Management Article Example | Topics and Well Written Essays - 250 words - 2

Management - Article Example Techniques associated with training fall under two categories the first one being on-the-job method and lastly off-the-job method. On-the-job techniques include orientations, job rotation while the ones relating to off the job are lectures and conferences (Griffin, 395). Considering the fact that I am a new employee, orientation focusing on the mission, rules, regulations as well as a comprehensive outline of my responsibilities will enhance the performance of my present job. Coupled with the interactive nature of orientation is demonstration where the leader to whom I report to illustrates the use of both the tools and equipments necessary in the performance of my roles (Griffin, 401). Job rotation that involves changing duties is a training aspect that will grow my skill set in a series of tasks thereby improving on my efficiency and increasing my knowledge base. Moving on to the off-the-job training methods, lectures that integrate power point presentations enhance the understanding of important topics and provide an opportunity to ask questions that maybe instrumental in the practical environment (Griffin, 393). Conferences and discussions provide relevant information in an equal measure. In both, experienced experts are able to convey information on various ways of minimizing risks while performing duties effectively. This will go a long way in enabling me to solve challenges and meet the expectations of my job performance. The benefits of training in the job environment are substantial because training increase the morale of workers, reduces supervision and minimizes errors that may hamper smooth operations. Other than increasing efficiency, which translates to higher productivity, training offers an opportunity for career growth and

Body Paragraphs Essay Example for Free

Body Paragraphs Essay There have been thousands of studies done on the effects of television on children. Most of these studies have leaned toward the negative effects that television has on children. According to a study by the University of Michigan, even though television can have positive effects it can also affect the health, behavior and family life of children in negative ways. Also while studies have been done on the effects that television has on children under the age of two there has been no clear evidence on the effects. Some studies have shown that it may lead to learning and attention problems, but not the experts have agreed this is true. Children are seeing more and more violence on television every day. Even in G rated movies children are subject to violent acts. All we have to do is look at some of the Disney movies over the years. While Snow White was a positive upbeat person that was nice to everyone, she was still killed by the wicked witch. The movie the Lion King shows children how Scar plotted the death of Mufasa and it shows Simba coming back for revenge. Then you have cartoons like The Simpsons and Family Guy. These show play up the use of foul language, violence, and disrespecting everyone, especially your parents. The characters on these shows have become idols. Bart Simpson and Stewie have become idols to children. They talk like them and act like them. They think that when they are violent or they curse or when they disrespect their parents it is funny and something that they should do. An average American child will see 200,000 violent acts and 16,000 murders on TV by the age of 18 (www.med.umich.edu). This viewing of violent acts are desensitizing are children to violence. They are becoming less aware of violent acts or just don’t care that much when they happen right in front of  them. There is a research report that was written in 2009 by Brad J. Bushman and Craig A. Anderson called â€Å"Comfortably Numb The Desensitizing Effects of Violent Media on Helping Others. This research shows the how violence in movies and on television desensitizes people to violent acts or the plights of others around them. They are also their fear of the world is increased. They are seeing that not only the bad guys are violent but the good guys are extremely violent and that they get away with the violence. Children are not sure who they can trust or who is good. Some even see that by becoming the â€Å"good guy† you can get away with more bad behavior. According to KidHealth.org, TV characters often depict risky behaviors, such as smoking and drinking, these same characters are reinforcing gender-role and racial stereotypes. I know that our doctor told my daughter to watch Teen Mom. This show may show the downsides to teen parenthood, in my opinion it has kids thinking it would be cool to have a child and then maybe they could get on television. I have spoken to several different people from my daughters parenting class and I have talked to my daughters Family First specialist. They have agreed that shows like these are not good models for teen moms. Yes, they may show the difficulties that these girls have but they also show these girls still having sex, disrespecting their parents and fighting. Also all have agreed that too much television and television that is not supervised can be harmful to children. According to KidsHealth.org children who spend too much time in front of the television are more likely to become overweight. Children are spending more time in front of the television which is making them less active. They do not go outside and play sports or socialize with other children. Children are more likely to constantly snack while watching television. These are not always healthy snacks. They are things like cookies and chips. They see the commercials for these and their minds tell them that they want them. By limiting the time that your children are watching television you will be able to help them become more active and more sociable. On the reverse side of this situation, though, is that some of the negativity  can be reduced as long as parents limit the amount of time that children spend in front of the television. It has been suggested that no more than 2-3 hours a day of television for older children and 1-2 hours of television for younger children. Also parents need to supervise and be aware of what their children are watching. Television can be a learning experience as long as parents take the time to talk to their children about what is being watched on television. Parents can also be a positive role model for their children by limiting the time they watch television. They need to watch more positive programs when they are watching television with their children. If there is something bad on the show they need to take the time to explain to their children the behavior that they saw on the television program was not appropriate and why it wasn’t appropriate.

Othello :: English Literature Essays

Othello In William Shaspeare play Othello, Iago make Othello believe that Desdemona is having an affair with Cassio. He does by taking advantage of any situation to make of Othello doubt. Iago make Othello thing a lot of crazy thing on his head, Othello got so jelous leading him to kill his own wife, Desdemona, satisfying iago obseccion for revenge. The Reason why Iago develop such as evil plan is because Iago suspect that Othello is having an affair with his wife Emilia. He cited when he said "And it is thought abroad that 'twist my sheets he's done my office." The irony behind this line is that he then says, "I know not if't be true, but I, for mere suspicion in that kind, will do as if for surety." That mean, He is not sure that Othello is having an affair with his wife but he will pay anyhow, this show that Iago is so blind with his jealousy that he will do anything on his reach to make Othello for such act no sure committed. Iago elaborates a master plan to get Cassio position as a lieutenant. Iago get Cassio drunk so he could fight Roderigo. Othello then discharge Cassio from the lieutenant position when he says, How must poor Cassio have felt? To lose all he had worked for, working up his reputation that any half-hearted human can tell he earned and deserved. Iago know that Othello who ask him about the deed because of he fame of being a honest man. Iago tell Othello about the deed winning his trust that is when Iago starts to crab Othello by his weak point his Love for Desdemona. The first part of the plant start when Cassio is drunk, and cassio but the plan begin to develop a little more when Cassio is dismissed from his position. Cassio sad because he reputation has gone under the hill with the act the he committed unfortunately Iago uses Cassio as a puppet to go ahead with his evil plan. Iago suggest Cassio to try to speak with Desdemona to Convince Othello. Iago knows that Desdemona it a very naà ¯ve woman and she will be a very valuable piece to continue his evil game. At the castle ground, Cassio meet with Desdemona and exhorted her to ask Othello to take him back. Situation that Iago utilized to his advantages Iago put ideas

Dreamweavers Essay

Hinabing Panaginip/ Dream Weavers Reaction Paper Hinabing Panaginip or Dream Weavers, a documentary video directed by Fruto Corre is about the life of the people from Northern Cotobato; the T’bolis. The whole process of making the old T’nalak; one of the most remarkable creations of the T’bolis, was presented in the video. The T’nalak fabric holds a very special place in T’boli culture. It is always present in really important turning points in a T’boli‘s life such as birth, marriage, and death. It has also often been referred to as â€Å"woven dreams†. T’nalak is made of Abaca fibers which traditionally has three primary colors, red, black and the original color of the Abaca leaves. The colorant of the things used in making this traditional cloth are naturally dyed boiled in with bark, roots and leaves of plants. It is said that the T’bolis create T’nalak because they believe that following their dreams is a must. They had to do what is indicated in their memories. The designs that they clearly see in their dreams have certain meanings and requirements. With this, T’nalak has become their sacred treasure. The T’bolis expressed everything in the T’nalak: their dreams, beliefs, myths and even their religion. T’bolis consider it taboo to cut the cloth because they strongly believe that doing so will make them severely ill. They respect T’nalak weavers a lot like how they do to their warriors. The undenaiable quality of the fabric is a rich legacy of creative art handed down from generation to generation for thousands of years. Perhaps, the artistic and spiritual dedication of the T’boli women of Lake Sebu made the existence of T’nalak last for centuries. But as time goes by, urbanization has forced most tribe members into poverty. Mo dernization became a threat to their culture. Watching the documentary video made me feel proud and sad at the same time. As a Filipino, I am very proud to have the same nationality as these  very talented, hardworking and passionate people. They really made me want to salute them for they deserve a â€Å"You’re the best† award. I was amazed on how people can be that artistic. I have never imagined that a used ballpen could become a bead to produce necklaces! But I was disappointed because I realized that these days, people would not want to buy our own products. In fact, people would buy imported ones instead. Before, one T’nalak is equivalent to a horse or a house. But now, one T’nalak only costs about two to three hundred pesos. See how things change in a matter of time? I still believe that no matter how hard it is to survive in this era, the T’bolis will still keep their culture intact. I pray that their artistic spirit will not only last for another century but for eternity.

