abotion essays

abotion essays For the last couple of decades women have had the right to choose whether or not abortion was the right decision in their life for their own individual reason. The only way to get an abortion in the United States, at the time, was through a surgical abortion where the doctor removes the egg. Through the advancement of technology over years, doctors have come up with an abortion pill, yet the United States has not made the pill widely available. The abortion pill should be made available in the U.S. because it is the womens choice, the pill is safe, and it has good regulations. One main reason the abortion pill should be made available in the United States is because it is the womens own choice. All abortions should be individualized and no one should choose for the women whether they should have an abortion or not. They all have different reasons: too young, to old, not married, just married, financially unprepared, and mentally unprepared. Its the mothers decision on whether or not the abortion is right for her and not the moral committees decision. The women know what is best for themselves and best for their lives. Also, the first right in the bill of rights is that to the right of freedom. Women have the right to choose for themselves, which is the better option for them. And certainly some women had said its more private and gave them more control over the process. (Fehr-Snyder). If she prefers having a more private abortion then the pill provides that privacy because they are only a mediator while the abortion is taking place. In the U.S. we already have the medical abortion, so the next best thing is abortion by the pill. The right of choice is one of the big reasons the abortion pill should be made more available. Another reason why the abortion pill should be made available in the U.S. is because the pill is safe. The pill is safe if used correctly and within ...

Essay on Design Management Practice and Theory part 2Essay Writing Service

Essay on Design Management Practice and Theory part 2Essay Writing Service Essay on Design Management Practice and Theory part 2 Essay on Design Management Practice and Theory part 2Essay on Design Management Practice and Theory part  1The magazine focuses on the large audience, at the age between 16-50. In such a way, the magazine has to match needs and expectations of the large audience that is quite a challenging task to do to make it possible to attract all potential customers of the magazine. The magazine reaches the large target customer group due to the skilful and highly efficient design which is universal to the extent that it attracts men and women of different age. The magazine is attractive for the youth as well as it is attractive for the older generation. At the same time, it is not just specific items that attract diverse customers to the magazine but it is the truly universal design of the magazine and the unique lifestyle promoted and created by the magazine. In such a way, it is not just some items that attract the large audience to the magazine but it is the lifestyle which people want to follow and which they find on pages of the magazine, in its design and content.The design of Cover Magazine stresses visual effects which are crucial for editors of the magazine in terms of the maintenance of the traditional design of the magazine. Visual effects of the magazine are very important for its design. They create the impression of fashionableness and success which are distinct features of the lifestyle created and promoted by Cover Magazine (Wilson, 2006). The attractiveness of the visual effects and design of the magazine catch the attention of the audience and, when readers start reading or even looking through the magazine, they get more and more involved into the content of the magazine and consciously or not they turn into admirers of the lifestyle created by the magazine design (Dwight, 2007). This is why one of the main priorities of Cover Magazine design is the strife for presenting the best in journalism, photography and art direction.Another distinct feature of the magazine design is the high quality. The magazine design is quality oriented. The high quality of the magazine becomes obvious, when it comes to text, images and all the aesthetics. The editor of the magazine insists: â€Å"We are not indifferent to how things look. The key to our success lies among other things in our diligence and determination to continue until our magazines are a pleasure to read as well as to look in† . The magazine attempts to reach perfection in every aspect of its operations and in every element of its design, starting from the cover page and ending up in the smallest article and item presented in the magazine.The internal design was also extremely important for the magazine. The design within Cover is constantly surrounded by design in fashion, beauty lifestyle (Weber, 2006). The focus on the fashion, beauty and lifestyle implies the close interaction between these three elements which comprise the lifestyle of readers of Cover Magazine. The wo rk structure within Cover Magazine also remains stable in the course of time and the editors of the magazine are not going to change it consistently. The layout of the magazine is another distinct feature of the internal design of the magazine that remains stable and aims at the attraction of the target audience of the magazine. The internal design of Cover Magazine aims at the inspiration of the target customer group that transits from designers, editors and contributors of the magazine to its target audience.The design of the magazine aims at the creativity and innovativeness, which though emerge within the lifestyle created and promoted by the magazine. In actuality, creativity and innovations are key factors contributing to the overall success of the magazine. The focus on creativity and innovativeness contributed to the creation of the authentic lifestyle promoted by the magazine and helped the magazine to attract the large audience. Innovativeness and creativity keep attractin g the younger audience, whereas the traditional structure of the magazine maintains the loyalty of old customers.Thus, Cover Magazine has reached a considerable progress due to the development of the effective external and internal design which attracts customers, in spite of gender or age differences. Moreover, today, the magazine stays focused on the creation and promotion of the unique lifestyle which unite its customers in their strife to follow the lead of the magazine, while the magazine sets the pace for the lifestyle it has created. In this regard, the internal and external design of the magazine still plays an important part contributing to its persisting popularity among customers and to the high level of the customer loyalty. The high quality of design, its innovativeness and creativity have become the major factors contributing to its overall success.

Impact of Advertising on Tweens Essay Example | Topics and Well Written Essays - 1250 words

Impact of Advertising on Tweens - Essay Example On the other hand, authors such as Young(90), Roedder (1981) argue that children are nave & need protecting from exploitation. They are criticized by Gunther & Furnham (1998), Mc Neal (1999). The opponents of advertising claim that ads make children materialistic, it stifles creativity fosters conflict between parents and their children, develops cynical attitudes. [Greenberg & Brand,1993; Liebert (1986), Pollay (1986), Churchill & Moschis (1979), Moschis & Chuchill (1979), Moschis & Moore(1982), Ward & Wackman (1971); Goldberg & Gorn (1978)] Initial bibliography: see Appendix A Research QUESTIONS Based on the polarities found in the literature review, this research will try to present a balanced and informed view of the issue by answering the following research questions: Does marketing/advertising impacts buying behavior and brand awareness on tweens; does it contribute to "Pester-Power" Is consumerism and materialism reduced by restricting or removing direct exposure to advertising or marketing influences What is the role of peer pressure - edges, persuaders, followers etc. What is the role of parents as consumer socialization agents At what age do children understand persuasive and /or commercial intent How do children decode and process the sensory information delivered via the advertising medium and whether empiric models can be used to evaluate this decoding What kind of challenges (re: advertising) does the multi channel/multi media environment present to children Research Design The method of research chosen for this dissertation is quantitative. Since the focus will be primarily on the impact of TV advertising, quantitative techniques will be most useful. A questionnaire can help to measure...[Greenberg & Brand,1993; Liebert (1986), Pollay (1986), Churchill & Moschis (1979), Moschis & Chuchill (1979), Moschis & Moore(1982), Ward & Wackman (1971); Goldberg & Gorn (1978)] Since the focus will be primarily on the impact of TV advertising, quantitative techniques will be most useful. A questionnaire can help to measure variables such as media exposure, peer relationships and other socioeconomic factors; central to the dissertation. The questionnaire should be administered to children in year 4-8 in a variety of schools (state, private, boarding & day) in rural, urban and suburban areas in the South of England. The children's ages ranging from 8-13 years. Children of this age were chosen, not only because within this age range they are deemed to be 'Tweens', but also this age group corresponds with Piaget's concrete operational stage of development and they would also be deemed 'cued processors' (Roedder 1981). Research on how advertising may or may not influence children to buy or ask for certain goods and products i.e. 'Pester Power' has been carried out using various methods.

