Hershey’s Enterprise Essay

This assignment involves reading two case studies and answering both questions under â€Å"Discussion Case 1† ( Chapter 1 Opening Case â€Å"Hershey’s Enterprise 21 Project† ) and answering the following questions for case 2 â€Å"Rolls Royce’s ERP Implementation† (Chapter 1) that are listed on page 34 in the text which are the following: 1. What do you think of RR’s ERP Implementation Project? Did they select the right implementation strategy? 2. Discuss the Critical Success Factors of RR’s implementation strategy and the role of SME’s in the project. 3. What advice can you give to RR’s technical team on their approach of migrating legacy system, with the SAP software? Please submit the answers to the three above questions in either a PDF or word document via the eLearning Assignment 8. Please do not forget to answer the two questions listed under Discussion Case 1 directly there. Do not put these answers in the document with the 3 questions above from the Rolls Royce’s case study! 1. What do you think about Hershey’s ERP strategy? (1) Hershey made a poor strategy when implement the ERP (2) They start the implementation of ERP when they lacked the necessary people at the top management level to make decisions on the implementation plan (3) Implement too many changes too fast (4) Hershey’s employee were not trained for the data entry when the system change so sharp (5) Top management didn’t get involved in any implementation 2. What lessons can be learned from the Hershey experience? (1) Go slowly and use a phased- in approach (2) Train the worker to get use to the rigid data required system (3) A team  of top management must steer the launch of software (4) Keep simple and limit the number of software application once a time (5) Functional group must communicate with IT on data request (6) Get worker involved in process map 1. What do you think of RR’s ERP Implementation project? Did they select the right implementation strategy? The RR’s ERP Implementation is innevitable since the need of handle the volume of data and growth of the company, however the success cause of right implementation strategy and excellent IT team. 2. Discuss the Critical Success Factors of RR’s implementation strategy and the role of SMEs in the project. (1) The critical success factor is RR had an excellent ERP team both EDS personnel and SAP confultants to impelement the SAP smoothly from legacy system and identified problem of implementation of ERP beforehand First, they hired SAP consultant help with implementation  Sec, SME know cross- functional business relationships and experience of the old legacy systems Third, OBU responsible for working changes and training (2) The role of SME The SAP the rigid business process structure,is complicated, new to the company user at first that may cause lots of resistance out out of the working practices and low efficent with the experience of cross- functional business relationships and experience of old legacy systems they enable the training and the user fully understand the utilize funtionality 3. What advice can you give to RR’s technical team on their approach of migrating legacy system with the SAP software? (1) To make sure the data retrieved from the legacy system is accurate (2) Technical should communitcate with functional group more through about their specific data requirement (3) Spend extra time to ensure the data from all the functional group before put into Linux system to test

Regulating Food Advertising and Freedom of Speech

Essay 2, Summary and Response Regulating Food Advertising and Freedom of Speech Perspectives on Advertising and Children Summary— As the author of article â€Å"Regulating Food Advertising to Children,† Margo G. Wootan proposes, â€Å"Responsible food marketing to children must address not only how food is marketed but also which foods are marketed to kids (334). † She believes that even in the absence of government control there should be some guideline for food marketing to act responsibly and not encourage children to eat foods that are harmful to their health and well-being.Because of the increasing rate of childhood obesity in the United States, the author suggests a compromise approach between marketing techniques and nutritional criteria to be met for children up to the age of eighteen (333). Food marketing is extremely influential in children’s food choices since it attracts their attention with the appeal of contests, prizes, cartoon characters, a nd their celebrity icons.Although parents are a huge accountability for the food their children eat, Wootan believes it’s rather difficult for parents to compete with what marketing advertises as healthy as opposed to what parents consider is healthy for their children (333). The author suggests marketing being consistent with the Dietary Guidelines for Americans with the reduction of calories, sodium, refined sugars, and saturated and trans fats in order to support not overeating with reasonable portion sizes directly and indirectly.Also, to stop and prevent unhealthy eating habits, food marketing should redesign products to improve their nutritional quality, including adding more fruits, vegetables, and whole grains presented in homes as well as school environments (335). As Wootan states, â€Å"The marketing of products that may not be nutritionally ideal but provide some positive nutritional benefit and that could help children meet the Dietary Guidelines for Americansâ €  is the ultimate compromise that benefits both food marketing and the health of today’s children (334).In â€Å"Advertising and Freedom of Speech: Beware of the Food Nanny,† author Robert Liodice justifies the importance of free speech by saying, â€Å"Trampling on the First Amendment, whether through government controls or unsupported self-regulatory edicts, should not even be on anyone’s radar screen as a way to solve problems. † Liodice believes CSPI overlooks a wide variety of factors beyond marketing that influence childhood food consumption (336). He thinks the guidelines on nutrition and marketing are so restrictive that it’s supported by flawed data and omit the significant, positive improvements food and marketing industries are taking.For example, the marketing industry established the Children’s Advertising Review Unit (CARU), which screens material that may be misleading and receives comments and concerns from the public for the past thirty years (336). The author states CSPI mentioned a claim that marketing targeted at kids has doubled in the last ten years, but neglects to explain food ads seen by children under the age of twelve declined by 13% in the last four years.Liodice insinuates CSPI’s narrow focus solely on food marketing misguides the public when other factors come into play because â€Å"there is no simple or quick answer to this multifaceted challenge,† as the Surgeon General concluded (337). Response— Based on both arguments on food marketing aimed towards children and freedom of speech, I understand where each author is coming from and I agree with both to some extent. Wootan’s article makes a valid point that there are many factors that affect food choices, but food choices are mainly influential by persuasive and attractive food marketing.Companies have extensive expertise and efficient skills to lure children into wanting a line of products that may not be as nutritional but is portrayed as desirable. I also agree that some of Wootan’s claims are invalid due to the lack of details and evidence compared to Liodice’s more specified examples and statistics on food marketing and their effectiveness. Because food marketing is Wootan’s only topic of debate, she disregards the other many factors that affect food choices by not elaborating upon them.For example, American consumers have full knowledge of the importance of personal and parental responsibility, public education, dietary balance and moderation, and of course, physical activity; yet Wootan only focuses on the negatives of food marketing when all these factors are just as imperative in addressing the issues of childhood nutrition and obesity. In my opinion, Robert Liodice is correct in advocating free speech to be the basis of choice and personal responsibility.Everyone has a right their own opinion, however, I don’t see the problem with the help of gov ernment control for some guidance with the public in order to educate them of a healthier lifestyle. With a set of guidelines, it will help set a standard for people to follow. Marketing and advertising cannot persuade everyone to eat healthier because they can only do so much to expose people of the advantages and benefits of a nutritional diet—that is if people even pay attention to food advertisement.Healthy eating habits will all boil down to the individual deciding whether or not to put nutritional food in their mouth. Works Cited Wootan, Margo G. â€Å"Regulating Food Advertising to Children. † Think: Critical Thinking andLogic Skills for Everyday Life. 2nd ed. Ed. Judith A. Boss. New York: McGraw-Hill,2012. 333-335. Print. Liodice, Robert. â€Å"Advertising and Freedom of Speech: Beware of the Food Nanny. † Think:Critical Thinking and Logic Skills for Everyday Life. 2nd ed. Ed. Judith A. Boss. NewYork: McGraw-Hill, 2012. 335-337. Print.

The Recognition of the Faces Article Example | Topics and Well Written Essays - 500 words

The Recognition of the Faces - Article Example However, whether skin color is the major contributor for the ORE has not yet been experimentally determined. In this article, the skin color of African and Caucasian faces was manipulated without changing the facial features and face-recognition task was employed to determine whether own-race and other-race recognition depended on skin color or facial features. The research design involved the identification of a set of faces in the initial task and these faces where then manipulated and in the test phase the participants were presented with both the old and new faces and were required to press a key to identify an old and the new face. Recognition of the faces presented constitutes the dependent variable of the study while skin color and facial features are the independent variables. 48 Caucasian students participated in the task and in the initial task they were shown 16 faces in random order. This was followed by the test phase in which the 16 old faces and the 16 new faces were shown again in random order. The total faces presented were 64 chromatic pictures with 16 original African and 16 original Caucasian faces and 16 whitened African and 16 blackened Caucasian faces. All of the faces were obtained from the Tel Aviv face database with females constituting about half of the faces in each category. All the external features of the face s were cropped and the skin color conversion was carried out by extracting the red-green-blue values (RGB) taken from 16 coordinates on each face that was to be converted and they were matched at the same coordinates of the other-race face. This was followed by filtering and color-curve adjustment to complete the color conversion and all the procedures were carried out through Adobe Photoshop CS2 software. The four versions created were presented to each participant only once in the initial study and test phase of the task and each face was shown as either old or new.

Business law Essay Example | Topics and Well Written Essays - 2250 words

Business law - Essay Example The claims to be made in the paper will be proved with the help of legal cases which have been solved by applying the legal approaches of Parole evident rule and collateral contract. Introduction: Business dealings are made among enterprises by large each day which makes it evident that there needs to be a jurisdiction that would help the parties agree and abide by the clauses in the agreement. It is for this reason that business law is being practiced by the common law. In return common law is being applied to majority of the states making it liable for organizations all around the world to sign agreements and follow the legalities. Considering the legal courts of Australia, It would not be incorrect to state that it has provided the business enterprises many benefits regarding restitution and contracts. However, there are different types of contracts with exceptions which are being practiced and legally prosecuted. In this context, the written contracts in Australia are provided wi th a lot of remedies in case the contract is breached. But verbal promises that have not been included in the written contracts are not solved in case breached. ... Definitions to the terms: Breach--violation of the law which is written or oral in nature. Plaintiff-- a person or a party that would file a lawsuit against the violating party Defendant--- a person or a party against whom the case is filed. Points of Focus: Parole evident rule and exception followed by the suitable cases Collateral contracts and definition with the suitable cases Australian Courts and Remedy to breach of Parole evidence rule: It is an Australian law which is applied in case it is a matter of a written contract. Within the approach of parole evidence rule, it is evident that the court will note that all the clauses which are written or mentioned in the agreement are carefully following the signed affirmation of both the parties. This approach completely denies in case either of the party proposes a claim which is verbal in nature. The Australian court represents jurisdiction that completely disqualifies any verbal or oral promise making it much easier for the parties and the court to subject litigation if notice in any case1 The reason behind employing this legal approach in Australia for the business agreements is merely because it is able to save a lot of time. Another reason behind setting up the approach of parole evidence rule exemplifies the prevention of any faulty statement coming from either of the parties agreed upon the agreements. There has been a common ground of deviation noted in most of the legal business cases. All such cases have marked statements which were put forward by the parties in order to bring deviation the focal point of the agreement. In other words, it could be said that at times either of the parties is more likely to override

Medical Ethics and the Law (UK) Essay Example | Topics and Well Written Essays - 3250 words

Medical Ethics and the Law (UK) - Essay Example According to the report findings there are also some cases wherein the patients are not able to make theirown personal decision.   In the case of Major Tom, he was critically injured at the time the plane crashes and was unconscious at the time the proposed operation was delivered by Mr. Botch.   In this case, Mr. Botch was responsible in balancing his duty of care with regards to autonomy  or the practice of informed consent; as well as the practice of non-maleficence, beneficence  and justice.This essay stresses that the capability of the patient to give consent on a specific care or treatment should always be considered by the health care professionals unless there is are clinical evidences that can prove that the patient will never be able to be mentally capable of deciding for himself.   As a general rule, the patient have the legal right to either agree or disagree with the health care professionals’ proposed medical treatment based on the patients’ own set of values and/or religious beliefs.  It is but ethical for Mr. Botch to respect the personal decision of Major Tom with regards to whether he would go through the lung surgery or not.  Health care professionals should also practice the law of confidentiality. It is generally unethical for health care professionals to talk about or disclose the health condition of the patient to other people regardless of whether the mode of communication is verbal or in written.

