Analysis of miami's real estate market Research Paper

Analysis of miami's real estate market - Research Paper Example The price per square foot has also increased for example in 2013 the price stood at $180 but this has increased with 13.9% in 2014. The table below indicates the average process for houses in the last 5 years. During the month of May 2014, the median prices indicated an increment both for condominiums as well as single family homes. According to MIAMI Association of REALTORS, in 2013 the median sale price for single family homes was standing at 225,000. As more local people increased their demand for comfortable and quality houses, the sellers raised the prices in order to maximize their profits at the expense of the buyers. The prices for similar single family homes in 2014 increased by 8% getting to the level of 243,000 (Jonathan and Miller 16). Another notable change in the market can be indicated by the upward adjustment in sale prices in the months of April 2014 and May 2014. For instance, during the month of April 2014, the average price for single family homes was 421,207. Based on an increase in demand during the month of May 2014, the average price increased by 11.3% to reach 469,088. Currently, Miami real estate continues to experience a fast rate of selling while at the same ti me indicating asking prices. This is an indication that the real estate are being at an appropriate methods. On their part, the buyers have embarked on remaining competitive in the current market situation. When analyzed at the national and state levels, the same trends in the local Miami real estate market are noted. According to MIAMI Association of REALTORS, the sales for condominiums, single family homes, co-ops and town homes depicted an increment of 1.3% by comparing the months of May 2014 and March 2014. Similarly, the REALTORS data indicates that as the result of high demand nationally for all houses types, the existing home prices for all types was estimated to be 201,700 in the month of April 2014

Poured Fire Analysis Essay Example for Free

Poured Fire Analysis Essay In the novel They Poured Fire on Us From the Sky, by Benson Deng, Alephonsion Deng, and Benjamin Ajak; Benson communicates a strong will to survive by using the device description. In the middle of the chapter â€Å"The Skulls Tree†, Benson describes the difficult experience he faced in the desert of Ajakageer. On his journey to Ethiopia, traveling through the desert of Ajakageer was the most dangerous part of his journey. Many of the thousands traveling to the camp in Ethiopia were ill and needed help. There was nothing they could, the only option they had was keep moving forward. Benson states, â€Å"At night, I was desperate for to have a good sleep and gain strength for the walking but I couldn’t because it was cold in the desert.† (78) This helps the reader understand the pain and misery of a Sudanese child that experienced this crucial journey. In the beginning of the chapter â€Å"The Gilo†, Benson describes what they had to do when the EPLA took over the camp. In the summer of 1991 the Ethiopian government was overthrown by some guerrilla fighters. The war once again reached them. They had to face the same problems they had. To survive, they must leave. Benson states, â€Å"The Sudan war had grown worse and spread farther. I longed to go home, but not like this-not running again, not back into battles. My beautiful homeland wasn’t a home in wartime. But to avoid conflict we agreed to leave their land and our lovely crops behind us.† This demonstrates that they were in serious danger. No matter where they went more problems caught up to them. They were lucky to get help. In order for them to survive they had to get rid and abandon there hope.

Importance Of The Nile River For Egypt

Importance Of The Nile River For Egypt Water pollution is the presence of any substances in water which can be harmful for plants and animals that live in water or people who use it. In other word it is the change in the chemical or physical properties of the water and this change can lead to cause damage and health hazards to animals and plants that live inside it or organisms that use it. (1) Importance of the Nile River for Egypt The Nile River is the primary water resource in Egypt, where it represents more than 95% of the total water resources in Egypt and it is the lifeline for Egypt and there are many reasons for its importance which are: Egyptians depends on it to acquire fresh water to use it for various purposes such as drinking, cooking, cleaning and other household uses. Use it for agriculture where fertile land formed around the Nile River and they irrigated by Nile River. The Nile River is an important source of fish. It is used in water transportation because it passes from south to north Egypt. Industry in Egypt depends a lot on the waters of the Nile River. Recently after the construction of the High Dam became the Nile River is an important source for generating electricity to Egypt. (2) (1) http://www.smokefreecolorado.com/cause-for-water-pollutions/ (2) http://answers.yahoo.com/question/index?qid=20090216123423AALSyKI Causes of pollution There are many sources of water pollution in Nile River. Industry Wastewater: Industry is an important user of water. In same time is an important producer of pollution. Water is very important in industry. Water demand for industry was 3.6 Billion Cubic Meters BCM/year in 2000. And they expect to be 5.5 Billion Cubic Meters BCM/year in 2017. So, when industry increases, the water demands increase.(1) Municipal Wastewater In the city, the water which used by people going down through various treatment processes to make it healthy as possible before release it back to environment. Treating water is help to minimize the negative effects of wastewater on the environment. However, some poor cities along Nile River cannot use treatment facilities which are expensive for them. The only way they can use it is dumped in the river without treated. (2) Statistics show that, all governments generate 3.5 Billion Cubic Meters BCM/year of wastewater. Of these wastewater 1.6 Billion Cubic Meters BCM/year receives treatment. In 2017, 1.7 Billion Cubic Meters BCM/year will receive treatment. Although the capacity will increase but it will not be able to covers all wastewater. As it is show in table (1) the number of people serves increase and number of people not served increase because increasing in population. (3) http://www.irgltd.com/Resources/Publications/ANE/2002-09%20Survey%20of%20Nile%20System%20Pollution%20Sources-Egypt.pdf http://sitemaker.umich.edu/sec004_gp5/pollution http://www.irgltd.com/Resources/Publications/ANE/2002-09%20Survey%20of%20Nile%20System%20Pollution%20Sources-Egypt.pdf So, it will not be able to decline the amount of wastewater that is not receiving treatment. (1) Agriculture Wastewater Agriculture is larger consumer of water. And it is in same time contributed in water pollution. Runoff from the agricultural sector frequently contains pollutants that may have an adverse effect on the river. Pollutants such as salts, nutrients like phosphorus and nitrogen, and pesticide residue can be found in this runoff. Agricultural runoff often is a à ¢Ã¢â€š ¬Ã…“non-pointà ¢Ã¢â€š ¬Ã‚  pollutant, in that it can come from anywhere in a region, and not from a specific drain. This can make it difficult to There are also problems associated with agricultural runoff seeping into the groundwater as well. (2) Effect of population There are many effect of Nile river pollution. Some of these effects are: The presence of oil on the surface of the river works as a buffer between the sun and the plants. This leads to death of fish and Lack of food for humans. In addition, that will decrease the number of fishermen à ¢Ã¢â€š ¬Ã…“Many fishermen have either left their jobs altogether or migrated,à ¢Ã¢â€š ¬Ã‚  el-Fikky said. (3) http://www.irgltd.com/Resources/Publications/ANE/2002-09%20Survey%20of%20Nile%20System%20Pollution%20Sources-Egypt.pdf http://sitemaker.umich.edu/sec004_gp5/pollution http://www.irinnews.org/Report/87416/EGYPT-River-pollution-hits-Nile-fishermen The solid waste thrown in the river hinder the movement of fishermen net and torn nets which reduces the amount of fish and increase the cost on the fishermen. Saed said he usually catches 2kg of fish a day that equal to US$165 a month, but over the past few months he has had an additional headache: his net needs replacing not every month as in the past but every few days, costing him up to $144 a month. The Nile river is source for drinking but because it polluted by human that could cause a harmful effect on human and cause a dangerous diseases. Not only for people whose drink from it but also for people who eat fish or plant from it. (1) http://www.irinnews.org/Report/87416/EGYPT-River-pollution-hits-Nile-fishermen Abstract Water pollution is a serious problem for the all world. And it is considered to be one of the most harmful problems affecting Egypt. The pollution of Nile River is increase especial in the past few decades. Although the Egyptians love the Nile River a lot and it is important for them, not only in economic terms but it has a significant meaning for them. But this did not protect it from pollution. In this report I will explain the meaning of water pollution. Then, I will take about the important of Nile River. After that, I will talk about causes of Nile River pollution which are industry wastewater, municipal wastewater and agriculture wastewater. Final, I will take about effect of Nile River pollution. Introduction Water covers more than two thirds of the Earths surface; and the rest taken up by land. When the population are increase, the demand for water sources are increase. One of these fresh water resources is Nile River. As we know water is essential for life. No organism can live without it. Water pollution is problem effect human, animals and plants. And it caused by different resource. In these report I will try to find the main causes of water pollution in Nile River and the effect of that pollution. Summary In the summary, as you see all water pollution in Nile rive and in any place in the world created by human and then he try again to solve it what he already create. I advice all people to maintain the environment. And keep the water clean. Conclusion In conclusion, I learn from these report that human create problem. Then, it is adversely affecting our life. For that, I think that the maintain of the environment is a joint operation between all members of the community. UAE University Faculty of Science Department of Biology Principles of Environmental Science Done by: Shaikha Mohammed. ID: 201003128. Instructor: Dr. Tarek Youssef.