Cost when using photovoltaic cell Essay

Solar energy industry utilizes prize per Watt peak, which is the primary unit of measurement for computing cost. Current prevailing price for solar energy generation is at around $4/Wp. Basically; cost would depend on the total installed cost for the system. Around 40% to 50% of the cost would be for the solar module. A complete system includes the entire required component for a functioning system. As of 2003 a residential system would cost at around $8,000 – $12,000 per kWp installed (SolarBuzz, 2006). Based on data, a 1kWp unit would produce differently depending on the location and levels of sunlight. Generated data for Southern California produced 1800 kwh/year while for Northern Germany was 800 kwh/year and 1600 – 2000 kwh / year in India using the same 1kWp unit of solar system. However, gradual improvements on the silicon crystal model of PV cells contributed to a dramatic reduction of the cost of photovoltaic electricity (Cartlidge, 2007). Actual generated power would still depend on the location and prices are variably dependent on the local tariffs. Compared to other existing rates for energy generation distributed solar PV would be 30cents to 50cents/kWh the current rate is still far from the 3 – 5 cents / kWh rate for combined cycle gas turbines. Although there is a promising trend of decreasing rate of generation cost due to decrease in installation cost (Space_Daily, 2005). The amount of roof space needed to roof-mount a solar system is based on the size or â€Å"generating capacity† or â€Å"rating† of the system you purchase. Most residential systems require as little as 50 square feet of mounting area for a small â€Å"starter† system, or as much as 500-1,000 square feet for a PV array capable of meeting all of a homeowner’s needs. Commercial systems are typically much larger than residential systems. A rule of thumb is that a square foot of single- or poly-crystalline PV module area produces 10 watts of power in bright sunlight. Therefore, a 1000-watt system requires about 100 to 200 square feet of roof area, depending on the type of PV module. The amount of roof area needed also depends on the PV module’s efficiency in converting sunlight to electricity. Table 1 provides approximate roof area requirements as a function of PV efficiency (percent) and rating (watts). Table 1: Roof Area Needed for Various Sizes of PV Systems Although the efficiency (percent of sunlight converted to electricity) varies with different types of PV modules, higher-efficiency modules typically cost more. One of the main barriers to the development of rural electrification markets with photovoltaic is the financing of the high up-front investment of an SHS, which is the critical point for most of the rural households, as well as for many photovoltaic intermediaries. Depending on the size of the local market, taxes the share of locally manufactured components and governmental policy regarding solar technology and rural electrification, an SHS costs between US $500 to US $1,500. Even with the existence of subsidies for the installation of an SHS, such investment costs are much too high compared to the average income of the target households. For this reason, financing schemes allowing payment by installments must be offered – they are needed in national electrification programs as in commercial markets. In this connection, micro-finance institutions (MFI) could play an essential role in the dissemination of SHS. This not only represents a solution for the existing barriers regarding the electrification of remote rural households, but also offers new market opportunities for . MFI for example, ill form of rural electricity loans, which additionally offer the convenience of secure guarantees of the hardware, especially the solar panel. PV today is economical only if it does not have to compete with grid electricity. Nevertheless, the technology is only at the beginning of its development and hopes are high for further large cost reductions. At present, however, it is not obvious that the cost of PV can reach present levels of the cost of base load electricity, but it call reach consumer retail prices. Besides development of technology, market expansion is a proven way of bringing down cost. In several countries that take their obligation to reduce greenhouse gases seriously, comprehensive support programs for distributed PV installations have been legislated. One example is the German renewable energy law, which stipulates that utilities have to pay for PV electricity fed into the grid about 0. 5 $/kWh for twenty years. This reimbursement is reduced by 5% each year for new installations in order to stimulate cost reduction (Elwell & Komp, 2007). Manufacturing of PV cells undergoes many processes. After producing the solar cells, they have to be transported and assembled. Solar cell usually have a life span of 25 years. After which they are disassembled and transported for proper disposal. A study was conducted to measure the total energy consumed in the manufacture alone of the solar cells. Using the Sharp ND-205U1 module, which cost $850, a forty-four-module order would require $28,900, not including the cost of wires and inverters installed along with the solar modules (Riley & Meyers, 2005). Renewable sources in Middle East In the Middle East, governments are pushing for finding an alternative to fossil fuels to meet its energy requirements. Renewable sources are being eyed. Due to the depleting supply of fossil fuels, United Arab Emirates has already undertaken projects in preparation for meeting the required power needed. It is estimated that by 2015, 14% of estimated power requirements would be saved with the utilization of wind and solar energy. By 2050 it is forecasted that almost half of energy requirements of UAE would be supplied by wind and solar energy with PV generation forming the largest percentage of the two (WFES, 2004). Other Middle East countries are likely to follow in their endeavor to preserve the region’s main source of wealth – oil and gas. Syria, Saudi Arabia, Iran Bahrain and Lebanon have already implemented or will be implementing strategies in harnessing these renewable sources abundant in the region (Middle_East_Electricity, 2005). One project initiated in Israel, which aims to provide electricity and water supply in a small rural village in Palestine. Greenstar identified one of the four-target villages Al Ka’abneh, West Bank, Palestine. The purpose of the project is to supply electricity with the installation of PV cell system. Before the project was instituted, the village had no electricity and water was not sanitized, thus resulting to health problems as one of the prevalent challenged areas of the village. The locals were taught how to maintain and utilize the PV system installed in their village and care was delegated to them. The project supplied the village with a 100 kW PV generator, which was used to power the village’s health clinic, mosque and school. Aside from the generator, the village was also supplied with a PV powered water pumping and desalination units. Among the lessons learned from the project is that solar energy provides simple solutions to simple electrical needs of small isolated villages where a national grid is rendered superfluous (Greenstar, 1999).

Industrial Ecology essays

Industrial Ecology essays Throughout history we have used the Earths resources to fulfill our needs without thinking of the implications of this abuse. As a result, we are left with few resources and enormous amounts of waste. In order to stop this shortage of materials and this excess of garbage, numerous recycling ideas have been proposed. However, a new idea known as Industrial Ecology could revolutionize the awareness of recycling by placing human activities in a full-life cycle in which reuse can be profitable. The concept of industrial ecology should be considered as a change in the way industries manufacture products by thinking of the products life span as much larger and more profitable. This major change can be integrated effectively into many industries; the auto industry is a significant example. The supply of metals used in cars is running out, and their disposal results in hazardous materials, not to mention excess garbage that goes into landfills. The reusing and recycling of auto part s can cause a significant decrease in the industrys expenses. This idea seems very appealing. However, experts point out that there are several obstacles that stop the process and make it very difficult to implement. These obstacles include organizational, technical, economic, informative, regulatory and legal barriers that are enforced in the auto as well as other industries. However, there are ways of overcoming this obstacles and in fact, there is much to be gained in implementing these ecological policies in industrial settings, as proven by several examples such as containers and one-use cameras. Theoretically, Industrial Ecology provides the ideal solution to waste control and profit increase, but the barriers form a challenge for the implementation in the large-scale. In order to achieve these reorganization processes there must be an effort done by government, consumers and manufacturers. If manufacturers and engineers were to...

Charlie Chaplin essays

Charlie Chaplin essays Charlie Chaplin was an English motion-picture actor, director, producer, and composer. He was one of the most creative artists in the film history. He was the first to achieve worldwide fame through his performances in silent films. Sir Charles Spencer Chaplin was born in London, England in poverty on April 16, 1889. His parents were Sr and Hannah Chaplin. They were both music hall performers. His father was an alcoholic. He left shortly after Charlie was born, leaving Hannah to provide for the children. Charlie got his first taste of the spot light when he was very young. He debuted in the place of his mother because she was hoarse. His childhood was filled with horrible poverty. His mother, Hannah became a chronically psychotic woman who was in and out of mental institutes. When Hannah could no longer take care of Charlie and his siblings, they were admitted into Lambeth Workhouse and later to Hanwell School for Orphans and Destitute Children. His father died when Charlie was only 12 years old. As a young child Charlie had been forced to sleep on the streets of London and he had to look for food in garbage pails. It was this same poverty in which he would develop his identification with the little person. He used the misery of his childhood to create his own style, which was a combination of comedy and melodrama. This is known as pathos. He achieved his ambition when he joined a dancing group called the Eight Lancashire Lads. This eventually led on to parts in Sherlock Holmes and Caseys Court Circus. His half brother Sydney joined the Fred Karno Company and managed to get Charlie involved also. He soon became a Karno star. In 1910 Charlie toured the United States with the Karno group and returned for another in 1912. On this tour he was hunted by Mack Sennette and his Keystone Film Company. Charlie was then introduced into the medium of film. His first film, 1914, was title...

Genealogy of Legendary Singer James Brown

Genealogy of Legendary Singer James Brown The man often referred to as the Godfather of Soul was born James Joseph Brown in a small shack in rural Barnwell County, South Carolina. His father, Joe Gardner Brown, was of mixed African-American and Native American descent, and his mother, Susie Behling, was of mixed African-American and Asian descent. This family tree is presented with an  ahnentafel  numbering system. Check these tips for reading this family tree. First Generation 1. James Joseph Brown was born on May 3, 1933, outside of Barnwell, in Barnwell County, South Carolina, to Joseph Gardner Brown and Susie Behling. When he was four his mother left him in the care of his father. Two years later his father took him to Augusta, Georgia, where he lived with his paternal great-aunt Hansom (Scott) Washington. His aunt Minnie Walker also helped with his upbringing. James Brown married four times. He wed his first wife, Velma Warren, on June 19, 1953, in Toccoa, in Augusta County, Georgia, and had three children with her: Terry, Teddy (1954–June 14, 1973), and Larry. That marriage ended in divorce in 1969. James Brown next married Deidre Jenkins, with whom he had children Deanna Crisp, Yamma Noyola, Venisha, and Daryl. According to his autobiography, they were married on the front porch of a probate judge in Barnwell on October 22, 1970, and divorced on January 10, 1981. In 1984, James Brown married Adrienne Lois Rodriguez. They separated in April 1994 and had no children. The marriage ended when Adrienne died on January 6, 1996, in California from complications following plastic surgery. In December 2001, James Brown married his fourth wife, Tomi Rae Hynie, at his home on Beech Island, South Carolina. Their son, James Joseph Brown II, was born on June 11, 2001, although James Brown questioned his paternity. Second Generation (Parents) 2. Joseph Gardner Brown, known affectionately as Pops, was born on March 29, 1911, in Barnwell County, South Carolina, and died July 10, 1993, in Augusta, Georgia. According to family history, his father was a married man and his mother worked as a housekeeper in the home. The story says he was born Joe Gardner and took the name Brown from the woman who raised him after his mother left him, Mattie Brown. 3. Susie Behling  was born Aug. 8, 1916, in Colleton County, South Carolina and died Feb. 26, 2004, in Augusta, Georgia. Joe Brown and Susie Behling were married, and their only child was James Brown: 1 i. James Joseph Brown Third Generation (Grandparents): 4.–5. The parents of Joseph Gardner Brown are uncertain, but his siblings (or half-siblings) were the children of Edward (Eddie) Evans and wife, Lilla (surname possibly Williams). Edward and Lilla Evans appear in the 1900 U.S. Census in Barnwell County, South Carolina, and in the 1910 U.S. Census in Buford Bridge, Bamberg County, South Carolina. By 1920 it appears that Edward and Lilla Evans had died, and their children are listed as the children of their aunt and uncle, Melvin and Josephine Scott in Richland, in Barnwell County, South Carolina. This means that either Edward Evans or Lilla Williams is a parent of Joe Brown. 6. Monnie Behling was born about March 1889 in South Carolina and died between 1924 and 1930, probably in South Carolina. His parents were Stephen Behling, born about May 1857, and Sarah, born about December 1862, both in South Carolina. 7. Rebecca Bryant  was born about 1892 in South Carolina. Her parents were Perry Bryant, born about 1859, and Susan, born about 1861 in South Carolina. Monnie Behling and Rebecca Bryant were married and had the following children: i. Docia Behling, born about 1908ii. Arris Behling, born about 1910iii. Jettie Behling, born about 19123. iv. Susie Behlingv. Monroe Behling, born about 1919 in Fish Pond, in Bamberg County, South Carolina, who died May 4, 1925, in Bamberg County, South Carolinavi. Woodrow Behling, born May 24, 1921, in Fish Pond, in Bamberg County, South Carolina, who died May 25, 1921, in Fish Pond, Bamberg County, South Carolinavii. James Earl Behling, born Feb 5, 1924, in Fish Pond, in, Bamberg County, South Carolina, who died July 3, 2005, in Bamberg County, South Carolina

