Saturday, August 31, 2019

Effective Classroom Management Essay

– Some guiding principles in classroom management and their implications to teaching. – According to James H. Stronge in his book â€Å"Qualities of Effective Teachers†, some guiding principles in classroom management are the following: †¢Consistent, proactive discipline is the crux of effective classroom management. †¢Inside the classroom, we could always expect some disciplinary problems, but some teacher could immediately handle the said problems. Instead of formulating immediate medicine for the behavioral problems, the teacher should focus on how to prevent these predicaments to occur. As much as possible, lets avoid dilemmas because it’s too pathetic for us to cry over spilled milk. †¢Establish routines for all daily tasks and needs. †¢To avoid turmoil inside the classroom, the teacher must ascertain routines from the start of the class, up to the class dismissal. This could also help a lot in saving much time and effort because their work is already in routine. †¢Orchestrate smooth transitions and continuity of momentum throughout the day. †¢As much as possible, the teacher must avoid dull moments inside the classroom to motivate the students to always pay attention to the speaker. The teacher must scheme smooth transitions of activities inside and outside the classroom throughout the day. †¢Strike a balance variety and challenge in students’ activities in the classroom. †¢There should be a variation of activities inside the classroom to avoid the students and even the teacher from being bored. †¢As classroom manager, be aware of all actions and activities in the classroom. †¢Even if the teacher is not around, she is still responsible for the students. That is why she must know the things that are happening inside the classroom and what her students are up to. †¢Resolve minor inattention and disruption before they became major disruptions. †¢Disruptions seem to be part in every classroom and in every lesson. No matter how big or small the hitch is, it could still give so much distraction not only to the teacher, but foremost to the students. That is why, if the disruption is still controllable, the teacher must try to stop it before it becomes too late for her to control the situation, and worse, it could spoil the whole transition of the lesson inside the classroom. †¢Reinforce positive behavior. †¢To motivate the students to always do the good and right thing, the teacher should always pay even the simplest compliments in her students’ actions especially to the appreciating ones. †¢Treat minor disturbances calmly. †¢If a simple rising of the voice could control the simple problem, then do it. There’s no need for you to be hysterical and over-react on something that’s just under control. †¢Work out a physical arrangement of chairs that facilitates an interactive teaching-learning process. †¢Some teachers change seating arrangement quarterly. This is to enhance interactions between the teachers and students. †¢Make good use of every instructional moment. Minimize discipline time to maximize instructional time.

Friday, August 30, 2019

Elements of Business Research

Big things come in small packages – which work the same for business research papers. What makes a good paper does not necessarily have to be an overwhelmingly exemplary presentation. Logically, what catches the attention of the reader to keep on reading such is the value of its contents, most especially, the credibility of the research. No matter how wonderful the presentation of the data may seem to be, but the content has been poorly resourced out, the overall material is of no use in the end.Therefore, it is clear that the type of research conducted should be appropriate to the subject in discussion, wherein the data is able to be best measured and consequently, the conclusion of the research is rational and plausible. Moving forward, the various types of research design will be detailed further to elaborate each of the type’s advantages and disadvantages. There are three (3) types of research design being utilized in different areas of study – Field Study, F ield Experiment and Survey.Field Study is where the researcher visits a site, observes and asks questions, but does not alter anything. It is similar to a naturalist observing wildlife without doing anything and maintaining the balance of the habitat (Borgatti, 1997). What makes this method very reliable is that there is a relatively large amount of factual data from the natural surroundings. Moreover, the variables collected are retrieved simultaneously from the area in question, thus, the consistency of the samples are not highly affected.Another advantage of Field Studies is that the researcher tends to have less impact on the subject data, as compared to other schemes (McCarthy, 1998), thereby arriving to a stronger conclusion, all derived from the variables natural state. It should also be noted however, that the drawback of not having to manipulate the variables on hand may also mean the inability to infer causality amongst the variables (McCarthy, 1998). This is due to the fa ct that field studies normally deduce conclusions from simply what is given by the environment – less thought-processing therefore is involved in terms of creating hypothesis remarks.The second type, Field Experiment, is where the subject is observed in a natural setting rather than in a contrived laboratory environment. However, like natural experiments, field experiments suffer from the possibility of contamination that may affect the experimental conditions in question. There is less control on the side of the researcher and the difficulty of penetrating a business or industrial setting for this purpose may also pose as a problem (McCarthy, 1998).Finally, the third scheme, Survey – method of gathering information by determining a set of pre-formulated questions in a structured questionnaire to a select group of individuals drawn to represent a defined population (Borgatti, 1997). What makes studies drawn through surveys reliable is because results of surveys often y ield new hypotheses from the answers garnered (McCarthy, 1998). In addition, surveys have the flexibility to be in various forms – questionnaire, interviews, observations, etc.It should be considered however when making conclusions, that survey results may not entirely reflect high return rates thus, threatening the representation of responses, resulting to biases. Understanding the types of research design is not complete without being able to interpret your gathered data qualitatively and quantitatively. Depending on the need of the subject matter, it is vital that the data is analyzed and measured accordingly. Four (4) types of measurement scales can be used to aid one’s business research in making them more compelling, and they are as follows: (a) nominal; (b) ordinal; (c) interval; and (d) ratio.Nominal scale, the lowest level of measurement, involves either verbal or numerical labels for any given category (Gavin, 1996). Variables here are placed within a mutuall y exclusive and exhaustive category, such as â€Å"male† or â€Å"female† categories denoting sex or gender as the nominal scale (Sable Tutorial, 1999). Another example can be the numbers of the baseball players found at the back of their jerseys. The numbers in this example are used to identify the players and one will notice that no two players are alike. Each variable (number per player) is different and can only be assigned to one person.Ordinal scale is similar to that of nominal scales but differ as the former has the property of order or ranking (Gavin, 1996). Ordinal scales, however, does not denote any size or quantity of the variable as it merely permits the classification of categories be identified alongside with the hierarchy of interests and its frequency. The ordinal scale is a much stronger form of measurement than the nominal scale because the variables are ordered, ranked and can be subjected to non-parametric tests as the results will be more sensibl e (Gavin, 1996).An example of ordinal scale is the winning set of players in a marathon game – the 1st -, 2nd – and 3rd-placers. There is indeed a ranking but the scale does not provide information about the absolute differences between 1st and 2nd or between 2nd and 3rd. We can also take as an example of ordinal scales the rankings of four restaurants in study. They can be assigned with numbers that will represent the scale being the most-liked up to the least-liked numerical ranking (Gavin, 1996).The consistency should be maintained as to which number represents a certain definition so as to keep the ordinal scale in place. Next is the third measurement scale, Interval scale. Interval scales provide us with still more quantitative data. In an interval scale, variables are measured against a plane where the distance between numbers or units is equal over all levels of the scale (Sable Tutorial, 1999). To cite an example, the Fahrenheit scale of measurement in a thermo meter shows that the distance between 10 degrees and 30 degrees is the same as the distance between 50 degrees and 70 degrees.The year dates in most calendars can also be assigned and measured against an interval scale. Note that in this particular scale of measurement, there is no fixed zero that means a zero quantity of the aspect of interest. Finally, the most powerful form of measurement scale is the Ratio scale. Ratio scale differs only from the interval scale given the former’s true zero point. The zero point allows further more interpretations and more valid assumptions and conclusions.Time is a very certain example of ratio scale as not only can we say the difference between two hours and ten hours, but we can also say that ten hours is five times as long as two hours – ratio in comparison (Sable Tutorial, 1999). Other social variables of ratio measure include age, length of residence in a given place and in a particular period of time. These measurement scales are chronologically arranged from the least to the most powerful form. In the end regardless of which scale is used it is crucial that the instrument should be practical, valid and reliable (Gavin, 1996).Research methods are basically used to avoid or at least lessen biases. A multidisciplinary team approach is best in conducting research work, armed with proper research techniques and valid statistical method of scales will equate to a non-refutable conclusion. At the end of the day, one should be smart enough to acknowledge the fact that whatever scheme of research or measurement is chosen, nothing will replace one’s sound judgment and keen consideration of underlying assumptions in one’s data analysis. References McCarthy, P. (1998). Steps in the research process. Retrieved on July 18, 2007 from www.mtsu. edu/ Sable Tutorial. (1999). Measurement scales in social science research. Retrieved on July 18, 2007 from Virginia Tech in www. simon. cs. vt. edu Borgatti, S. (1997). Research glossary. Retrieved on July 18, 2007 from www. analytictech. com Gavin, T. (1996). Research forum-methodology-measurements, Part 1: Principles & theory. Retrieved on July

Thursday, August 29, 2019

War in Darfur Essay Example | Topics and Well Written Essays - 1500 words

War in Darfur - Essay Example The government responded to these assaults by taking sides with and by providing weapons to the Janjaweed, an Arab militia having been accused f attempts to eliminate black Africans from the nearby territory. Although the government denies the joining f forces with the Janjaweed, Darfur refugees have confirmed that following the government's aerial bombings, these soldiers have slaughtered men, raped women and have looted many villages in their path. Civilians have been forced to leave their homes and seek refuge in camps within Darfur's larger towns where there is a shortage f food supplies, medicine and more importantly, water. Many have gone as far as escaping to Chad, a neighboring country whose conditions in certain regions are the same as in Darfur. (Bengali 9-11) On May 5th 2006, a peace accord was offered by the country's largest rebel force, the Sudan Liberation Army, and was signed by the government, however two smaller rebel groups have refused to accept the treaty. The objective was for the Janjaweed to be disarmed, and for the rebel forces to become part f the Sudanese army. Although different sources have provided different numbers, the death toll in Darfur stands at approximately 400, 000 and will continue to rise so long as no one puts an end to this unbelievable tragedy. (Briggs 77-80) While it is impossible to single-handedly stop the slaughtering in Darfur, there are many ways one can help the situation. As always, a cash donation is the most common method f aid, and in a humanitarian crisis such as this, it is one f the only methods f help available; money donations are far more practical than oversea shipments f food and clothing at high transportation costs. The Red Cross is one f the major organizations currently making a difference in Sudan and Chad. The ICRC (International Committee f the Red Cross) has been involved with helping in Sudan since 1978 due to famine being a constant death factor in many African countries. The U.N., whose responsibility is to protect civilians affected by political issues, has hesitated before taking action. This resembles their behavior in Rwanda, when 800, 000 Rwandans were left to die in a short period f three months. According to Amnesty International, attacks on civilians and aid workers have increased since late 2005. If something is to be done, it must be accomplished quickly, as more and more lives are being put in danger. (Harris 1-7) Human Rights Crisis in Darfur If you ask anybody what they know about the Darfur conflict you will most likely hear "it is a genocide being waged by Arabs against Africans". The truth about what is happening in this country and the causes are much deeper and sometimes surprising. It is popular to denounce the genocide taking place there, due in part to the efforts f celebrities like Angelina Jolie who are raising awareness. Besides awareness, though, understanding f the entire is situation is needed if real change is to occur. (Flint 99-104) Darfur is a region in Sudan the size f France or Texas and has been home to many tribes, the biggest being the Fur tribe. This is where the name Darfur come comes from. Literally translated it means "the land f the Fur". This country is also

Wednesday, August 28, 2019

The American Society for the Prevention of Cruelty to Animals (ASPCA) Research Proposal

The American Society for the Prevention of Cruelty to Animals (ASPCA) - Research Proposal Example This society is a privately funded 501 (c) (3) non- profit corporation and could boast of more than a million supporters around the country. The noble visions of the ASPCA have spread its tentacles far and wide all around the world and have over the past years been battling with the government and other organizations to pass more humane laws where animals are concerned. Their main aim is to strive hard towards the day when each and every animal would live in peace, without any pain or fear. ASPCA’s Activities - Rescuing animals from dangerous situations and saving their lives is the prime activity of the ASPCA. Most of these animals are pets who have accidentally got into problems such as poisoning, caught in a fire, fallen into well or pit, or climbed so high and are unable to get down. They also rescue poor animals who are brutally abused and neglected. The Mission of the ASPCA as put down by Henry Bergh in 1866 was â€Å"to provide effective means for the prevention of cruelty to animals throughout the United States.† The Society has a rich history of challenges as well as victories from the time of its inception. Some of these challenges are providing not only protection but care to the working horses in the city and also transforming the many dog pounds into adoption facilities that are professionally undertaken and run. Another of its victories was the founding of an animal hospital which is still in existence even today. Specially trained staff is on call duty round the clock at the ASPCA Animal Poison and Control center. Highly trained staff and veterinarians dedicate themselves to providing good quality medical care. The ASPCA Animal Behavior Center render free training and advice by animal experts and pet loss support services. The organization also renders services throughout New York City for all the low- income

Tuesday, August 27, 2019

Health Insurance Paper Research Example | Topics and Well Written Essays - 1000 words

