The Gospels--Mark Research Paper Example | Topics and Well Written Essays - 1750 words

The Gospels--Mark - Research Paper Example According to the Old Testament Elijah and Moses never died but they were taken by God. They dwell in the heaven with God and interact with Jesus, who will also soon be taken by God to his holy place. The three servants of God – Elijah, Moses and Jesus symbolized the defeat of death by people who are faithful to God. The account of the transfiguration of Jesus in the mountain signifies that Jesus is the son of God, a faithful servant of God, a prophet and a messiah. When the three disciples – Peter, James and John came down from the mountain with Jesus, he gave them the instructions not to reveal what had happened in the mountain. This restriction of revelation can be connected to the fact that the Gospel is yet to come and is not completed at that time.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚   The transfiguration of Jesus on the mountain is significant in so many ways† (Lane). It first of all signifies the fact that people who are faithful to God will continue to live forever. It also exemplifies the power and abilities of God and that God never abandons his follower. This Chapter is an important part in the bible as it demonstrate the power of God and illustrates the need of a good Christian to learn to listen to Jesus and that all events and people points towards God. The imagery and the insights also give us the kingdom which is to come and the glory of the kingdom. It also tells gives us glimpse of the future kingdom come and it also signifies that God takes care of people who are his faithful follower by giving them a place in heaven after life here on earth. This verse demonstrates the power of God and how God’s abilities far exceed our human abilities.    The bible is the holy book for the Christian people and it is the collection of a primary religious text of Christianity. The Bible is an account of the work of God. It describes the origin and men, how they fall into sins and how would restore mankinds relationship with God. The bible is

Unemployment in America Essay Example for Free

Unemployment in America Essay Here is good news for you: according to the New York Times, the unemployment rate in America dropped to 7.7% which is the lowest rate in four years. But is this rate low enough? The answer is no. The labor market is far from recovery. There are around 11 million people who still need jobs. Throughout American history of unemployment, The United States has experienced 11 recessions since the end of the postwar period in 1948. The U.S. unemployment rate rose steadily from 5% in January 2008 to a peak of 10% in October 2009. For college students, when we graduate and are getting ready for the taste of the real world, we will find out that the real world is not easy and it is not always fair. Good jobs are very few and far between, especially during the high unemployment rate period. The reason we care about unemployment so much is because the unemployment has many bad influences. First, the unemployment has psychological consequence. According to the Society for the Psychological Study of Social Issues: the stress of unemployment can lead to declines in individual and family well-being. The burden of unemployment can also affect outcomes for children. The stress and depressive symptoms associated with job loss can negatively affect parenting practices such as increasing punishment. As a result, children report more distress and depressive symptoms. Second, the unemployment affects the social stability. The unemployment will result in low-quality housing, underfunded schools and lack of money, and all these factors can link to the increase in the property crime. The unemployment also causes the loss in consumer spending which is the significant driver of economic growth. The main reason of unemployment is the lack of demand. There are several reasons that cause the demand is less than supply. The first reason is high tax rate. Businesses need to pay more tax in America than many other countries, and if the costs that companies need to pay are too high, the companies may cut some jobs in order to reduce the training and wage costs. Since the tax costs and wage rates are very high in America, businesses may choose to move their companies to other countries, such as china and India, thus leading to huge amount of job loss in America. For example, the labor costs in China are much lower than in America, so if one business chooses to outsource some parts of the company, it will save lots of money, but decrease the potential job opportunities in America. Automation also affects the demand. The technology plays more and more important role nowadays; hence, people are placed by machines. For example, there are many self-check machines in groceries and airports, and these turn out the decreases in needs of jobs. In general, employment is still a big problem in America. The main reason for unemployment is the lack of demand. The unemployment has psychological and material influences for people, and it also affects the national economy and social stability. We all want jobs; we all want better lives. Job does not mean anything, but without a job, what can we do as college students? Not only for us, but also the family members and friends around us; we need chances to prove ourselves, and enjoy the life in the steady environment.

Case Study: Why do People Migrate? :: Immigration Mexico USA Wages Work Essays

Case Study: Why do People Migrate? The Migration and Culture class field trip to Nogales Mexico was an educational trip. It served to give the students a greater understanding of other cultures and the migration issues that affect them. The mere sight of Nogales makes it easy to see the disorganization. The terrain and apparent lack of city planning makes the thought of reorganization a daunting task. The many houses that rest precariously on the hillsides are densely packed. The poverty is striking and the businesses, houses and lack of services are the obvious signs. The trip to one of the maquiladoras was informative. It was clean and well organized. In appearance it was no different than many of the assembly line production companies in the US. What was markedly different was the wage. Our tour guide hesitantly told us the wage was approximately eight US dollars a day. When comparing eight dollars a day to the eight dollars an hour paid by assembly lines in the US it is easy to see why people would be inclined to immigrate to the US in search of a higher wage. The maquiladoras are a strip of foreign owned factories that provide employment for the Mexican population. Maquiladores came about in 1965 as an attempt to combat Mexico’s unemployment problem. In exchange for providing jobs, these industries are given tax exemptions and very little regulations are placed on them (Falcoff 9). The impact maquiladoras have on immigration are both direct and indirect. The direct impact is that it created an immigration problem in Nogales. People from the interior of Mexico flooded Nogales in search of employment (Trujillo). These new immigrants needing a place to live, haphazardly built houses and communities on property that was not theirs and became squatters. These communities have developed into what is referred to as colonias or colonies in Spanish. In questioning one of the colonia residents, it became apparent that property ownership and systematic records had become a problem. She indicated that she had previously been making payments on the property but had ceased to do so. She went on to say that the person she was paying had not been the rightful owner of the property and that she was told to stop paying. When asked who had told her to stop paying she indicated that it was an attorney who was going around trying to help the people of the colonias.