International business management----- E-business Essay

International business management----- E-business - Essay Example The organizations must re-evaluate their business strategy to incorporate business plans so that the potential of the internet, which is fast emerging as a most power tool of communication, can be exploited for business purposes. The popularity of internet has been one of the most promising instruments of advancing one’s business base. As per the article â€Å"E-commerce is an economic solvent. It dissolves old business models and changes the cost structure, and rearranges links among buyers, sellers, and everyone in between. The impact of e-commerce is happening in phases† (Kalakota, Robinson, 2002). Internet, used as a potent communication tool, would provide a vast scope of income generation avenues through increased opportunities. The internet presence of the business through interactive module of the website would facilitate and encourage usage of ecommerce for a win-win situation and help exploit the vast potential of the internet to benefit business through the huge database of customers that internet provides at the click of a mouse. Case study of Tesco is an excellent example of using ecommerce to gain the popularity and trust of the people and the prospective customers. We would be using the case study to evaluate and analyze the methodologies and approach to ecommerce activities to develop and increase customer database. Tesco realized the vast potential of internet early and has been the first business enterprise to introduce e-commerce activity in UK. The interactive communication between the client and the business house has been utilized to develop a professional relationship between the two, that not only provides opportunity to improve and improvise the quality as per customer’s requirement and demand while at the same time, customer gets the best deal because of the competitive nature of internet, as a medium of business promotion

Data Examination on National Highway Traffic Safety Administration and Essay

Data Examination on National Highway Traffic Safety Administration and on vehicle and pedestrian accidents across the US - Essay Example The continuous reduction in the rate of car accidents began in 2006, apart from 2012 when the rate increased. This information was provided by the Fatality Analysis Reporting System (FARS). According to the National Automotive Sampling System (NASS) that the number of individuals injured reduced in 2013. However, the reduction rate is not considered significant statistically. The level of fatality for 100 million vehicle mile traveled (VMT) reduced by 3.5%, from the 2012 value of 1.14 to the 2013 value of 1.10. This is the lowest fatality level ever recorded; also the overall injury level reduced by 2.5%, as illustrated by the 2013 figures. The general fatalities reduced by 3.1%. The reduction was minimized in all categories, apart from the pedal cyclists. 21,132 deaths were experienced in 2013 among the passenger vehicle occupants; this number is the lowest ever recorded by NHTSA. A key reduction involved the motorcycle fatalities that reduced by 6.4%. Pedestrian fatalities also reduced in 2013 by 1.7%. Hence, increased focus should be put on pedestrian

People Resourcing and Development Unit Essay Example | Topics and Well Written Essays - 2000 words

People Resourcing and Development Unit - Essay Example PAs can be used for development with proper manager training and with employee involvement at each stage of the evaluation process. Table of Contents 1. Introduction 1 2. Benefits of Performance Appraisals 1 3. PAs as control mechanism 1 4. Drawbacks of the feedback system 3 5. Multi-source approval 3 6. PA system can be used for development 4 7. Conclusion 4 References 5 1. Introduction Employee development is a key activity of human resource management and focuses on the process of developing people within organizations. However, organizations oscillate between development and control – the two opposed sets of motivations. The delivery of effective people development process requires effective performance appraisal mechanisms. The traditional approach has been to achieve efficiency by imposing management control but over time it has been found that such an approach is counter-productive (Meyer 1991). In fact most researchers find that performance appraisals are disliked by b oth subordinate and managers alike. For some the process can be unnerving and a frightening experience which can lead to tension between the supervisor and the subordinate (Schareder, Bectorn and Portis 2007). The motivation to control employees manifests in performance management and in performance-related-pay, believe Hendry et al (2006). Performance appraisals (PAs) are primarily meant for development but the system is misused because people are seen as ‘human resources’ rather than resourceful humans, argue Hendry et al. According to Caulkin (2001, p.32) how organizations manage and develop people has a powerful effect on overall performance (cited in Torrington, Taylor and Hall, 2008). This paper will argue that performance appraisal as used by organizations is a means of controlling, not developing employees in modern work place. 2. Benefits of Performance Appraisals Performance appraisals had become institutionalized during the Industrial Revolution when it becam e necessary to monitor the organizational output (Kondrasuk 2012). It is generally assumed that employees would not like to be monitored but assisted to achieve performance goals, because in the words of Grubb (2007) performance appraisals are meant to engage, align and coalesce individual and group effort towards continuous achievement. Appraisals help identify and correct disparities in performance. The main objective of PAs is to compare between the performance expected from the organization with the performance achieved by the individual (Giangreco, Carugati, Pilati and Sebestiano 2010). PAs reduce employee uncertainty as communication occurs between the manager and the employee. PAs enhance motivation and performance while reducing role ambiguity (Pettijohn et al. 2001). Reduced role ambiguity results in commitment, satisfaction and reduced turnover. Davis and Landa (1999) link appraisals to succession planning, to compensation and promotion decisions. It also provides systemat ic judgment to the organization for salary increases, while making the employee aware of the needed changes in his attitude, behaviour or job knowledge (Obisi 2011). However, all these benefits cannot be achieved if PAs are used as control mechanism. 3. PAs as control mechanism Performance appraisals conducted in the traditional manner have been found to be authoritarian (Meyer 1991). PAs inevitably highlight poor performance (Kondrasuk 2012) and

Relations Between the Father and the Daughter Essay

Relations Between the Father and the Daughter - Essay Example Man has no power of foreseeing the future. It could be possible that the surgery Latimer was getting the day she died could have saved her some of the agonies that she was going through. There is a reason why some of the laws exist. Preservation of the human life is the ultimate goal of any government system and should be observed at all times. For instance, a person may decide to commit suicide at some point in life because they feel that nothing is working out for them. However, they only make that decision in the context of the immediate events. They may not feel the same the following day and if they commit suicide, they miss out on life. Justifying euthanasia because a person is facing problems is wrong. Every person has a life clock and God is the only one qualified to turn it off. If euthanasia was allowed to take place, then people would resort to committing suicide every time they felt that life was giving them a bitter lemon. Moreover, although Latimer may have been going t hrough a lot of sufferings, maybe she was grateful that she was alive and had a mission to fulfill in life that the father cut short. Murder can never be justified and it is universally agreed that it is a crime.

The Book The Road and The Movie The Shop on Main Street Essay

The Book The Road and The Movie The Shop on Main Street - Essay Example In the book â€Å"The Road†, Cormac McCarthy writes of a period that had been established during the post-apocalyptic time and the setting is purely fictional to generate the mood that had been associated with failed determination at progress. These two tales predict the events within the universe using different approaches with the movie predicting actual events in relation to the Jewish treatment during the famous war and the book telling tragedy at the time the universe had been created to be linked to a fictional universe. The relationship had been accorded to the two tales to accord the needed incentive in delivering a stable plot development. The movie â€Å"The Shop on Main Street† and the book â€Å"The Road† have both been developed to indicate the nature that humanity may be subjected to the harsh conditions on both fictional and reality scale, and deliver means to find solutions of survival. The Shop on Main Street The movie depicts the plot placed to reflect the nature that the form fascism may be relayed towards innocent living to harm positive societal relations. The character Tono Briko who is depicted as a Czech carpenter is presented with the solution that would uplift his low stature. Tono establishes the relationship with an elderly Jewish woman in the attempt to offer security to her button shop business. Although he is depicted as a lazy individual without ambition, he is accorded the status of an assistant within the new business as a reward for the loyalty that he had portrayed (Crowther). The plot twist had been when he had been faced with the decision of protecting his friend or betraying her, as the Jewish citizens had to be transported and interdicted. Kadar and Klos had created the movie to bear the reflection of the subjections placed on the individuals who had witnessed the tyrannical rule of Hitler. The climax of the plot development had been seen when the tough decision had to be made concerning the human abi lity of relating between the virtues of presenting a saintly character to the evil personality that creates human relation. The plot had been developed to change the outlook issued from the developed theme of positive relation to the period that had been presented to acknowledge difficult decision of protecting the interest of the weak. The period favored the system implemented where the Jewish had been accorded the difficulty to exist during the Hitler regime. The story set had been developed to present the oppression theme on two individuals from both sides of justice. The elderly Jewish woman had been intentionally used in the plot development to relate to the Aryan co-worker to inform of the imbalance that had been inevitable. Although she fulfilled the demands that had been placed upon her to employ an Aryan, the difficulty presented had been noticed when the movie ended in the decision that Tono had to face. The theme of betrayal and oppression is played intricately within the development of the play to limit progress and peaceful relations needed to grant total closure. The time had been crucially related to the historical impact of the reign that Hitler had presented during his reign. The oppressed during the time had composed of Jewish who had been subjected to difficult presentation during the rule of the Nazi. The Road McCarthy’

Relations Between the Father and the Daughter Essay

Relations Between the Father and the Daughter - Essay Example Man has no power of foreseeing the future. It could be possible that the surgery Latimer was getting the day she died could have saved her some of the agonies that she was going through. There is a reason why some of the laws exist. Preservation of the human life is the ultimate goal of any government system and should be observed at all times. For instance, a person may decide to commit suicide at some point in life because they feel that nothing is working out for them. However, they only make that decision in the context of the immediate events. They may not feel the same the following day and if they commit suicide, they miss out on life. Justifying euthanasia because a person is facing problems is wrong. Every person has a life clock and God is the only one qualified to turn it off. If euthanasia was allowed to take place, then people would resort to committing suicide every time they felt that life was giving them a bitter lemon. Moreover, although Latimer may have been going t hrough a lot of sufferings, maybe she was grateful that she was alive and had a mission to fulfill in life that the father cut short. Murder can never be justified and it is universally agreed that it is a crime.