Plutonium Discovered more Harmful than Uranium Essay -- Scientific Res

There is no such thing as a â€Å"safe dose† of plutonium. While it was common to think that uranium was the most dangerous element on the periodic table a few decades ago, scientists have now discovered a more lethal element. Plutonium, Pu, element 94 on the periodic table is a transuranic radioactive chemical element; meaning it emits excess energy when it decays. Many previous studies on transuranic elements discovered uranium as the most deadly. Plutonium, recently reviewed by scientists, has also been found to emit alpha radiation, a highly hazardous type which is also emitted by Uranium. It has been concluded that plutonium has a higher radioactivity, hence a faster half-life. What is Radiation? Radiation is excess energy, which travels through space in the form of heat, light, sound, microwaves, radio waves and x-rays. Low radioactive substances can be found everywhere. When much more sophisticated elements are subject to decay, they release many types of radiation; the most common are alpha particles, beta particles and gamma rays. Beta particles are negatively charged and small, allowing them to move fast and penetrate up to 2 centimetres of human skin. Gamma rays are high-energy waves, and can travel long distances and penetrate human skin. However, they can be blocked by concrete, led, metal or even water. Both beta and gamma rays are often found in most radioactive materials, while alpha particles appear in much more hazardous elements such as uranium and plutonium. Alpha Particles An alpha particle is a type an ionizing radiation, which emits particles, composed of two protons and two neutrons, without elections; giving it a net positive charge. The radiation is only effective if these alpha particles are e... ... used in fuels and nuclear power plants would not cause such a life-changing event, for those who live adjacent to neighbouring power plants. Only time will tell what the future will hold, but let’s all hope there’s a bright one ahead. Works Cited http://www.lifeslittlemysteries.com/1222-plutonium-more-dangerous-uranium.html http://www.dhss.delaware.gov/dhss/dph/files/raduranmed.txt http://www.arpansa.gov.au/radiationprotection/basics/alpha.cfm http://orise.orau.gov/reacts/guide/alpha.htm http://www.uraniumsa.org/about/radiation.htm http://ansnuclearcafe.org/2011/04/03/impact-of-mox-fuel-at-fukushima/ http://www.imagesco.com/articles/geiger/fig1.jpg http://gothamist.com/attachments/nyc_arts_john/041211fukushima.jpg http://1.bp.blogspot.com/-ejgKzSsMG48/TYrbIi-O5GI/AAAAAAAAA_s/2sN9lJTEa2c/s1600/reactor_smoke_G_20110323232127.jpg Plutonium Discovered more Harmful than Uranium Essay -- Scientific Res There is no such thing as a â€Å"safe dose† of plutonium. While it was common to think that uranium was the most dangerous element on the periodic table a few decades ago, scientists have now discovered a more lethal element. Plutonium, Pu, element 94 on the periodic table is a transuranic radioactive chemical element; meaning it emits excess energy when it decays. Many previous studies on transuranic elements discovered uranium as the most deadly. Plutonium, recently reviewed by scientists, has also been found to emit alpha radiation, a highly hazardous type which is also emitted by Uranium. It has been concluded that plutonium has a higher radioactivity, hence a faster half-life. What is Radiation? Radiation is excess energy, which travels through space in the form of heat, light, sound, microwaves, radio waves and x-rays. Low radioactive substances can be found everywhere. When much more sophisticated elements are subject to decay, they release many types of radiation; the most common are alpha particles, beta particles and gamma rays. Beta particles are negatively charged and small, allowing them to move fast and penetrate up to 2 centimetres of human skin. Gamma rays are high-energy waves, and can travel long distances and penetrate human skin. However, they can be blocked by concrete, led, metal or even water. Both beta and gamma rays are often found in most radioactive materials, while alpha particles appear in much more hazardous elements such as uranium and plutonium. Alpha Particles An alpha particle is a type an ionizing radiation, which emits particles, composed of two protons and two neutrons, without elections; giving it a net positive charge. The radiation is only effective if these alpha particles are e... ... used in fuels and nuclear power plants would not cause such a life-changing event, for those who live adjacent to neighbouring power plants. Only time will tell what the future will hold, but let’s all hope there’s a bright one ahead. Works Cited http://www.lifeslittlemysteries.com/1222-plutonium-more-dangerous-uranium.html http://www.dhss.delaware.gov/dhss/dph/files/raduranmed.txt http://www.arpansa.gov.au/radiationprotection/basics/alpha.cfm http://orise.orau.gov/reacts/guide/alpha.htm http://www.uraniumsa.org/about/radiation.htm http://ansnuclearcafe.org/2011/04/03/impact-of-mox-fuel-at-fukushima/ http://www.imagesco.com/articles/geiger/fig1.jpg http://gothamist.com/attachments/nyc_arts_john/041211fukushima.jpg http://1.bp.blogspot.com/-ejgKzSsMG48/TYrbIi-O5GI/AAAAAAAAA_s/2sN9lJTEa2c/s1600/reactor_smoke_G_20110323232127.jpg

Psychiatry and Deinstitutionalization Essay

There is an agreement that about 2.8% of the US adult population suffers from severe mental illness. The most severely disabled have been forgotten not only by society, but by most mental health advocates, policy experts and care providers. Deinstitutionalization is the name given to the policy of moving severely mentally ill patients out of large state institutions and then closing the institutions as a whole or partially. Deinstitutionalization is a multifunctional process to be viewed in a parallel way with the existing unmet socioeconomical needs of the persons to be discharged in the community and the development of a system of care alternatives (Mechanic 1990, Madianos 2002). The goal of deinstitutionalization is that people who suffer day to day with mental illness could lead a more normal life than living day to day in an institution. The movement was designed to avoid inadequate hospitals, promote socialization, and to reduce the cost of treatment. Many problems developed from this policy. The discharged individuals from public psychiatric hospitals were not ensured the medication and rehabilitation services necessary for them to live independently within the community. Many of the mentally ill patients were left homeless in the streets. Some of the discharged patients displayed unpredictable and violent behaviors and lacked direction within the community. A multitude of mentally ill patients ended up incarcerated or sent to emergency rooms. This placed a huge burden on the jail systems. Communities were not the only ones to suffer. Those who suffered with mental illness were the ones who were ultimately affected. The stereotypes attached to mental illness were enough for some to not get the appropriate help that they needed. Often times, the communities would not get involved, discarding those who suffer with mental illness. Commonly, those with mental disorders do not have the means or abilities to take care of themselves, re lying heavily on state or local centers for help. If the centers are not there to help, where are they to go? Because of deinstitutionalization, there are those, who live on the streets, are put in jails, or are left to fight for their lives alone. In the United States in the nineteenth century, hospitals were built to house and care for people with chronic illness, and mental health care was a local responsibility. Individual states assumed primary responsibilities for mental hospitals beginning in 1890. In the first part of the twentieth century many patients received custodial care in state hospitals. Custodial care means care in which the patient is watched and protected, but a cure is not sought. After the National Institutes of Mental Health was founded, new psychiatric medications were developed and introduced into state mental hospitals beginning in 1955. The new medicines brought hope. President John F. Kennedy’s 1963 Community Mental Health Centers Act promoted and sped up the trend toward deinstitutionalization with the establishment of a network of community health centers. In the 1960s, when Medicare and Medicaid were introduced, the federal government took on a share of responsibility for mental health care costs. That trend continued into the 1970s with the placement of the Supplemental Security Income program in 1974. State governments promoted and helped accelerate deinstitutionalization, especially of the elderly. Deinstitutionalization is directly linked with the state and the financial support of the program. In several countries the shift from the welfare state to the caused dramatic negative impact in the organization of the delivery of effective and adequate mental health care for the unstable low class mentally ill individuals. As hospitalization costs increased, both the federal and state governments were motiv ated to find less expensive alternatives to hospitalization. The 1965 amendments to Social Security shifted about 50 percent of the mental health care costs from states to the federal government. This motivated the government to promote deinstitutionalization. In the 1980s, managed care systems started to review the use of inpatient hospital care for patients that suffered with mental health issues. Public frustration along with concern and private health insurance policies created financial bonuses to admit fewer people to hospitals and to discharge inpatients quicker, limit the length of patient stays in the hospital, or to produce less costly forms of patient care. Deinstitutionalization also describes the adjustment process that those with mental illnesses are removed from the effects of living in a mental health facility. Since people may become accustomed to institutional environments, they sometimes act and behave like they are still living within the institution; therefore, adjusting to life outside of an institution can be very diffic ult. Deinstitutionalization gives those living with mental illness the chance to regain freedom. With the assistance of social workers and through psychiatric therapy, former inpatients can adjust to everyday life outside of institutional walls. This aspect of deinstitutionalization promotes recovery for the many that have been put into different group homes and those who have been made homeless. A number of factors led to an increase in homelessness, including macroeconomic shifts, but researchers also saw a change related to deinstitutionalization. Studies from the late 1980s indicated that one-third to one-half of homeless people had severe psychiatric disorders, often co-occurring with substance abuse. The homeless mentally ill represented an immediate challenge to the mental health field in the 1980s. Those homeless who have histories of being institutionalized stand as reminders of the cons of deinstitutionalization. Mentally ill homeless persons who never have been treated often speak of unfulfilled promises of community-based care after deinstitutionalization. Homelessness and mental illness are social problems, very similar in some ways, but very different respectively. Patients were often discharged without sufficient preparation or support. A greater number of people with mental disorders became homeless or went to prison. Widespread homelessness occurred in some states in the USA. There are now about one million homeless chronically mentally ill persons in all the major cities of USA. Much has been learned during the era of deinstitutionalization. Many of the homeless mentally ill feel alienated from both society and the mental health system, that they are fearful and suspicious, and that they do not want to give up what they see as their own personal sense of independence, living on the streets where they have to answer to no one. They may be too severely mentally ill and disorganized to respond to any efforts of help. They may not want a mentally ill identity, may not wish to or are not able to give up their isolated life-style and their independence, and may not wish to acknowledge their dependency. Community services that developed included housing with full or partial supervision in the community. Costs have been reported to be as costly as inpatient hospitalization. Although reports show that deinstitutionalization has been positive for the majority of patients, it also has been ineffective in many ways. Expectations of community care have not been met. It was expected that community care would lead to social integration. Many discharged patients remain without work, have limited social contacts and often live in sheltered environments. New community services were often unable to meet the diverse needs. Services in the community sometimes isolated the mentally ill within a new â€Å"ghetto†. Families can play a very important role in the care of those who would typically be placed in long-term treatment centers. However, many mentally ill people lack any such help due to the extent of their conditions. The majority of those who would be under continuous care in long-stay psychiatric hospitals are paranoid and delusional to the point that they refuse help and do not believe they need it, which makes it difficult to treat them. Some other studies pointed out the harmful effect on mental health from other situations related to economy, such as unemployment, community’s economic hardship and social disruption as well as criminality and violence. Moving mentally ill persons to community living leads to various concerns and fears, from both the individuals themselves and the members of the community. Many community members fear that the mentally ill persons will be violent. Despite common perceptions by the public and media that people with mental disorders released into the community are more likely to be dangerous and violent, a study showed that they were not more likely to commit a violent crime more than those in the neighborhoods. The study was taken in a neighborhood where substance abuse and crime was usually high. The aggression and violence that does occur is usually within family settings rather than between strangers. Despite the constant movement toward deinstitutionalization and the closing of institutions, deinstitutionalization continues to be a controversial topic in many different states. Many have researched and examined the pros and cons along with the relative risks and benefits associated with institutional and community living. Many studies have examined changes in adaptive or challenging behavior associated with being moved from an institution to a community setting. Summaries of the research indicated that, overall, adaptive behavior were almost always found to get better with movement to a community living environment from institutions, and that parents who were often opposed to deinstitutionalization were almost always satisfied with the results of the move to the community after it occurred (Larson & Lakin, 1989; Larson & Lakin, 1991). A recent study showed that certain behavior skills found that self-care skills and communication skills, academic skills, social skills, community living skills, and physical development improved significantly with deinstitutionalization (Lynch, Kellow & Willson, 1997). It becomes apparent that deinstitutionalized persons with serious mental illness in many places across the world are subject to a plethora of health and social problems and are facing significant difficulties in the process of accessing health care services. In the USA people with severe mental illness due to their social class and financial stability, are subject to underfunded health d mental health care systems. While attempting to properly care for mentally ill persons, the health care system is trying to overcome a wide range of obstacles, such as lack of reimbursement for health education and family support, inadequate and under skilled case of management services, poor coordination and communication between services and lack of treatment for co-occurring psychiatric and substance abuse disorders. Last but not least, deinstitutionalization was often linked with the community’s reaction and negative attitudes, prejudice, stereotypes, stigma and discrimination against the community placement of persons with serious mental illness (Matschinger and Angermeyer 2004). However, stigma and negative attitudes can always be changed if people are willing to change their beliefs and if appropriate and effective community mental health care efforts are made in regards to helping persons living day to day with mental illness. Deinstitutionalization was not only attempted in the USA but it was attempted in countries such as Italy, Greece, Spain, and other Eastern countries. In those countries deinstitutionalization was shown to be successful when psychiatric reform was a priority and was completed with an effective system of community based services and sufficient financial care. This means that the very complex process of deinstitutionalization is a step by step multidimensional process. Deinstitutionalization attempts to focus on the individual’s life needs, including the continuance of treatment, health and mental health care, housing, employment, education and a community support system that works. If family exists and is involved in the life of the mentally ill person, the state eliminates the burden of care. â€Å"The final goal is the community autonomous tenure of the suffering individual and his/her integration, in a status of full social and clinical recovery (Matschinger and Angermeyer 2004). Works Cited Bachrach LL. 1976. Deinstitutionalization: An analytical review and sociological review. Rockville M.D. National Institute of Mental Health.Dowdall, George. â€Å"Mental Hospitals and Deinstitutionalization.† Handbook of the Sociology of Mental Health, edited by C. Aneshensel and J. Phelan. New York: Kluwer Academic. 1999. Grob, Gerald. â€Å"Government and Mental Health Policy: A Structural Analysis.† Milbank Quarterly 72, no. 3 (1994): 471-500. Hollingshead A.B. and Redlich F. 1958. Social class and mental illness. New York: J. Wiley Redick, Richard, Michael Witkin, Joanne Atay, and others. â€Å"Highlights of Organized Mental Health Services in 1992 and Major National and State Trends.† Chapter 13 in Mental Health, United States, 1996, edited by Ronald Mandersheid and Mary Anne Sonnenschein. Washington DC: US-GPO, US-DHHS, 1996. Scheid, Teresa and Allan Horwitz. â€Å"Mental Health Systems and Policy.† Handbook for the Study of Mental Health. New York: Cambridge University Press. 1999. Schlesinger, Mark and Bradford Gray. â€Å"Institutional Change and Its Consequences for the Delivery of Mental Health Services.† Handbook of the Sociology of Mental Health, edited by C. Aneshensel and J. Phelan. New York: Kluwer Academic. 1999. Scull, Andrew. Social Order/Mental Disorder. Berkeley: University of California Press, 1989. Witkin, Michael, Joanne Atay, Ronald Manderscheid, and others. â€Å"Highlights of Organized Mental Health Services in 1994 and Major National and State Trends.† Chapter 13 in Mental Health, United States, 1998, edited by Ronald Mandersheid and Marilyn Henderson. Washington DC: US-GPO, US-DHHS Pub. No. (SMA)99-3285, 1998.