State Budget Nationally and in Massachusetts Essay

State Budget Nationally and in Massachusetts - Essay Example The budget cuts ratified in no less than 46 states in addition to the District of Columbia ever since 2008, have been executed in all main sections of state services. The state services where the budget cut have been incurred include the health care segment in around 31 states, primary education segment in 34 states as well as the District of Columbia, higher education segment in 43 states, and services to the old as well as disabled in 29 states in addition to the District of Columbia among other areas. The States have made these budget cuts for the reason that revenues earned by the States from income taxes as well as sales taxes, in addition to other revenue resources used to compensate for the above discussed state services decreased owing to the recession. Simultaneously, the requirement for these state services did not reduce and, in reality, the requirement got elevated as the number of people encountering economic complexities amplified (Johnson & Et. Al., â€Å"An Update on State Budget Cuts   At Least 46 States Have Imposed Cuts That Hurt Vulnerable Residents and the Economy†). ... Throughout the period of dot-com bubble, Massachusetts considerably decreased the income tax rates, elevated the individual exemption level, cut the rate of tax on dividends as well as interest revenue into half in addition to endorsing a number of tax cuts for businesses. The state fell short of recognizing that the economic upturn due to the dot-com success would not last for long (Massachusetts Budget and Policy Center, â€Å"Fiscal Fallout: The Great Recession, Policy Choices, & State Budget Cuts, Fiscal Years 2009-2012†). Consequent to these cuts in the tax rates and other alterations, the revenue collections from tax decreased to around 5 percent of the total state earnings by the end of the year 2009. Thus, there was a diminution of about $3 billion in revenue generated from tax. This diminution in the tax revenue produced fiscal instability over the years. Massachusetts had not reinstated funding for necessary state services or made sufficient deposits into the state f und, in order to be equipped to face potential economic depressions. During the recent financial calamity, Massachusetts had depended principally on around $3 billion funds generated in the form of budget cuts and reserves to deal with the continuing budget shortfall. Massachusetts also collected about $1 billion in the form of taxes, and utilized more than $1.5 billion per annum in the form of Recovery Act as well as associated financial support from the federal government in the last couple of years. The federal government funds performed an imperative function in assisting all the states in the US to protect the vital state services and prevent further tax increments

Leonardo DiVinci Research Paper Example | Topics and Well Written Essays - 1500 words

Leonardo DiVinci - Research Paper Example The latter was highly impressed with the boy’s talent and Leonardo thus â€Å"entered the studio† of an artist and sculptor, where he met several other craftsmen, including Botticelli and Lorenzo Di Credi (Brockwell 4). The interaction he had with many such artists had a profound impact on him and it also bred in him a sense of competition. The most unique trait about Da Vinci was that he had ventured into all areas of â€Å"human learning† and left an indelible mark there (Brokwell 4). He, thus, nurtured a yearning for attaining perfection over his peers and became one of the most renowned artists in this world. His legacy to the human civilization came from a wide range of disciplines such as science, art, philosophy, sculpture, architecture, mathematics, engineering, writing and music. Leonardo Da Vinci had a lot to offer the world and he was greatly influenced by the time he was born in, the Renaissance period. His genius was further enhanced and shaped by the art training he underwent in Florence, a city prominent for its art. His apprenticeship under A D Verrocchio lasted for seventeen years. In the year 1469, Lorenzo and Giuliano de Medici embraced their duty to rule Florence as heirs to the throne, after the death of their father. This was good news for Leonardo, as both of them were art lovers and they understood full and well the significance of art. In 1472, Leonardo â€Å"became a member of the painter’s guild† of Florence, as he was qualified to be master just like the rest of the members (Koestler-Grack 128). His earliest work is thought to be the portrait of the ‘Feast of Santa Maria delle Neve,’ which he painted in 1473. In 1476, Leonardo was charged with an â€Å"anonymous accusation of sodomy,† but later the charge was dropped as there were no valid evidences (Greenberg 308). Leonardo â€Å"witnesses† â€Å"Bernardo di Bandio† being