Answer to the Corporate Finance

Chapter 14 Capital Structure in a Perfect Market 14-1. Consider a project with free cash flows in one year of $130,000 or $180,000, with each outcome being equally likely. The initial investment required for the project is $100,000, and the project’s cost of capital is 20%. The risk-free interest rate is 10%. a. What is the NPV of this project? b. Suppose that to raise the funds for the initial investment, the project is sold to investors as an all-equity firm. The equity holders will receive the cash flows of the project in one year. How much money can be raised in this way—that is, what is the initial market value of the unlevered equity? . a. Suppose the initial $100,000 is instead raised by borrowing at the risk-free interest rate. What are the cash flows of the levered equity, and what is its initial value according to MM? E ? C (1)? = ? ? 1 (130, 000 + 180, 000) = 155, 000, 2 155, 000 NPV = ? 100, 000 = 129,167 ? 100, 000 = $29,167 1. 20 155, 000 = 129,167 1. 20 b . c. Equity value = PV ( C (1)) = Debt payments = 100, 000, equity receives 20,000 or 70,000. Initial value, by MM, is 129,167 ? 100, 000 = $29,167 . 14-2. You are an entrepreneur starting a biotechnology firm. If your research is successful, the technology can be sold for $30 million.If your research is unsuccessful, it will be worth nothing. To fund your research, you need to raise $2 million. Investors are willing to provide you with $2 million in initial capital in exchange for 50% of the unlevered equity in the firm. a. What is the total market value of the firm without leverage? b. Suppose you borrow $1 million. According to MM, what fraction of the firm’s equity will you need to sell to raise the additional $1 million you need? c. What is the value of your share of the firm’s equity in cases (a) and (b)? a. b. c. Total value of equity = 2 ? 2m = $4m MM says total value of firm is still $4 million. $1 million of debt implies total value of equity is $3 million. T herefore, 33% of equity must be sold to raise $1 million. In (a), 50% ? $4m = $2m. In (b), 2/3 ? $3m = $2m. Thus, in a perfect market the choice of capital structure does not affect the value to the entrepreneur.  ©2011 Pearson Education, Inc. Publishing as Prentice Hall Berk/DeMarzo †¢ Corporate Finance, Second Edition 14-3. 185 Acort Industries owns assets that will have an 80% probability of having a market value of $50 million in one year.There is a 20% chance that the assets will be worth only $20 million. The current risk-free rate is 5%, and Acort’s assets have a cost of capital of 10%. a. If Acort is unlevered, what is the current market value of its equity? b. Suppose instead that Acort has debt with a face value of $20 million due in one year. According to MM, what is the value of Acort’s equity in this case? c. What is the expected return of Acort’s equity without leverage? What is the expected return of Acort’s equity with leverage? d. What is the lowest possible realized return of Acort’s equity with and without leverage? . b. c. d. 14-4. E[Value in one year] = 0. 8 ( 50 ) + 0. 2 ( 20 ) = 44 . E = D= 44 = $40m. 1. 10 20 = 19. 048 . Therefore, E = 40 ? 19. 048 = $20. 952m. 1. 05 44 44 ? 20 ? 1 = 10% , with leverage, r = ? 1 = 14. 55%. 40 20. 952 20 0 ? 1 = ? 50% , with leverage, r = ? 1 = ? 100%. 40 20. 952 Without leverage, r= Without leverage, r= Wolfrum Technology (WT) has no debt. Its assets will be worth $450 million in one year if the economy is strong, but only $200 million in one year if the economy is weak. Both events are equally likely. The market value today of its assets is $250 million. . What is the expected return of WT stock without leverage? b. Suppose the risk-free interest rate is 5%. If WT borrows $100 million today at this rate and uses the proceeds to pay an immediate cash dividend, what will be the market value of its equity just after the dividend is paid, according to MM? c. What i s the expected return of MM stock after the dividend is paid in part (b)? a. b. c. 14-5. (. 5 ? 450+. 5 ? 200)/250 = 1. 30 => 30% E + D = 250, D = 100 => E = 150 (. 5 ? (450-105) + . 5 ? (200-105))/150 = 1. 4667 => 46. 67% Suppose there are no taxes.Firm ABC has no debt, and firm XYZ has debt of $5000 on which it pays interest of 10% each year. Both companies have identical projects that generate free cash flows of $800 or $1000 each year. After paying any interest on debt, both companies use all remaining free cash flows to pay dividends each year. a. Fill in the table below showing the payments debt and equity holders of each firm will receive given each of the two possible levels of free cash flows. b. Suppose you hold 10% of the equity of ABC. What is another portfolio you could hold that would provide the same cash flows? 2011 Pearson Education, Inc. Publishing as Prentice Hall 186 Berk/DeMarzo †¢ Corporate Finance, Second Edition c. Suppose you hold 10% of the equity of X YZ. If you can borrow at 10%, what is an alternative strategy that would provide the same cash flows? ABC Debt Payments Equity Dividends 0 800 0 1000 XYZ Debt Payments Equity Dividends 500 300 500 500 a. FCF $800 $1,000 b. c. 14-6. Unlevered Equity = Debt + Levered Equity. Buy 10% of XYZ debt and 10% of XYZ Equity, get 50 + (30,50) = (80,100) Levered Equity = Unlevered Equity + Borrowing. Borrow $500, buy 10% of ABC, receive (80,100) – 50 = (30, 50)Suppose Alpha Industries and Omega Technology have identical assets that generate identical cash flows. Alpha Industries is an all-equity firm, with 10 million shares outstanding that trade for a price of $22 per share. Omega Technology has 20 million shares outstanding as well as debt of $60 million. a. According to MM Proposition I, what is the stock price for Omega Technology? b. Suppose Omega Technology stock currently trades for $11 per share. What arbitrage opportunity is available? What assumptions are necessary to exploit t his opportunity? a. b. V(alpha) = 10 ? 22 = 220m = V(omega) = D + E ?E = 220 – 60 = 160m ? p = $8 per share. Omega is overpriced. Sell 20 Omega, buy 10 alpha, and borrow 60. Initial = 220 – 220 + 60 = 60. Assumes we can trade shares at current prices and that we can borrow at the same terms as Omega (or own Omega debt and can sell at same price). 14-7. Cisoft is a highly profitable technology firm that currently has $5 billion in cash. The firm has decided to use this cash to repurchase shares from investors, and it has already announced these plans to investors. Currently, Cisoft is an all-equity firm with 5 billion shares outstanding. These shares currently trade for $12 per share.Cisoft has issued no other securities except for stock options given to its employees. The current market value of these options is $8 billion. a. What is the market value of Cisoft’s non-cash assets? b. With perfect capital markets, what is the market value of Cisoft’s equity after the share repurchase? What is the value per share? a. Assets = cash + non-cash, Liabilities = equity + options, Non-cash assets = equity + options – cash = 12 ? 5 + 8 – 5 = 63 billion. Equity = 60 – 5 =55. Repurchase Per share value = 55 = $12 . 4. 583 5b = 0. 417b shares ? 4. 583 b shares remain. 12 b. 14-8.Schwartz Industry is an industrial company with 100 million shares outstanding and a market capitalization (equity value) of $4 billion. It has $2 billion of debt outstanding. Management have decided to delever the firm by issuing new equity to repay all outstanding debt. a. How many new shares must the firm issue? b. Suppose you are a shareholder holding 100 shares, and you disagree with this decision. Assuming a perfect capital market, describe what you can do to undo the effect of this decision. a. Share price = 4b/100m = $40, Issue 2b/40 = 50 million shares  ©2011 Pearson Education, Inc. Publishing as Prentice HallBerk/DeMarzo †¢ Corporate Finance, Second Edition 187 b. You can undo the effect of the decision by borrowing to buy additional shares, in the same proportion as the firm’s actions, thus relevering your own portfolio. In this case you should buy 50 new shares and borrow $2000. 14-9. Zetatron is an all-equity firm with 100 million shares outstanding, which are currently trading for $7. 50 per share. A month ago, Zetatron announced it will change its capital structure by borrowing $100 million in short-term debt, borrowing $100 million in long-term debt, and issuing $100 million of preferred stock.The $300 million raised by these issues, plus another $50 million in cash that Zetatron already has, will be used to repurchase existing shares of stock. The transaction is scheduled to occur today. Assume perfect capital markets. a. What is the market value balance sheet for Zetatron i. Before this transaction? ii. After the new securities are issued but before the share repurchase? iii. After the share repur chase? b. At the conclusion of this transaction, how many shares outstanding will Zetatron have, and what will the value of those shares be? . i. ii. A = 50 cash + 700 non-cash L = 750 equity A = 350 cash + 700 non-cash L = 750 equity + 100 short-term debt + 100 long-term debt + 100 preferred stock iii. A = 700 non-cash L = 400 equity + 100 short-term debt + 100 long-term debt + 100 preferred stock b. 14-10. Repurchase 350 400 = 46. 67 shares ? 53. 33 remain. Value is = 7. 50. 7. 50 53. 33 Explain what is wrong with the following argument: â€Å"If a firm issues debt that is risk free, because there is no possibility of default, the risk of the firm’s equity does not change.Therefore, risk-free debt allows the firm to get the benefit of a low cost of capital of debt without raising its cost of capital of equity. † Any leverage raises the equity cost of capital. In fact, risk-free leverage raises it the most (because it does not share any of the risk). 14-11. Consider t he entrepreneur described in Section 14. 1 (and referenced in Tables 14. 1–14. 3). Suppose she funds the project by borrowing $750 rather than $500. a. According to MM Proposition I, what is the value of the equity? What are its cash flows if the economy is strong? What are its cash flows if the economy is weak?What is the risk premium of equity in each case? What is the sensitivity of the levered equity return to systematic risk? How does its sensitivity compare to that of unlevered equity? How does its risk premium compare to that of unlevered equity? What is the firm’s WACC in this case? b. What is the return of the equity in each case? What is its expected return? c. d. What is the debt-equity ratio of the firm in this case? e. a. b. E = 1000 – 750 = 250. CF = (1400,900) – 500 (1. 05) = (612. 5,112. 5) Re = (145%, – 55%), E[Re] = 45%, Risk premium = 45% – 5% = 40%  ©2011 Pearson Education, Inc. Publishing as Prentice Hall 88 Berk/DeMar zo †¢ Corporate Finance, Second Edition c. d. e. 14-12. Return sensitivity = 145% – (-55%) = 200%. This sensitivity is 4x the sensitivity of unlevered equity (50%). Its risk premium is also 4x that of unlevered equity (40% vs. 10%). 750 = 3x 250 25%(45%)+75%(5%) = 15% Hardmon Enterprises is currently an all-equity firm with an expected return of 12%. It is considering a leveraged recapitalization in which it would borrow and repurchase existing shares. a. Suppose Hardmon borrows to the point that its debt-equity ratio is 0. 50. With this amount of debt, the debt cost of capital is 6%.What will the expected return of equity be after this transaction? b. Suppose instead Hardmon borrows to the point that its debt-equity ratio is 1. 50. With this amount of debt, Hardmon’s debt will be much riskier. As a result, the debt cost of capital will be 8%. What will the expected return of equity be in this case? c. A senior manager argues that it is in the best interest of the shareholders to choose the capital structure that leads to the highest expected return for the stock. How would you respond to this argument? a. b. c. 14-13. re = ru + d/e(ru – rd) = 12% + 0. 50(12% – 6%) = 15% re = 12% + 1. 0(12% – 8%) = 18% Returns are higher because risk is higher—the return fairly compensates for the risk. There is no free lunch. Suppose Microsoft has no debt and an equity cost of capital of 9. 2%. The average debt-to-value ratio for the software industry is 13%. What would its cost of equity be if it took on the average amount of debt for its industry at a cost of debt of 6%? At a cost of debt of 6%: D (rU ? rD ) E 0. 13 rE = 0. 092 + (0. 092 ? 0. 06) 0. 87 = 0. 0968 rE = rU + = 9. 68%. 14-14. Global Pistons (GP) has common stock with a market value of $200 million and debt with a value of $100 million.Investors expect a 15% return on the stock and a 6% return on the debt. Assume perfect capital markets. a. Suppose GP issues $100 mi llion of new stock to buy back the debt. What is the expected return of the stock after this transaction? i. If the risk of the debt does not change, what is the expected return of the stock after this transaction? b. Suppose instead GP issues $50 million of new debt to repurchase stock. ii. If the risk of the debt increases, would the expected return of the stock be higher or lower than in part (i)?  ©2011 Pearson Education, Inc. Publishing as Prentice HallBerk/DeMarzo †¢ Corporate Finance, Second Edition 2 (15% ) 6% + = 12% = ru . 3 3 189 a. b. wacc = i. re = ru + d / e ( ru ? rd ) = 12 + 150 (12 ? 6) = 18% 150 ii. if rd is higher, re is lower. The debt will share some of the risk. 14-15. Hubbard Industries is an all-equity firm whose shares have an expected return of 10%. Hubbard does a leveraged recapitalization, issuing debt and repurchasing stock, until its debt-equity ratio is 0. 60. Due to the increased risk, shareholders now expect a return of 13%. Assuming there are no taxes and Hubbard’s debt is risk free, what is the interest rate on the debt? acc = ru = 10% = 1 0. 6 x ? 1. 6 (10) ? 13 = 3 = 0. 6 x ? x = 5% 13% + 1. 6 1. 6 14-16. Hartford Mining has 50 million shares that are currently trading for $4 per share and $200 million worth of debt. The debt is risk free and has an interest rate of 5%, and the expected return of Hartford stock is 11%. Suppose a mining strike causes the price of Hartford stock to fall 25% to $3 per share. The value of the risk-free debt is unchanged. Assuming there are no taxes and the risk (unlevered beta) of Hartford’s assets is unchanged, what happens to Hartford’s equity cost of capital? u = wacc = 1 1 200 (11) + (5) = 8% . re = 8% + (8% ? 5%) = 12% 2 2 150 14-17. Mercer Corp. is an all equity firm with 10 million shares outstanding and $100 million worth of debt outstanding. Its current share price is $75. Mercer’s equity cost of capital is 8. 5%. Mercer has just announced that it wil l issue $350 million worth of debt. It will use the proceeds from this debt to pay off its existing debt, and use the remaining $250 million to pay an immediate dividend. Assume perfect capital markets. a. Estimate Mercer’s share price just after the recapitalization is announced, but before the transaction occurs. . Estimate Mercer’s share price at the conclusion of the transaction. (Hint: use the market value balance sheet. ) c. Suppose Mercer’s existing debt was risk-free with a 4. 25% expected return, and its new debt is risky with a 5% expected return. Estimate Mercer’s equity cost of capital after the transaction. a. b. MM => no change, $75 Initial enterprise value = 75 ? 10 + 100 = 850 million New debt = 350 million E = 850 – 350 = 500 Share price = 500/10 = $50 c. Ru = (750/850) ? 8. 5% + (100/850) ? 4. 25% = 8% Re = 8% + 350/500(8% – 5%) = 10. 1%  ©2011 Pearson Education, Inc.Publishing as Prentice Hall 190 14-18. Berk/DeMarzo â⠂¬ ¢ Corporate Finance, Second Edition In June 2009, Apple Computer had no debt, total equity capitalization of $128 billion, and a (equity) beta of 1. 7 (as reported on Google Finance). Included in Apple’s assets was $25 billion in cash and risk-free securities. Assume that the risk-free rate of interest is 5% and the market risk premium is 4%. a. c. What is Apple’s enterprise value? What is Apple’s WACC? b. What is the beta of Apple’s business assets? a. b. 128-25=103 million Because the debt is risk free, ?U = E ? E E+D 128 = (1. 7) 103 = 2. 11 c. rWACC = rf + ? ( E[ RMkt ] ? rf ) = 5 + 2. 11? 4 = 13. 4% alternatively rE = rf + ? E ( E[ RMkt ] ? rf ) = 5 + 1. 7 ? 4 = 11. 8% E D $128 $25 rE + rD = (11. 8%) ? (5%) = 13. 4% E+D E+D $103 $103 rwacc = 14-19. Indell stock has a current market value of $120 million and a beta of 1. 50. Indell currently has risk-free debt as well. The firm decides to change its capital structure by issuing $30 million in addit ional risk-free debt, and then using this $30 million plus another $10 million in cash to repurchase stock.With perfect capital markets, what will be the beta of Indell stock after this transaction? Indell increases its net debt by $40 million ($30 million in new debt + $10 million in cash paid out). Therefore, the value of its equity decreases to 120 – 40 = $80 million. If the debt is risk-free: D ? ?u ( E + D ) EV = ? u ? , ? = E? E E ? e = ? u ? 1 + ? ? where D is net debt, and EV is enterprise value . The only change in the equation is the value of equity. Therefore ? ‘ = ? e e E 120 = 1. 50 = 2. 25. E' 80 14-20. Yerba Industries is an all-equity firm whose stock has a beta of 1. and an expected return of 12. 5%. Suppose it issues new risk-free debt with a 5% yield and repurchases 40% of its stock. Assume perfect capital markets. a. What is the beta of Yerba stock after this transaction? b. What is the expected return of Yerba stock after this transaction? Suppose t hat prior to this transaction, Yerba expected earnings per share this coming year of $1. 50, with a forward P/E ratio (that is, the share price divided by the expected earnings for the coming year) of 14.  ©2011 Pearson Education, Inc. Publishing as Prentice Hall Berk/DeMarzo †¢ Corporate Finance, Second Edition . 191 What is Yerba’s expected earnings per share after this transaction? Does this change benefit shareholders? Explain. d. What is Yerba’s forward P/E ratio after this transaction? Is this change in the P/E ratio reasonable? Explain. a. b. ?e = ? u (1 + d / e ) = 1. 2 ? 1 + ? ? 40 ? ?=2 60 ? 12. 5 ? 5 = 6. 25 ? re = 5 + 2 ( 6. 25) = 17. 5% from the CAPM, or 1. 2 re = r f + b rm ? r f ? rm ? r f = ( ) re = ru + d / e ( ru ? rd ) = 12. 5 + c. 40 (12. 5 ? 5) = 17. 5 60 p = 14 (1. 50 ) = $21 . Borrow 40%(21) = 8. 4, interest = 5%(8. 4) = 0. 42. Earnings = 1. 50 – 0. 42 = 1. 08, per share = . 08 = 1. 80. 0. 60 No benefit; risk is higher. The stock pr ice does not change. d. 14-21. PE = 21 = 11. 67 . It falls due to higher risk. 1. 80 You are CEO of a high-growth technology firm. You plan to raise $180 million to fund an expansion by issuing either new shares or new debt. With the expansion, you expect earnings next year of $24 million. The firm currently has 10 million shares outstanding, with a price of $90 per share. Assume perfect capital markets. a. If you raise the $180 million by selling new shares, what will the forecast for next year’s earnings per share be? b.If you raise the $180 million by issuing new debt with an interest rate of 5%, what will the forecast for next year’s earnings per share be? c. What is the firm’s forward P/E ratio (that is, the share price divided by the expected earnings for the coming year) if it issues equity? What is the firm’s forward P/E ratio if it issues debt? How can you explain the difference? a. Issue 180 = 2 million new shares ? 12 million shares outstanding . 90 24 = $2. 00 per share. 12 New EPS = b. Interest on new debt = 180 ? 5% = $9 million. The interest expense will reduce earnings to 24 – 9 15 = $1. 50 per share. $15 million. With 10 million shares outstanding, EPS = 10 By MM, share price is $90 in either case. PE ratio with equity issue is PE ratio with debt is $90 = 60 . 1. 50 90 = 45 . 2 c. The higher PE ratio is justified because with leverage, EPS will grow at a faster rate.  ©2011 Pearson Education, Inc. Publishing as Prentice Hall 192 14-22. Berk/DeMarzo †¢ Corporate Finance, Second Edition Zelnor, Inc. , is an all-equity firm with 100 million shares outstanding currently trading for $8. 50 per share. Suppose Zelnor decides to grant a total of 10 million new shares to employees as part of a new compensation plan.The firm argues that this new compensation plan will motivate employees and is a better strategy than giving salary bonuses because it will not cost the firm anything. a. If the new compensation plan has no effect on the value of Zelnor’s assets, what will be the share price of the stock once this plan is implemented? b. What is the cost of this plan for Zelnor’s investors? Why is issuing equity costly in this case? a. b. Assets = 850m. New shares = 110. ? price = 850 = $7. 73 110 Cost = 100(8. 50 – 7. 73) = 77 m = 10(7. 73). Issuing equity at below market price is costly.  ©2011 Pearson Education, Inc. Publishing as Prentice Hall

