s financial problems and there is a good chance that killing the Sheriff would create more troubles for him than it would solve. Killing off the Sheriff might help Robin get the authorities off his back temporarily but Prince John and the Sheriff’s political allies would be even more determined to apprehend Robin. Furthermore murdering the Sheriff would not be an easy task. The Sheriff would probably be guarded by his men at all times and getting close to him would not be an easy task. The Barons’ proposal has a lot of advantages but there are also a large number of disadvantages to the acceptance of their proposal. The greatest advantage of helping the barons ensure the return of King Richard would not only get rid of Prince John and the Sheriff but it would also put Robin and his band in King Richard’s good books. However, there is a chance that a plan this big would grab the attention of Prince John before it can be carried out. The participation of Robin in such a plan could increase the determination of Prince John to capture Robin and his band of men. The best course of action for Robin would be to opt to expand into new territories.     

Everyday Use by Alice Walker Essay Example for Free

Everyday Use by Alice Walker Essay Everyday Use by Alice Walker takes into account a central conflict between two women. This conflict is symbolized by two main characters; Mrs. Johnson and Dee. Both have certain characteristics are similar but mostly Alice juxtaposes these characters with each other to bring out the main theme of the play. Dee is an epitome of shallow materialism and an adherent of prevailing concept of heritage where heritage is revered only for trendiness and aesthetic attraction whereas Mrs. Johnson admires heritage for its practical utility and personal importance. Both Mrs. Johnson and Dee are from the same socio-cultural backgrounds but both are brought up in different cultural milieu. Both admire heritage but their motives are different. Mrs Johnson is ‘In real life I am a large, big- boned woman with rough, man-working hands’ (273) whereas Dee is soft-skinned and of delicate nature. Piedmont-Mortob is of the view that central conflict is between Maggie and Dee and â€Å"is about whether heritage exists in things or in spirit, or process. † Dee’s longing for heritage is for ostentatious reasons. For example she says, â€Å"I can use the chute top as a centerpiece for the alcove table†¦and I’ll think of something artistic to do with the dasher†. (277) Contemporary periodical necessities make her cherish and celebrate her Afro-American heritage. â€Å"Dee views her heritage as an artifact which she can possess and appreciate from a distance instead of as a process in which she is always intimately involved. † (Piedmont-Marton) But Mrs. Johnson and Maggie have learnt to live with their heritage. Dee is captivated by the beauty of â€Å"churn top† and wanted to have it to be used as centerpiece for her alcove table whereas Mrs. Johnson has used it practically for churn butter hitherto. Walker utilizes the butter churn to demonstrate Mrs. Johnson’s intrinsic understanding of heritage. When [Dee] finished wrapping the dasher the handle stuck out. I took it for a moment in my hands. You didn’t even have to look close to see where hands pushing the dasher up and down to make butter had left a kind of sink in the wood. In fact, there were a lot of small sinks; you could see where thumbs and fingers had sunk into the wood. It was a beautiful light yellow wood, from a tree that grew in the yard where Big Dee and Stash had lived. (277) About quilts Dee says: â€Å"Maggie can’t appreciate these quilts†¦ She’d probably be backward enough to put them to everyday use† (278) that shows her shallow reason to love her heritage. Mrs. Johnson says, â€Å"I am the way my daughter would want me to be†. (273) This is manifestation of her adoption to the changing circumstances. Same is the case with Dee as her pretensions about her culture are directly related to the changing social environment where heritage is celebrated and is not understood. The development of Dee into Wangero shows various facets and phases through which black identity passed during late 1960s and 1970s. Predilection for appearance as compared with spirit remained hallmark of this era and this trend is manifested through Dee’s transformation into Wangero. â€Å"Dee’s new name, her costume, and her new boyfriend (or husband) are all indicative of her frivolous attitude toward her newly adopted African culture. † (White) Above-mentioned arguments and supported evidence show that there exist similarities as well difference between the character of Mrs. Johnson and Dee. They love the same thing for different reason. Works cited Piedmont-Marton, Elisabeth. An Overview of Everyday Use. Short Stories for Students. Gale Research, 1997. Literature Resource Center. Thomson Gale. Valencia Community College East Campus Lib. , Orlando. 18 Jan. 2002 https://www. linccweb. org/eresources. asp. White, David. â€Å"Everyday Use: Defining African-American Heritage. 2001. Anniinas Alice Walker Page. 19 Sept. 2002. Walker, Alice.

Study On Exxon Mobil Corporation Management Essay

Study On Exxon Mobil Corporation Management Essay Exxon Mobil Corporation is a multinational oil and gas company that is based in America. Its a descendant at of the Rockefellers standard oil company and it was formed in 1999 from the merger of the Exxon and Mobil companies. Its headquartered in Irving, Texas. The company is one of the worlds largest publicly traded companies and has been ranked the number one or number two for the last five years. By the end of the year 2007 the companys reserves stood at 72 million oil equivalent barrels while its production rates were expected to last for more than 14 years. The company has 37 oil refineries in more than 21 countries constituting a combined daily refinery of approximately 66.3 million barrels. Exxon Mobil is recognized as the worlds largest refineries and this title has been associated with the former standard oil since the in corporation in the 1870s. In addition to that the company is largest of the six recognized oil super majors. Exxon Mobil owns hundreds of other similar subsidiaries including the imperial oil limited in Canada and the sea river maritime which is a petroleum shipping company. Functionally the company is organized into several global operating categories including the upstream, down stream, chemical Exxon Mobil global services company, XTO and finally the imperial oil Core Business Exxon Mobil petroleum industry continue to operate as a major brand name of the Exxon Mobil and most of its products features the Mobils symbol of winged red rose, the Pegasus companys brand name since it got affiliated with the Magnolia petroleum company in 1930s. The company Mobil brands include the Mobil service station and fuel (diesel, gasoline, kerosene, heating oil, marine and aviation divisions. The Mobils brand covers a wider range of lubricants which include industrial, commercial aviation as well as marine. Another brand of the company is the Mobil 1 which is a brand Exxon Mobil which was introduced in 1974 and is includes, oil filters, multi-grade motor oils, transmission fluid, synthetic grease and finally the gear lubricants. In addition to that Mobil delvac is a brand consisting of range of heavy duty lubricants that include drive train lubricants, engine oils and greases. Some of the Exxon Mobil businesses that generate most of its revenue are the upstream division basically dealing with oil exploration, oil extraction, shipping as well as wholesale of its operations and headquartered in Houston Texas. The business operation dominates the companys cash flow and accounts for a whooping seventy percent of the total revenue. The upstream business division includes the Exxon Mobil exploration company, Development Company, Production Company, gas and power, marketing company, research marketing and finally the upstream ventures. Exxon Mobil has been successful for decades after the merger and this is attributed to its strategic plane to immensely reduce its costs which worked quite well making it one of the worlds leaders in business enterprises. Thee company has realised a continued growth and success in its operations partly because of its two century experiences in the industry and party to increased efficiency in all of its operations in more than 200 countries globally. Success of Exxon Mobil has been witnessed from the year 2007 which the company recorded an income of 40.62 billion dollars or revenue and this increase is mainly attributed to the escalating oil prices while at same time decreased actual oil equivalent by 1% mainly due to expropriation. In the year 2008 Exxon Mobil; recoded profits of $45.22 billion therefore becoming one of the profitable company of the year and fortune