Managing Employee Retention Essay

Data Quality: It is important to make sure the data you use is valid. An outlier data point can dramatically reduce the fit of a model, so it is critical that bad data points be moved. In the case of the Store24 data, we will assume that all managers have some experience, so remove any data points where the manager experience is zero. Regression Analysis First, you should run a full model for profit that includes both tenure and site location related variables. Tenure related variables are MTenure and CTenure. Site location related variables are population, number of competitors, street level visibility, pedestrian access, type of neighborhood, and whether a store stays open 24 hours. These variables are also defined on page 4 of the case Store24 (A). First you should determine if all variables contribute to our understanding of the model. Use the p-value for each coefficient to decide (a value of 0.05 is typically used to decide whether a variable should be included). If any variables are not significant, copy the worksheet, remove the variable and run the regression again. In your report you should explain how well the model fits (e.g. describes the factors that impact profit). It is not commonly understood how to evaluate the â€Å"impact† of the independent variables. The variables have to have a p-value that is significant (otherwise we can’t say there is a relationship), but how small the p-value is does not tell us how important the variable is. A good way to understand the impact of the variable is to find the range of values it can take, and then multiply that range by the value of the coefficient. That tells you the maximum impact that the variable can have on the problem. Next, you must address Tom Hart’s hypothesis that manager tenure does not have a linear impact on profitability—that is, that there are diminishing returns to manager tenure. To test this, copy the worksheet, then add the variable MTenure2. To do this, insert a column next to the Tenure column, and then enter the formula =D2^2 in cell E2 and copy this formula to the rest of the cells. Now run a regression on this new set of variables and see if the MTenure2 variable is statistically significant. What to Submit: You are to write a memo from Sarah Jenkins to Paul Doucette summarizing your results. You should explain your regression results: * How well the model predicts store performance (r2, p-value of variables and their â€Å"impact†) * How your MTenure2 assesses Tom Hart’s hypothesis. Does it support his hypothesis? You should include a graph that shows contribution to profit of employee tenure over the range of values in the data set. The x-axis should be manager tenure, and the y-axis should be the predicted contribution to store profit. Finally, your memo should give Paul Doucette a concrete recommendation as to how much Store24 should invest in any new manager retention programs.

