Texas aM University College Station vs. Stanford University free essay sample

College: probably one of the most stressful, exciting, influential, and bittersweet phases young adults experience in their lifetime. Attending a university is a significant objective for many high school teenagers across the nation; however, the true student desire involves selecting preferable colleges to attend. Although the actual acceptance is always a gamble, it is essential that aspiring students apply to colleges best suited for them in their particular situation. This â€Å"person-specific† aspect must be considered when researching any colleges, especially Texas AM University College Station and Stanford University. As one in-state Texas university and one out-of-state college, Texas AM University and Stanford University are two schools on complete opposite ends of the spectrum. This is true not only on their well-known academic levels but essentially through the universities’ admission processes, student life, and expenses. When considering which of the two is the â€Å"better† college, these various categories must be accurately researched and evaluated. We will write a custom essay sample on Texas aM University College Station vs. Stanford University or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The admission procedure is considered by many as the most dreadful, tedious, and difficult parts of a student’s pre-college life. This opinion has remained over the years because of the specifications and requirements of each application for each individual university. When looking at Texas AM University College Station, there are several ways to be admitted. The school requires that all students â€Å"successfully complete the recommended or advanced high school program, †¦a curriculum that is equivalent†¦ or†¦ satisfy the College Readiness Benchmarks on the SAT or ACT assessment† (â€Å"Office of Admissions†). In addition, Texas AM grants automatic admission to Texas high school students whom â€Å"rank in the top 10% of their graduating class† (â€Å"Office of Admissions†) or earn a minimum of a certain SAT or ACT score (â€Å"Office of Admissions†). Stanford University similarly consists of a fairly typical undergraduate application including personal information, test scores, career interests, honors, activities, and an essay (â€Å"Freshman Requirements Process†). However, unlike Texas AM, Stanford strongly suggests applicants to â€Å"submit official results of at least two SAT Subject Tests† (â€Å"FAQ†), clearly dropping hints in reference to its rigorous structure. According to The Princeton Review, Stanford is ranked the fifth toughest university in the nation to get accepted into (Franek 34), as it is considered an Ivy League school. When looking at admissions, Texas AM University offers several attainable options to Texas high school students as opposed to the more strict and competitive guidelines placed by Stanford University. The general student life of Texas AM University College Station, in contrast to Stanford University, is quite possibly one to the most defining factors between the two schools. Texas AM is agreeably made up of a significantly homogenous student population. With a student body of 2 percent African Americans, 3 percent Asians, 82 percent Caucasians, 10 percent Hispanics, 1 percent Native Americans, and 1 percent international students, Texas AM is not a diverse university (Marshall 63). On the other hand, there is â€Å"an enrollment of about half men and half women† (â€Å"About Texas AM University†) at the school. Furthermore, it is important to note the strong religious aspect of Texas AM University College Station in that the students are primarily Christian with multiple religious organizations on and around campus (Marshall 64). Texas AM University College Station is fortunate to be â€Å"one of a select few universities with land-grant, sea-grant and space-grant designations† (â€Å"About Texas AM University†) in order to apply classroom concepts to real world jobs. The college also contains many traditions that have been passed down to Aggies for years. However, one particular event, the lighting of a monstrous bonfire the night before the Texas AM football game against the University of Texas, produced devastating effects in 1999 (Mangan). The burning â€Å"59-foot-high stack of logs† (Mangan) ultimately collapsed and â€Å"killed 12 students and injured 27 others† (Mangan), resulting in a lawsuit against Texas AM and the banning of the old tradition. Stanford is well known for its diverse student population. In fact, the college is ranked seventh in the nation in terms of diversity (Franek 41). Obviously dissimilar to Texas AM, Stanford is made up of 10 percent African Americans, 24 percent Asians, 40 percent Caucasians, 11 percent Hispanics, 2 percent Native Americans, and 6 percent international students (Franek 502). Stanford explains that its â€Å"undergraduates come from all 50 states and more than 60 nations†¦ [and they embrace] a broad range of socioeconomic, religious, cultural, and educational backgrounds. [They] believe that the best education can develop only in a vibrant, diverse community†¦ [and that a] diverse setting at Stanford enables students to investigate and engage in current issues and deeper societal questions† (Diversity at Stanford). This aspect plays a key role in the controversy revolving around the controversy of the use of Affirmative Action as well (â€Å"FAQ†). Also, as a highly respected school, Stanford was the 2005 recipient of a â€Å"$500,000 grant from the Goldman Sachs Foundation for the Stanford Educational Leadership Institute. The grant promotes the development of schools and individuals who have the potential to achieve high-quality teaching and learning† (â€Å"Stanford University†). This is mere example of the multiple opportunities offered to the Stanford community due to its exemplary accomplishments, similar to those of Texas AM. Cost is always an area of concern for any student applying to college. This is particularly important when comparing in-state to out-of-state universities. The annual tuition for Texas high school students at Texas AM University College Station is $4,371; room and board costs $7,660; books and supplies are $1,280; other required fees total about $2,595 (Franek 533). This adds up to an average of $15,906 per student per year. At Stanford University, expectedly more expensive, the annual tuition is $32,994; room and board costs $10,367; books and supplies are $1,290 (Franek 503). With tuition already doubling the total expenditures of a Texas AM student, the average total cost of a student attending Stanford University totals $44,651 per student per year. The difference in the price of the individual schools is obviously significant and should be an area of consideration for all aspiring scholars. Texas AM University College Station prevails as the less expensive school by a landslide in judgment against Stanford University. Numerous aspects of colleges are evaluated by soon-to-be undergraduates come college admission season. In the evaluation of Texas AM University College Station and Stanford University, the admission sequence, social realm, and cost of the colleges are three crucial areas of deliberation. Taking into consideration the polar opposites of Texas AM and Stanford, college preference eventually boils down to student desires. Texas AM has proven itself to be easier to get accepted into with several alternative options, a very spirited community of similar students, and far less expensive, making it a clear choice for many Texas teenagers. However, those students who wish to seek a more challenging, rigorous academic career and widely diverse student population at the expense of higher tuition rates, more power to them. Works Cited Franek, Robert. The Best 366 Colleges, 2008 Edition. New York: Princeton Review, 2007. 9-42, 502-503, 532-533. Mangan, Katherine. â€Å"Texas AM Settles Bonfire Lawsuit. † The Chronicle of Higher Education. 7 Nov. 2008. InfoTrac. Gale. Clear Brook High School Lib. , Houston, TX. 19 Feb. 2010 . Marshall, Ashley. Texas AM University: Off the Record College Prowler. Pittsburgh: College Prowler, 2005. 1-133. McCabe, Jeff. â€Å"About Texas AM University. † Texas AM University. 22 Feb. 2010. Texas AM University. 2010 . McCabe, Jeff. â€Å"Office of Admissions: Ways to be Admitted. † Texas AM University. 22 Feb. 2010. Texas AM University. 2010 . â€Å"Stanford University (Calif. ) received a $500,000 grant from the Goldman Sachs Foundation for the Stanford Educational Leadership Institute. † Diverse Issues in Higher Education. 1 Dec. 2005. InfoTrac. Gale. Clear Brook High School Lib. , Houston, TX. 9 Feb. 2010 . Stocker, Scott. â€Å"Undergraduate Admission: Diversity at Stanford. † Stanford University. 22 Feb. 2010. Stanford University Office of Undergraduate Admission. 2010 . Stocker, Scott. â€Å"Undergraduate Admission: FAQ. † Stanford University. 17 Feb. 2010. Stanford University Office of Undergraduate Admission. 17 Feb. 2010 . Stocker, Scott. â€Å"Undergraduate Admission: Freshman Requirements Process. à ¢â‚¬  Stanford University. 18 Feb. 2010. Stanford University Office of Undergraduate Admission. 18 Feb. 2010 .

Objectivity is impossible in journalism, especially in the face of atrocity and on a subject one is passionate about