magazine ranks it the second of the 500 companies. Its profits in the year 2008 increased by 11.4 percent over the previous year 2007 making able to pull $443 billion in revenues. As of the year 2010 Exxon Mobil the company had already occupied five slots of the possible ten slots on the largest corporate annual earning. In addition to that it claimed eight slots of ten slots for the largest corporate quarterly earnings of all time. Corporate responsibility When it comes to issues regarding corporate responsibility Exxon Mobil oil industry has been a main contributor as it regards to environmental causes. For instance in the year 2007 the company donated more than $6.6 million to be utilized in social groups as well as the environmental management and conservation. The company has in the recent past come under heavily critism especial regarding its contribution to global warming and its has been often attacked by environmental lobby groups like the Greenpeace and other institutional investor who disagree with the companys attention on the issues of global warming. The company has been ranked by the political research institute as the sixth among other cooperation who emit air pollutants in United States and such tanking was based on quantity as well as the toxicity of such emission. In the year 2005 Exxon Mobil was found to have committed less than one percent of its profits in project targeted towards research for alternative sources o f energy a value which is less as compared to other leading oil companies in the world (Larson Wiggins, 1959). Crisis management Many companies have in one way or the other faced crises beyond their control but few fall under the corporate irresponsibility and Exxon Mobil has not in the recent past been spared either. In 1989 one of the companys Exxon Valdez oil tankers ran aground and spilled oil on the Prince William Sound and in short time it had spilled significant amounts of oil and is cause was blamed on intoxicated crew staff members. In reaction to that the company was blamed for being slow in curbing the crises and accused of refusing to communicate openly and effectively. In addition to that the showed no effective strategic measure in case of worst scenarios like the oil spill. The disaster led to massive oils spill resulting to greater environmental consequences. Mechanisms of the company in handling of the disaster were a failure mainly because of disastrous communications, poorer leadership after the events and ineffective systems in place to deal with such crises. Such dater led to damaged reput ation and slipped from the largest oil company in the world to the third position (Exxon Corporation, 1982). In addition to that the company has also face several other crises including the Exxons Brooklyn oil spill and the increasing environmental concerns of the Sakhalin-I oil and gas project located in Russian far east which is operated by one the Exxon Mobil subsidiary, Exxon Neftegas Limited. Threats to environment includes the endearment of the critical populations of the already endangered western Gray whale which the scientist have blamed the company for failing to corporate with the scientific panel which certainly play critical role in impeding the cause of western whale conservation (Larson Popple, 1971). Exxon Mobil has also been accused for funding sceptic organizations of the anthropogenic global warming as well as organization critical of the Kyoto protocol which are very sceptical of the scientific opinion regarding the cause of global warming by burning of fuels. The company however has in the recent years reputed his former opinion regarding the effects of global warming and stated appreciation to the seriousness of the issues. The companys commitment was evident when it withdrew from funding of sceptic groups in the year 2007 as revealed by the Greenpeace. In addition to that Exxon Mobil CEO Tillerson in February 3rd 2007 also acknowledged the warming of the earth and the increasing levels of carbon dioxide. Contrary to the companys initial adamant response to research on alliterative fuels the year 2010 saw a ray of light on the issue when the company unveiled plans to invest funds amounting to $600 million in the next ten years in the production of bio fuels from algae and one year on reports from the company indicate that the project is successfully underway (McIntyre, 1998). Strategy Exxon Mobil industry has been focusing its strategic plans to reach the merging markets attributed to increasing energy demand in the world for instance in Indian and china. In addition to that the company has also been focusing in penetrating into the increased energy demands in developing economies like the ones in south eats Asia as well as south east Asian regions like Malaysia, Korea, Indonesia and Vietnam (Gibb, Knowlton, 1956). Core strengths Exxon Mobil has several core strengths which has enabled it reaming a successful leader in the oils and gas industry for quite consistently. One of its strengths is its established name which is attributed to its long existence in the industry for mote than a decade hence giving its customers a since of security when they are dealing with the organization. The fact that the company has diversified in to many countries globally coupled with strong brands under its main umbrella group in the oil industry is one of its core strength sin successful operation of its business activities. In addition to the company has a global presence which has enabled it to have a large customer base and larger market as compared to other companies in the oil and gas industry. Final core strength that Exxon Mobil company posses in the industry is its ability to extend to newer emerging markets like India and china as a result of exponentially increasing demand for energy thus the company has greatly prof ited from the higher rates as compared to other companies. Company innovativeness Exxon Mobil Company ha sin the recent past been very innovative especially on the side of allocating funds on research and development projects aimed at coming up with more effective as well as efficient ways of managing the energy resources as well as reducing the negative effects of its operations to the environment. The company has also been very innovative on formulation and implantation of its strategic plans especially those geared towards adoption of new technology as well as improving its corporate citizenship through appropriate crisis management as well as communication management strategies which have served to alleviate past negative public image (Hidy Muriel, 1955). Vision, Mission, Goals Exxon Mobil Corporation is very committed to becoming the worlds premier petroleum and petrochemical company hence its continuous objectives of achieving superior and operating results while at same time being able to adhere to the high ethical standards. The stated principles are used by the company to guide its relationships with its shareholders, customers, communities and employees (Bender Tammy, 1999) The company is focusing on delivering reliable supply of high quality lubricants and to provide technical application expertise to its customers around the globe. In addition to that the company ahs always been dedicated to delivering of outstanding products and services to its customers and it has been able to achieve that through excellent practices and procedure that have helped in protection of the companys quality and world class brands across all the lines of its businesses. Employee motivation Exxon Mobil motivates its LS representatives by engaging them in numerous industry activities that are related to product performance standards and testing thus motivating them to strive from an industry level playing field with products integrity principles that are always consistent with the companys standards. Another way in which the company has been able to motivate its employees is by hiring competent and experience employees especially those who help further the company commitment to technology leadership in the industry. Employees include vast array of technical degree holders in science, engineering as well as in mathematics. Finally the company motivate its employees by conducting training and development to maximize on their opportunities while at same time maintaining a safe work environment which is enriched with diversity characterized by open communication, fair treatment and trust. Employer desirability: Given an opportunity I will be more than willing to work in the Exxon Mobil Corporation because their work staffs is well experienced and skilled personnel who are highly motivated in what they do thus reduced level of tress at work place. In addition to that the company has employee motivating activities like training that enable each an employee to advance in his career while becoming satisfied at work place.