Mass Surveillance Essay

The affair began on June 17, 1972, when the local police arrested five men for breaking and entering into the Democratic National Committee headquarters at the Watergate complex. The police found on the burglars a slush fund used by the committee for the re-election of the President Richard Nixon and listening devices. They look secrets agents more than burglars. As Washington is a federal district, the affair was charged to the F. B. I. Within hours after that, the F. B. I discovered a name of a C. I. A officer in the address book of one of the burglars. The officer was a member of a secret operative team charged by the President to protect confidential documents inside the white house. Although the burglary seemed to be an operation led by former employees of the White House in order to spy on Democratic Party elections plans, the FBI investigation was not going away. The case was covered by the head of F. B. I Patrick Gray. Who was shortly before appointed by the President in place of J. Edgar Hoover (dead in May, 1972). The President had chosen his friend instead of William Mark Felt, the Bureau’s Associate Director, the second-ranking post in the F. B. I after Hoover. At first, the case made a very little noise and seemed to be covered up. Nixon reelected for another four years in November 1972. He defeated McGovern, the democratic leader, with over 60 percent of the popular vote. Until end of 1972, when the two Washington Post journalists: Bob Woodward and Carl Bernstein revealed the affair in public. They had been informed by an F. B. I whistleblower (he revealed himself in 2005 and he was William Mark Felt, the number two in the F. B. I at that moment). The affair was covered by many other media like Time Magazine, and The New York Times and they accused the President and his administration. Who also accused the media of making wild accusations, putting too much emphasis on this story. Months later, the affair had a dramatic consequents and political repercussions, an investigation conducted by the Senate with democratic majority. It was revealed that President Nixon had a tape-recording system in his office and he had recorded many conversations. Recordings from these tapes implicated the president revealing that he had known about the affair and had attempted to cover up. After a protracted round of bitter court battles, the U. S. Supreme Court unanimously ruled that the president had to hand over the tapes to government investigators, he ultimately handed over. Facing near-certain impeachment in the House of Representatives and a strong possibility of a conviction in the Senate, Nixon resigned the presidency on August 9, 1974. His successor, Gerald Ford, issued a pardon to him. The Watergate scandal resulted in 69 government officials being charged and 48 being found guilty like vice president, F. B. I head, C. I. A officers, and all members of president’s administration.

Reuse of Plastic Waste in Road Construction Essays

Reuse of Plastic Waste in Road Construction Essays Reuse of Plastic Waste in Road Construction Essay Reuse of Plastic Waste in Road Construction Essay What is plastic A material that contains one or more organic polymers of large molecular weight, solid in its finished state and at some state while manufacturing or processing into finished articles, can be shaped by its flow. Types of plastics 1. Thermosets. 2. Elastomers. 3. Thermoplastics. NATURAL RESINS solids or semi solid materials light yellow to darkbrown in colour carbon, hydrogen and oxygen. globules on the bark . SYNTHETIC RESINS derived primarily from petroleum. polystyrene, polyesters and acrylics sed in the manufacture of varnishes, plastics, adhesives and rubber. Various Resins Of Plastic Polyethylene terephthalate (PET,PETE) Density polyethylene(HDPE) Vinyl(Poly vinyl chloride or PVC) Low Density Polyethylene(LDPE) Polypropylene(PP) BASIC PROCESSES Segregation . Cleaning process . Shredding process . Collection process . 2. Wet Process Waste plastics by direct mixing with hot bitumen at 160A‚AÂ °C Mechanical stirrer is needed Addition o f stabilizers and proper cooling. Since the wet process require a lot of investment and bigger plants Not commonly used.. ADVANTAGES OF PLASTIC ROAD Use higher percentage of plastic waste. Reduce the need of bitumen by around 10%. Increase the strength and performance of the road. Reduce the cost to around Rs. 5000/Km. of single lane road. Generate jobs for rag pickers. Develop a technology, which is eco-friendly. DISADVANTAGES OF PLASTIC ROADS 1. Cleaning process Toxics present in the co-mingled plastic waste would d start leaching. . During the road laying process But the presence of chlorine will definitely release noxious HCL gas. 3. After the road laying The components of the road, once it has been laid, are not inert. It is opined that the first rain will trigger leaching. As the plastics will merely form a sticky layer, (mechanical abrasion). once the road is started to be used will cause the release of fine polymer particles. When air-borne, these will cause a particulate problem. CONCLUSION Plastic will increase the melting point of the bitumen use of the innovative technology not only strengthened the road construction but also increased the road life Help to improve the environment . plastic road would be a boon for Indiaa„? s hot and extremely humid climate where durable and eco-friendly roads which will relive the earth from all type of plastic waste Reference: seminarprojects. com/Thread-reuse-of-plastic-waste-in-road-construction-full-report#ixzz1gliWsmVK vvvvvv