The Modigliani And Miller Theory Finance Essay

The Modigliani And Miller Theory Finance Essay The Modigliani Miller Theorem is a linchpin of modern corporate finance. At its core, the theorem is an irrelevance proposition: The Modigliani Miller Theorem provides circumstances under which an enterprises financial decisions are independent on its value. Modigliani (1980, pxiii) explains the Theorem as follows: à ¢Ã¢â€š ¬Ã‚ ¦ with well-functioning markets (and neutral taxes) and rational investors, who can undo the corporate financial structure by holding positive or negative amounts of debt, the market value of the firm debt plus equity depends only on the income stream generated by its assets. It follows, in particular, that the value of the firm should not be affected by the share of debt in its financial structure or by what will be done with the returns paid out as dividends or reinvested (profitably). There are four distinct results that are understood from the Modigliani Miller Theorem and they are as follow: The debt-equity ratio does not affect its market value under certain conditions. The second proposition inculcates that a firms debt-equity ratio is unaffected by its weighted average cost of capital that is the cost of equity capital is a linear function of leverage. Firms market value is sovereign of its dividend policy. Stock-holders are non-chalant about the firms financial policy. The modern theory of capital structure started with Modigliani Miller(1958) on the plight of capital structure irrelevance. The distinct results shown above were based on the following assumptions: Market prices cannot be influenced by scale of an individuals transactions that is all investors are price-takers. Firms and investors being market participants can lend or borrow at the same riskless rate. Income taxes are neither paid on the corporate level nor at a personal level. There are no transaction charges or allowances. Investors are all rational wealth-suitors. Enterprises are grouped into homogeneous risk classes such that all members of the group obtain the same return. Similar expectations about future company earnings are formulated by investors ( normal probability distribution). The assets of a company that can no longer carry out its business( insolvent) can be sold at full market values. Criticism of the Modigliani and Miller theory There is a common argument that Modigliani Miller provides a means of finding reasons why financing may matter but does not provide a reasonable description of how firms finance their operations. This is supported by a number of researchers such as Hamada (1969) and Stigiltz (1974). The theorem has given rise to a lot of questions. How do firms choose their capital structure? Do firms have target leverage? What are the determinants of firm capital structure decisions? Many researchers have tried to answer these questions in their studies but the results are still enigmatic. The most frequent hypotheses used to address capital structure are static trade-off, pecking order and market timing theory and many others. The criticism against this theorem can be grouped into two types: Papers that deal with the limitations of the arbitrage conditions. Arbitrage process is the operational justification for Modigliani and Miller hypothesis. Arbitraging can be defined as the process of buying a security in a market where the price is low and selling the security in another market where the price is higher. In so doing, an equilibrium is achieved and it implies that the security cannot be sold at different prices. According to the MM hypothesis, the total value of homogeneous firm that differ only in the debt-equity ratio will be similar due to the artibraging condition. The later is no longer smooth due to institutional restrictions and it is also affected by transaction cost due to the limitations of the MM hypothesis. The MM leverage irrelevance proposition bumped much controversy and criticism on the methodology section. Their proofs are based on a more appropriate and fundamental notion than a competitive equilibrium. This is where the arbitrage argument comes into play. When the arbitrage is absent, the economy becomes standard to price repetitive securities and Black Scholes (1973) depended on the MM- type arbitrage argument which was rather clumsy as it was engaged with the comparision of firms whose cash flows had similar risk characteristics. According to Stiglitz ( 1969)  [1]  , firms do not issue much debt as there is the consequence of bankruptcy. The focus switched from the idea of risk class to the importance of bankruptcy. Studies that analyse the effect of market imperfections on the firms choice of capital structure. Taxes, bankrypcy costs, transaction costs, adverse selection and agency conflicts are all part of the major explanation for the use of debt in corporate. Trade-off Theory The various costs and benefits of an alternative leverage plans are assessed by a decision maker who runs a firm. The trade-off theory is originated from a debate over the Modigliani and Miller theory. This is due to the addition of corporate taxes to the primitive irrelevance proposition. A debt benefit is seen to be created which serve as a shield before the takes. Bankruptcy is the offsetting cost of debt that is needed. The optimal debt-equity ratio mirrors a trade-off between the tax benefits of debt and deadweight costs of bankruptcy Myers (1984). A firm that anchors a target leverage ratio and gradually moves towards the target is a firm that follows the trade-off theory. The determination of the target is made by stabilizing the tax shields against the cost of bankruptcy Jensen and Meckling (1977); Harris and Raviv (1990); Taggart (1977). It also weighs up the advantages and disadvantages of using debt. As discussed earlier, there is a shield benefit that acts as a barrier to taxes DeAngelo and Masulis (1980). In addition, there is a reduction of the free cash flow problem Stulz (1990). However, the pitfalls of debt include the feasible cost of financial distress Kraus and Litzenberger (1973); Kim (1978) and the agency cost arising between the shareholders and the creditors. Frank and Goyal (2005  [2]  ) take the Myers earlier notion of trade-off to a new position namely the static trade-off theory determined within a single period and a target adjustment behavior. Agency Cost Theory Jensen and Meckling (1976) launched the agency cost of free cash flow theory. The theory is hinged on the conflict between managers, outside shareholders and bondholders. The conflicts can be either between the bondholders and shareholders which is a result of moral hazards or between managers and shareholders.. According to this theory, the managers do not always use the funds of the firm for the benefit of the company but rather for their own benefits. The managers exploit the powers they have and the abuse can be categorized in three different varieties. Foremost, managers possess ground on which they can enjoy the full value of anything they get from the firm such as private jets since they hold only a fraction of these allowances on the job consumption. Second, they might assay for the entire building as large firms have a tendency to give managers prestige, power and compensation for the work they do just to encourage them. Lastly, they have the power to tyrannise the firm acco rding to their own preferences and make themselves prerequisites by investing in projects which others cannot manage. This negates the wealth of the shareholders.. Harris and Raviv (1990); Bodie and Merton (2000) agency cost is seen to be more relevant to firms in mature industries. As these firms tend to generate cash which exceeds their investment needs. The availability of free cash in mature industries is higher and easily used for the management of the firms. Nyborg (2010). Therefore, it is true to say that agency cost is more relevant to larger firms. Market Timing Theory The market timing theory is based on the fact that enterprises prefer to issue stocks when the prices of the stocks are high and repurchase the stocks when the prices are falling. The assumption they make is that the market can be timed and managers really try to time market. The issue of debt and new equity can be made based on past price movements Marsh (1982). In a survey of British firms, CFOs harbor that they try to time the equity market. Those who considered the issue of shares reported that the amount by which the stocks are undervalued and overvalued is an important factor Graham and Harvey (2001). The shocks of equity price have an inexhaustible effect on the corporate capital structure. Following increments in stock prices, firms tend to issue equity and repurchase shares when the stock prices decline which is actually the opposite of what one might expect if corporate tended to equalize their structures towards a target Welch (2004). Fischer, Heinkel and Zechner, (1989) observed that with new debt and equity issues over time, firms tend to return to their preferred leverage range. More specifically, firms are forced to march out from the preferred level of debt to equity ratio by embrassing more debt as a source of financing to new projects or as a way to self- defend themselves against take-overs show a transcendence to paying down debt to rebound to a more acceptable mix of leverage. Muscarella and vetsuypens, 1990. The Pecking Order Theory Donaldson (1961) had been the first one to describe the prominent story based on a financing pecking order. He monitored: Management strongly favoured internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for funds.  [3]  According to the picture that Donaldson framed, companies quietly complied retained earnings, becoming less tilted when they are lucrative and gather debt, becoming more uplifted when they are unprofitable. If companies are otherwise heedless about their capital structures as suggested by Miller (1977) then they will not make future capital structure selections which compensate the effect of their earnings history. But the common pecking order theory branches out from Myers (1984). A firm pursues the pecking order if it prefers  [4]  internal financing and debt equity if the external financing is used. The pecking order theory is proposed by Myers and Maljuf (1984) and is an application of asymmetric information theory. Following this theory, the managers of a firm who are considered as insiders are likely to posses private information about the firms quality and investment projects. Ergo, the choice of a firms capital structure strikes the outsiders who are actually the investors the information to managers. Because outsiders have less information than the managers regarding the value of the firm, the issued equity will be underpriced by the market. Financing the project through a security will prevent such a situation to crop up that is the security will not be undervalued by the market. The securities used can be in the form of retained earnings as internal funds and risk-less debts. Hinged by the argument set by Myers and Maljuf (1984) , Myers (1984) suggested that the pecking order theory propose that firms finance their projects by firstly using internal funds in the form of retained earnings, secondly through the utility of debts ( risk-less debts are used first and when there is a shortage or there is no more of the risk-less debt, risky debts are used) and finally equity is issued. Pecking Oder Theory speculates that managers do not take into consideration an optimal capital structure when making financial decisions.  [5]  They unpretentiously choose what seem to be the low cost financing devices. Why do firms prefer debt to equity? In corporate finance, asymmetric information refers to the fact that firm insiders, routinely the managers have better information than market actors on the value of their firms asset and investment opportunities. The possibility that the market will wrongly price the firms claim is created by this asymmetry thus providing a positive role for financing decisions of companies. Let us think of a firm who wants to make new investments by making use of its growth possibilities. Given that this firm solicits to supply the resources, it needs to issue stocks. The stocks cannot be fully valued by the investors Myers (2001). Pecking order theory is born due to mispricing which comes to light as a consequence of not knowing the actual values of equity. The existence of asymmetric information lies in the middle of mispricing Halov N and Heider F (2005). As a result of the asymmetric information, the firms quality as good issue stock to find resources, the issued equity are undervalued by investors koupoulos (2006). Since a price cut is liked to be observed from the investors and to avoid this situation internal resources are preferred rather than issuing equity to finance investment without incurring any cost that arises from asymmetric information. Fama and French (2002) found that later supply resources used in investment financing are debts as they bear a low risk. Due to the problems that are initiated by asymmetric information, firms hash external resources use as a cheaper policy as compared to the issuance of equity. There are several reasons why firms consider external financing as a better option to finance investment. One of them is the position of organizational sales. Enterprises with sturdy sales line gives the supremacy to finance through debt for their needs by availing form market trust towards them. These firms, therefore, have no trouble in repaying their debts due to the stable sales and their earnings. They are also liable to having recourse to debt more easily. Additionally, size and structure of firms is another factor to be considered. Firms having more accessorized assets put borrowing first in line of their resources list since they will easily get debt. Tax advantage is as well a factor that can be added to the above list as it prioritize debt financing. A correction on the original model has been suggested by Modigliani and Miller (1963). In the new model, they clearly incorporate the corporate income tax, while the other assumptions were kept untouched. Assuming ceteris paribus, the value of the firm (VL) will be maximized as it is a function of the market value of debt. In theory when the levered firm reaches its maximum market value as it is financed entirely by debt. To finance their needs of financing, the firm should use as much debt as possible. To further relax the Modigliani-Millers assumption, Miller (1977) introduced personal taxes together with corporate taxes into the model assuming that all enterprises have similar tax r ates. According to him, the relatively higher personal income tax paid on bonds by firms should be grossed up by any differential that bondholders will pay on their interest income otherwise, bonds will have no value and no one would want to hold bonds. Therefore, in equilibrium the debt advantage is negligible. De Angelo and Masulis (1980) brought in the recognition of the existence of a non- identical marginal tax rates among different firms and the outcome of tax-shield items in the financial statement other than interest expenses. As far as capital structure is concerned, they brought in two implications. First, in equilibrium a firm who is considered as a borrower benefits from a positive gain from leverage if the tax rate is higher than the marginal firm because of a low pre-paid interest rate they pay. Moreover, items such as depreciation, oil depletion allowances and investment tax credits are defacto non cash charges. They predicted that there is a positive relationship bet ween the level of debt and the effective tax rate and a negative relationship to the amount of non debt tax shields available to them. The interest rate of debt users is deductible from tax base which in turn relinquishes the importance to debt instead of equity. Equity financing confers rise to transaction costs and to avoid this problem financing through debt is viewed as another reason Fama and French (2004). In addition to that, uncertainty of control that might be experienced in enterprises is seen as a plausible factor. The presence of new shareholders confirms the fact that they will prefer stock financing as a lack of resources and will eventually give rise to risk of management control in firm whilst in financing via debt, there is no such risk of control loss. Lamont (1997) evaluates that more than three-quarter of corporate investments in US are made through internal financing. Further, Fazzari, Hubbard and Perterse  [6]  n (1988) has shown the delicacy of investment to internal cash flow, accenting the cost advantage of internal resources and thus explaining the fact why firms have recourse to external funds. Leary and Roberts (2005) also found that firms will not have recourse to external capital markets if they have sufficient internal funds but they are more likely to make use of the external funds when they have big investment needs. Event studies also provide a significant amount of evidence indicating that information is conveyed. Repurchases made through debt had larger announcement returns than those financed with cash thus representing larger increases in financial leverages Masulis (1980) and Vermaelen (1981) ). Heinkel and Zechner (1990) analysed an expanded catalogue of risky securities that include preferred stocks. Assuming a given capital structure and asymmetric information about investment quality, they showed that in an amalgamated equilibrium, all stock firms tend to overinvest and accepted some negative NPV projects. The overinvestment can be eliminated by issuing an initial debt which resulted in an optimal leverage ratio. Besides, an underinvestment problem is created if managers make use of more debts considering the tax advantage of debt. Nevertheless, a kindred issue of preferred stocks will enable the firm to issue a higher level of debt desired without creating the problem of underinvestment. Therefore, managers develop an optimal capital structure with debt, preferred stocks and common r which is consistent with the pecking order theory. There are also researchers that went through adjustments of capital structure around long run optima.  [7]  Marsh (1982) was one of them as he predicted that firms that have a leverage ratio below the average for the last 10 years are more likely to issue debt. Jalilvand and Harris (1984) is consistent with the results of Marsh (1982) as he shows that 108 of US manufacturing firms tend to issue long term debt when the long term debts are below average. The Pecking order theory is tested on both large firms and small firms. Most of the studies have been carried out on large firms. Few studies focused on small and medium sized firms. Since SMEs confront more information asymmetry problem, it is said that the financing decisions of SMEs are better explained by the pecking order theory. Consequently recent studies have attempted to explain the financing decisions of small firms in the context of the pecking order theory. They also argue that there is a lot of differences between large and small firms. It is not only a matter of size, this is why accurate models are used to study the decisions of the latter. The problem of information asymmetry is more persistent within small firms than in large firms. This is due to the scarcity and informality of information that is available. The financing structure of small firms is explained by using a financial growth cycle by Berger and Udell (1998). (à ¢Ã¢â€š ¬Ã‚ ¦) in which financial needs and option change as the business grows, gains further experience, and becomes less informationally opaque. For the first two years namely the initial stage or the infant stage, companies face more information asymmetries as their main source of funds are from friends and relatives, trade credit and investors. As the age and size of companies become large enough, credit from financial institutions become more available. This is a typical view of pecking order where the degree of information asymmetry decreases as the firms grow in size and experience. Small firms find external equity costly due to the fixed costs of initial public offerings. Chittenden et al (1996). A SME pecking order was described by Zoppa and Mc Mahon (2002).  [8]  As pecking order theory prescribes, the internal funding is the first choice. In second position, the company uses short -term debt which includes trade credit and personal loans. Long-term debts are then used which include loans from owners, family and relatives. The last alternative is equity. The study of Gebru (2009) is found to be consistent with other studies as pecking order theory holds to be true for SMEs. The sample used is from Tigray and it is seen that the educational level of owners decreases and there is less intrusion in the form of ownership. Ownership type, acquisition type and owners level of education are found to be the major determinants of MSE financing preferences. However, Murray and Goyal (2003) demonstrated that pecking order theory fails where actually it should be liable and this applies for small firms where the main problem is information asymmetry. Various studies have been carried out to test the validity of pecking order theory. Evidences have shown that many researchers are for the theory and the others are against and they are as follow: Shyam- Sunder and Myers (1999) proposed to investigate the pecking order theory in the US market. According to them, the pecking order was described as an excellent first order caption for financial behaviors of companies. The slope of a firms deficit is alleged to be equal to one and the coefficient of the intercept is zero if the pecking order holds. The regression is made to the change of debt in year t. Besides, results unveil that pecking order shows a greater confidence when tested with the target adjustment model. However Chirinko and Singha (2000) examined the interpretation of Shyam- Sunder and Myers (1999) regression test as it showed that the hypothesis test used by the later suffered from statistical power problems. These problems mustered the questions about the validity of inferences hinged on their new testing strategy. The former found out that the assumption of the slope of the deficit being one was not a necessary assumption for pecking order theory to be valid. The slope coefficient would equal to one if pecking order holds and will fall short to unity if the pecking order is not valid. Coupled with the above, the importance of information asymmetry as a determinant of capital structure as proposed by pecking order theory is tested by Bharath, Pasquariello and Wu (2009). It is seen that for the period, the test was carried out, information asymmetry did actually affect the capital structure decisions of US firms. They estimated that for every dollar of financing deficit to cover, firms in highest adverse selection decile issue more debt than those in the lowest decile. They also found out that its only when information asymmetry is to its minimum that firms will prefer to issue equity. These evidences explain the partial relevance of pecking order theory. Besides, Lemmon and Zender (2006) tested the modified version of pecking order theory. The debt capacity of a firm is taken into consideration. They wrangled that the financing choice of firms may depend on its debt capacity. This is because they believe that to fulfill financing needs, some firms may save on the debt capacity. Internal funds remain first on the financing list for all firms. Firms that are flexible to debt capacity will chiefly use debt to fill their financing deficit. Hinged on these findings, they came to the conclusion that the firms debt capacity is a good descriptor of financial behavior and goes along with the modified version of pecking order theory. Tong et al (2011) tested the static trade off theory against the pecking order theory for US firms. According to them, pecking order theory produces issuance of debt until the debt capacity is attained. Their evidence indicated that pecking order is a better headline for US firms issue decisions than the static trade off theory. The Australian case was evaluated by Suchard and Singh ( 2006). The Australian market can be distinguished from typical US and European markets as it has many distinct characteristics. They found out that listed debt market was limited. This is mostly where firms obtained bank debt, debts that are convertible but not callable and stand alone warrants which are used to raise capital. They examined the determinants of security choice for hybrid issuers based on these differences and claimed that the results supported the pecking order theory. Coupled with the above, the linkage between managerial optimisim and corporate financial decisions was verified by Lin et al (2008)  [9]  . The evaluation was carried out by testing the Heatons (2002) model. Apart from information asymmetry, managerial optimism also contributes in the pecking order theory. Lin et al (2008) wanted to know if the pecking order preference was better when the managers were more optimistic. Listed Taiwanese companies were used in their sample and a stronger relationship was found between the issuance of debt and the financial deficit which is consistent with the model used by Lin et al (2008). In contrast, Faulkender and Wang (2006) provide restrained evidence for the pecking order theory. According to them, approximately a value of $1.43 is placed on companies cash holdings by investors of equity firms. This is done as it prevents a company from paying costs when raising capital in the market. Since, external financing becomes more difficult and costly to obtain, the cash value is higher for firms facing hindrance on additional financing. However, the cash value decreases as cash holdings become larger, high leverage, better cash to capital markets and larger cash distributions through dividends rather than the repurchase of shares. Next, many individual financing decisions of firms were screened by Fama and French (2005).  [10]  They found that these decisions were in contradiction with the important prognosis of pecking order theory. To give an example of the contradictions, pecking order theory states that equity issues should be the last option to be used but yet, it is observed that most firms issue some sort of stocks annually. Leary and Robert (2010) contended that pecking order theory was no way able to meticulously classify more than half of the observed financing decisions of US firms. They also suggested that the little pecking order behavior that was seen was due to incentive conflicts rather than information asymmetry. Further, Gonenc (2008) studied to verify the extent to which pecking order theory was incorporated in corporations in the US, the UK, Germany and Japan. They speculated that investors from the UK and US had an asymmetric information problem which was caused by the large spread of equity being owned. He proponed that in these countries, two managers and insiders have more information than outsider investors. German and Japanese investors faced the same asymmetric information problem mainly due to the less information flows. But evidences have shown that US, UK and Germany firms were not very supportive when it came to the pecking order theory while Japan supported the pecking order theory during the 1980s and 1990s. The impact of industry membership on the capital structure dynamics were scrutinized by Tucker and Stoja (2011) over the period from 1968 to 2006. They recommended that pecking order theory could explain only a few aspects of UK corporations capital structure policies, but it does not give an adequate explanation of their behaviours in the real world. More explicitly, they perceived that in the short run, old economy firms followed the standard pecking order theory but the new economy corporations prefer equity to debt when external funds are required. The incremental financing decision for 150 Dutch firms was estimated for the period of 1984 to 1997 by Haan and Hinloopen (2003). A distinction is made between internal financing and three types of external funds: bank borrowing, debt issues and equity issues. They concluded that Dutch companies had ingrained financing preferences namely, internal financing was preferred in the first position, bank loans are used secondly, thirdly equity are issued and finally bonds are issued. In addition, an investigation was carried out by Delcore (2007)  [11]  as to whether capital structure determinants in emerging Central and Eastern European (CEE) countries followed the traditional capital structure theory. The explanation of capital structures in CEE cannot be made by the pecking order theory. They came to the conclusion that there are factors that influenced the leverage decisions for CEE countries and they were: the difference of banking systems, disparity in legal systems governing corporate operations, shareholders and bondholders rights protection and corporate governance.