Whitman College Admissions and Acceptance Rate

Whitman College Admissions and Acceptance Rate As one of the top liberal arts colleges in the country, Whitman College has highly selective admissions. The acceptance rate in 2016 was 51 percent, and accepted students almost always have grades and standardized test scores that are significantly above average. Keep in mind, however, that the SAT and ACT are an optional part of the application. The admissions process is holistic. The college uses the Common Application, and an essay and recommendation are required parts of the process. Your extracurricular involvement can also play an important role. Interviews are recommended but not required. Will you get in if you apply to Whitman College? Calculate your chances of getting in with this free tool from Cappex. Admissions Data (2016) Percent of Applicants Admitted: 51  percentGPA, SAT and ACT graph for WhitmanTest Scores: 25th / 75th PercentileSAT Critical Reading: 600 / 720SAT Math: 600 / 700What these SAT numbers meanTop Washington colleges SAT comparisonTop 4-year colleges SAT score comparisonACT Composite: 28  / 32What these ACT numbers meanTop Washington colleges ACT comparisonTop 4-year college ACT score comparison About Whitman College Located in the small town of Walla Walla, Washington, Whitman is a great choice for students looking for a quality education and engaged campus community in an intimate setting. For its strengths in the liberal arts and sciences, Whitman was awarded a chapter of the prestigious  Phi Beta Kappa  honor society. Students interested in the sciences, engineering or law can take advantage of collaborations with top schools like  Caltech,  Columbia,  Duke  and  Washington University. Academics are supported by a 8  to 1  student / faculty ratio. Whitman also offers a wide range of options for study abroad with programs in 23 countries. In athletics, the Whitman competes in the NCAA Division III Northwest Conference. Enrollment (2016) Total Enrollment: 1,493  (all undergraduate)Gender Breakdown: 43  percent male / 57 percent female97 percent full-time Costs (2016-17) Tuition and Fees: $47,862Books: $1,400 (why so much?)Room and Board: $11,910Other Expenses: $800Total Cost: $61,872 Whitman College Financial Aid (2014-15) Percentage of New Students Receiving Aid: 80 percentPercentage of New Students Receiving Types of AidGrants: 75 percentLoans: 55  percentAverage Amount of AidGrants: $25,630Loans: $5,471 Academic Programs Most Popular Majors: Biology, Economics, English, History, Philosophy, Political Science, PsychologyWhat major is right for you? Sign up to take the free My Careers and Majors Quiz at Cappex. Graduation and Retention Rates First Year Student Retention (full-time students): 94  percent4-Year Graduation Rate: 83  percent6-Year Graduation Rate: 88  percent Intercollegiate Athletic Programs Mens Sports: Soccer, Track and Field, Tennis, Swimming, Golf, Baseball, BasketballWomens Sports: Lacrosse, Volleyball, Track and Field, Basketball, Golf, Swimming Data Source National Center for Educational Statistics If You Like Whitman College, You May Also Like These Schools Stanford University: Profile | GPA-SAT-ACT GraphPitzer College: Profile | GPA-SAT-ACT GraphUniversity of Washington: Profile | GPA-SAT-ACT GraphSeattle University: Profile | GPA-SAT-ACT GraphGonzaga University: Profile | GPA-SAT-ACT GraphCarleton College: Profile | GPA-SAT-ACT GraphWhitworth University: ProfileBowdoin College: Profile | GPA-SAT-ACT GraphGrinnell College: Profile | GPA-SAT-ACT GraphMiddlebury College: Profile | GPA-SAT-ACT GraphLewis Clark College: Profile | GPA-SAT-ACT GraphReed College: Profile | GPA-SAT-ACT GraphPomona College: Profile | GPA-SAT-ACT Graph Whitman College Mission Statement mission statement from https://www.whitman.edu/about/mission-statement Whitman College is committed to providing an excellent, well-rounded liberal arts and sciences undergraduate education. It is an independent, nonsectarian, and residential college. Whitman offers an ideal setting for rigorous learning and scholarship and encourages creativity, character, and responsibility. Through the study of humanities, arts, and social and natural sciences, Whitman’s students develop capacities to analyze, interpret, criticize, communicate, and engage. A concentration on basic disciplines, in combination with a supportive residential life program that encourages personal and social development, is intended to foster intellectual vitality, confidence, leadership, and the flexibility to succeed in a changing technological, multicultural world. Data Source: National Center for Educational Statistics

The Impotence of Proofreading

The Impotence of Proofreading The Impotence of Proofreading The Impotence of Proofreading By Daniel Scocco Its a fact that a spell checker will not catch all the mistakes on your text. More specifically, it will not catch misspellings that form other valid words. So how do you solve this problem? Proofreading, of coarse! Just read again through youre text trying to spot words that dont fit, and make sure to not loose the focus while you do it. Proofreading is sometimes more important then using the spell checker itself. You should proofread virtually any written piece, from emails to blog posts. Proofread your homework as well, since you dont want to drive the principle of your school crazy. Lets be honest, misspelled words are defiantly a sign of ignorance. The simple act of proofreading will have a great affect on the quality of your material, and I am sure that youll earn more complements from people. Their you go my friend, and take this advice seriously. After all, you dont want to look dumb in front of the general pubic! P.S. Can you find all the mistakes? Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Writing Basics category, check our popular posts, or choose a related post below:7 English Grammar Rules You Should KnowUsed To vs. Use To50 Synonyms for â€Å"Villain†