Health Insurance - Research Paper Example This calls for government intervention in health insurance costs to yield lower rates and better services. This paper discusses the reasons why government should be directly involved in health insurance. A recent survey by the Commonwealth Fund on health involving industrialised nations rated America in the lowest rank. According to Davis, Schoen, and Stremikis, â€Å"In July 2008, the Commission released the second National Scorecard on U.S. Health System Performance, which ranked the nation’s performance on 37 indicators, 11 of which were based on international comparisons† (Davis, Schoen, and Stremikis). The parameters used in this survey include equality of health outcomes across its population, fairness of financial contributions, and patient responsiveness. The current health insurance system is financed by employers as a benefit to their employees. Low and middle-income earners do not get these benefits from employers and since they cannot afford from their mean salaries, they remain uninsured. Government involvement in health insurance will see to it that all its citizens can access it. Further analysis of the US health insurance costs problem reveals that most of the funds contributed by companies and individuals get into the hands of the administrators. This means that a lesser percentage than expected of these contributions go into actual health care of these individuals. This leaves the individuals who participate in this programme paying very high costs that do not match up the care given. Government involvement in a health insurance programme will allow it to have an added advantage to bargain better prices of drugs and services. The administration costs will no longer be there and reduced drug costs will make the prices of insurance to go down. In addition, single payer systems through government involvement will enable the government to hold down costs as it covers the entire population. Canada is a very good example of a state tha t uses the single payer system efficiently. According to Segal’s Health Care Reform Journal, â€Å"In 2006, the U.S. spent $6,714 per capita† without covering all its citizens, â€Å"while Canada †¦ spent $3,678† with universal coverage† (Clemmitt). America should learn from such states and involve the government. Government involvement in health care insurance will make it possible to track all the activities in the health system. The government will have no choice, therefore, than to give the best medical care in the world. To safeguard financial stability of this system with the government in it, citizens must enrol to prevent issues of people who do not sign up until they are sick. Some costs go up because of advanced technology that prolongs the lives of individuals who have terminal illnesses. For example, cancer patients live for six months longer with the help of some machines. According to Callahan as quoted in Health Care Reform Journal, â⠂¬Å"We will have to learn better how to live with that reality, to understand that limits to health care are necessary. We cannot afford endlessly expensive progress. Concretely, that means we will have to accept rationing† (Clemmitt). Since most insurers are out to make profits rather than to offer best medical care, government involvement will change this. Buyers will have another choice of insurance plan, which is government run and this will keep off non-genuine private insurers. However,

Monday, August 26, 2019

Principles of Business Assignment Example | Topics and Well Written Essays - 750 words - 1

Principles of Business - Assignment Example Q. How long did it take you to make a profit? A. In November 1970, I started working at Shelfstore. Ltd as Marketing Manager and became its owner after just one year in 1971 after buying it from its first owner. My first investment for the company was $17,000. Under my supervision Selfstore grew remarkably and within first year our sales increased from $800,000 to a level of $2.00 Million. Q. Why did you decide to go into business for yourself? How many years have you been in business? A. I could tell that Shelfstore had the potential to bring me business and it was the best opportunity for me as the actual founder of the company was planning to leave the country. It was my first business that I started in 1971 and still doing it after 40 years. Q. What is the main product or service that you sell? A. Shelfstore Ltd is a low scale furniture manufacturing company. Q. Who was your first client? A. John Michael, Inc. is the major furniture distributor company that sells Shelfstore, they were our first client too. Shelfstore’s distribution area is considered to be one of the smaller territories in the John Michael family. Q. Who are your customers? A. Our main customers are neighboring furniture outlets, of them the biggest name is of John Michael. Inc. We sell furniture to some locals too. Q. Do you enjoy working for yourself? Why? A. It is great experience to work for own self. Everyday when you work, you try to flourish your own self that is far gratifying than to work for someone else’s business. Q. What are 2 advantages of owning your own business? A. After owning a business individuals become skilled at building relationships with people. They become excellent in interpersonal skills, become more hard worker and eager to learn the most current trends of the market. Q. What are 2 disadvantages of owning your own business? A. The worst thing about owning a business is the risk connected with business failure. Another bad aspect is long working hou rs that are normally connected with business ownership. Q. In your opinion what is the best strategy to improve performance? A. Communication is of paramount importance in performance improvement. All stakeholders must continuously be informed of "what is happening" in the organization. Additionally, it is essential that feedback mechanisms be implemented to provide a sufficient information flow that will increase organizational performance. Q. How did you prepare for your business? Did you receive specific training or a degree? A. When I started my business I had already completed my Post Graduation in Business. Later on I did couple of more courses that are ‘Basics of Business and Organizations’ and ‘Organizational Management’. But I learned the most from everyday experiences. The changes that took place at Shelfstore could not have been accomplished without strong leadership. Q. How do you stay current with innovations and technologies in your industry a nd for your business? A. All businesses use informational technology; few integrate it well. Technologies posses the potential to improve speed, quality, efficiency and keeps you updated about current trends. The tools alone, however, no matter how sophisticated, would not guarantee high productivity. People also needed to be empowered through information access, continued skill development, and authority that match responsibilities. Shelfstore Ltd is trying to adjust

Sunday, August 25, 2019

Manage Factoring and Invoice Discounting Agreements Assignment

Manage Factoring and Invoice Discounting Agreements - Assignment Example Invoice factoring and discounting are processes through which a company can get quick cash by assigning the debt to another party who could be a person, a commercial bank or other financial institutions.2 Depending on the nature of contract between the company and the financing agent the duty of collecting the debt form the client is either assigned to the agent or remains under the company. The company will have to identify a reliable factor or invoice discounter to get cash against the invoice and then use the money to advance its operations.3 In order for the company to identify appropriate factoring or discounting agent, they should consider the agent whose term is favorable in terms of low fees, issue maximum deposit, low-interest charges and be able to pay the amount within the shortest time possible.4 The decision by the company as to whether to discount or factor the invoice will depend on the value of the invoice and the stability of the company. If the company’s turnover is below $250,000 per annum and the company does not have in-house credit control systems the agents will prefer factoring the invoice.5 However, for companies with an annual turnover of more than $250,000 and adequate6 internal credit control systems discounting is essential because of the high cost involved. When factoring the invoice the agent usually charges high fees and interest rates. Discounting of the invoice does not alter the arrangement between the trader and the debtor because the responsibility of collecting the debt rests with the trader, and the debtor is not aware of the arrangements.7 The company should discount its invoice in order to ensure its relationship with debtors remains unchanged. In fact, the clients may lose trust in the company in case the trader opts to assign the debt to a factoring agent.

Journal entry Essay Example | Topics and Well Written Essays - 250 words - 8

Journal entry - Essay Example News reporting needs to be as objective as possible because otherwise it could be construed as propaganda. People tend to only hear what they want to hear, so if they only are presented with one political or social opinion then they will likely widely believe anything because it fits their predetermined point of view. News reporting is a vital service necessary to keep the population informed of important national and world events. If news reporting is not objective then the lines between truth and fiction will become blurred. This is a serious concern to everyone no matter his or her political persuasion. Without another point of view to balance a news story, there will be two contrasting views of the news, neither of which will be centered or based on fact. In terms of politics, this will result in a broken down system where neither side is able to trust the other because "their version" of the news will be very different. Once politics has reached that stage, the citizens will no longer trust the government because they will have their own conspiracy theories about the real intentions of politicians. The only way to prevent such a situation is to make sure that news reporting is kept as objective as possible by sticking to the facts and having very little opinion or emotional appeals included.

Saturday, August 24, 2019

Constitutional and Administrative Law of UK Essay

Constitutional and Administrative Law of UK - Essay Example The researcher states that Constitutional Conventions are similar in nature to Customs. They are followed by the State but there is no such mandate which specifically allows for their implementation. However, even though there is no specific law which demands their implementation, they are considered to be an integral part of the idea of Constitution, and through such believes they are practised by the people of the State. â€Å"Dicey defined Constitutional Conventions as Ê ºÃ¢â‚¬ ¦. rules for determining the mode in which the discretionary powers of the Crown (or ministers or servants of the Crown) ought to be exercised. Furthermore, he stated that conventions are constitutional rules, which are not laws in the strict sense which are designed to control the use of discretionary power by the Crown.† Such conventions form an integral part of the State machinery along with the practise of the Constitution. â€Å"A convention is an accepted way in which things are done. They ar e not written down in law but tend to be old, established practices – the way they have always been done. Though these conventions are not set in legal stone, their very existence over the years has invariably lead to the smooth operation of government.† Conventions are distinct from law as they are positive political morality and should be put to place in order to secure the verdict of the electorate. â€Å"It is a convention that if something in government goes wrong, the cabinet will all sing the same song and support the minister who may be receiving all manner of criticism from the media.†... the Constitution about the way a State is supposed to divide its powers between the three organs namely the Judiciary, the Legislature and the Executive. The Legislature is designed to frame laws which have to be implemented by the Executive in full force. The legislation exercises its right through the implementation of the policies of the conventions. The executive has the responsibility of executing the policies which have been created by the Legislature in lieu of the will of the people. â€Å"It is a convention that the queen will accept the legislation passed by the government. In the past, the fear of what happened to Charles I has usually ensured a harmonious relationship between monarch and Parliament! When Charles II became king in 1660, the rule of thumb was for Parliament to give the king enough money per year to maintain a royal lifestyle but for him not to get involved in politics. This worked tolerably well and monarchs and Parliament had usually worked well since the n especially as Parliament held the monarch’s purse. Now in the C21st, it is just accepted that the queen will give parliamentary legislation the Royal Assent. It is almost beyond belief that she would not do so – the constitutional crisis this would create would be huge.† Deriving from the above point of view, all the actions in the exercise of sovereignty are defined within the realms of constitutional conventions. By not having a written Constitution, the State of England has always been in the situation to exercise the fundamentals of the Constitution through these conventions. Through this method the conventions are the main link which connects the will of the people with the Constitutional mandate. The will of the electorate has to be upheld and followed in strict measures and the

Friday, August 23, 2019

Film Evaluation Reports Movie Review Example | Topics and Well Written Essays - 5000 words

Film Evaluation Reports - Movie Review Example While there is a tendency to see such films as lesser forms of film, they can and should be appreciated for the way in which they show how cultures can take a lighter view of themselves and of their mythologies. Films that use silliness as a basis for their entertainment are often making light of aspects of society in order to shed a light on how serious human beings sometimes take themselves. Woochi (2009) is first set 500 years in the past, a story of mythologies and human politics creating a set up for the events that will take place in the present. The film begins with a story of goblins who steal an item called the Pipe of the Prophecy, the piece having powers that should not get into the wrong hands. The flute is used by the one god to keep the others, each representing the lunar calendar year. Three demi-gods are trying involved in trying to keep the flute from the goblins, or demons, but when they fail, they ask the help of the Taoist Wizards who are able to retrieved the flu te. However, the Master wizard’s apprentice, who is a bit self important and has a huge pride problem, is accused of a murder and he takes the flute and sets himself into a painted manuscript to hide. When it is discovered that both he and the flute are in the manuscript, one of the wizards, Hwadom, goes into the manuscript, only to realize that once he is near the flute, he himself is one of the demons. This is a secret to those demons who take human form. They forget that they are demons until they are near the flute. Through a series of coincidences, the flute is torn into three pieces, thus preventing Hwadom from getting the flute and putting it back together. In modern day Seoul, the goblins start once again causing mischief and the three demigods decide to set Woochi free in order to stop the problem. The goblins, disguised as humans, are outside of any current means to stop them, so setting Woochi, who has some of the same knowledge of the Taoist wizards from 500 years previous, seems the best way to handle the problem. They convince Woochi to help them, and all of them being in modern day Korea leads to a great deal of humor based upon the conflict of how people of another time would deal with modern day life. 2.) What does the film reveal about the personality and interests of the filmmaker? What does the film reveal about the attitude of the filmmaker toward his subject? Explain fully. The film engages myth in order to set up its conflicts and to find ways in which to express human hopes and fears through personifications. The nature of the lunar calendar creatures is to personify specific aspects of the dark side of humanity, thus discussing the human existence through this type of literary study. In creating supernatural elements, the real world is reflected in such a way as to create a sectional discussion of different emotional parts of being human. Mythology often isolates aspects of human existence so that those elements can be explored through a less complex examination. This is often the case with humor as well. Humor allows for a piece of literature to more closely examine a part of human life by isolating a part of it and looking at it from various, unusual perspectives. In this film, the concepts of drinking, bumbling, and sexuality are looked at from the perspective of outsiders looking in, as the time variance creates an ‘alien’ atmosphere for the main characters. Using aspects of