Examine the application of the maxims of equity in the context of Essay

Examine the application of the maxims of equity in the context of trusts - Essay Example Under trust, the trustee is a person appointed by law to hold the property on behalf of the beneficiary (Clements and Abass, 2009). In so doing, the trustee is under obligation or submitting to a form of legal obligation mainly referred to as the English law. Moreover, a trustee may be bound by onerous responsibilities, mainly those imposed by the statute, by general principles of equity, or by the trust instrument (Oakley, Parker and Mellows, 2008). What is important is that there are severe costs awaiting trustees, particularly those who neglect their duties or violate the terms and conditions of the trust. Essentially, thus, there must be certainty and clarity when setting up a trust. It is important to be clear that the trustee is bound by the trust and as such, may not make use of the property in his personal capacity (Moffat, Bean and Probert 2009). Likewise, the beneficiary’s rights must be established with clarity and certainty so that they are in a position to enforce the trust in the case the trustee has failed to observe the terms set out. The above-quoted dictum or maxim of His Lordship will form the context for examining how principles of equity are applied in the context of trusts. In maxims of equity and trust, there is no wrong without a remedy. As Moffat (2009) holds, it is the responsibility of the court of law to offer a consideration or remedy for a plaintiff even in the case where none has been provided in the statute book. This is because, as stipulated in the ubi jus ibi remedium, a remedy exists where there is a right (McFarlane, Hopkins and Nield, 2012). Suffice to say, this underlies the entire concept of equity because, until now, the common law courts completely refuse to provide sufficient remedies in certain circumstances. For instance, when it comes to the institution of trust, common law does not wholesomely recognize the beneficiary’s rights, but such rights are

Purpose of Liberal Education Essay Example | Topics and Well Written Essays - 1750 words

Purpose of Liberal Education - Essay Example As the study stresses liberal education help learners to live their own lives. They are able to make sober decisions on what is best for them and what is not. Liberal education teaches the learners many things about the society, the world, and how to handle different issues. When liberal education students come across something that is not right, they would be able to address the issue according to their understanding of that societal issue. As Western Washington University puts it, liberal education enables the learners to lead an interesting life and to intelligently shape the world positively. Each of the liberal education graduates solving their own problems and issues within their society leads to a greater good for a region and the world at large. According to the paper findings there are many issues that are arising in the world today and spark heated debates among the opponents and proponents of such issues. Liberal education graduates can come in handy in such scenarios and advice on what should be done to make the issue acceptable by the society. The liberal education graduates in the world today should be able to solve issues that arise in the society. As the world becomes more dynamic, a lot of changes are proposed and they may not be accepted by all the people in the society according to their believes and view points. Liberal education graduates would be of great value to articulate the issue and present the best recommendations for the different sides to accept each other. Make important democratic choices: Conant notes that liberal education has an impact on making democratic choices. According to him, people who have studied liberal education are likely to analyze political leaders to determine whether they are good for them or they are not. Their understanding of societal issues and people as well as great communication skills help them to understand the leaders thereby determining whether they are capable of addressing the societal issues or not. In that regard, liberal education would be important for the well being of the society. Many

Corporate Social Responsibility Research Paper Example | Topics and Well Written Essays - 1000 words - 1

Corporate Social Responsibility - Research Paper Example This essay stresses that for a long time the key areas of corporate social responsibility haves been the well-being of the company’s employees and the protection of the environment. The civil society and the surrounding community focus on corporate social responsibility. The idea behind corporate social responsibility is that companies should not operate in isolation and detached from the broader society in their economic processes. This implies that such views as profitability, competition and survival that traditionally drove business missions are slowly losing ground to corporate social responsibility. New drivers have come because of CSR. It is necessary to explore some of these drivers and analyze how they affect business enterprises. This paper declares that the government’s diminishing role in businesses is one great driver. In many jurisdictions, citizens rely on their governments to provide the relevant regulations and legislations for the delivery of environmental and social objectives among the business communities. However, over the foregoing decades, most countries have witnessed the shrinking of their administration resources and distrust of the regulations set aside. Consequently, companies have resorted to carry out their own exploration non-regulatory and voluntary initiatives for restoring their confidence to the communities of operation. Customers have increasingly developed an interest for accountability and responsibility assumption by business enterprises. ... Customers have increasingly developed an interest for accountability and responsibility assumption by business enterprises. It is evident that the companies’ ethical conduct plays a big role in influencing the customer’s purchasing decisions. It is evident that more than 20 per cent of a company’s clients will likely to reward or punish them based on their perception on the company’s social performances. Besides, there has been an increasing pressure from investors. Lately, many investors assess the performance of companies on matters of ethical concerns before making their decisions on whether to work with the company. According to a report by the Social Investment Forum, there were assets worth more than $2 trillion that were invested in business portfolios that had social and environmental responsibility screens in the year 1999. Besides, more than 25 per cent of American customers considered ethical considerations of a company before purchasing or sell ing stocks with them. This was a survey by the Environics International. The labor market is also very competitive. Nowadays, most qualified and competent employees have increasing focusing on extra benefits beyond their paychecks. In the end, they seek out employers with operating practices and philosophies that coincide with their own doctrines. For a business enterprise to employ and retain these kinds of skilled and competent employees, they are left with no option other than improving their working conditions in terms of corporate social responsibility. Corporate social responsibility is also for the improvement of relations between supplies and business enterprises. This is because stakeholders are increasing

Spinal cord injury Essay Example | Topics and Well Written Essays - 500 words

Spinal cord injury - Essay Example Significantly, the stem cells in all species showed these features. In their research, scientists released that adult cells in an injury site have the ability to regenerate into neural stem cells forming a new relay route that they could be in a position to measure electronically. To prove their discovery, the scientists demonstrated using rats where they found that mechanism motivating recovery was because of formation of new relays. When rats that had injured spinal cord recovered, their spinal cords were in a position to re-transect above the implant. The motor function in rats diminished showing the formation of new relays in the injured place. The merit of this research is that the grafting process resulted in important functional enhancement or improvement. For instance, using a walking scale of 21, in absence of treatment, the rats scored 1.5 after a stem cell treatment; it increased to seven a score that showed that the rats’ ability to move all joints of injured legs. The research was successful when human cells were applied in that the researchers were able to notice the formation of new relays in the affected area. The other advantage of the study is that it applied green fluorescent proteins in tracing and tracking neurons stem growth in the injured place. By tracking the stem cells, the green fluorescent proteins were in a position to observe the stem cells grow, develop into neurons, and grow axons, thus depicting the capability of these cells growing and linking with the host neurons. The study has shown that there is a possibility for a person to recover from spinal cord injury because during the early-stages, neurons are able to withstand inhibitors available in the adult central nervous system that function to maintain the spinal cord or the central nervous system and ensure that cells in the CNS do not grow aberrantly. The demerit of this research is that the research failed to elaborate how long it takes the new relays to

Conservation of natural resources and physical environment Essay Example for Free