Objectivity is impossible in journalism, especially in the face of atrocity and on a subject one is passionate about Introduction Reputable journalists around the world desire to disseminate news in an unprejudiced manner. They focus on furnishing the public with information about local or international occurrences through minimal personal interference.Advertising We will write a custom essay sample on Objectivity is impossible in journalism, especially in the face of atrocity and on a subject one is passionate about specifically for you for only $16.05 $11/page Learn More While the virtue, of reaching this goal is reasonable, the feasibility of attaining it is another matter altogether. Challenges of striving for objectivity It is possible for people to experience the same reality, but their understanding of the same depends on their perception (Brooks 2006). A microwave may seem like an indispensable device to a restaurant owner, but the same item may be perceived as a box or an awkward piece of furniture by a bushman in the Kalahari Desert. Alternatively, a personâ€⠄¢s definition of intelligence may depend on that person’s cultural inclinations. Education, norms, and biases filter what people perceive in their worlds. It is these filters that cause people to have different religious standpoints, gender identities, personalities or economic opinions. For instance, a group of people may witness a mob lynching in a part of town. A lawyer may talk about the possibility of a lawsuit by the concerned assailant; a politician may consider strengthening the city’s security laws; a clergyman may talk about God’s role in sparing the victim from death. All these perceptions stem from old information that the viewers used to understand the new information. Since people subjectively construct the world, then even journalists perceive events against this backdrop. Methods or platforms used to convey information are quite unsteady in the field. Journalists need to use words in order to convey information, yet words can mean different thin gs to different people.Advertising Looking for essay on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More For instance, the statement â€Å"Mergina is an exotic location bursting with native energy† could mean different things to different people. Does the word exotic refer to something bizarre or is or just another way of demonstrating that the location is exciting and different? If it is different, then the author should specify his reference point. Native energy may be translated negatively by the people of Mergina who may assume that the term connotes primitivism. Therefore, journalists may intend on conveying factual information, but their choice of words and interpretations could betray them. Even the sheer notion of doing conflict war zone reporting brings the matter of objectivity into question. An employer cannot force a journalist to enter a war zone unless the correspondent consciously chooses to do so. This means that he or she must feel strongly enough about a certain story to put himself or herself in danger. At that point, the journalist will compromise on objectivity because he or she is passionate about the matter. Reportage requires detachment, but this is close to impossible to achieve when journalists already feel so strongly about something. When engaging in journalistic work, stakeholders must make numerous decisions on news reporting. They must decide on occurrences that qualify as news. Not every event (religious meeting, violent interaction, political episode, and economic matter) that happens will make the news because editors often determine which ones journalists will report.Advertising We will write a custom essay sample on Objectivity is impossible in journalism, especially in the face of atrocity and on a subject one is passionate about specifically for you for only $16.05 $11/page Learn More Although most editors have a lot o f experience in the industry, this only proves that journalism pegs on experience as a filter of the newsmaker’s world. Reporters and journalists may dedicate a lot of time and effort towards to the collection of valuable information on conflict. However, their efforts may be thwarted by media houses if they are not politically correct. For instance in the UK, some natives attacked and beat up Iranian girls for wearing Hijabs. No local media outlets reported the incident, yet the matter received extensive coverage in Iranian media houses. It was the decisions of higher powers in those stations that determined what they transmitted. Numerous media houses tend to reflect the ideological preferences of their editors. Although many of them try to show the other side of the story, the vast majority will endorse their superior’s ideologies. Journalists do not exist in a vacuum; they are part of their society and will often implement the perspectives embraced by established p owers, political or government leaders (Jones 2009). Aside from the decision process, even the process of reporting the news is quite difficult to perform for those individuals who have the responsibility to do so. Besides the choice of words that journalists select, the images they convey can also alter perceptions. On television, cameras may zoom in on ten demonstrators and make them look like a large crowd. Alternatively, cameras may take aerial shots of a large crowd and make it appear as though it was a minor dispute. Even the order in which news reports occur can determine viewers’ or readers’ interpretations. The amount of time dedicated to a story will determine how people will think of it. The reader’s tone of voice or facial expression may also change the way the public perceives the matter.Advertising Looking for essay on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More Journalists are quite human; they can get fully engaged in the conflicts or issues that they are covering if the issues affect them. When a reporter visits a missionary – operated orphanage, where children can only get food when they become Christians, then the journalist will most likely deplore that behaviour. Alternatively, if terrorists kidnap a correspondent in a conflict zone, then this can dramatically alter the individual’s opinion of the terrorists. Even the general experience of war causes many reporters to become empathetic about torture victims. They may be prompted to condemn the atrocities that they witness, and this may undermine their ability to objective. A correspondent who faithfully records violent behaviour without criticizing it will be an upstanding journalist but not a decent person. Dispassionate reports often yield dispassionate reactions from the public. Readers, listeners and viewers often respond to passionate and genuine stories. If journa lists stick to news items, without showing their human side, then they may elicit negative responses from the public. Emotions are what make people human, so audiences do not expect journalists to eliminate this aspect from their work. Furthermore, sometimes certain atrocities are so blatant that it comes naturally to take a stance against them. If a journalist tries to use words such as alleged when the violent acts are so obvious, then the individual may fall into the trap of false objectivity. Sometimes a middle-ground approach may not be tenable. Virtues of objectivity Numerous external parties may interfere in journalistic activities. Perhaps the most notorious ones are politicians. If journalists did not care about objectivity, then they would be reduced to political puppets. In the government, loyalty to one’s group is more valuable than allegiance to the truth. A member of parliament would need to consult and support members of his party in order to get any piece of l egislation passed. However, undesirable results would occur if journalists did the same thing. Some governments have reduced media houses into propaganda platforms. If journalists in those countries committed to objectivity, then they would perpetuate the truth, even when this meant betraying their governments. A case in point was the Nanking Massacre of China. This was an atrocity that occurred at the city of Nanking in 1938. The conflict involved the killing, rape, arson and torture of Chinese people by Japanese soldiers. About 300,000 casualties arose from the war with most of the victims being civilians or unarmed Chinese soldiers. The Japanese combatants raped women and forced them to commit acts of incest. They looted their property and left them with nothing. When stakeholders revisited the matter in the 2000s, some Japanese politicians, such as Mayor Kawamura of Nagoya, Governor Ishihara of Tokyo and Japanese LDP party members, claimed that the Massacre never occurred. Other s who acknowledge its existence have tried to play down the magnitude of the atrocities. Journalists who report these events have also fallen victim to the above sentiments owing to the need to obey authority. If they stayed committed to objectivity, then they would have focused on both sides of the conflict. They would have discussed the varied interpretations of the matter and the need for apology from the Japanese government. As such, their biased journalists have fanned Chinese-Japan mistrust and general relations (Gallichio 2007). Members of the media industry also have the unique challenge of handling stereotypes. Human beings tend to focus on facts that confirm stereotypes and ignore the ones that contradict them. Objectivity in journalism is essential in order to reduce this preference for stereotypes. Therefore, the possibility of staying objective can be considered in this industry. Journalists reporting about violence, conflict, or atrocities have several reasons to striv e for objectivity; therefore, this illustrates that there is a possibility for existence of objectivity. First, atrocities rarely occur in isolation; this means that every conflict has a context that led to the culmination of violent behaviour. A warring society may have undergone decades of polarisation and unresolved issues; it may possess structural issues that perpetuated the violence. Issues such as government neglect, military oppression, and poverty should receive just as much attention as the personal atrocities committed by individuals. Journalists who strive for objectivity would not just focus on irrational aspects of atrocities; they would also explain the factors behind the violent behaviour. It is necessary to suspend judgements when making these calls, no matter how divergent the issue is from one’s worldview. A journalist who endeavours to become objective will not just concern himself with issues that support his perspective; he will try as much as possible t o look at all the facts. De-contextualisation of violence necessitates working towards objectivity. Conflicts or wars are usually quite complex. It is easy for journalists to fall into the trap of dualism. Here, they may reduce the stakeholders in the conflict to just two individuals, yet other external parties such as multinationals may also play a role. For instance, international journalists reported the 1994 Rwandan atrocities as a conflict between the Hutus and Tutsis. While the latter groups were the majority stakeholders, the UN, US, Belgian and French forces also contributed to the conflict. Furthermore, journalists downplayed their role in ending the conflict. If reporters at the time strove for objectivity, then they would not have ignored the role of these external players in the genocide. Alternatively, when reporting about conflicts it is easy to present the most outstanding or dramatic aspects. Reporters may make violence seem like the only option, yet this is not alwa ys true. Journalists ought to strive for objectivity by refraining for Manichaeism; a term that refers to the process of demonising one group and regarding the other one as chaste. No conflict is ever black and white; that is why journalists need to note all the negotiations that may occur in a conflict. Furthermore, ceasefires may not always signify peace. If escalation occurs in a war, then journalists must explain the causes of the occurrence. Alternatively, if journalists ignore the views of the bereaved in news reports, then the public may not understand why an escalation or act of revenge occurred. When reconciliation takes place, journalists have the power to perpetuate healing by showing images of resolution. In order for all these positive outcomes to occur, then journalists working in such environments need to strive for objectivity. Reporters who strive for this objective should exercise self control. They need to suppress their own emotions in order to get to the truth. This means that they ought to embrace the possibility of being a little dull. Outright attacks against certain prominent figures may attract readers’ attention, but they do not necessarily indicate that the matter is true. Most attacks tend to exaggerate the vices of an individual while ignoring the person’s strengths. Journalists should process all the information they have collected and put it in one coherent pattern (Holber Zubric 2000). The act of connecting all the parts takes strong judgment, which may not always be prevalent amongst all reporters. They need to report issues as they are without demonising one group or ignoring certain aspects of the conflict. Such issues provide proof for the possibility of objectivity in journalism. Sometimes attachment in journalism can lead to severe consequences, which points to the possibility and usefulness of objectivity. This is especially so when the concerned reporter is passionate about a certain topic. British corres pondent Marie Colvin died in Syria when one of the warring parties fired a missile at her and her group. Colvin belonged to a group of journalists who ascribed to a school of thought known as journalism of attachment. In this group, members believe that correspondents have a moral duty to the public by taking sides (O’Neill 2012). They affirm that one must identify the evil and pure sides in a conflict and then show a preference for the positive side. Here, journalists cease being reporters only; they transform themselves into moral crusaders. Many newspapers have praised the courage of these individuals; however, they do not realise the danger of such an approach to those crusaders. When journalists abandon objectivity, as Colvin did, then they become players in the war. In one instance, Colvin rescued 1500 people in East Timor when Indonesian forces arrested the victims. The latter event occurred in 1999, and peers commended Colvin for her heroic efforts. The individual als o urged western governments to intervene in the Kosovo conflict during the 1990s because she identified the Serbs as evil and the area’s Liberation army as virtuous, yet these factors changed dramatically. In other similar scenarios, journalists have used their positions as activists to force western governments to intervene in foreign conflicts through military action. A case in point was the intervention of the UK, US and the French in the Libyan conflict of 2011 through bombing campaigns. Activist journalists have the ability to change the direction of a war by garnering support from their governments against sides they perceive as evil. One can thus deduce that such journalists are no longer neutral and objective. They choose to replace their quest for the truth with their moral objectives. Many of them even criticise unbiased journalists as bystanders who have no place in modern journalism. The challenge with taking such a stance is that it causes reporters to become too engrossed with emotion. A large number of these activists will reduce news findings to morality tales and disregard the complexities involved in the conflict. In other words, they will perceive things as black and white. Therefore, one can see the importance of objectivity in such circumstances. Objectivity, or at least its quest, is possible in the face of atrocities in order to present the true picture of a conflict. When journalists get carried away by their emotions, they will detach themselves from reality and loose balance in their work. A case in point was the issue of global warming. Initially, most reporters focused on the impending danger that the world would be subjected to if it did not change its consumption patterns. However, with time, the media realised that there was another side to the issue and started to report it too. Objectivity is desirable and possible especially when covering controversial topics. Journalists who abandon objectivity may also fall into the t rap of becoming targets in the conflict. When reporters take sides, usually against the local regimes in which they are reporting, they often cause those local leaders to turn against them too. Some of them may bomb their media houses or target them for military purposes. Correspondents who urge western governments to participate in a war may ignite anti-western sentiments in conflicts. Therefore, everything that represents western influence, including western reporters will become enemies of the local regime. Not only is the quest for objectivity the best way to ensure that the public gets to see a conflict’s real picture, but it also protects journalists from fatal consequences of emotionalism. Conclusion Objectivity is dependent on human interaction, which renders journalistic work subjective. It is, therefore, true that objectivity in journalism is impossible. Reporters cannot leave their moral inclinations behind and then dwell on their jobs dispassionately; this is simp ly contrary to human nature. Nonetheless, the virtues of objectivity cannot be ignored. Journalists who comprehend the influence of subjective views would double check their work for glaring biases and prejudices. Such enlightened individuals would also be aware of other people’s worldviews and will encompass them in their reports. Objectivity should be a goal to be sought even though journalists can never attain it fully. Focus ought to be on the process and not the journalist. Journalists have their own opinions, but the process that they use to present information should encapsulate notions of objectivity. Journalists should also refrain from excesses of emotion; otherwise they may lose sight of reality or may also become targets in conflict zones. References Brooks, D 2006, Objectivity in journalism, Imprimis, Michigan. Holber, L Zubric, S 2000, ‘A comparative analysis: objective and public journalism techniques’, Newspaper Research Journal, vol. 21 no. 4, p p 50-67. Gallichio, M 2007, The unpredictability of the past, Preiger Publishers, London. Jones, A 2009, Losing the News: The future of the news that feeds democracy, Oxford University Press, Oxford. O’Neill, B 2012, ‘Dangers of the journalism of attachment’, Spiked, 4 February, p. 14.