The outline for the complete academic research paper

The outline for the complete academic - Research Paper Example For a cloud to work efficiently, one must have an internet connection. If one is looking for a particular document that is stored in the cloud, there must be an internet connection either through a mobile broad brand connection or wireless internet (Lewis et al, 2009). The advantage of cloud computing is that the same document can be accessed by any device as long as there is internet availability. These devices can be a phone, laptop.tablet or a desktop. This helps an organization to work more with ease because a cloud can access software and store data. There are several types of clouds that can be subscribed depending on ones needs. One of them is a private cloud, which is established for a specific organization or group and access is limited. A public cloud can be accessed by any user with an internet connection. On the other hand, community cloud is usually shared among two or more organizations that have similar cloud requirements. A hybrid cloud is a combination of two clouds in which the clouds in particular are a mixture of community,private and public (Jansen, 2011). Literature review Rittinghouse,J.W., & Ransome,J.F. (2010). Cloud Computing Implementation, Management, and Security. New York: Taylor and Francis Group. claim that each provider serves a role and it gives users more or less control over their cloud depending on the type. When choosing a provider, one has to compare needs to the cloud services which are available. The cloud needs usually vary depending on how one intends to use the resources and the storage space associated with the specific cloud. A cloud provider becomes more expensive depending on an individual's technological needs. There are three types of cloud providers that one can subscribe to : infrastructure as a service, platform as a service and software as a service. Software as a service gives subscribers an opportunity to access both applications and resources. It makes it unnecessary for one to have a physical copy of sof twares to install on the devices. This type of cloud provider makes it possible to have the same software to all devices at once by accessing it via the cloud. Under a platform as a service,this system goes a level above the software as a service setup. This provider gives its subscribers access to the components that they require to operate and develop over the internet. Fatih Erkoc, Serhat Bahadir Kert (2010). Cloud Computing For Distributed University Campus: A Prototype Suggestion, by Mehmet indicate that infrastructure as a service deals with computational infrastructure. In his system, a provider completely outsources storage and resources, such as software and hardware. By subscribing to this type of service cloud,one would be able to maintain his or her business with a larger computational capability. One has to spend more resources on the operation and development of applications. Most information stored on the cloud is often seen as a treasure to individuals with mean inte nt. There is a lot of confidential and private information that individuals store on their computers and this information is now being transferred to the cloud (Strowd, 2010). One has to be careful with the cloud provider he or she chooses. This is because security measures usually vary from one provider to the other. Research Question / Hypothesis One of the ways that service

Guwahati Two or Three Heavy Rainfalls in Day Wreck Havoc Essay Example for Free

Guwahati Two or Three Heavy Rainfalls in Day Wreck Havoc Essay In Guwahati two or three heavy rainfalls in day wreck havoc in most of the areas of the city, creating water logging and traffic snarls. Common people however, have no other option but to vent their ire against the government and the authorities concerned, and are learning to live with the streets flooded for hours and spending considerable time in the traffic congestion. Commuters have a harrowing time in the artificial flood water in the Chandmari Colony area in Guwahati. Jawans of the National Disaster Response Force (NDRF) rescue children from the submerged houses, following the disaster in the Nabin Nagar area in Guwahati. Local people using rubber boats are seen helping in the rescue efforts. Several people get killed and injured in the devastating thunderstorm. Homes and agriculture are also the victims of the destructive process. The busy GNB Road at Chandmari is one of the most affected areas today, where traffic congestion start since early morning despite the fact that it is a holiday. The lanes and by-lanes in the surrounding areas are also waterlogged for several hours creating problem for the residents. â€Å"We started our day with the roads water-logged, which has become the most predictable situation after every rainfall. Water entered the campuses of many of our neighbouring houses, creating chaotic situation,† said Juri choudhry a resident of the Rajgarh area. GS Road, another arterial street of the city, was water-logged during the morning for several hours. Christian Basti and Bora Service areas were the worst hit due to artificial flood. With no effective solution in sight, people of Guwahati are now afraid of even the slightest of rainfall. The indifference of government authorities towards the biggest civic problem of the city is strongly condemnable,† a local of the Bora Service area mentioned. This monsoon season has wrecked havoc some of the by-lanes of our locality, where constant water-logging is leading to health related problems. Foul smell due to flood water and strewn garbage is also giving a horrible time to the residents of the locality,†Chandrani Das, an office Assistant and a local of Tarun Nagar mentioned. â€Å"Lack of co-ordination between various government departments and agencies is another reason behind the failure of government authorities to find a permanent solution of this problem,† she added. Water-logging lasted till evening in Rajgarh by-lane 1, Gandhibasti, RG Baruah Road and many other parts of the city. Panbazar, Athgaon, Shantipur, Ganeshguri, Bhutnath, Lakhra were also among the worst-hit areas. The main causes of artificial flood in Guwahati, are encroachment by certain people upon wetlands and hills in the city, dumping of garbage in drains, earth-cutting in the hillocks in and around the city and blocking of natural drains by people for building houses. The GDD Minister said drains on both sides of the main roads from Last Gate to Khanapara and from Chandmari to Noonmati were being constructed and added that the Hatigaon-Dispur drain and drains in other places were under construction. Sarma also said the Guwahati Water bodies (Preservation and Conservation) Act, 2008 was being implemented. Referring to the JNNURM, the GDD Minister said a survey of the drains in the city was being done and special schemes prepared. He said that the Centre had sanctioned Rs 90 crore for the State under the JNNURM. Earlier, Deka had sought to know the reasons behind artificial flood in Guwahati and the schemes, including the ones under the JNNURM, being taken by the State Government to solve the problem. The recurring phenomenon of artificial flood in the capital city is getting worse with the passage of time due to the lack of a proper scientific scheme to deal with the menace. In 1950, the natural drainage system along with the wet spaces were sufficient enough for carrying the surface run off the present catchments area of Guwahati to the outfall at Bharalumukh. As the low lying places are filled up and sewage added to run off, flood occurred. To decrease the quantity of surface run off, flowing to the natural drainage system, it is necessary to catch the run off and divert it on gravity flow. The level of Brahmaputra at Palasbari is 6 m below the level of Guwahati. The storm water coming down the hills of Meghalaya, enter Guwahati through the bridges on NH37 via Bahini and Basistha rivers near Khanapara and flowing via Bharalu river in the city exit Guwahati through the bridge on NH 37 near Jalukbari. A modern sewage treatment plant and solid disposal system is the immediate necessity of the city but let us ensure that: (i) there shall be no house in the city without a septic tank; (ii) no septic tank should be permitted without a covered soak pit; (iii) households disposing effluent from septictanks directly to roadside drains may be fined and sealed; (iv) usage of imported porous soil for the soak pit for proper soaking maybe made statutory; (v) disposal of silage (water from bathrooms, kitchens and laundry) to roadside drains maybe immediately banned. Owners must arrange soak pits for silage soaking within their own compounds; (vi) bulky household waste and solid waste must also be incinerated inside compounds only. Throwing of such wastes to roads, rivers, drains, should be severely punished by law; (vii) every citizen must keep his compound and the road and the roadside drain in front of his house clean: otherwise he should be fined in thousands of rupees daily; (viii) all hotels in Paltan Bazaar area and other places dispose the sullage into roadside drains. Hotels, apartments, commercial places disposing sullage into roadside drains should be immediately sealed; (ix) roadside drains, streams, rivers in the city should carry storm water only; (x) implementation of the above civic rules will have added benefit of mosquito control with empowered existing organizational structure of the authorities. A cleaner city will draw out its surface water: We should keep removable big plastic buckets; garbage bins with polythene carry bags inside, in large numbers in all public places, commercial place, markets, roadsides etc. ike in Singapore and keep one watchman for regular removal and replacing of the carry bags and arrange for their immediate disposal. Unemployed youths can take up this business and collect fees from the shops and residents. The State Government has entrusted the water resources, PHE and PWD departments with the task of cleaning the Bharalu, Bahini and Morabharalu rivers and the drains in Guwahati in order to check artificial fl ood in the city. Rs 370 lakhs have been allotted for cleaning the drains and three rivers.

Issues for Minority Shareholders

Issues for Minority Shareholders Naomi is a minority-shareholder in Run For Your Life (RFYL) Ltd. Dividends Unfair Prejudicial Conduct The first issue that will be looked at in this scenario is whether Mehmet and Lucys failure to pay dividend amounts to unfair prejudicial conduct. Under the Companies Act 2006 s.994[1](CA 2006) Naomis petition should relate to how the companys conduct unfairly prejudiced her interests as a member. A members interests are not limited to the strict legal rights granted to them by agreements but also cover the legitimate expectations, such as expectations of profit and management, arising from the conduct of the company and any understandings between the parties (ONeill v Phillips)[2]. In order for such expectations to occur, the company has to be a quasi-partnership company, which arises from the basis of personal relationship involving mutual confidence and an agreement that all of the shareholders/members would be involved in management to some degree (Ebrahimi v Westbourne Galleries Ltd)[3]. Applying Ebrahimis test to RFYL Ltd, it can be said that it is a quasi-relationship company as Naomi was initially a partner even before the company incorporated and was brought on as a director during the incorporation. Share restrictions can also be considered to exist, (though we are never really told) since RFYL Ltd is a private company that cannot trade its shares in public markets. It should be noted, that Naomi has expressly stated her dis-interest in RFYL Ltd which means that it may make it difficult to prove the quasi-relationship between the members and that in Irvine v Irvine[4], the judges found that in a quasi-relationship company, the failure to pay dividends does not always amount to a legitimate expectation. However, this shouldnt deter Naomi from arguing that a quasi-relationship exists as there may a be chance to reconsider and revoke his resignation if it was effected hastily and in a manner and circumstances which did not strike too deeply at mutual trust and confidence, and that a failure to permit this might amount to unfair prejudice (Re Flex Associa tes Ltd)[5] and that though the Judges may not find a legitimate expectation, it can still be argued that the non-payment of dividends amounts to an unfair prejudicial conduct. Regardless of whether she is a director or not, Naomi as a member has a vested interest in receiving dividends from RFYL Ltd, (Re Coroin Ltd[6]). For Naomis petition to succeed, she should objectively and individually prove that her interests have been prejudiced and that conduct was unfair[7]. In Re Sam Weller Sons Ltd[8]thoughGibson J states that he does not intend to suggest that a shareholder who does not receive an income from the company except by way of dividend is always entitled to complain whenever the company is controlled by persons who do derive an income from the company and when profits are not fully distributed by way of dividend he does go to indicate that it will depend on the facts of the case which means that it will remain in the judges discretion to decide on whether the facts of the case amount to unfair prejudicial conduct. Lucy and Mehmet decide to stop Naomis salary and fail to pay dividends, leaving her with no form of financial return for her investment a nd accordingly a lack of financial return can be considered prejudicial (Re Coroin Ltd)[9]. Moreover, Naomi needs to also prove that the conduct was unfair. The House of Lords in ONeill v Phillips[10]effectively limited the definition of unfairness to breaches of the terms of legally enforceable agreements and to where equitable considerations make it unfair for those conducting the companys affairs to rely on the strict legal rights offered to them. In relation to the non-payment of dividends to Naomi, it can be considered unfair especially when both Mehmet and Lucy are still receiving substantial salaries[11] all while Naomi receives no form of remuneration. Naomi seems to have a good chance at succeeding with a petition under s.994[12]. If the judges find in favour of Naomi, she can claim for remedies under s.996[13]. The most common remedy is an order to purchase shares of the minority member. It in the case that order to purchase the shares is made, the valuation date will be on the same day as that of the order, unless a quasi relationship is found, in which case the valuation will be pro-rata and without a minority discount. Just and Equitable Winding-up Naomi also can also bring a petition through the Insolvency Act 1986 s. 122(1)(g)[14], though its chances of success are comparatively much lower. Harman J in Re a Company (No 00370 of 1987)[15] found that a failure to pay dividends may amount to sufficient reasoning for winding up of a company. Nonetheless, in accordance with IA 1986 s. 125(2)[16] the courts have been less inclined[17] to grant an order for winding up if there are less severe remedies available (i.e. offer to purchase or unfair prejudicial conduct). Winding up under s.122(1)(g)[18] is usually reserved for more difficult situations where no clear member holds a majority (Re Yenidje Tobacco Ltd)[19].Therefore, it would not be viable for Naomi to bring a petition for winding up as it would most certainly be struck out by the court. Offer to Purchase If the offer to purchase made by Mehmet and Lucy is found to be fair, then it will most probably change Naomis course of action. As it stands, if a fair offer is made regarding the purchase of the petitioners shares, an unfair prejudicial conduct petition would also be struck out. Similarly, if a petition for winding up is made the courts will also be inclined to strike it out in favour of a fair offer. An offer to purchase is sometimes seen as the ideal remedy in such cases as it limits the possibility of future complications and allows to petitioner to step away from the company[20]ÂÂ   The real issue with the offer to purchase, is determining whether the offer is reasonable and fair. Lord Hoffman in the case of ONeill[21] stated that a reasonable offer must be to purchase the shares at a fair value on a pro rata basis without a minority discount determined by a competent expert. It should also include submissions by both parties to an expert. In our scenario, it is not very c lear whether the offer is considered to be reasonable since the integrity of the auditor is in question. Having the company auditor value the shares would probably be considered unfair since he is not considered adequately independent[22]. Although a court will usually consider offers to purchase as the best form of remedy it will still allow a petition to proceed depending on the merits of the case. Directors Duties Though this question deals more with minority shareholder remedies, a look at Naomis possible breaches as a director and whether Mehmets and Lucys claim that Naomis negligence is a cause for the fall in profits should be made. The general directors duties that are owed to RFYL Ltd. are found in CA 2006 ss.171-77[23]. The issue to consider in relation to Naomis possible breach of directors duties is Naomis failure to attend board meetings. The relevant sections of the CA 2006[24] that pertain to our argument are ss. 172 174. Under s.172 a director has a duty to promote the success of the company and act in good faith for the benefit of the company. In order to prove that the directors actions were in good faith subjective test must [1] Companies Act 2006 s.994 [2] ONeill v Phillips [1999] 1 WLR 1092 [3] Ebrahimi v Westbourne Galleries Ltd [1973] AC 360 [4] Irvine v Irvine (No 1) [2006] EWHC 406 (Ch); [2007] 1 BCLC 349 [5] Re Flex Associates Ltd [2009] EWHC 3690 [6] Re Coroin Ltd [2013] EWCA Civ 781 [7] Hawks v Cuddy [2007] EWHC 2999 [8] Re Sam Weller Sons Ltd [1990] [9] Re Coroin Ltd [2013] EWCA Civ 781 [10] ONeill v Phillips [1999] 1 WLR 1092 [11] Re Sam Weller Sons Ltd [1989] 5 [12] [13] [14] Insolvency Act 1986, s. 122(1)(g) [15] Re a Company (No 00370 of 1987) [1988] 1 WLR 1068 (Ch). [16] Insolvency Act 1986, s. 125(2) [17] Re Sam Weller Sons Ltd [1990] [18] Insolvency Act 1986, s. 122(1)(g) [19] Re Yenidje Tobacco Ltd [1916] [20] Grace v Biagoli [2006] 2 BCLC [21] ONeill v Phillips [1999] 1 WLR 1092 [22] North Holding Ltd v Southern Tropics Ltd [1999] [23] [24]