U.S. Grant :: essays research papers

Ulysses S. Grant Ulysses S. Grant rose to command all the Federal armies in the Civil War. Ulysses Hiram Grant was born April 27, 1822, in a two room frame house at Point Pleasant, Ohio. His father, Jesse Root Grant, was foreman in a tannery. When Grant was one his parents moved to Georgetown where they had five more children there, two boys and three girls. At seventeen Grant was harvesting, and hauling wood. his father got him an appointment to the United States Military Academy at West Point that year. In spite of grants real middle name they used Grants', mothers' maiden name, Simpson. He made few friends at West Point due to being shy and quiet. Grant was in almost every battle of the Mexican War. This experience, he said, was of great value to him, because he became acquainted with nearly all the officers of the regular army. Some of them including the great soldier Robert E. Lee were to be on the Confederate side in the Civil War. Grant came back from Mexico a captain, with favorable mention. In the Mexican War Grant formed the habit of drinking. Grant spent two years on the Pacific coast and missed his second childs birth. His colonel asked for his resignation due to him drinking and wearing sloppy uniforms, and Grant borrowed money from him to return home. Julias father gave Grant 80 acres to farm, near St. Louis. Grant called the place Hardscrabble. Two more children were born and Grant couldnt support his growing family so Grant worked as a clerk, selling hides to saddle makers and cobbles. After Fort Sumter was fired on April 12, 1861, President Lincoln issued a call to arms. Within two weeks Grant was drilling volunteers in Galena, because, as he said, there was no one else to do the job, the gathering was completed and Grant left. A few weeks later the governor telegraphed him to come back and accept the rank of colonel because the men he had recruited had asked for him. Grant reached his headquarters at Cairo, Illinois, September 4, 1861. Grant then set to work t o prepare his men for a long, hard struggle. In February 1862 Grant advanced into Tennessee. While he was invading this fort, the Confederate general, Simon B. Buckner asked for a truce. This was the same officer who in had loaned Grant money to rejoin his family in 1858. U.S. Grant :: essays research papers Ulysses S. Grant Ulysses S. Grant rose to command all the Federal armies in the Civil War. Ulysses Hiram Grant was born April 27, 1822, in a two room frame house at Point Pleasant, Ohio. His father, Jesse Root Grant, was foreman in a tannery. When Grant was one his parents moved to Georgetown where they had five more children there, two boys and three girls. At seventeen Grant was harvesting, and hauling wood. his father got him an appointment to the United States Military Academy at West Point that year. In spite of grants real middle name they used Grants', mothers' maiden name, Simpson. He made few friends at West Point due to being shy and quiet. Grant was in almost every battle of the Mexican War. This experience, he said, was of great value to him, because he became acquainted with nearly all the officers of the regular army. Some of them including the great soldier Robert E. Lee were to be on the Confederate side in the Civil War. Grant came back from Mexico a captain, with favorable mention. In the Mexican War Grant formed the habit of drinking. Grant spent two years on the Pacific coast and missed his second childs birth. His colonel asked for his resignation due to him drinking and wearing sloppy uniforms, and Grant borrowed money from him to return home. Julias father gave Grant 80 acres to farm, near St. Louis. Grant called the place Hardscrabble. Two more children were born and Grant couldnt support his growing family so Grant worked as a clerk, selling hides to saddle makers and cobbles. After Fort Sumter was fired on April 12, 1861, President Lincoln issued a call to arms. Within two weeks Grant was drilling volunteers in Galena, because, as he said, there was no one else to do the job, the gathering was completed and Grant left. A few weeks later the governor telegraphed him to come back and accept the rank of colonel because the men he had recruited had asked for him. Grant reached his headquarters at Cairo, Illinois, September 4, 1861. Grant then set to work t o prepare his men for a long, hard struggle. In February 1862 Grant advanced into Tennessee. While he was invading this fort, the Confederate general, Simon B. Buckner asked for a truce. This was the same officer who in had loaned Grant money to rejoin his family in 1858.

Troy, Truth in the Myth? Essay -- Ancient History

The ancient city of Troy, a legendary city in classical literature and Hollywood films alike, has been an attraction to visit for at least twenty-five centuries. Visitors such as Alexander the Great, who stopped at Troy in 334 BC while on route east to conquer Asia, came to Troy looking for the city immortalized in Homer's Iliad. Presently, archaeologists visit Hisarlik, a site in northwest Turkey, as it is believed to be the location of the ancient city. Alexander must have been puzzled when he had arrived in Ilion, the name of the city at the time of his visit. Ilion was a small colony founded centuries after the Trojan War supposedly took place; Alexander and his men must have had a similar reaction to what they saw as many a tourist does today. Visiting the site today, you will find no grand buildings, just broken marble blocks everywhere, and stubs of stone protruding from the ground at every possible angle. To the ancient Greeks, the Iliad was the fountain of Western civi lization. Troy, to the Romans, was the birthplace of Aeneas, who escaped the burning city to found Rome. So what is the real story of this city? Is the Iliad a true account of history, or just a tale that has been passed down through the generations, for the sole entertainment of its audiences? These are questions that classics experts, archaeologists, and even palaeontologists have studied for many years. The Iliad can never be seen as pure history as the work predates, by three centuries, the concept of history as a sourced analysis of past events. But by studying the stories, as well as the physical evidence left behind today, we can find clues to the reality in this myth. A German archaeologist from the University of Tubingen, Manfre... ...of battles in the Late Bronze Age and that some lasted for a long time due to the sophisticated defences of the city. When the Iliad was composed, several centuries later, all these elements could have been compressed into one war against one opponent." Bibliography Burgess, Jonathan S. The Tradition of The Trojan War in Homer & the Epic Cycle Baltimore, Maryland: Johns Hopkins University Press, 2001 Cairns, Douglas L. Homer's Iliad New York, NY: Oxford University Press, 2001 Fischman, Josh. "The Real Trojan War." US News & World Report 136.18 (2004): 54-60 Fleischman, John. "The Riddle of Troy." The Sciences Mar.-Apr. 1994: 32-38 Mayor, Adrienne. "A Time of Giants and Monsters." Archaeology 53.2 (2000): 58-62 Shear, Ione M. Tales of Heroes-The Origins of the Homeric Texts Crestwood, NY: Melissa International Publications Ltd., 2000.

Week Intercultural Paper

As Egger Hefted (2001) explained, culture Is comprised of power distance, Individualism, masculinity, uncertainty avoidance, pragmatism, and indulgence. If we use these components to analyze the two countries from the example, we find various similarities and differences that would greatly affect a business transaction between the two. Both Colombia and China share similarities in the areas of power distance, individualism, and masculinity.Both countries scored high in power distance, or extent to which power Is unequally distributed, and masculinity, the desire to excel at a skill versus liking the actual skill (Hefted, 2001). This means that In both isosceles individuals with power are far removed from their lesser powerful counterparts. It also means individuals from these countries are motivated by success and achievement as opposed to equal status.China and Colombia also similarly scored low in individualism meaning that both cultures are collectivist or centered on members that form an interdependent network (Hefted, 2001). As other analysts have noted, â€Å"Chinese society [In particular] Is collectivist in that Individuals identify with an â€Å"In-group† consisting of family, clan, and friends. Within this, cooperation Is he norm. Outside it, zero-sum competition is common† (Harris, 2014, Para. 5). Thus, it is paramount to foster a loyal relationship when conducting business in these countries. Avoidance, pragmatism, and indulgence. Chinese culture scored high in pragmatism, or the need to explain as much as possible, whereas Colombia scored high in uncertainty avoidance and indulgence, or the extent to which people indulge their impulses and desires (Hefted, 2001). As some academics have noted, uncertainty is largely reduced in relationships which is why â€Å"Latin Americans place great value on establishing long-term, close relationships with interactions on a personal, as well as professional, level† (Wardrobe, 2005, p. 3).How ever, in Chinese culture, indulgence and uncertainty avoidance scored low since individuals place less importance on knowing everything and monitor ambiguity with their use of an adaptable and entrepreneurial spirit. Understanding these differences, as well as similarities, helps us set up a successful business encounter between individuals from these two If a Colombian and Chinese person were to conduct a business transaction, it loud be important to understand the application of Hypotheses cultural dimensions to ensure a successful outcome.First, the high collectivism and power distance in their respective societies would promote a good foundation for them to establish a relationship since both individuals would most likely have high standing and authority within their companies, and strive to develop a fruitful relationship. This would begin by ensuring a correct and respectful greeting between them, which would generally involve a bow from the Chinese businessperson and a warm a nd stern handshake from the Colombian businessperson (Aback, 2012).Second, cause of the discrepancy in the uncertainty avoidance category, the Colombian businessperson might need better clarification on the transaction and question the Chinese individual more thoroughly; which would promote trust if the Chinese individual views the 4 transaction from the masculinity-oriented category of achievement instead of the feminine category associated with caring and equality. As Donald Aback (2012) elaborated, in Asia â€Å"language that avoids directly challenging a person or making that individual look bad, or seem disrespected is common† (p. 19). This means that theChinese businessperson would most likely not hold this against his Colombian counterpart but rather tolerate it in the interest of developing trust and a longer- lasting relationship. Lastly, the Colombian may want to indulge more time in the relationship, which would work well, since Chinese culture is characterized by a strategy to â€Å"not trust until there is enough evidence of trustworthiness† (Harris, 2014, Para. 6). If both businessperson take the time to nurture their relationship and understand each other's cultural differences and similarities, they will set themselves up for a successful and fruitful business relationship.