Thursday, August 22, 2019

African American Religion Essay Example for Free

African American Religion Essay Before Africans were brought to America during the slave trade, they had their own culture and society. They had their own language and dance. They also had their own religion. History tells us that the Europeans justified their abuse toward the Africans as helping them become more civilized because the Africans lifestyle appeared primal to them and not as developed and industrialized as theirs. What is often overlooked is that even though Africans were taken from Africa and Americanized and have been stripped of their religion, culture, language and even their name, the very essence of the African as a people did not go away. Some African American slaves rejected Christianity’s religion because they saw it as the â€Å"white man’s religion†. History tells us American Slave Masters abused the Africans by whipping them like animals and by treating them inhumane. The fact that these slave masters wanted the African American to worship their god was unacceptable for some because they could not fathom why they should worship a god who allowed people to be so badly treated. Some Africans accepted Christianity’s religion and faith by identifying with Jesus Christ, the son of God who according to the Bible was innocent of sin and yet he was beaten, bruised and crucified for the sins of the world. Some African Americans wanted to remain faithful to their heritage yet did not agree with the conjure practices. Seth Holly’s character is a good example of conforming to the economic prosperity of America which was founded by Christians. White Christians enforced Christian beliefs, values, and some practices based on the Euro American Christian interpretation of Christian text. Seth developed a kind of hatred for his own people proving that he has adopted the practices of white America in the early 1900s. â€Å"Niggers coming up here from that old backwoods†¦ coming up here from the country carrying Bibles and guitars looking for freedom. † Seth says. â€Å"They got a rude awakening† (6). Seth signifies the African American who resents assimilation to the white American culture. But, at the same time, he too attempts to connect with his heritage by simply allowing Bynum to live in his home and bless it with his conjures rituals. Seth also participates in an African dance ritual called the Juba. Bynum’s character is introduced by practicing conjure rituals. He cuts open pigeons and spreads its blood onto him as a type of cleansing to communicate with spirits. Bynum represents the African American who chose to remain faithful to the religion of his heritage. Others who have chosen the faith of Christianity view conjure rituals as evil, witchcraft, or demonic. Some African Americans wanted to remain faithful to their heritage yet did not agree with conjure practices anymore. Loomis walks in on the juba dance and goes into a trance after dinner at the boarding house. He had a vision of skeletons emerge from a body of water. â€Å"Loomis: I done seen bones rise up out the water. Rise up and walk across the water. Bones walking on top of the water† (53). Loomis recognizes through the vision, his state of ignorance to the knowledge that will lead him to the new way of thinking. Bynum serves as a supporting character reacting to Loomis’s trance. â€Å"Bynum: They walking around here now. Mens. Just like you and me. Come right up out the water† (56). Loomis’s trance and Bynum’s interpretation of it is a turning point in the story. The skeletons coming from the bottom of the sea in Loomis’s vision represent the slave ships, the disorientation experienced by the slaves during emancipation, and the confusion of his release from Joe Turner. Both Loomis and Bynum have tapped into their ancestral religion. The difference between the two is that Bynum represents the African who never renounced his religion and Loomis is the African-American who turned from conjure religion and converted to the faith of Christianity. After Joe turner took his life away from him, Loomis questioned his Christian faith and his identity. By walking in on the ancestral ritual of the Juba dance, Loomis literally walked into what he had actually been looking for, his religion, consequently, his ancestral identity and this is why he fell into the trance. Throughout the play conjures is encompasses four generations; Bynum’s father, Bynum, Loomis, and the neighbor boy Reuben. Reuben’s vision is of Seth’s mother by the pigeon coop, she encourages Reuben to release the caged pigeons. Wilson writes in a way that leads the reader to believe that Loomis needs to find his missing wife. Martha Pentecost is not the one who was lost; Loomis was the one who was lost, wondering around from town to town, searching. Loomis came into the state of belief when Bynum helped him translate his vision. That vision represented Loomis going back to his ancestral conjure religion. Loomis needed to find Martha Pentecost simply to say good-bye to her and their life former together. Up until this point of the story, I believed that Loomis needed to find his wife so they could live out the rest of their lives as a happy free family with their daughter. However, it is made pretty obvious this was never Loomis’s intentions. â€Å"That goodbye kept me out on the road searching,† Loomis says, â€Å"now that I see your face I can say my goodbye and make my own world† (90). Martha Pentecost, a woman of Christian faith, represents the African who assimilated into white America’s culture and Loomis needed to find her to say good-bye to her and the Christian faith. Martha stands by her Christian faith by accusing Loomis â€Å"you done gone over to the devil† (91). White man’s religion believed that conjure was evil or the way of the devil. Loomis finds it easier to reject her for her Christian beliefs. â€Å"Loomis: Great big old white man†¦your Mr. Jesus Christ. Standing there with a whip in one hand and a tote board in another, them niggers swimming in a sea of cotton† (92). Loomis proves with his statement, his version of a bible story that differed from other African Americans but was similar to that of the white man who believed that they were on a level below God and the African’s were beneath them, African’s were one third of a person. Loomis now believes that if African’s are going to be free then they have to take charge of their own destiny. Martha Pentecost represents the African American’s religion, she identifies that Loomis needs to â€Å"be washed in the blood of the lamb† (92) and â€Å"you done gone over to the devil. (91) Through class lessons I learned that African American slaves compared themselves with stories in the bible to instill hope of a life free from oppression, violence, and bondage. Jesus according to the bible was innocent of sin and yet he was beaten, bruised and crucified for the sins of the world. The hope of reigning in heave with Jesus is considered the ultimate reward for suffering life’s trials and tribulations. It is the faith of the African Americans who accepted Christianity religion. Blacks trusted in the Lord instead of man. America was Egypt in the exodus story and as long as the enslaving and oppressing took place America would face the same wrath as Egypt. â€Å"Stand still and see the salvation of the Lord. † The bible was depended on in justifying and motivation rebellion for the blacks and used as a tool to keep blacks enslaved by the whites. African Americans used sermons, song, and prayer to convey and teach their message of travail and triumph of Israel. Some African Americans could not get past the treatment from the white people that called themselves Christians and as a result they rejected Christianity. Selig’s role suggests that the link between characters is the acquisition of material goods. Selig admits that his ancestors have always made their living pursuing African Americas; his great grandfather transported slaves from Africa, his father captured runaway slaves and returned them to their masters for a reward, and Selig locates displaced people for a fee. Selig attains his ecstasy through consumer capitalism, through the selling of material goods. African Americans are objects for exploitation and exchange in the new economy. He binds African Americans to the economic system, demanding payment of his services and products which necessitates subsistence labor by taking them from one construction site or work site to another, similar to a temporary employment agency today. You pay for an employee to work for some time, but Selig is getting paid by the person looking for work or a ride to a chance of freedom. Selig cannot find a person that has not purchased a dustpan from him because he keeps the names of his customers. Seth is determined to achieve material success, he has very little patience for African Americans migrating north looking for the same prosperity that he desires. Seth is very demanding of his patrons, insisting on advance payment in full, and is preoccupied with maintaining a respectable house. â€Å"It’s hard enough now without all that ignorant kind of acting. Ever since slavery got over with there ain’t been nothing but foolish-acting niggers. Word get out they need men to work in the mill and put in these roads†¦ and niggers drop everything and head north looking for freedom. †(5, 6) Seth wants to blend in with the white man’s world; therefore he keeps a link with Selig by negotiating the manufacturing and sale of dustpans. Seth does not have any idea of what it would be like to be a slave, as he was born free in the North and was educated. He demonstrates his education with his math calculation when dealing with the boarding house patrons and the quick notation of him letting Selig know that he is trying to overcharge him for the dust pan materials. Educational differences played a role in tension with Southern blacks, most of who were forbidden from learning to read, saw religion as a matter of oral tradition and immediate experience and emotion. Northerner blacks, stressed that one could not truly be Christian unless they was able to read the Bible and understand it. This play denies individual worth and identity for some of Wilson’s characters. To be defrauded of the products of one’s labor or to see that creation diminished, like with Jeremy and the guitar contest, is to be denied a reflection of individual worth and identity. If people have been separated from this truth of individual worth and identity through oppression their capacity to bond with one another, form friendships, or couples, families are undermined. Social alienation in Wilson’s characters are expressed in their stores of broken relationships, uncertainty, or suspicion that they feel toward one another. â€Å"Seth: Something ain’t setting right with that fellow, Bynum. He’s one of them mean-looking niggers look like he done killed somebody gambling over a quarter. †(20) Connection between oppression, alienation from self and inability to form bonds with others is displayed in the character of Loomis. Joe Turner’s ability to oppress Loomis carried a judgment of non-worth. â€Å"Loomis: He told me I was worthless. Worthless is something you throw away. Something you don’t bother with† (73) Turners judgment of worthlessness forced Loomis to accept the reality of the white man’s power; he was marked as â€Å"one of Joe Turners niggers and forced to forget his song. †(71) Being alienated from himself and displaced with his relation to the world, Loomis is unable to establish bonds with people around him. The oppression encountered by Wilson’s characters is material or economic, that oppression is spiritual as well in the capacity to deprive the individual of a sense of himself or his unique song. The reawakening of Loomis after his encounter with cultural wisdom is not the self discovery of an average African American but creation of a new source of cultural wisdom, a new African holy man. Wilson uses many metaphors throughout the play. The song is a metaphor for Loomis’s identity and the African American cultural identity. Music is a large part of African American identity, so it makes since that in search of one’s identity they are searching for their song. The boarding house serves as an inn for traveling folk, but the tenants actually receive a form of healing during their stay. Tenants get direction and guidance from Bertha and Bynum. The shiny man that Bynum is in search for signifies African American independence. The man that Bynum met on the road was an independent African American, just as Loomis was freed by his past when he cleansed himself in his own blood. â€Å"Bynum: Herald Loomis, you shining! You shining like new money! †(94) Loomis has dismissed that the blood of Christ can wash away his sins and make him the man he used to be, but by washing himself in his own blood he has sacrificed the old life to begin his new journey on his terms. Bynum’s shining man has been found, meaning his work is complete; he has passed his powers on to the next generation, Loomis. â€Å"They tell me Joe Turner’s come and Gone† is a song that is sung by Bynum, when I first read the story I thought that the meaning was came and now he is dead however, the second time I read the play I realized that it meant that Joe Turner has come and snatched the men and now he is now gone. August Wilson uses symbolism in the play as a very important part in conveying the meaning of the story. Wilsons use of symbolism is demonstrated through Mr. Wilsons use of the road, Martha Pentecost, and Herald Loomis. Symbolic importance is give to the word freedom. The word freedom has instilled hope into the lives of African Americans: during slavery, hope for the release from bondage; after emancipation, the right to be educated, employed, and to move about freely; twentieth century, social, political, and economic justice. Freedom has always stood for the absence of any restraint, because God made all men from his image. There are a number of characters that travel around searching for their place in the world. Mattie, mentions that she keeps on looking, seems like she just keeps starting over, I ain’t never found no place for me to fit. † (76) Reuben tells Zonia, when he finds out that she is leaving the boarding house in search of her mom, â€Å"when I get grown, I come looking for you. †(84) Jeremy does not seem to care much when he loses his job because, â€Å"don’t make me no difference. There’s a big road out there, I can always get my guitar and find me a place to stay. I ain’t planning on staying in one place for too long noway. † (64) Martha Reverend Tolliver moved the Church up north because of the trouble the church was having. When the Civil War finally brought freedom to previously enslaved African Americans, the task of organizing religious communities was only one element of the larger need to create new lives, to reunite families, to find jobs, and to figure out what it would mean to live in the United States as citizens rather than property. August Wilson’s play, Joe Turner’s come and Gone, examines African Americans search for their cultural identity following slavery. Bibliography Murphy, L. G. (2000). Down By the Riverside. New York: New Yourk University Press. Wilson, A. (1988). Joe Turner Come and Gone. New York: Penguin Group.

Wednesday, August 21, 2019

Achieving Operational Excellence with JIT (Just in Time)