Three Essays on Proust :: Essays Papers

Three Essays on Proust Introduction In Candace Vogler’s Philosophical Perspectives on the Humanities class last winter, we were asked to write six short essays relating Marcel Proust’s Swann’s Way to several cognitive philosophy texts, including Rene Descartes’ Meditations on First Philosophy and George Berkeley’s Dialogues between Hylas and Philonous. Our task was to make the ideas of Proust, Descartes, and Berkeley communicate with one another—to juxtapose and compare their ideas about what constitutes experience, what constitutes divinity, what is knowing, what is being. This is what these three essays attempt to address. A note on the texts: Proust’s Swann’s Way is the first volume of his eight-volume continuous narrative Remembrance of Things Past or In Search of Lost Times. (In the original French, it is A la recherche du temps perdu.) It is the story of a man’s life, a first-person memoir, a fictional autobiography. Swann’s Way is the story of this character’s love for his mother and for the girl Gilberte and his retelling of his friend Swann’s love for the woman Odette. In class, we called the un-named character/narrator "Marcel"—"old Marcel" when he is the grown-up man recounting the story of his childhood and "young Marcel" when he is the child. Marcel Proust is a distinct entity—of course, the author of the novel. Swann’s Way is written in four books, the Overture, Combray, Swann in Love, and Place-Names: The Name, all of which are mentioned in the essays. Descartes’ Meditations on First Philosophy questions and defines knowledge and existence. Descartes too, uses a first-person voice, whom we called "the Meditator." It is the Meditator who goes through the method of progressive doubt and re-founds all knowledge on the basis of "the cogito": Thus, after everything has been most carefully weighed, it must finally be established that "I am, I exist" is necessarily true every time I put it forward or conceive it in my mind. Berkeley’s Dialogues between Hylas and Philonous is an argument between the Cartesian thinker Hylas and the Berkelean Philonous. In the first of these dialogues, Berkley argues that the Cartesian notion of substance is incoherent and that the word "matter" as Descartes uses it is meaningless. Essay One All these memories, superimposed upon one another, now formed a single mass, but had not so far coalesced

Mortuary And Anatomical Pathology Health And Social Care Essay

The Mortuary and Anatomic Pathology unit signifiers portion of the Pathology Department. It is linked to the Mater Dei Hospital complex via an belowground service corridor through which organic structures will be transported in a more dignified mode. It is besides situated in an stray portion of the Mater Dei composite in order to let for a more dignified readying of our beloved departed in the quieter portion of the Hospital. The mortuary offers assorted other services which include: Receiving organic structures from the Hospital and other establishments and beginnings such as the community. Fixing organic structures for their funeral rites. In the morgue, besides there being a room for readying of organic structures of people who believed in the Roman Catholic religion, there is besides a room saved for readying of organic structures for people who believed in other faiths and have different spiritual rites with respect to readying of the dead The mortuary offers an necropsy service for the assorted Hospitals that require a station mortem scrutiny. The morgue at Mater Dei is besides equipped to provide for forensic station mortem surveies. In order to supply these services, the mortuary contains many installations and machines. These installations and machines include a cold storage, organic structure electric refrigerators, a station mortem country and a research lab, an embalming room and a organic structure readying room. Sing suites are besides present to enable relations and friends to pay their last respects to the departed in a more private ambiance. There is besides a Mortuary Chapel where relations and friends can happen clip for minutes of silence and contemplation and take part in the concluding supplications recited merely before the organic structure is transferred to an expecting hearse for its last ocean trip to the graveyard.Duties of the Scientist at the MortuaryThe chief responsibilities of the scientist at the mortuary and anatomic pathology unit are the disposal and direction of assets and processs available at the morgue. These responsibilities include: Administration: This function incorporates the logistical and scientific facets relevant to a modern Mortuary and Anatomic pathology unit. This function besides includes rendering a service to clients so it is imperative that good client service is offered. All release signifiers, decease certifications, general mortuary signifiers and client information has to be documented and filed decently by the administrative staff. Post mortem scrutinies, which can be ordered either by the Consultant within the province Hospitals in what is known as a infirmary station mortem or by the Magistrate on responsibility if the individual died under leery fortunes. In this instance a forensic station mortem is used. The necropsy is besides indispensable in finding the cause of decease of investigated persons. Histology. The samples obtained from the organic structure during the necropsy must be subjected to histopathological probe. The samples obtained from the organic structure during the necropsy receive the same intervention as those obtained from a life patient in an operating theater. Other processs such as Health and safety, procurance of specimens, concatenation of detention, certification and many more processs.The Relevance of a Post Mortem Examination.A station mortem scrutiny is a careful scrutiny of the bygone person. It can offer valuable hints as to how the individual died every bit good as information sing the unwellness and its effects on the organic structure. It may besides give a more precise indicant with respect to how the single died. Sometimes, even the best and most elaborate station mortem scrutinies may non bring out the cause of decease and may besides go forth certain inquiries unreciprocated. These probes are normally carried out by a diagnostician. A diagnostician is a individual who specialises in the research lab survey of disease and of morbid tissue. The diagnostician is assisted by a scientist with specialist preparation in this peculiar field. Post mortems are carried out in particular installations located in the Hospital Mortuary. Post mortem scrutinies are a benefit to the medical profession as they provide information sing wellness and unwellness that would non be discovered anyplace else. These scrutinies paved the manner for both anatomical finds and new information sing unwellnesss. Post mortem scrutinies help place the cause of decease of an person, confirm the nature of the unwellness and besides the extent of the disease and are capable of placing other undiagnosed conditions. Another usage of station mortem scrutinies is to measure the effects of interventions and drugs and aid place complications or side effects. A station mortem is a valuable tool for loved 1s as it helps them understand why the person died. Families can on occasion inquire inquiries that can merely be answered by information acquired from a station mortem. Some of the information obtained from a station mortem scrutiny can profit future kids in the household and patients who suffer from similar unwellnesss. ( Post mortem scrutiny a a‚ ¬ † information for relations, 2007 ) .Stairss Taken to Maintain Health and Safety Standards in the MortuaryThe Mortuary presents a figure of wellness and safety hazards for forces. These hazards include both wellness related, accidents due to working conditions and hazards specific to working with human remains. These remains are a serious biohazard and are host to assorted pathogens and risky residues such as bacteriums, infective spores, infective soft tissue and residues of military and industrial chemicals. These pathogens can be transmitted either by manus to talk contact, contact with mucous secretion membranes, or via the air in the necropsy room or organic structure fluids such as blood. Extra hazards to transmittal of pathogens include the handling of heavy organic structures and utilizing insanitary and insecure equipment. The Mortuary in the Mater Dei Hospital is split into two chief countries, a clean country and a soiled country. These countries are separated by a transitional zone. The soiled countries include organic structure shops at a temperature of 4AA °C. It has easy to clean, non-porous surfaces and a system of containment for any organic structure fluids. On the other manus, the clean country consists of the screening suites, the chapel, offices and response countries. It besides has proper ambient clime controls to take smells and bluess and is chiefly where clean equipment is stored. Bodies, equipment and people working in these separate countries must ne'er come into contact with one another whilst working. Besides, a organic structure should ne'er travel into the dry country before it has been decently cleaned and any soft tissue found is removed. Once the soft tissue is removed it is placed in a deep-freeze. The remainder of the human remains are so stored in a separate freeze countr y. It is indispensable that all employees working at the Mater Dei Hospital mortuary wear personal protective equipment ( PPE ) , which is designed to assist protect the scientist from serious wellness and safety dangers. This equipment is found in the clean transitional country located in forepart of the necropsy room, to enable scientists to alter into their safety equipment before come ining. PPE worn by a scientist in the autopsy room of the mortuary include: Overalls/scrubs ( washable or disposable ) . It is imperative that this peculiar equipment be worn every twenty-four hours to protect the tegument from any dust and organic structure fluid which may do infection. Latex/nitrile baseball mitts. Nitrile baseball mitts are used by scientists who are allergic to latex and must be worn when managing organic structures or organic structure fluids. Double gloving is the process Facemask. It is normally found as a vizor. This is worn when cleaning organic structures, vesture and artifacts and has to be on a regular basis cleaned by the scientist utilizing it. It prevents infection by protecting the face from splash dorsum of organic structure fluids. Safety goggles/glasses. These are worn to forestall any dust from coming into contact with the oculus, which could take to a potentially serious hurt and perchance infection. Mortuary shoes/wellington boots. These are non-slip boots similar to those used in surgeries. They are rainproof and prevent entry of fluids. Aprons. All surgical equipment used must be sanitised and autoclaved decently after every usage and has to be stored in a safe and unafraid closet when it is non being utilized. The most unsafe tool, the necropsy saw, can merely be used by experient forces. Handss and open tegument must be washed after the necropsy to take any dust or organic structure fluids of the dead person as these may do infections. It is besides of import non to touch au naturel tegument while have oning baseball mitts. The scientist working in the necropsy room must non touch his or her eyes, oral cavity or olfactory organ to forestall spread of any blood borne infections. Beyond the altering country there is besides a shower which scientists can utilize after managing organic structure samples. The necropsy and dissection tabular arraies are made up of chromium steel steel and are connected to a supply of low force per unit area H2O. This H2O is treated with Cl to take any infective agents and is so discharged into the normal sewerage system. A High Energy Particulate Air ( HEPA ) filter can besides be found in the necropsy room to pin down any viruses or airborne bacteriums from go outing the installations and go arounding into the outside air. It is indispensable that outside vesture non be worn in the morgue. Extra PPE should be worn in specific countries such as the biohazard room for excess protection and when samples are being taken for deoxyribonucleic acid ( DNA ) analysis. Finally, the morgue is cleaned exhaustively and disinfected every dark. Working in the mortuary poses a serious wellness hazard to scientists. Some of these possible hazards include working in excessively hot or excessively cold conditions, bacterial related illness, organic structure fluid or tissue related illness, raising hurts and emphasis related illness. That is why it is ensured that inoculations for certain diseases such as lockjaw, Hepatitis A and Hepatitis B, Tuberculosis, Typhoid, Diphtheria and Rabies be accounted for in every scientist working in the necropsy room. It is indispensable that every new employee undergoes a wellness and safety briefing and that hazard appraisals be carried out every clip a new organic structure arrives. The mortuary staff must be briefed on the new hazards found. A first assistance kit has to be present along with person who knows how to give first assistance. Anyone come ining the morgue has to follow general wellness and safety patterns. Fragmentary bone may be crisp and organic structures can be heavy, hence the staff must undergo manual managing preparation.