10 Highest Paying Jobs for College Graduates

10 Highest Paying Jobs for College Graduates A a college degree is not a guarantee for the big bucks the way it used to be. and law school and medical school are always a good idea for making good money over the course of a career, but they can be prohibitively expensive- and take far too long. Here are 10  of the highest paying jobs  for college graduates  that don’t require any additional schooling.1. Investment banker – $100kIt’s not the most altruistic career, but starting salaries are often over $100k on average, and if you’ve got a degree in economics, business, or math, this could be a great way to set yourself up nicely right out of the gate.2. Software developer – $80kIf you’ve got a degree in computer science, math, or engineering, and you’d like to make over $80k in your first year, plus you’re interested in getting in a field with a 30% growth rate, this career may be for you.3. Actuary – $79kActuaries work for insurance companies, assessing risk a nd helping to determine rates. You’ll need a strong math background, plus you’ll have to pass a few professional exams, but the money is good- an average of $79k per year.4. Engineer – $72kYou’ll need a BS in engineering, and to pass two different state licensure exams, but if you’re the problem-solving type and you’d like to make an average of $72k your first year, you might want to go to work- literally- fixing the world.5. Network systems admin – $70kWith an average first-year salary of just under $70k per year, network systems administrators need a degree in computer science (sometimes even an associate’s degree plus experience!). It’s got good growth potential (23%) and if you love computers and helping people, this could be a great fit.6.  Internet marketer – $70kWith more companies turning to the internet and social media for marketing, this is a good ground-floor career to get in on. Best pursued with a bachelor’s degree in marketing, you’ll likely make just under $70k in your first year.7. Financial analyst – $66kIf you have a degree in business, finance, economics, accounting, or statistics, and you feel you can give sound advice to business about expanding their growth, then you could make an average of $66k in your first year.8. Pharmaceutical rep – $60kYou’ll need a degree in chemistry, pharmaceutical science, or marketing, plus some training, but the pay is almost $60k in the first year, and you’ll be interacting with people for a good chunk of your workweek.9. Web designer – $58kIf you have a degree in computer science, graphic design, and/or some programming knowledge (i.e. HTML, CSS, java, flash, PHP, or MySQL), and you’d perhaps like to set your own schedule and workplace location, then you could be making around $58k in your first year designing and building websites.10. RN – $45kRegistered nurses make over $ 45k in their first year. You’ll need a degree in nursing, plus you’ll have to pass a national licensure exam, but there’s good growth (22%), and you’ll be helping people for a living!

Epicurus His Philosophy of Pleasure

Epicurus His Philosophy of Pleasure Wisdom hasnt come a step further since Epicurus but has often gone many thousands of steps backwards.​Friedrich Nietzsche About Epicurus Epicurus (341-270 B.C.) was born in Samos and died in Athens. He studied at Platos Academy when it was run by Xenocrates. Later, when he joined his family on Colophon, Epicurus studied under Nausiphanes, who introduced him to the philosophy of Democritus. In 306/7 Epicurus bought a house in Athens. It was in its garden that he taught his philosophy. Epicurus and his followers, who included slaves and women, secluded themselves from the life of the city. The Virtue of Pleasure Epicurus and his philosophy of pleasure have been controversial for over 2000 years. One reason is our tendency to reject pleasure as a moral good. We usually think of charity, compassion, humility, wisdom, honor, justice, and other virtues as morally good, while pleasure is, at best, morally neutral, but for Epicurus, behavior in pursuit of pleasure assured an upright life. It is impossible to live a pleasant life without living wisely and honorably and justly, and it is impossible to live wisely and honorably and justly without living pleasantly. Whenever any one of these is lacking, when, for instance, the man is not able to live wisely, though he lives honorably and justly, it is impossible for him to live a pleasant life.Epicurus, from Principal Doctrines Hedonism and Ataraxia Hedonism (a life devoted to pleasure) is what many of us think of when we hear Epicurus name, but ataraxia, the experience of optimal, enduring pleasure, is what we should associate with the atomist philosopher. Epicurus says we should not try to increase our pleasure beyond the point of maximum intensity. Think of it in terms of eating. If youre hungry, theres pain. If you eat to fill the hunger, you feel good and are behaving in accordance with Epicureanism. In contrast, if you gorge yourself, you experience pain, again. The magnitude of pleasure reaches its limit in the removal of all pain. When such pleasure is present, so long as it is uninterrupted, there is no pain either of body or of mind or of both together. Satiation According to Dr. J. Chander*, in his course notes on Stoicism and Epicureanism, for Epicurus, extravagance leads to pain, not pleasure. Therefore we should avoid extravagance. Sensual pleasures move us towards ataraxia, which is pleasing in itself. We should not pursue endless stimulation, but rather seek out enduring satiation. All desires that do not lead to pain when they remain unsatisfied are unnecessary, but the desire is easily got rid of, when the thing desired is difficult to obtain or the desires seem likely to produce harm. The Spread of Epicureanism According to The Intellectual Development and Spread of Epicureanism, Epicurus guaranteed the survival of his school (The Garden) in his will. Challenges from competing for Hellenistic philosophies, notably, Stoicism and Skepticism, spurred Epicureans to develop some of their doctrines in much greater detail, notably their epistemology and some of their ethical theories, especially their theories concerning friendship and virtue. Stranger, here you will do well to tarry; here our highest good is pleasure. The caretaker of that abode, a kindly host, will be ready for you; he will welcome you with bread, and serve you water also in abundance, with these words: Have you not been well entertained? This garden does not whet your appetite; but quenches it. Anti-Epicurean Cato In 155 B.C., Athens exported some of its leading philosophers to Rome, where Epicureanism, in particular, offended conservatives like Marcus Porcius Cato. Eventually, however, Epicureanism took root in Rome and can be found in the poets, Vergil (Virgil), Horace, and Lucretius. Pro-Epicurean Thomas Jefferson More recently, Thomas Jefferson was an Epicurean. In his 1819 Letter to William Short, Jefferson points up the shortcomings of other philosophies and the virtues of Epicureanism. The letter also contains a short Syllabus of the doctrines of Epicurus. Ancient Writers on the Topic of Epicureanism EpicurusDiogenes LaertiusLucretiusCiceroHoraceLucianCornelius NeposPlutarchSenecaLactantiusOrigen Sources David John Furley Epicurus Whos Who in the Classical World. Ed. Simon Hornblower and Tony Spawforth. Oxford University Press, 2000. Hedonism and the Happy Life: The Epicurean Theory of Pleasure, www.epicureans.org/intro.html Stoicism and Epicureanism, moon.pepperdine.edu/gsep/ class/ethics/stoicism/default.html

Design Research Report Case Study Example | Topics and Well Written Essays - 2000 words

Design Research Report - Case Study Example The researchers expect to assess and evaluate any gathering techniques that have been employed internationally by baseball teams in making identical changes, and will use the most current data available. Aspects of special interest will include statistics on local market visits, data on executive meetings and in-person discussions with baseball managing executives of various teams, any analyses on regional trends in terms of the use of new facilities by base ball teams, data on existing conditions in the Atlanta Braves’ local market, and the assessment of facility data from competitive regional sports markets and facilities. The matter to be investigated in this research will be of great value to sports managers and policy makers. In examining different aspects that play a significant role in determining the choice to relocate to a new stadium, or the option to renovate the existing stadium, there are greater possibilities of gaining a fresh understanding of how such decisions can positively affect both the teams in question, performance-wise, and the surrounding community. This research could also come up with new methods of determining the true effects of such changes on the team and the surrounding community. This study’s agenda ought to be able to assist by providing baseball’s policy makers with more information on how to fashion their investments in such a way that they get the greatest benefits from them. To meet this research’s objectives, the researchers will investigate the evaluation techniques, as well as examine the impact hypothesis from previous studies carried out in the last ten years. The researchers will also examine factors that ought to be considered by any baseball management team, in terms of social, economical, and property aspects, before deciding on renovations or the construction of new stadia. This research will also provide an opportunity to determine if an analysis of the research’s

London heathrow Airport Passenger Process Mapping and Evaluation Essay

London heathrow Airport Passenger Process Mapping and Evaluation - Essay Example London Heathrow airport is operated and owned by the Famous BAA limited. BAA Limited is managed by ADI limited, which a universal syndicate is owned by Spanish Ferrovial Group. The British airways and BMI, together with virgin Atlantic primary use Heathrow airport is there Hub. Last year alone it handled more than 66.2 million commuters and about 1.48 million tons of goods. This paper offers a brief and critical overview of    London Heathrow Airport Passenger Process Mapping and Evaluation form broad planning and mapping perspective. It attempts to form comprehensive summary of the Heathrow airport based on its operation, transport, inspection, storage or delay services Airport process Before one travel with any flight company one has to follow some procedure which is the same in London heathrow Airport. The activities include: booking of air ticket, registering for a passport and then travel if all is cleared (retrieved from www. Heathrow Airport information.com on 26th November 2011).Additionally, before booking an air ticket one needs to first get a visa card from the country’s ministry of immigration and registration of persons so that this may help the government account on its people who have left the country, this action helps the embassy of the citizens of their country to monitor their citizen efficiently and to help them in case a problem arise ( (Monkman & McMahon 2007, pp 51-53) Booking of any air ticket may be done online. Clients have to select the type of flight whether local or international, provide the category of the passenger that is whether adult young child or infant so that they can make special arrangement early in advance after completing the booking send the e-ticket request form and wait for the email reply where you check on the fare and the means of payment instructed sent by the flight company these is then followed by taking a printout of you e-ticket (Heathrow Airport information). Heathrow airport has four main termina ls that serve as check in, at this point there is the immigration control/ passport control department, the department has the made to inspect passport and clear the passanger. At heathrow airport, there usually two queues at the immigration control,either for EU/EEA passport holders. After the immigration control point, the passeger moves to Baggage reclaim office. Hearthrow is a busy airport and it takes some time for the baggage to arrive. Then, the passager goes to the custom control department but if the passanger does not have laggage to clear he/she goes straight to green channel that lead to the terminal. At the terminal they queue and check for flight information which are available on screen. What the passengers ought to know before using Heathrow airport If a clients luggage is not checked they need to inform the relevant personnel. Furthermore, if they have not been issued with boarding cards please contact the airline authorities before time is over, also in case of del ay in processing your travel documents please inform the airline desk of arrival so that you may advised on what to do since if you don’t communicate you may be considered as one of the travelled passengers. This may result in problems in case of an accident since some passengers may be accounted as missing while in real sense