Plot Analysis of a Rose for Emily

â€Å"In this world, nothing is certain but death and taxes. † This quote by Benjamin Franklin is a mirror to Emily’s story as it begins with her death and then the reader is abruptly brought into the tax remission she received after the death of her father. This interesting yet confusing vignette is about a girl named Emily Grierson and her inconsiderate relation with the town, a man she loved, Homer Baron, and her Father. For Readers of Faulkner, it is truly apparent that his stories do not follow the pattern of the conventional beginning to the end of the story. This method of disorderly sequence of events along with the descriptive style tends to lead this story as if we are realistically present in the town. It also keeps the reader attentive for the upcoming rising action present throughout the story. This leaves the reader questioning or predicting the actual outcome, he/she interprets it well after all is being read. It is a southern gothic styled story, a tragic story told by an anonymous narrator that speaks on behalf of the town’s people, but he/she is not related to the protagonist of the story, Emily. Emily throughout the story is perceived as an object to the reader rather than a character because her side of the story is not personally expressed by her. This type of narration grasps the readers’ level of curiosity as they are not given access into her perception about her life. In the story, two essential elements of life have been readily repeated throughout; taxes and death . Death being the main theme was not accepted or comprehended by Emily’s mindset. This story explains the taxes submission issues faced my Emily. The rest of the story revolves around hatred and death in Emily’s chaotic life from which she was once guarded from the rest of the cruel world. The story begins with the death of Miss Emily; readers are presented to Miss Emily’s fight and struggle, with her antagonist time, through the situation she is living in. As it seems the protagonist, Emily tries to pause the time around her to save her loved ones, trying to avoid certainty, death, and thus fails to do so. Miss Emily appearance represents a past era, an era in which she masks her privacy in, declining the changing time being passed by. She was raised by her father that is why she was encapsulated by silence, inability to believe in reality and inability to happy life; she was the result of her environment. The most minute yet meaningful sentence described in the whole story is in Section II, â€Å"So she vanquished them, horse and foot, just as she had vanquished their fathers thirty years before about the smell. † (Faulkner 22) . The use of the definite article mentioned in the sentence abruptly brings about a sense of suspense. It merely shows that it was not just â€Å"a smell† but â€Å"the smell†. As brought by the narrator it is justified that the town’s people were familiar of such odor occurring in Emily’s house before. The narrator grants a significance to the smell because ‘the smell’ would had never put such an impact as an â€Å"a† smell would have. When Miss Emily refused to give her father’s dead body away, it started to decompose, spreading a pungent odor; same odor was present once again. As for a reader it foreshadows events to come. The way Faulkner presented the story and designed the structure, interpersonal conflicts increased between Emily and the society. The town is just not a setting but is a character in the story. It is the setting of an old era that held tight to old beliefs and moral values of the South. Social class in the story holds great significance. Faulkner when describes the character â€Å"Tobe†, points out the status setting of that era. Tobe was disrespected and was considered a person with no values throughout. For example, Judge Stevens called him as, â€Å"†¦that nigger of hers†¦Ã¢â‚¬  (Faulkner, p. 22); showing racism present during that time frame. They disgraced the minorities and disrespected their physical existence and social status. People had pride over unnecessary ephemeral high standards that displayed discrimination and inequality. In the story as cited previously, social class was significant in demonstrating dehumanization of blacks but also demonstrating differences in the rich and the poor. Miss Emily is judged for a having romance with a low class, poor citizen of that society, Homer baron. The following sentence affiliates towns’ people response towards Emily’s one and only intimate relationship with Homer. Poor Emily†, the whispering began. â€Å"Do you suppose it’s really so? †, they said to one another, (Faulkner, p. 23). The townspeople felt pity upon her relationship with Homer, as in the eyes of the townspeople a barrier of status was set up, only the deserving or the affluent ones were allowed. Homer was a labor whereas; Miss Emily belonged to a respected rich family. Dist inguishing their class differences, Homer was way beyond Miss Emily’s league, an image set in the eyes of the townspeople. Moreover secrets are kept throughout the story, plotted as such so they are left to the reader to discover them. For example, Faulkner uses the above-mentioned technique in the following line, â€Å"†¦so they were not surprised when the smell developed† (Faulkner, p. 22). The prediction here is that the pungent yet familiar smell developed in Emily’s house due to decaying of a dead body; which for sure is kept as a secret until the end. Emily’s further more surreptitious actions can be observed through the following lines said by the narrator, â€Å"We did not say she was crazy then. We believed she had to do that. We remembered all the young men her father had driven away, and we knew that with nothing left, she would have to cling to that which had robbed her, as people will† (Faulkner, p. 22). The disguise truth here is that Miss Emily was indeed crazy, and the upcoming horror is that she could be psychotic enough to repeat the same action, holding on to Homer’s dead body. Barron's fate is linked in this passage as Faulkner provides the reader with a hint of death. The themes of class, race and status are widespread throughout the story, Faulkner repeatedly addresses those themes. † The town of Jefferson is isolated by race, extremely class and social status conscious people because people disliked and abhorred a women of a high class walking with a low social standing man. In closure â€Å"A Rose for Emily† is a captivating short story of a lady who refuses to adopt the changing world and order of society around her. Her denial of certainty and death gives us an understanding of depth of emotions that a girl encounters throughout her life. It is felt that these disturbed actions would not have taken place if she was placed in a different time and setting. She gave us the impression of a silently killed character that was only physically living. Even though we could not pass through her door we still encountered much information about how and why she was. Faulkner flawlessly points out the broader ideas, including the complexities of northern and southern places at that time frame, complexities of an altering world order, disappearing lands of courtesy and nobility, and rigid social responsibilities of a women.