Critical Reading and Response on the Article “Letting Go” Essay

In the article â€Å"Letting Go† that was being published in The New Yorker, Atul Gawande addresses the issues regarding to the current medical care system that fails to meet the needs of the patients with terminal illness. Gawande points out that the patients want to spend more quality time with their family members and having some special last moments rather than struggling to stay alive when they know that the chances are thin. Knowing the time to let go was one of the crucial part of the art of dying which people nowadays has forgotten. Gawande argues that choosing the hospice care would sometimes be a better choice for the terminally ill patients. He uses statistics such that the patients that choose hospice lives longer or than other patients and they tend to suffer lesser to support his argument. Hospice care tends to go with less pain treatment and focuses on the needs of the patients. It increases the quality of life of the patients during the last moments of their live. The patients’ family members are less likely to suffer from depression when they have chosen to go with the hospice care mainly because they have prepared themselves to face the death of the patient when time has come. Gawande’s argument is that the medical care system nowadays fails to meet the needs of the patients. His argument is convincing because he appeals to the emotions of his reader through both his own and others experience and statistics. Gawande reels in his readers’ attention and interest through some of the real life experience before he educates them. That makes it easier for the readers to absorb what Gawande is trying to deliver to his audience. In order to make it even more convincing, Gawande uses two extreme cases as a comparison to prove his point that hospice care would be the better choice for terminally ill patients. He uses the story of the â€Å"lucky† guy-Dave Galloway who died â€Å"at home, at peace, and surrounded by family† contrast with the poor old lady-Lee Cox who was died due to cardiac arrest and followed by a series of actions to bring her back to live. â€Å"They pulled off her clothes and pumped her chest, put a tube in her airway and forced oxygen into her lungs, and tried to see if they could shock her heart back† (Gawande 133). Such contrast comparison and strong words that would impact the readers’ thoughts on how the process of death can vary through different circumstances. After that, he again embraces the benefits of choosing hospice care rather than going to hospital for intensive medical treatments. Other than that, Gawande uses research statistics to support his argument. â€Å"A study led by the Harvard researcher Nicholas Christakis found out that sixty-three percent of doctors overestimated survival time and the average estimate was 530 percent too high† (Gawande 136). The statistics shows that how the medical system is failing to help the patients to get a grasp on how much time they still have in order to achieve the things that they want in live before their last breath. Since the research was carried out within the well-known institution-Harvard University, readers tend to believe the statistics more and agree upon Gawande’s view. By doing this, Gawande was trying to point out the flaw in our medical system so that his reader would be agreeing upon his argument. Gawande also uses different statistics to support his argument. â€Å"Executives at Aetna, the insurance company, started a two-year study on letting a group of policyholders with a life expectancy of less than a year to receive hospice services without forgoing other treatments. The result is that the people that have chosen hospice service leaped from 26 percent to 70 percent† (Gawande 142). The result shows that people were visiting the hospital lesser after they were introduced to hospice care. Gawande was trying to use the statistics to tell the readers that there were a lot of people that was in the same situation as they are, and they have chosen hospice care over hospital treatment after trying it. That implies that the hospice care would benefit the patients more than the hospital would. The overall structure of the Gawande’s article was well organized. He was able to convince his readers by giving a main idea of what he is trying to deliver through stories and then continue by some straight-forward points that he made. He then supports his arguments with examples to further enhance his point. The wording that he uses is simple yet it gives the readers some images that connect with their emotion. For example, â€Å"Sara would always arrive smiling, makeup on and bangs bobby-pinned out of her eyes. She’d find small things to laugh about, like the tubes that created strange protuberance under her dress† (Gawande 137). Gawande was trying to show that how sad it could be when a person is going through those surgery and treatment in order to get â€Å"fixed†. He would then use that emotion to bring up the point that is other solution to this problem which is the hospice care. I do think that the current medical care system doesn’t meet the needs of the patients as there are some miscommunications between doctors and their patients. Doctors were always looking at the bright side of the illness of their patients which is good in some sense but at the same time, they have to prepare the patients for their worst case scenario. It is hard for the patients to accept the truth that their illness were beyond â€Å"repair† and doctors educate them to accept the truth so that they could go through a less torturing path for their spare life. So, what I am trying to say is that we shouldn’t lose hope but at the same time we have to prepare our self for the worst outcome. If prolonging the patients’ life means that they have to suffer from surgeries and treatment that they need until the end of their life, why not just do things that are more meaningful? Despite all the flaws that we had in our current medical care system, hospice care seems to be the solution for the problem because it offers comfort and satisfaction in the ending life of the patients.