This is a research paper in english literature involving Othello by Essay

This is a research paper in english literature involving Othello by William Shakespeare and The Outsider (aka The Stranger) by Albert Camus - Essay Example He begins to act differently, does not know himself anymore, and feels torn by conflicting emotions. Freud would explain these same manifestations as being under the direction of unconscious motives and potentially identifiable as having originated in early experience. Jung believes the roots of many such complexes emerge from the past group identities of the collective unconscious, and that when alienation takes place it is not always a matter of what one has lived; it could be a matter of what one has failed to live, at least consciously. The alienation theme has been used in trying to capture man's plight as a social animal. Adler's man, who fails to evolve social interest. It is unfortunate that Sartre's heroes too often seem to be abstractions created by the author purposely to illustrate men who strive to integrate humanity by committing themselves through an action which is also an abstraction. These characters ultimately fail to become great tragic heroes because of this very abstractness. They are likable puppets, but the human element is too often missing in their characters. Whether the alienation of the heroes of Sartre is as painful as that of other characters in the modern French drama is debatable. These heroes can forget their personal solitude in action, as few other exiles in the contemporary theatre can. But insofar as they are superior men their alienation is more painful to us than that of others because we not only sympathize with their anguish but admire intellectually what they represent. Othello Othello's first appearance in the play is a refutation of slander. In I.ii his conduct in facing Brabantio's party ("Keep up your bright swords . . .") nullifies the "thick lips," the "lascivious Moor," of earlier dialogue and lays a foundation for the council scene in which Othello gains a respect close to veneration. Thus, a deserved reputation, casually sensed by its possessor and pointedly accepted by others, answers the scurrility of Iago and Brabantio. Othello's easy bearing of his good name, his lack of egoistic concern for it, introduces the normal or objective aspect of the reputation theme. Thus, in the first two acts Shakespeare presents his theme in a dramatic triumph by Othello over slander, and in an equally dramatic loss of honor by Cassio which is amplified by strong lyrical expression. In these episodes reputation is asserted within its sound and normal limits. But there is also its inverted aspect; if we return to the beginning of Othello we may follow a parallel stressing of good name in the form of self-regard and prideful delusion. Othello has shown no previous morbidity, but the audience has become "used" to the trait as Iago, obsessed with reputation, has dwelt first ironically and then with malignant conviction upon the rumor about Othello and Emilia. The obsession growing, he has spawned a rumor of his own, the Cassio Desdemona slander, and has suddenly disclosed in soliloquy that he believes it also. In the temptation scene a clearly similar process is enacted with Othello as the victim. As the contrary aspects of reputation meet in a kind of dramatic dialectic, the Captain, tensed by his regard for good name, assumes the previous pattern of the Ancient: first the surmise, then the play

Fast media report Essay Example | Topics and Well Written Essays - 500 words

Fast media report - Essay Example The media that was most difficult to avoid was the phone. This is because with the phone am able to access internet, emailing, text messaging, face book and tweeting. In addition, am able to stay in touch with my family members, friends, and colleagues in all corners of the planet with so much ease and at the same time manage projects with teams in different cities within the shortest time possible. Without the phone, I missed my old routine of constant checking my emails, Facebook, and texting with my friends and colleagues. I love the information sharing through the social media platforms and so life without it was very intriguing to me (Simon, 2010). Midway through the exercise, I was feeling isolated and lonely. I imagined that I already had received several calls that I could not answer. I felt the urge and need to check my emails and could only imagine the news and information I was missing in face book and other social media platforms. The dependency was sickening and sucking and I felt that I was on a deserted island where nobody cared about my well-being. The temptation to access the social media platforms kept occurring almost all the time during the eight hours. The eight hours seemed like a month to me and I could not wait to go back to my old routine of social networking, text messaging, emailing, and keeping in touch with all the people I interacted with (Simon, 2010). The media that I missed most was my phone. It was hard for me to go without listening to music that I have stored in my phone. Listening to music when am walking, studying or just doing some chores around the house helps in keeping my moods right. Lack of music forced me to interact with people, open up conversations with people I never used to interact with just to fix my moods. A background that is too quite makes it difficult for me to focus or concentrate on what am doing and

Supreme Court Decisions Research Paper Example | Topics and Well Written Essays - 500 words

Supreme Court Decisions - Research Paper Example As per the Fourth Amendment, a ‘reasonable search’ is one that is pursuant to a judicially sanctioned warrant and is supported by a probable cause (Dripps, 2007). That is as per the Fourth Amendment, if a search is not carried on, on the basis of a judicial warrant and its scope is not defined and delineated on the basis of the information furnished by an individual under oath and hence accountable to the court of law, it stands to be unreasonable. Thus, the Fourth Amendment’s definition of ‘search’ is very broad based that is open to varied interpretations in case of actual court cases and rulings. Olmstead v. United States, 277 U.S. 438 (1928) Before this judgment, the judicial institutions including the Supreme Court of the United States followed the spirit of the English Common Law, as per which, the permissibility of evidence in a court of law was in no way susceptible to the way in which that evidence was obtained (Bloom, 2003). In the judgment under consideration, the petitioner, Roy Olmstead appealed to the Supreme Court that the wiretapped private telephone communication presented as evidence against him by the law enforcement bodies were a direct violation of his Fourth Amendment Rights. The Supreme Court gave the ruling that the presented wiretapped telephonic conversation as evidence against the petitioner in no way violated the Fourth Amendment.

Fast media report Essay Example | Topics and Well Written Essays - 500 words

Fast media report - Essay Example The media that was most difficult to avoid was the phone. This is because with the phone am able to access internet, emailing, text messaging, face book and tweeting. In addition, am able to stay in touch with my family members, friends, and colleagues in all corners of the planet with so much ease and at the same time manage projects with teams in different cities within the shortest time possible. Without the phone, I missed my old routine of constant checking my emails, Facebook, and texting with my friends and colleagues. I love the information sharing through the social media platforms and so life without it was very intriguing to me (Simon, 2010). Midway through the exercise, I was feeling isolated and lonely. I imagined that I already had received several calls that I could not answer. I felt the urge and need to check my emails and could only imagine the news and information I was missing in face book and other social media platforms. The dependency was sickening and sucking and I felt that I was on a deserted island where nobody cared about my well-being. The temptation to access the social media platforms kept occurring almost all the time during the eight hours. The eight hours seemed like a month to me and I could not wait to go back to my old routine of social networking, text messaging, emailing, and keeping in touch with all the people I interacted with (Simon, 2010). The media that I missed most was my phone. It was hard for me to go without listening to music that I have stored in my phone. Listening to music when am walking, studying or just doing some chores around the house helps in keeping my moods right. Lack of music forced me to interact with people, open up conversations with people I never used to interact with just to fix my moods. A background that is too quite makes it difficult for me to focus or concentrate on what am doing and

Sam 489 unit 10 Assignment Example | Topics and Well Written Essays - 250 words

Sam 489 unit 10 - Assignment Example ies and NGOs offer funding and programming in recovery and this should be properly harmonized to facilitate its effectiveness (Haddow, Bullock & Coppola, 2011). The advantage of giving equal weight, in terms of resources, to all phases of emergency is that it eliminates delays and dependence on the Federal government for funding. This is because the state organs can respond to any disasters at anytime without complaining for lack of resources. It is also apparent that supporting all phases with equal weight of resources will increase preparedness. For instance, the post-terrorist attacks and hurricane disasters have enabled state departments to allocate resources to emergency teams (Haddow, Bullock & Coppola, 2011). Such initiatives have also been instrumental in helping the survivors of the disasters, such as Hurricane Sandy victims. This enables the managers to design long-term recovery efforts that seek to attend to different situations. The availability of resources to the emergency management teams promotes education of the communities on ways of addressing disasters in their neighborhoods (Rubin, 2012). In this regard, it is essential to provide all phases of emergency management with equal weight of resources since it reduces confusion and

Virginia Hamilton Essay Example for Free

Virginia Hamilton Essay Virginia Esther Hamilton was born on March 12, 1934 in Yellow Springs, Ohio. She was the youngest of 5 children. She lived on a farm with her family ever since her grandfather Levi Perry was brought as a baby through the underground railroad. Virginia proved to be a wonderful learner, especially when it came to writing. She graduated as one of the best students from her high school. She then attended Antioch College, but soon decided to transfer to Ohio State University. Virginia dreamed of becoming an author and decided to major in literature and creative writing. Virginia soon moved to New York in 1958 where she worked as a museum receptionist, cost accountant, and nightclub singer. Even while doing all these activities, she kept on trying to become an author. She began to study at the New School for Social Research. In 1960 met Arnold Adoff, a teacher who loved poetry. They soon married. Since Arnold could now make money for them, Virginia kept her full attention on writing. However, her writing took a break when she gave birth to two children. Virginia and Arnold soon built their dream house back in Yellow Springs where they both focused on literature. Soon, Virginia became one of the most well known authors in the U. S. During her entire lifetime, she had published 41 extremely popular books. The genres of her books differed, but in them there was much feeling and emotion. Some of her stories described the lives  of African Americans. Virginia won many awards for youth literature. February 19th, 2002 was a sad day for America, as Virginia Esther Hamilton’s death had arrived. Breast cancer had done too much damage. However, the Hamilton family’s blood was still Virginia’s granddaughter Anaya Grace Adoff, was born on November 26, 2008 and is still living today. Virginia is still known as one of America’s most honored writers of children’s literature and will always be.