Achieving Operational Excellence with JIT (Just in Time) The main method used in the race to gain Operational Excellence is JIT (Just in Time). JIT is an inventory strategy that Slack (1998) describes as producing goods and services exactly when they are needed The introduction of JIT (Just in Time) in Japan in the 1950s and early 1960s proved successful for the Toyota Motor Company and rapidly spread to further manufacturing plants. This report will explore JIT in further detail and evaluate the advantages and disadvantages of employing such techniques in a range of manufacturing plants however there will be a large focus on Nissan Manufacturing UK. There is a range of planning and control techniques that can be implemented along side JIT to enhance the approach and can be fundamental to the overall success of JIT. They all stem from similar philosophical views of JIT. The author will be conducting research into the following methods some of which fall under the umbrella term Lean Manufacturing. This will also be explored in further detail in this report: MRPI (Materials Requirement Planning) or as it is now known as MRP II (Manufacturing Resource Planning). MRP is a system that oversees planning and inventory control. It ensures materials and resources are available when needed for production. It calculates the rate of end productivity being created from the line. Through the employment of JIT delivery of materials and interlinked delivery schedules, the MRP system manages the stock level so there is the lowest amount of inventory possible. Total Quality Management (JIT/TQM) is a method that emphasises the importance of quality management in all process in the organisation. Flynn (1995) believes the use of TQM practices leads to improved JIT performance by reducing manufacturing process variance. Total Productive Maintenance (TPM) refers to the reduction of unplanned breakdowns by careful maintenance. It focuses on carefully structured maintenance procedures that reduce the possibility of down time due to malfunctioning of machinery. Cua (2001) states that TPM has†¦an indirect relationship through JIT with low cost, high levels of quality and strong delivery performance Setup Reduction (SUR) has a purpose of reducing the time, effort, and cost associated with changing a process from one activity to another Slack (1998). This involves reviewing the simple mechanical changes carried out on the line and making them more efficient using an array of methods that will be discussed in this report. Kanban is Japanese for card or signal. It is known for being pull-based planning of inventory control in comparison to the push-based planning of MRP. Slack (1998) describes Kanban in its simplest terms is a card used by a customer stage to instruct its supplier stage to send more materials This report will go into detail about the different types of Kanban and how they work along side JIT. The Authors Background Whilst working in the IT department at Nissan Sunderland during a placement year the author became very interested in the logistics and operational side of the company. Before Nissan, the author had no concept of how a company would go about implementing procedures and methods that would be operating in the factory to obtain optimum end results. The methods Nissan use to promote Operational Excellence were especially apparent during the year of 2008 which has been one of the most difficult and challenging years for all involved due to the economic climate, however it proved especially demanding for car manufacturers. The author was witness to redundancy, cut backs, and labour flexibility all of which were emergency policies in response to the economic climate to ensure the companys future. JIT was especially imperative during this time period as car sales severely declined. As Nissan had taken the JIT approach to their manufacturing it meant they did not have a large amount of stock that had been paid for but could not be utilised in the manufacturing of cars due to very few orders. Nissan utilises JIT and many of the methods mentioned in the introduction which will all be investigated to allow the author to evaluate how they enable a company to obtain operational excellence. Literature review Duggan (2007) describes Operational Excellence at operationalemployee level as being when each and every employee can see the flow of value to the customer, and fix that flow when it breaks down. However Glass (2008) describes Operational Excellence in wider context and believes it involves the company establishing a business-wide vision, measuring process performance against ideal and involving cross-sections of people in developing and implementing solutions. Accenture define Operational Excellence as sustaining operational performancethrough continuous improvement Continuous improvement can also be known as the Japanese word Kaizen which directly translated stands for Change and Good. The philosophy of Kaizen believes in continuing improvement involving everyone Kaizen Institution (2009). Companies need to take a Kaizen approach if they wish to pursue their end goal of achieving operational excellence. Smith (2002) believes that taking a Kaizen approach has helped many firms all across the globe to achieve better operational excellence and improve their productivity. Through the introduction of Kaizen in Nissan factories Nissan believe Failure is no longer viewed as a negative but as an opportunity for reflection, re-evaluation and the foundation for improvement NMUK (2009) and the improvements now highlighted in the company are the result of very small Kaizen activities rather than huge company wide activities. NMUK ( 2009) Kaizen however can also be viewed in a negative light; Corrigan (2005) believes it fails to reach the right diagnosis about the nature of the problem Nick Rich who held Toyotas Elite Scholarship in Japan and is now a Director of the innovative manufacturing research centre based at Cardiff University, also holds a negative stance on the philosophy of Kaizen stating Kaizen just pushes the problem around the plant never getting the source of the issue and upsetting most people who come to work to do a good job. Mackle (2009) believes to use Kaizen may have a part to play in the implementation of change: it is not the right tool for analysing what to change or designing what to change to. Lean Manufacturing is a common method of improving manufacturing operations. It is described as being A systematic approach to identifying and eliminating waste through continuous improvement by flowing the product at the demand of the customer. ProcessPro Software (2009) Strategos Consultancy (2009) believes Lean Manufacturing also refers to manufacturing without waste. This waste or muda as it is known in Japan can be measure by various factors: obsolete inventory, preventable processing steps, unnecessary transportation of goods or people, time delays and poor quality of good. Most companies waste 70%-90% of their available resources. Even the bestLean Manufacturers probably waste 30%. TimeCompression.com (2004) Lean production is the name given to a group of highly efficient manufacturing techniques developed (mainly by large Japanese companies) in the 1980s and early 1990s. Lean production was seen as the third step in an historical progression, which took industry from the age of the craftsman through the methods of mass production and into an era that combined the best of both. It has been described as the most fundamental change to occur since mass production was brought to full development by Henry Ford early in the 20th century. Economist.com (2009) Manufacturing companies are using the fall in sales due economic downturn as a chance to reassess their manufacturing procedures and look for opportunities to improve their Lean Manufacturing methods. Operational Excellence can be measured by a variety of KPIs (Key Performance Indicators) that are dependant on the company striving to meet all the agreed best practises. Traditional measures of lead time, on-time delivery, and quality are all good because they will support flow. To help build operational excellence, here are a few new ones: The amount of suppliers on a formal connections (as a percentage higher is better) The amount of suppliers with a formal alert system (as a percentage higher is better) The number of alerts that occur (at first, higher is better, as the problems are being made visible) The number of customer impacts from the supply chain (as a percentage lower is better) Duggan K (2006). Quality in delivery All our deliveries will be of the predefined quality and will always cover the full scope. Cost-efficiency All our assignments and undertakings will always be as cost-efficient as possible. We will proactively suggest measures to cut costs and use efficient tools and methods to deliver at the required cost. Commitment to delivery All our deliveries will be on time. Sigma Kudos (2009) THE HISTORY OF LEAN MANUFACTURING QUOTES JAMES P WOMACK JIT is the most common pull manufacturing process. The basic method is that production at one level only happens when triggered by a request at the higher level, for example components are pulled onto the production line when activated by a customer order on a website. Hutchins (1999) explains JIT as being The term used to indicate that a process is capable of instant response to demand without the need for any overstocking, either in expectation of the demand being forthcoming or as a result of inefficiencies in the process How does the implementation of JIT meet Operational Excellence? What other methods can be used alongside JIT to achieve Operational Excellence? Aim of the project This aim of this report is to research and evaluate how manufacturing plants use JIT and other lean manufacturing techniques to achieve Operational Excellence. Objectives of this Report: * To identify what Lean Manufacturing is. * To determine the methods used in Lean Manufacturing. * To evaluate and assess the methods used in Lean Manufacturing. * To identify how JIT assists manufacturing plants achieve Operational Excellence. * To identify how manufacturing plants measure Operational Excellence. Methodology The author will be conducting secondary research to explore how operational excellence is obtained by implementing lean manufacturing techniques such as JIT. The research found will be investigated to confirm they are from a reputable source and reflect current procedures. Choosing to use secondary research data over primary research data is a wildly debated topic however I feel in this report secondary research is advantageous as the research process can be completed efficiently by the author. Primary research on this topic would be very hard to obtain as it is a specialist topic and is usually overseen by the management of a company based on their private statistics such as profit margins, down time and productivity. Therefore an unobtrusive approach is need for researching this subject area. As qualitative research is an entire research conducted within the boundaries of trustworthiness, transferability, credibility, dependability and confirmability Pickard (2007), the author will be evaluating the source of information for all the aforementioned aspects. The author will be mainly using books and journals for her secondary research. It is important to evaluate the books for possible out dated information as they can sometimes take years to reach publication. It is also imperative to be wary of theoretical slants aimed at the academic market Saunders (2007) Journals may also be written with a bias slant, and not all academic journals are refereed Saunders (2007) therefore the relevance and usefulness will vary. The author will take this into account when conducting her research. This report will be compiled by carrying out qualitative research in order to determine the nature of the issue. The reasoning behind taking this approach is this method allows for multiple perspectives on the phenomena under study. Pickard (2007). It is also because companies can interpret Operational Excellence in various ways dependant on the business end product and the area of focus detailed in their individual policy for Operational Excellence. Therefore specific facts and figures are only relevant to each individual company and cannot be used in comparisons with other manufacturing plants. The aim of this report is to provide a complete, detailed description and evaluation of Operational Excellence and the methods used to achieve this. It is not looking at interpreting low level data and deriving information regarding the subject area. The advantage of using qualitative research is that it seeks to understand other peoples interpretations of the topic and the author will formulate a conclusion from further investigation. It can be a very subjective method of research due to the competitive nature of the manufacturing world and each company claiming to be the leader in the race for Operational Excellence. However through diligent cross examination of books, journals and websites the author will be able to filter out bias views and formulate an objective view. Nissan will be the main case study due to the authors previous work experience position within the company. Nissan will be supplying the author with some of their in-house documents and policies that are used to brief employees, supplier and customer. The author will use cross-case comparisons to support their secondary research findings and the Nissan documentation. In carrying out this comparison the author believes it will provide a solid foundation of knowledge to the topic by identifying similarities and differences. After the author completes careful analytical generalisations based on the cross-case findings this will then provide a broad understanding and insight into the topic.

Tuesday, August 20, 2019

Effect of Odour and Lighting Intensity on Memory Recall

Effect of Odour and Lighting Intensity on Memory Recall Galindez, Dale Gilbert Varela, Sebastian Franco Yarte, Sonja Lynn Zaidem, Arwin Alexis The Effect of Intensity of Odor and Lighting of Environment to Memory Recall The principle of encoding specificity has been a key factor for memory recall. It has been found that a person has a higher chance of retrieving an information if they are in the same place where they have encoded the information (Tulving and Thomson, 1973). However, even if a person is in the exact place where he encoded the information, there are factors that should be considered to make the principle of encoding specificity stronger. A key factor would be attention. Attention usually refers to concentration on a particular aspect of the external environment, although it is possible to attend to one’s own thoughts and other internal states. The essence of the typical use of the term is captured in a statement by 19th century German physiologist Hermann von Helmholtz, who noted that an observer who is steadily gazing at a fixation mark can, at the same time, concentrate attention on any given part of the visual field. The point in space, to which one is directing one’s eyes and the point to which one is attending to, thus are not necessarily the same, and one does not have to move the eyes to shift visual attention (Chastain, 2014). Another would be state-dependent memory. A person is more likely to retrieve an information if he is back in the original state when he first encoded the information. An example would be if a person consumed a substantial amount of alcohol when they learned a certain information. There is a higher probability for the person to remember the same information if he is to consume the same substantial amount of alcohol compared to trying to remember the information without consuming alcohol at all. If those two factors are important in memory recall, then the reduction or removal of either factors will make encoding specificity significantly weaker. In that case, we, the researchers, plan on testing whether intensity of odor and lighting of the environment will have a significant effect to memory recall. Because of these two factors that affect memory recall, we have formulated questions which we intend to study about. We question if the intensity of odor alone will have a significant effect to memory recall. We also question if the lighting of an environment alone will have a significant effect to memory recall. Finally, we also question if both the intensity of odor and lighting of the environment will have a significant effect to memory recall We have formulated three hypotheses that will answer our research questions. We believe that the intensity of odor will have a significant effect to memory recall. We also believe that the lighting of the environment will have a significant effect to memory recall. Lastly, we believe that the intensity of odor and lighting of the environment will have a significant effect to memory recall. Literature Review After the study has been done by Tulving and Thomson in 1973, many people questioned that the validity of the study seemed more correlational than causational. Because of these uncertainties, many studies were done after the original study. Pointer and Bond (1998) used the same principle but it was focused on the context-dependent memory. The study was done by having the participants remember a passage which was previously chunked for 21 times. The paper in which the passage was printed was scented with peppermint, and was colored bright yellow. Then, the researchers measured how many chunks the participants were able to remember after they were made to answer a word search puzzle. A half or a full point was given to the participants for every right chunk they gave. It was found out that context-dependent memory is present in the olfactory cue, but not in the visual cue. Another study based from the original study was â€Å"Encoding Specificity Manipulations do Affect Retrieval from Memory† (Zeelenberg, 2005). The study describes two kinds of errors people may make with regards to memory. One is errors of omission wherein people fail to retrieve information in their memory and the other one is errors of commission wherein people retrieve information that did not actually happen. This study focuses and questions the idea of how people report what they have retrieved. The study mainly points out that what the participants have retrieved, whether right or wrong, is not necessarily what they report. Participants in an encoding specificity experiment may actually have retrieved the right words but due to their lack of confidence and in an attempt to reduce the number of mistakes they might commit, they do not report what they have retrieved. Due to the experimenters’ awareness that errors like this may affect their results, the method they used were the presentation of a target word, which the participants should retrieve. However, this target word had two cue words, which were presented to the participants, were something that they could use as retrieval cues. Another study, Age differences in encoding specificity (Puglisi JT et al, 1988) focuses on how the encoding specificity ability of people are affected by age. In their experiment, participants were divided into 2 groups; the first were a group of young adults who had an average age of 19.2, and the second group were old adults with an average age of 71.4. The study task presented had targets and retrieval cues that had either a strong or a weak semantic relationship. Additionally, cues presented at recall were either the same as or different from those presented at encoding, resulting in four encoding cues—retrieval cue combinations: (a) strong encoding cue and (same) strong retrieval cue; (b) weak encoding cue and (same) weak retrieval cue; (c) weak encoding cue and (different) strong retrieval cue; (d) strong encoding cue and (different) weak retrieval cue. (Puglisi JT et al, 1988). Participants were able to recall the target words better when cues at encoding were the same when it was presented to them at retrieval, as compared to participants whose cues in encoding were different in retrieval. They found out however, that when old adults were under divided attention when received verbal cues, there was more evidence of general encoding rather than encoding specificity. Moss’ study, â€Å"Modulation of cognitive performance and mood by aromas of peppermint and ylang-ylang† focuses on how the aromas of peppermint and ylang-ylang oils help in the cognitive performance of people. Their cognitive performances were measured using the Cognitive Drug Research Computerized Assessment System. One group of participants were exposed to the aromas of peppermint and another one was exposed to the aroma of ylang-ylang. There was also a control group, in which there was no exposure to any kind of aroma. The results showed that the group that was exposed to the ylang-ylang had better cognitive performance than the control group while the group that was exposed to the peppermint scent did not have a significant difference to the cognitive performance of those in the control group. References Chastain, G. (2014). Attention. Salem Press Encyclopedia Of Health, Miles, C., Jenkins, R. (2000). Recency and suffix effects with immediate recall of olfactory stimuli. Memory, 8(3), 195-205. doi:10.1080/096582100387605 Moss, M., Hewitt, S., Moss, L., Wesnes, K. (2008). Modulation of cognitive performance and mood by aromas of peppermint and ylang-ylang. The International Journal Of Neuroscience, 118(1), 59-77. Puglisi, J., Park, D., Smith, A., Dudley, W. (1988). Age Differences in Encoding Specificity.Journal of Gerontology, P145-P150. Pointer, S. C., Bond, N. W. (1998). Context-dependent memory: colour versus odour.Chemical Senses, 23(3), 359-362. Tulving, E., Thomson, D. M. (1973). Encoding specificity and retrieval processes inepisodic memory. Psychological Review, 80(5), 352-373. doi:10.1037/h0020071 Zeelenberg, R. (2004). Encoding specificity manipulations do affect retrieval frommemory. Acta Psychologica, 107-121.