Valuating & Financial Prediction of Fortescue Metals Group Ltd

| Valuating & Financial Prediction of Fortescue Metals Group Ltd| AFX9540 BUSINESS FINANCE| | | | Executive Summary This report is written to offer a business analysis of Fortescue Metals Group Ltd (FMG) where there will be a discussion on the background of the company, its return on the pre-post announcement of raising funds, the capital structure during the global financial crisis in comparison to its peers and the estimation on the share valuation in comparison to the actual share value. Fortescue Metals Group (ASX:  FMG) is an Australian iron ore mining company.The company has holdings of more than 87,000 km? in the Pilbara region of Western Australia making it the largest tenement holder in the state. It is listed as FMG on the Australian Securities Exchange (ASX). In 2008, the group loaded its first iron ore shipment bound for China. Fortescue have at least 10 Chinese steel mill contracts lasting for around 10 years. Baosteel was the first company to receive their iron ore. F or the share valuation, the report uses the CAPM model to determine the prevailing cost of capital and also uses the dividend discount multistage model to predict the share price for the company.The components of the CAPM model (i. e. risk free rate, company beta, Market return and growth rate) are calculated and predicted on historical data. The valuation data is then compared with the actual market price of the shares for the corresponding years and a brief analysis is then performed on the economic and internal reasoning behind any variance encountered. Table of Contents Executive Summary2 1. 0Brief overview of the company4 2. 0Capital Structure4 2. 1Funds raised by the company4 2. 2Usage of the fund5 2. 3Announcement date for the issue5 2. 4Share-return pre and post announcement5 2. Market return same period6 2. 6 Market Perception6 2. 7 Effect of recent financial crisis7 3. 0 Valuation of FXJ shares7 3. 1Risk free rate calculation8 3. 2Market rate calculation8 3. 3Beta calculat ion9 3. 4CAPM Calculation10 3. 5Growth rate calculation10 3. 6Share valuation11 3. 7Comparison of valuation vs. actual data12 3. 8 Evaluation of the variation13 4. 0 Conclusion13 Appendix 1: Cash rate target14 Appendix 2: Market data for beta calculation14 Reference & Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 16 . 0General background of the Firm Fortescue Metals Group Ltd is the New Force in Iron Ore and has joined the world's leading producers of iron ore. Since the Company was formed in 2003, its extraordinary growth has been unparalleled. Listed in the S;P/ASX 50 share index, Fortescue has firmly established itself as one of the world's largest producers and sea-borne traders of iron ore. From Construction to Production Construction of Fort escue's port, rail and mine project commenced in February 2006 with the turning of the first sod at the Company's port site at Anderson Point in Port Hedland.Just two years later in 2008, the open-access rail infrastructure was complete and  operations were underway  at the Fortescue Herb Elliott Port and at the Company's first minesite, Cloudbreak. Shipping started on 15 May 2008 and Project Completion was achieved within months. On 18 July 2008, Fortescue's fifth anniversary, the Company successfully mined, railed and shipped at a rate of 24mtpa (Million ton per annum) for a one month period. In the first full year of operations, Fortescue mined, railed and shipped more than 27 million tonnes of iron ore to customers in China. FinanceFortescue's project was founded on the raising of A$3. 7 billion capital, including A$1 billion equity, during two finance road shows in August 2006 and July 2007. The August 2006 raising was the largest single high-yield Asia-Pacific transaction, the largest high-yield bond project financing ever, one of the largest corporate bonds out of Australia and one of the largest global bond issues in the sector. Since then Fortescue has grown to become an S;P/ASX 50 company. Over 55,000 Australians have become shareholders in the proudly Australian founded and managed company.A substantial increase in Fortescue's Resource Inventory to 10. 03 billion tonnes in March 2011, including 1. 6 billion  tonnes of Reserves,  positioned the company as one of the world's major resource houses. This massive Resource Inventory was achieved in record time and was delineated from approximately 10 per cent of  Fortescue's 88,000 square kilometres of Pilbara tenements. 2. 0Capital Structure of the Firm 2. 1Funds raised by the company 1,326,316 number of Ordinary Shares were issued to generate A$6. 3 million. 2. 2Purpose of Fund 1,326,316 number of Ordinary Shares were issued as payment for a distribution of A$6. million due under the A$140m, R edeemable Preference Share issued with maturity on or before February 2017. 2. 3Announcement date of the issue The initial announcement date for this issue of the Ordinary Share was 15th September 2010. 2. 4Share return from two days before the announcement date to two days after the announcement. Holding Period Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price | Date| Open| High| ow| Close| Volume| Adj Close*| 17 Sep 2010| 4. 87| 4. 92| 4. 83| 4. 84| 25,307,700| 4. 82| 16 Sep 2010| 5. 2| 5. 02| 4. 85| 4. 86| 15,360,000| 4. 84| 15 Sep 2010| 5. 03| 5. 08| 4. 99| 5. 03| 11,614,800| 5. 01| 14 S p 2010| 4. 99| 5. 07| 4. 97| 5. 02| 10,319,500| 5. 00| 13 Sep 2010| 4. 91| 5. 01| 4. 90| 4. 97| 14,643,800| 4. 95| | Closing price adjusted for dividend and splits Before the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=5. 02-4. 914. 91 ? 100 = 2. 24% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4. 84-5. 025. 02 ? 100 = -3. 59% 2. 5Market Return same period | Date| Open| High| Low| Close| Volume| Adj Close*| 17 Sep 2010| 4,657. 70| 4,692. 50| 4,657. 0| 4,685. 10| 1,523,846,600| 4,685. 10| 16 Sep 2010| 4,703. 00| 4,707. 70| 4,648. 90| 4,650. 00| 1,813,657,000| 4,650. 00| 15 Sep 2010| 4,670. 10| 4,710. 50| 4,669. 90| 4,702. 70| 1,644,565,600| 4,702. 70| 14 Sep 2010| 4,661. 40| 4,688. 90| 4,661. 10| 4,669. 10| 1,422,233,600| 4,669. 10| 13 Sep 2010| 4,613. 30| 4,660. 90| 4,612. 70| 4,654. 20| 1,433,713,600| 4,654. 20| Closing price adjusted for dividend and splits Holding Period Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price Before the Announcement Date:Holding Period Return=p1-p0p0 ? 100 So, HPR=4669. 10-4613. 304613. 30 ? 100 = 1. 21% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4685. 10-47034703 ? 100 = -0. 38% 2. 6Market Perception From the above analysis it can be seen that the share performance of the company and the market was stable during the pre and post two days of the announcement. Previously before the announcement the performance of both is going the similar path (upward movement). On the other hand post announcement illustrated negative result (-3. 59% against -0. 38%) for Fortescue Metals Group Ltd.There might be two causes behind this; one, the share price have been over estimated for which the price had to be adjusted. Secondly, the investors did not take the fund raising issue positively as they might think it would not generate much fund for the company’s growth and thus unable to generate enough wealth for them. 2. 7Effect of recent financial crisis | | BlueScope| Fortescue Metals| Mount Gibson| OneSteel| Net Gearing| 2007| 0%| 0%| 0%| 46. 65%| | 2008| 0%| 0%| 25. 42%| 56. 72%| | 2009| 0%| 9%| 6. 29%| 28. 22%| | 2010| 14. 82%| 169. 90%| 3. 97%| 21. 45%| | 2011| 24. 43%| 183. 43%| -| 38. 36%|Table 1: Gearing ratio-peer analysis of Fortescue Metals Group Ltd. We can conclude that the recent financial crisis did not affect the industry’s capital structure. As of now the mining industry is going boom. In the time of recession, most of the companies will not have enough profit to repay a debt so; investors are more interested in investing in mining industry rather than some other industry. By using the gearing ratio, it can be seen that Fortescue’s degree of leverage is higher, the more higher the  company is considered risky. However Fortescue Metals Ltd is very strong with their high growth rate compared to its competitors.For them paying off the debt would not be a big issue as they are enjoying three benefits which are; one, mining industry is going boom; two, Australian dollar (AUD) getting stronger; and three, Fortescue’s operations are well placed to maintain the 55mtpa rate across the 2012 financial year while development to 155mtpa conti nues in a mixture of brownfields and greenfields projects, scheduled to take place through to June 2013. 3. 0Valuation of shares The dividend discount multistage model is a procedure for valuing the price of a stock by using predicted dividends and discounting them back to present value.The idea is that if the value obtained from the dividend discount multistage model is higher than what the shares are currently trading at, then the stock is undervalued. Formula P0 = D11+R The required return can be calculated using the CAPM (capital asset pricing model) model, which becomes the cost capital of the project. Formula CAPM: E(r)= Rf+[? i (Rm-Rf)] 3. 1Risk free rate calculation The benchmark interest rate in Australia was last reported at 4. 75 percent. In Australia, interest rates decisions are taken by the Reserve Bank of Australia's Board.The interest rate needs to be adjusted yearly using the Effective Annual Rate. EAR = (1+in)n-1 EAR| 2011| 2010| 2009| Calculation| (1+. 0475/365)36 5-1| (1+. 0396/365)365-1| (1+. 0479/365)365-1| Rf| 4. 86%| 4. 03%| 4. 90%| Table 2: Risk Free rate 3. 2Market rate calculation The calculation of market return will include statistics from 5 years to counteract any data abnormality from recession or seasonal spikes. | 2005| 2006| 2007| 2008| 2009| 2010| 2011| Calculation| 4,229. 93,546. 1-1| 5,034. 04,225. 9-1| 6,310. 65035. 4-1| 3,947. 85,345. 8-1| 3,947. 85,345. 8-1| 4,324. 83,934. 4-1| 4,659. 84,309. -1| Return| 0. 1928| 0. 1912| 0. 2532| -0. 1549| -0. 2615| 0. 0992| 0. 0811| Average Market return based on five years performance is: Rm2011 = (0. 2532-0. 1549-0. 2615+0. 0992+0. 0811)5 = 0. 0034 = 0. 34% Rm2010 = (0. 1912+. 2532-0. 1549-0. 2615+0. 0992)5 = 0. 0254 = 2. 54% Rm2009 = (0. 1928+0. 1912+0. 2532-0. 1549-0. 2615)5 = 0. 04416 = 4. 42% 3. 3Beta calculation: The beta is taken from FinAnalysis. Beta (? ) is a number describing the relation of its returns with those of the financial market as a whole. The beta coefficient is a key parameter in the capital asset pricing model (CAPM).It measures the part of the asset's statistical variance that cannot be removed by the diversification provided by the portfolio of many risky assets, because of the correlation of its returns with the returns of the other assets that are in the portfolio. Formula for Beta is: i=1n[Ri-ER]2n-1 Data from 2009 to 2011 has been used and a data of 3 years is used to calculate the beta. | 2009| 2010| 2011| ?| 0. 91| 0. 80| 0. 