Business Essays Human Resource Strategic

Business Essays Human Resource Strategic Human Resource Strategic Assignment Theoretical, Conceptual and Empirical Developments in the field of Strategic Human Resource Management Abstract This essay will discuss the theoretical, conceptual and empirical development in the field of strategic human resource management. It is found that the idea of best-fit and best-practices has been popular in the amplification of SHRM. The best-fit school of thought argued that HR strategy will be more effective when it is appropriately integrated with its specific organizational and environmental context. Whereas, the best practices school of thought favours universalism, arguing that all firms will be better off if they identify and adopt ‘best-practice’ in the way they manage people. However, in last 20 years, the resource-based view of the firm has played a pivotal role in the theoretical and conceptual developments in the field of SHRM. The resource-based view of the firm put emphasis on the internal resources of the firm as the source of sustained competitive advantage. These all ideas have important role in the amplification of SHRM field. Further, integration of SHRM ideas and concepts in Japanese MNEs operating in USA, Russia, UK, China and Taiwan has been investigated. Introduction In this era of globalisation and intense competition firms are seeking ways to continuously gain competitive advantage, flexibility and be innovative. It has been argued in literature that efficient and effective human resource’s polices and practices play pivotal role in gaining this competitive advantage and therefore, much emphasis is now on linking organisational strategies to human resource strategies. Strategic human resource management (SHRM) has its foundation in the US in 1980s in the work of the ‘Harvard Group’ (Beer et al., 1984 cited in Truss and Lynda, 1994) and the ‘Michigan/Columbia Group’ (Fomburn et al., 1984 cited in Truss and Lynda, 1994). Before proceeding further to explore the developments in the field of SHRM, some various definitions in the literature which describe the concept of strategic human resource management are as follow: Truss and Gratton (1994) states that SHRM is linking of HRM with strategic goals and objectives of firm to enhance business performance and to develop organisational culture that support innovation and flexibility. Schular and Walker (1970, cited in Truss and Lynda, 1994) states that, human resource strategy is a set of processes and activities jointly shared by human resource and line managers to solve people-related business issues. Wright and McMahan (1992, cited in Wright, 1998) defined SHRM is the pattern of planned human resource deployments and activities intended to enable the firm to achieve its goals. In the view of above definitions, strategic human resource management therefore, takes a macro-level perspective (Truss and Lynda, 1994) and contains lot of debate in the literature for the factors influencing the development and implementation of the field of SHRM. Best-fit school of thought: The best-fit school of thought argues that HR strategy will be more effective when it is appropriately integrated with its specific organizational (Horizontal fit) and environmental (Vertical fit) context (Boxall and Purcell, 2000; Wright and McMahan, 1992 cited in Wright, 1998). However, the review of literature reveals that this fit can be better achieved when certain contingency, configurational and contextual factors are taken into account. MartÄ ±Ã‚ ´n-Alca ´zar, Romero-Ferna ´ndez and Sa ´nchez-Gardey, (2005) have grouped the contingency relationships into three generic categories; strategic, organizational and environmental variables. They pointed out that the HR practices that are effectively incorporated (fit) into business strategy would yield high organizational performance (Niniger, 1980; Fombrun et al., 1984; Hax, 1985; Van de Ven and Drazin, 1985; Kerr, 1985; Slocum et al., 1985; Lengnick-Hall and Lengnick-Hall, 1988; Rhodes, 1988a, 1988b; Miller, 1989; Kerr and Jackofsky, 1989; Butler et al., 1991; Cappelli and Singh, 1992; Begin, 1993 cited in MartÄ ±Ã‚ ´n-Alca ´zar et al., 2005). Further, organizational variable such as size, technology, structure (Jones, 1984; Jackson et al., 1989; Jackson and Schuler, 1995 cited in MartÄ ±Ã‚ ´n-Alca ´zar et al., 2005), internal political relationships (Jones, 1984; Pfeffer and Cohen, 1984; Pfeffer and Langton, 1988; Pfeffer and Davis-Blake, 1987; Balkin and Bannister, 1993, Pfeffer, 1987 cited in MartÄ ±Ã‚ ´n-Alca ´zar et al., 2005) and environmental variables such as competition, technological changes, macro-economics and labour (Kanter, 1983, 1989; Warner, 1984; Coates, 1987; Walker, 1988; Schuler and Walker, 1990; Becker and Gerhart, 1996; Boxall, 1998; Jackson and Schuler, cited in MartÄ ±Ã‚ ´n-Alca ´zar et al., 2005), all have influence of HR on organizational strategy. The author further indicated that behavioural theory and resources and capabilities view of the firm foster the development of contingency models. Boxall and Purcell (2000) also elaborated this argument by pointing out that the more realistic model for practice is one in which fit with existing competitive strategy is developed in accordance with flexibility in the range of skill and behaviours, that have the potential to cope with uncertainty and different competitive scenarios in the future and therefore, HR strategy should incorporate firm’s current competitive goals and objectives, by recruiting and motivating people with the sort of skills and motivations required in firm’s competitive sector. In this regard, Guest (1997 cited in Tekeuchi et al., 2003) argued that effective and efficient alignment of HRM practices is able to bring out the synergistic effects on performance’, he referred it â€Å"fit-as-bundle† approach. The second approach which he identified for gaining higher organizational performance through HR is what he called the â€Å"fit-as-gestalt†. The underlying concept of this approach is that, sum of individual HR practices is greater than it parts, the pattern of combinations among HRM practices is additive rather multiplicative and that one key aspect of HRM practice is needed. This argument favours, what SHRM researcher called â€Å"configuration perspective†. According to configuration theory, a firm seeking high performance have to structure whole HRM practices and link each practice to all the others in a systematic manner, so that the system is internally coherent (Tekeuchi et al., 2003; MartÄ ±Ã‚ ´n-Alca ´zar et al., 2005). Whereas the â€Å"contextual theory† authors argued, that to better understand the complexity of the concept of SHRM, one should not only scrutinize the internal working and its effect on business performance but rather also consider the influence on the external and organizational context in which managerial decision are made (Brewster, 1999 cited MartÄ ±Ã‚ ´n-Alca ´zar et al., 2005). Therefore, the underlying idea of contextual approach is to effectively examine the relationship between the SHRM system and its context (MartÄ ±Ã‚ ´n-Alca ´zar et al., 2005). In nutshell, Boxall and Purcell (2000) argued that the best-fit model is one in which HR strategy becomes more effective when it is designed to fit certain critical contingencies in the firm’s specific context. They proposed that configurational models are more capable of identifying the complex interactions involved in business strategy and toward more dynamic theory. Best-Practices school of thought: This school of thought favours universalism, arguing that all firms will achieve high performance, if they identify and adopt ‘best-practice’ in the way they manage people (Boxall and Purcell, 2000). It is recognized that the concept of ‘best practices’ is widely acknowledged by researchers and practitioners (Delery and Doty 1996, 806 cited in Boxall and Purcell, 2000) and there is immense list of argument in the favour of best practices in the literature. Wright, Snell and Dyer (2005) reported that the development of the idea of best-practices came in the mid-1990s when Huselid (1995 cited in Wright et al., 2005) published his study demonstrating a statistically and practically significant relationship between HRM practices and corporate performance. It was also when MacDuffie’s (1995 cited in Wright et al., 2005) industry-focused study illustrated how particular bundles of HR practices, when aligned within an organizational strategy leads to high plant-level performance. Since then, the focus of research is on finding relationship between HRM principles and practices and important organizational goals (Becker and Gerhart, 1996 cited in Wright et al., 2005). Jeffrey Pfeffer (1998 cited in Boxall and Purcell, 2000) identified seven best practices: Employment security. Selective training. Self-managed team or team working. High pay contingent on company performance. Extensive training. Reduction of status differences. Sharing information. However the best practices idea is not short of criticism as Wright et al. (2005) pointed out that most of these developments have come from communities of scholars focusing on their own particular countries or regions, be it the US (e.g. Arthur, 1994; Batt, 1999; Delery and Doty, 1996; Huselid et al., 1997; Youndt et al., 1996 cited in cited in Wright et al., 2005), the UK (e.g. Brewster, 1999; Guest, 1997; Guest et al., 2003; Tyson, 1997 cited in cited in Wright et al., 2005), elsewhere in Europe (e.g. d’Arcimoles, 1997; Lahteenmaki et al., 1998; RodrÄ ±Ã‚ ´guez and Ventura, 2003 cited in cited in Wright et al., 2005) or Asia (e.g. Bae and Lawler, 2000; Lee and Chee, 1996; Lee and Miller, 1999 cited in Wright et al., 2005). SHRM and Resource-based view of the firm: Another, theoretical development in strategic human resource management is its integration with the resource-based view of the firm. Although the field of SHRM does not directly emerge from resource-based view (RBV) of the firm, but to borrow concepts and theories from the broader strategy literature, the integration of the RBV of the firm into the SHRM literature was imminent (Wright et al., 2001). Therefore, two major developments have emerged over the past years. Firstly, the popularity of the RBV within the SHRM literature as a foundation for both theoretical and empirical examination (McMahan, Virick and Wright, 1999 cited in Wright et al., 2001). Secondly, the application and implications of the RBV within the strategy literature have led to an increasing convergence between the field of strategic management and SHRM (Snell, Shadar Wright, 2001 cited in Wright et al., 2001). The RBV proposes that internal organizational resources that are valuable, rare, inimitable, and non-substitutable are a source of sustainable competitive advantage (Barney, 1991). Barney (1991) further argued that firm’s resources can be imperfectly imitable for three reasons: Historical condition (Path dependency): As firm evolve they obtain skills, abilities and resources over the period of time that then become unique to the firm (Barney 1995 cited in Paauwe and Boselie, 2003). Paauwe and Boselie (2003) argued that this is equally true for firm’s human resources who are recruited and trained over the time to be properly embedded in firm’s cultural network. Causal ambiguity: Causal ambiguity exits when the relationship between firm’s resources and competitive advantage is not understood or imperfectly understood by the firm who posses the competitive advantage and most importantly by the competitors . Paauwe and Boselie (2003) argued that the ways employee’s competencies have been formed are subject to thousands of small decision and events in the firms which have contributed to specific pattern of capabilities and hence these patterns are no easily understood by the competitors. Social Complexity: And finally firm’s resources are imperfectly imitable because they are subject to very complex social phenomena that are beyond the ability of the firms to systematically manage and influence. So when the competitive advantage is based on such complex social phenomena then the ability of other firms to imitate these resources is ceased (Barney, 1991). Paauwe and Boselie (2003) pointed out that social complexity exits in HR characteristics such teamwork, interpersonal relationships among managers, cultural traditions, and firm’s networks. Wright et al. (1994 cited in Wright et al., 2001) separate firm’s human resources and HR practices. In applying the concept of value, rareness, inimitable and non-substitutability, they argued that HR practices cannot be the source of firm’s sustainable competitive advantage as HR practices can easily be copied by competitors. Rather they voted in the favour of human capital pool (a highly skilled and highly motivated workforce) as source of sustainable competitive advantage for the firm. They noted that to gain a source of competitive advantage, the human capital pool must have both high level of skill and willingness (i.e. motivation) to exhibit productive behaviour. Opposingly, Lado and Wilson (1994 cited in Wright et al., 2001) argued that HR practices could provide the source of sustainable competitive advantage. There point of view is that HR systems can be unique, causally ambiguous and synergistic in how they enhance firm competencies, and therefore could be inimitable. Snell et al. (1996 cited in cited in Wright et al., 2001) further justify Lado and Wilson point of view and seem it as widely accepted in current SHRM paradigm. Boxall (cited in Wright, 