Fonterra Ltd, a diary company in New Zealand Assignment

Fonterra Ltd, a diary company in New Zealand - Assignment Example The number of employees working for Fonterra is around 16800. The strategies adopted by the company are to make business in the emerging economies like China, Latin America and ASEAN; thus creating a strong presence. Optimizing the business of milk in New Zealand, protect the exports of milk exports in New Zealand by building integrated offshore milk pools, so that the higher value returns gets back to the country; focusing on creating quality product for its customers with special concern for mother and babies (Fonterra Ltd., 2011, pp.2-20). Computer fraud and abuse Accounting information system is a process by which the accounting of the company is done based on the Generally Accepted Accounting Principles (GAAP) by the use of the modern information technology. The Accounting Information System (AIS) of a company is composed of six main elements of the company, namely, people who will operate the system, procedure and instructions based on which the data is retrieved from different sources of the company, the related data which is very essential for the organization’s business practices, the required infrastructure for the information technology of the company so as to smoothly operate the system comprising of both the software and the hardware and lastly the internal controls so as to adopt security measures which will prevent the leakage of the sensitive data. Thus Fonterra can be exposed to the risk of fraud and abuse related to the theft of equipment, inventory or cash of the company. Even the fraud and abuse in the accounting information system of the company may result in false invoicing; payroll fraud arising out of the accounts made for directing the salary to a non-existing employee of the company; e-commerce frauds which have become very common now a days; for high level of outsourcing forgeries takes place on the ground of assets of the company being used for personal uses. If the employee of the company is not loyal then the risk of fraud a nd abuse of the company on the ground of accounting information system may lead to the disclosure of information and the intellectual property of Fonterra. Generally the fraud of a company usually occurs on the ground of poor internal control of the company. Thus Fonterra must take precautionary measures to tighten the internal control system of the company. If the items of the company is highly desirable the chances of forgery increases leading to fraud and abuse. Other reasons behind the occurrence of fraud and abuse of the company may arise from insufficient preventive measures and detection strategies having loop holes. The company should also know how to deal with the detection of the fraud; for example if a person is convicted of committing forgery in the company, just looking at the reputation of the company the concerned person is asked to resign. But in a situation like this civil or criminal action should be taken against the fraudster. Thus the fraud and abuse of the comp any generally arises from lack of strong internal control of the company. Since the AIS department is the heart and soul of the company, on the basis of which the company is able to carry out its operations. So, the personnel being appointed in the department of AIS should go through extensive interview process in order to appoint the most appropriate person for the concerned department. Fraud and abuse are ought to happen with the increase

The Risks, Costs, and Benefits of Consumer Loan Options and Steps Research Paper

The Risks, Costs, and Benefits of Consumer Loan Options and Steps Needed To Control Costs - Research Paper Example 1.1.2 Cost of Consumer Loans There are a number of costs associated with consumer loans. These include interest, carrying charges and installment price. Before banks issues loan facility to customers, there should be a clear calculation on the amount of money to be recovered on installments basis, as well as, the amount of interest payable. All these are dependent on the amount of loan offered to the customer, the repayment period, income of the customer and interest rates as set by the financial institution. 1.1.3 Benefits of Consumer Loans One of the benefits of consumer loans is that it helps in servicing short term financial needs such as home improvements, vacations, emergency bills and wedding. It is also considered to offer security to customers. So long as an individual have acceptable credit history, the person becomes eligible for consumer loans. Similarly, a person can also use consumer loan facilities to clear previous debts thus helps in improving credit rating. Consumer loans can be used in asset acquisition. In addition, no security or collateral is required in this form of loan facility. Given that it does not require referees and other collaterals, consumer loan application takes shorter time. Finally, people poor credit history also offered the opportunity to access consumer loan facilities. 1.1.4 Steps Needed To Control Costs Consumer Loans. One of the initial steps in controlling cost of consumer loans is by adopting positive spending behavior and controlling both short term and long term personal expenditures.

Legalizing marijuana Research Paper Example | Topics and Well Written Essays - 2250 words

Legalizing marijuana - Research Paper Example A number of possible arguments for its legalization are also refuted in support of the actual and feared social, health and economic effects. The more immediate social effect of legalization marijuana production and use would be the higher chances for more crimes which could really have its related health and economic effects. If sins are the enemies of heaven, crimes are the enemies of a just and peaceful society. Thus legalizing the marijuana would have the effect of increasing the number of drug-related crimes. It is argued by those who favour legalization of the marijuana argues that the use and production domestically were not addressed by long practice of prohibiting the same. It is claimed by some supporters that despite the use of criminal penalties to prevent the use of hemp or marijuana for three quarters of a century, there still existed millions of users, which to them should be considered an evidence of such failure of prohibiting its free use and production (â€Å"420 Campaign – Top Ten Reasons Marijuana Should Be Legal†). Said claim essentially rested on the premise that people will not fear what is beneficial even in the eyes of threat of imprisonment. The validity of the above claims by the supporter of legalization become doubtful when the fallacy of the claim is exposes. The continued number of users via illegal means cannot be evidence of its failure since choosing to violate existing laws is still part of human. The fact that the substance is being used by a number people despite its being prohibited does not mean that prohibiting the same has become less effective. On the other hand, claims of success for such prohibition can be supported with crimes continued to be drug-related. It could therefore be countered that had there been no prohibition on the use and production of marijuana the greater would have been the number of crimes and therefore social effects would have been