88| A beta of greater than 1 indicates that the security's price will be more volatile than the market. Fortescue Metals Ltd has a beta of 0. 88; therefore it is less volatile than the market. 3. CAPM Calculation: Hence, using Capital Asset Pricing Model (CAPM) as Required Return E(r)= Rf+[? i (Rm-Rf)] | 2009| 2010| 2011| Calculation| 4. 90% + [0. 88(4. 42%-4. 90%)]| 4. 03% + [0. 88(2. 54%-4. 03%)]| 4. 86% + [0. 88(0. 34%-4. 86%)]| Return| 4. 48%| 2. 72%| 0. 88%| Table 4: Cost of Capital 3. 5Growth Rate Calcula tion Growth rate calculation represents the  compounded annualized rate of growth of a company's revenues, earnings, dividends, etc. The formula for growth rate = Return on equity X Plowback ratio = ROE ? (1-DividendEPS) This growth rate will be used for the calculation of share prices for the last three years.ROE, DIV and EPS from 2009 to 2011 are shown below: | 2009| 2010| 2011| ROE| 13. 62%| 51. 57%| 75. 36%| DIV ($)| -| -| 7. 0| EPS ($)| 21. 90| 22. 12| 31. 88| Table 5: Financial data g2011 = ROE(2011) (1- Div(2011)/EPS(2011)) = 75. 36%(1-7/31. 88)= 58. 81% g2010 = ROE(2010) (1- Div(2010)/EPS(2010)) = 51. 57%(1-0/22. 12)= 51. 57% g2009 = ROE(2009) (1- Div(2009)/EPS(2009)) = 13. 62%(1-0/21. 90)= 13. 62% Below is the summary of the data discussed: Components| 2009| 2010| 2011| Er| 4. 48%| 2. 72%| 0. 88%| Rf| 4. 86%| 4. 03%| 4. 90%| Rm| 4. 42%| 2. 54%| 0. 34%| ?i| 0. 91| 0. 80| 0. 88| | 13. 62%| 51. 57%| 58. 81%| Table 6: Summarisation of component 3. 6Share Valuation To calculat e the value of the shares, we need to determine the method of valuation so; mixed stage dividend model can be used to calculate the value of the share. Bearing in mind the business nature, we can see an average of 41. 33% growth which is abnormally high. For the purpose of calculation we will presume this high growth rate will continue for another 40-45 years at least. As it is a new mining company and as we know that the return comes late so, the growth rate is high even after a long term.From 2053 onwards we assume that the business will grow at 7% rate, which we believe is a conservative approach, as because by then there will be many mining companies opening both domestically and internationally. China is progressing very fast and by next 15-20 years they will level up, not just China; India, South Africa, South America etc are also catching-up fast, so due to the high competition the market would not remain the same and it will change consecutively as forecasted. The valuation calculation will take this assumption towards establishing the model. P2009=i=20092012D0 (1+g)i(1+Ke)i + Pi(1+Ke)iP2010=i=20102012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i P2011=i=20112012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i | Growth Rate| Net Cash Flow| Cost of Capital| | D2009| | -13,643| 4. 48%| | D2010| | 1,877,963| 2. 72%| | D2011| 41. 33%| 4,206,365| 0. 88%| | D2012| 50%| 4,906,922| 0. 92%| | D2013| 55%| 6,767,080. 65| 0. 99%| | D2014| 60%| 10,435,594. 64| 0. 99%| | D2015| 60%| 16,587,385. 22| 0. 96%| | D2016| 60%| 26,477,415. 36| 0. 98%| | D2017| 60%| 42,346,454. 77| 1%| | D2018| 60%| 67,743,188. 44| 0. 95%| | D2019| 60%| 108,379,297. 7| 0. 96%| | D2020| 60%| 173,398,415. 1| 0. 98%| | D2021| 60%| 277,429,356. 2| 1%| |D2022| 60%| 443,881,664. 5| 0. 98%| | -| -| -| -| | D2052| 8. 19%| 13,101,273,811| 0. 98%| | D2053| 7%| 22,933,861. 67| 0. 98%| | | P2009| 3. 89| | P2010| 3. 61| | P2011| 5. 46| Table 7: Summary calculation 3. 7Comparison of valuation vs. actual data From the valuation calculated thr ough the process, now we will compare that with the actual data from the market. Year| Valuation Data| Actual Data| Variance| Comment| 2009| 3. 89| 3. 64| -6. 40%| Undervalued| 2010| 3. 61| 3. 96| 9. 64%| Overvalued| 2011| 5. 46| 5. 98| 9. 43%| Overvalued| Table 8: comparison of actual and calculated data 3. Evaluation of the variation The valuation of the shares seems to be in the right track compared with the market trend. Nevertheless, post state gives a more variable scenario. Dividend was replaced by using the net operation Cash Flow per share. The operation cash flow only represents the cash flow in the company’s operation activities; whilst the company also have investing activities and financing activities. Thus, only use of the operation cash flow in the valuation has a high percentage of uncertainty. According to the table above, the actual price is undervalued.The valuation can be endorsed to the lower than expected risk premium in the market resulting from the con trolled risk free rate determined by the government. Another issue can be AUD getting stronger compared to USD, resulting additional dent on the nominal cost of capital for the company. In the later part of the table, the actual price is overvalued. In order to illustrate this phenomenon, one possible reason is inflation. Inflation is an overall general rise in prices. As we know, global financial crisis happened few years back, the effect of the financial crisis was significant on the whole market and caused inflation.Therefore, due to inflation, the market prices are higher than the actual prices. Another possible reason is some unpredicted economic/natural events happened during this period and lead to movements of the market price. On the other hand the factors can be attributed to the assumptions and predictions using the calculation components. CAPM formula and Beta calculation has its own risk and de-merits. The growth rate is strongly manipulated by the industry’s lan dscape, economic status and political issues.The information available could also affect the actual share prices in the market which will impact on decision making for share buyers/sellers. The share price valuation will be varied from one investor to another depends on their information. As there is an existence of asymmetric information in the market, one cannot estimate the share price exactly the same with the actual share price. Besides, the investors behaviour are different between one another, hence, the pattern of the actual share price is not only based on market returns in general, but also depends on whether the level of the risk that the investors are willing to bear. . 0Conclusion In conclusion, we need to consider about inflation and unpredicted events when we investigate the market price. In addition, we need to distinguish nominal interest rate and real interest rate when we calculate. Appendix 1: Cash rate target: Effective date| New cash rate| Adjusted cash rate| | | 2011| 4. 75| 5 May 2010| 4. 75| 2010| 3. 96| 7 Apr 2010| 4. 50| | | 3 Mar 2010| 4. 25| | | 2 Dec 2009| 4. 00| | | 4 Nov 2009| 3. 75| | | 7 Oct 2009| 3. 50| | | 8 Apr 2009| 3. 00| | | 4 Feb 2009| 3. 25| 2009| 4. 79| 3 Dec 2008| 4. 25| | | 5 Nov 2008| 5. 25| | | 8 Oct 2008| 6. 00| | | 3 Sep 2008| 7. 00| | |Appendix 2: Market Data for beta calculation: Date| Open| High| Low| Close| Volume| Adj Close| 3/10/2011| 0. 81| 0. 94| 0. 79| 0. 89| 18267300| 0. 89| 1/09/2011| 0. 85| 0. 9| 0. 74| 0. 82| 16091200| 0. 82| 1/08/2011| 0. 87| 0. 92| 0. 68| 0. 85| 15948300| 0. 85| 1/07/2011| 0. 98| 1. 01| 0. 86| 0. 88| 11603100| 0. 88| 1/06/2011| 1. 09| 1. 09| 0. 94| 0. 98| 17479100| 0. 98| 2/05/2011| 1. 32| 1. 33| 1. 03| 1. 08| 21843500| 1. 08| 1/04/2011| 1. 29| 1. 37| 1. 25| 1. 32| 17067200| 1. 32| 1/03/2011| 1. 29| 1. 3| 1. 17| 1. 29| 18402900| 1. 29| 1/02/2011| 1. 34| 1. 46| 1. 28| 1. 3| 14583200| 1. 3| 4/01/2011| 1. 4| 1. 42| 1. 33| 1. 35| 10259000| 1. 5| 1/12/2010| 1. 37| 1. 46| 1. 36| 1. 4| 1 8060000| 1. 4| 1/11/2010| 1. 44| 1. 49| 1. 32| 1. 37| 15254000| 1. 37| 1/10/2010| 1. 45| 1. 55| 1. 4| 1. 45| 12209300| 1. 45| 1/09/2010| 1. 47| 1. 57| 1. 44| 1. 47| 10714700| 1. 47| 2/08/2010| 1. 48| 1. 52| 1. 33| 1. 44| 12983000| 1. 43| 1/07/2010| 1. 3| 1. 51| 1. 29| 1. 48| 10254300| 1. 46| 1/06/2010| 1. 52| 1. 52| 1. 26| 1. 32| 17287600| 1. 3| 3/05/2010| 1. 72| 1. 76| 1. 4| 1. 51| 19697600| 1. 5| 1/04/2010| 1. 79| 1. 83| 1. 72| 1. 73| 12311100| 1. 71| 1/03/2010| 1. 62| 1. 86| 1. 62| 1. 8| 16808300| 1. 78| 1/02/2010| 1. 7| 1. 88| 1. 64| 1. 65| 17412500| 1. 63| 4/01/2010| 1. 74| 1. 88| 1. 7| 1. 73| 13261300| 1. 71| 1/12/2009| 1. 63| 1. 75| 1. 56| 1. 74| 8904800| 1. 72| 2/11/2009| 1. 55| 1. 77| 1. 52| 1. 63| 11449600| 1. 62| 1/10/2009| 1. 72| 1. 8| 1. 52| 1. 61| 14759100| 1. 59| 1/09/2009| 1. 46| 1. 75| 1. 42| 1. 72| 18761900| 1. 7| 3/08/2009| 1. 49| 1. 55| 1. 4| 1. 47| 18455600| 1. 46| 1/07/2009| 1. 19| 1. 48| 1. 07| 1. 48| 15136300| 1. 46| 1/06/2009| 1. 15| 1. 35| 1. 15| 1. 22| 156 24600| 1. 21| 1/05/2009| 1. 18| 1. 18| 0. 99| 1. 14| 15047200| 1. 13| 1/04/2009| 1. 01| 1. 19| 1. 01| 1. 18| 16260500| 1. 17| 2/03/2009| 0. 95| 1. 08| 0. 8| 1. 01| 18923300| 1. 01| 2/02/2009| 1. 35| 1. 39| 0. 92| 1. 08| 9490000| 1. 07| /01/2009| 1. 64| 1. 76| 1. 25| 1. 4| 5383300| 1. 39| 1/12/2008| 1. 4| 1. 67| 1. 33| 1. 63| 7776700| 1. 62| 3/11/2008| 1. 94| 2. 09| 1. 12| 1. 35| 8740000| 1. 34| 1/10/2008| 2. 75| 2. 76| 1. 85| 1. 92| 6877000| 1. 9| 1/09/2008| 2. 82| 3. 11| 2. 59| 2. 64| 7193700| 2. 62| 1/08/2008| 2. 65| 3. 05| 2. 58| 2. 82| 10400800| 2. 79| 1/07/2008| 2. 9| 3. 2| 2. 57| 2. 75| 8612800| 2. 72| References & Bibliography * http://www. asx. com. au/asx/research/companyInfo. do? by=asxCode&asxCode=FMG * http://www. investsmart. com. au/shares/asx/Fortescue-Metals-Group-FMG. asp * http://www. fxj. com. au/shareholders/Fairfax_AnnualReport_2011. df * http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3 bAllotmentofShares * http://au. finance. ya hoo. com/q/ao? s=FMG. AX * http://datanalysis. morningstar. com. au. ezproxy. lib. monash. edu. au/af/company/issuedcapital? ASXCode=FMG&page=1&resultsperpage=25&xsl_predicate=&xsl_start_year=1999&xsl_end_year=2011&active=ISU_Sec1&xsl_start_date=1999-01-01&xsl_end_date=2011-12-31&xtm-licensee=dat#Active_ISU_Sec2 * http://www. asx. com. au/asx/statistics/announcements. do? by=asxCode&asxCode=fmg&timeframe=Y&year=2010 * http://www. specthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/mainview? ASXCode=FMG * http://au. finance. yahoo. com/q/hp? s=FMG. AX&a=06&b=1&c=2008&d=05&e=30&f=2011&g=m * http://www. asx. com. au/research/market-statistics. htm ——————————————– [ 1 ]. http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3bAllotmentofShares [ 2 ]. http://au. finance. yahoo. com/q/hp? s=FMG. AX&a=08&b=13&c=2010&d=08&e=17&f=2010&g=d [ 3 ]. http: //au. finance. yahoo. com/q/hp? s=%5EAORD&a=08&b=13&c=2010&d=08&e=17&f=2010&g=d [ 4 ]. ttp://www. bluescopesteel. com/investors/annual-reports [ 5 ]. http://www. igo. com. au/IRM/content/investor/annualreports. htm [ 6 ]. http://www. mtgibsoniron. com. au/pages2/InvestRelations. aspx? PageID=IR_AR [ 7 ]. http://www. aspecthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/annualratios? ASXCode=OST&xtm-licensee=finanalysis [ 8 ]. http://www. investopedia. com/terms/d/ddm. asp#axzz1aBqlpkfj Table 3: Market return [ 9 ]. http://www. tradingeconomics. com/australia/interest-rate [ 10 ]. http://www. aspecthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/annualps