Sinclair Lewis Biography

Sinclair Lewis Biography Harry Sinclair Lewis was born on February 7, 1885, in Sauk Centre, Minnesota, the youngest of three boys. Sauk Centre, a bucolic prairie town of 2,800, was home to mainly Scandinavian families, and Lewis said he â€Å"attended the ordinary public school, along with many Madsens, Olesons, Nelsons, Hedins, Larsons,† many of whom would become the models for characters in his novels. Fast Facts: Sinclair Lewis Full Name: Harry Sinclair LewisOccupation: NovelistBorn: February 7, 1885 in Sauk Centre, MinnesotaDied: January 10, 1951 in Rome, ItalyEducation: Yale UniversityKey Accomplishments: Noble Prize in Literature (1930). Lewis was also awarded the Pulitzer Prize (1926), but he declined it.Spouses: Grace Hegger (m. 1914-1925) and Dorothy Thompson (m. 1928-1942)Children: Wells (with Hegger) and Michael (with Thompson)Notable Quote: â€Å"It has not yet been recorded that any human being has gained a very large or permanent contentment from meditation upon the fact that he is better off than others.† Early Career Lewis enrolled at Yale Univesity in 1903 and soon became involved in literary life on campus, writing for the literary review and the university newspaper, as well as working as a part-time reporter the Associated Press and the local newspaper. He didn’t graduate until 1908, having taken some time off to live in Upton Sinclair’s collaborative Helicon Home Colony in New Jersey and traveled to Panama. For some years after Yale, he drifted from coast to coast and from job to job, working as a reporter and editor while also working on short stories. By 1914, he was consistently seeing his short fiction in popular magazines like the Saturday Evening Post, and began working on novels. Between 1914 and 1919, he published five novels: Our Mr. Wrenn, The Trail of the Hawk, The Job, The Innocents, and Free Air. â€Å"All of them dead before the ink was dry,† he later said. Main Street With his sixth novel, Main Street (1920), Lewis finally found commercial and critical success. Recreating the Sauk Centre of his youth as Gopher Prairie, his searing satire of the narrow-minded insularity of small-town life was a hit with readers, selling 180,000 copies in its first year alone. Lewis reveled in the controversy surrounding the book. â€Å"One of the most treasured American myths had been that all American villages were peculiarly noble and happy, and here an American attacked that myth,† he wrote in 1930. â€Å"Scandalous.† Main Street was initially chosen for the 1921 Pulitzer Prize in fiction, but the Board of Trustees overruled the judges because the novel didn’t â€Å"present the wholesome atmosphere of American life† dictated by the rules. Lewis didn’t forgive the slight, and when he was awarded the Pulitzer in 1926 for Arrowsmith, he declined it. Nobel Prize Lewis followed up Main Street with novels like Babbitt (1922), Arrowsmith (1925), Mantrap (1926), Elmer Gantry (1927), The Man Who Knew Coolidge (1928), and Dodsworth (1929). In 1930, he became the first American awarded the Nobel Prize in Literature for his vigorous and graphic art of description and his ability to create, with wit and humor, new types of characters.† In his autobiographical statement to the Nobel committee, Lewis noted he had traveled the world, but â€Å"my real travelling [sic] has been sitting in Pullman smoking cars, in a Minnesota village, on a Vermont farm, in a hotel in Kansas City or Savannah, listening to the normal daily drone of what are to me the most fascinating and exotic people in the world- the Average Citizens of the United States, with their friendliness to strangers and their rough teasing, their passion for material advancement and their shy idealism, their interest in all the world and their boastful provincialism- the intricate complexities which an American novelist is privileged to portray.† Personal Life Lewis married twice, first to Vogue editor Grace Hegger (from 1914-1925) and then to journalist Dorothy Thompson (from 1928 to 1942). Each marriage resulted in one son, Wells (born 1917) and Michael (born 1930). Wells Lewis was killed in combat in October 1944, at the height of World War II. Final Years As an author, Lewis was extremely prolific, penning 23 novels between 1914 and his death in 1951. He also authored over 70 short stories, a handful of plays, and at least one screenplay. Twenty of his novels were adapted into movies. By the late 1930s, years of alcoholism and depression were eroding both the quality of his work and his personal relationships. His marriage to Dorothy Thompson failed in part because he felt her professional success made him look small by comparison, and he was increasingly jealous that other writers were becoming literary legends while his body of work was falling into relative obscurity. His heart weakened by heavy drinking, Lewis died in Rome on January 10, 1951. His cremated remains were returned to Sauk Centre, where he was buried in the family plot. In the days after his death, Dorothy Thompson wrote a nationally-syndicated eulogy for her former husband. â€Å"He hurt a great many people very much,† she observed. â€Å"For there were great hurts in himself, which he sometimes took out on others. Yet, in the 24 hours since his death, I have seen some of those he hurt most dissolved in tears. Something has gone- something prodigal, ribald, great, and high. The landscape is duller.†Ã‚  Ã‚   Sources Hutchisson, J. M. (1997).  The rise of Sinclair Lewis, 1920-1930. University Park, Pa: Pennsylvania State University Press.Lingeman, R. R. (2005).  Sinclair Lewis: Rebel from Main Street. St. Paul, Minn: Borealis BooksSchorer, M. (1961).  Sinclair Lewis: An American life. New York: McGraw-Hill.

Care of Cancer Essay Example | Topics and Well Written Essays - 750 words

Care of Cancer - Essay Example Oncologists or physicians perform tests to verify the diagnosis of cancer. However, more tests are recommended by a doctor to find out more on the cancer. This is because most tests are vogue and cannot be relied on for treatment. Additionally, there are types of cancer that are hard to classify. Lymphomas is one of the types cancer that require more than one test to ascertain its existence on the body. Combination of thorough test and evaluation of the patient history of symptoms provides a clear analysis for confirmation of presence or absence of cancer. Additionally, clear and effective diagnosis provides steps of monitoring the disorder and the rightful treatment for the diseases. The most common diagnostic methods of cancer are; biopsy, x-rays, endoscopy, diagnostic imaging and the blood test. According to Regnard and Kindlen (2002), biopsy is one of the diagnostic methods for cancer and it is done by surgically removing the tissue sample and put under microscopic test. The process involves either a short needle or a longer needle with the help of scan guidance such as CT scan or ultrasound. Diagnostic imaging is a technique used to provide internal image of the body. There are various processes performed under diagnostic imaging, such as X-rays, CT scans, positron emission tomography and magnetic resonance imaging (MRI). X-rays is the most common method used for screening lung and breast cancer. The method is effective in determining the spread of cancer to bones. CT and MRI scans are mainly used to ascertain the level of tumour and the results of treatment. The images produced during CT scans are analysed using a computer to produce images with a high number of tissues. However, MRI produces more detailed images than both CT and X-ray. Ultrasound is another diagnostic imaging for cancer. The aspects of ultrasound are not good like CT and

Risk Management - research technique Essay Example | Topics and Well Written Essays - 3500 words

Risk Management - research technique - Essay Example As a result, this demands a clear statement of the problem (Patton, M. Q., 2002). It is never an aimless search for something nonspecific with the hopes of coming across an incidental solution, rather it demands a clear objective and plan. Research will always underpin the current knowledge on the field with critical weightage on both the positive and negative findings, and the researcher consequently must have enough openness and reasonable flexibility to identify and analyse the true colours of the data. To be able to do this, the researcher would aim towards systematic collection and analysis of the collected data to answer the original research objectives (Babbie, E. 2004), and this is where the methodology is to be carefully selected depending on the question. This work will attempt to explore the application of methodology in researches in risk management. Over the last two decades, different authors have voiced some serious concerns about effectiveness of using the prevailing positivism that states that only authentic knowledge arising from strict scientific methods affirming theories is acceptable. Epistemology is theory of knowledge that studies a concept or a question that belongs to both truth and belief by justification through a methodical study considering that fact that there would always be limitations in any concept to arrive at the truth, so that new questions will arise. In the general sense in our specific area, this is a general term indicating knowledge from any source that can be analyzed and corroborated, questioned, authenticated, or discarded. Ontology, on the other hand, describes the basic categories of existence to define and categories of entity. This, therefore, can study conceptions of reality. An example would make these definitions clear. In the field of risk management, a search for what and how, the recognition of risk, its assessment, is epistemology. Whereas, when one desires to develop strategies to manage a given risk in order to mitigate it using managerial resources, it calls for study of the conceptions of reality so that the nature of the kn owable things are explicit, and a methodology further calibrates distinct entities that are measurable. Research grows and develops within the intellectual climate of the times. Within the last 50 years or so, there has been a gradual but notable drift from qualitative research based on conceptions of reality towards quantitative research based on logical positivist model, then a critique of the positivist model, and then a greater acceptance of qualitative research (Strauss, A., and Corbin, J. 1990). There had invariably been debate between the two schools of approaches, as to which method is the most suitable in terms of technical feasibility to arrive at the truth or reality and more importantly, these were framed in terms of epistemology: what is the best way to comprehend the world. No wonder, there is still continuing debate regarding this across the line of division since notions of epistemology rest within ontology, what is the nature of the world one wishes to know about. Quantitative Research Quantitative

Afro-Latin-Anerican Political Leaders Research Paper

Afro-Latin-Anerican Political Leaders - Research Paper Example Political modernity entails the aspirations to a better future as well as ideals for political and legal equality. To this end, Afro Latin American leaders are well remembered for their fight for racial equality, lack of government attention to their problem, predominant poverty and hardship. Evidently, the Latin American slavery is believed to have lasted longer and exhibited much more intensity than the United States. To this end, the early 15th century was synonymous with the enslavement of the Blacks by the Spaniards and Portuguese. This occurred even before the Columbus expeditions. The 1880’s marked the end of slavery in Latin American following abolishment by Brazil and Cuba2. There exists much less attention accorded to Afro-Latin American after the end of the colonial era. This has largely been due to the failure of recognition or identity crisis. Furthermore, more attention has normally been focused on Afro-American leaders in the fight of equality as compared to the ir Afro-Latin American counterparts. It is of interest to note that there have been national political leaders of African descent in a majority of Latin American countries. This has been evident in the early part of the twentieth century as well as late nineteenth century. Moreover, such Afro-Latin American leadership has been evident despite of the existence of strong racial discrimination.. However, a number of Latin American countries have been preoccupied with historical motives of curbing the political power among the huge segment of poor and working class people. Evidently, literacy requirements for voting were maintained by a majority of the Latin American governments after independence ... Afro Latin American Participation in Political Leadership Over a period of 30 year, Afro-Latin Americans have attained considerable gains in political organization, social movement activism, and mobilization. To this end, Afro-Latin American political leader and civil rights groups have been at the forefront in agitating against discrimination, racial prejudice and other forms of inequality. This was a stark contrast to the early 1970’s in which there was very minimal political activity by black groups4. Evidently, many Afro-Latin Americans were being oppressed in authoritative regimes from 1960’s to 1980’s. Presently, the existence of political-social movements that brought together Afro-Latin Americans have been in existence in every sub region of America such as Southern Cone, Central America, Caribbean, Andean and every other Latin American country. These movements have garnered political success in agitating for better economic and educational opportunities, racial equality and denouncing racism. The Afro-Latin political leadership within the black movements has taken a step further in addressing their concerns through churches, community, associations, labor unions, political parties, civic organizations and other social movements5. Furthermore, they have been successful in lobbying governments for public policy, resources and specific legislation at the local, state, national and international levels. To this end, Afro-descendants have gained more visibility, respect and acknowledgement in Latin America. However, the Afro-Latin American political groups are not properly structured or organized. To this end, some of them exhibit disconnect and insufficient synergy among members and leaders; the wider black communities and the