Financial Analysis for Mining Project

Financial Analysis for Mining Project Definition of Project Finance Financial institutions use a particular type of lending known as project finance when funding a developing mining project. The loan is repaid from the cash flows generated by the project with no recourse, or only limited recourse, to the company as a whole. In non-recourse lending, no tangible assets exist until the operation is brought into production. Clearly the lender will be exposed to all the risks associated with the project which could result in revenue being insufficient to service debt. Banks will thus always take a conservative stance when evaluating the economic viability of a project and may look to the project sponsor to provide corporate guarantees for the loan. If the sponsor is a junior company with little or no collateral, the role of government-backed guarantees becomes important. Project finance is not readily available to junior companies with proven deposits but no operating production. These companies may instead generate funds from the equity market to bring the project to the stage of being a viable operation. Once steady cash flows have been established, debt finance then becomes both possible and attractive and is used to develop the project to its optimum potential. Project finance is also used to develop a particular component of well established operations, such as new mining equipment, the rehabilitation of old or the sinking of new shaft systems, or upgrading of a treatment plant. Why Project Finance? Mining projects are capital-intensive ventures with an inherently high risk, and as such are often not deemed sufficiently creditworthy to obtain traditional financing. The project sponsors may be unwilling to carry the risks and assume the debt obligations associated with traditional financing even if it is available. Project finance is an attractive alternative as it allows the risks associated with the project to be shared with the principal lender. The main advantage of non-recourse funding is that the sponsor has no obligation to service the debt if cash flows generated through mining operations are insufficient to cover the principal and interest payments on the loan. The lender has the security of a collateral guarantee from the sponsor and an economic completion test (ECT) if a project is being developed from the feasibility stage. An ECT acts as a safeguard for the lender against any flaws in the feasibility study encountered during the construction phase and over the start-up period of the project. Once the project has passed the ECT then the guarantee falls away, and the only asset the bank can claim is the actual cash flow itself. Sponsors typically seek to finance the development and construction costs of a mining project on a highly geared basis, often around 60% to 70% debt. Such financing permits the sponsor to put fewer funds at risk and develop the project without diluting its equity investment in the venture. Project finance can also lead to reductions in the cost of capital, as lower cost, tax-deductible interest is used rather than higher cost, taxable returns on equity. Financing should be structured to maximise tax benefits and ensure that all available tax benefits are taken advantage of by the sponsor. Project Financing Participants Sponsor/Developer The sponsor or developer of a mining project is the organising body that controls and has an equity interest in the company or other entity that owns the project. In mining projects there is often more than one sponsor, and these will normally join together under a joint-venture agreement to form a single corporation/partnership that will essentially function as the project owner. A joint-venture agreement must be carefully drawn up with legal involvement and must clearly state the respective rights and responsibilities to the project of the parties involved. Lender The lender of project financing is a financial institution or group of financial institutions that provide the capital loan to the project company. Lenders are usually corporate investment banking groups, though NGO involvement in project finance is important in developing world countries. Due to the non-recourse nature of project finance, the lender takes a security interest in all of the project assets. Government If the sponsor is a junior company with little or no collateral, governments may be required to provide the lender with a guarantee on the loan. This practice is particularly common in the former Soviet Union region, where formerly state-owned projects now seeking to develop in the private sector are backed by national governments in their applications for project finance. An Introduction to Modelling Metal Project Finance February 1, 2010 Schedule to Project Finance The development of a project to the stage where project finance becomes viable involves going through the following stages: resource definition drilling of exploration target; preliminary feasibility study; further project development expenditure; full feasibility study; and information memorandum. Preliminary Feasibility Study Once an economic mineral resource has been identified by an exploration group, a preliminary feasibility study is undertaken by a small group of experienced professionals to determine if further expenditure on the project is justified. The foundation of the pre-feasibility study is the development of a geological model which forms the basis of the reserve estimation. Geostatistical techniques can then be applied to determine if the deposit has been correctly sampled and provide an indication of the uncertainty associated with the estimated grade. The whole integrity of a project will be called into question if the geostatisticians have to place any qualification on the reliability of the sampling programme. Once the geometric form and size of the deposit and the concentration of the mineral have been established, an initial design for the mine and mineral processing stages can be considered. It is particularly important that the rate of production should be on a scale which is appropriate to the size of the ore body. A mine life much in excess of 10 years does not enhance the net present value (NPV) of the project, while too short a mine life does not permit adequate return on capital. A simple discounted cash flow analysis based on some broadly based engineering assumptions can then be set up, provided the reserve estimation is reliable. This will establish the overall financial viability of the project and allows a basic sensitivity analysis to be undertaken. Full Feasibility Study Most junior companies do not have the resources required to meet the high cost of generating all the data needed to undertake a full feasibility study and then fund the study itself. This phase of project development is often funded by bringing on board a major joint venture partner or by raising finance through share issues on the stock market. Essentially, the technical component of the prospectus for a market listing on one of the senior stock exchanges involves the preparation of a pre-feasibility study. Typically, a junior company with a proven deposit will attempt to establish a production capability once equity funding has been obtained. This will provide material for a full feasibility study. Before a mining project can proceed from the exploration and evaluation stage to full-scale production, all available data and relevant factors are compiled and evaluated as part of the full feasibility study. This should analyse every technical, financial and other aspects of the project. The major topics that are expected to be covered include: geology; grade and reserve estimation; mining method and plan; mineral processing design plan and test results; capital costs, taxation and royalty assumptions; operating cost estimates; product price assumptions and negotiated sales contracts; environmental considerations and operating permits; and financial modelling. Typically, a full feasibility study would involve a team of at least 10 professionals who could take up to a year to complete the task. It would be used as a blueprint when calling for tenders and awarding multi-million dollar contracts. Information Memorandum An information memorandum builds on the full feasibility study and results in the document required by the bank in any application for debt finance. While this document would incorporate a full technical feasibility study, a bank would also require background information on the borrower. This includes audited company accounts, a profile of the company structure and senior personnel, the legal framework of the company, the proposed loan terms and all the necessary information on exactly how the loan will be administered, controlled and protected. This material is all incorporated in the information memorandum. Sensitivity analysis would be undertaken on the financial model and key parameters such as operating costs and capital costs would be varied. Clearly much greater confidence will be placed on estimates provided by an experienced mining company than junior companies with no production experience. While junior companies can hire consultants to provide technical reports covering operating and capital costs acceptable to the lender, they will need to assemble an experienced management team. Getting a mine and processing plant to perform to their design capabilities is as much an art as a science. A proven track record is clearly an advantage. The information memorandum will also require an environmental audit to be carried out with specific reference to liability for previous mining activity. Superfund legislation in the US can hold lenders responsible for environmental damage at sites where loans have long since been repaid, or where degradation occurred before it was owned by the mining company to which the bank has provided debt finance. The Lenders Decision Making Process The lender will initially review the submitted information memorandum and it is then frequent practice to hire an independent consultant to perform a due-diligence test or prepare an independent feasibility study. Banks will construct their own financial models and carry out detailed sensitivity analyses. Potential risks must be identified and quantified prior to committing to a project. Given the number of independent and interdependent variables present in a mining operation, it is quite impossible to envisage all possible scenarios that could prevail during actual mining. Monte Carlo techniques are sometimes used to simulate some of the possibilities, but these assume the statistical independence of the parameters, which is clearly not valid. Once the project finance analysts have reviewed and accepted the information memorandum, their findings will be presented to a credit committee which is responsible for the ultimate accept/reject decision. The background information on the borrower and credit guarantees are particularly important at this stage. The Purpose of Modelling The size and complexity of a projects financing requires accurate financial analysis, and modelling plays a vital role in charting a projects cash flows. Both the lender and sponsor alike need to establish that future revenues will be of sufficient magnitude to meet loan repayments on schedule while still producing a residual profit for the sponsor. Discounted cash flow (DCF) modelling thus forms an integral part of the preliminary and full feasibility studies and allows the economic viability of a project with debt finance to be tested. Cash flow modelling should be undertaken throughout project development, with an increasing level of detail as more data becomes available. A preliminary feasibility should include a simple DCF model that allows the overall financial viability of the proposed operation to be established. By the time a project reaches full feasibility level, detailed engineering studies and market evaluations will have been undertaken and capital costs, operating costs, and predicted sales levels can be defined with confidence. A full feasibility cash flow model will thus be more refined and will incorporate tax and royalty formulae and full project financing scenarios. A detailed sensitivity analysis will also be included. In evaluating an information memorandum, the lender will scrutinise the cash flow model of the project and employ independent consultants to verify the cost assumptions used. The lender will perform a risk analysis on the model inputs and analyse the project financing component in order to determine the banks optimum lending scenario. DCF Analysis and the Time Value of Money The principle of discounting cash flows is based on the logic that money received in the future is worth less than that same amount received today, due to the opportunity of earning additional revenue on that sum if it were to be invested elsewhere. Suppose there is a choice of receiving $1000 today and investing it or receiving $2000 in ten years time. Which is the most valuable outcome? The answer clearly depends on the prevailing interest rate. If it happens to be 5%, the money would be worth $1629 at the end of ten years and so it would be better to wait. On the other hand, if the current rate happens to be 10% the sum would be worth $2594 in ten years time and so it would be preferable to take the money now and invest it. The break-even interest rate in this scenario is about 7.2%. Modelling incremental discounted cash flows analyses the financial viability of a project by not only testing that generated revenues are substantially greater than costs and debt service requirements, but also by measuring the present value of those profits. The underlying philosophy in DCF analysis is that the project is to be compared with investing the same stream of cash flows elsewhere. One of the essential questions in DCF analysis is how to choose the discount rate. Discounted cash flows can be used to determine the Net Present Value of the project, which is essentially a present valuation of the potential of the deposit to generate future profits. NPV is calculated as follows: Projects with an NPV greater than zero will produce greater revenues than their costs at the minimum acceptable rate of return (the discount or hurdle rate), and mutually exclusive investment opportunities are ranked by magnitude of NPV. The Internal Rate of Return (IRR) and Payback Period of a project can also be calculated from a model of future cash flows. IRR is essentially the discount rate at which NPV at time zero of all cash flows is equal to zero, and is calculated as follows: A project is profitable if the IRR exceeds the opportunity cost of capital (the projects discount rate), and mutually exclusive scenarios are ranked by magnitude of IRR. Payback period is simply the time taken for the initial capital investment to be recovered by the stream of annual positive cash flows, and is not generally used alone for making an investment decision as it takes no account of the time value of money. Developing a Spreadsheet-Based Model The most important elements to remember when developing a spreadsheet model of projected cash flows are clarity, consistency, and flexibility. The spreadsheets used in some projects can be very large and complicated, with entries going from page to page. Spreadsheet cells call for results from other cells which in their turn call other cells. It is not always easy to follow the logic of the steps being carried out and, when the spreadsheet is very convoluted, there