Problem Solving and Resourcefulness

RESOURCEFULNESS By: Edgardo Eleccion ( GCCNHS) For many times in our lives, we are often tested in our values and skill of being resourcefulness. Oftentimes, this is more considered as a skill than a value. A person with a gift of resourcefulness is far more advance than those who have none. Definitely, most of the successful individuals in the field of business, education, arts, medicine, politics, communication, religion and others possess the inherent or acquired skill of resourcefulness. However, what is really this skill of resourcefulness? Iannarino ( 2010) defines resourcefulness in his blog as the ability to find a way to achieve your goal or to make one. This is especially true when the goal is difficult to achieve and when little or no direction is given. Resourcefulness is the ability to think creatively, to generate ideas, and to identify alternatives. Resourcefulness is also imagination, the ability to visualize how something could be achieved when there is nothing there but the vision. According to Cindy Quarter eHow contributor, being a resourceful is the ability to approach a problem in different ways. It requires the ability to be creative and pursue a solution from one or more than direction. It is not built in ability but it is learned overtime from the variety of experiences. To be able to develop this into our children, they should be exposed to a situation that requires them to be resourceful and that will provide them the opportunity to succeed. Kids will self-confident and acquire problem solving skills as a result of engaging in activities that result resourcefulness. Games that requires resourcefulness help children to gain creativity and persistence in a fun in an entertaining way. Teachers in the secondary should help high school students develop their resourcefulness in them. They should expose these young minds into a worthwhile and engaging classroom activities everyday and make positive feedbacks after such activities in their everyday lessons for a day to day improvement to surface their individuals resourcefulness. This will prepare these youth into the next stages of their life ahead on how to deal problems along the way in different way around with less pressure. The role of teachers in the classroom is vital in nurturing the students’ skill necessary in building a kind of life intended for them in their future. This will not be seriously taken by the students at their younger years, but when the world dictates competition and pressure, there surfaces the skill they have learned in the classroom situation. Resourcefulness can not be learned in one day as Rome was not built in one day too. It needs constant learning, constant training and constant sacrifices. It needs several exposures into several competition, tasks and challenges along the way. The constant exposure that lead to experiencing a situation that emerge creativity will help a certain individuals to grow and become a better person ready to face the next layers of life’s challenge. In the world of work specially in business and education , resourcefulness is the crucial skill one must possess. A teacher with this skill has great advantage in terms of making his strategies in teaching and his materials a worthwhile and more fantastic to his learners. Moreover, it helps him prepare his teaching aids with less money involved. In the field of business, a manager having this skill can enter into competitive world and able to go beyond the expectation the corporation is aiming for. In real life situation, resourcefulness helps an individual in solving his own problem in different way in which others never ever think of. You may be in business, education, arts, communication, politics, and religion, resourcefulness is necessary in building up the new you. Edgardo Eleccion is a secondary teacher of Gingoog City Comprehensive National High School ( GCCNHS) Gingoog City, Philippines. He is a Values Education Teacher.

TBD Essay Example | Topics and Well Written Essays - 750 words

TBD - Essay Example Contrarily, the US Constitution is a document that represents the rule of law in relation to how the government is expected to perform duties with regard to American citizens.  Primarily, the US Constitution is the supreme law of the United States of America. The Constitution was written and documented in the year 1787, a few years after the DOI was made (The Constitution of the United States). It should be noted that unlike the DOI, the Constitution was written under a convention of all the states. The convention was tasked with making changes to the old system of governance. Despite the fact that both documents contain significant information about America, they also vary in some specific aspects. This paper will discuss about the context within which both documents were established, the goals and intended audience of each document; and the style, structure and tone of each document. The DOI was majorly written to express the dismay and convictions of American citizens under the British rule. Written in unforgiving and exalted phrases, the DOI was based in the context that American citizens were accusing the King of Britain of ignoring the law and abusing his authority and power (The Declaration of Independence). Specifically, it was thought that the King had a profound disregard for the best interest of citizens living in the 13 colonies. Besides, it should be noted that signatures contained in the DOI are from the 13 colonies (The Declaration of Independence). Moreover, the DOI was drafted by a single person, Thomas Jefferson. Contrastingly, the US Constitution was written on totally different grounds. A convention was called in order to recommend changes in the old system of US governance (The Constitution of the United States). It was during the 1787 convention, with attendance from all the states, that the Constitution was drafted. Upon approval from all the states, the US Constitution came into operation in 1789. Notably, the

Financial systems Essay Example | Topics and Well Written Essays - 2000 words

Financial systems - Essay Example tion is, i.e., the greater the efficiency with which it can mobilise the resources in the economy and create value, the stronger will be the fundamentals of the concerned nation. The financial institutions together form the financial market of a nation. These institutions contained within the financial web or community could be categorised into a number of groups depending on the type of activities with which they are involved. These different groups, namely, the agents, brokers and financial intermediaries are linked up with one another closely through contractual agreements or legal orders. While agents and brokers operate to bring the institutions and investors closer to each other, the intermediaries are the ones who channelise the flow of funds between any two agents. However, the classification above had been rather a broad one and the significant financial institutions are actually represented by special terms as follows – The banking sector – This sector comprises of financial intermediaries involved in channelising the flow of resources. To be precise, the banking sector indulges in accepting surplus deposits and lending them to deficit accounts. Foreign exchange market – Foreign exchange market also comprises of agents and brokers with the only difference with the former being that the role is being played by the commercial banks of the concerned nation (Das, 2005). Government debt market – The government debt market comprises of intermediaries in the form of the central bank of a given nation. It indulges in accumulating debt for the government from internal as well as external sources. The UK financial system is often claimed as one of the most robust and sound system among its counterparts in various developed nations, by the economists and political leaders of the nation. In fact, such claims could be debated by various facts and figures post the global financial meltdown. The bank had kept its prime lending rate rather low at 5.52%