Monday, August 19, 2019

Health Aspects Of Cocoa Essay -- essays research papers

Thesis: The development and distribution of cocoa has had a positive effect on today's society because of it's active role in daily health.I. History of CocoaA. Kakahutal Mayan and Aztec CultureB. Introduction to EuropeC. Cocoa PressII. Mental and Physical HealthA. MigrainesB. Cholesterol1. Stearic Acid2. Oleic Acid3. FlavonoidsC. Premenstrual SyndromeD. Kidney StonesE. Chemical Craving Theories1. Theobromine2. Phenylithylamine3. EndorphinsChocolate, one America's top industry's. We produce more chocolate and chocolate products than any other country, over 2.9 billion pounds a year. There has been much controversy about the lack of nutritional value of in it's contents, yet new studies have shown that cocoa, used to make chocolate, can be good for you. The development and distribution of cocoa has had a positive effect on today's society because of it's active role in daily health.Cocoa was last dated back to the Mayan and Aztec cultures in 1502. On Columbus' last voyage he brought a few cocoa beans from the new world to Spain but they were introduced as nothing more than seeds and so they were forgotten. Until 1519 when the Spanish explorer Hernando Cortez landed during his expedition to Mexico he came upon the people known as the Aztecs. While there he dined with many of the rich and powerful people of this society. He reported that these people drink amazing amounts of something they called choclatl (Chocolate! 12). Chocolatl a beverage made from corn meal, chili peppers, vanilla, and kakahutal or cocoa as it's known today. Cortez figured the if an Aztec king liked chocolatl, a Spanish king would too. So he brought some beans to Europe as one of the fabulous treasures from America. The Spanish royalty called their new drink chocolate. They sweetened it with sugar or honey and flavored it with cinnamon. But since the Spanish couldn't get enough beans for themselves, they didn't want to share them with anyone else. They kept the secret so well that, for many years, very few people in Europe knew about chocolate. When the secret finally leaked out, only rich people could afford the luxury. But soon more and more beans were being grown, and better ways of turning them into chocolate were discovered. Chocolate became so popular that cocoa pubs, houses where you can go eat and drink all the chocolate you wished, popped ... ...voided in the case of cocoa products. The development and distribution of cocoa has had a positive effect on today's society because of it's active role in daily health. This has been proven not only through the history of distribution behind cocoa, but also it's physical and mental effects on the human body. It has become a part of our religious society and will always have a special place in our hearts. Works Consulted"Chocolate." New Standard Encyclopedia. 1995 ed."Chocolate!" Ranger Rick 30 Feb. 1996: 12-16."Chocolate's Not a Culprit." Industry Week 247 March 16, 1996: 66."Cocoa." New Standard Encyclopedia. 1995 ed."Columbus." New Standard Encyclopedia. 1995 ed."Cortez." New Standard Encyclopedia. 1995 ed.Friedman, Max. "A Bittersweet Romance." Vegetarian Times 2 (1996): 74-81.Hearts May Safely Flutter Over Valentine's Chocolates. [Online] Available <a href="http://www.geisner.edu">http://www.geisner.edu, April 18, 1998.Jaret, Peter. "Three Cheers For Chocolate." Health 11 (1997): 30-33.Waterhouse, Debra. "Why Women Need Chocolate." Good Housekeeping 220 (1995): 81-88.

SWOT Analysis for Zoecon, and the Product, ROACH ENDER Essay -- essays

SWOT Analysis for Zoecon, and the Product, ROACH ENDER Main Problem Analysis   Ã‚  Ã‚  Ã‚  Ã‚  While no real problem exists with Zoecon, there is a conflict of interests in regard to how Strike ROACH ENDER is marketed. A meeting was set in which Zoecon executives were to analyze and discuss the test market results for the Strike ROACH ENDER, after it was placed in a consumer test market for six months in four cities representative of the 19-city market where 80 percent of roach insecticides were sold. These four cities included: Charleston, South Carolina; Beaumont, Texas; Charlotte, North Carolina; and New Orleans, Louisiana.   Ã‚  Ã‚  Ã‚  Ã‚  After these six months, executives were to determine which option would benefit Zoecon, resulting in the greatest return on profit. After analyzing the results, executives came up with three different options in which to market Strike ROACH ENDER. These options included:   Ã‚  Ã‚  Ã‚  Ã‚  Option One: was to expand the Strike ROACH ENDER distribution to the 19 cities where Strike FLEA ENDER was being sold. The research conducted by Zoecon's private marketing research group showed that the 19 cities accounted for 80 percent of roach insecticide volume. The executives at Zoecon agreed that the primary direct costs associated with distributing Strike ROACH ENDER to these 19 cities would be a price of $1,016,000. This cost would cover the advertising and promotions for the purpose of creating brand awareness in these 19 cities. The executives also agreed that the set-up/auditing, marketing research, and miscellaneous costs would not be repeated in order to expand distribution.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Option Two: Executives believed that Zoecon should focus on directing their resources to Pest Control Operators, (PCO's). They noted that GENCOR (hydropene) had been greatly received by PCOs in 1984. At the end of this year, many PCOs were promoting GENCOR's benefits to their customers. These Zoecon executives agreed that with an annual investment of $500,000 every year above the 27 percent of sales would be enough for trade advertising and and sales efforts towards accelerating use.   Ã‚  Ã‚  Ã‚  Ã‚  Option Three: Zoecon executives suggested that they pursue opportunities for selling hydropene to the makers of d-Con, Black Flag, and Raid for use in their products. While this strategy had worked in the past for PRECOR (methopene), it could pose as a threat or possible... ... above their competition. Weaknesses:   Ã‚  Ã‚  Ã‚  Ã‚  While there isn't a great deal of weaknesses to this option, executives might still agree that our competition will take advantage of our opportunity for growth in the consumer market. While this may be true, the results could be much worse if Zoecon jumps into the consumer market before gaining the reputation and earnings they would have produced from starting with the PCO's support behind their product. Zoecon has a specially designed product that is backed by strong, scientific research. Even though Zoecon's competitors will have a few years to breathe freely, after developing widespread attention from professionals, and gaining competitive edge, Zoecon is bound to quickly surprise the consumer market in the future. Threats:   Ã‚  Ã‚  Ã‚  Ã‚  The only potential threats to this option is new innovations, or a lack of timing. Zoecon's patents will eventually time out, which will give competition access to the controlled compounds that Zoecon formulated. Although this threat could potentially destroy Zoecon's existence, the chances of this happening are very slim to nearly impossible unless every one of their plans fail in the PCO market.

Sunday, August 18, 2019

Suburbanization and the Social Use of Television :: Television Media TV Essays

Suburbanization and the Social Use of Television The 1950s can be seen as a time of unprecedented family values, in which young, white, middle-income nuclear families arrived en masse in the pre-planned community living areas of suburbia. In the article "Joyride", Kunstler identifies the reasons for, and attraction of, a grand public relocation to previously uninhabited areas outside main city centres. Kunstler argues that it was, in part, the replacement of the streetcar (or trolley), and later the automobile, from the horse-powered transit of earlier 20th century life, that ignited weekend traffic to expand outside urban centres. "Joyriding" on weekends, as Kunstler explains, made suburban areas more accessible and attractive. Suburban areas often hosted various family attractions (such as amusement parks) in which families could experience safe, clean entertainment while being removed from the chaos of the city. Two factors encouraged this "weekending" family behaviour: (1) with the introduction of the electric trolley, passengers could travel any distance at a flat rate cheaper than old horse-drawn methods; and (2) automobiles were greatly subsidized after their initial introduction, thus promoting the number of middle-class car owners. Both these factors brought large-scale transit outside of the city, making the suburbs more accessible and demanding the development of suburban communities. This major development, as described in Lynn Spiegel's article "The Suburban Home Companion", was largely driven by the concept of suburbia as a safe, clean environment (free from "undesirables" such as blacks and lower-income families) in which families could experience both an increased private and community life. This separation, Spiegel says, is what opened the opportunity for TV success. As nuclear suburban families desired to experience the "outside" world (including travel, unusual voyages etc.), they were also trapped in a homogenous communities where life was mundane, and immense pressure was put on each family in these "fair tale" towns to keep up with, and out-do, next door neighbours, and produce a consistently stable and satisfied appearance. As this suburban sprawl of the fifties took America by storm, Spiegel discusses how television provided a necessary means of escapism for frustrated families. The first television show, broadcast in 1949, was a very simple program in which a man and woman sit watching and discussing the TV. Although by today's standards this would be seen as unsurpassingly boring to audiences, this simple show provided a stress relief and easy entertainment; it seemed as though audiences enjoyed watching programs which, similar to their own situation, seemed more rewarding.