Conservation of natural resources and physical environment Essay It is a fact that population growth or its decline is a resultant effect of both births and deaths or in some countries; immigration and emigration are indeed significant factors of this phenomenon. The carrying capacity as defined by specialists is that maximum number of persons that can be comfortably supported in a particular environment without posing any possible threats of depletion of the available resources in the near future. It thus not only considers space availability but also emphasizes on the importance of relating the numbers to the available resources as well as the potential of the earth system as a whole to support them (S. P. Hays, 1986). It is therefore important to realize that human beings are part and parcel of the world’s ecosystem and its only valuable for them to preserve its best. The ecosystems has constantly undergone modifications by humans not only as a consequence of population expansion but also due to enhanced technological know how and human consumption. It is the human race that has in the past destroyed habitats, polluted his own environment that has adversely changed the atmosphere hence threatening global stability. Experts have further warned that these observable negative impacts could see the ecosystem undergo irreversible damages if not quickly addressed. Conservation of natural resources involves good management, wise and proper utility of the abundant earth resources by man (D. W. Ehrenfeld, 1972). Read more: Essay About  Conservation of Natural Resources This is not only for economic reasons but also for the survival of the new generation to come. Wood and wood products for instance, form the fundamental economic gain from forests but it is also worth noting that most forest zones are the major water catchment points and since water is life, then, it is only fair to preserve forests so as to support life. The human race has therefore developed interest in the study of his environment with the intention of understanding it better. These studies have not been fruitless sine certain scientific fields like ecology which deeply analyses living organisms in relation to each other and their physical environment have significantly improved man’s understanding of the ecosystem by bringing out clearly the vital roles of specific organisms in the universe. Through this information, man has comprehended that his survival depends on the other part of the system as well. The principle â€Å"Energy is neither created nor destroyed† suggests the capacity of the earth’s self renewal but also raises a particular concern over nonrenewable energy resources that are fast getting depleted! It is for this noble purpose that various nations have set up their own policies on environmental conservation with the major aim of achieving better and healthy lives for their citizens now and in the future. However some countries like Iraq and others in record have no restrictions to various areas considered ‘special’ environmentally especially considering the fact that some wildlife in those parts are at a risk of getting extinct. This therefore brings the big debate on whether its really necessary to conserve our environment? Since the mid-nineteenth century, the globe has recorded increasing mean atmospheric temperatures, a phenomenon attributed to the emission at extremely high levels, of greenhouse gases. This warming trend has been traced to originate from human activities. As much as we are fast to point blame on industries and other businesses, research has it that everyone creates pollution through various activities that we undertake daily and therefore contribute to the level of greenhouse gases in the atmosphere. This is because every manufactured product finds its way to us and by all means leaves behind some carbon footprint however small (John Darabaris, 2007). Thus man being aware of the deadly impacts of this phenomenon on his environment is constantly struggling to reduce carbon footprint to he smallest possible amounts. Modern science has sophisticated instrumentation that can precisely predict harsh weather events that may result from global warming. Industrialization that has seen man adopt modern farming techniques, improved infrastructure amongst many other human practices is here to stay and even advance further, yet it must be controlled and channeled appropriately into activities that will not deplete the scarce resources. History has it that man, through industrialization, has enhanced erosion activities at the coast and affected the duration of planting seasons in many agriculturally dependant zones, thanks to the constantly warming globe. Human race is very much aware that if these trends persist, more destructive and violent storms are yet to be observed, dreadful and deadly diseases are also likely to attack depending on the new temperatures of the earth which may favor the existence of new pathogens. This not only poses human race at great risk but also predicts real danger to the vast resources that we have on earth. Permafrost for instance, is a major factor that controls several environmental processes and thus changes in nutrients, water content and even temperature will for sure have some effect on the soil composition (Bolter, M. 1999). It is also expected that a warmer globe will initiate more energy to be pumped into tropical storms hence developing stronger and more destructive and vicious storms. The warm condition also, according to scientific predictions, could make earth observe long periods of drought and this will definitely cause global food shortages. Such persistent drought conditions also put the globe at the risk of experiencing more wild fires that will destroy property and other natural resources. Wildlife is one of the most treasured natural resource not only because of its economic importance but also because of its aesthetic value and ecological significance. However, the current trajectory path traced by global warming effects could result into the extinction of rare planet species that would otherwise fail to adapt to the new environment due to the shift in ecosystem. The physical topography is not spared either since man now understands that the warming trend has significantly speeded the melting of polar ice bringing along with it severe and unbearable weather conditions. Science and engineering technology has significantly contributed to the advancement of humanity thereby increasing the understanding of our world, ambitions and inspirations, and our ability to satisfy our diverse needs in our lifetime (Clift, 1998). Our survival on the planet earth will indeed to a great extent depend on how we effectively relate to all the other living organisms and even to the physical environment. As much as man has been innovative, new technologies do come with diverse environmental challenges. The increasing world population for instance, has seen a significant rise in energy demand. A clean and reliable yet sustainable energy source is thus essential to meet this demand, the selection of which must be carefully made. Innovative solutions are therefore called upon from the concern industrial sectors, governments and even communities. Europe, America, China, India and other industrialized nations depend almost entirely on fossil fuels; the developing nations are reportedly increasing their consumption of the same! Arguably, the methods used to produce and consume these fuels are not the best and have significantly contributed to the destruction of the ecosystem. It is for this reason that man has used the available technology to develop alternative means of producing energy with minimal or no impact at all on the environment. Using this knowledge man has resorted to energy sources that are found naturally in the environment (Carroll, 1993). For instance, using solar panels has made it possible to harness solar energy safely into viable use. This is a significant step made in protecting and saving the environment since it does not cause pollution and is also considered an infinite source of energy. However, this invention came with its own challenges such as unpredictable climatic patterns especially in the twentieth century , a phenomenon associated to global warming thereby forcing man to diversify into other energy sources such as the nuclear energy, wind power, sea power amongst many others. Nuclear power alone has attracted many developed countries with most of them claiming it is the answer to the global energy crisis. The only controversy that arises on nuclear energy production is the after effects it has on the environment. Storing and effectively damping radioactive material for as long as a thousand years is still a threat to the environment and the planet at large. Most people are now aware of various threats resulting from environmental problems. Many people are reported to panic in some cases, though it makes them have a clear understanding of the necessity to conserve and protect the little we have or else face permanent destruction from the cruel nature we have created. Since we can’t afford to despair, this extraordinary times calls for extraordinary solutions that promises a better tomorrow. Experts have issued warnings about the changing climate for example, and our understanding is that we have the solution with us. Therefore, by taking individual responsibility, there is hope, these damages can either be slowed down or completely reversed (Engel, 1990). The current generation understands so well that the generation tomorrow will enjoy the natural resources we have today only if we live in a sustainable way and this is irrespective of whatever modernity dictates. Indeed, with this kind of rapid loss of biodiversity, the global community full of researchers and practioneers must move with speed before the situation gats out of hand (Jacobson 1995). By conserving the resources and managing them sustainably, the future is secure of having clean water, clean energy, clean air and even fertile soils for productive agriculture. Modern man has also realized that diversity in culture and biological diversity are greatly linked (Mc Neely, 1995). Different societies within this very globe possess very unique cultural practices, beliefs and knowledge about the environment that is very valuable especially in solving certain environmental problems. Redesigning industrial systems to obtain safe technology reduces waste and encourages recycling of refuse in biological lines. This is a concept full of hope that will see the world maximize the use of raw materials, reduce the consumption of energy and with minimal or no negative impacts on the environment (D. Worsher, 1977). Different cultures for example, find different uses of different plans which essentially constitute the ecosystem. By preserving the diverse or sometimes complex cultural practices and lifeways, biological systems will then be protected in the process. It is imperative to note that human beings have constantly adjusted and adapted to their environment almost simultaneously as it changes. This justifies the argument by scholars that ‘nature and culture are indivisible’ and thus the necessity to narrow down human ecology to the analyses of socio-natural systems (Bennett, 1996). Due to fundamental shifts in the interrelationship between industrialization and the other part of the ecosystem, experts have identified possible radical changes that may accompany these historical moments and therefore suggested thorough rebuilding of all industrial systems. Mediterranean region for example, has been greatly eroded due to poor farming methods like overgrazing and deforestation. Siltation and salanization are also some observable effects from irrigation activity at the region (Hillel, 1991). Different regions thus have dispatched relevant authorities to help sensitize and educate the communities living around such valuable resources on the importance of conservation measures and proper management. Conservation of the environment is therefore not debatable if the treasured human race needs to protect its self against possible harm in the future. The rapid race at which global climate has changed, the ever expanding global population amongst many other critical environmental declines are some of the critical issues that need addressing as a mater of urgency. Intensive research work carried out by various scientific groups indicates for instance, that the world losses 22 million acres forest area yearly (Elizabeth, 2006). Similarly, very toxic chemicals find their way into the atmosphere yearly some of which last over decades in the environment. It is therefore very serious to realize that we are obviously threatened when our natural resources are threatened since we greatly depend as major sources of medicine, food, shelter, fuel, just to mention a few. Nature is known to be unforgiving and respects no boundaries; environmental problems threaten global economy, health and even security. The tropical forests which are rapidly disappearing hold the source of close to twenty-five percent of prescription drugs (George P, 1973). A world without energy, food, safe clean water or inhabitable environment exposes its people to political unrest as well as economic instability. This could see the world spend an enormous sum of money inform of peacekeeping, humanitarian aid or even in attempt to revive global markets. With this kind of understanding, man has realized the significance of working together with a lot of commitment by all countries to provide lasting solutions to fundamental problems and also offer sustainable management of the scarce natural resources. This indeed is an assurance of hope that promises better future to all the human society. References D. W. Ehrenfeld, (1972), Conserving Life on Earth; D. Worsher, (1977), Natures Economy; Roderick Nash, (2001). Wilderness and the American Mind, NY: Yale University Press,). R. Nash, (1982), Wilderness and the American Mind; NY. S. P. Hays, (1986), Conservation and the Gospel of Efficiency. Bolter, M. (1999). Consequences of Global Warming on Soil Processes in Arctic Regions, Polarforschung, 66, 1/2, 1-10. Jacobson SK (ed). (1995). Conserving wildlife: international education and communication approaches. New York NY: Columbia University Press. Noss RF. (1997). The failure of universities to produce conservation biologists. Cons Biol 11(6) Hillel, Daniel. 1991. Out of the Earth: Civilization and the Life of the Soil. Free Press. NY. Bennett and Flatley, G. W. , J. W. (1996) ‘Using Contingent Valuation to Determine Australian Tourists Values for Forest Conservation in Vanuatu’. Economic Analysis and Policy 26 (2) Donald Worster, (1994) Nature’s Economy, NY: Cambridge University Press. William Cronon. (1991) Nature’s Metropolis. NY: Norton. Elizabeth Kolbert (2006). Field Notes on a Catastrophe: Man, Nature, and Climate Change. NY, Bloomsbury. Carroll, W. J. (1993). ‘World Engineering Partnership for Sustainable Development. ’ Journal of Professional Issues in Engineering Education and Practice, 119 Clift, R. (1998). Engineering for the environment: The new model engineer and her role. Process Safety and Environmental Protection. 76(B2)