is a real possibility of artefacts being introduced. Even if there are none, it becomes very difficult to test the projects sensitivity to input parameters. There is great benefit to be gained from a consistent basic layout with a clear flow of logic throughout. Input pages, calculations, and output reports should be kept in separate areas. This course has employed the use of IC-MinEval, a purpose-designed software package for the financial evaluation of mining projects. IC-MinEval automates all the stages required to produce an Excel-based DCF model of a mining project through a series of clearly defined menu-driven forms that prompt the user to enter all the necessary technical and financial variables. Once the key technical and financial data has been entered, it is checked and a comprehensive series of Visual Basic routines ensures that a set of Excel worksheets are generated to form a customised DCF model. The DCF method of analysis has the advantage that a model can be constructed which reflects the primary technical features of the project. This does, however, require a level of knowledge about the operation which may not be available outside the company, but it is still possible to develop a model based on comparative scenarios which can provide the basis for a preliminary valuation. This is the approach followed by IC-MinEval and adopted in this course. The first step in creating a spreadsheet cash flow model is to compile all available project information on an input sheet database. This includes all the technical information which will allow calculation of mine life, annual ROM production and annual production of saleable commodity. The input sheet must also contain project cost information to allow calculation of annual capital, operating, and transportation costs. Finally, financial data must be input, including sale price, tax and royalty rates, project discount rates, and project financing information. A separate series of worksheets can then be created to calculate the annual production, sales and costs. The results are then used to construct a model of the cash inflows and outflows in each year of the projects life. A mine life much in excess of 10 years does not enhance the NPV of the project, while too short a mine life does not permit adequate return on capital. A project with a very long potential lifespan should thus only be modelled over the first 10 to 15 years of its life. It is unlikely that a mine with a longer life could operate effectively without additional capitalisation and so the cash flow forecasts for the later years would be highly subjective in any case. Project Input Data The input data needed to construct a spreadsheet-based cash flow model is divided into project technical information and financial information. IC-MinEval has a series of input screens which prompt you for all the necessary data, navigated from an input menu screen (Figure 1). The basic technical inputs can be subdivided as follows: general project information; resource information; mining rates; costs; commodity price; expenditure; and environmental and closure provisions. General Information General information is required on the commodity/ies, and on the mining method that is to be used to exploit the resource. The choice of mining method has important implications for the rate of production, equipment, capital expenditure and mining operating costs. The permitting and construction period also needs to be established in order to determine the total pre-production period of the project, the time after the initial capital expenditure (capex) has been spent before production (and revenue) can begin. In terms of project finance, the end of this period signifies completion when the projects cash flows become the primary source of debt repayment. Resource Information Information is required on the size of the deposit, the grades, and several other mining parameters. The total mineralised volume of the deposit revealed by geostatistical evaluation can be multiplied by the specific gravity of the particular ore-type to calculate the total in situ ore reserve tonnage. The expected mining recovery (the percentage of the in situ ore that can be mined) provided by the engineering study is multiplied by the total in situ ore tonnage to determine the total ore to be recovered.The expected dilution (the amount of waste rock that is mistakenly mined as ore), stripping ratio (the amount of waste material needed to be removed for every unit of ore mined in surface operations), grade (average grade of ore mined that is higher than the economic cut-off) and plant recovery (the percentage of the commodity contained in the ore rock that can be extracted by the plant) are also required in order to establish the quantity of the saleable commodity produced. Mining Rate The mining rate needs to be established because it directly affects the mine life and capex, as the more rock mined per year, the larger the processing plant and equipment that is required. In addition to the average rate during full production, it must also be established if the mining rate is to be varied over the first few years of production, to model a more realistic slower start up rate. It is particularly important that the rate of production should be on a scale which is appropriate to the size of the ore body. A mine life much in excess of 10 years does not enhance the net present value of the project, while too short a mine life does not permit adequate return on capital. Costs The reliability of a cash flow model often hinges on the accurate determination of the projects capex and operating costs. If these are known, or an accurate estimation is made from similar operations, then these figures can be entered directly. However, project costs are often not known with any degree of certainty during the construction of an early financial model. In this case, OHara cost formulae can be used to calculate rough estimates of capex and operating costs (OHara and Suboleski (1992)). Capex Capital costs (capex) are costs in a particular year that will produce benefits in later years. The major capital requirements in mining projects are the cost of constructing the mine site (including purchase of mining equipment), mill and processing plant. Additional costs and expenses that will be incurred in developing a project are termed capital overheads and can be entered into the model as a percentage of the total capex. Operating costs Operating costs (op costs) are costs that only produce a benefit for that year and are calculated annually. In order to establish the total operating costs per tonne of saleable commodity, the costs of mining ore, mining waste and processing must be established. There may be annual fixed operating costs (e.g. administration costs, salaries, office overheads) that must also be incorporated into the model. If coal or an industrial mineral product is the commodity in question, an additional transport cost component must be established. Commodity Price The expected sale price(s) of the product(s) and how this/these will vary over the project life must be established. It must be decided whether the commodity/ies will be sold entirely on the spot market or whether a percentage will be forward sold at a different price. Hedging details must be incorporated into the model if forward sales are to be applied. Expenditure The model must reveal how capex payments are to be spread over the first few years of the project and the amount of working capital to be used must be established. The capex is unlikely to all be employed in the first year of the project, depending on delays and the construction period. Working capital is the capital reserve required for the day-to-day running of the operation and can be expressed as a percentage of the annual operating costs, normally set at around 25%. Environmental and Closure Provisions A financial model should include the expected environmental costs and additional costs associated with the projects closure. This may incorporate a fixed bullet payment at the end of the mine life to cover environmental rehabilitation costs, a sink fund at the beginning of production that acts as an environmental bond to cover rehabilitation costs, and annual environmental costs during production and after mining to cover on-going costs. It must be established how long after completion of mining the annual rehabilitation costs have to be paid. Basic Financial Parameters The financial inputs to the model set the basic financial parameters of the project, such as tax and inflation rate, depreciation, and project financing scenario (Table 1). Discount Rate and Cost of Capital There are two methods of discounting that can be used to calculate the NPV in a financial model. The pre-determined discount rate can be used or the weighted average cost of capital (WACC) can be used. WACC is calculated as follows: As the NPV is calculated on the cash flows before funding but after tax, an allowance is made for the tax implications of interest payments on debt. The cost of debt is calculated as: The WACC thus varies according to the debt/equity ratio of the projects funding structure. The cost of equity is generally higher than the cost of debt, reflecting the higher rate of return required by the equity holders in comparison to the cheaper interest rate on debt. Thus the greater the percentage of total capex funded by debt, the lower the WACC and thus the more favourable the calculated NPV. This is an essential principal of project finance. Project Finance Parameters Input information is required to set up the financing structure of the project including the amount of debt and equity, interest rate and repayment schedule. Capital structure The debt/equity ratio and the size of debt will be decided by the lender. This can be expressed as a percentage of the total financing requirements that will be funded as debt. The optimum draw-down period for the debt funding will be agreed between the project sponsor and lender, and may be drawn out over as long a period as the first five years of the project. Loan type and repayment schedule The schedule for loan repayment needs to be established in order to complete the cash flow model. The number and size of loan repayments will be negotiated between the lender and sponsor, as will the grace period, if any, before repayments must commence. Loan repayments can be made in equal instalments (straight loan) or made proportional to the production rate (production loan). There will be other cash flows associated with organising the project finance that must also be included in the early years of the model. These include an up-front fee by the bank for arranging the loan (a percentage of the total loan available), a commitment fee (an annual fee charged on the amount of the loan that has not been used), fixed charges (for agents fees, legal documentation, independent reports, etc.) and contingency to act as a cushion against unexpected cost rises, etc. (a percentage of the total required funding). Loan interest rate This is the annual rate of interest on the debt as set by the lender. Return on equity This is the annual expected return on equity invested as funds. This can be calculated by a variety of methods including the Capital Asset Pricing Model (CAPM). It is often linked to the overall company gearing of the project sponsor. Demand for Nickel Top of Form Session Headings: Bottom of Form Introduction Nickel is one of the more common elements in the composition of the earth, but it is sparingly distributed in the earths crust. Nickel is usually found in modest concentrations and occurs in conjunction with a wide variety of other metals and non-metals. The worlds nickel resources occur in two main geological settings: in secondary minerals such as garnierite and limonite contained in nickel-bearing laterites; and in sulphide minerals associated with mafic and ultramafic igneous rocks. The nickel grade of lateritic ore typically ranges from 1-2%, and that of sulphide ore from 1-4%. Nickel is of considerable economic and strategic importance to many countries, its main use being a critical component in the development of metal alloys. More than 80% of the worlds nickel production is used in alloys, and about 60% of global nickel is used specifically for the manufacture of stainless steel (NIDI (2005)). Nickel is also used in the manufacture of Monel Metal, a corrosion-resistant alloy used by the shipbuilding industry, and is an important strategic metal. Throughout the early 1980s the growth in nickel production exceeded the growth in demand, but the late 80s and early 90s saw this trend reversed as the number of emerging new applications of stainless steel, combined with its rapidly-improving price competitiveness, generated a sustained growth in demand for nickel metal. Indeed, Chinas use of nickel-containing stainless steel and its use of primary nickel have grown dramatically and with impressive consistency over the last fifteen years (NIDI (2004)). Nickel s tocks were rapidly depleted over the middle years of the 2000s, but recovered during the 2008/9 world financial problem period. Concern over depleting reserves of sulphide ores, the traditional source of nickel metal, and high nickel prices led to renewed interest in nickel laterite ores that were previously thought too technologically difficult and costly to treat. The introduction of High Pressure Acid Leaching (HPAL) as a large-scale hydrometallurgical method of concentrating nickel metal and cobalt by-products from limonitic laterite ore appeared to enhance the feasibility of laterite deposits as a long-term solution to the continuing demand for nickel. However, poor initial operating performances at major new HPAL processing plants have cast doubt over this technologys ability to provide a large-scale supply of nickel while operating economically. So sulphide deposits remain the main source of nickel metal. The following working sessions therefore will concentrate on sulphide nickel deposits and provide a review of the major technical aspects of nickel projects that must be taken into consideration in th e economic analysis of such operations. Part 5 introduces a typical nickel sulphide case history with which to demonstrate the modelling of nickel project finance. Prices and Markets The nickel price is closely linked to the global demand for stainless steel which is in turn governed by industrial productivity associated with the global economic climate. 2007-08 witnessed a huge fall in London Metal Exchange (LME) nickel prices (Figure 1), principally due to the collapse of the world economy resulting in huge drop in demand for and production of stainless steel associated with the recession. 2009 has witnessed a modest resurgence in the LME nickel price as demand has outstripped production. Since 2002, a booming commodities sector, partly driven by the rapid growth of China, put substantial pressure on nickel suppliers to meet demand. This in turn had a huge impact on prices. However, forecasting forward much is dependent on how sustained the 2009 easing of the recession will be. The general trend of increasing nickel prices in through most of the mid 2000s, generated renewed interest in the nickel sector. Western Australia in particular witnessed significant increases in production over the past period, with several new major nickel sulphide and laterite projects arising. However, the new HPAL laterite operations in the region did not live up to expectations, with over-optimistic product