A Student’s Life in “Challenging The Traditional Classroom”

Education is a wonderful asset to anyone. With a good one the sky is the limit, and without one opportunity may never come knocking. In today†s society, so much emphasis is put on education. How many times have we heard the saying â€Å"if you get a good education, you†ll get a good job and make a lot of money†? Even today, my parents remind me of how much a college degree would add to my marketability. But when does it become too much? Is it possible that one could overlook the more important values in life in search to become a â€Å"learned man†? In Richard Rodriguez†s story Challenging The Traditional Classroom he examines his life as a student, and the affects his learning has towards his attitude about family and heritage. Rodriguez is without a doubt a very talented student. His ability to learn is enviable. Many times I would wish that I were able to get into my academics as much as he was into his. For example, while in high school, my English class was reading several plays by Shakespeare. With all the difficult words and hard to follow story lines, it would have been extremely helpful to have been able to go through the plays willingly, and with enthusiasm. Instead, I read it because I had to, for fear of getting a bad grade. On the contrary, Rodriguez actually enjoyed schoolwork. He tells us, â€Å"†¦. any book they (teachers) told me to read, I read –then waited for them to tell me which books I enjoyed. Their every casual opinion I came to adopt and to trumpet when I returned home†¦ â€Å". He approached academics with an eagerness that left everything else behind, including his family and culture. As Rodriguez became more involved with his academics he drifted further away from his family. The intimacy once shared between them was disappearing. â€Å"He takes his first step toward academic success, away from his family. â€Å". His family also understood the importance of education, as his siblings did well in school, but were never â€Å"so anxious about their schooling†. Upon making sure that her children learned English, Rodriguez†s mother would tell them to maintain their Spanish. This was obviously a hint to the children to remember their culture. While soaking in all his academics, Rodriguez intentionally abandons his culture. He makes it obvious that he wants nothing to do with his heritage by imitating the accents and diction of his teachers. He also doesn†t participate in family gatherings, which is evident when he tells us, â€Å"Nights when relatives visited and the front rooms were warmed by Spanish sounds, I slipped quietly out of the house†. Rodriguez actually uses his academics to move further away from his culture. He believes that being educated in academics will truly make him successful, and â€Å"like his teachers†. It†s sad to think that one could put so much focus on education, and not see the importance of family and heritage. These two things are what make us who we are, and despite what we go through, they will remain unchanged (in most cases). Rodriguez learns this lesson first hand when he realizes the error in his ways. He goes back to his family and heritage, who end up still providing the love and compassion that has been, and always will be there.

Website Design & Development Proposal for Netrux Global Concepts Limited

Website design & development proposal for Netrux Global Concepts Limited Submitted by Ojumatimi Olusegun, Matric Number 010403085 (Full Time) To the MBA department On 02/11/12 Course: Research Methodology (MBA 804) Lecturer: Prof. S. I. Owualah  © Crystal Design Corp 2012 Email: [email  protected] com Web: www. cystaldesigncorp. com Date2nd November, 2012 ClientNetrux Global Concepts Limited Contact:215/219 Ikorodu Road, Ikorodu Lagos Phone: 014708945 Email: www. netruxng. com Project titleWebsite design and development for Netrux Global Concepts Limited Project description The project will involve designing a website for Netrux Global Concepts Limited. The website will be designed to the very highest standard and will reflect Netrux Global Concepts Limited’s established corporate identity. We will use Dynamic HTML code, an open source content management system (CMS) which will allow you to easily add content such as products, text and images to the website with a minimum of technical knowledge, within a tightly defined design framework.We will design the site with Google in mind, however a further online marketing campaign using search engine optimization (SEO) is strongly recommended at some stage in the future, in order to maximize the number of visitors to the site. This work can be done by us, or can be done by another suitable agency. We also recommend building up a mailing list of potential and current clients, in order to send a monthly newsletter to them with good news + special offers. Scope We would undertake to do the following: a.Planning and wireframes b. Photoshop / Fireworks design of homepage look and feel, based wireframes & client suggestions. Up to 3 alternative look-and-feel versions are included in the quote. c. Image research. d. Design of up to 20 interior page templates, based on signed off wireframes. Up to 10 iterations of each are included in the quote as standard. e. Coding and cross-browser testing of all templates. f. E xtensive cross-browser testing at multiple resolutions. g. Creation of up to 8 contact / enquiry forms, if required. . Pages to be coded to be SEO friendly. Note: Keyword research and other SEO is not included in this quote. i. Setup of Dynamic HTML content management system (CMS), for editing text and images on main website. j. Remote training with CMS, delivered via Skype. (up to 1. 5 hours) Note, onsite training can be arranged for an additional cost. k. Basic user guide to CMS. (supplied as video or PDF) Optional We anticipate the client has a relatively small number of high-value customers.Therefore it is worth considering creating some custom-designed email newsletter and promotional templates to keep in touch with the customers and increase customer loyalty and brand awareness. This is an optional extra and would include: a. Setup of email marketing system for capturing email addresses. b. Creation of email newsletter and promotional templates. c. Testing of emails in multipl e email software, including on iPhone, iPad, Blackberry. d. Remote training with email marketing system, delivered via Skype. (0. 5 hours) Note, onsite training can be arranged for an additional cost. Budget Website design & development The budget for the design & development of the website, including integration with the CMS would be N1,490,000. Images Image research is included in the budget. The price of purchasing images or custom photography is additional. All image purchases will be agreed with the client in advance. Copy writing Copy is to be supplied by the client, therefore we have not quoted for it. Should additional copy be required we shall be happy to quote for it. TrainingRemote (Skype) training and CMS user guide (generally delivered as training videos) is included within the budget. Website hostingN450,000 Optional extras: Email design, setup and training N150,000 Monthly email cost:190,000/month (for up to 500 subscribers) Onsite trainingN700,000 Timescale We would anticipate the project taking 10-14 weeks to complete. The exact speed of design & development will be affected by client turnaround times, for example responding to designs etc. About Crystal Design Corp We’re a small company that helps our clients get impressive results from their websites.Our approach is simple. We believe what matters about a company’s website isn’t how pretty it is or how clever the programming is, it’s how successful the site is. And as any good business person knows, success doesn’t come overnight. That’s why we like to work with you over a reasonable period of time to gradually improve the results your website achieves. Clients Our clients include national and multinational companies such as Federal Inland Revenue service(FIIR), Shell Nigeria, Exxon Mobile, Nestle Nigeria Ltd as well as financial institutions like Diamond bank, GTBank and Citibank.Testimonials If you’re going to be building your business based on systems a web development company has created, it’s important you can rely on them. Here’s what some of our customers say about us: Working with Crystal Design Corp is amazing. Those guys rock! Adesegun Samuel, Exxon Mobile The reason we use Crystal Design Corp is that as well as producing really high-quality work, they're reliable, easy to deal with and able to turn around quick deadlines. I can't recommend Ojumatimi and his team enough! Mike Adenuga, Globalcom NigeriaOur background The company was set up by Ojumatimi O. , CEO, crystal-designs in 2011 after working as a web designer for other agencies since 2009. Sola has been a professional web designer since 2007, and has been designing websites since 2005. The Team We have a team of full-time staff, and a network of freelancers we call on for specific expertise or to assist when we get busy. Our core team consists of: Core team: Sola O. , Designer / CEO Lasisi M. Co-Founder, Developer Tosin H. , Junior Designer Additional experts: Tosin A. Photographer Demola O. , Copywriter Seye Cole, Developer Validity This proposal is valid for 2 months from the date at the top. A 40% deposit is due prior to project commencement. The balance is payable on completion. This proposal is for information purposes only and does not form a contract. We aren’t currently VAT registered. Thanks! Thanks for considering working with us †¦ we really appreciate it! If you’ve got any questions, just ask us and we’ll answer them. Email [email  protected] com or call Sola on 07069176181.