Accounting Essay

Contents 1. Introduction2 2. Main Body2 2. 1 Ratio Analysis2 2. 1. 1 Profitability3 2. 1. 2 Efficiency4 2. 1. 3 Liquidity6 2. 1. 4 Risk7 2. 2 Evaluation of Mulberry’s shares as a potential investment7 2. 2. 1 Revenue and Share price8 2. 2. 2 Return10 2. 2. 3 Risk14 2. 3 Funding and capital analysis15 2. 3. 1 Funding analysis15 2. 3. 2 Working capital18 2. 4 Risk management and governance20 2. 4. 1 Corporate governance of Mulberry20 2. 4. 1 Risk & control management22 2. 4. 3 Information and Communication24 2. 4. 4 Monitoring24 3. Conclusion25 Reference26 1. IntroductionThe company that we chose is Mulberry Group. PLC. This is a company that produces and sells bags and purses, as well as designs them for both individuals and other companies. We have chosen the annual report of Mulberry Group. PLC that gives us an in-depth view of the company’s finance performance, investment potential, capital structure and manage operating during the period of time which from financial year 2010 to 2011. With this annual report, we will try to analyze and critically appraise the company’s accounting information, market report and management control system.The following content will be included in this paper: Ratio analysis, investment return, debt and capital analysis, governance and risk management. 2. Main Body 2. 1 Ratio Analysis Ratio analysis is frequently used in evaluating a company’s financial condition. The financial ratios are able to provide us significant information to analyse the company’s financial performance. Depends on these ratios, we can examine the condition of the company’s finance and check whether the results of the company’s operating meet its targets (Atrill and Mclaney, 2008).Normally, we will use cash flow, income statement and finance position to calculate ratios. In the ratio analysis parts, we will calculate and analyse the core ratios of Mulberry plc, these ratios will also be the base of the follo wing parts of this article. According to Mulberry’s annual report, during the financial year 2010 to 2011, the company has experienced a successful year. Mulberry Group’s business mainly focused on the UK market, and the revenues of this company comprised retail and income of design, as the demand of its products increased strongly during the past financial year, the sales raise rapidly.In this part, we will try to analyze the core ratios of the company and simply analyze the probable reason for the changes of these ratios. 2. 1. 1 Profitability To analyse a company’s profitability, there are three ratios concerned: gross margin, net margin and return on capital employed (Collier, 2009). Firstly, we will look into gross margin. This margin mainly shows the relations between the costs and the price of finished goods. Gross margin (2011: 65. 35%; 2010:58. 97%) Gross margin is: (Sales – cost of sales)/sales * 100% The gross margin in 2011: 79501 / 121645*100 %=65. 35 % The gross margin in 2010:42487 /72052*100%=58. 7 % From the ratio, we can see that the gross margin of Mulberry increased to 65. 35% in 2011 from 58. 97% in 2010. The reasons that can cause changes in gross margin is the changes in prices and costs. In Mulberry’s case, the higher gross margin results from the dramatic improvement in revenue as well as cost of sales. According to Note 5, apart from the growth in sale of goods which caused by the impressive performance in new oversea stores and online stores, the 900,000 income, which disclosed in other income, received on the exit of the New Bond Street lease also contributes to the increase in revenue.Net margin (2011:18. 92%; 2010:6. 74%) Net margin is an important ratio to examine a company’s profitability. The formula is: Net margin=Operating profit / sales * 100%, and the ratio for Mulberry is: The net margin in 2011: 23010/121645*100%=18. 92 % The net margin in 2010: 4856/72052*100%=6. 74% Net margin is closely connected with gross margin. From the information above, we can see that during the last year, the gross margin of this company has increased. But the extant of the increase of net margin is higher than it of the gross margin.The most crucial factor result in the increase of operating profit is the operating profit before exceptional items. Details about those exceptional items can be found in Note 7 that a deferred consideration of ? 1,000,000 has been paid to Challice Limited in terms of the growth in the USA operations. Return on capital employed (2011:55. 54%; 2010:19. 26%) Return on capital employed shows the ability of the company to get rewards which can be added into its equity through company’s operating behaviors (Atrill and Mclaney, 2008)Return on capital employed: Operating profit / assets- current liabilities) * 100% Return on capital employed in 2011: 23010/ (76587-34555)*100%=55. 54 % Return on capital employed in 2010: 4856/ (40284-13819)*100%=19. 26% From the ratio above, it is easy to find that the return on capital has raised rapidly in last year, from 19. 26% to 55. 54%. ROCE increased not only because the growth in operating profit and raised asset which mainly contributed by increased inventories as a result of the demand of growing sales and trade receivables.The trade creditors as well as accruals and deferred income have been included in current liabilities since all of them could be paid within 12 months. Moreover, there are ? 1,000,000 provision for the USA deferred consideration, ? 3,900,000 relating to payroll and bonus payments made post year end cut off and ? 1,537,000 accruals for fixed assets happened in 2011 while there were all nil in 2010. 2. 1. 2 Efficiency Based on Collier’s study (2009), there are three core ratios that are usually used to analyse a company’s efficiency, they are asset turnover, stock turnover and sales per employee.The first two ratios are used to measure the efficiency of t he company’s operating of turning its property to generate marketing behaviors and sales, the sales per employee is try to evaluate the employees’ performance. Asset turnover (2011:5. 90x; 2010:6. 70x) Asset turnover: Sales / non-current assets, from it we can calculate: Asset turnover in 2011: 121645/20620=5. 90x Asset turnover in 2010: 72052/10760=6. 70x The asset turnover has slightly fallen, from 6. 70 to 5. 90. The drop of asset turnover indicates a less efficiency use of shareholders’ assets in terms of sales, although the revenue has increased dramatically.However, according to Note 16, it might because the investment in software of ? 615,000 which cost nil in 2010. It also can be interpreted that the return of investment can be effective and huge if invest on new stores or flagship, however, it could also be inefficient but significant return on investment if invest on software, such as ERP system, which might be expensive and need much more time to gain benefit from them. Stock turn (2011: 1. 9x; 2010:3. 3x) The main business of Mulberry is design and retail, according to Collier’s work (2009), stock turn is one of the most important ratio to evaluate the company’s management of its stock.Stock turn: Cost of sale / stock Stock turn in 2011: 42144/22408=1. 9x Stock turn in 2010: 29565/9090=3. 3x The stock turn in 2011 is lower than it in 2010. That means the stock of Mulberry turns 1. 9 times each year now. The considerably increase in inventories which related to the growing demand of sales of goods has contributed to the decline of stock turn. This ratio should be one of the most important ratios of it (Atrill and Mclaney, 2008). Stock turn stands for how many times the stock will turn in a year.Generally, it is important because some businesses treat too much stock as a waste of sources and a high stock turnover rate will usually be regarded as a sign of good management. Although in 2011, there is a decrease from 3 . 3 to 1. 9, it didn’t necessarily mean the company’s management of stock had some problems because the inventories of the company has increased rapidly as we discussed before. As a retailer, the inventories are very important to ensure its market position and the increase of inventories as a result of preparation for market exploring is reasonable. 2. . 3 Liquidity Atrill and Mclaney (2008) stated that the liquidity stands for the short-term finance ability of the company. The ratios that generally used to analyse liquidity are current ratio, and acid test. Current ratio (2011:1. 62x; 2010:2. 14x) First of all, current ratio stands for the proportion between current assets and current liabilities. It is used to analyse the company’s ability to repay its short-term liabilities. High current ratio means the company has enough property to cover its debt, if the current ratio was below 1, the company could be in danger.However, a too high current ratio might mean t he company doesn’t make full use of its property. Current ratio: Current assets / current liabilities Current ratio in 2011: 55967/34555=1. 62x Current ratio in 2010: 29524/13819=2. 