A Corporate Entrepreneurship Analysis of Sony Essay

A Corporate Entrepreneurship Analysis of Sony - Essay Example The term can be defined alternatively as the development of internal markets and relatively small and independent units designed to create internal ventures and expand innovative staff services, technologies and methods within an organization (Pinchot, 1985). It has been established that successful companies have one thing in common and that is an entrepreneurial style of management (Katz & Shepherd, 2004). Stevenson and Gumbert (1985) attribute the sustenance of a high level of performance by big companies such as Sony and Hewlett Packard to their entrepreneurial behaviour. Company overview Sony corporation is a Japanese multinational conglomerate that originated in the wake of World War II. The company made history after it built Japan’s first tape recorder and named it the Type-G. In 1958, the company changed its name from Tokyo Telecommunications Engineering Company to the present day Sony. The Sony Corporation has diversified its operating scope to cover almost all the ar eas of the entertainment and the telecommunications sectors. Sony Corporation is the parent company of the Sony Group. As the parent company of the group, its main task is to make strategic business plans for the group through research and development, designing, and marketing of products. As pointed out earlier, Sony Corporation has diversified its scope in to most entertainment and telecommunication sectors. The company has done this through its subsidiaries. One such example of the subsidiaries is the Sony Chemical and Information device Corporation which is responsible for manufacturing as well as the engineering and research and development for the mass production of products (Sony Corporation, 2012). According to the fortune 500 2012 list of companies, Sony Corporation is ranked 87th (CNN, 2012). The Sony group not only focuses on electronics, gaming, and entertainment, it also offers financial services. The subsidiary company that is responsible for the financial services bus iness of the Sony group is the Sony Financial Holdings. With its headquarters in Tokyo, Japan, the company controls the operations of Sony Life, Sony Assurance, Sony bank, and Sony Bank holdings. This subsidiary is the most profitable of all of Sony’s subsidiaries accounting for about 50% of Sony’s global earnings (Sony Corporation, 2012). The company was enjoying high profit returns up until early 2000’s when it started experiencing financial difficulties. These financial difficulties were due to several reasons. The first reason was the global financial crisis. The crisis made it difficult for the company to procure materials for manufacturing, cope with debt and maintain its work force. Secondly, the company’s milk cow, the play station, started to face steep competition from rivals Microsoft with their X-box gaming model. With the sales of the play station reducing, the company’s profits suffered similarly. The last main cause of the companyâ⠂¬â„¢s decline in profits was due to natural disasters. Japan has been victim to natural disasters, mainly earthquakes. The company’s headquarters in Tokyo, Japan, was hit by the devastating earthquake and therefore it became financially challenging for the company to make a comeback. The company however made a comeback in December 2011. Though the market capitalization of the company had dropped by over 50%, its net worth had increased from $17.6 billion in March 2002, to $35.6 billion in December 2011. This comeback can be attributed to the entrepreneurial behaviour of the company in promoting innovation and creativity that has enabled the company to realize and

Economic and political integration in EU Essay Example | Topics and Well Written Essays - 2500 words

Economic and political integration in EU - Essay Example The first of course was the founding of the European Economic Union (EEU). The second was the witness of regime change; the emergence of a liberal substitute wherein the state was harnessed by a common economic rule. The third, thanks to globalisation, saw the revival of economic liberalism as a doctrine, and the fourth; saw during the final decade of the century, the integration process of states suffer a series of eventually correctable setbacks that still peril the Union (John Gillingham, p.xiii, Preface, 2003). The European Union is unique among international organisations, in that, it has a complex yet well developed system of law, directly affecting its member states. The EU constitutes a law that draws mutual social and economic benefit of the member states. European Union law has come a long way since its inception over the past 50 years. As of today, the EU has around 500 million citizens in 27 member states bound together by this law, making it one of the most encompassing and dynamic modern legal systems in the world (Wikipedia, 2007). It all started when, the heads of the member States of Belgium, Germany, France, Italy, Luxembourg, and Netherlands, agreed to lay the foundation of an ever closer union among the European Union members1. These included: The nature of the EC Treaty ensures that unelected individuals have had a greater impact on the development of EC Law than elected officials. This paper takes a look at three prominent laws that regulate the free movement of goods, people, and competition. 2.0 Executive Summary The free movement of persons between the Member States of the EU was at one time restricted to only the working class. This however changed with the economic development of all member states within the EU, and all people, citizens, students, dependents, and others who were no longer economically active were allowed to travel to any country in the EU and reside there if they wished. Since the integration of the