1998) indicates the process through which Human Resource Advantage (HRA) can be developed. He argues that HRA consists of two components: Human resource capital advantage which may provide advantage when firm employs people with higher level of skill than their competitors. Human resource process advantage which can be gain when employees’ relationships and joint problem solving process enable the firm to execute operations more quickly, efficiently and/or effectively. Furthermore, Lepak and Snell (1999 cited in Wright et al., 2001) argued that some employees groups are more instrumental to competitive advantage than others, so they are likely to be managed differently. This may help researchers to recognize that real and valid difference exists in HR practices in organisations and looking for one HR strategy may not help to identify the important differences in the types of human capital available to the firm (cf. Truss Gratton, 1994 cited in Wright et al., 2001). Researchers also have consensus that employee behaviour is an important independent component of SHRM. Unlike, the skills of human capital pool, employee behaviour recognize individuals as cognitive and emotional beings who posses free will and this free will enables the employees to make decisions regarding the behaviour in which they are engage (Wright et al., 2001). MacDuffie (1995 cited in Wright et al., 2001) argued about discretionary behaviour that recognizes that within prescribed organisational roles, employees exhibit discretion that may have positive or negative impact on the firm. Similarly, March and Simon (1958 cited in Wright et al., 2001) recognizes the discretionary behaviour and suggest that competitive advantage can only be gained if the members of human capital pool individually or collectively choose to engage in behaviour that benefits the firm. Based on the above discussion Wright et al. (2001) provide a preliminary framework that suggests core competence, dynamic capabilities, and knowledge serve as a bridge between the emphasis in the strategy literature on who provides sources of competitive advantage and the focus in the HRM literature on the process of attraction, development, motivation, and retention of people. The authors pointed out that the people management systems construct which is actually the focus on HR field that creates value to the extent that they impact the stock, flow, and change of intellectual capital/knowledge that form the basis of core competencies. They further argued in this model that, skill concept should be looked from the broader perspective of the firm strategy and therefore, might be expanded to consider the stock of intellectual capital in the firm, embedded in both people and systems, this stock of human capital consists of human (knowledge, skills, and abilities of the people) social (the valuable relationships among people), and organisational (processes and routines within the firm). The â€Å"behaviour† element within the SHRM literature has been embedded in the flow of knowledge within the firm through its creation, transfer, and integration. The authors have indicated that, this â€Å"knowledge management† behaviour becomes very important as information and knowledge play greater role in firm competitive advantage. It is through the flow of knowledge that firms increase or maintain the stock of intellectual capital. They further propose that core competencies arises from the combination of the firms stock of knowledge (human, social, and organisational capital embedded in both people and systems) and flow of this knowledge through creation, transfer, and integration in a way that is valuable, rare, inimitable, and organized. Finally, the dynamic capability construct represents the processes that the organisation has to cope with, in order to remain competitive. It illustrates the relationship between the workforce and the core competence as it changes overtime. The authors argued that dynamic capability requires changing competencies on the part of both the organization and the people who comprise it. It is facilitated by people management systems that promote the change of both the stock and flow of knowledge within the firm that enable a firm to constantly renew its core competencies. This frame work developed by Wright et al. (2001) is an important development in SHRM literature; however its application in real world scenario is subject to empirical testing. SHRM in Japanese Multinational in USA, Russia, UK, China and Taiwan: To further investigate the issue in the real world scenario, this essay will look into the matter of SHRM integration in Japanese multinational companies operating in USA, UK, Russia, China and Taiwan. This discussion is based on the empirical research conducted by Park, Mitsuhashi, Fey and Bjo ¨rkman (2003) on fifty two Japanese multinational corporation operating in USA and Russia, Basu and Miroshnik (1999) case study of Nisan and Toyota (Japanese automobile companies) operating in UK and Takeuchi, Wakabayashi and Chen (2003) study of 286 Japanese affiliates operating in Mainland China and Taiwan. Japanese manufacturing organisations have made a lot of inroads in overseas production bases. The successes of their enterprises have raised interests on the system of production and organisation peculiar to the Japanese business firms (Wickens, 1987; Suzaki, 1987 cited in Basu and Miroshnik, 1999). Japanese system of management is a complete philosophy of organisation which can affect every part of the enterprise (Ohno, 1978; Nohara, 1985 cited in Basu and Miroshnik, 1999). The empirical research done by the authors, mentioned above to investigate the issue of HRM strategy and firm performance in Japanese MNEs is subject to the idea of best HR practices. However, some interesting facts come into attention with the previous discussion of best-fit, best-practices and resource-based view of the firm which would be discussed below. The Japanese MNEs have maintained their own management styles in overseas operations and despite of cultural difference, environment impact, and local labour market conditions these MNEs have adopted the best practices idea and tried to coordinate the HRM policies and practices between their overseas subsidiaries and parent headquarters. The Japanese philosophy of continuous improvement, zero defect, just-in-time method of delivery, team based problem solving practices (Quality circles, management by objectives, kaizen (suggestion and improvement)), long-term commitment, in-company welfare system, extensive training for skill development, performance based rewards, decentralised responsibilities, vertical information systems are at the heart of their management strategy . And this style of management has not only proved to be successful for Japanese MNEs but it has forced other local companies to adopt Japanese styles of management for increased organizational performance. The concept of team working through quality circles and management by objectives (MBO) are the important components to manage the human resources of the firm and bring them in align with company strategic goals to achieve higher performance. Employees through quality circle teams can put forward their suggestions, and then feedback is given to employees for their suggestion and there are also rewards for employees. This foster employee’s motivation and give them the sense of involvement. It does not only ends here, as the concept of quality circle is also important for organizational learning, as the members of quality circle comes from every department of the organization and share their knowledge and information, this helps in creating new skills and attitudes that can help to attain the company goals. Zero defect policy refers to the fact that instead of individual parts the whole process is controlled and quality is insured through process instead of inspection. Therefore, employees are given extensive on the job and off the job training not only for specific but rather multiple operations of the firm. This refers to the fact of upskilling of employees. The long term commitment and performance based rewards helps to ensure employee retention and continuous commitment towards the firm’s objectives, this refers to the fact that the valuable and rare skills of the employee’s that have been developed over the period of time and are integrated into firm’s HR systems should not be imitable and substitutable. The above discussion points out, that these Japanese MNEs’ HR systems are some what in coherence with the framework developed by Wright et al. (2001). As it is obvious from above discussion that the people management systems of Japanese overseas subsidiaries are continuously maintaining their stock of intellectual capital both embedded in people and systems of the company i.e. through extensive training, performance based rewards, concept of continuous improvement etc. And the concept of team working through quality circles and MBO is fostering learning in Japanese organization and this valuable knowledge and skills that employees developed is retained by the policy of long-term commitment and in-company welfare system,decentralised responsibilitieswhich all help to develop employee’s behaviour and attitudes for high commitment and hence increased organizational performance. It is also observed that these patterns of HR practice is quite relevant to our earlier discussion of best practices in which we refer to the seven practices identified by Jeffrey Pfeffer (1998 cited in Wright et al., 2001). Conclusion: The empirical research done in the field of SHRM to investigate the issue of strategic HRM and its impact on performance of Japanese MNEs is only based on finding relationship between HR practices (configurational perspective) of the firm and their impact on organizational performance. The concepts of dynamic capabilities, core competencies, organizational learning are gaining popularity in strategic literature and as argued by Wright et al., 2001 are the important source of gaining sustained competitive advantage. Therefore, the future empirical research should incorporate these concepts to investigate the issue of integration of HR into firm’s strategy. Secondly the above research also lack the evidence of how these Japanese MNEs incorporate the local market, government regulations, cultural impact that can have influence on HR strategies of these firms. In the view of above theoretical developments in the literature it can be proposed that the firms who seek high performance and want to gain competitive edge over their competitors should device their HR policies and practices that develop skills, attitudes and behaviours of the employees in such a way that are valuable, rare, imperfectly imitable and non-substitutable in the firm’s same line of business, organizational learning is an important component in developing up these characteristics and therefore, firms should develop up knowledge management systems incorporated into their HR strategy to foster organizational learning that would have positive impact on firm’s performance. References: Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management. 17, 1, 99-120. Basu, D.R. and Miroshnik, V. (1999). Strategic human resource management of Japanese multinationals A case study of Japanese multinational companies in the UK. The Journal of Management Development. 18, 9, 714-732. Boxall, P. and Purcell, J. (2000). Strategic human resource management: where have we come from and where should we be going?. International Journal of Management Reviews. 2, 2, 183-203. MartÄ ±Ã‚ ´n-Alca ´zar, F., Romero-Ferna ´ndez, P.M. and Sa ´nchez-Gardey, G. (2005). Strategic human resource management: integrating the universalistic, contingent, configurational and contextual perspectives. The International Journal of Human Resource Management. 16, 5, 633-659. Paauwe, J. and Boselie, P. (2003). Challenging ‘strategic HRM’ and the relevance of the institutional setting. Human Resource Management Journal. 13, 3, 56-70. Park, H.J., Mitsuhashi, H., Fey, C.F. and Bjo ¨rkman, I. (2003). The effect of human resource management practices on Japanese MNC subsidiary performance: a partial mediating model. The International Journal of Human Resource Management. 14, 8, 1391-1406. Takeuchi, N., Wakabayashi, M. and Chen, Z. (2003). The strategic HRM configuration for competitive advantage: Evidence from Japanese firms in China and Taiwan. Asia Pacific Journal of Management. 20, 4, 447-480. Truss, C. and Gratton, L. (1994). Strategic human resource management: a conceptual approach. The International Journal of Human Resource Management. 5, 3, 663-686. Wright, P.M. (1998). Introduction: Strategic human resource management research in the 21st century. Human Resource Management Review. 8, 3, 187-191. Wright, P., Dunford, B. and Snell, S. (2001). Human resources and the resource based view of the firm. Journal of Management. 27, 6, 701 -721. Wright, P.M., Snell, S.A. and Dyer, L. (2005). New models of strategic HRM in a global context. The International Journal of Human Resource Management. 16, 6, 875-881. Bibliography: Lepak, D.P. and Snell, S.A. (1998). Virtual HR: Strategic human resource management in 21st century. Human Resource Management Review. 8, 3, 215-234. Lundy, O. (1994). From personnel management to strategic human resource management. The International Journal of Human Resource Management. 5, 3, 687-720. Mabey, C., Salaman, G. and Storey, J. (1998). Human Resource Management A Strategic Introduction (2nd Edition). Massachusetts: Blackwell Publishers Inc.