14x According to Note 24, the decrease of current ratio mainly because of the current liabilities has increased more than current assets because of those trade payables in current liabilities that not exist in 2010. Acid test (2011:0. 97x; 2010:1. 48x) Acid test is a ratio which trying to evaluate the company’s monetary asset.Different from current ratio, acid test is focusing on whether the company can repay its short-term liabilities with its monetary assets. Acid test: Monetary current assets / current liabilities Acid test in 2011: 33519/34555=0. 97x Acid test in 2011: 20453/13819=1. 48x Because there is high level of inventory in 2011 in order to support the adequate amount of goods to be sale, it is not unacceptable that the monetary current assets without inventory are less than curr ent liabilities for this year. Furthermore, there are several trade payables occurred in 2011 while nil in 2010 in terms of Note 24. . 1. 4 Risk Interest cover (2011:531. 57x; 2010: 197. 00x) The interest cover has increased as a result of much higher profit since it can be seen in Note 22 that there is no changes in borrowings these two years. Therefore, it can be a good thing to shareholders that interest cover increased healthily. The confusing things we found in the annual report were that there is no debt within these two years, only borrowings can be taken into consideration the risk. The details about borrowings can be found in Note 22 that seems all the borrowings are repayable on demand.So, we can’t analyze the risk of this company through these ratios. The reasons why the company didn’t borrow long-term loans from banks and the advantages as well as disadvantages will be discussed in risk management analysis and funding analysis part. The investor part will b e analysed in next part, in the form of buying shares. 2. 2 Evaluation of Mulberry’s shares as a potential investment Mulberry has experienced a significant growth in revenue from 2010 to 2011 and the basic earnings per share increased by 473% to 29. 8p while it was 5. 2p in 2010, both of which are shareholders would like to appreciate.Moreover, it might be out of question that those figures would attract a good deal of investment. However, it is always necessary to assess whether it is an appropriate timing to invest a company in terms of several financial indicators, such as, market value of equity, the P/E ratio (price earnings ratio), dividend yield as well as gearing (Fonseka and Tian, 2011). This part is going to critically interpret these indicators respectively after an overview on the fundamental financial circumstances and provide a suggestion for investment in the end. . 2. 1 Revenue and Share price |? ’m |2011 |2010 |2009 |2008 |2007 | |Revenue |121,645 |72 ,052 |58,585 |51,174 |45,078 | |Share price (p) |1,333. 33 |183. 33 |64. 52 |133. 33 |187. 5 | (Table 1) Before conducting a thorough analysis of return and risk, it is worth reviewing Mulberry’s revenue for last five years.It can be seen from Table 1 that Mulberry has kept a sustainable growth in revenue since 2007, which indicates the optimistic picture of their financial condition. Furthermore, it is remarkable that Mulberry group performed satisfyingly as usual even when other organisation experienced a depressing year result from the financial crisis happened in 2009. [pic](Figure 1) However, comparing the FTSE All-Share, which is a market-capitalisation weighted index of all shares traded listed on the London Stock Exchange’s main market (Ince and Porter, 2006), Mulberry group’s share price has changed significantly since May 2011.As can be seen from Figure 1, the share price has increased dramatically after May in 2010 while the FTSE All-Share index has g one up slightly with fluctuation. [pic] (Figure 2) Furthermore, according to Figure 2, which clearly shows Mulberry’s share price combined with FTSE All-Share index from 2007 to May 2010, the performance of Mulberry basically enable the share price to track market all the time. Although the price touched bottom in 2009 due to the financial crisis, when there has been an uptrend in market between April in 2009 and April in 2010, Mulberry seemed to catch that opportunity and in April 2010, he price went up to the price peaked point in 2007. It is crucial to mention that the marketing strategy as well as the performance of Mulberry group has contributed most to the significant increase since the second half year of 2009. According to Mulberry’s annual report and financial statement for the year ended 31 March 2010, they have continuously invested their business both in the UK and internationally, using retained profit and cash flow.For example, the showrooms opened in New York and Paris could be successful attempts, both of which have played an important role in the growth of profit. In terms of the strategy has made an initial success, it can be assumed that there might be an unpredictable potential market share for Mulberry to explore. Actually, the assumption has been approved with the significant increase in revenue and share price for the next half year in 2010 and continued in 2011. [pic] (Figure 3) Figure 3 shows Mulberry’s one-year share price associated with FTSE All-Share index comparison starting with June in 2010.As can be seen from this chart, the price of Mulberry increased too enormously to see the change of FTSE All-Share index, which means Mulberry performed outstanding when the general financial background was not optimistic. Although it is rare to see the share price recover and grow in such a short time after the financial crisis, the increase of Mulberry’s might had already been predicted and both managers and shar eholders are confident enough to take more market share. Consequently, the ambitious attempts of opening 9 new stores and on-line shop during the next half year of 2010 have been achieved successfully.Fortunately, the dramatic revenue increase harvested by those new stores and flagship indicates the significant demand of Mulberry’s products and services existing in market. In addition, the remarkable performance attracts more investors. However, it is crucial for them to weigh if it is a good timing to invest even though the performance of Mulberry after the financial crisis is extraordinary brilliant. Thus a depth analysis in terms of both return and risk will be conducted in the following sections. 2. 2. 2 ReturnPrice / earnings ratio (P/E Ratio) Price earnings ratio indicates that the common stock of a company is priced in terms of the ability to generate earnings of this company. Meanwhile, it also can be used to examine whether a stock is cheap or expensive (Muresan and Wolitzer, 2001). |? ’m |2011 |2010 |2009 |2008 |2007 | |P/E Ratio (adjusted)|45. 20 |27. 60 |14. 30 |22. 20 |23. 00 | (Table 2)Table 2 shows the adjusted P/E ratio of Mulberry between 2007 and 2011. Comparing with the persistence increase in revenue, the P/E ratio, which related to shareholders as well as potential investors, still has declined since 2008. However, the decrease is completely reasonable because the share price was influenced by the unpleasant economic circumstances. In addition, to some extent, it is the financial crisis that reminds Mulberry to consider expand their business internationally rather than focus on UK local market in order to distract risk.According to Mulberry’s five-year P/E ratio, the expansion strategy enables the company not only to recover from the financial crisis but also to double their share price. However, it is also indispensible to take the probability of continuous earnings growth into account, regardless of the appealing dou bled return indicated by the P/E ratio. In terms of Mulberry’s following strategy will concentrate on production capacity expansion to meet the growing demand, the considerable ability of generating earnings may be guaranteed and remained, even though it seems impossible to gain the similar incredible increase in revenue next year.Consequently, although Mulberry is a company worth investing since it has extraordinary performance in reacting to crisis, as well as the considerable demand for their products in the market, the best timing of investment in Mulberry has already lost. Market capitalisation (value of equity) The market value of equity is a measurement of present value of all future cash flows to shareholders from both assets and future investment opportunities (Adam and Goyal, 2008). It can be calculated by P/E ratio time earnings which is the profits after tax. |? m |2011 |2010 |2009 |2008 |2007 | |Share price (p) |1,333. 33 |183. 33 |64. 52 |133. 33 |187. 5 | |Mark et value of equity |771. 11 |81. 97 |36. 89 |76. 37 |91. 54 | |P/E Ratio (adjusted) |45. 20 |27. 60 |14. 30 |22. 20 |23. 00 | |Profits after tax |17. 06 |2. 7 |2. 58 |3. 44 |3. 98 | |Equity |42. 03 |26. 47 |24. 38 |22. 52 |16. 