Step Analysis For Cadburys In India Marketing Essay

Step Analysis For Cadburys In India Marketing Essay A method used by management that provides the analysis which is based on the four external factors that may affect the organizations performance. Social, Technological, Economic and Political are the four factors. This strategical tool helps the profitability of the company. Step Analysis Factors SocialSocial: The social factor helps a company to understand the ethical, cultural beliefs, demographics, lifestyles and education. These changes influence the growth of the company. Technological: The change in the technological factors can change the companys competitive area. Environmental, ecological ways. New strategies and products and the cost of improvising and innovation. And in the development of the product. Economic: The economic structures and its varies changes at the stock exchange and the interest, and inflation rates and nations economic rules and performances. They directly have a great impact on the company. Political: The changes in the government and pressures and opportunities and changes in the political system and leadership and their values will so affect the company. It also includes the taxes and rules and political grounds and involvement in the business. Step analysis for Cadburys in India The word chocolate has been traced back in ancient times from central America -civilizations Aztec and Maya ,Chocolate made from roasted cocoa beans was mostly enjoyed and relished all over the history as a drink . In ancient times as the expensive cocoa were gifted when a newly born arrives in a family or any religious occasions. Even the traders used to exchange it for jade, clothes etc., till recent times the chocolate has been just the plain chocolate. However Sir Hans Sloane an English doctor brought chocolate milk recipe from South America to England. According to his recipe the original Cadbury milk chocolate was prepared, later it was sold to the Cadburys. The cocoa crillo is harvested only 10% world wide, 90% of it is hybrid and from forestero trees and varieties are produced mainly in West Africa. The hottest region is the right soil to grow this plantation for cocoa. The procedure to prepare chocolate are: Harvest Fermentation Drying Cleaning Roasting Crushing and shelling Blending Grinding Cocoa butter Cocoa powder Kneading Rolling Conching In Birmingham 1824 at bull street England, John Cadbury used to do vending for coffee, tea and drinking chocolate. He started to concentrate on the chocolate drinks and beverages. He was also appointed as the Royal by the queen. He also shifted from the tea business stopped the tea shipment and started importing cocoa into UK. He tried so many different varieties. Although it was economically not an easy price to the consumer so he had a tie up with his brother and started his venture into Cadburys chocolate making business. One of the best inventions in the confectionary industry was Cadburys Dairy Milk which was a moulded chocolate and was introduced in 1905 although after so many brands with leading chocolate companies the Dairy Milk shows 95 years later a success and recognition. Step Analysis Social: The story of Cadbury dairy milk started in 1905 at Bourneville UK but the journey with chocolate lovers in India began in 1948. The UK confectioner Kraft foods and Cadburys had a deal in the business and they wanted to enter the international market. However they targeted a little tough market which I could say as India could not accept any foreign products so easily but still as C.Y.Pal non executive chairman of Cadbury India quotes India is a very happy story for Kraft and Cadbury. Kraft was initially trying hard with its products to put-up on the shelfs in a market store like tobolerone, milka, cheese, Oreo cookies etc although all were under one umbrella. Indians could not accept it so easily. More than 60 yrs has been passed Cadburys has now become the countries biggest confectioner. The barriers it had leaped and came up with different products in chocolates, drinks, gums, candies etc was appreciatiable. The Indian customer no matter how advanced or sophisticated they m ight be the traditional culture of mithai could not replace the chocolates Indians have a massive sweet tooth but its filled with mithai but not chocolate says (Ramesh Srinivas executive director of KPMG Advisory services India) even huge multinational company like Cadburys could not crack the market as the consumption of chocolate in India is 54gms per captia. Cadburys worked out with amul to make mithai and add chocolate like Indo Western style but it did not attract customers so Cadbury did intensive research and started promoting through different media and hit the slogan just for kids in 90s. Later on they shifted to the campaign for teenagers who shared the real taste of life, memorable instances which stayed in everyones life like a girl dancing in the cricket field this campaign was awarded the campaign of century in India. From here they targeted the campaign of consumption of chocolates amongst adults which was portrayed by Mr. Amitabh Bachan were different relations, spec ial moments, festive occasions, reunions were showed with happiest moments with a slogan kuch meeta ho jaya this is an excellent technique of reaching the Indian cultural barrier of mithai the promotion of Cadbury cleverly put up to equalize a chocolate and a mithai. Technological Cadburys entered the Indian market where people could recognize the brand only with a purple cover. Technically the taste of the Indians in the food or confectioners are different so the varieties that Indians crave about the purple cover should not be just the Dairy Milk so they came up with fruits and nuts, crackle, roast almond which were very famous in youth and adults to attract the kids they started with goodies and rewards with the purchase of Cadbury chocolate. The approach through media with best quality and mind lingering advertisements were done by the creative team who held up the Cadbury chocolate as luxury compared to other small confectioners in India. The punch lines used with Indians own famous game cricket the sport was also enhanced. People started liking the marketing strategy and the campaigning and it dominated 70% of the share market. The snack time in the evenings was a huge market in India they came up with Cadburys bytes. Cadbury has maintained high quality and value for money it also made Cadbury dairy milk as a dessert with slogan something sweet after meal and for kids the wowie chocolate with Disney characters embossed in it. The 2in 1 dairy milk a combination of white chocolate and milk chocolate. Economic The Cadburys and Krafts acquisition was priced but they individually grew on their strength in most of the countries. Krafts is the key market globally when they ventured together but in India they started leaning on Cadburys more, so it was ahead in confectionary business. The nestle was very far distant as number 2 when compared Cadbury .According to the marketing research firm-AC.Nelson Cadbury brand with milk addictive bourn vita has earned 70% of Indias market and earned us$425 million and 30% of sugar boiled confectionary category with us$1 billion i.e., 30%of it. The network of business selling its product across India is 1.2 billion shops as India is still agrarian society although the number of super markets or hyper markets are more the food is still bought at neighborhood stores called kirana shops. No matter Cadbury tried launching its first apple drink, dollops ice-cream, and the Indian customer recognizes the purple color as Cadburys brand. Cadbury had to change purchas ing price in India when globally it was around 10% with inclusion of interest, and taxes etc., and 27% margin was paid by krafts. The low prices with which Cadbury had the foothold in India and also business technique of the retailers in India to do business on daily working capital and fast moving products only and this increased the marketing strategy by segregating their products into different lines like gums, chocolates, mints, drinks, etc., Even if foreign markets would like to put up their confectionaries the pricing would be a big criteria and loss. The localization strategy has been adopted though slower but the products are made to the Indian customers taste. Most of the retailers do not have refridgirators, so they came up with mini packs which with-stand the heat of India with retaining the chocolate inside without any outer influence in dairy milk products. The costing of the packaging was 50 cents earlier it is costing 4 cents now. This strategy has helped the retailer s and the consumer and they were happy as Cadbury has been maintaining, quality, price and adapting Indian consumers taste. This has been amendable and kept the pace of making Indian customer to think that the value for money has been maintained and satisfied according to the Indian culture and taste. Political The worlds biggest confectionary across the globe had stepped into India with mouth watering brand the Cadbury chocolate. Although it took 60 years to register in the Indian market it employed 50,000across the globe says in 60 countries. They had a slogan in India creating brands people love. It also worked with Indian government in development of cocoa cultivation; it did also conduct research in kerala the agricultural university and educated the farmers. And right now its operating four categories in India like chocolate confectionaries, milk food drinks, gums and candies. Salmonella scare was biggest threat to the Cadbury Schweppes seven products globally. Salmonella is bacteria which was caused by a leaking pipe it might have occurred while the mixture of chocolate crumb was taking place at marl brook chocolate plant which is made into milk chocolate. This was not stated to the food standard agency as it had to get the stock back of one million chocolate bars and this contamination of bacteria costed them threat to health and they were charged 30 million pounds. They were with cases of 6 charges against them for breaching health and safety legislation but they took the step and retained the entire stock. The commitment to environment was the water conservation with unique new techniques at Bangalore factory; it started using solar energy to reduce the carbon di oxide and also driving towards the global warming. There was a major issue of child labour in south Africa with cocoa cultivation as its the 90%of worlds biggest producers and they fought for it. They also created and supported needs for underprivileged children. They started spreading smiles on the innocent faces not only with mouth lingering Cadbury chocolate but also good quality for any person in need. Methodology The gold standard is the consideration which is defined for chocolate in India for Cadburys. The brand which was a deal stuck with kraft foods did lot of international business however, when they stepped into India, Kraft had to depend on Cadburys in the market. Where a culturally different customer did not accept krafts brands, after a slow persuasion the purple covered product that is Cadburys has taken over 70% of confectionary market in the long journey of 60 years. The excellent marketing strategies which they used to register and connecting to Indian values through slogans which touched Indian customers heart and brought smile on their face from a kid to adults. The strategy was proven brand loyaltys best example with customer centric business. Although it did not realize to go with customers taste previously they faced lot of setbacks. Conclusion The taste of life a slogan which connected the people for a a long decade itself shows how the product has emerged as no.1 most trusted in Mumbai in India. It also is considered as marketing leader who changed the taste of India. Cadbury did not step back with the nutritional elements in its product line. The candies and gumbs have been strategically registered in a Childs mind also giving the difference the salty bytes and sweet bytes. Cadburys bytes like snacks to Cadbury chocolate varieties. The quality. The value, the purpose which drove lot of consumers to a brand with such immense loyalty and they have trusted the beautiful product which I can say that every generation has relished. And Cadburys had fought back with all the myths and giving facts of benefits from chocolate or rather creating world wide study of CHOCOLOGY.

Elephant the movie Essay -- essays research papers

Gus Van Sant’s Elephant was at once critically praised and denounced by both film reviewers and filmgoers alike. The cinematography takes you on a waltz throughout a seemingly typical day at an unnamed high school, stopping through the journey to focus on the stereotypes of school. The jock, the quirky artist, the cliqued girls, the skateboarder, they are all represented and representative of his film. Van Sant created a film, seemingly without a staunch opinion on the horrors of the Columbine shootings. The movie seems distanced from the actors and their actions: an unaware participant from the tranquil introduction to the gruesome climax. His seeming lack of a purpose, lack of a reason for the creation of this film, is exactly the impetus that drives its core meaning. The high school was as stereotyped and typical as possible, a campus where everyone swears they’ve visited once in their life. The visceral climax is at once both slowly built up to inevitability by the characterizations of the assailants, yet it also strikes the school suddenly and without warning. Van Sant’s film is a series of seeming contradictions and paradoxes that create the illusion that he has no stance on the Columbine shootings. His stance, however, is given away in the purposelessness of the film; the idyllic simplicity of the school, and its subsequent destruction, has no purpose. The Columbine massacre had no purpose. Gus Van Sant’s aestheticized school builds up a world that seems tangible to most students. He carries every right to create his own world and tear it back down. It is this beauty that he creates that makes the film so much more shocking when it ends. Aesthetic realism is the concept of accepting reality as unchangeable; therefore, one must find the beauty that is inherent in everyday life instead of attempting to create beauty. The idea is that aesthetic realism â€Å"sees all reality including the reality that is oneself, as the aesthetic oneness of opposites,† (Siegel). In other words, life is at once changing and the same. For example, someone is the same person when they wake up in the morning and the same person when they go to sleep at night. They haven’t changed. However, there have still changed as a person throughout the day, at least minutely. Change and stability both occur simultaneously. At the same time, Siegel states that it â€Å"sees the largest purpose o... ...e what can be easily related to; they wouldn’t be considered stereotypes otherwise. The beauty that is created during the first hour, which is denounced by Foundas as unrealistic, is subsequently destroyed in the climax. To create and destroy mediocrity would not be as stirring a rendition as Van Sant’s recreation of perfection coupled with his systematic disposal of it. Gus Van Sant has created a world of high school that has every stereotype. He manifests a sense of beauty in every shot he creates, with the slow arcing camera shots combined with the loving caricatures of the students. He finds the aesthetic realism in high school, the elegance inherent in aspects of campus life, and constructs a film around it. It is his own right to create his own view of high school, and while critics can disagree, they should not debase. The initial purposelessness should only be taken at face value; it is the lack of purpose in the beginning of the film that makes the lack of purpose in the massacre more obvious. There was no reasoning behind the Columbine shootings, they were a tragic occurrence that had little logic behind it. However, Van Sant’s film had purpose underneath its exterior.

John Steinbecks Of Mice and Men :: Essays Papers

Of Mice and Men In the novel Of Mice and Men by John Steinbeck, there was a character by the name of Lennie, a mentally challenged man. Lennie who had the mind of a three-year-old and the body of a giant was a sweet, outgoing guy. Although Lennie never remembered anything, he always remembered the words of his father figure George’s words. One of Lennies most passionate qualities was his love for animals; the way he cared for the touch of soft things made that love even stronger. In Lennie there was a special, passionate, and forgetful man. Lennie, whose brain didn’t develop properly often acted like a small child, yet had the strength of 10 men put together. These characteristics were presented to us by the way he would always ask questions and run around like a young rambunctious kid, although he had the power to kill animals by simply petting them. Lennie was childlike by the way he portrayed his emotion, like running away and crying when yelled at. Even though Lennie never meant any harm to anyone he had more power than he knew what to do with, when trying to stop the wife from screaming, he snapped her neck without even knowing it. In conclusion Lennie was a strong powerful man, even if at heart he was a simple child. The passion Lennie often showed was that of his love of soft things. Lennie couldn’t resist petting and stroking the smooth, lovely beings. Lennie when trying to explain his desire for nice surfaces, to prove he wasn’t crazy said to the wife â€Å" No I ain’t,† â€Å" George says I ain’t. I like to pet nice things with my fingers, sof’ things.† This was 1 of many statements Lennie used to describe this passion. So after al, Lennie who may have often hurt animals and people, never meant for it to happen, it was just his way of trying to show his true love for the species. Although time and time again Lennie was told things, that for any other man would be simple to remember, Lennie constantly forgot. â€Å"I forgot,† Lennie said softly. â€Å"I tried not to forget. Honest to god I did, George.† This was a close resemble to the constant reply heard most from Lennie. Although there was one thing Lennie always remembered and that was the stories and answers that came from George. John Steinbeck's Of Mice and Men :: Essays Papers Of Mice and Men In the novel Of Mice and Men by John Steinbeck, there was a character by the name of Lennie, a mentally challenged man. Lennie who had the mind of a three-year-old and the body of a giant was a sweet, outgoing guy. Although Lennie never remembered anything, he always remembered the words of his father figure George’s words. One of Lennies most passionate qualities was his love for animals; the way he cared for the touch of soft things made that love even stronger. In Lennie there was a special, passionate, and forgetful man. Lennie, whose brain didn’t develop properly often acted like a small child, yet had the strength of 10 men put together. These characteristics were presented to us by the way he would always ask questions and run around like a young rambunctious kid, although he had the power to kill animals by simply petting them. Lennie was childlike by the way he portrayed his emotion, like running away and crying when yelled at. Even though Lennie never meant any harm to anyone he had more power than he knew what to do with, when trying to stop the wife from screaming, he snapped her neck without even knowing it. In conclusion Lennie was a strong powerful man, even if at heart he was a simple child. The passion Lennie often showed was that of his love of soft things. Lennie couldn’t resist petting and stroking the smooth, lovely beings. Lennie when trying to explain his desire for nice surfaces, to prove he wasn’t crazy said to the wife â€Å" No I ain’t,† â€Å" George says I ain’t. I like to pet nice things with my fingers, sof’ things.† This was 1 of many statements Lennie used to describe this passion. So after al, Lennie who may have often hurt animals and people, never meant for it to happen, it was just his way of trying to show his true love for the species. Although time and time again Lennie was told things, that for any other man would be simple to remember, Lennie constantly forgot. â€Å"I forgot,† Lennie said softly. â€Å"I tried not to forget. Honest to god I did, George.† This was a close resemble to the constant reply heard most from Lennie. Although there was one thing Lennie always remembered and that was the stories and answers that came from George.