Business Health Check for the Brighton Beach Hotel Essay

Business Health Check for the Brighton Beach Hotel - Essay Example This report starts with a study of the environment in which the business operates. It considers the main management processes used by the organization, and compares the functioning of its major departments. The analysis considers how the resources and assets deployed in the business can be more productively deployed, and the quality of the company’s strategy, in view of its strengths and the threats it faces as well. The report attempts to take a long-term perspective, considering the future values and relevance of today’s practices. PEST Analysis is a term integral to this report, which deserves a special description. This method considers the political, social, economic, and technological factors that have significant impacts on the fortunes of the company. The results of this analysis are appended to this report, after the list of references. This report also refers to the concept of a Mission Statement. The latter is an expression of the main purpose of an organizat ion. It serves to unite efforts throughout an organization.

Collecting and preparing Essay Example | Topics and Well Written Essays - 500 words

Collecting and preparing - Essay Example The photographer needs to use the modern as well as state-of-art camera for the attaining better results. The size of the lens should be 28 mm focal length and macro lens should be 50 mm focal length, which gives a standard quality photo. The photographer also should record the crime scene along with the areas attached with it. They also should record the appearance of the evidence and provide the investigator the photograph along with the evidence for the further investigation. At last, the photographs of the crime scene must be presented in front of the judge in the form of evidences in a systematic manner (Pearson, 2015). At the initial steps, the photographer should have the knowledge about different types of camera. The photographer appointed should be well acquainted with the type of camera that is required to take the photo of crime scene along with the perfect size of the lens and other accessories. The confidence level of the photographer must be high and should give higher attention at the time of work (Pearson, 2015). The equipment such as camera should be good quality attached to a perfect quality of lenses. During the time of capturing photo, there should be proper lighting so that clear photo could be taken (Pearson, 2015). During the time of photography of a crime scene, the photographer needs to ensure the safety by wearing the precautionary dress and needs to use certain arms or weapons while capturing the physical evidences (Pearson, 2015). There are two types of photography such as micro and macro. The photographer also needs to take the photo from different angles to make it easy for investigation process. For the two types of photo, photographers should use two types of cameras such as micro camera and macro camera so that the standard of the capture could be ensured (Pearson, 2015). The photographer should mark on the photo

Marketing, Assignment Example | Topics and Well Written Essays - 7250 words

Marketing, - Assignment Example Due to the maintenance of high quality in its food products, the company has grown quite popular in the bakery market in the UK and has consistently being awarded with a lot of prestigious awards both of national as well as international level. The organization has segregated its functions in two fronts. One front comprises of handling the manufacturing of the highly diversified product lines while the other one concentrates on handling the orders for the product lines from the international markets The company is very established and has three sites in the UK region, of which two of them are used for manufacturing of product lines while the third one acts as a centre for international distribution of the company’s highly demanded and much sought after products. The company currently caters to the demands of bakery products arising out of UK and European region and supplies their products to retailers and wholesalers of the region. For the purpose of gaining as well as maintaining dominance in the local bakery market, the company started to provide their product offering to various national level wholesalers and retailers in the UK region like Batley, Makro, Asda, Morrison’s, etc. As of the recent times, the company by the process of working with key partners in the international front has a significant amount of market presence in around 10 countries in the European arena. (Perfection Foods Ltd, 2012). Market Overview The Bakery sector is one of the most flourishing sectors for business and high returns on investment as the bread and bakery items forms a significant part of the diet for the population of UK. Talking on the point of consumption of bakery products, it can be said that 99% of the total number of households of the UK market buys and consumes bakery products on a regular and daily basis. (bakersfederation.org.uk, 2012) In the recent day, the bakery market of the UK region is worth of around 3.4 billion pounds and comprises of the largest market of the UK food industry. Discussing on a more micro level fact, it can be essentially highlighted that the total volume of manufacturing in the bakery market of the UK region is around 4 billion units. The UK market for bread and bakery products essentially comprises of three kinds of manufacturers. Large scale bakeries comprises of around 80% of the total production of bread and bakery products while another 17% of the producti on happens in instore bakeries of large retailers as well as supermarket. The remaining 3% of the production happens from the production contributed by various master bakers contributing to the bakery industry (Bakersfoundation.org.uk, 2012). The market trends of the previous years show that around the year 2011, the household