Management information system Research Paper Example | Topics and Well Written Essays - 1250 words

Management information system - Research Paper Example w material, labor, managerial skills and manufacturing from the different parts of the world where they can be achieved at a good quality and rate, and use technology for communication, logistics and dispatch : (Magee, Copacino & Rosenfield, 1985). In this way, they are able to achieve a strategic fit between the company’s ability and the outcome expectation, increasing the efficiency rate and productivity. The use of technology alone is not a sufficient explanation of the countless possibilities and opportunities these invention pose. Their use varies from the customized machinery, sophisticated communication, swift logistics and the use of smart information systems to enhance the business processes. The strength of one or many of its key technologies can lead to them obtaining competitive advantage over the other market rivals. This brings us to the focus of this study i.e. Management Information systems. The aim of this paper is to highlight the concept and importance of MIS and how it helps B2B businesses to make their processes easier, faster, accurate and real-time. Businesses involve the management of an array of information that is accumulated from it various processing. For example, a simple sale has to show a decrease in the inventory, increase in the revenues and increase in the procurement order. Apart from the strictly business related processes, organizations also have to ensure that they are complete updated information of their employees, performance evaluations, compensation program briefs etc. there are several underlying areas of data underneath the title of these major ones. Managers of today have the task of using this information to gain meaningful data. They also strive to integrate their processes and link them technologically so that one change can automatically change the subsequent data that related to it. In this way managers have real-time information about the various processes at any given time. Management information systems are

Organisational Behaviour Assignment Example | Topics and Well Written Essays - 4000 words

Organisational Behaviour - Assignment Example Hofstede explains that culture is a group of individuals with a collective mind programming. Schein (1992) explains the need for individuals to adapt to change without the need to impact the culture. It is crucial to understand the term culture before entering into the organisational culture. Cultures are deep-seated and pervasive. Schein (1992) explains that change is not possible without affecting the culture. Similarly, organisation culture is a concept used to explain the ‘similar collective mind programming’ of the individuals in the organisation. In most cases, when individuals work together in a wok environment, with the set down regulations and framework on the job, the approach to work becomes a common aspect for all employees, hence making them a group of people with similar mind programming. Based on Hofstede’s definition, this clearly makes an organisational culture. For around two and a half decades, the concept of organisational culture has been grow ing and being accepted to a great extent. Considering an open systems perspective, it is clear that the culture of an organisation is important element and environmental condition which affects the systems and the subsystems. The organisational culture is also a very valuable tool for analysis of a company and is very effective in getting a clear understanding of the company. To be able to understand the concept of culture better, it is essential to understand the definition. The next sub section details the definition of culture for organisations. Culture has been described in many different manners and various different ideas have been put forth to explain the concept. Anderson explains nations to be an ‘imagined community’ and Wallerstein explains that he is â€Å"skeptical that we can operationalise the concept of culture ... in any way that enables us to use it for statements that are more than trivial† (Wallerstein, 1990, p. 34). Another renowned author Hof stede has explained that there are four (later turned to five) main dimensions of culture (Hofstede, 1880, 1984, 1991). In 1998, he claimed that the true shift in paradigm was proved by the acceptance of the concept of unique, specific and powerful national cultures. Considering his theory, this model can be evaluated in a number of manners. The theory portrays to a great extent the national cultures that have emerged in the recent years and his theory has been more focused on the rich origin of the culture. This has been argued to be misleading as it is to a great extent considered to be immeasurable. The findings have been argued to be based mainly on the predictive value and the reviewing of smaller scale replications is also essential. Hofstede has provided a very different approach to the concept of culture. He classified culture based on dimensions. These are a) Power / Distance, b) Individualism, c) Masculinity, d) Uncertainty/Avoidance Index, and e) Long Term Orientation. Th ere have been a number of arguments regarding the accuracy of the theory. As explained by Brendan McSweeney, â€Å"Hofstede's apparently sophisticated analysis of extensive data necessarily relies on a number of profoundly flawed assumptions to measure the 'software of the mind' as did Morton's measurement of the hardware, as it were, of the mind† (Mc Sweeney, 2002, p. 116). Mc Sweeney moves on to also explain, â€Å"Hofstede's claims are excessive and unbalanced; excessive because they claim far more in terms of identifiable characteristics and consequences

Creating customer value Term Paper Example | Topics and Well Written Essays - 250 words

Creating customer value - Term Paper Example Given the fact that there are no monthly charges and debit card customization fee, many clients will find it easy and beneficial to use this account. The ease of online access to the account will also mean that the customers will be able to access the services without being restricted by geographical location or time. The ease in online access will also imply that the customers would not have to worry when it comes to account opening and online transactions (Ryals 2008, p. 101). The frequent add-ons also imply that customers will have an easier time in making the banking services match their lifestyles. This implies that the bank will be continuously responding to the changes in demands of the market. The monetary cost involved in this case includes the money that would be used in development of systems and customization of the debit cards (Alessandrini, Fratianni & Zazzaro 2009, p. 97). The bank will have to invest extensively to make sure that these services are available to their customers. It will basically take the both the bank and their clients less time for transactions under this account. However, the add-ons and the customization of debit cards will definitely take some time (Cassis 2009, p. 109). This implies that this is a continuous process especially now that it will involve market studies. In this case the energy that will be needed is basically that which will be required in maintainace and management of the system and customer service related activities. The energy needed in this case will come in the form of electricity and human power. The physiological cost is that the bank will have to put up with attending to clients of diverse nature (Sarlak & Hastiani 2011, p. 117). The bank will have to make sure that their personnel are prepared to psychologically take care of the needs of their

Management information system Research Paper Example | Topics and Well Written Essays - 1250 words

Management information system - Research Paper Example w material, labor, managerial skills and manufacturing from the different parts of the world where they can be achieved at a good quality and rate, and use technology for communication, logistics and dispatch : (Magee, Copacino & Rosenfield, 1985). In this way, they are able to achieve a strategic fit between the company’s ability and the outcome expectation, increasing the efficiency rate and productivity. The use of technology alone is not a sufficient explanation of the countless possibilities and opportunities these invention pose. Their use varies from the customized machinery, sophisticated communication, swift logistics and the use of smart information systems to enhance the business processes. The strength of one or many of its key technologies can lead to them obtaining competitive advantage over the other market rivals. This brings us to the focus of this study i.e. Management Information systems. The aim of this paper is to highlight the concept and importance of MIS and how it helps B2B businesses to make their processes easier, faster, accurate and real-time. Businesses involve the management of an array of information that is accumulated from it various processing. For example, a simple sale has to show a decrease in the inventory, increase in the revenues and increase in the procurement order. Apart from the strictly business related processes, organizations also have to ensure that they are complete updated information of their employees, performance evaluations, compensation program briefs etc. there are several underlying areas of data underneath the title of these major ones. Managers of today have the task of using this information to gain meaningful data. They also strive to integrate their processes and link them technologically so that one change can automatically change the subsequent data that related to it. In this way managers have real-time information about the various processes at any given time. Management information systems are

Creating customer value Term Paper Example | Topics and Well Written Essays - 250 words

Creating customer value - Term Paper Example Given the fact that there are no monthly charges and debit card customization fee, many clients will find it easy and beneficial to use this account. The ease of online access to the account will also mean that the customers will be able to access the services without being restricted by geographical location or time. The ease in online access will also imply that the customers would not have to worry when it comes to account opening and online transactions (Ryals 2008, p. 101). The frequent add-ons also imply that customers will have an easier time in making the banking services match their lifestyles. This implies that the bank will be continuously responding to the changes in demands of the market. The monetary cost involved in this case includes the money that would be used in development of systems and customization of the debit cards (Alessandrini, Fratianni & Zazzaro 2009, p. 97). The bank will have to invest extensively to make sure that these services are available to their customers. It will basically take the both the bank and their clients less time for transactions under this account. However, the add-ons and the customization of debit cards will definitely take some time (Cassis 2009, p. 109). This implies that this is a continuous process especially now that it will involve market studies. In this case the energy that will be needed is basically that which will be required in maintainace and management of the system and customer service related activities. The energy needed in this case will come in the form of electricity and human power. The physiological cost is that the bank will have to put up with attending to clients of diverse nature (Sarlak & Hastiani 2011, p. 117). The bank will have to make sure that their personnel are prepared to psychologically take care of the needs of their