Technology in Transportation Essay -- Computers Machines Papers

Technology in Transportation Throughout history, getting things (and people) where they need to go has been a pretty basic need. The Romans needed to move stone to build their aqueducts; the nobles wanted luxury spices and silks brought to them from far off lands; ancient cities needed to move vegetables and grains from the farms, to storage, and then to the cities to feed the populace. Transportation has always been one of the backbones of every great civilization, without the ability to move goods long distances, your 'culture' was only the distance you could go conveniently to get what was necessary for survival that you could not produce. The industry boomed during the railroading system and hasn't slowed since. First, there were ships and horse-drawn carriages, then cars, now huge 40 ton trucks and jumbo air-liners. In today's changing business environment, information technology plays an incredibly important role in almost every aspect of the day to day life of almost every industry. The transportation industry is, of course, no different. From the transport of goods from manufacture, to warehousing, to retail, to end-user, the industry relies on information technology to get things done. The transportation of people is the exact same; incredibly important to get done yet impossible without the impact of information technology. Technology in Moving People The transportation industry (airline, railway, bus transit, automobile rental agencies) has undergone enormous changes in the way its customers purchase tickets and place reservations. The continuing popularity in e-commerce combined with the widespread increase in the number of people with internet access has caused an explosion in the number of... ...t an amazing 10% per quarter. An example trend that is quickly developing in the freight cargo industry is the leasing of freight aircrafts to different airlines. The aircraft, crew, insurance and maintenance is included in the leasing. Works Cited http://www.aaafoundation.org. revised 15 March 2004. American Automobile Association. accessed 15 March 2004. http://www.airbus.com. revised 2004. Airbus Corporation. accessed 13 March 2004. http://www.e-travel.com. revised 2004. Amadaeus Global Travel Distribution. accessed 14 March 2004. http://www.msn.com. revised 2004. Microsoft Corporation. accessed 15 March 2004. http://www.redprairie.com/Knowledge/whitepapers.asp#WMCSchapt. revised 2004. Superior Logistix Results, Inc. accessed 16 March 2004. http://www.trucker.com revised 2004. Primedia Business Magazines and Media. Accessed 14 March 2004

Articles

Section 8 SEKSYON 8. Hindi dapat hadlangan ang karapatan ng mga taong-bayan kabilang ang mga naglilingkod sa publiko at pribadong sektor na magtatag ng mga asosasyon, mga unyon, o mga kapisanan sa mga layuning hindi lalabag sa batas. â€Å"The right of the people, including those employed in public and private sectors, to form unions, associations, or societies for purposes not contrary to law shall not be abridged. † Freedom to form associations In large part, this section reflects the country’s bad experience during the Martial Law years, when the right to assemble and form associations was unduly abridged.Obviously, however, it is equally clear that the government can exercise its police power and abridge this right if the association in question threatens the legal order. Section 10 Section 10. No law impairing the obligation of contracts shall be passed. SEKSYON 10. Hindi dapat magpatibay ng batas na sisira sa pananagutan ng mga kontrata. Discusses the â€Å"sanct ity† of contracts and obligations Laws affecting contracts cannot be applied retroactively Aside: all contracts illegal in nature are non-bindingSection 4 â€Å"No law shall be passed abridging the freedom of speech, of expression, or of the press, or the right of the people peaceably to assemble and petition the government for redress of grievances. † 1. ) Freedom of speech is not absolute, neither is a free press (more on that on the next slide) 2. ) Freedom of assembly refers mainly to peaceful demonstrations related to public affairs – Contrast: in Singapore, for large assemblies one must secure a public entertainment license 3. Right to petition i. e. to take up one’s grievances with government without fear of persecution Freedom of Speech – means an individual is free to speak or utter whatever he wants without prior restraint. Right to a Free Press – means an individual is free to write, publish, and circulate whatever he pleases witho ut restraint. Speech and expression refer to any form of oral utterances, while press covers every sort of publication such as newspapers, magazines, books, leaflets, and the like.Radio and television are also included. Freedom of speech and expression and freedom of the press are collectively called Freedom of Expression. Freedom of Assembly – refers mainly to peaceful demonstrations related to public affairs. The Right of Petition – to take up one’s grievances with government without fear of persecution. Section 11. Free access to the courts and quasi-judicial bodies and adequate legal assistance shall not be denied to any person by reason of poverty. SEKSYON 11.Hindi dapat ipagkait sa sino mang tao ang malayang pagdulog sa mga hukuman at sa mga kalupunang mala-panghukuman at sa sat na tulong pambatas nang dahil sa karalitaan. states that paupers or person who are poor shall be given free access to courts and quasi-judicial bodies as well as free adequate lega l assistance (or free counsel to defend him in court) Section 20. No person shall be imprisoned for debt or non-payment of a poll tax. SEKSYON 20. Hindi dapat ibilanggo ang isang tao nang dahil sa pagkakautang o hindi pagbabayad ng sedula.

Policing Domestic Violence Essay

Domestic violence can be considered to be an act of violence which has been observed to occur in every socio-economic class as well as within all cultures. Domestic violence is defined as a pattern of coercive control that one individual intermittently exerts over another by means of spiritual, emotional, sexual, physical or economic abuse (http://www. dvvap. org/i). This form of exploitation has victimized mostly the women and children and men in much fewer cases and it continues to be perpetrated all over the world. In some regions or nations of the world, domestic violence has become a daily occurrence. Domestic violence leads to very drastic effects on the family, especially if perpetrated on both women and children. When this form of violence is done through physical harm, it results to injury, disability or even death in victims. Mental problems that may also occur usually make the victims feel unloved, lonely and have low self-esteem. Depression occurs in many victims of psychological abuse, which in turn may cause severe isolation of the victims from family and friends. Sexual violence and incest are other forms of domestic violence. In some regions of the world, domestic violence causes continue to rise due to patriarchal, cultural and religious traditions, (Human Rights Watch, 2005. , pp 12). All over the world, different governments handle domestic violence in many ways due to differing views on violence Different proposals have been presented to encourage the governments to have certain views on this form of violence. According to Lisa, domestic violence should be treated as a political and public problem. It should also be viewed as a breach of the human rights. It is a violation of human rights which every individual is entitled to. Those who perpetrate actions of violence against the others should be stopped, (Lisa, H. 78-79). Policing domestic violence refers to a scientifically developed application that aims at solving the domestic violence problem. In the past, it has involved testing of hypothesis in relation to the classification, prediction and the domestic violence prevention. Policing domestic violence policing as a tool of solving domestic violence also experiences several challenges as a crime prevention strategy (Hoctor, M. 53). In order to identify more effective policing strategies for domestic violence prevention and control, a culture of science is very necessary where the strategy integrates trial and error as a norm in crime prevention. The domestic violence policing programs aim at offering support to victims of domestic violence while at the same time preventing domestic violence. However, the public has raised concern about the domestic violence public policy. Lawrence et al states that in the past, the public has been concerned about the domestic violence policy. This is because it is sometimes based on ideology and it lacks evidence based on science. The public advocates for an effective domestic violence policing which should be practical and also be implemented appropriately. This would be a very good measure in preventing domestic violence (Lawrence S. et al, 24). In the last decade, police response to domestic violence has been criticized with a claim that the police did not take violence incidents seriously. However, effective measures to curb domestic violence are being developed and implemented through better policing. In this paper, the domestic violence policing issue will be discussed. The ethical stance of domestic violence in policing will be looked at, as well as the police departments’ responsibility of policing. The past system and current issues arising due to violence will be evaluated. Discussion For effective policing in domestic violence, a cultural evolution in policing needs to be developed in order to support the scientific revolution in order to solve the domestic violence problem. The cultural evolution rapid movement requires a growing partnership between the police and criminologists, public health community officers and professional scientists. Coherence of approach by the different police units to domestic violence is promoted by policy statements or documents where the Police officers introduce the policy documents with varying extent and content. With the increasing reports of domestic violence to the police, the police service has been required to utilize their limited resources to improve domestic violence service delivery to the people. Domestic violence is a great concern for the community where the police intervene in many cases. Whenever the police receive an initial call for assistance, it is their responsibility to provide immediate protection to the victim due to the fact that the police have certain powers which allow them to respond to domestic violence incidents. Whether the victims feel confident in contacting the police departments later in future will depend on how the police perform their tasks when the victim makes the initial contact (Lawrence, S. 126). The police have a major role in arresting criminals or offenders with the perpetrators of domestic violence considered as criminals because they undermine the human rights of the victims. The suspects are usually arrested and charged if there is enough evidence of violence against the victim. However, law enforcement officers should ensure that the suspect’s rights are not violated until the truth is established much later as one of the requirement in the police departmental policy. The police forces have domestic violence policy documents which contain written aims and priorities that are expected to assist them either solve, prevent or reduce domestic violence incidents. The policy documents normally contain the domestic violence definition, its implications, as well as guidance about the various police response components. The responsibility to implement domestic violence policies is something that is shared across a range of the police roles. The policies are very vital in protecting domestic violence victims against actions of exploitation such as domestic violence involving withholding of economic resources from a victim. Some children are even denied education through this form of abuse, as well partners who do not work. This denies the victims their basic needs, which is considered unethical and unacceptable. Domestic violence policing prevents this form of exploitation and instead promotes ethical practices in the society. Through policing, public safety problems are defined, analyzed and effective solutions to the problems addressed. Though the society is responsible for propagating ethics, it sometimes undermines the ethics if it allows domestic violence to occur without taking any action. For instance, in patriarchal societies, men are sometimes allowed to completely dominate over women. This had led to lack of knowledge and empowerment in women to speak out against violence, whereby the victims lack the ability to express their views and opinions with those who do not adhere to this being severely punished through domestic violence. Domestic violence policies have been developed to address such cultural practices with the police ensuring that law enforcement in relation to such policies is carried out. The police department should have the responsibility of policing domestic violence in the community because they are law enforcers who are responsible for ensuring law and order is maintained in the society and the human rights are well protected. Preventing and reducing domestic violence is one of the ways in which the human rights of everyone in the community are protected. For instance in Australia, police powers and procedures are well set out in the Crimes Act 1990(Policing Domestic Violence in New South Wales NSW, 1999). In addition, the police powers can be found in the police guidelines, referred to as Domestic Violence Standard Operating Procedures. Another example can be seen in the US, where the police department has adopted mandatory arrest policy for domestic violence cases. For spousal violence cases, arrest based on probable cause could be done where the Police officers were allowed to arrest suspects without a warrant as long as the officers had probable cause whether he/she had witnessed the incident or not. This was happening in 23 states of the United States of America by the year 2005 (Hoctor, M. 007) Another reason why the police should participate in domestic violence policing is that, the legislation that protects people from domestic violence in most cases directs the police to intervene in protecting the victims of domestic violence. The police have the power to exercise arrest of criminals or offenders when need be. In policing domestic violence, domestic violence incidents should be stopped as soon as possible making the arrest of offenders by the police an effective means of stopping domestic abuse. This therefore makes it their vital responsibility in policing domestic violence with the responsibility aiming at stopping the conflict, as well as protecting and ensuring the immediate safety for the victims. As law enforcers, the police have a responsibility to ensure criminals are charged in court which mitigates future abuse. The police department receives reports on domestic violence from the community members and then investigates the cases to establish the cause of the abuse, the effects and the victim or offender. After establishing the facts about a case, offenders are charged in court. For instance policies allow police officers to apply for an apprehended violence order (AVO), which guides the judicial process (Lawrence, S. 101). Good police service initiatives in the police departments that enhance awareness in people about violence and service delivery show that they should have a good responsibility in domestic violence policing. The police departments in many nations have instituted the initiatives as a result of their recognition that a high percentage of people in our community are now aware that domestic violence is a crime. These initiatives include, public awareness through advertising campaigns, placement of domestic violence liaison officers (DVLO), specialized training for officers, working with the Attorney General and the development of COPS (Computerized Operational Policing system) to produce statistics relevant to the development of effective domestic violence prevention measures. The initiatives are a good indication of how effective the police department can be in domestic violence policing. The domestic violence issue has attracted widespread public concern, in the past and also in the current world. However, the past system differs with the current system in relation to how policing in domestic violence was/is handled. In the past, the number of domestic violence cases that were reported was fewer than the current number of the cases reported to the police. The continued increase of the reported cases in turn has necessitated the development of measures that will curb the violence effectively. This has led to the development of new measures/policies to address this problem. However, in the past, this problem was not handled with much seriousness as it is now which made the past system less effective in domestic violence policing. Cultural beliefs and practices in the past contributed to continued domestic abuse, because the victims were sometimes convinced that they deserved to be abused. Different societies have changed their beliefs towards domestic violence over time with people become more aware of domestic violence as a crime currently, which has greatly assisted in effective domestic violence policing. People are more willing to speak out about this issue in the modern world as compared to the past years. Modern police service initiatives have enhanced better domestic violence policing as compared to the past system of policing. For instance placement of domestic violence liaison officers (DVLO) in the local areas as a modern initiative has made it easy for people to report violence cases. In addition, offenders are easily apprehended and charged for their offences. In the past, lack of awareness in some victims and the community as a whole in policing encouraged continued abuse because the offender had no action taken against them. Current systems have developed specialized training for officers, which involves training of officers in response to domestic violence and other issues that surround domestic violence. On the other hand, the past systems did not have such training programs. The standard operating procedures (SOP) launching together with the development of computerized operational policing system (COPS) have been very instrumental in adoption of effective domestic violence policing measures in the modern systems (Policing Domestic Violence in New South Wales NSW,1999). The domestic violence policing have also experienced several problems. The policing may lack inadequate support which may in turn undermine how effective the policing can be in solving domestic violence. The police officers who handle domestic violence cases have been accused of not providing the involved parties with enough information and sometimes they have an inappropriate attitude towards the victims. In addition, they have shown unsympathetic, rude and indifferent behavior towards the victims. Nevertheless, solutions to these problems have been integrated in domestic violence policing programs to ensure domestic violence is prevented. Though domestic violence prevention measures were present in the past, current measures have been developed to improve on the past strategies