Monaural Hearing and Sound Localization :: Biology Biological Hearing Essays

Monaural Hearing and Sound Localization Human hearing and the ability to perceive the location of a sound source has long been accepted as a process requiring the use of two ears (Kistler, 1997; Butler & Humanski, 1992; Carlile, 1990). This process is referred to as binaural hearing. The subjective experience of binaural hearing during the location of a sound source was thought at first to be the result of an interactive process of evaluating two auditory cues (Kistler, 1997; Butler & Humanski, 1992; Carlile, 1990; Middlebrooks & Green, 1991). A man by the name of Lord Raleigh developed a "duplex theory" (Strutt, cited by Carlile, 1990) which stated that sound localization arises out of the fact that the ears are separated by both space and an acoustically opaque mass (the head) that creates two distinctive properties to incoming sounds. First, a sound originating outside the medial vertical plane will reach one ear before it reaches the other creating a time-of-arrival difference that can be detected and used in localizat ion. This process is referred to by Fuzessery, Wenstrup, and Pollak (1990) as an interaural time difference (ITD). Second, the mass of the head causes the incoming sound to lose intensity as it passes from one side of the head to the ear on the opposite side. Fuzessery, Wenstrup, and Pollak (1990) call this process an interaural intensity difference (IID), because the head acts as a muffler. The duplex theory survived until neuroanatomists and neurophysiologists began to search for the biological mechanisms of which the theory attempted to predict (Butler & Humanski, 1992). The duplex theory did prove to be, at least in part, accurate. In 1936 Stevens and Newman (cited by Butler & Humanski, 1992) proved empirically the existence of IIDs and ITDs in locating a sound source. However, they neglected to consider the possibility of other auditory cues that may provide additional localization information. The duplex theory assumed there were no other ways in which the perceptual location of a sound source could be obtained. It was not until much later that the role of the external structures of the ear, namely the pinnae, were considered. According to Butler and Humanski (1992), the role of the pinnae in localizing sound was only taken seriously when scientists began to study sound localization in situations where binaural differences were nonexistent. Some experiments were eventually performed using sound sources which lay directly on the medial vertical plane (referred to as elevation) and did not stray to either horizontal side (Butler & Humanski, 1992; Carlile, 1990; Wightman & Kistler, 1997).

Internal And External Factors Effect The Levels Of Management Essay

How Internal And External Factors Effect The Levels Of Management For a company to be successful in the long term today, they must be diverse. The company needs to be able to adapt to changes. The need for these changes can present themselves from many angles. Some would include changes in the economy, marketing, or even a change in the target audience. A company has to look at more than just the four levels of management. Organizations must look at how internal and external factors can affect the four levels of management, and adjust accordingly for these changes to be successful in today’s world. Diversity  There are many types of diversity, racial, ethnic, cultural, age, gender, and geographic. But diversity can also include experience and skills. A company’s ability to survive depends on their ability to adapt to current changes. The diversity within a company must be taken into consideration during the four functions of management. The most successful companies will be those that recognize the power of diversity in their workforce and in the product mix, and effectively create products and services that appeal to their increasingly diverse customer base. By including diversity in the planning stage, Amazon. om would reflect diversity in their business. This would results in better products and a wider range of consumers giving them an advantage over competitors. The company must understand its’ organizational structure, and the social and cultural perspectives of its’ employees in order to be effective, efficient, and promote an environment suitable for progress. Employees who are diverse in skills, experience, and background help to builds a strong organizational foundation. Increasing globalization requires companies to have more interaction with diverse cultures and backgrounds. Organizations must be prepared to teach themselves and their employees to value multicultural differences. Management must motivate their employees to attend diversity training in order to be educated on different cultures and traditions and to respect these differences. Diversity is critical to a company’s success. We are part of a worldwide economy with global competition. Diversity can increase productivity, marketing opportunities, recruitment, and the organization’s image which, in turn, can increase profits (Leading With Diversity, nd). Globalization Globalization has changed the face of business. In today’s business market, international business is necessary in order to gain an advantage. Amazon. com understands this requirement. With the formation of the Internet and Internet marketing, globalization was a beneficial perk which changed the business market, providing a way for companies to reach businesses and customers from around the globe at the click of a mouse. Amazon. com was created to work in the global business environment through the Internet. The company handles B2B and B2C relations and transactions. Amazon. com uses an online customer data base to keep up with the demands of customers. The company created an Internet e-business model, and built up from these based on information obtained from customers. â€Å"The company’s strong infrastructure supports its mission to be the leader in e-commerce,† (â€Å"A Conceptual Analysis f the Key success of Business in â€Å"terms of Internet Marketing, 2012). Customers are always looking for convenience in today’s global economy. Amazon. com uses technological innovation to drive growth and deliver convenience to its customers. An online business, such as Amazon. com, bases goals for â€Å"Planning† on these factors. In order to deliver strategic value, a company such as Amazon. com works to extend globally to reach customers and retailers internationally. Amazon. com began with a B2C platform, but management saw the potential to be an online global leader by handling B2B relations as well. When Organizing, management adds software, e-commerce capabilities, and access for businesses to use the online company’s resources. Amazon. com has created a global online business through proper planning and organizing that delivers strategic value. Management Leading can mobilize and motivate employees. Amazon. com has extended its sales and products through extended branches in different parts of the world to provide services anytime and anywhere through the Internet and globalization. Through the Controlling process of management, online companies such as Amazon. com have continuously improved and expanded services to all over the world. As a result of success through correctly utilizing the four functions of management, Amazon. com is a leading fortune 500 company who uses globalization through the World Wide Web to deliver fast, successful services to customers and retailers. Without the possibility of globalization through technology, e-commerce would not be enough for the company to stay on top. Technology Technology is constantly changing and considerably hard to keep up with. Because of these changes, managing at Amazon. com would definitely be a challenge. Managers must start with the planning phase by evaluating and determining consumer’s needs for buying, selling, using, and shipping which can show both internal and external growth. Personal data is shared online and is protected to ensure safe transactions. Amazon. com ensures that identity theft is never an option through their technology. Organizing all the data gathered from technology can also help management keep track of trends, sales, and possible returns. Once this information is shared among management, they are then able to lead employees with training on how to implement new technology like software, security protection on servers. Amazon. com also ensures employees are adhering to company policy with the use and access of services online. The controlling phase of management is completed by watching over the progress of smart phone applications, Internet home use, and shipping sales. By watching progress and being sure initial goals and challenges are being met, the security of consumer information and products are not being put to risk, and if a problem arises, management can catch it early enough to take care of the situation. With technology making access to Amazon. com so much easier for consumers, the management of this constant changing technology can be a huge challenge with so many options for access and keeping the information protected with encryptions. Innovation With an ever changing market, a great business has to be able to become what the consumer needs at any given moment. This requires innovation. Innovation involves any new idea, product, process, technology or service that a business introduces to its consumer. When it comes to innovation and the planning process, a business needs to be aware that factors such as the market, the customer’s current needs, and even what products competitors have released, can affect the current business plan. There needs to be flexibility in the business plan to account for these changes. A business needs to have leaders who are able to understand how their business is being currently run and how it can be run in the future. This allows them to see ow changes in the business plan might affect all aspects of the business. A business manager needs to be open-minded and encourage its employees to share their ideas on new business models, new ways to make a profit and even ways to improve existing business methods so that the current business plan is both innovative and effective. When it comes to innovation and the organizing process, a company needs to be aware of the current business plan at all times. The need for a business to be innovative and adapt to the changes in the market can cause all four functions of management to need adjusting frequently. If the business plan is changed, the company needs to re-gather and assign all its resources, employees and finances to ensure that the new plan can be implemented fully and in an organized manner. Innovation affects this function of management in a more indirect way; by changing the planning process, the directing process changes. When a company decides to change their business plan, they have to re-direct the staff. When evaluating the staff, the manager needs to be sure that they are on track to meet the goals outlined in the planning process. Innovation can cause the goals to change, thus causing managers to re-evaluate the employees to be sure they are still on track. Ethics Every business is run by a set code of ethics. Ethics are different for every person, as they are an individual’s personal take on what is right and what is wrong. A business uses a code of ethics to ensure that every employee abides by the same set of standards and upholds the values of the organization with which they work. When it comes to the planning process, ethics play a key role. The company needs to know how they want their business to appear to the public and develop their plan around that. If a company wants to appear ethical and trustworthy to its customers it has to provide great customer service at all times. This meant that Amazon. com had to create a safe site, a quality product, and be sure to deliver the product promptly. When it comes to organizing and ethics, Amazon. com had to be sure to keep all resources, employees, and finances in order to keep their word on the quality of both their product and their delivery times. For the customer to believe that Amazon. com is an ethical and trustworthy site requires employees and resources to be organized at all times. When it comes to leading their employees, it is important to be sure that they are not only on task but also following the company’s code of ethics. If having a safe site, a quality product, and prompt delivery is important to Amazon. com; it needs to be important to all their employees as well. When analyzing the progress being made, the manager needs to also be sure that the staff is remaining diligent in their efforts to ensure quality customer service. Ethics are found in every facet of a company and therefore they need to be monitored regularly. Conclusion There is so much more that goes into maintaining a successful business in today’s competitive marketplace than just the four levels of management. The company must always be aware of and be able to adapt to many changing factors. These factors come from many places in the marketplace. Some are external and the company will have little to no control over these and must simply adapt. However the internal factors can be controlled by the company through monitoring and policy changes. The company that can notice the changing factors and integrate and adapt to these changes will be successful in today’s competitive marketplace.