87 | (Table 3) According to table 3, the market value of equity changed with share price instead of the number of equity. However, it is remarkable that even when the market value of equity decreased by half in 2009, it still surpassed the equity in that year. Additionally, with the dramatic growth in revenue, the market value of equity has increased by nearly 95% to 771. 1 million between 2010 and 2011, which gives the confidence not only to shareholders but also some potential investors. Nevertheless, if investors decided to invest Mulberry now, it is possible to have two results in terms of return. Firstly, investing for short-term, investors would buy shares with an extremely higher price than two years ago whereas the return would be incredibly smaller. S econdly, investors may harvest a steady return in a long-term investment and there might be another significant increase when Mulberry conducts some other expansion strategies.Dividend yield Dividend yield can be calculated by taking the dividend per share and divide by the share price. To analysis the investment opportunity with dividend yield, this part applies Burberry as a competitive objective. Even though Mulberry’s share price overweighed Burberry’s slightly in 2011, Burberry has a much longer history with high share price as in a same industry. Table 4 provides the share price, dividends per share as well as dividend yield for Mulberry and Table 5 shows Burberry’s. Mulberry group plc: |? m |2011 |2010 |2009 |2008 |2007 | |Share price (p) |1,333. 33 |183. 33 |64. 52 |133. 33 |187. 5 | |Dividends per share |4. 00 |2. 20 |2. 00 |2. 00 |1. 50 | |(p) | | | | | | |Dividend yield |0. 30% |1. 20% |3. 10% |1. 50% |0. 0% | (Table 4) Burberry group plc: |? ’ m |2011 |2010 |2009 |2008 |2007 | |Share price (p) |1,176. 47 |700 |279. 07 |444. 44 |656. 25 | |Dividends per share |20. 00 |14. 00 |12. 00 |12. 00 |10. 50 | |(p) | | | | | | |Dividend yield |1. 70% |2. 00% |4. 0% |2. 70% |1. 60% | (Table 5) With comparing Table 4 and Table 5, it is obviously that Mulberry has not adjusted their dividends instantly when the share price increased significantly, which results in the unpleasant dividend yield this year. In this circumstance, Burberry seems a wiser investing choice since the 5 times dividends per share of Mulberry’s, which will generate more returns for investors. However, Kothari and Shanken (1997) argues that a considerable increase in share price is possible to result in not only the large positive returns but a downward in yield as well.In addition, according to Akhigbe and Madura (1996), managers’ expectation to alter performance strategy would be a factor contributed to the dividend adjustment. Consequently, Mulberr y needs more time to balance share price and dividend. Burberry has been mature in its global marketing expansion, while Mulberry has just started to occupy its international market share, and therefore there are more potential opportunities for Mulberry’s global development. Thus, Mulberry could be the company suitable and profitable to be selected as a long-term investment. 2. 2. 3 Risk Gearing Gearing (%) |2011 |2010 |2009 |2008 |2007 | |Mulberry |n/a |n/a |0. 54 |0. 14 |23. 05 | |Burberry |n/a |n/a |n/a |n/a |n/a | |ASOS |n/a |n/a |n/a |n/a |n/a | (Table 6) It seems strange that Mulberry does not have debt which results in the incalculable gearing.However, it is a common phenomenon in rag and accessories trade industry in terms of the gearings of the other two companies presented in Table 6 are unavailable. As a result, the risk of investment on Mulberry would be limited. However, considering the high share price this time, it would be a better decision to invest Mulberry for a long time instead of short time. 2. 3 Funding and capital analysis In this part, we are going to identify the sources of funds, analyse the capital structure of Mulberry Group PLC and try to evaluate its suitability.It is easy to witness from its balance sheet in 2011, the company did not have any non-current liabilities. This situation can be triggered by a wide range of reasons, we will try to figure them out in this essay. 2. 3. 1 Funding analysis To begin with, it is necessary to draw on the annual report of Mulberry Group PLC in 2007, and to compare the different data in the two years. According to Mulberry’s annual report, in 2007, the quantity of total non-current liabilities was ? 3. 99 million, composed by borrowings (? 1. 25 million), preference shares (? . 564 million), deferred tax liabilities (? 149 thousand), and obligations under finance leases (? 27 thousand). Therefore, the gearing in 2007 is 19%, which was quite low. So, the relevantly large proportio n of funds, used for maintaining the enterprise’s operation, was from internal financial resources. Besides, it also lowered the financial cost, which is used to pay the interest to the financial institutions. In terms of the cash flow in 2007, it was clearly stated in the balance sheet, the cash generated from operation was ? ,926 thousand and, after the corporation taxes, interest and preference dividends were paid, the net cash from operating activities was ? 5700 thousand. Afterwards, the primary use of cash lied in the investing activity, with ? 3,518 thousand. Finally, the cash and cash equivalents at the end of 2007 was ? 10,271 thousand, with a big increase of ? 2,989 thousand. This absolutely intensified the repayment ability and liquidity, when we compare this data with the number of non-current liabilities. Apart from that, the retained profit in this year surged from ? 4,562 thousand to ? ,186 thousand, acting as a significant role in the sources of funds (annual report 2008). By contrast, in 2011, the company had no non-current liabilities. So we use the current liabilities to calculate the gearing of this year, which is 45%. The cash generated from operation was ? 26,264 thousand and the net cash from operating activities was ? 22,724 thousand. At the end of 2011, the cash and cash equivalents fairly increased from ? 12,171 thousand to ? 21,373 thousand. The increase in raw materials (? 13,318 thousand) and purchases of property, plant and equipment (? 1,176 thousand) were the important components of cash outflow in this year. When it comes to retained earnings, the data increased by ? 16,080 thousand to ? 30,696 thousand. | |Gearing |Non-current liabilities |Net increase in cash and cash|Cash and cash equivalents at the end|Retained profits | | | | |equivalents |of the year | | |2007 |19% |? 3,990 thousand |? 2,989 thousand |? 0,271 thousand |? 8,186 thousand | |2011 |0 |0 |? 9,202 thousand |? 21,373 thousand |? 30,696 thousand | It is ob viously displayed in the table above that Mulberry’s sources of funds and the capital structure are greatly distinct from each other. The gearing of Mulberry in 2007 was 19% due to the existence of Non-current liabilities. By contrast, since there were no non-current liabilities at all in 2011, the gearing of Mulberry this year was 0.This definitely lowered the financial expenses which were incurred by bank loans, and the company did not need to face the financial risk triggered by bank loans as well. Furthermore, the operating profit in 2007 was ? 6,672 thousand and the interest payable of that year was ? 298 thousand, the interest cover ratio in 2007 was 22. 4 times. By contrast, due to the dramatic increase in operating profits (? 23,110 thousand) and the large drop in interest payables (? 44 thousand), the interest cover rate in 2011 became as high as 525. times. As Gillespie et al(2000) stated that high operating profits could be seen as the company has abilities to cont rol its costs effectively, or the volume of sales are increasing faster than operating cost. Currently, Mulberry has got a much better capacity in paying the interests to the financial institutions, those financial institutions may become more willing to lend money to Mulberry now. Although the retained profits in 2007 played an greatly important role as the major internal funds, but taking the non-current liabilities (? ,990 thousand) into consideration, the level of its significance is partly weakened when we compare it with the situation in 2011, because Mulberry currently just use retained profits as the primary source of their funds for operation. It is worthwhile to mention that, one of the Non-Executive Directors, Melissa Ong, who was appointed on 7 September 2010, her parents held about 57% voting rights of the company. Although it is not clarified in the annual report, we can easily deduct that her parents input a large amount of investment for Mulberry, which is also a mai n source of funding.Inventories acted as another source of funding in Mulberry. The stock turn of Mulberry in 2011 was 1. 88x, so the stock turn period was 194 days. The period was relatively long when we compare it with the one (130 days) in 2007, this was partly due to the striking increase in the quantities of inventories, from ? 6,688 thousand to ? 