Saturday, August 17, 2019

Kaplan P4 Mock Exam

ACCA REVISION MOCK June 2010 Question paper Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A TWO compulsory questions Section B TWO questions ONLY to be attempted Formulae Sheet and Mathematical Tables are on pages 3, 4, 5, 6 and 7 Do NOT open this paper until instructed by the supervisor This question paper must not be removed from the examination hall Kaplan Publishing/Kaplan Financial KAPLAN PUBLISHING Page 1 of 14 Paper P4 Advanced Financial Management ACCA P4 Advanced Financial Management  © Kaplan Financial Limited, 2010 All rights reserved.No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing. The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary.Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials. Page 2 of 14 KAPLAN PUBLISHING Revision Mock Questions FORMULAE SHEET Modigliani and Miller proposition 2 (with tax) ke = kie + (1 ? T)(kie ? kd) Vd Ve Two asset portfolio sp = 2 2 w a s a + w 2 s 2 + 2w a w b rab s a s b b b The capital asset pricing model E(ri) = Rf + ? i(E(rm) ? Rf) The asset beta formula ? ? ? Vd (1 ? T ) ? Ve ? a = ? ?e ? + ? ?d ? ? (Ve + Vd (1 ?T )) ? ? Ve + Vd (1 ? T )) ? The growth model Po = D o (1 + g ) (re ? g) Gordon’s growth approxi mation g = bre The weighted average cost of capital ? Ve ? ? Vd ? WACC = ? ?k e + ? ? k d (1 ? T ) ? Ve + Vd ? ? Ve + Vd ? The Fisher formula (1+i) = (1+r)(1+h) Purchasing power parity and interest rate parity s1 = S o x (1 + h c ) (1 + h b ) f0 = so x (1 + i c ) (1 + i b ) KAPLAN PUBLISHING Page 3 of 14 ACCA P4 Advanced Financial Management The Black-Scholes option pricing model c = PaN(d1) – PeN(d2)e? rt Where: The forex modified Black-Scholes option pricing model c = e? rt [F0N(d1) ? XN(d2)] Or d1 = In(Pa / Pe ) + (r + 0. 5s ) t s t p = e–rt [XN(? d2) ? F0N(? d1)] Where: d 2 = d1 ? s t d1 = and 1n (F0 / X) + s T / 2 s T 2 d 2 = d1 ? s T The put call parity relationship p = c ? Pa + Pee? rt Modified Internal Rate of Return ? PV ? n MIRR = ? R ? (1 + re) – 1 ? PV1 ? 1 Page 4 of 14 KAPLAN PUBLISHING Revision Mock Questions MATHEMATICAL TABLES Standard normal distribution table 0. 00 . 0000 . 0398 . 0793 . 1179 . 1554 . 1915 . 2257 . 2580 . 2881 . 3159 . 3413 . 3 643 . 3849 . 4032 . 4192 . 4332 . 4452 . 4554 . 4641 . 4713 . 4772 . 4821 . 4861 . 4893 . 4918 . 4938 . 4953 . 4965 . 4974 . 4981 . 4987 0. 01 . 0040 . 0438 . 0832 . 1217 . 1591 . 1950 . 2291 . 2611 . 910 . 3186 . 3438 . 3665 . 3869 . 4049 . 4207 . 4345 . 4463 . 4564 . 4649 . 4719 . 4778 . 4826 . 4865 . 4896 . 4920 . 4940 . 4955 . 4966 . 4975 . 4982 . 4987 0. 02 . 0080 . 0478 . 0871 . 1255 . 1628 . 1985 . 2324 . 2642 . 2939 . 3212 . 3461 . 3686 . 3888 . 4066 . 4222 . 4357 . 4474 . 4573 . 4656 . 4726 . 4783 . 4830 . 4868 . 4898 . 4922 . 4941 . 4956 . 4967 . 4976 . 4983 . 4987 0. 03 . 0120 . 0517 . 0910 .1293 . 1664 . 2019 . 2357 . 2673 . 2967 . 3238 . 3485 . 3708 . 3907 . 4082 . 4236 . 4370 . 4485 . 4582 . 4664 . 4732 . 4788 . 4834 . 4871 . 4901 . 4925 . 4943 . 4957 . 4968 . 4977 . 4983 . 4988 0. 04 . 0159 . 0557 . 0948 . 331 . 1700 . 2054 . 2389 . 2704 . 2995 . 3264 . 3508 . 3729 . 3925 . 4099 . 4251 . 4382 . 4495 . 4591 . 4671 . 4738 . 4793 . 4838 . 4875 . 4904 . 4927 . 4945 . 4959 . 4969 . 4977 . 4984 . 4988 0. 05 . 0199 . 0596 . 0987 . 1368 . 1736 . 2088 . 2422 . 2734 . 3023 . 3289 . 3531 . 3749 . 3944 . 4115 . 4265 . 4394 . 4505 . 4599 . 4678 . 4744 . 4798 . 4842 . 4878 . 4906 . 4929 . 4946 . 4960 . 4970 . 4978 . 4984 . 4989 0. 06 . 0239 . 0636 . 1026 . 1406 . 1772 . 2123 . 2454 . 2764 . 3051 . 3315 . 3554 . 3770 . 3962 . 4131 . 4279 . 4406 . 4515 . 4608 . 4686 . 4750 . 4803 . 4846 . 4881 . 4909 . 4931 . 4948 . 4961 . 4971 . 4979 . 4985 . 989 0. 07 . 0279 . 0675 . 1064 . 1443 . 1808 . 2157 . 2486 . 2794 . 3078 . 3340 . 3577 . 3790 . 3980 . 4147 . 4292 . 4418 . 4525 . 4616 . 4693 . 4756 . 4808 . 4850 . 4884 . 4911 . 4932 . 4949 . 4962 . 4972 . 4980 . 4985 . 4989 0. 08 . 0319 . 0714 . 1103 . 1480 . 1844 . 2190 . 2518 . 2823 . 3106 . 3365 . 3599 . 3810 . 3997 . 4162 . 4306 . 4430 . 4535 . 4625 . 4699 . 4762 . 4812 . 4854 . 4887 . 4913 . 4934 . 4951 . 4963 . 4973 . 4980 . 4986 . 4990 0. 09 . 0359 . 0753 . 1141 . 1517 . 1879 . 2224 . 2549 . 2852 . 3133 . 3389 . 3621 . 3830 . 4015 . 4177 . 4319 . 4441 . 4545 . 4633 . 4706 . 4767 . 4817 . 4857 . 4890 . 4916 . 4936 . 952 . 4964 . 4974 . 4981 . 4986 . 4990 0. 0 0. 1 0. 2 0. 3 0. 4 0. 5 0. 6 0. 7 0. 8 0. 9 1. 0 1. 1 1. 2 1. 3 1. 4 1. 5 1. 6 1. 7 1. 8 1. 9 2. 0 2. 1 2. 2 2. 3 2. 4 2. 5 2. 6 2. 7 2. 8 2. 9 3. 0 This table can be used to calculate N (d1), the cumulative normal distribution function needed for the Black-Scholes model of option pricing. If d1 > 0, add 0. 5 to the relevant number above. If d1 < 0, subtract the relevant number above from 0. 5. KAPLAN PUBLISHING Page 5 of 14 ACCA P4 Advanced Financial Management Present value table Present value of ? 1, i. e. (1 + r)-n where r = discount rate n = number of periods until paymentPeriods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1% 0. 990 0. 980 0. 971 0. 961 0. 951 0. 942 0. 933 0. 923 0. 914 0. 905 0. 896 0. 887 0. 879 0. 870 0. 861 2% 0. 980 0. 961 0. 942 0. 924 0. 906 0. 888 0. 871 0. 853 0. 837 0. 820 0. 804 0. 788 0. 773 0. 758 0. 743 3% 0. 971 0. 943 0. 915 0. 888 0. 863 0. 837 0. 813 0. 789 0. 766 0. 744 0. 722 0. 701 0. 681 0. 661 0. 642 4% 0. 962 0. 925 0. 889 0. 855 0. 822 0. 790 0. 760 0. 731 0. 703 0. 676 0. 650 0. 625 0. 601 0. 577 0. 555 5% 0. 952 0. 907 0. 864 0. 823 0. 784 0. 746 0. 711 0. 677 0. 645 0. 614 0. 585 0. 557 0. 530 0. 505 0. 481 6% 0. 43 0. 890 0. 840 0. 792 0. 747 0. 705 0. 665 0. 627 0. 592 0. 558 0. 527 0. 497 0. 469 0. 442 0. 417 7% 0. 935 0. 873 0. 816 0. 763 0. 713 0. 666 0. 623 0. 582 0. 544 0. 508 0. 475 0. 444 0. 415 0. 388 0. 362 8% 0. 926 0. 857 0. 794 0. 735 0. 681 0. 630 0. 583 0. 540 0. 500 0. 463 0. 429 0. 397 0. 368 0. 340 0. 315 9% 0. 917 0. 842 0. 772 0. 708 0. 650 0. 596 0. 547 0. 502 0. 460 0. 422 0. 388 0. 356 0. 326 0. 299 0. 275 10% 0. 909 0. 826 0. 751 0. 683 0. 621 0. 564 0. 513 0. 467 0. 424 0. 386 0. 350 0. 319 0. 290 0. 263 0. 239 11% 0. 901 0. 812 0. 731 0. 659 0. 593 0. 535 0. 482 0. 434 0. 391 0. 352 0. 317 0. 286 0. 258 0. 232 0. 209 2% 0. 893 0. 797 0. 712 0. 636 0. 567 0. 507 0. 452 0. 404 0. 361 0. 322 0. 287 0. 257 0. 229 0. 205 0. 183 13% 0. 885 0. 783 0. 693 0. 613 0. 543 0. 480 0. 425 0. 376 0. 333 0. 295 0. 261 0. 231 0. 204 0. 181 0. 160 14% 0. 877 0. 769 0. 675 0. 592 0. 519 0. 456 0. 400 0. 351 0. 308 0. 270 0. 237 0. 208 0. 182 0. 160 0. 140 15% 0. 870 0. 756 0. 658 0. 572 0. 497 0. 432 0. 376 0. 327 0. 284 0. 247 0. 215 0. 187 0. 163 0. 141 0. 123 16% 0. 862 0. 743 0. 641 0. 552 0. 476 0. 410 0. 354 0. 305 0. 263 0. 227 0. 195 0. 168 0. 145 0. 125 0. 108 17% 0. 855 0. 731 0. 624 0. 534 0. 456 0. 390 0. 333 0. 285 0. 243 0. 208 0. 178 0. 152 0. 130 0. 11 0. 095 18% 0. 847 0. 718 0. 609 0. 516 0. 437 0. 370 0. 314 0. 266 0. 225 0. 191 0. 162 0. 137 0. 116 0. 099 0. 084 19% 0. 840 0. 706 0. 593 0. 499 0. 419 0. 352 0. 296 0. 249 0. 206 0. 176 0. 148 0. 124 0. 104 0. 088 0. 074 20% 0. 833 0. 694 0. 579 0. 482 0. 402 0. 335 0. 279 0. 233 0. 194 0. 162 0. 135 0. 112 0. 933 0. 078 0. 065 Page 6 of 14 KAPLAN PUBLISHING Revision Mock Questions Annuity table 1- (1+ r) -n r Present value of an annuity of ? 1, i. e. where r = interest rate n = number of periods Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1% 0. 990 1. 970 2. 941 3. 902 4. 853 5. 795 6. 728 7. 652 8. 566 9. 471 10. 37 11. 6 12. 13 13. 00 13. 87 2% 0. 980 1. 942 2. 884 3. 808 4. 713 5. 601 6. 472 7. 325 8. 162 8. 893 9. 787 10. 58 11. 35 12. 11 12. 85 3% 0. 971 1. 913 2. 829 3. 717 4. 580 5. 417 6. 230 7. 020 7. 786 8. 530 9. 253 9. 954 10. 63 11. 30 11. 94 4% 0. 962 1. 886 2. 775 3. 630 4. 452 5. 242 6. 002 6. 733 7. 435 8. 111 8. 760 9. 385 9. 986 10. 56 11. 12 5% 0. 952 1. 859 2. 723 3. 546 4. 329 5. 076 5. 786 6. 463 7. 108 7. 722 8. 306 8. 863 9. 394 9. 899 10. 38 6% 0. 943 1. 833 2. 673 3. 465 4. 212 4. 917 5. 582 6. 210 6. 802 7. 360 7. 887 8. 384 8. 853 9. 295 9. 712 7% 0. 935 1. 808 2. 624 3. 387 4. 100 4. 767 5. 389 5. 971 6. 515 7. 024 7. 499 7. 43 8. 358 8. 745 9. 108 8% 0. 926 . 178 3 2. 577 3. 312 3. 993 4. 623 5. 206 5. 747 6. 247 6. 710 7. 139 7. 536 7. 904 8. 244 8. 559 9% 0. 917 1. 759 2. 531 3. 240 3. 890 4. 486 5. 033 5. 535 5. 995 6. 418 6. 805 7. 161 7. 487 7. 786 8. 061 10% 0. 909 1. 736 2. 487 3. 170 3. 791 4. 355 4. 868 5. 335 5. 759 6. 145 6. 495 6. 814 7. 103 7. 367 7. 606 Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 11% 0. 901 1. 713 2. 444 3. 102 3. 696 4. 231 4. 712 5. 146 5. 537 5. 889 6. 207 6. 492 6. 750 6. 982 7. 191 12% 0. 893 1. 690 2. 402 3. 037 3. 605 4. 111 4. 564 4. 968 5. 328 5. 650 5. 938 6. 194 6. 424 6. 628 6. 811 13% 0. 885 1. 668 2. 361 2. 74 3. 517 3. 998 4. 423 4. 799 5. 132 5. 426 5. 687 5. 918 6. 122 6. 302 6. 462 14% 0. 877 1. 647 2. 322 2. 914 3. 433 3. 889 4. 288 4. 639 4. 946 5. 216 5. 453 5. 660 5. 842 6. 002 6. 142 15% 0. 870 1. 626 2. 283 2. 855 3. 352 3. 784 4. 160 4. 487 4. 772 5. 019 5. 234 5. 421 5. 583 5. 724 5. 847 16% 0. 862 1. 605 2. 246 2. 798 3. 274 3. 685 4. 039 4. 344 4. 607 4. 833 5. 029 5. 197 5. 342 5. 468 5. 575 17% 0. 855 1. 585 2. 210 2. 743 3. 199 3. 589 3. 922 4. 207 4. 451 4. 659 4. 836 4. 988 5. 118 5. 229 5. 324 18% 0. 847 1. 566 2. 174 2. 690 3. 127 3. 496 3. 812 4. 078 4. 303 4. 494 4. 656 4. 793 4. 910 5. 008 5. 092 19% 0. 840 1. 47 2. 140 2. 639 3. 058 3. 410 3. 706 3. 954 4. 163 4. 339 4. 586 4. 611 4. 715 4. 802 4. 876 20% 0. 833 1. 528 2. 106 2. 589 2. 991 3. 326 3. 605 3. 837 4. 031 4. 192 4. 327 4. 439 4. 533 4. 611 4. 675 KAPLAN PUBLISHING Page 7 of 14 ACCA P4 Advanced Financial Management SECTION A TWO COMPULSORY QUESTIONS QUESTION 1 (a) Hunt plc is a medium sized UK company that trades with companies in several European countries. Trade deals over the next three months are shown below. Assume that it is now 20 April. Two months’ time Receipts Payments ? â‚ ¬393,265 ? ? ? ? Three months’ time Receipts Payments â‚ ¬491,011 â‚ ¬60,505 â‚ ¬890,217 â‚ ¬1,997,651 Kr 8. m ? France Germany Denmark Foreign exchange rates Spot Two months f orward Three months forward Dkroner (Kr)/? 10. 68 – 10. 71 10. 74 – 10. 77 10. 78 – 10. 83 Euro (â‚ ¬)/? 1. 439 – 1. 465 1. 433 – 1. 459 1. 431 – 1. 456 Annual interest rates (valid for two months or three months) Borrowing (%) United Kingdom 7. 50 France 5. 75 Germany 5. 75 Denmark 8. 00 Investing (%) 5. 50 3. 50 3. 50 6. 00 Futures market rates Three month Euro contracts (125,000 Euro contract size). Contracts are for buying or selling Euros. Futures prices are in ? per Euro. Current 20 April June September December 0. 6964 0. 6983 0. 013 Page 8 of 14 KAPLAN PUBLISHING Revision Mock Questions Required: (i) Using the forward market, money market and currency futures market as appropriate, devise a foreign exchange hedging strategy that is expected to maximise the cash flows of Hunt plc at the end of the three month period. (Note: Denmark is not a member of the Euro block. ) Transaction costs and margin requirements may be ignored for thi s part of the question. The basis may be assumed to reduce to zero in a linear manner over the period to expiry of the futures contracts. Futures contracts may be assumed to mature at the month end. 15 marks) (ii) Successive daily prices on the futures market for a June contract which Hunt plc has sold are: Selling price Day 1 Day 2 Day 3 0. 6916 0. 6930 0. 6944 0. 6940 Initial margins are ? 1,000 per contract. Variation margin is 100% of the initial margin. Spot exchange rates may be assumed to not change significantly during these three days. For each of the three days, show the effect on your cash flow of the price changes of the contract. (4 marks) (b) Discuss the advantages and disadvantages of forward contracts and currency futures for hedging against foreign exchange risk. 6 marks) (Total: 25 marks) KAPLAN PUBLISHING Page 9 of 14 ACCA P4 Advanced Financial Management QUESTION 2 Brookday plc is considering whether to establish a subsidiary in the USA. The subsidiary would cost a total of $20 million, including $4 million for working capital. A suitable existing factory and machinery have been located and production could commence quickly. A payment of $19 million would be required immediately, with the remainder required at the end of year 1. Production and sales are forecast at 50,000 units in the first year and 100,000 units per year thereafter.The unit sales price, unit variable cost and total fixed costs in year 1 are expected to be $100, $40 and $1 million respectively. After year 1 prices and costs are expected to rise at the same rate as the previous year’s level of inflation in the USA; this is forecast to be 5% per year for the next five years. In addition, a fixed royalty of ? 5 per unit will be payable to the parent company, payment to be made at the end of each year. Brookday has a four year planning horizon and estimates that the realisable value of the fixed assets in four years’ time will be $20 million.It is the company†™s policy to remit the maximum funds possible to the parent company at the end of each year. Assume that there are no legal complications to prevent this. Brookday currently exports to the USA yielding an after-tax net cash flow of ? 100,000. No production will be exported to the USA if the subsidiary is established. It is expected that new export markets of a similar worth in Southern Europe could replace exports to the USA. United Kingdom production is at full capacity and there are no plans for further expansion in capacity. Tax on the company’s profits is at a rate of 50% in both countries, payable one year in arrears.A double taxation treaty exists between the UK and USA and no double taxation is expected to arise. No withholding tax is levied on royalties payable from the USA to the UK. Tax allowable depreciation is at a rate of 25% on a straight line basis on all fixed assets. Brookday believes that the appropriate beta for this investment is 1. 2. The market rate of return is 12%, and the risk-free rate is 7%. The current spot exchange rate is US $1. 300/? 1, and the pound is expected to fall in value by approximately 5% per year relative to the US dollar.Required: (a) Evaluate the proposed investment from the viewpoint of Brookday plc. State clearly any assumptions that you make. (20 marks) (b) What further information and analysis might be useful in the evaluation of this project? (10 marks) Briefly discuss ethical issues that might need to be considered as part of a multinational company’s investment decision process (5 marks) (Total: 35 marks) (c) Page 10 of 14 KAPLAN PUBLISHING Revision Mock Questions SECTION B TWO QUESTIONS ONLY TO BE ATTEMPTED QUESTION 3 The following data relates to a large company operating in the electronics industry. 0X3 After tax earnings (? million) Dividend per share (pence) Number of ordinary shares (million) Average share price (pence) Net capital investment (? million) Annual increase in inflation (%) 1 30 9. 75 508 740 210 4 20X4 195 11. 0 600 875 270 4 20X5 255 12. 75 650 690 340 3 20X6 295 14. 0 695 20X7 472 15. 