Conspicuous Consumption in Sinclair Lewis Babbit Essay -- Lewis Babbi

Conspicuous Consumption in Sinclair Lewis' Babbit      Ã‚   The idea of conspicuous consumption, or buying unnecessary items to show one's wealth, can be seen in Babbitt by Sinclair Lewis.   Lewis describes the main character of the book, George F. Babbitt, as a person who has his values and priorities all mixed up.   Babbitt buys the most expensive and modern material goods just to make himself happy and make people around his aware of his status.   He is more concerned about these items than about his wife or children and to him, "god was Modern Appliances" (Lewis 5).   Through Babbitt, Lewis is attempting to show how the average American person will do or buy anything, even if   unnecessary, only to show off and make peers think highly of him or her.   As seen in Babbitt, George wakes up to the "best of nationally advertised and quantitatively produced alarm-clocks, with all modern attachments" (3).   Babbitt is extremely satisfied to be awakened by this expensive clock because it raises his value to the world.   A regular alarm clock can do, but George Babbitt needs the top-of-the-line model to show off his wealth.   He, along with the rest of the citizens in the book, takes great value in his car, which to him was "poetry and tragedy, love and heroism" (22).   One must think that of his family and friends, not of a piece of metal sitting in the garage.   Babbitt continues his conspicuous consumption lifestyle by vowing to quit smoking and then going out and buying "the electric cigar lighter which he had coveted for a week" (51).   Therefore, Babbitt does not necessarily buy the lighter for himself, but to show to everyone around him that he has the money to buy it, and consequently feels superior to them.   The fi... ...In the end, the Rolex watch on the hand of a rich man is not used to tell time, rather to tell the world of his accomplishments and his burgeoning bank account.    Works Cited Brooks, John. Showing off in America. Boston: Little and Brown, 1979. Feingold, Danny. "Pooches Lap up the Attention at Dog Day Care." Los Angeles Times 11 Aug. 1999, home ed.: E2 Lexis/Nexis. Henahan, Donal. "Could Veblen Explain Today's Opera?" New York Times 19 Apr. 1987, final ed.: B21 Lexis/Nexis. Laurence, Ben. "Pounds 100 up in Smoke.   Hedonism is back." The Observer 24 May 1998: 2 Lexis/Nexis. Lewis, Sinclair. Babbitt. 1922. New York: Signet, 1998. Reiss, Michael. "Are you suffering from affluenza?" New Statesman 5 Aug. 2002: 13. Walker, Michael. "The Beverly Hills-Mobile." New York Times 15 Sept. 2002, late ed.: B1 Lexis/Nexis. Conspicuous Consumption in Sinclair Lewis' Babbit Essay -- Lewis Babbi Conspicuous Consumption in Sinclair Lewis' Babbit      Ã‚   The idea of conspicuous consumption, or buying unnecessary items to show one's wealth, can be seen in Babbitt by Sinclair Lewis.   Lewis describes the main character of the book, George F. Babbitt, as a person who has his values and priorities all mixed up.   Babbitt buys the most expensive and modern material goods just to make himself happy and make people around his aware of his status.   He is more concerned about these items than about his wife or children and to him, "god was Modern Appliances" (Lewis 5).   Through Babbitt, Lewis is attempting to show how the average American person will do or buy anything, even if   unnecessary, only to show off and make peers think highly of him or her.   As seen in Babbitt, George wakes up to the "best of nationally advertised and quantitatively produced alarm-clocks, with all modern attachments" (3).   Babbitt is extremely satisfied to be awakened by this expensive clock because it raises his value to the world.   A regular alarm clock can do, but George Babbitt needs the top-of-the-line model to show off his wealth.   He, along with the rest of the citizens in the book, takes great value in his car, which to him was "poetry and tragedy, love and heroism" (22).   One must think that of his family and friends, not of a piece of metal sitting in the garage.   Babbitt continues his conspicuous consumption lifestyle by vowing to quit smoking and then going out and buying "the electric cigar lighter which he had coveted for a week" (51).   Therefore, Babbitt does not necessarily buy the lighter for himself, but to show to everyone around him that he has the money to buy it, and consequently feels superior to them.   The fi... ...In the end, the Rolex watch on the hand of a rich man is not used to tell time, rather to tell the world of his accomplishments and his burgeoning bank account.    Works Cited Brooks, John. Showing off in America. Boston: Little and Brown, 1979. Feingold, Danny. "Pooches Lap up the Attention at Dog Day Care." Los Angeles Times 11 Aug. 1999, home ed.: E2 Lexis/Nexis. Henahan, Donal. "Could Veblen Explain Today's Opera?" New York Times 19 Apr. 1987, final ed.: B21 Lexis/Nexis. Laurence, Ben. "Pounds 100 up in Smoke.   Hedonism is back." The Observer 24 May 1998: 2 Lexis/Nexis. Lewis, Sinclair. Babbitt. 1922. New York: Signet, 1998. Reiss, Michael. "Are you suffering from affluenza?" New Statesman 5 Aug. 2002: 13. Walker, Michael. "The Beverly Hills-Mobile." New York Times 15 Sept. 2002, late ed.: B1 Lexis/Nexis.