22,408 thousand. However, as mentioned in the annual report, the demand of the market surged in recent years, so the high level of stock is beneficial for Mulberry. When the company suffers from the shortage of cash, they can simply turn their large amount of stocks in to the form of cash.Apart from that, a relatively large proportion of inventories were occupied by the finished goods with ? 20,069 thousand. For Mulberry, which used internal funds as the major source of funding, the high level of inventories is reasonable. However, the reason why Mulberry stopped acquiring long-term funds from banks can be quite complex. As we all kne w, the overwhelming Subprime Crisis happened in the year of 2007,forcing a wide range of banks to close down, simultaneously the interest for applying for long-term loans from financial institutions rocketed since then. The telegraph 2007) This big trend of the economic environment might lead to Mulberry Group’s cease of issuing new loans from the bank. Also, there may be some other reasons. It is fairly clear in the table above, the net increase in cash and cash equivalents in 2011 is about 8 times more than 2007, the balance of cash and cash equivalents in 2011 is approximately 3 times more than the previous and the similar situation also happens in the retained profits and inventories of these two years.Therefore, it seems quite normal for Mulberry to cease the long-term creditors and use its retained profits, inventories and the short-term loans as their source of funds, which can also lower the financial expenses for the enterprise. 2. 3. 2 Working capital In order to fi gure out the suitability of the current financial structure, it is necessary to calculate the number of the working capital and the working capital cycle. Broadly speaking, working capital is a measure of capability for the company which can pay its debt in the short-term liability.It is certainly important to distinguish between positive and negative working capital (Dyson, 2011). The amount of the working capital is equal to the total amount of receivables, payables, stock of raw materials, work-in-progress and finished goods. As what we mentioned above, we can calculate the working capital of Mulberry in 2011. Receivables: ? 12,186 thousand Payables: ? 11,949 thousand Stock of raw materials: ? 1,684 thousand Work-in-progress: ? 655 thousand Finished goods: ? 20,069 thousandIn 2011, the total working capital of Mulberry was ? 22,645 thousand. From the composition of the working capital, it is apparent that a comparably large amount was occupied by the form of inventories (? 22,408 thousand). As the manufacturer, designer and the seller of their own products, it is normal for Mulberry to hold such a proportion of working capital in the form of inventories, thereby meeting the needs of customers and quickly reacting against the sudden change of market’s demand, like the big increase in seasonal demand.When we compare the amount of working capital (? 22,645 thousand) and the retained profits (? 30,696 thousand), it seems that there are not any problems for Mulberry to cover the working capital with their retained earnings, due to the considerable gap between them. Taking the cash and cash equivalents (? 21,373), this indicates that the cash in Mulberry was allocated in operating activities appropriately and there was no idle cash existing in the company, which would lead to an opportunity cost to Mulberry.In terms of the working capital cycle, we need to draw on some other data from the income statement and the cash flow statement. Sales of goods: ? 121, 645 thousand Cost of sales: ? 42,144 thousand Material cost: ? 13,318 thousand Bought-in service: ? 11,176 thousand So the working capital cycle of Mulberry in 2011 was 85 days. The credit given cycle was 37 days, comparatively a short period when we compare it with the data of credit taken cycle (178 days). This means that Mulberry just spent 37 days getting the cash back for the portion of which was sold to customers on credit.Also, it could guarantee that Mulberry got enough time to enhance the balance of cash, in order to cover the following trade payables and avoid the running out of cash at the mean time. In another aspect, the liquidity of Mulberry was intensified at the same time as well. However, if we take the company’s long-term strategy into consideration, keeping more cash is not the bad thing for Mulberry, as stated in the annual report, they are planning to continually expand the international market and opening more and more retailing and flagship stores throu ghout the world. Expansion at such a fast rate may call for a large amount of cash.So, even though there are no problems at all currently for Mulberry to utilize retained profits and short-term creditors as the only source of their funds, issuing some long-term funds, like bank loans, will not bring any disadvantages, although this may incur some charges on financial expenses. From the long-term perspective, it will be beneficial for the company to get some long-term and stable external funds, thereby avoiding the shortage of cash and funds during the process of expansion. 2. 4 Risk management and governance 2. 4. 1 Corporate governance of MulberryAt the beginning of the corporate governance part, the company states itself as an AIM (Alternative Investment Market) member and complying with the Corporate Governance Code is not required (Mulberry, 2011). AIM is a second board enables smaller  companies  to  float  shares with more flexible stipulations (Tricker, 2009). Still, Mulberry follows the fundamental principles of the code (Mulberry, 2011), and importantly, they fit the code contents with their individual situations. Based on this state, our analysis still follows the UK Corporate Governance Code primarily and detects any issues contrary to the code.Besides, comments and debates are connected with the company’s own factors. In the board of Mulberry, the chairman and CEO is the same person. This person, named Godfrey Davis, has been in charge of this company for nearly ten years from November 2002. This setting goes against the UK Combined Code which states, â€Å"The role of chairman and chief executive should not be exercised by the same individual† (the UK Corporate Governance Code, 2010:13). In this case, we doubt that if Godfrey’s power is over-concentrated, which makes him have too strong influence on decision making process in the board (Goyal and Park, 2002).Consequently, strategies may be generated subjectively. Howev er, a specific explanation is not given in the report. Instead, they only point out several criteria of director selection should be carefully assessed, as a way of reduce the possibility of the problems addressed above. But actually, this state explains nothing about the problem, which conversely doubles our doubts. Next, the numbers of Executive Directors and Non-executive Directors are unbalanced, with five Non-executive Directors and only two Executive Directors.The five Non-executive Directors are not entitled to govern company routine affairs and the specific running plans while these two Executive Directors actually do (Mallin, 2004). Hence it is doubtful that if these two people really execute independently or just execute generally. Moreover, combining the fact of Godfrey Davis’s acting as both chairman and CEO, it especially intensifies our thought on the existence of subjective decision making process (Mallin, 2004), or even the over-centralized management in the c ompany.On the other hand, these outside directors, instead of actually contributing to the company’s strategy and policy making relating to its performance, they are actually â€Å"pushed into a conformance and compliance mode† (Tricker, 2009) and do not take much positive effect. Conversely, McKinsey (2002) debates that a sensible structure is combined with a majority of Non-executive directors because they are indeed independent and can result in an effective evaluation. On the other hand, it is found in the profile of directors that, both the executives have the FCA background.Obviously, it enables them to detect and control the financial risk better, by using their financial knowledge (Dionne and Triki, 2005). Conversely, we may also suspect they are fully capable to use professional financial tricks to disguise the poorer performance areas, and at the same time, make their stewardship looks proper. On the other side, according to the UK corporate governance code ( 2010), audit committee is required to monitor the financial performance and check the company’s risk assessment.Chris Robert, the chairman of the Audit Committee, as another financially educated director, suits the requirement of responsibilities stated in the code. Considering the independence of Non-executives, several problems which may raise suspicions are found referring to the code. Firstly, all the Non-executives except Melissa Ong, have been appointed for more than 6 years. Especially Robin Gibson, this