5 930 820 1,012 410 520 3 3 A major institutional shareholder has criticised the level of dividend payment of the company suggesting that it should be substantially increased. Required: (a) Briefly discuss the factors that are likely to influence the company's dividend policy. 6 marks) Discuss whether or not the institutional shareholder's criticism is likely to be valid. (6 marks) Hiome plc has experienced a period of above average growth for its industry, but is now growing at a normal rate of about 10% per annum. The company’s directors are reviewing the current dividend policy. One director has suggested that, as the company no longer needs as much internally generated funds to finance new investment, a higher proportion of earnings should be paid out as dividends in order to benefit the company’s shareholders.Another director has read that two eminent economists, Miller and Modigliani, have stated that the pattern of dividend payouts is irrelevant, and therefore shareholders will experience no gain from a higher level of dividends. Discuss whether or not an increase in dividends is likely to benefit the shareholders of Hiome plc. (8 marks) (Total: 20 marks) (b) (c) KAPLAN PUBLISHING Page 11 of 14 ACCA P4 Advanced Financial Management QUESTION 4 (a) One of the most important elements of any decision is the specification of goals or objectives which the decision maker seeks to achieve.The literature on capital budgeting, or investment appraisal, generally assumes the goal of a company is the maximisation of shareholder wealth. Required: Discuss the rationale for this assumption. Include in your discussion an explanation of alternative goals available to companies. (12 marks) (b) XYZ plc is a medium-sized company operating in the chemical industry. It is a profitable business, currently producing at below maximum capacity. It has on e large factory located on the outskirts of a small industrial town. It is the region’s main employer. The company is evaluating a project which has substantial environmental implications.Required: Discuss the inclusion of environmental costs and benefits into the investment appraisal process, and explain how this might be done. (8 marks) (Total: 20 marks) QUESTION 5 Island Energy Ltd is a small private company on the Island of Senyeh ? a small island whose company law and accountancy practices are based on those of the UK. The company is the monopoly provider of all domestic fuels (electricity, gas and heating oil). The company imports oils and gas and generates and distributes its own electricity. The company currently has 20 staff working on engineering and electrical work at varying level of skills and three clerk/typists.The company at present does not have any management staff: the previous Managing Director (an engineer) resigned at the end of 2006 and has not been rep laced; the Chairman (a retired engineer) has taken over the dayto-day management. The remaining board members are also all retired and comprise two lawyers, a teacher, a politician, an engineer and an operations director for a shipping company. Their role is simply to rubber-stamp the Chairman’s decisions – none of them takes an active role in the company and there have been board meetings where it has been difficult to obtain a quorum.Recently the island’s press has started to express concern about the way the company is being run – partly in reaction to public dismay at the resignation of the MD who was felt to be more approachable than the Chairman, and partly because the company is seen to be spending vast sums of money on capital equipment and worries have started to emerge about how this will impact on the price of fuel. Fuel prices on Senyeh are currently 20% above those on other islands in the region. Page 12 of 14 KAPLAN PUBLISHING Revision Mock QuestionsPengers, a member of the government of Senyeh has recently read an article about corporate failure and thinks that Island Energy Ltd may fit some of the criteria; Lakes, another government member, disagrees – arguing that the Chairman has been in place for several years ? and has asked you, a newly qualified ACCA accountant, to apply the model to show that there is no reason for concern. N. B. Accounting data for the company is presented in the Appendix to this question. You find that the model that Pengers read about was Altman’s Z score model applied to private manufacturing companies and that: Z score = 0. 17X1+ 0. 847X2 + 3. 107X3 + 0. 420X4 + 0. 998X5 where: X1 = working capital/total assets X2 = retained earnings/total assets X3 = earnings before interest and tax/total assets X4 = market value of equity/total liabilities X5 = sales/total assets Further research shows that companies with a score less than 1. 23 have a 95% chance of bankruptcy, those with a score greater than 2. 90 are unlikely to become bankrupt and those in between the two figures require additional scrutiny. (a) Calculate the Z score for Island Energy Ltd and comment upon your findings. 12 marks) (b) List any further concerns you may have about the company and any concerns you may have about the use of the model. (8 marks) (Total: 20 marks) Appendix: Island Energy Ltd Income Statement for the year ended 31 December 20X7 TURNOVER Less: Cost of sales GROSS PROFIT Less: Administrative costs OPERATING PROFIT/(LOSS) Bank charges and interest payable PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Tax on profit on ordinary activities PROFIT/(LOSS) FOR THE FINANCIAL YEAR NET DIVIDEND PAID (NON-EQUITY) TRANSFER TO/(FROM) RESERVES ? 2,374,087 ? 1,923,872 450,215 ? 381,592 68,623 ? 3,999 64,624 ? 8,753 55,871 ? ,120 54,751 KAPLAN PUBLISHING Page 13 of 14 ACCA P4 Advanced Financial Management Island Energy Ltd Statement of Financial Position as at 31 December 20X7 ? NON CURREN T ASSETS Tangible assets CURRENT ASSETS Inventory Receivables Cash at bank and in hand ? 1,622,009 213,979 275,522 487,953 ––––––––– 977,454 ––––––––– TOTAL ASSETS 2,599,463 ––––––––– CAPITAL AND LIABILITIES CURRENT LIABILITIES – TRADE PAYABLES LONG-TERM LOAN CAPITAL AND RESERVES CALLED-UP SHARE CAPITAL RESERVES General reserve Profit and loss reserve 586,117 400,000 64,405 1,129,584 419,357 ––––––––– 1,548,941 ––––––––– TOTAL CAPITAL AND LIABILITIES 2,599,463 –––––––– Page 14 of 14 KAPLAN PUBLISHING ACCA Paper P4 Advanced Financial Management June 2010 Revision Mock – Answers To gain maximum benefit, do not refer to these answers until you have completed the revision mock questions and submitted them for marking. KAPLAN PUBLISHING Page 1 of 17 ACCA P4 Advanced Financial Management  © Kaplan Financial Limited, 2010 All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing.The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials.Page 2 of 17 KAPLAN PUBLISHING Revision Mock Answers ANSWER 1 (a) (i) Any hedging should be based upon expected net receipts and payments. Net receipts/payments Receipts Two months Three months Three months Forward market hedge 393,265 1. 433 676,928 1. 431 Kr8. 6m 10. 83 Payments â‚ ¬393,265 â‚ ¬676,928 Kr 8. 6m Two months = (? 274,435) Three months = (? 473,045) Three months = ?794,090 Money market hedge (i) Now Payment Euro deposit rate (1. 005833) 2 months (â‚ ¬393,265) Buy Deposit â‚ ¬390,984 (â‚ ¬393,265) 0 Buy at spot (Immediate payment in ? s) 1. 439 (? 271,705) (1. 0125) UK borrowing rate (? 275,101) Forward market The forward market is cheaper.Payment (? 274,435) KAPLAN PUBLISHING Page 3 of 17 ACCA P4 Advanced Financial Management Now Payment Euro deposit rate (1. 00875) 3 months (â‚ ¬676,928) Buy Deposit â‚ ¬671 ,056 (â‚ ¬676,928) 0 Buy at spot (Immediate payment in ? s) 1. 439 (? 466,335) (1. 01875) UK borrowing rate (? 475,079) Forward market The forward market is cheaper. Now Receipt Danish borrowing rate (1. 02) Payment (? 473,045) 3 months Kr8,600,000 Sell Loan Kr8,431,373 (Kr8,600,000) 0 Sell at spot (Immediate receipt in ? s) 10. 71 ? 787,243 (1. 01375) UK deposit rate ? 798,068 Forward market The money market offers the better alternative in this case.Futures hedge – The currency of the contract is Euros Payment of â‚ ¬393,265 1 Set up the hedge: Payment in Euros Buying Euros Buy E contracts Receipt ? 794,090 Number of contracts: = â‚ ¬393,265 ? â‚ ¬125,000 = 3. 15 contracts say 3 contracts Buy 3 â‚ ¬ June future contracts at a current price of ? 0. 6964 Page 4 of 17 KAPLAN PUBLISHING Revision Mock Answers 2 The play off: Now 20 April Spot market ? /Euro (1/1. 439) Futures market ? /Euro ? 0. 6964 Basis 0. 0015 ? 0. 6980 (BAL) 0. 0002 10 days of 71 left BASIS N IL Conversion date 20 June Expiry date 30/6 ?0. 6949 Fwd rate 1/1. 433, i. e ? 0. 6978 3 Profit on the futures: Profit on futures: ? 0. 6980-0. 6964) ? (125,000 ? 3) = ? 600. In sterling, therefore no need to convert. 4 The cash flows: Actual payment: Profit on futures Net payment â‚ ¬393,265 ? 0. 6978 = (? 274,420) ? 600 –––––––– (? 273,820) –––––––– In this case, the futures alternative is cheaper than the forward market. Payment of â‚ ¬676,928 1 Set up the hedge: Payment in Euros Buying Euros Buy E contracts No of contracts = â‚ ¬676,928 ? â‚ ¬125,000 = 5. 42 contracts say 5 contracts Buy 5 E September future contracts at a current price of ? 0. 6983 KAPLAN PUBLISHING Page 5 of 17 ACCA P4 Advanced Financial Management 2 The play off: Now 20 April Spot market ? /Euro (1/1. 39) Futures market ? /Euro ? 0. 6983 Basis 0. 0034 ? 0. 7003 (BAL) 0. 0015 BASIS NIL 72 days of 163 left Conversion date 20 July Expiry date 30/9 ?0. 6949 Fwd rate 1/1. 431 i. e. ?0. 6988 3 Profit on the futures: Profit on futures: ? (0. 7003-0. 6983) ? (125,000 x 5) = ? 1,250. In sterling, therefore no need to convert. 4 The cash flows: Actual payment: Profit on futures Net payment â‚ ¬676,928 ? 0. 6988 = (? 473,037) ? 1,250 –––––––– (? 471,787) –––––––– Again, the futures are cheaper than the forward market. In conclusion, the money market should be used for the Danish Kroner hedge and the futures market for the Euro hedges.Although in reality the outcome of futures hedges is not known with certainty, as the basis will probably not reduce to zero in a linear manner before the expiry dates, i. e. we do not know what the closing futures price will be. (ii) Day one – a movement from 0. 6916 to 0. 6930 would produce a loss of 125,000 (0. 0014) or ? 1 75. You would need to provide an extra ? 175 to maintain the margin at ? 1,000, otherwise the contract will be closed out by the Clearing House. Day two – the price change is the same and a further ? 175 would need to be provided to maintain the required margin. Day three – a profit is made of 125,000 (0. 944 – 0. 6940) or ? 50, which may be taken in cash. Page 6 of 17 KAPLAN PUBLISHING Revision Mock Answers (b) Forward contracts Advantages (i) Forward contracts on the Over The Counter (OTC) market are tailored to the needs of the parties concerned and are flexible in terms of size and maturity. (ii) No payments are required until the contracts are settled. (iii) Contracts are available in a very wide range of currencies. Disadvantages (i) Forward contracts have two prices, a buying and a selling price, which means that companies must bear the cost of the spread between these prices. ii) Prices can vary according to the size of deal and the customer. (iii) Long maturity contracts are rare (normally six months) and some currencies do not have a forward market. Currency futures Advantages (i) There is a single specified price which is transparent. (ii) As the market’s Clearing House is the formal counter party to every transaction. This effectively reduces counter party default risk for those dealing in futures. Disadvantages (i) Futures contracts are not very flexible. Contracts are only of a specified size and maturity and are only available for a very limited number of currencies. ii) The cost of operating the margin system. An initial margin (deposit) is required and further variation margins are necessary on a daily basis. KAPLAN PUBLISHING Page 7 of 17 ACCA P4 Advanced Financial Management ACCA marking scheme (a) (i) Use of net receipts and payments Forward market Money market Futures market Conclusions Maximum (ii) Understanding of variation margin Day 1 and 2 loss Day 3 gain Maximum Marks 1 2 4 6 2 ___ 15 ___ 1 2 1 ___ 4 ___ ( b) Advantages and disadvantages of forward contracts Advantages and disadvantages of futures 3-4 3-4 Max 6 Total ___ 25 ___ Page 8 of 17 KAPLAN PUBLISHING Revision Mock Answers ANSWER 2 a) Brookday’s stated policy is to remit the maximum funds possible to the parent company. The net present value of relevant cash flows to the parent company will be the appropriate decision criterion, and should lead to maximisation of parent shareholder wealth. The dollar profit and relevant cash flow from the subsidiary must be determined first. Projected earnings data of the US subsidiary Year 1 $000 5,000 2,000 1,000 309 4,000 7,309 (2,309) 0 (2,309 Year 2 $000 10,500 4,200 1,050 586 4,000 9,836 664 0 664 Year 3 $000 11,025 4,410 1,102 557 4,000 10,069 956 0 956 Year 4 $000 11,580 4,630 1,158 529 4,000 10,317 1,263 0 1,263 Year 5 $000Sales (Note 1) Variable costs Fixed costs Royalty (Note 2) Depreciation Taxable profit US tax payable (Note 3) Profit after tax (287) (287) Projected cash flo w data of the US subsidiary Year 0 $000 Profit after tax Depreciation Initial investment Additional capital Realisable value of fixed assets (Note 4) Tax on realisable value Working capital available Cash flows available to parent Exchange rate $/? (W2) Year 1 $000 (2,309) 4,000 (19,000) (1,000) Year 2 $000 664 4,000 Year 3 $000 956 4,000 Year 4 $000 1,263 4,000 Year 5 $000 (287) 20,000 (10,000) 4,000 –––––– ––––––– ––––––– ––––––– ––––––– ––––––– (19,000) 1. 300 691 1. 235 4,664 1. 173 4,956 29,263 (10,287) 1. 115 1. 059 1. 006 KAPLAN PUBLISHING Page 9 of 17 ACCA P4 Advanced Financial Management Projected cash flow data for the parent company Year 0 Year 1 Year 2 ? 000 ? 000 ? 000 Available from US s ubsidiary (14,615) 559 3,976 Royalty payment 250 500 UK tax on royalty (Note 5) (125) Net cash flow Discount factors @ 13% (Note 6) Present values (14,615) 1 (14,615) 809 0. 885 716 4,351 0. 783 3,407 Year 3 ? 000 4,445 500 (250) 4,695 0. 693 3,254 Year 4 ? 000 27,633 500 (250) 27,883 0. 13 17,092 Year 5 ? 000 (10,226) (250) (10,476) 0. 543 (5,688) Net present value = ? 4,166,000 The positive NPV means that the project is acceptable. The loss of exports to the USA if the project is undertaken is not a relevant cash flow. Notes: 1 Sales price increases by 5% per year Year 1 Year 2 Year 3 Year 4 Price 100. 00 105. 00 110. 25 115. 80 Units (000) 50 100 100 100 Sales revenue (000) 5,000 10,500 11,025 11,580 Similar calculations are necessary for variable costs, and price adjustments for fixed costs. 2 The royalty is payable in ? s and will depend upon the $/? exchange rate.The ? is expected to fall in value by 5% per year relative to the $. Year 1 Expected exchange rate $/? Royalty (? 0 00) Royalty ($000) 3 4 1. 235 250 309 Year 2 1. 173 500 586 Year 3 1. 115 500 557 Year 4 1. 059 500 529 Year 5 1. 