Problem Solving Essay Example for Free

Problem Solving Essay How did you interpret the problem? The first time I read the problem, Ive interpreted it as a mental exercise to test how I can apply my problem-solving skills.   I saw the problem as something that needs a combination of strategy and logic to solve.   Ive met a problem of a similar nature sometime ago.   Although it was of a different kind, the idea is the same.   This problem will turn out to be confusing at first, but once Ill get a clearer picture of the sequence, then solving it will become possible. What strategy did you use and how did you evaluate your progress? At the start, Ive used the trial and error method.   By picking a random animal, I was able to find a step-by-step process that solved the problem.   I was able to evaluate my progress by constantly checking that I have followed the given conditions and the attempts at crossing have not produced negative results.   By successfully transferring one animal from one bank to another, while the remaining two were compatible told me that the steps I was following were correct. The first step I employed is to list down the given conditions in this problem.   These are: i) dog and cat cant be together; and ii) cat and mouse cant be together. Having those two sets of conditions, the next thing I did is to put the cat on the raft, leaving the dog and mouse on the riverbank.   That first attempt proved to be a failure because I dont know yet how to make the raft return to the other side without an animal on it.   The next thing I tried is to load the dog and the cat on the raft together to see if nothing will happen to the cat.   The condition only said that the cat will get eaten if left on the riverbank with the dog. But on reading the problem again, it says that only one animal can ride on the raft.   After discovering that the raft will cross the river without an animal, solving the problem became easy. River Problem 2 The problem can be solved by first leaving the cat on the other side while the man goes back to pick the dog.   On his way back, hell bring the cat with him.   Upon reaching the bank, hell bring the mouse and leave the cat.   He will then deposit the mouse with the dog while he goes back to fetch the cat. Did you encounter any obstacles while solving the problem? Yes. The first obstacle that Ive encountered is how to make one animal cross, leave it on the opposite bank, and bring the raft back to where the remaining animals are.   After Ive found out that the raft can travel across the river without an animal on it, the problem became easier to solve. Were you aware of this thought process as you worked through the problem? Yes, I was aware of how my mind was processing these thoughts as I was working through the problem.   This is basically a logic exercise, which suggests that in order to properly assess the problem, its necessary that youre aware of how your thought process is developing.

Strategic Management And Business Planning For Emirates Airlines Marketing Essay

Strategic Management And Business Planning For Emirates Airlines Marketing Essay Abstract This report conducted on Emirates Airlines which discusses a strategic study about global airline industry, particularly Emirates Airlines.1st part of this report will be tell us in detail about Emirates airline company with internal and external analysis of the company. The last section is about current situation of the company with conclusion and also expressed main problems that Emirates Airlines should address with recommendation. Table of Contents Section Name of Contents Page no. 1 Emirates Profile 04 2 External Environment 04 3 Airline Industry Analysis 04 4 Life Cycle of Airline Industry 06 5 Porters 5 Forces 07 6 Key Competitors 09 7 Strategic Capabilities of Emirates 09 8 Key Success Factors 09 9 PESTEL Analysis 10 10 Competitive Advantage of Emirates 12 11 Internal Environment 13 12 SWOT Analysis 13 13 Summary of Internal Environment 15 14 Conclusion and Recommendation 16 15 Appendices 18 16 Emirates Strategy 18 17 Emirates Cost Reduction Strategy 19 18 Ancillary Revenues 19 19 Growth Strategy 20 20 References 21 Profile: Emirates Airlines was established in 25th October, 1985. Presently Emirates Airlines has 142 fleets aircrafts and destinations over more than 102 countries worldwide. Recently it made an order for aircrafts worth $ 27 Billion for 45 Airbuses A380, in this way cit become the worlds largest purchaser of Airbuss super-jumbo. (Regarding Emirates) Emirates Airlines is very fast growing airlines. Emirates have 5th number over the world in profitability. Emirates earned profit on March 31,2010 is more than $3,538 since last 17 years and its growth ration more than 20% a year. (BBC News) External Environment Airline Industry Analysis Airline industry Profile Presently airline industry growing very well and world top level profitability industry where from we can earn profit .On the other hand political and some other economic factors are affected on this industry, after 11th September there was a great change in the trend of abroad journey for visit, studying and business purposes etc. Another big factor is rapidly rising in oil prices over the world specially in middle east as well, due to this cost increased of airline industry and in this way profit has been decreased and these losses has been reached round $ 6 billion in 2009 (IATA) 6 billion in 2009 (IATA) Eventually, the airline industry has been restored number of passengers. We are watching again the trend of tourism, international trade and development of globalization and in this way numbers of passengers has been increased and exceed 2.3 billion by the end of 2009.(IATA).Thus, for winning and strong image in aviation market its compulsory for airlines that cut of their prices and improve their services. Life Cycle of Airline Industry. The Product Life Cycle refers to the sequence of stages a product goes through. Any new product in market go through a sequences of stages from introduction to maturity ,growth to decline and this sequence of all stages is called product life cycle. We can also say the stages through which individual products build up over time is called The Product Life Cycle. (Saaksvuore. A and Immune. A, 2008) The classic product life cycle has four stages are: Introduction Stage or Development stage Growth stage Maturity stage Decline stage Airline Industry Life cycle: According to product life cycle at the movement airline industry on its maturity stage due to big and perfect competition in the market. In this Maturity stage competition is more hostile in order to increasing advertisement and promotion activities. Further more many competitors increased their budgets on Research and development (RD) Through increasing customers brand loyalty many companies want to differentiate them from their competitors in their services and products. In this stage companies starts cutting their operating cost mean profit margin decreases result least efficient companies are not more in market. Accordingly, many companies use offensive strategies instead of defensive strategies by using methods of changing their market strategy ,product development and marketing mix for stay alive and compete during this aggressive stage. (Development of new product) Porters 5 Forces Threats of New Entrants The new entrants in any industry face some threats from existing companies because new company offer more attractive product with low cost etc. In airline industry threats are low as comparatively barriers are high. Some challenges under below due to new entrants.. Capital Requirements. We need huge capital for this industry for purchasing new crafts and also for starting new projects and also need for attractive to customers. Brand name Customer loyalty: Airlines companies with excellent goodwill and strong image in market will easily compete with new threats at the time of entry. # Bargaining Power of Suppliers Suppliers can easily change market trend through their high demand and control on prices and quality of their products services. Boeing and Airbus are globally suppliers of the airline industry. Bargaining Power of Buyers Buyers are also can change the industry trend due to their demands for high quality ,demand for low prices and also have skill I reduction of the cost. Buyers are more powerful due to huge amount of passengers in market and approximately 1.8 billion yearly. (ITAT). Threat of a Substitute Products or Services Another big threat of substitute product due to availability of substitute in the market for any product. For example people use theirs cars and use trains and buses within the same area or country. Rivalry amongst existing firms He trend of rivalry in airline industry is very famous and high due to availability of large numbers of airlines in the market which also offering best services, best cost etc. For example a lot companies want to increase their share price and want to increase their image want to gain best goodwill among the customers only due to offer best services, cost and also others lot of promotions to attract and attain the customers. (Thompson Strickland, 1995) Key Competitors (Strategic Group analysis) 1st British Airways is one of the biggest in the world. 2nd Qatar Airways getting success from its aggressive growth plan. Singapore Airlines have very good repute in market as most respectful travel brands in the market and was established in 1947. American Airlines established in 1930 and largest airlines over the world due to yearly passengers of this airline more than 80 million. Strategy Strategy is the  long term planning to achieve business objectives through arrangement of resources  of organization within a difficult environment, to fulfill the market needs and also satisfaction of stakeholders expectations.(Dibb.S, Simkin. L, 2008)   Emirates Airlines Strategies: Emirates Airlines has a good and effective business model which is very helpful to gain company objectives and help to company become leader in the airline Industry .following are strategies of the emirates airlines strategies. Quality Control strategy: This is the basic and fundamental strategy to achieve goals of any organization so in this way airlines have very attractive and best strategy to control its quality and standard of the brand. Extensive Aviation Training strategy. This is another fundamental and key strategy of the Emirates for Aviation training .In this way company get maximum benefit through extensive training of its employees .In this way not only keep their employees with it but also open new opportunities for outsiders as well. International Airline Information Technology Development Strategy. This is another fundamental and very important strategy of the company for development of its e-business system, self check services system and also maximize the profit through its advancement in Information technology system in this way it make a lot of contracts with very big companies of the world. Resort, Hotel and Tourism Strategy. This is also another fundamental strategy of the company for increased the numbers of tourist in this way it assist to local bodies and advice for development of new Hotels, Restaurants, new buildings etc. Growth strategy New Bases. Expansion of existing bases. More opportunities available as airlines close/ consol. Cost, cost, cost (long term minimization). Efficient facilities. Demographics. Geographic. Strategic. Auctioned winter capacity. Increasing communication of benefits. Strategic Capabilities of Emirates Strategic capabilities means the skills are abilities to accomplish the stage for the surveillance in the market. It may be in two forms; (1). Resources and (2). Competences Emirate has its threshold resources which include its flights, office equipment, head quarter, finance resources and employees. Emirate also has core resources in the form of management team, Ahmed Bin Saeed Makhtoum (CEO/Chairman).Same as resources Emirate has threshold competences which includes online booking, operations of on time delivery and point to point routing. While in its core competences includes IT development, no frill strategy and route policy strategy. Key Success Factors Differentiation Airline companies can be differentiated by offering latest and modern services like big comfortable seats, advance aircrafts and new e-ticketing system. These all thing not only distinguish the companies also helpful to attractive new customers for the company.(e.g. British Airways). Strong brand name Strong brand name with loyal customers is very important for career of any company. Its proved with strong brand name companies are most untactful for customers. Alliances In Airline industry establishing the alliances between different companies is very important trend in this way different companies will share their resources through strong network and will gain benefit of wide range customers network and will develop many others routes. In this way operations cost also will be decreased. Relations with supplier Strong relations with suppliers are compulsory for Airline companies through long term agreements companies remain safe in order to any future change in pricing strategy. PESTEL Analysis. Political factors The Airline industry is very sensitive industry and immediate affected by and changing in political conditions including wars and instability in economic situation in different countries. The recently political and economic instability in pacific Asia region disturbed the business Middle East and rest of world due to this Airline companies unable to join any International Alliances with top Airlines companies like American Airlines. (Growth phenomena, Nora Byman) Economical factors Modern airports along with latest technology are important factor for success of airlines business. UAE have been planed to big investment on development of Dubai and Abu Dhabi airports. This investment on airport development will exceed up to Dh 71 billion over coming 20 years. Developed airports can give us following benefits: enhancing economy, increasing tourists overcome the dependency on oil revenues by alternatives business strategies. Social factors There is rapidly increasing world population and in this way increasing in number of tourist and educated people. For example, globally growing population especially in UAE according to The National Human Resources Development and Employment Authority Tanmia, UAE population in 2010 has been reached up to 7. 557million from 5.63million, increased by 1.9million people as per the official population statistical report issued 2006.   A number of emigrants are increasing in UAE, airlines firms profits will increase due to travelling of those emigrants to their home countries. Furthermore, diseases also disturb the population of different countries, big example of this Bird Flue which is a killer unprocurable disease. (Economic Development) Technological factors The latest technology also affected in both ways positively and negatively. Negative impact is that teleconferencing decreased the need of physical and face to face business meetings which directly affects on the sale of the company and decreased the passengers. On the other hand positive impacts of e-booking system make reservation system very easy and accessible to any one and it has very good impact on the sale of the company. (Current State) Competitive advantage of Emirates Emirates Airlines implement differentiation generic strategy by offering high quality services in order to gaining benefit among its competitors and getting palce in market as Leader Company. For this purpose the emirates airlines was the 1st Airline in the world who offered TV screen in its all airline and 1st time introduce e-ticketing system in UAE. Thorough segmentation of market it also gained another competitive advantage. It was only company in UAE which providing training by using latest technology called plane simulator. The purpose of all changes only become the leader company in over the world in this order enhanced brand name awareness by locally, regionally and also world level and in this way it will increase profit and goodwill as well. Internal Environment SWOT analysis Strengths Membership of the Arab Alliance, which is known as Arab Air Carriers Organization First Airline company in the Arab world who introduce e-booking system Self check-in system at airport offered by Emirates Emirates Airlines world biggest purchaser Airline company by order of new 45 Super jumbo Air Buses. Providing qualitative training, benefits and rewords and very impressive salary packages and benefits to his employees and also cutting labour cost increasing employees loyalty (People). Latest March, 2010 held Festival of Literature and in 2006 sponsored Fifa World Cup in both way he gained its brand awareness and also makes its goodwill in market. Balance sheet looking sound and showing Profits for 2009-2010 grew four-fold to $964m inspite high oil prices and tough trading environment. Latest progress of Emirates Airlines rolls out flights to San Francisco. It is ready to rule the roost to take world leader in Airline business with the latest technology in hand.   Weaknesses High operation cost due to big investment on purchasing aircrafts and application of latest technology. High Prices as comparatively other airlines companies. Non membership of any International Alliances. Non availability of hub in Abu Dhabi. As establishment not much old just in 1985 ,so its young airline. Opportunities Good growth in Per capita income in UAE. Huge investment plan by Government on the development of its airports in UAE. Growth in population of the world and in also in UAE . Forecasting of World Travel Tourism Council that tourists will be increased in UAE due its best locality, huge beautiful buildings, safe and secure environment luxury hotels and restaurant and good economic condition after 2010. Rapidly enhancement in internet users over the world and in also in UAE. A different Aviation event like Air Show of Dubai good promotes Middle East airlines in the whole world. A lot of international companies want to shift their headquarters in Dubai due to safety and sound political situation so in this way bright chances for increasing in number of passengers. Threats Emirates airlines located in the region where politically instability going very high due to terrorism activities has been increased. Rapidly increasing in the operations cost due aviation security. Recently increase in fuel prices which is also cause of high operations cost. Due to non controlling of oil prices in this way might be Airline industry suffered loss by $ 3 billion (IATA) New arrival of airlines companies with low cost.. Modern online ticketing system can be hack by hackers and can be crashed by virus so in this way database of the company will destroy and eventually company will suffer huge amount of losses. The natural crises and deserters in the region like earthquake, flooding and hurricane. Latest worst flooding situation in Pakistan as before he faced crises by earthquake as well which was worst impact on the sale of airlines companies. The quickly increase of fresh sensitive unprocurable diseases like as SARS and Bird Flue that have very bad impact on airline industry sale. Summary of Internal Environment With the help of external environments, organizations or companies able to recognize their internal factors. Recognizing of that factors and make companies in this position that companies utilize their strengths, overcome their weaknesses, get advantages from opportunities of the companies and can easily avoid from threats of the companies. Current situation of Emirates Airline: Any new arrival or entry in any industry is considered unattractive due to very low demand, high prices and strong competition. But attractive for Emirates Airlines due to its good strategy and strong market position. Also, it has many opportunities to handle any uncertain situation because it is member of very strong Emirates Group which share its resources and reduce the company expenses. Overall, Emirates enjoying with great market position along with high profitability rate which is considered as competitive advantage of the company and high profit rate of the company of its best competing strategy and other expansion strategy. Conclusion and Recommendation At the time of strong competition which refers to maturity stage of Airline Industry so each company should approach offensive and use the offensive strategy after in detail review its internal and external environment and all related factors which directly effect the company position. The following recommendations are for Emirates airlines. Operational cost of Emirates is very high only due to huge investments on technologies, aircrafts and best quality services. Emirates should control its cost and should decrease its cost through improvement and development of operations activities .Emirates should improve maintenance process, effective and efficient flight schedule of the company and better utilization of the company resources like aircrafts etc. Another way for reduction of cost is advancement in its technologies by investment in technologies and in this way cut of labour cost. For example it is strongly recommended to new installation of self check service system on all airports. In reply to the threat of low cost airlines in UAE market. Emirates should offer advance level services and control cost and this way no need to reduce the prices and in this order it should introduce its new brand as subsidiary which should be base on low cost. a subsidiary Extension in routes strongly recommended and should be special growth in tourism UAE. In this order to it should extend its route worldwide most attractive areas and Canada one of them. Joining with global alliance will help to increase its worldwide destinations in this way should offer more impressive and effective strategy for competing low cost airlines. Advancement in Information Technology is most important for progress of emirates airlines and in this order it should make contracts with E-Business Company for improving its services and increase the customers satisfactions. E-CRM is the latest technology and adopted by Emirates this strategy since increasing in numbers of the internet users and this way out for keep long term relation with customers. (Jiang, 2003). Eventually, Emirates Airlines make comprehensive analysis and review of company internal and external factors and its competitors and should develop new strategies for staying and keep good position in airline industry at this maturity time.