EBay Inc. and Amazon.com Essay

EBay, Inc. and Amazon.com Introduction Problem definition and historical context            In broad spectrum, the case of eBay and Amazon explores the strategic interaction between the two organizations as they embrace different business models. This case considers how competitors in the market can successfully challenge the rival in highly competitive market where business is defined by strong network effects and fluctuating costs. The audiences in this case are given a chance to assess the merits and the demerits of the business platform utilized by eBay in contrast to Amazon’s online based retail model (Harvard business school, 2012). In addition, the case allows those interested to evaluate business performance in the event of looping value because of the indirect interactions in the two industries. The case offers a vivid exploration and analysis of how Amazon expanded its business in the competitive environment as well as discussing how eBay responded and the strategies they can adopt to lower the difference in earnings between the two. All this is done through an in-depth analysis of acquisition of GSI commerce by eBay in 2011. Briefly, business competition is the main issue in this case. Case research            Business competition between the two corporations rapidly grew in 2011, ten years after a story by â€Å"Businessweek’ labeled eBay vs. Amazon was released. The publication by Businessweek clearly depicted that between the two, the company that would win the biggest market share would probably dominate the future of internet-based business. By the time of this publication, Amazon was leading in all aspects of online transactions. Inherently, the history of the two corporations is based on Royal battle. The rivalry between the two companies is very high. Actually, Amazon and eBay are the biggest firms in online business. They are competitors of each other. Despite being in the same business, the two corporations have been operating by taking different business approaches. In terms of financial growth, Amazon had established itself as the market leader. Its financial aspects had grown by 37% as compared to eBay’s 6% (Harvard business school, 2012). Mor eover, eBay specializes in focusing on being a facilitator in internet business while Amazon focuses on becoming a one-stop platform. It is in the is respect that the case establishes that Amazon in the long-run will outrun eBay in the online stage. The two companies expand their markets by merging with other related companies. Industry/Goal/Product            EBay Company offers a market place where both retailers and buyers interact. The company aims at enabling both buyers and sellers to agree at a neutral price that can be referred to as action price. Similar to Amazon, e bay offers its clients with variety of products where they can choose on what to buy or sell. Both companies deal with used good but strictly dealing with e commerce as mode of payment. Generic Strategies Grid (2 char. per axis) 291909541338500 The generic strategies are mostly applied in analyzing competitive advantage of the business environment of both companies. Cost leadership Differentiation 147637518796000 Cost focus Differentiation focus This chart articulates ways how e Bay company can gain competitive advantage over the other viable competitors. Five Forces Model            In business context, Five Forces Model is paramount as they help then businesses analyze their competitive advantage. It is paramount to understand both internal and external business environment so in order to develop viable strategies to remain in the competitive edge. In reference to the case study, the Five Forces Model will greatly help to analyze the intense competition between Amazon.com and e Bay. More importantly, Five Forces Model is a viable tool to help both companies to plan in ways such as coming up with new products needed by the customers. Supplier Power is the first element that deals with suppliers and prices of the commodities (Harvard business school, 2012). With the intense competition as witnessed in the case study, each company is striving with best ways how they can demand the prices of commodities to lower. Indeed, E bay has collaborated with many suppliers by offering clients with variety of products ranging from different prices.            Buyer Power is the second element in the Five Forces Model. Ultimately, this element is concerned on how best the buyers can bring down prices of commodities. Quite different from Amazon, E bay has offered their customers with a direct linkage with their suppliers with an urge to bring down cost of goods. Competitive Rivalry is another model vital to understand all potential competitors around the business. As noted in the case study, potential competitors in this industry include newspapers cites, music or video shops and personal homepages among others. Threat of Substitution is less as both companies have a strong CRM hence making it difficult for other companies to displace them in the market. Lastly, the companies face intense competion from Threat of New Entry companies such as yahoo among others. Strategic analysis Value chain analysis            Value chain analysis entails analysis of the manner in which companies ensure value creation to their customers with the use of their resources and strategies. In relation to eBay, the company ensures value creation to their customers through price cutting, enhancing its customer search capabilities and ensuring its new business model. The company’s inbound logistics are well-built. EBay is tight-lipped in regard to their approach to payment processing, communications, website operations and more importantly customer support. With respect to its operations, the company does not restrict the maintenance of a marketplace and this resulted to it entering new markets outside U.S.A in 2011 (Harvard business school, 2012). Evidently, eBay unlike Amazon is depicted a powerful in relation to its operations. With the introduction of its core business segments, that is communications, payments and marketplaces, eBay aimed to maintain the trust and opportunity by devel oping new business communities globally with the help of e- business. In this case, the company compared to Amazon generated much revenue and increased its popularity around the world. Project risk model            Project risk management aims to measure the company’s capabilities and risks and the most effective measures it adopts to prevent various risks as it conducts business. With respect to project risk model, eBay is depicted as one with clear project risk management process. On the other hand, Amazon also has a well established project risk model to address company’s capabilities and risks. Model justification            The business model assumed by eBay that is auctions marketplace is depicted by the article and paramount in ensuring the success of the company especially in the competitive business environment. The model provides effective and efficient means of payments, communication and means of entering new markets. Based on the article, the business model assumed by the company connects buyers and sellers in such a way that it ensures value creation. The model is also portrayed as effective as it improved the revenue of the company in the year in 1999 (Harvard business school, 2012). Alternatives flow from strategic models            To ensure its competitive, eBay according to the article used groundbreaking business platforms and models to attract more customers globally. However, the article depicts that the company should also focus on expanding and transforming its business and project risk models in areas such as marketing and services to its customers. In this case, the company should be in a position to compete with competitors such as Amazon. Technology and costs            Technological changes are occurring drastically hence citing the need why the companies should be at par with these innovations. The technology used by both companies is effective to enhance the search catalog and ability to retrieve information at ease hence cutting operational cost. Use of AWS has huge benefits, as it is not only reliable but also secure. Another advantage of this technology in relation to cost is that it is simple in scalability. Use of superior technology such as AWS, S3, catalogue and EC2 enhances the company to reduce fixed prices of commodities (Harvard business school, 2012). Recommendation            Competition between the two corporations is high and specifically eBay should adopt several strategies to minimize the available gap. For instance, eBay should embrace better advertisement strategies and search for better advertisement partners. This will help attract some of the Amazons customers to their side. Secondly, to ensure that they stand a chance to reduce the business gap, eBay should focus on its strengths. Getting into the digital media sales should be another area to strategize on. In terms of internet technology, eBay should ensure better internet search as well ensuring improved tagging approaches. Lastly, it is of importance for eBay to reduce the PayPal fees to entice and attract more clients. On the other hand, Amazon should materialize on making their products better besides competing with their close competitor on price. Reference Harvard business school.(2012). Bay, Inc. and Amazon.com (A) and (B). Source document

Reflection Communication Skills Essay

Reflection Communication Skills Essay Reflection: Communication Skills Essay A Simple Reflection To begin a reflection at a particular milestone, one should look into the mirror and look past the concrete image into what lies beyond. The particular milestone here is the completion of COMM 1015 and my progress over the semester is what lies beyond. Certainly, change is evident over my first semester of college; the debate here is whether the change is positive improvement or not. This has indeed been an enjoyable semester for me, but as I begin to gather up the ends of my first semester communication skills education, I will illustrate and reflect on my progress. Writing has always been one of my stronger suits, gliding with ease through English classes that others may find difficult. I have always been able to easily throw together a captive introduction, state a thesis, provide support, and conclude well. Even though it is very easy for me to develop a good piece of literature, there are still areas for improvement. I have never been very keen on the e ntire writing process until this year. I now use a quick brainstorm and free write to create a detailed outline making my papers much more logical and organized. Also the peer editing process is something that I have improved on greatly, learning to edit the papers’ of my classmates and taking their feedback to mind as well. I selected the nonverbal paragraph, speaker analysis, and common book essay as my personal best writings this semester because in all three I included the writing process and it helped me develop well organized, all-inclusive pieces of work that were fun to read. I also had them edited by Ms. Emilie and students taking all feedback and corrections into mind, effectively perfecting the writings. I am proud of them more simply because the assignment allowed me to put together my ideas in a unique way that I thought was interesting. I think my major weaknesses, though, fall more into reading comprehension and critical thinking. The structure of Ms. Emilie’s teaching helped my reading comprehension skills improve significantly through the course of the semester. Material was to be read from the book and a subsequent quiz would be provided to prove understanding of the material. I ended up doing very well on these quizzes illustrating my improvement throughout the class. These acquired skills helped in every other class where reading was necessary to capture certain material. Critical thinking came more subtly during the course. The group conflict project improved my critical thinking as I had to examine all of the aspects of my stakeholder to find solutions to the common problem. Also the conflict resolution letter incorporated critical thinking as I had to come to a mutual solution between two parties where neither takes a loss. In both cases, research was necessary to establish a common ground and find the solutions that work best for every party involved. I understand now, in detail, the ste ps to solving a conflict; stating the problem, analyzing the problem, brainstorming solutions and choosing the best one. I am now able to come to a plausible solution when faced with a conflict as opposed to a one-sided close-minded solution. My listening and communication skills have also greatly improved over the semester. I have never been a very effective communicator demonstrated through my weak relationships with my family and friends. The material in the textbook and the corresponding quizzes forced me to learn a ton of things I did not know about being an effective communicator. I learned how to use listening skills, nonverbal communication, feedback, and many more strategies to communicate appropriately with people. I also learned how to register feedback and make changes in the way I am communicating based on the message being communicated to me. The communication environment involving kinesics, occulesis, haptics, proxemics, chronemics, olfactory, and vocalics is mu ch more vivid to me as my knowledge