006 5 Losses are assumed to be carried forward and allowed against future profits for taxation purposes. Although the subsidiary will exist for more than four years, the company’s planning horizon is only four years. A value must be placed upon the subsidiary at this time. The only information available is an estimate of realisable value of fixed assets.Tax on this realisable value will be payable as the assets are fully depreciated. Potential working capital available must also be considered. There will be no double taxation on cash flows from the USA. However, the royalty has not been subject to US tax, and will be liable to UK taxation. Page 10 of 17 KAPLAN PUBLISHING Revision Mock Answers 6 Using the capital asset pricing model to determine the discount rate: R project = R project = = RF + (RM ? RF)? project 7% + (12% ? 7%) 1. 2 13% (b) Further information and analysis might include: (i) How accurate are the cash flow forecasts? How have they been established? ii) Why has a four-year planning horizon been chosen? The valuation of the fixed assets at year 4 is highly significant to the NPV solution. How has this valuation been established? Is this valuation based upon future earnings as a going concern? It would be more desirable to evaluate the project over the whole of its projected life. (iii) Risk is taken into account by using a CAPM derived discount rate. How has this rate been derived for a situation involving two countries? Does this fully reflect the risk of the project? Is the use of CAPM appropriate (as it is a single period model)?Other, theoretically weaker measures of risk might be useful as an aid to decision making, e. g. sensitivity analysis of the key variables or simulation. (iv) Cash flow is usually assumed to occur at the end of each year. Greater accuracy would result if consideration were given to when during the ye ar cash flow arises and these cash flows discounted at the appropriate rate. (v) Political and economic factors. How stable is the US government policy? Will a change in government lead to changes in taxation policy, exchange controls, restrictions on the remittance of funds, attitudes toward foreign investment? vi) Are there any intangible benefits of establishing a manufacturing plant in the USA, e. g. making the American public more aware of Brookday’s product? (vii) Real options analysis. The Black-Scholes option valuation model could be used to place a value on any real options. Thus enabling the calculation of a true NPV of project with options: True NPV = Short term NPV + NPV of all real options Multinational companies may engage in activities which, whilst not illegal, are questionable ethically, and may have detrimental long-term effects on the company’s reputation.Ethical considerations include: (i) (ii) (iii) (iv) (v) (vi) Would the investment cause pollutio n or other environmental damage in the country? Does the investment involve experiments on animals, genetic modifications etc? Should the investment be undertaken if the country has a poor record on human rights? If local officials ask for ‘inducements’ to facilitate the investment process, should these be paid? Would the investment in any way assist trading in drugs or arms? Are wages to be paid below subsistence level? Are working conditions of an acceptable standard? c) KAPLAN PUBLISHING Page 11 of 17 ACCA P4 Advanced Financial Management ACCA marking scheme (a) Exchange rates Sales Variable costs Fixed costs Royalty Depreciation US tax payable Tax on realisable value Working capital Discount rate Loss on exports – not relevant UK tax on royalties NPV and conclusion Reward technique even if calculation errors exist Maximum (b) (c) 1 – 2 marks for each good point 1 – 2 marks for each good point Total Marks 2 2 1 1 2 1 2 1 1 2 2 2 1 ___ 20 ___ 10 5 ___ 35 ___ Page 12 of 17 KAPLAN PUBLISHING Revision Mock Answers SECTION B ANSWER 3 a) There is considerable debate as to whether dividend policy can influence corporate value. Much of the debate concerns the question of whether it is the dividend that affects share value, or the information implied by the payment of the dividend. Dividends may provide, in the cheapest and most efficient manner, unambiguous signals about a company's future prospects and management performance. Managers have an incentive to send truthful signals via dividends, as any changes in dividends that are not likely to be accompanied by changes in cash flows will not fool a market that is at least semi-strong form efficient.Dividends therefore may be a valuable communication medium. There are a number of possible practical influences on dividend policy including: (i) (ii) (iii) (iv) Dividends are to be discouraged as they may lead to issue costs associated with raising additional external finance. Corporate growth. The faster a company is growing the lower the dividend payment is likely to be. Liquidity. Cash is needed to pay dividends. The level of corporate liquidity might influence dividend payouts. The volatility of corporate cash flows.Companies may be reluctant to increase dividends unless they believe that future cash flows will be large enough to sustain the increased dividend payment. Legal restrictions, for example, government constraints, limitations on payments from reserves, and covenants on debt that restrict dividends. The rate of inflation. Many shareholders like dividends to increase by at least as much as inflation. The desires and tax position of the shareholder clientele. However, most companies have a broad spread of shareholders with different needs and tax positions. (v) (vi) (vii) b) Statistical data: Earnings per share (pence) Retained earnings (? m) Payout ratio (%) Dividends (? m) Real growth in dividend per share (%) 20X3 25. 6 80 38. 1 49. 5 20X4 32. 5 129 33. 8 66. 0 8. 48 20X5 39. 2 172 32. 5 82. 9 12. 53 20X6 42. 4 198 33. 0 97. 3 6. 60 20X7 50. 8 328 30. 5 144. 1 7. 49 The company's dividend per share has increased, in real terms, by between 6. 6% and 12. 53% per year during the last five years. Although no comparative industry data is available, this appears to be a good performance. The payout ratio has reduced from 38% in 20X3 to 30. % in 20X7, which may be why the institutional shareholder has KAPLAN PUBLISHING Page 13 of 17 ACCA P4 Advanced Financial Management made the criticism. However, there is little point in the company paying out large dividends if it has positive NPV investments which can be financed partially by dividend retention. Although there is by no means a perfect correlation between NPV and earnings per share, the fact that earnings per share have consistently increased over the period suggests that the company's investments are financially viable.The company has consistently had high net capital expenditure relative to earnings, and in such circumstances it is not unusual for dividend payments to be relatively low. The company's share price has not increased by as much as earnings per share but, without information on stock market trends and the relative risk of the company, it is not clear whether or not the company's share price is under performing. Unless the institutional shareholder could invest any dividends received to earn a higher yield (adjusted for any differences in risk) there is little evidence to support the validity of the criticism. c) The argument by Miller and Modigliani (MM) that dividend policy is irrelevant to the value of company was formulated under very restrictive perfect market conditions. If such conditions existed then shareholders would not value an increase in dividend payments. However, there are several real world factors that are likely to influence the preference of shareholders towards dividends or retentions (and hence expected capital gains). These include: †¢ Taxation.In some countries dividends and capital gains are subject to different marginal rates of taxation usually with capital gains being subject to a lower level of taxation than dividends. Brokerage fees. MM ignore brokerage fees. However, if shareholders have a preference for some current income and are paid no or low dividends, their wealth will be reduced if they have to sell some of their shares and incur brokerage fees in order to create current income.If a company needs to finance more new investment it is usually cheaper to fund investment through retained earnings as most forms of external finance involve issue costs. Information asymmetry may exist between shareholders and directors. If the market is not strong form efficient, shareholders may have less complete knowledge of the likely future prospects of the company than directors, which may influence the shareholders’ desire for dividends or capital gains. †¢ †¢ †¢ The implicati ons of an increase in dividends need to be considered by the company.Dividends are often regarded as an unbiased signal of a company’s future prospects, an increase in dividends signalling higher expected earnings. The company should be careful to inform its shareholders of the reason for any increase in dividends. A further factor is the use that the company can make of funds. If the company has a number of possible positive NPV investments, then shareholders will normally favour undertaking these investments (at least on financial grounds), as they will lead to an increase in shareholder wealth.If, however, the company has relatively few projects and can only invest surplus cash at an expected zero NPV, the arguments for retentions is weakened. For strategic and operational reasons most companies keep some funds in the form of cash or near cash, for transactional and precautionary motives and to be in the position to take advantage of unexpected opportunities that may arise . The need for cash for such purposes may influence the level of dividend payout. Page 14 of 17 KAPLAN PUBLISHING Revision Mock Answers ACCA marking scheme a) (b) (c) One mark for each valid point Two marks for calculations. 4 marks for detailed analysis/explanation Two marks for each well-explained point Total Marks Max 6 Max 6 Max 8 ___ 20 ___ ANSWER 4 (a) It is generally assumed that the major objective of decision makers in a company is to maximise the net present value of future cash flows when discounted at a rate which reflects shareholders’ required rates of return. The rationale for this assumption is that of all the stakeholders in a company the demands of the equity investors are paramount.Equity investors are dominant because they own the assets of the company and employ directors and managers (the decision makers) to make the best use of those assets. Ultimately, if the directors do not produce an, at least, adequate return for shareholders they will be out of a job. It is accepted that often alternative goals govern decision making within a company. In some cultures and political environments, the assumed dominance of shareholder interests is questioned. Why shouldn’t the providers of labour, rather than capital, have their rewards maximised?It is important to remember that it is senior management that actually make the decisions within companies and they will be looking for personal reward. They are likely to be interested in the level of their own salaries and pensions and security. It is often claimed that management seek maximum revenue rather than maximum profit, or, knowing that they may only work for a company for a limited time period, are more interested in short-term performance rather than the long-term growth of shareholders’ wealth. Finally there are other stakeholders in the company to be considered.Most companies will try to ‘balance’ the maximising of shareholder wealth with the motivation of work ers and management, the delighting of customers and a good public image. In achieving this balance shareholder wealth will not always be the major objective. (b) In the modern world companies cannot ignore the environmental implications of their actions; to do so may destroy the company because of the effect on their reputation in the eyes of customers or suppliers, or the effect of the imposition of fines and penalties if they break legislation or regulations designed to protect the environment.Including environmental costs and benefits in investment appraisal will probably require the advice of an environmental specialist who can calculate for the company such items as: (i) (ii) the costs of machinery or changes to processes to avoid environmental damage the likely costs of penalties, fines or claims for compensation if environmental damage occurs KAPLAN PUBLISHING Page 15 of 17 ACCA P4 Advanced Financial Management (iii) (iv) he likely effect on future revenues from any adverse p ublicity that would be likely to arise from environmental damage the likely effect on future revenues from positive publicity from going beyond statutory requirements to protect the environment. Once costed, these costs and revenues could be included in the net present value calculations undertaken by XYZ plc in its investment appraisal of the chemical project. A more extreme approach would be to place a subjective valuation on the cost of reinstating the environment to its original condition and treating that as a nominal outflow.ACCA marking scheme (a) (b) One mark for each valid point throughout One mark for each valid point throughout Total Marks Max 12 Max 8 ___ 20 ___ ANSWER 5 (a) X1 = working capital/total assets X2 = retained earnings/total assets X3 = earnings before interest and tax/total assets X4 = book value of equity/total liabilities X5 = sales/total assets And the Z score = 0. 717X1+ 0. 847X2 + 3. 107X3 + 0. 420X4 + 0. 998X5 X1 = 391,337/2,599,463 X2 = 1,548,941/2,59 9,463 X3 = 68,623/2,599,463 X4 = 64,405/986,117 X5 = 2,374,087/2,599,463 = 0. 505 = 0. 5959 = 0. 0264 = 0. 0653 = 0. 9133 Z = 0. 11 + 0. 50 + 0. 08 + 0. 03 + 0. 91 = 1. 63 Whilst Island Energy Ltd is not in the immediate danger zone, its score is in the ‘grey area’ and further analysis is recommended. (b) Further concerns about the company: †¢ †¢ †¢ †¢ Page 16 of 17 The Chairman is also acting as MD so there is no counter-balance to him and, as such, no ‘watchdog’ over his activities. The remainder of the Board does not participate in the running of the company. There appears to be a weak finance function.There is a lack of management depth – there being no middle management. KAPLAN PUBLISHING Revision Mock Answers Concerns about the model: †¢ General limitations about the Z score (and other prediction models). These accounting based models only focus on the financial aspects of a company’s performance. This is only a snapshot of the company – maybe the position is improving. Further analysis is required to fully determine what the situation is with Island Energy Ltd. This may only be a predicator for the short term; we do not know what the company’s future plans are.ACCA marking scheme (a) (b) Calculation of each x or z score = 2 marks , interpretation 2 marks 1 mark for each valid point Total Marks Max 12 Max 8 ___ 20 ___ †¢ †¢ †¢ MARKING SCHEME This marking scheme is given as a guide to markers in the context of the suggested answers. Scope is given to markers to award marks for alternative approaches to a question, including relevant comment, and where well reasoned conclusions are provided. This is particularly the case for essay based questions where there will often be more than one definitive solution. KAPLAN PUBLISHING Page 17 of 17