Elasticity of Demand for Lottery Tickets Essay -- Economics Economy Fi

Elasticity of Demand for Lottery Tickets Elasticity is the responsiveness of demand or supply to the changes in prices or income. There are various formulas and guidelines to follow when trying to calculate these responses. For instance, when the percentage of change of the quantity demanded is greater then the percentage change in price, the demand is known to be price elastic. On the other hand, if the percentage change in demand is less than then the percentage change in price; Like that of demand, supply works in a similar way. When the percentage change of quantity supplied is greater than the percentage change in price, supply is know to be elastic. When the percentage change of quantity supplied is less then the percentage change in price, then the supply then demand is known to be price inelastic. The following text is real world examples of these economic principles. They have been provided to build a bridge between current economic situations and economic principles of elasticity. The Demand for Lotto: The Role of Conscious Selection In this article is a discussion about the elasticity of demand for lottery tickets. Time series data was used in a way in which the expected value of the lottery ticket would vary due to rollovers (Farrel 1). It was found that there are far more rollovers than expected given the lottery design (Farrel 1). There was also some strong evidence found that supported that individuals did not pick their numbers in a uniform matter. The inverse supply function was found by using estimates that enabled them to identify the demand elasticity (Farrel 1). This analysis was based on the U.K. National Lottery that came about November 1994. With this in mind we realize that because game designs are similar throughout the world, these findings are more widely relevant (Farrel 1). The price elasticity of demand for lottery tickets shows that demand varies depending on the expected return from a winning ticket (Farrel 1). From this we deduce that this elasticity is relevant to the design of the lottery (Farrel 1). The way that the demand elasticity is derived is by comparing the rollover weeks with the non-rollover weeks. By doing this, the normal demand is recorded during the non-rollover weeks to see what level the demand is usually at. Then from there they can see how the demand increases as the lott... ...ing how some studies and economic research has been taking place and where. I found some of the studies to be trivial. This meaning that the authors used creative techniques to figure and estimate some of the elasticities. I also found it interesting how I could relate to the real life situations such as the Lottery. For example, when the lottery starts rolling over it creates a hype, and the demand goes up. I was always aware of this phenomenon but never realized what it actually was. Bibliography: Work Cited Farrell, Lisa; Hartley, Roger; Lanot, Gauthier; Walker, Ian The Demand for Lotto: The Role of Conscious Selection, Journal of Business & Economic Statistics, Apr2000, Vol. 18 Issue 2. Mason, Paul M.; Steagall, Jeffrey W., The elasticity of demand for lotto tickets and the corresponding welfare effects., Public Finance Review, Sep97, Vol. 25, Issue 5. Rashid, Muhammad; Mitra, Devashis, Price Elasticity of Demand and an Optimal Cash Discount Rate in Credit Policy, Financial Review, Aug99, Vol. 34 Issue. Montgomery, Alan L.; Rossi, Peter E., Estimating Price Elasticities with Theory-Based Priors, Journal of Marketing Research, Nov99, Vol. 36 Issue 4.