Chapter 01 Gitman

Part One Preparing to Invest Part One Includes Chapter 1Investment Environment Chapter 2Markets and Transactions Chapter 3Online Information and Investing Chapter 1 Investment Environment Outline Learning Goals I. Investments and the Investment Process A)Types of Investments 1. Securities or Property 2. Direct or Indirect 3. Debt, Equity, or Derivative Securities 4. Low or High Risk 5. Short or Long Term 6. Domestic or Foreign B)The Structure of the Investment Process 1. Participants in the Investment Process 2. Government 3. Business 4. Individuals 5.Types of Investors Concepts in Review II. Investment Vehicles A)Short Term Vehicles B)Common Stock C)Fixed Income Securities 1. Bonds 2. Preferred Stock 3. Convertible Securities D)Mutual Funds E)Derivative Securities 1. Options 2. Futures F)Other Popular Investment Vehicles Concepts in Review III. Making Investment Plans A)Steps in Investing 1. Meeting Investment Prerequisites 2. Establishing Investment Goals 3. Adopting an Investment Plan 4. Evaluating Investment Vehicles 5. Selecting Suitable Investments 6. Constructing a Diversified Portfolio 7. Managing the PortfolioB)Considering Personal Taxes 1. Basic Sources of Taxation 2. Types of Income a. Ordinary Income b. Capital Gains and Losses 3. Investments and Taxes 4. Tax-advantaged Retirement Vehicles C)Investing Over the Life Cycle D)Investing in Different Economic Environments 1. Stocks and the Business Cycle 2. Bonds and Interest Rates Concepts in Review IV. Meeting Liquidity Needs: Investing in Short-Term Securities A)Role of Short Term Securities 1. Interest on Short Term Securities 2. Risk Characteristics 3. Advantages and Disadvantages of Short Term InvestmentsB)Popular Short Term Investment Vehicles 1. Deposit Accounts 2. Federal Government Issues 3. Nongovernment Issues C)Investment Suitability Concepts in Review Summary Putting Your Investment Know-How to the Test Discussion Questions Problems Case Problems 1. 1Investments or Golf? 1. 2Preparing Caro lyn Bowen’s Investment Plan Excel with Spreadsheets OTIS—Online Trading and Investment Simulator Key Concepts 1. The meaning of the term investment and the implications it has for individual investors. 2. Review the factors used to differentiate between different types of investments. . The importance of and basic steps involved in the investment process. 4. Popular types of investment vehicles, including short term vehicles, common stock, and fixed income securities such as bonds, preferred stock, and convertibles. 5. Derivative securities such as options and futures, and mutual funds. 6. Other popular investment vehicles such as real estate, tangibles and tax advantaged investments. 7. Investment goals including income, major expenditures, retirement, and sheltering income from taxes. The latter includes analysis of tax-advantaged retirement vehicles. . Building a diversified portfolio consistent with investment goals. 9. Sources of taxation, types of taxable income , and the effect of taxes on the investor. 10. Developing an investment program that considers differing economic environments and life cycle stages. 11. The use of short term securities in meeting liquidity needs. 12. The merits and suitability of various popular short term investment vehicles including deposit accounts and money market securities. Overview This chapter provides an overview of the scope and content of the text. 1.The term investment is defined, and the alternative investment opportunities available to investors are classified by types. 2. An examination of the structure of the investment process is presented. This section explains how suppliers and demanders of investment funds are brought together in the marketplace. 3. The key participants in the investment process—government, business, and individuals—are described, as are institutional and individual investors. 4. Returns are defined as rewards for investing. Returns to an investor take two forms —current income and increased value of the investment over time.In this section the instructor need only define return, since there will be another opportunity to develop the concept of return in Chapter 4, however providing information about recent investment returns is always well-received by students. 5. Next, the following investment vehicles available to individual investors are discussed: short term vehicles, common stock, fixed income securities, mutual funds, real estate, tangibles, tax-advantaged investments, and options and futures. The text describes their risk return characteristics in a general way.The instructor may want to expand on the advantages and disadvantages of investing in each, although they will be treated in greater detail in subsequent chapters. It is vital for any investor to establish investment goals that are consistent with his or her overall financial objectives. 6. Once the investment goals have been well specified, the investor can adopt an i nvestment plan consistent with these goals, select suitable investments, build a diversified portfolio and manage it. 7. Personal taxes are discussed in terms of types of income and tax rates. The investment process is affected by current tax laws.Examples of tax shelters, especially tax-advantaged retirement vehicles, and tax planning are provided. 8. Once investment goals are established, it is important to understand how the investment process is affected by different economic environments. The chapter talks about types of investments—stocks, bonds, and tangibles—as they are affected by business cycles, interest rates, and inflation. 9. Liquidity is defined and short term securities that can be used to meet liquidity requirements are described. The discussion includes a look at short term interest rates and the risk characteristics of various short term securities. 0. The next section covers the various types of short term vehicles available to today’s invest or. There is enough detail about everything from passbook accounts to money market funds to commercial paper that the students should get a good grasp of the differences between the vehicles. Producing information on current rates helps bring realism into the classroom and enhances student perception of the lecturer as a knowledgeable instructor. Answers to Concepts in Review 1. An investment is any vehicle into which funds can be placed with the expectation of preserving or increasing value and earning a positive rate of return.An investment can be a security or a property. Individuals invest because an investment has the potential to preserve or increase value and to earn income. It is important to stress that this does not imply that an investment will in fact preserve value or earn income. Bad investments do exist. 2. (a)Securities and property are simply two classes of investments. Securities are investments, commonly evidenced by certificates, that represent a legal claim. Fo r example, a bond represents a legal claim on debt, and a stock represents a proportionate ownership in the firm.An option, on the other hand, represents the legal right to either buy or sell an asset at a predetermined price within a specified time period. Property constitutes investments in either real property (land and buildings) or tangible personal property (Rembrandt paintings, Ming vases, or antique cars). (b)With a direct investment, an individual acquires a direct claim on a security or property. For example, an investment in one share of IBM stock directly provides the stockholder a proportionate ownership in IBM. An indirect investment provides an indirect claim on a security or property.For example, if you bought one share of Fidelity Growth Fund (a mutual fund), you are in effect buying a portion of a portfolio of securities owned by the fund. Thus, you will have a claim on a fraction of an entire portfolio of securities. (c)An investment in debt represents funds loane d in exchange for the receipt of interest income and repayment of the loan at a given future date. The bond, a common debt instrument, pays specified interest over a specified time period, then repays the face value of the loan (Chapters 8 and 9 cover bonds in detail).An equity investment provides an investor an ongoing fractional ownership interest in a firm. The most common example is an investment in a company’s common stock. We will study equity instruments in greater detail in Chapters 5 through 7. Derivative securities are securities derived from debt or equity securities and structured to exhibit characteristics different from the underlying securities. Options are derivative securities that allow an investor to sell or buy another security or asset at a specific price over a given time period. For example, an investor might purchase an option to buy Company X stock for $50 within nine months. d)Short-term investments typically mature within one year while long-term in vestments have longer maturities, like common stock, which has no maturity at all. However, long-term investments can be used to satisfy short-term financial goals. 3. In finance, risk refers to the chance that the return from an investment will differ from its expected value. The broader the range of possible values (dispersion), the greater the risk of the investment. Low risk investments are those considered safe with respect to the return of funds invested and the receipt of a positive rate of return.High risk investments are those which have more uncertain future values and levels of earnings. 4. Foreign investments are investments in the debt, equity, derivative securities of foreign based companies and property in a foreign country. Both direct and indirect foreign investments provide investors more attractive returns or lower-risk investments compared to purely domestic investments. They are useful instruments to diversify a pure domestic portfolio. 5. The investment process brings together suppliers and demanders of funds. This may occur directly (as with property investments).Most often the investment process is aided by a financial institution (such as a bank, savings and loan, savings bank, credit union, insurance company, or pension fund) that channels funds to investments and/or a financial market (either the money market or the capital market) where transactions occur between suppliers and demanders of funds. 6. (a)The various levels of government (federal, state, and local) require more funds for projects and debt repayment than they receive in revenues. Thus, governments are net demanders of funds. Governments also demand funds when the timing of their revenues do not match their expenditure.The term net refers to the fact that, while governments both supply and demand funds in the investment process, on balance they demand more than they supply. (b)Businesses also are net demanders, requiring funds to cover short and long term operating needs . While business firms often supply funds, on balance they also demand more than they supply. (c)Individuals are the net suppliers of funds to the investment process. They put more funds into the investment process than they take out. Individuals play an important role in the investment process—supplying the funds needed to finance economic growth and development. 7.Institutional investors are investment professionals who are paid to manage other people’s money. They are employed by financial institutions like banks and insurance companies, by nonfinancial businesses, and by individuals. Individual investors manage their own personal funds in order to meet their financial goals. Generally, institutional investors tend to be more sophisticated because they handle much larger amounts of money and they tend to have a broader knowledge of the investment process and available investment techniques and vehicles. 