Narrative of Lord of the Flies essays

Narrative of Lord of the Flies essays It all began when we crashed on the island. The Island was spectacular, a paradise, our paradise. There was about 15 of us, almost all were complete strangers. I sat there, blowing the conch, the beautiful, powerful conch, as the boys on the island came to the platform. Then we saw a darkness coming towards us; that's when it all began. The experiences i had on this island, this paradise, changed me forever. To begin, most of us did not know each other, yet quickly made bonds with each other, such as Piggy and I. All of us decided we needed a leader and the choice was either Jack or I. I was chosen, that is when Jack began to hate me. At first, everything went well, we had many meetings, which the boys loved, and we made rules. Some of the boys had certain roles or jobs, such as Jack and his choir being the hunters, and Sam and Eric watching over the fire. Everyone agreed that we should have rules and jobs, but no one wanted to follow these rules of do their jobs. "We've got to have rules and obey them. After all, were not savages..."(Golding 38) Jack said. After a conversation with Jack about the boys not working and the hunters not killing any pigs, the tension between us was felt at al times. Not long after crashing on the island, the boys began to resort to violence. Jack and his choir began to love hunting, just for the feeling of power after they've killed. Jack began to bring more boys hunting with him, which caused the boys to stop following rules and stop doing their jobs. The boys came up with a chant for celebrations after killing pigs. "Kill the pig. Cut her throat. Spill her blood"(Golding 63). Everyone participated in the celebrations and chants, including me. Sometimes, though, some boys got carried away. During the chants, one boy would act like a pig and all the other boys would be hunters. In the where some boys got carried away, the boy acting like the pig would get hurt. Thi...