The Radical Period of The French Revolution Essay -- European Europe H

The Radical Period of The French Revolution By the end of 1971, Europe was preparing to witness the end of a seemingly triumphant revolution in France. The country was restructuring its government in a forceful and bloodless manner, while the tyrant King Louis the XVI agreed to the demands of the masses (albeit without much choice). However, due to the fanatical aspirations of men such as Danton, Marat and Robespierre,it would be only a matter of months before the moderate stage of social and political reform was transformed into a radical phase of barbaric and violent force. In their quest for freedom, equality and fraternity, the leaders of the Jacobins inadvertently turned the revolution into an oligarchic dictatorship that threatened to destroy all that was achieved in the previous two years of insurrection. The revolution took a sharp turn on August 9th, 1792. The Municipal government was overthrown in Paris and a Commune was established by the leaders of the radical forces. During this time there were continual food riots erupting in every area of the country and, with the threat of war against Austria and Prussia looming, it was vital that order was to be maintained during such tumultuous times. Although the constitution was already enshrined and the citizens had their freedom and liberties, there was still plenty of public dissent and disapproval as to whether or not these laws would help create a new government and prevent the country from breaking apart. The people had come this far and were not prepared to watch their efforts lead to failure or the restoration of an absolute monarch. As a result, the radical forces were able to gain the support of the citizens in declaring that the ... ...) who allegedly opposed the will of the Jacobins, and therefore opposed the will of the republic. Robespierre never intended to justify his ends through such violent means. 1793 marked a year that could have been prevented, a period that should never have befallen the liberated citizens of France. Mirabeau warned that the destruction of the Monarchy would plunge the country into anarchy and his words rang true. France was not prepared for such social and political upheaval, and the resulting shift towards a republic would change the country forever. The Jacobins discarded their holy bible, the constitution, in order to ensure the security and stability of the country. Not only did their hasty actions backfire, but the tens of thousands of lives that perished during their reign symbolized the radical stage of the revolution in all its bloody glory.

Business Analysis and Valuation Exam Notes

Topic 7: NOA1=NOA0+OIt – (C1-I1) NFO1=NFO0+NFE1 – (C1-I1)+d1 NFA1=NFA0+NFI1 – (C1-I1)-d1 CSE1=CSE0+OI1 – NFE1 – d1 NI1=OI1 – NFE1 (C1-I1) = d1+F1 d1=div+ share buyback – share issues F=net purchases of FAs – interest on FAs – net issue of debt + Interest on debt d=C-I+NFI-NFA d=C-I-NFE+NFO FCF=OI-NOA (Method 1) FCF=NFA-NFI+d (Method 2) FCF=NFO+NFE+d CSE=NOA+NFA/(-NFO) CSE1=CSE0+Earnt-dt Net Operating Accruals = OI1 – C1 or NOA – I1 If C-I-i > d: lend or buy down debt. If C-I-i < d: borrow or reduce lending. The rate of return from investing in a firms’ stock is its holding period return. [(div+P1)/P0]. Topic 8:Reformulated CSE Statement CSE0 +Net transactions with s/holders +Share issues – Share buy backs – Dividends +Comprehensive Income +NI reported +/- securities avail. For sale +/- currency translations +/- hedging +/- prior earnings restatements CSE1 Table 8. 1 of Dirty Surplus Item s: OI Items Changes in accting for contingencies Additional minimum pension liability Tax benefits of loss carry-forwards acquires Tax benefits of dividends paid to ESOPs Unrealized gains and losses on equity securities avail. For sale Some adjustments of deferred tax valuation allowances funding status of pension plans Financing inc (or exp) itemsPreferred dividends Unrealized gains on losses on debt securities avail. For sale Operating or Financing inc items F. C. translation gains (losses) Gains(losses) on derivative instruments for hedging purposes Restatement of prior years’ income due to accting principles. Bal/sheet items to be reclassified Credits to s/holders’ equity for stock compensation exp. Dividends payable. Topic 9: Effective tax rate for operations Tax on OIOI before tax ReOI1=OI1 – ( – 1) NOA0 Operating PM from sales OI from Sales (after tax)Sales Net CI Margin = CI/Sales RNOA = OI/Ave. NOA NBC = NFE/Ave. NFO RNFA = NFI/Ave. NFA ROCE = Ea rn (CI)/Ave.CSE OLLEV = OL/NOA Capitalization Ratio = NOA/CSE FLEV = NFO/CSE SPREAD = RNOA – NBC Reformulated Bal/sheet FAs: Cash equivalents S/T investments S/T notes receivable* L/T debt investments FLs: S/T borrowings Current maturities on L/T debt S/T note payable* L/T borrowings Lease obligations Preferred stock OAs & OLs: All else Minority Interest CSE *notes are FA/Ls if they bear the mkt rate of interest. L/T equity investments are usually OAs if they are a >20% holding, recorded at mkt value if avail. for sale or, at cost if held to maturity. S/T equity/marketable investments are OAs if part of a trading portfolio.If used mop up excess cash = FA. Minority interest is a separate line item. And NOA – NFO = CSE + Minority Int. Reformulated Income Statement Net sales -Expenses to generate sales =OI from sales (before tax) -Tax on OI from sales +Tax as reported +Tax benefit from NFE – Tax allocated to other OI =OI from sales (after tax) Other OI (exp) requir ing tax alloc. Restructuring charges and asset impair. Merger exps Gains/Losses on asset sales Gains/Losses on security transactions -Tax on other OI After-tax operating items Equity share in subsidiary income Operating items in extraordinary inc Dirty surplus op. items in Table 8. Hidden dirty surplus op. items OI (after tax) -NFE (after tax) +Interest exp -Interest inc. Realized gains/losses on FAs =NFE before tax -Tax benefit from NFE =NFE after tax Gains/loss on debt retirement +unrealized holding loss D-S items in Table 8. 1 (incl. Pref. dividends) Hidden d-s financing items -Minority Interest =Comp. Income to common Topic 10: Reformulated CF Statement CF from operations +Reported cash from op. Net cash interest payments after tax – CF from investing +Reported cash from inv. +Liquidation of assets +Sale of assets +Maturities of assets – Purchases of Assets Working Cash =FCF from op. ctivities Net Dividends +Dividends +Share buy back – Share issue +Net Debt Financing Cash and Cash Equivalents + net payments to d/holders and issuers =Cash paid for financing activities Topic 11: ROCE = RNOA+[FLEV(RNOA-NBC)] Implicit int. on OL= S/T borrowing rate (after tax) OL ROOA=OI+Implicit Int. (aft. tax)OA RNOA=ROOA+(OLLEVOLSPREAD)OLSPREAD = ROOA – S/T borrowing rate (after tax) ROA=NI+Int Exp (aft. tax)Ave Total Assets Minority interest is added to numerator if any. 2 Drivers of RNOA: RNOA = PM ATO PM = OI (aft. Tax)/Sales ATO = Sales/NOA (usually expressed as 1/ATO) PM Drivers: PM = Sales PM + other items PMSales PM=Gross margin ratio – Exp ratios =GMsales-Admin. expsales-Sell. expsales-R&Dsales-Operating taxessales Other Op. items PM=subsidiary incsales+other equity incsales+Special itemssales+other gains and lossessales Drivers of ATO (1/ATO) can be broken down into ratios for the individual assets and liabilities. Drivers of NBC is calculated from the weighted average of the costs for different sources of net financing. NBC=FONFO ? aft. tax int. on FOFO-FANFO? aft. tax on FAFA-FANFO? Unrealized gains on FAFA+Pref. stockNFO? Pref. DivPref. stock+†¦ Topic 12: OI = Core OI from sales + Core Other OI + Unusual ItemsRNOA=Core OI from SalesNOA+Core other OINOA+UINOA Core OI from salesNOA=Core sales PM? ATO=Core OI from salesSales? SalesATO NBC=Core NFENFO+UFENFO RNOA1=(core sales PM1ATO0) +(ATO1Core Sales PM1) +(core other OI/NOA)+ (UI/NOA) Changes in core sales PM are driven by variable and fixed costs. Sales PM = (Sales – VC – FC)/Sales Contribution Margin Ratio = 1 – (VC/Sales) OLEV=CM ratio/PM %Core OI=OLEV%Core sales CSE1=(sales11/ATO0) +[(1/ATO1)Sales1] – NFO1 Reformulated OI Core OI Core Sales Rev. Core CoS = Core GM Core Op. Exp. = Core OI from sales bef. Tax Tax on core OI from sales +Tax as reported +Tax benefit from NFETax alloc To core other OI Tax alloc to UI = Core OI from sales + Core other OI + Equity income in subsidiaries + Earnings on pension assets + Other conti nuing inc not from sales Tax on core other OI = Core OI Unusual Items Special charges Special liability accruals Nonrecurring items Asset write-downs estimates Start-up costs expensed P/L from asset sales Restructuring charges P/L from discon operations Extraordinary op items Accounting charges Unrealized g/l on equity investments Gains from share issues Currency gains and losses Derivative g/l (operations) Tax allocated to unusual items = Comprehensive OI Topic 13: Earnings component: i) Operating income (ii) Net financial expense (iii) Earnings Book value component: (i) NOA (ii) NFO (iii) CSE Residual Earnings measure: (i) ReOI1 = OI1 – (F – 1) NOA0 (ii) ReNFE1 = NFE1 – (D – 1) NFO0 (iii) RE1 = Earn1 – (E – 1) CSE0 Value of NFO: V0NFO=NFO+ReNFET? D+CVT? DT Value of NOA: V0NOA=NOA0+ReOIT? F+CVT? FT Value of Equity: V0E=CSE0+ReOIT? F+CVT? FT NFO is usually measured at market value. Therefore forecasted ReNFE are zero. Usually: VoE=V0NOA-V0NF O But with ReNFE = 0, VE = VNOA Drivers of RE: RE1 = [ROCE1 – (E – 1)] CSE0 (1) amount of s/holders’ investment (2) rate of return on investment relative to E.Drivers of ReOI: ReOI1 = [RNOA1 – (F – 1)] NOA0 (1) amount of NOA put in place (2) profitability of assets relative to F. Drivers of ReNFE: ReNFE1 = [NBC1 – (D – 1)] NFO0 (1) amount of net financial debt (2) NBC relative to D. AEG Measure (i) AOIG=[OI1 + (F – 1)FCF0] – FOI0 (ii) ANFEG=[NFE1+(D – 1)F0] – DNFE0 (iii) AEG=[Earn1+(E-1)d0] – EEarn0 V0NOA=1? F-1OI1+AOIGT? F Cost of capital: ?E=? F+VoDV0E? F-? D P/B Ratio: V0ECSE0=V0NOANOA0+NFO0CSE0V0NOANOA0-1 Forward P/E ratio: V0EEarn1=V0NOAOI1+ELEV1V0NOAOI1-1NBC1 ELEV = NFE/Earnings Trailing P/E ratio: V0E+d0Earn0=V0NOA+FCF0OI0 +ELEV0V0NOA+FCF0OI0-1NBC0-1