person has been in this position for more than 14 years since 1996. These facts raise some questions about the independence of the board and no explanations are given by Mulberry.Additionally, both Steven Grapstein and Bernard Lam Kong Heng are presently serving in Como Holding Group, though in different subsidiary company. This relationship particularly could pose a negative impact on the independent base (Mallin, 2004). Thirdly, Melissa Ong, who is quite young at 37, was newly appointed in 2010. This lady does not directly hold any shares for Mulberry, however, her parents are â€Å"beneficially interested approximately 57% of the Company’s total voting rights† (Mulberry, 2010:14). In other words, Melissa though not own the huge amount of share, she’s actually represent a significant shareholder indirectly.In contrast, according to the code (UK corporate governance code, 2010), some aspects are shown to enhance independence of the Non-executives. For example, no bonus was paid for these Non-executives during the year and none of them was included in the company’s pension contributions (Mulberry, 2011). The company’s internal ‘watchdogs’, three recommended sub-committees (Audit, Remuneration and Nomination) (Pierce, Personal Communication, 2011) are established by Mulberry, with a combination of Remuneration and Nomination body.Additionally, both committees are chaired by Non-executives and effects of the committees are related to the independence of these Non-executives (Mallin, 2004) which has been discussed above. Moreover, the responsibility appointing is reasonably complying with the code (2010). In specific, the Audit Committee is entitled to check issues regarding to the company’s financial affairs, while Nominations and Remuneration is responsible for employment terms and conditions and the remuneration (Mulberry, 2011).However, the numbers and identities of other committee members are not mentioned in the report, which interfere our assessment of Mulberry sub-committee structure and quality. 2. 4. 1 Risk & control management In this part, COSO Internal Control – Integrated Framework (COSO, 1994) is sited as the principal structure to consider Mulberry’s risk control and management. Control Environment A formal system is required make sure the risks are appropriately evaluated and controlled in board level (Tricker, 2009). It is manifested in the report that the Board is fully responsible for Mulberry’s internal risk (Mulberry, 2011).Specifically, Directors pay great attentions to the control throughout the comprehensive aspects of the company’s business running and make it available in practice. These states, though quite simple with only few sentences, clarify the Board’s serious attitude to risk control. Additionally, increasing literature viewpoints in recent years call for â€Å"a formal system to ensure that risk is properly assessed board to give assurances that systems are in place to handle corporate risk in their regular corporate governance reports to shareholders† (Tricker, 2009:328).For Mulberry, the control system was established and the report model well fit the requested as mentioned. Specifically, the control system mainly consists of subsystems including budgeting, actual running results comparison, forecast and review (Mulberry, 2011). Also, the information is reported to shareh olders twice a year (Mulberry, 2011). Risk assessment and control activity First of all, as a result of continuous recession in the UK economy which leads to sales reduce in domestic market, Mulberry considers relieving from the decrease risk by international expansion (Mulberry, 2011).It is reasonable that they concern about the negative impact of recession in the UK (OECD, 2010). However, it seems lack considered by their merely switching to international market because the international market is much more complex with various risks involved (Hollensen, 2006), for example, local regulation limitations, economic environment in foreign market, competitors, customer preference diversity and so on (Kotler, 1994). Also, failure of the global risk transfer may occur that leads to even serious financial crisis for Mulberry. Secondly, terrorist attack, as regarded a principle risk by Mulberry, is related to warehouse disruption.The company tries to prevent it by developing â€Å"a busin ess continuity plan† (Mulberry, 2010). However, it is illogical to take terrorist attack as a major risk, which is a rarely happened incident. Moreover, there is no any further explanation about the so called ‘business continuity plan’ solution. Conversely, an improved warehouse control and management system accompanying an emergency program may be a better approach to prevent the risk. Besides, the risk may be more sensible to be associated with stock disruption or supply chain failure (Aon, 2007) rather than terrorist attack as is stated.On the other hand, key personnel loss is mentioned in the report with simple solutions of remuneration review and succession preparation. However, either the reasons or the details are not revealed. So it is uncertain that if the methods are valid or not. For example, if the loss was caused by unreasonable decision making caused by the arbitrary executive as we mentioned above, then either these ways can hardly solve the problem . As to the online system establishment and accomplishment, Mulberry involves more senior managers for supervising and impose carefully test to reduce the risk of system implement failure which is quite reasonable.With increased attention paid by senior managers, staffs in relative department will do the task more carefully. Also, comprehensive test further guarantees the system implemented successfully. Finally, it is mentioned in the report that the company intends to solve the risk by building a ‘natural hedge of Euro and US Dollar denominated sales and purchases’ (Mulberry, 2011:12). This sector involves professional knowledge about the currency policies and financial operating. Unfortunately, we are lack of knowledge in this area. Hence we would not analyse this issue in depth. . 4. 3 Information and Communication The company includes an information and reporting subsystem in the integrated internal control procedure (Mulberry, 2011), which obviously, is used for c ollecting and conveying relative information. Furthermore, since the internal control is taken charge by the Board at the top of the company’s management layer, it is essential to ensure the effectiveness of information collecting and communication in time according to COSO framework (1994). However, relative details are not mentioned for the assessment and herefore, the facts for the effectiveness are unsure. 2. 4. 4 Monitoring According to COSO Framework (1994), there are two approached for monitoring, one is undertaking it along with the ongoing activities, the other is put it into a separate process. Mulberry adopts the later approach by putting the monitoring process separately. However, a combination of both approaches is recommended in COSO framework (1994), in order to ensure the effect of internal control. In other words, it can be more sensible for Mulberry to develop monitoring affairs in the whole business running procedure.Moreover, the internal audit is function ed by the Board (Mulberry, 2011), for which the details are not given in the report. For example, factors like how the deficiencies been detected and conveyed upstream to the Board are not revealed. Thus the monitoring effect of Mulberry internal control can not be evaluated comprehensively through the report itself. 3. Conclusion From the information above, we can see Mulberry made efforts for market place on the Uk market during the year of 2010 to 2011 and managed each aspect of overseas development.In 2010, Mulberry has become aggressive in invest oversea markets and online stores. As a result, the income of Mulberry has created its new page for share price. However, as other companies, Mulberry has its flaws and drawbacks. Firstly, there is no debt existed in Mulberry; therefore, the investment could be limited. The main funding of Mulberry is internal funding. Mulberry has experienced extraordinary successful times since 2009, which contributed to the significant increase in s hare price. However, the higher share price can be a double-edge sword which might attract many investors as well as scare them.After analyzing the probability of return and the extent of risk, Mulberry is a company worth investing. Nevertheless, it is necessary to mention that it would be much better to choose a long-term investment than a short one. And Mulberry has a series of solutions to solve the risks that existing in its operating process and markets. Reference Anderson, R. 2004. Risk Management and Corporate Governance: The Importance of Independence and Financial Knowledge for the Board and the Audit Committee Anonymous. 2007. 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