Risk Control Systems and Performance

Risk Control Systems and Performance Critical control systems Critical risk control systems are essential in various infrastructures notably those in the energy sector.Advertising We will write a custom assessment sample on Risk Control Systems and Performance specifically for you for only $16.05 $11/page Learn More Due to the increased integration in enterprise systems in modern settings, there is an increased need for the establishment of inherently secure risk control systems which are designed and implemented in such a way that they minimize vulnerabilities to constant threats being posed by both internal and external forces (Young et al 2005). Occurrence of these risks would heavily impact on the effectiveness and efficiency of the organization consequently impacting on the profitability as well as the outlook of the organization (Fraser 2010). Energy companies are often confronted by severe technical security risks due to the delicate nature of their operations. It is therefore the duty o f the organization’s owners and operators to establish the link between the prevailing risks in production and distribution process for energy products and vulnerabilities inherent in the risk control systems (Young et al 2005). Subsequently, the firm’s management should institute and integrate risk control systems, which should be continually improved in order to defend creation and distribution operations from any harm (unintentional and intentional). It is important for companies to implement efficient risk control systems since failure of the same may result in endangerment to human life and the environment, loss of profitability for the affected company, and harm to the nation’s energy production infrastructure (Young et al 2005). Risk refers to the possibility of occurrence of an event that could adversely affect the company’s personnel, assets, environment, reputation or even overflow to the external surroundings (Poupart-Lafarge 2007). Risk is the refore a necessary part of the organization which should be approached with a lot of caution.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Since risk taking is an inherent part of any business enterprise seeking to prosper in the market, it is important for the organization to embrace an amount of risk adequate for effective performance of the business. However, these risks require proper management and control in order to enhance the company’s ability to achieve its long term objectives and maintain its profitability. Risk management and critical control systems play an important role in directing organizations towards achieving operations safety by continually preventing and managing these risks (Poupart-Lafarge 2007). Risk control systems therefore refer to a dynamic system adopted by a specific organization to regulate and maintain risks in the company at certai n acceptable levels (Poupart-Lafarge 2007). Critical risks control systems entails a set of resources, procedures, guidelines and actions that are adopted by the organization in order to manage risks. The risk control systems play a major role in creating and preserving the organization’s values, assets as well as its reputation in both the internal and external environment (Poupart-Lafarge 2007). The risk control systems seek to identify and address the potential risks and opportunities that the company is likely to incur in the future on occurrence of risks after which they address and anticipate these risks rather than submitting them passively. The risk management systems assist in the process of decision making and the company’s processes to attain its objectives (Poupart-Lafarge 2007). Through the control systems, the organization seeks to identify the main incidences and events that are likely to influence the company’s long term performance and interfere with the attainment of the company’s objectives. Since it is every organization’s goal to reach the highest level of performance, controlling these risks promotes the company’s performance and enhances the attainment of the company’s objectives. Risk management is an integral part of any organization’s decision-making and operating processes since the decisions made by the organization have to be based on the possibility of occurrence of various risk. Risk control systems allows managers to gain a comprehensive outlook of the company’s threats an opportunities consequently enabling them to make informed decisions based on the probability of risk.Advertising We will write a custom assessment sample on Risk Control Systems and Performance specifically for you for only $16.05 $11/page Learn More Risk control systems and risk management promote consistency of the company’s actions with its value (Poupart-Lafarge 2007). This is because they seek to address the issues likely to affect both the internal and external environment consequently demonstrating corporate responsibility. Occurrence of risks often threatens the company’s credibility and reflects the company’s lack of consistency between decision making process and critical risk costs. It is therefore important for organization’s to contain the effects of risks occurrence by ensuring that the risk is efficiently controlled. Sound risk control systems significantly reduce the probability of risk occurrence consequently promoting the image of the organization both internally and externally. In addition, risk management systems promote cohesion among company’s employees as well as other stakeholders as they work together behind a shared vision of reducing the incidences of risk occurrence in the organization. It is the duty of each organization therefore, to establish a risk control system that is applicable to its specific circumstances (Poupart-Lafarge 2007). The risk control system should incorporate an organizational framework that defines the roles and responsibilities of all the stakeholders, sets out the procedures, and clearly outlines the consistent standards of the system in order to enhance the attainment of its purpose. In addition, the framework should constitute a risk control policy that sets out the system’s objectives in accordance with the corporate culture that should highlight the company’s approach to the identification, analysis and management of risks in the organization. Further, the system should have an advanced information system that facilitates efficient and accurate dissemination of information within the organization. This ensures that the relevant information is transmitted intended recipient within the stipulated time which consequently enhances performance in the organization. An efficient risk control process manifests itself in a three sta ge process; the three stage process entails risk identification, risk analysis and risk management procedures (Poupart-Lafarge 2007). In risk identification, the company seeks to establish the main risks threatening the company’s attainment of its goals and objectives. These risks may derive from internal or external forces.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Risk analysis on the other hand involves the examination of the potential financial, personal, and environmental as well as the reputation implications of the risk occurrence on the company (Greenberg 1991). This enhances the company’s response to accidents upon occurrence. Further, the likelihood of risk occurrence should be assessed in order to award priority to events most likely to occur. The final step involves risk management procedures whereby the most appropriate action plans for the organization are chosen and executed (Poupart-Lafarge 2007). The organization adopts these measures in order to maintain a certain acceptable level of risk necessary for effective performance of the company. The organizations’ risk control systems seek to reduce the amount of risk, transfer the risk, and accept the risk or to completely eliminate the risks. The company makes the appropriate decision by weighing the costs and the opportunities of risk management measures with due co nsideration of their potential effects on the overall performance of the organization as well as its environs. The organization should subject the risk control systems to periodic supervision and reviews which facilitates constant performance improvement. Critical risk control systems for a nuclear plant Nuclear plant activities carry with them an inherent risk that may negatively affect people or the environment (Heinrichs and Fell 1995). Consequently, the aim of all risk managers in the industry is to maintain risks levels as low as possible. The governing bodies embark on extensive regulation and control of the plant in order to safeguard it from internal and external threats. The United States Nuclear Regulatory Commission protects nuclear materials within the country from misappropriation, sensitive information from unauthorized disclosure, and regulates the use of radioactive materials in the plants in order to protect people and the environment (NRC 2010). Radioactive materia ls pose danger to human life and the environment through exposure to ionizing radiations. As defined by IAEA in 1988, one of the major goals of safety management in nuclear plants is ensuring the protection of the plant’s personnel, the general public, and the environment through extensive defence against radiological hazards (Neeb 2007). The US NRC has implemented various measures to attain this goal. The events of September 11th that resulted to massive losses of lives prompted US to increase its emphasis on security of radio active materials. Consequently, the NRC has been fully dedicated to the process of providing security to nuclear materials without discouraging their beneficial use through the office of federal and state materials and environmental management program and the office of nuclear security and incidence response (NRC 2010). In the modern global energy, nuclear plant management are confronted with numerous dimensions of risks other than radio active hazards . Therefore, the management has to address these risks in order to remain competitive in the global market (IAEA 2001). Due to major advancements in information technology, there is an increased need for securing sensitive information in nuclear plants. Both classified and sensitive information relating to nuclear operations must be protected by the governing bodies due to its delicate nature. This is important since leakage of information to unauthorized persons may in some instances result in threat to national security, or enable unauthorized people to design, utilize or manufacture nuclear weapons (NRC 2010). According to a report by IAEA (2001), the operating system of nuclear plant comprises of three major sectors; safety, productions, and commercial sectors which are embedded within a strategic outline and are interdependent of each other such that a decision made in one of the sectors consequently impacts on the performance of other sectors. An integrated risk control system therefore analyzes these factors and aims at minimizing or eliminating the risk associated with the same. Various bodies have been established to regulate nuclear activities in the world. These bodies award responsibility to the material licensees to maintain security and accountability of the radioactive material in their possession (NRC 2010). The nuclear licensees and security regulators have consequently agreed on a shared vision to ensure safe, secure and efficient utilization of nuclear materials under the Regulatory Nuclear Interface Protocol (HSE 2009). Plant protection and mitigation systems form an additional yet separated system of layers to the control systems by monitoring the nuclear plant variables (Chapin 1997). If these systems detect that the plant monitoring and control systems are not operating in line with the plant’s pre determined set of conditions, they proceed to shut down the plant. The systems (mitigation and protection) are discrete for the reason that they are physically detached from the software and hardware being employed by the firm’s control and operating systems. In addition, they are environmentally designed to survive in the harshest anticipated accident conditions e.g. earthquakes (Chapin 1997). Licensing of risk control systems is governed by the Regulatory Commission in United States. The federal government has established the (DHS) which has the overall responsibility among the federal agencies for assessing the vulnerability of the nation’s critical infrastructure to external threats and coordinating efforts to enhance security of the same. Back in 2005, DHS sought to inspect the nuclear sites in the United States in order to conduct security reviews which would assist them in assessing the risk and consequences of various events likely to affect the nuclear power plants (Wells 2007). This enabled the body to establish the most effective way of allocating federal resources to improve security in t he nuclear plants. For the Nuclear Regulatory Commission, the primary focus is on the security of the sites and the protective measures applied to enhance such security. The NRC staffs possesses vast knowledge and experience on matters relating to threat assessment which comes in handy in the process of assessing the possibility of threat to the nuclear power plant. Through the use of reports and secure data bases, the NRC is able to analyze the information in order to identify specific references to nuclear power plants and to determine the possibility of terrorist attack to the nuclear plant (Wells 2007). Identification of risk control systems Flight control is an interesting yet a technically challenging subject for which a wide range of engineering disciplines have to align their skills and efforts in order to establish a successful control system that ensures that the aircrafts are operated in safe conditions (Pratt 2000). Since airline operations require maximum security and s afety conditions, it is important for the airline management to ensure that the safety standards are maintained at all levels in order to avoid accidents. The causes of accidents and incidents in aircraft operations refer to events or conditions that lead to occurrence of aircraft accident. Accidents on the other hand refer to occurrences that affect the normal operations of an air craft. Accidents may occur during the operations from the time a person boards an air craft to the time that all the people have disembarked from the plane that results into serious injuries to people, damage to the air craft and/or the disappearance of the aircraft (National research Council 1998). In the bowtie, the possible risks for the aircraft are clearly outlined. The causes of risks range from helicopter failure, overloading the helicopter, hazardous cargo on board which may result in aircraft accidents. In order to reduce the probability of such risk occurrences, the management should utilize pro per risk control systems. Aircraft operators should strictly adhere to quality control systems which considerably reduces cases of aircraft failures and accidents. Aircraft owners and operators should ensure that their suppliers are providing them with approved aircrafts which have undergone extensive inspection and approval by the governing bodies. Aviation contractors should ensure that the helicopters are maintained in good and safe working conditions in order to promote safety in the long run. Regulatory bodies should certify effective aircraft manufacturers and constantly inspect their production processes in order to promote continuous quality aircraft manufacturing. In addition, the manufacturers must incorporate the standards upheld by airline operators which ensure that high quality aircrafts are utilized consequently reducing the probability of aircraft failure. Governing bodies should ensure that safety procedures are followed at all levels of operations in order to preve nt helicopter. Aircrafts should be used for the appropriate duties and the operators should be highly qualified. Experienced and qualified pilots have the ability to execute their duties effectively and this significantly reduces the number of accidents. The pilots should accurately calculate the required weight and balance for each trip in order to avoid overloading the aircraft which often result in aircraft accidents. In case of adverse environmental conditions, the pilot has the authority to abort any take off or landing in order to prevent an accident. A competent pilot has the ability to adjust route in order to avoid sudden environmental changes such as storm. However, the airline operators should ensure continuous and accurate monitoring of environmental conditions in order to avoid such incidences. Effective communication among the relevant stakeholders is important in the coordination of aircraft operations. The helicopter landing officer should be in constant communicatio n with the pilot in order to promote safe landing and take off. Pre flight induction and video briefing should be highly emphasized in order to enlighten those on board on matters regarding safety and emergency procedures. Effective and constant communication between the pilot and air traffic controllers has been essential in tracing lost aircrafts in the past. Further, the communication enables the air traffic controllers to establish the accurate time for aircraft landing consequently reducing incidences of helicopter crash at the rig. Functional and survivability requirements Continuous monitoring of the performance and quality standards of aircrafts and airlines is necessary in order to ensure that safety performance is achieved and maintained in the long run (Heldman 2005). Adopting critical risk control systems in the short run reduces the effectiveness of risk control systems in achieving long term objectives of the airline. To avoid such incidences, the airline administratio n should make use of the AIR monitors to guarantee constant execution of safety standards and continuous scrutiny of the producer’s control systems in order to establish the level of protection and to incessantly validate that they are still abiding by terms of the documentation as well as the delegation that they hold. The airline companies should establish solid regulatory bodies which should govern the safety standards in aircraft operations. Regulatory bodies should ensure that the rules and regulations such as IATA which regulates transport of hazardous materials are strictly enforced in order to avoid aircraft accidents resulting from hazardous material onboard. Further, these bodies should ensure that aircraft operators are highly qualified. For instance, the regulatory bodies should ensure that the aviation personnel possess valid helicopter underwater training escape training which they must present before boarding the aircraft. Regulatory bodies should constantly in spect the quality standards in aircraft operations in order to ensure that they are implemented and practiced in the long run. Effective communication should be embraced at all levels of aircraft operations. The management should constantly motivate their fellow employees to maintain safe standards in aircraft operations. Both vertical and horizontal communication should be promoted in order to promote coordination of the operations as well as contribution by fellow employees. Risk control system should be based on the basic fundamental principles of risk identification, risk analysis, action plan, and continuous monitoring of the process. Communication between aircraft operators should be enhanced through the utilization of modern technology which has substantially improved communication in the modern world Performance assessment Although the airline management may implement risk control systems effectively, it is important for them to assess the effectiveness of the system in orde r to achieve the intended objectives. Integration of risk control systems and safety assurance enables the attainment of this goal within organizations. The risk control process enables the management to identify the hazards prevalent in airline operations and the subsequent assessments of these risks. Performance assurance on the other hand takes control of the process by ensuring that the risks controls continue to be practiced within the organization and that they continue to achieve their intended purpose. This system further provides for an opportunity for the assessment of the need for new controls arising as a result of changes in the operational environment (Halford 2008). The management should therefore review the long term objectives of risk control systems and assess the probability of achievement based on current performance. Reference List Chapin, D. M., 1997. Digital instrumentation and control systems in nuclear power plants: safety and reliability issues: final repor t, Washington D. C., National Academic Press. Fell, R., Heinrich, P., 1995. Acceptable risks for major infrastructures: proceedings of the seminar on acceptable risks for extreme events in planning and design of major infrastructures, Sydney, N.S.W., Australia, 26-27 April 1994. NY: Taylor and Francis. Fraser, J., 2010. Enterprise Risk Management: Today’s leading Research and Best Practices for Tomorrow’s Executives. Canada, John Wiley and Sons. Greenberg, R. H., 1991. Risk Assessment and Risk Management for the Chemical Process Industry. Canada, John Wiley and Sons. Halford, D. C., 2008. Safety Management Systems in Aviation. London, Ashgate Publishing Limited. Heldman, K., 2005. Projects Manager’s Spotlight on Right Management. Canada, John Wiley and Sons. HSE. 2009. Regulatory Nuclear Interface Protocol. Web. International Atomic Energy Agency. Risk Management: A Tool For Improving Nuclear Power Plant Performance, Austria: IAEA Web. National Academic Press, 1998. Improving the Continued Airworthiness of Civil Aircraft: a Strategy for the FAA’s Aircraft Certification Service. Washington DC, National Academies Press. Neeb, K., 1997. The Radio Chemistry of Nuclear Power Plants with Light Water Reactors. London, Walter de Gruyter. NRC. 2010. Ensuring the security of radio active materials. Nuclear Regulatory Commission. Web. Pratt, R., 2000. Flight Control Systems: Practices Issues in Design and Implementation. London, Institution of electrical engineers. Telefonica, S.A., 2005. Annual Report on Corporate Governance 2005. Web. Wells, J., 2007. Nuclear Power Plants: Efforts Made To Upgrade Security, But the Nuclear Regulatory Commission’s Design Basis Threat Process Should Be Improved. New York, Diane publishing. Young M L, Stoddard M, Watters J, Nitschke R, Bodeau D., Kertzner P., 2005. Process Control System Security Technical Risk Assessment: Analysis of The Problem Domain. Dartmouth, Dartmouth publishing.