8. Short term investment vehicles are those which usually have lives of less than one year.These vehicles may be used to â€Å"warehouse† temporarily idle funds while suitable long term vehicles are evaluated. Due to their safety and convenience, they are popular with those wishing to earn a return on temporarily idle funds or with the very conservative investor who may use these short term vehicles as a primary investment outlet. In addition to their â€Å"warehousing† function, short-term vehicles provide liquidity- they can be converted into cash quickly and with little or no loss in value. This characteristic is very useful when investors need to meet unexpected expenses or take advantage of attractive opportunities. . Common stock is an equity investment that represents a fractional ownership interest in a corporation. The return on a common stock investment derives from two sources: dividends, which are periodic payments made by the firm to its shareholders from current and past earnings, and capital gains, which result from selling the stock at a price above the original purchase price. Because common stock offers a broad range of return-risk combinations, it is one of the most popular investment vehicles. Two sources of potential return are dividends and capital gain. 10. a)Bonds are debt obligations of corporations or governments. A bondholder receives a known interest return, typically semiannually, plus the face value at maturity. Bonds are usually issued in $1,000 denominations, pay semiannual interest, and have twenty to forty year maturities. Bonds offer fixed/certain returns, if held till maturity. (b)Preferred stock is very much like common stock in that it represents an ownership interest in a corporation. But preferred stock pays only a fixed stated dividend, which has precedence over common stock dividends, and does not share in other earnings of the firm. c)A convertible security is a fixed income security, either a bond or preferred stock, that has a conversion feature. Typically, it can be converted into a specified number of shares of common stock. Convertible securities are quasi-derivative securities as their market value would depend on the price of the common stock and the conversion ratio. (d)A mutual fund is a company that invests in a large portfolio of securities; whereas a money market mutual fund is a mutual fund which solely invests in other short-term vehicles.Investors might find mutual funds appealing because a large portfolio may be more consistent with their investment goals in terms of risk and return. As we will see later, a mutual fund offers the investor the benefits of diversification and professional management. Mutual funds do not offer fixed/certain returns. Mutual funds are quasi-derivative securities as their market value would depend on the price of the assets that make up the fund’s portfolio. (e)Options are derivative securities that provides holders the right to buy or sell another security (typically stock) or property at a s pecified price over a given time period.Factors like the time until expiration, the underlying stock price behavior, and supply and demand conditions affect the returns. (f)Futures represent contractual arrangements in which a seller will deliver or a buyer will take delivery of a specified quantity of a commodity at a given price by a certain date. Unlike an option, which gives the investor the right to purchase or sell another security, futures contracts obligate the investor to deliver or take delivery. Factors affecting returns on commodity contracts include changes in government policy, unpredictable weather, trade embargoes, and so on. 1. Before developing and executing an investment program, an investor must ensure the following: (1)Necessities of life such as funds for housing, food, transportation, taxes etc are fully provided for. (2)Investor is adequately insured against the losses resulting from death, illness or disability, property etc. (3)Establish Retirement Goals Th e seven steps in investing are as follows: (1)Meeting Investment Prerequisites: Providing for Necessities of life, adequate protection against losses, and Setting retirement Goals as iscussed above (2)Establishing Investment Goals: Investment goals are the financial objectives that one wishes to achieve by investing. Common investment goals are: †¢Accumulating retirement funds †¢Enhancing current income through interest income and dividends †¢Savings for major expenditure like home, education etc. †¢Sheltering income from taxes (3)Adopting an Investment Plan: A written document describing how funds will be invested is an investment plan. The more specific the investment goal, the easier it will be to establish an investment plan consistent with your goals. 4)Evaluating Investment Vehicles: In this step, the measures of risk and return are used to estimate the perceived worth of an investment vehicle. This process is called valuation. (5)Selecting Suitable Investm ents: This step involves careful selection of investment vehicles that are consistent with established goals and offer acceptable levels of return, risk, and value. (6)Constructing a Diversified Portfolio: Diversification is the concept of forming a portfolio using different investment vehicles to reduce risk and increase return. This concept is central to constructing an effective portfolio. 7)Managing the Portfolio: Portfolio management involves monitoring the portfolio and restructuring it as dictated by the actual behavior of the investments. 12. Investment goals are the financial objectives you wish to achieve by investing in any of a wide range of investment vehicles. Common investment goals are: (a)Enhancing current income means choosing investment vehicles that regularly pay dividends and interest that can provide all or some of the money needed to meet living expenses. This is a common goal of retired persons and sometimes an important part of a normal family budget. b)Savi ng for major expenditures includes money set aside for such things as the down payment on a home, college tuition, and even an expensive vacation. The amount of money needed and the time period over which one can save will determine the amount set aside and, frequently, the investment vehicle employed. (c)The single most important reason for investing is to accumulate retirement funds. The amount that must be set aside is determined by the level of expected expenditures, expected income from social security and other sources, and the amount of interest expected to be earned on savings. d)Sheltering income from taxes involves taking advantage of certain tax provisions that permit reduction of the income reported to the government or direct reductions in taxes. Investments in certain assets, such as real estate, may be attractive due to their tax advantages. 13. Federal income taxes are charged against all income individuals receive from all sources (with the exception of interest rec eived on some bonds issued by state and local governments). (a)Active (ordinary â€Å"earned†) income is the broadest category and includes income from wages, salaries, bonuses, tips, pension income, and alimony.It is made up of income earned on the job as well as most other forms of non-investment income. (b)Portfolio (investment) income is earnings generated from various types of investment holdings. For the most part, it consists of interest, dividends, and capital gains earned on most types of investments. Passive income is a special category that consists of income derived chiefly from real estate, limited partnerships, and other forms of tax shelters. (c)Capital gains are the profits earned on the sale of capital assets—pleasure, or investment.They are measured by the amount by which the proceeds from the sale of the capital asset exceed its original purchase price. Currently capital gains are taxed at the same rate as ordinary income. Capital gains are appealing to investors because they are not taxed until they are actually realized. (d)A capital loss is the amount by which the proceeds from the sale of a capital asset are less than its original purchase price. Up to $3,000 of net losses can be applied against ordinary income in any one year, with the unused portion carried forward to offset future income. e)Due to the opportunities and challenges created by the tax laws, tax planning is an important part of the investment process. Tax planning involves looking at an individual’s current and projected earnings and developing strategies that will defer or minimize the level of his or her taxes. Tax plans involve current income, capital gains, or tax-sheltered investments. For example, one strategy is to take losses as they occur and to delay taking profits. One deducts the losses and delays inclusion of profits in order to minimize current taxable income. f)In general, tax-advantaged retirement plans allow individuals to defer taxes on the contribution and/or portfolio earnings until some future date when retirement withdrawals take place. There are employer-sponsored plans, such as 401(k) accounts and individual-created plans, such as Keogh plans, and individual retirement accounts (IRAs). 14. (a)Young investors, ages 20 to 45, tend to prefer growth-oriented investments that stress capital gains rather than income. These investors have little investable funds, and capital gains are seen as the quickest way to build up investment capital. b)By middle-age, ages 45 to 60, there is a consolidation taking place as family demands and responsibilities change. While growth-oriented securities are still used, investing becomes less speculative. Quality-growth vehicles are employed, and more attention is given to current income. The foundation is being set for retirement. (c)As the investor moves into the retirement years, age 60 on, preservation of capital and current income become the principal concerns. High-quality stocks and bonds and money market instruments are used as the investor’s objective is to live as comfortably as possible from the investment income.During retirement one tries to reap the rewards of a lifetime of saving and investing. 15. The four stages of the economic/market cycle are recovery, expansion, decline, and recession. Recovery is the strengthening of the economy after a recession. Expansion reflects continued strength and optimism about economic growth. Decline involves a slowing-down of the economy after an expansion which may have been moving too fast. Then the cycle moves into recession, the economy contracts and pessimism reigns. Just as things look the worst, the recovery cycle begins again. a)Stocks and equity-related securities (such as mutual funds and convertibles) are highly responsive to the economic cycle. During recovery and expansion stock prices are up. As the decline approaches, stock prices begin to decline as well. Growth-oriented and speculati ve stocks tend to do especially well in an expanding economy. (b)Bonds and other fixed-income securities are sensitive to movements in interest rates. Bond prices also move in the opposite direction of interest rate changes. This means that if interest rates are expected to rise, bond prices would fall, and bonds would not be a good place to hold investment funds.Interest rates generally shift with the economic cycle. Rates rise during normal recovery and fall during economic declines. 16. An asset is liquid if it can be converted to cash (sold) easily and quickly, with little or no loss in value. You would want to hold liquid assets as emergency funds or to accumulate funds for some specific purpose. IBM stock is not considered a liquid investment even though it can be easily sold. As with stocks in general, you can never be sure that, when funds are needed, you can quickly sell the stock without taking a loss. 17.Purchasing power risk for short-term investments occurs when the rat e of return on these investments falls short of the inflation rate. This generally happens to fixed-rate investments such as passbook savings accounts. Most other short-term investments have managed to provide rates of return about equal to the inflation rate when one looks at these short-term rates over long periods of time. Default (nonpayment) risk is very small with most short-term investments. The deposits in banks and other federally-insured savings institutions are protected up to $100,000 per account by agencies of the federal government. U. S.Treasury Bills are perfectly safe and sometimes called a risk-free investment. Commercial paper and repurchase agreements are extremely safe, based upon past experience, even though there have been rare instances of problems. These latter two instruments are also not insured. Money market mutual funds have also had an exceptionally safe history. Of course, the safest money market funds are those which invest solely in government securi ties and are virtually default-risk free. 18. Passbook savings accounts and NOW accounts (a checking account), offered by banks, generally pay a low rate of interest and have no minimum balance.Passbook savings and NOW accounts are primarily used by investors as savings accounts, providing the investor with a highly liquid pool of funds. MMDA’s are bank deposit accounts with limited check-writing privileges. Central asset accounts are comprehensive deposit accounts and combine checking, investing and borrowing activities. MMDAs and asset management accounts are more likely used by investors to earn a competitive short-term return while maintaining liquidity. Each type of account, except for asset management accounts, is insured. All but the passbook account typically require a minimum balance which varies. 