Personal Health Change

Personal Health Change Introduction Improving the quality of one’s life is imperative in the present century. Education, establishment of more employment opportunities and private health in life are among the objectives which self-gratify an individual. The lifestyles individuals are accustomed to and their environment impact healthy behavior. Advertising We will write a custom essay sample on Personal Health Change specifically for you for only $16.05 $11/page Learn More However, there are several ways of improving personal health, which may at times present challenges in their implementation. The benefits of most of these healthy behaviors nevertheless obscure the impediments which are faced. Chosen healthy behavior I would like to exercise more routinely (5-7 times a week), while trying to develop a nutritional plan. This calls for having a meaningful vision and acquiring skills necessary to achieve the desired wellness. Physical activity, aerobics and muscle training ar e some of the divisions of exercise which include a painless 20 minute walk to an intensified work out in the gym. Dancing and engaging in a physical sport like basketball or tennis is also forms of indirect exercise. The beauty of some exercises is that they do not necessarily involve a routine. Walking, for example, may be administered whenever an opportunity carves itself out. These forms of physical activity stimulate hormones which are necessary for proper growth. Its other benefits like feeling and looking better lift composure and improves character, traits which are critical in the normal human socialization process. Using the stairs instead of the elevator and cycling to work are other valuable processes which are not that hard to achieve. My main focus will be engaging in exercise, but I will also try maintaining a good diet. My nutritional project involves taking more fruits and vegetables and avoiding junk food which usually has a lot of fat. I have thought out turning into vegetarianism, but it has proven to yield more challenges than benefits, so I will prefer adding more vitamins in my diet. Reasons for making this health change Health is not just about whether a person is challenged by a disease. I chose to make this condition change in order to further my physical, social and emotional well being. Physical activities help reduce weight and promote better sleep regardless of age or masculinity. I would like to reduce 30 pounds that I am overweight, and while keeping a diet may be forceful and not so feasible, employing straightforward exercise strategies will be my first choice of a health change.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Being proud of my physique would significantly assist in developing the social interactions I want. The observations I have made on the behavior of overweight students in school is not so attractive. Th ey tend to cluster together and receive taunting comments, which lower their faith in life. I want to make a health change in order to maintain satisfactory relationships with my present friends and be able to communicate confidently with others. Challenges likely to be faced Emotional support and the behavior other people rally will unquestionably present a challenge. Close friends and associations will play a central role in influencing my training schedule and the diet I intend to maintain. Group activities would thus cease, because my schedule will need individual effort without distractions. However, the greatest challenge will be choosing the most appropriate exercise to practice regularly. It would be essential to have a regular plan if I am to achieve my objectives. Scheduling, discipline and determination will be the factors considered in choosing an applicable practice. It would be useless reasonably to engage in a strenuous muscle application and put in lots of hours in t he gym only to give up after a week. Making the decision would be exceedingly difficult, considering I have not engaged in any practical exercise for a while. Time will also be an obstacle as I am significantly engaged with either homework or domestic duties. Whenever one gets busy, the time delegated for work-outs is usually sacrificed. I have reviewed specific medical articles, and the negative impacts of exercise others have experienced significantly scare me off. There are those who experience colds or running noses in the middle of training sessions. Other trainers complain about breathing problems and splitting headaches after sessions. Experiencing no changes as soon as they expect them will prove frustrating. In case the practice I employ does not yield visible results within the first month, then I may change the form of exercise or plainly relinquish. Ways of overcoming the challenges My present physical condition demands for regular exercise notwithstanding the challenge s I would face. I have high cholesterol for a young 25 year old, so in order to live longer and healthier, I have to take part in some form of physical activity. The bigger one gets, the harder it would be to practice some routines. I would be thus required to complete a substantial health change before I start suffering unnecessary mortifications. Exercise is usually strenuous and may involve a lot of wearisome activity. This will prove boring and I predict avoiding some responsibilities. However, devising methods to make it enjoyable would be meaningful. Exercising while having fun would unquestionably inspire me in the initiative to improve health.Advertising We will write a custom essay sample on Personal Health Change specifically for you for only $16.05 $11/page Learn More I consider doing my exercises at home through the use of exercise videos. This will reduce the uncomfortable situations experienced in gyms which may make one uncomfortable. The use of some complex machines may also reduce the esteem of an individual. Setting realistic fitness goals would be required depending on the pattern of physical activity. Studies indicate that most forms of practice would require consistency for around four months before producing physical benefits. It would be required to understand how different techniques work, how long they take to present visible or mental results, and how best to preserve the process. Benefits of healthy behavior The cholesterol issue will go away; I will look healthier and sexier and will have a strong body just like in high school, and will live longer.  Having a fit body, proper posture, agility and muscles will transparently create the impact I desire with the opposite sex. Engaging in physical activity will help me burn the extra calories hence assist in the supervision of my weight, which is a considerable problem at present. Physical activity improves concentration; any activity, which involves attentive ness, boosts the psychiatric process hence increasing sharpness and academic focus both in class and later years. Strength is also increased substantially when one specializes in meticulous work-outs of the muscles and stiff joints. Proper combination of healthful food and appropriate muscles training has traditionally proven to increase the endurance of people. A chance of catching a cold is substantially reduced as the immune system is generally jump-started by regular exercises. Conclusion Exercising and eating healthy have been proven to progress physical health. Nevertheless, there are several other minor details which affect people’s healthiness. Personal hygiene and social participation have traditionally fostered health in diverse ways. Keeping one’s body clean to thwart illnesses and avoid infections is imperative. Cleaning hands, brushing teeth, cleaning cutlery helps in preventing infections. One should strive to avoid the appearance of microbes in the body . Establishing social relationships prolongs life and increases productivity and positivism in life. Socialization may also increase knowledge, develop character and make an individual significantly healthy.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More

Human Resource Management in Context Assignment - 1

Human Resource Management in Context - Assignment Example The significance of understanding the business environment in promoting employee retention, career advancement and job security has been highlighted. The advantages and practical difficulties with doing this as well as ways of overcoming these difficulties have been discussed, emphasizing on PESTEL analysis as a significant strategy that can assist HR professionals to understand the external business environment. 2.0 Introduction Human resource management is concerned with the advancement of human capital through a tactical and articulate approach to the management of workers, who are the most treasured assets that are considered to be the underpinning element in the accomplishment of the organizational goals. It involves empowering people to utilize their potential to the maximum in line with the organizational objectives. The activities in strategic human resource management entail measures for improving the workplace environment, recruitment, performance and reward management amon g other activities that enhance the productivity of employees. Businesses maintain competitiveness through inventiveness and uniqueness in their operations. In the contemporary operating environment they have been compelled to maintain continuous changes to cope with the political, economic, social and technological needs. This development has made it necessary for human resource professionals to assume the role of business partners. As such, they need to be aware of changes and development in the business environment in order to support the business. 3.0 Significance of Understanding the Business Environment 3.0.1 Changing Technology The constantly changing technological landscape requires regular upgrading of skills to ensure the business maintains a competent workforce. It is important for HR professionals to understand the technological changes and their impact on employee motivation and productivity. Employees need to be kept informed regarding the new developments in technolog y for them to be capable of effectively utilizing the emergent technology (Viswesvaran & Ones, 2000). Increased innovations in information technology have led human resource managers to encourage workers to acquire computer skills for greater productivity. It is important for HR professionals to encourage leaning in the work place. This is accomplished through training and development, especially when an organization operates in a dynamic environment where technological advancements are constantly occurring. The faster the organization grows, the more training it requires for employees to cope with the rapidly changing operating environment (William, 2004). Training and development allows employees to acquire essential knowledge that is important in the accomplishment of tasks in the workplace. The human resource management’s role is to ensure that employees are exposed to training opportunities. It is therefore important to maintain focused on any opportunities for employees to learn that may arise in the operating environment (Viswesvaran & Ones, 2000). The skills acquired from this kind of training allow the employees to understand the operating environment better and to be aware of the business goals as well as the practices that can lead to their successful accomplishment. Employees gain confidence in undertaking their tasks when they realize

Interpersonal communication and the internet Research Paper

Interpersonal communication and the internet - Research Paper Example People relying solely on social media for interpersonal communication may judge their relationship partners on the basis of limited information. There is a probability of electronic transmission of threats making college life complicated for some students. Facebook is the cause of distraction and often plays the role of a life savior for otherwise socially awkward students. Internet, sometimes, promotes racism and hatred making interpersonal communication among the people of different beliefs almost improbable. Schools, colleges and universities should allocate some time and resources to equip students with the basic ethics of online communication. Interpersonal Communication and the Internet The most significant characteristic of a man is his ability to communicate with his fellow human beings to achieve the desired outcomes. Man has always struggled to develop and expand the means of communication available to him. In recent years, internet and online social networks including Face book, Twitter, MySpace, and Tumblr have revolutionized the field of communication. People have become so reliant on technology that those who tend to disconnect themselves from it seem odd to the rest of the people. Internet provides a medium to vent frustration and social anxiety and is an easier way to communicate. But the controlling influence of social media, increasing reliance on internet leading to a decline in interpersonal communications, probability of electronic transmission of threats and promotion of racism and hatred often outweigh its advantages. The internet has no doubt transformed the world into a global village. However, at the same time, the yawning gaps between people in their interpersonal relationship seem to get bigger day by day. Women, in earlier times, used to gather at the river to wash their clothes. This provided them with an opportunity to mingle with the people living in the same locality. With the introduction of new technologies and easier ways to w ash, a decrease in interpersonal communication is apparent as the people in general and women in particular no longer gather at the river. The same explanation can be presented to explain the decline in interpersonal relationships due to the creation of innovative and technologically advanced communication tools including the internet and the social media. People have become less interdependent and more self-governing. Even the advertising campaigns seem to promote it. As far as the impact of internet is concerned, millions of emails are sent by people to their friends, relatives and colleagues every day making it tremendously unproblematic to communicate. Internet, on one hand, has a number of advantages. Conversely, on the other hand, it has dramatically reduced the exchange of information among the masses. Those who use these forms of communication may evaluate their relationship partners on the basis of inadequate information. Internet, indeed, encourages the growth in interpers onal communication. However, those who entirely rely on online means encounter difficulties in face to face communications (Riqdon). Studies suggest that students use internet mainly for finding people, seeking, distraction, coping and E-mail. The availability of internet on the college campuses, provision of free email addresses to the students and high speed broadband connection-equipped