Central American Immigrants Essay Example | Topics and Well Written Essays - 1500 words

Central American Immigrants - Essay Example For Central American immigrants who have experienced years of political and social strife, immigrating to the US promises opportunity and liberties that they have cease to believe as possible in their respective countries. The issues faced by Central American immigrants is a particular concern since most of immigrants who have become isolated in the US. The situation face by the immigrants are not unique to them or to immigrants. The challenges they face are also shared with other populations that suffer social exclusion or marginalization that may be unique to regional origins . In the critically acclaimed film Toritlla Soup, the plight of many many of these immigrants, particularly those from Central America trying to escape political persecution, face the seemingly impossible choice of having no choice to leave one's country and having nowhere to go. The sense of disenfranchisement prevails in whatever choice they make. At the same time, they also have to struggle with their personal and social identity as they and their family transition to their adoptive communities whose cultural, social and political barriers often lie beyond their competencies to surpass. Ellis and Wright (2005) study of geography and immigration also shows that there are differences in units of assimilation differs based on geography of immigration. They concluded that there is indication that there is sensitivity to political issues. Menjivar (2000) points out that there is a need to develop more intimate perspective of the issue from immigrants points of view. In her study regrading the immigration trends and issues among El Salvadorans, she points out that immigration into the US, whether legal or not, provides limited opportunity for social representation or empowerment. Often, with the focus of "managing" immigrants, policies become insensitive and unresponsive to the issues that are driving immigration trends, in particular those that are illegal. She points out that most policies view immigrants individually without recognizing the informal and formal social networks. The result is that individual immigrants feel that they are isolated from mainstream America n society and rely more on these social groups which can make communicating with the population restrictive, if not combative with the government's various social programs (Johnson, 2006). Menjivar's (2002) subsequent work, this time focusing on Guatemalans, highlight that the challenged that immigrants are often carried over to their offspring whose identity is often split between being American and that of their parent's native country. Anderson (2003) points out that this can create stress particularly for juveniles and also is considered to reason behind delinquency and victimization. Though these populations may have little link or awareness of their cultural or social history they are subject to the social preconceptions that may incite their feeling of marginalization of social exclusion. This has further been attributed to adult victimization and criminal behavior and lead to diminished effectiveness of social institutions and services for these populations as a whole. Survey of the population who have become victims of abuse indicate a significant history of marginalization, cultural or social exclusion (Menjivar & Salcido, 2002). The experience not only incr eases their vulnerability to crime or victimization but also their propensity to commit the acts to others.

FDI attraction in Chile Affected by the Country's Socio-Economical Essay

FDI attraction in Chile Affected by the Country's Socio-Economical Inequality - Essay Example In 2006, the nominal GDP per capita of Chile was recorded as the highest in Latin America. The country however is undergoing a lot of economic inequality (Trading Economics, 2013b). The socio economic inequality is the gap between the rich and the poor. The income difference of a group of individuals, society or the residents of a country is called the socio economic inequality. The economic inequality varies by the economic structures of the countries (Mankiw, 2009). According to several economists the inequality of the distribution of wealth is very essential. This improves competition and increases the efficiency of the individuals. The wealthier individuals tend to save more and spend more which helps the economy in growing. Inequality amongst the individual also increase the social and health related problems of the individuals. The economic growth of a society is also affected (Froyen, 2009) The social inequality has a direct impact on the social cohesion of the individuals, th e population’s productivity and crime rate of the society, cultural and civic participation and economic welfare as a whole (Wessels, 2000). The analysts such as Martinez (2011) are of the view that high growth rate is no excuse for the economic inequality. According to a recent report about three million Chileans are very poor. About 500,000 of the people of the Chilean population are those who are extremely poor. The economic model of Chile and the progressive growth which the economy has shown with time is sufficiently appraisable but still the growing inequality in Chile has caught attention of various economic analysts. Chile is categorised amongst a few countries which have a worst income distribution system. The percentage of the poor population is very high in the economy (OCED, 2002a). According to OECD (2002b), Chile is a nation of population of more than 17 million people. It comes under the category of developed countries and has the worst income distribution syst em amongst those countries. Several economists are of the view that the economic system of Chile would not improve by the economic growth. To improve the economy’s income distribution the government would have to take decisions to redistribute the wealth of the individuals by placing higher taxes. Another economist was of the view that Chile must focus on economic growth and nothing else. The increase in the level of the per capita income of the individuals will surely increase the well being of the individuals. The person who is a resident of Chile and lives on less than $64,134 pesos (US$135) per month is considered to be poor. But a person who lives on less than $32,067 pesos (US$67) monthly is considered to be destitute, according to the official data (Martinez, 2011). A few of the economists are of the view that creating opportunities is a part of the economic growth. Those who are utilising that opportunity are competent. For the incompetency of the rest of the individu als it is unfair to impose taxes and burden those individuals who prove themselves and are the contributing factors fro the economy. ETHICAL FAMILY INCOME TO IMPROVE SOCIETY Felipe Kast, minister of planning for Chile called the ranking by the OECD (2002b) report â€Å"shameful for its levels of inequality.† He added that Chile has plans set in line to take the people out from extreme poverty. The government plans a program of IEF – Ethical Family Income which will use a series of bonds and cash incentives for the children