19. a)Series EE savings bonds are accrual-type securities, which means that interest is paid when the bond is cashed, on or before maturity, rather than periodically over t he life of the bond. The purchase price of all denominations is 50% of the face value. The interest rate paid is variable. The higher the rate of interest being paid, the shorter the period of time it takes for the bond to accrue from its discounted purchase price to its face value (b)U. S. Treasury bills are short-term (less than one year) debt obligations of the federal government. T-bills are exempt from state and local income taxes, and federal taxes are deferred.They are regarded as the safest, but generally lowest-yielding of all investments, and, the secondary market for T-bills is highly liquid. (c)Certificates of deposits (CDs) are savings vehicles in which funds must remain on deposit for a specified period. Premature withdrawals incur interest penalties. Because of the requirement that they remain on deposit, CDs are less liquid than T-bills, but they are convenient to buy and hold, offer highly competitive returns, and have federal insurance protection. (d)Commercial pap er is unsecured short-term debt issued by corporations with very high credit standings.The secondary market for commercial paper is very limited and yields are comparable to yields on large-denomination CDs. Typically only larger institutions deal directly in this market because the denominations range from $25,000 to the more commonly issued $100,000. Commercial paper is not federally insured. (e)Banker’s acceptances are short-term credit arrangements between business firms and banks. Firms use banker’s acceptances to finance transactions, most often involving firms in foreign countries or firms with unknown credit capacities.Banker’s acceptances typically are denominated in $100,000 units, are low-risk securities, and have active secondary markets. Yields are slightly below CD yields and commercial paper, and above T-bills. (f)Money market mutual funds (MMMF) pool capital of many investors and invest it exclusively in high-yielding, short-term securities, such as T-bills, large CDs, commercial paper, and other similar securities. Because these high-yielding securities are in denominations of $10,000 to $1 million, the MMMF makes them available to individual investors.MMMFs are convenient, offer check writing privileges, and yields are based on the ability of the fund manager to invest in various short-term securities. Although they are not federally insured funds, their default risk is nearly zero because the securities they invest in are very low risk and the fund is relatively diversified. Suggested Answers to Investing in Action Questions Test Your Investment IQ (p. 4) How high is your Investment IQ as measured by the quiz? Answer: The average score was only 37 %, or well less than half. Remember that this is just one of many instruments that could be used to measure Investment IQ.For example, another assessment tool would be essay-oriented explanations of a specified investment’s strengths and weaknesses. Lessons For Investme nt Success (p. 15) (a)Why is it important to start investing now? Answer: One should start investing now in order to take advantage of compounding. A $1,000 amount invested for ten years at 7. 2 percent will double. The same amount invested at the same rate for twenty years will quadruple. Instead of just adding another $1000, you earn an extra $1000 from interest being earned on interest. Furthermore, there will never be an â€Å"ideal time† to invest.Terrorist threats, economic concerns, and alternative uses for the money are always with us. Studies have shown it is more important to invest than to pick the right security. Money not invested is likely to be spent and not provide future benefits. (b)Why is it a good idea to diversify? Answer: Diversifying allows you to spread out the risk that a unique firm or industry event will have a devastating impact on your investment. It is important to diversify across types of assets and nations. Suggested Answers to Discussion Que stions 1. a)Since you fall into the category of a young investor, your key investment goals should be to purchase a house and save for the education of your children. Appropriate investments should focus on the education of your children. (b)You should consider the effects of taxes when investing, especially the tax relative treatment of capital gains and dividends. Your focus should be on maximizing the after-tax return on your investments. (c)Since you have a relatively long investment horizon, it is appropriate to focus on higher-risk investments such as common stocks in your portfolio. . Short-term vehicles play an important part in your investment program. Most importantly they will provide a pool of reserves that can be used for emergencies such as replacing cars, appliances and clothing that wear out over time. Savings or Investment VehicleMinimum BalanceYieldFederal InsuranceMethod and Ease of Withdrawing Funds (a)Passbook savings accountNone0. 5% to $4. 0%, depending on eco nomyYes, up to $100,000 per depositIn person or through teller machines; very easy (b)NOW accountNo legal minimum, but often set at $500 or $1,000At or near passbook ratesYes, up to 100,000 per depositUnlimited check- writing privileges (c)Money market deposit account (MMDA)No legal minimum, but often set at $2,500Slightly above passbook ratesYes, up to $100,000 per depositLimited check- writing privileges (d)Asset management accountTypically $5,000 to $20,000Similar to MMDAsYes, up to $100,000 in banks, varies elsewhereLimited check- writing privileges (e)Series EE savings bondInitial deposit is 50% of face valueAbout two percent above passbook savings accountNo, but Federal government issuePenalty of 3 months interest for early withdrawal (f)U. S. Treasury ill$25Slightly above passbook and NOW accounts No, but Federal government issueSecondary market exists (g)Certificate of depositTailored to investor needsSlightly above asset management accountNo, but as secure as most bank savi ngs and checking accountsPenalty for early withdrawal (h)Money market mutual fundNo legal minimumSlightly below passbook savings accountNo, but has invested in a variety of government and bank issuesMay take a few days to receive check from fund Solutions to Problems 1. (a)Goal$250,000 $31,500 at 8% for 15 yrs. 100,000 Additional requirement$150,000 b)Annual deposit: ? ? $5,524. 50 2. (a)Tax on Allens’ income of $130,000. Looking at the joint tax return rate, we find ? (10% ? $14,000) ? [15% ? ($56,800 – $14,000] ? [25% ? ($114,650 – 56,800] ? [28% (130,000 – 114,650)] ? $1,400 ? [15% ? $42,800] ? [25% ? $57,850] ? [28% ? 15,350] ? $1,400 ? $6,420 ? $14,462. 50 ? $4,298 ? $ 26,580. 50 Tax on Zell’s income of $65,000. Looking at the joint tax return rate, we find ? ($10% ? $14,000) ? [$15% ? ($56,800 – $14,000)] ? [25% ? ($65,000 – $56,800)] ? $1,400 ? [15% ? $42,800] ? [25% ? $8,200] ? $1,400 ? $6,420 ? $2,050 ? 9,870. (b)Allan makes twice as much as Zell. Ratio of Allen’s total tax to income is ($26,580. 50/130,000) ? 20. 45% Ratio of Zell’s total tax to income is ($9,870450/65,000) $ ? 15. 18% Hence higher income earners pay a higher proportional of their income as tax. 3. (a)$50,000. 00/$50. 00 ? 1,000 shares of stock. (b)1,000 shares ? $2. 00 ? $2,000. 00 per year before tax. $2,000. 00 ? 0. 85 ? $1,700. 00 after tax. (c)($1,700. 00 ? 10) ? $50,000. 00 ? $67,000. 00. (d)$50,000. 00 ? 0. 05 ? $2,500. 00 per year before tax. $2,500. 00 ? 0. 67 ? $1,675. 00 after tax. (e)($1,675. 0 ? 10) ? $50,000. 00 ? $66,750. 00. (f)They should purchase the stock. Even though the annual interest from the bonds is more than the dividend income from the stock, after taxes the Pangs will have more money from the dividend income than from the interest income. 4. Cash FlowAmountRateTax (a)Interest$1,00028%$280 (b)Dividends$3,00015%$450 (c)LT Cap Gains$2,00015%$300 (d)ST Cap Gains$2,00028%$560 Solutions to Case Pro blems Case 1. 1? Investments or Golf? This case illustrates the many facets of the investment process; it involves much more than common stock.The authors recognize the value of physical education and emphasize the importance of sports, but a course in investments offers the student a lifetime of financial benefits. Thus, our arguments for selecting the investments course should not be interpreted as a negative statement on physical education, but rather as a positive discussion of the merits of investments. (a)The term investments refers to the process of identifying, evaluating, selecting, and monitoring the placement of funds with a view of preserving or increasing value and/or earning a positive return. Judd has simply identified one investment vehicle stock). He will not know how to evaluate other vehicles, select investments, or monitor them without a course in investments. In addition to looking at his own investments, a course in investing will give Judd a new perspective on the role of investments in the economy. He will learn that as an investor, he is actually supplying funds to government and business which will enable the continued strength and growth of the general economy. (b)Clearly, Judd has ignored short term securities, bonds, options, commodities and financial futures, mutual funds, real estate, tangibles, tax shelters, and limited partnerships.Each one of these vehicles offers another risk reward relationship that may meet certain unique investment requirements that cannot be met by common stock alone. (c)Judd does not have the knowledge needed to carry out the investment process described in question 2. Knowing about common stocks is not the same as understanding investments. There is no reason whatsoever to assume that common stock is the best investment available to Judd. Besides, the investment decision has to be compatible with his goals. Since Judd is just starting his career, in all probability he will not want to choose risky inves tments.Stocks are far riskier than, say, an investment in CDs. There are other considerations too. Does Judd have plans for the future when he will need the money? If so, is it a short term or a long term need? Answers to these questions will help determine whether he should make short term or long term investments. In summary, to gain an understanding of the investment decision and management process, Judd should pass up the golf course in favor of the investments course. Case 1. 2? Preparing Carolyn Bowen’s Investment Plan This case allows students to evaluate a proposed investment plan aimed at achieving certain retirement goals. a)The amount currently available to Carolyn includes $60,000 from the proceeds of the life insurance and $37,500 from her savings account, or a total of $97,500. At 6 percent compounded annually, her money will be worth: If she retires at age 62 (7-year investment): $97,500 1. 504 $146,640 ? $112,500 (house) ? $259,140 If she retires at age 65 ( 10-year investment): $97,500 ? 1. 791 $174,622. 50 ? $127,500 (house) ? $302,122. 50 (The future-value interest factors can be found in Appendix B, Table B. 1. ) (b)Value of Carolyn’s assets at 62 ? value of savings account ? alue of house: $146,640 ? $112,500 ? $259,140 Similarly, value of assets at 65 ? $174,622. 50 ? $127,500 ? $302,122. 50 Carolyn’s annual income at age 62 would be $259,140/12. 659 ? $20,470. 81 Carolyn’s annual income at age 65 would be $302,122. 50/11. 118 ? $27,174. 17 (c) Annual Retirement Income Age 62 RetirementAge 65 Retirement Annual S. S. & Pension Fund Benefits$16,308. 00$20,256. 00 ?Annuity Income20,470. 8127,174. 17 Total Annual Retirement Income$36,778. 81$47,430. 17 (d)Carolyn needs $45,000 per year (before taxes) of retirement income.Without considering the change in her tax status upon retirement, she will not satisfy this goal if she retires at age 62. At age 65 she meets her requirement. The nature of tax legislation and t he reduction in Carolyn’s tax liability upon retirement may make retirement at age 65 viable. (e)Carolyn’s plan is extremely conservative and low risk. The returns from the plan are very secure and probably assured. Carolyn can be confident that the accumulated worth of her investments will be available to her at retirement. Her plan to retire at age 65 meets her retirement -income goal. Carolyn’s plan offers low risk and low return..Through only a slight increase in risk, she might improve her return on investment and have more â€Å"cushion† to allow for inflation and unexpected expenditures. Carolyn could purchase highly rated bond, CDs, and other blue chip security investments. In this manner, her risk aversion would be satisfied, and she would earn a higher return on her investments. This should permit more likely achievement of her retirement-income objectives. Therefore, with very little increase in risk, Carolyn could invest her funds in vehicles that will increase the probability that she will meet or surpass her requirement of an annual retirement income of $45,000.