Aristotle Nicomachean Ethics Essay Example | Topics and Well Written Essays - 500 words

Aristotle Nicomachean Ethics - Essay Example â€Å"Since we have previously said that one ought to choose that which is intermediate, not the excess nor the defect, and that the intermediate is determined by the dictates of the right rule, let us discuss the nature of these dictates.† (Aristotle) The intellectual virtues discussed in this work are distinguished between those virtues that do not change and those that change. Intelligence (nous), scientific knowledge (episteme), and wisdom (sophia) are virtues that do not change, while art (techne), prudence (phronesis), understanding (synesis) and good sense (gnome) are things that do change. In the opening section of the Book VI of The Nicomachean Ethics, Aristotle maintains that the proper work of a thing determines the virtue of the thing and the three things in the soul which control action and truth are sensation, reason, and desire. The author also divides the soul into two parts: a rational part (which is further divided into a contemplative part and contemplative part) and an irrational part.

War on Terrorism Essay Example for Free

War on Terrorism Essay During the year 1998, a group of American ‘neoconservatives’ openly wrote to President Clinton to attack Iraq. This group was known as the Committee for Peace and Security in the Gulf. They were in real sense calling for the Americans to form part of a proxy army of attack for Israel. The signatories included Paul Wolforitz, Richard Perle and Eliot Abrams among others. Of course Clinton resisted these ventures and instead indicated support for the Iraq Liberation Act providing $ 97 million for training and equipping Iraqi exile groups. Come 2000, this particular group went ahead to organize the think tank the Project for the New American Century con cofounded by the likes of Dick Cheney, Donald Rumsfeld, Lewis Libby and Paul Wolforwitz (Flum, 2008). A Break with Previous United States Foreign and Defense Policy During this time, three think tanks which were pro-Israel were championing similar ideas: The Jewish Institute for national Security Affairs (JINSA), The Middle East Media Research Institute (MEMRI), as well as the Center for Security Policy (CSP). These neoconservatives formed an integral part of the Bush 2000 presidential campaign as foreign-policy advisors (Flum, 2008). At this point in time, these powerful personalities easily influenced Bush with the ideological obsessions they had. What can be said here is that the Operation Iraqi Freedom, a description given to the invasion and occupation of Iraq by the U. S and affiliates represents a new dimension with regards to post-conflict humanitarian action. This new approach integrates security, humanitarian response, reconstruction as well as governance under the umbrella of the Department of Defense. The war on terrorism represents a break with previous United States foreign and defense policy to the extent that the UN agencies and non governmental organizations which conventionally had coordinated and implemented humanitarian assistance as well as post conflict reconstruction activities, are now relegated only to playing supportive roles within efforts supervised from the Pentagon (Charny, 2003). Again the war on terrorism represents a break with previous United States foreign and defense policy to the extent that the Iraq war is perceived as an expression of a new national security policy of pre-emptive self defense by the Bush administration (Charny, 2003). In spite of this new perception, it has there seems to be no public discussion of the long-term implications of the new approach to humanitarian assistance and post-conflict reconstruction the administration has embraced. Still, this break with the previous U. S foreign and defense policy is evident in the way humanitarian assistance has been militarized, the military given political, diplomatic and humanitarian responsibilities as well as the fact that donor government and independent agency contributions have been minimized. It has been argued that it is unclear the extent to which these new approaches can be considered new U. S doctrines more so regarding humanitarian emergencies. A discussion concerning NGO’s with Joseph Collins, the assistant secretary of Defense and the person charged with running the pentagon’s Stability Office clearly suggests that at least in the meantime, the Department of Defense will lead humanitarian operations in emergencies surrounding the military. According to Dr. Collins, the taking over of the humanitarian and reconstruction activities in the post-conflict Iraq by the Pentagon is a reflection of the assessment of lessons learned from post-conflict reconstruction efforts (Charny, 2003). In the opinion of Dr Collins, there lacked a clear overall authority who could coordinate the diverse players like the government leaders, UN agencies and personnel, as well as the peacekeeping forces among others, thereby plaguing the efforts in Kosovo and Afghanistan. Following those events, the conclusion of the Pentagon was that there was a need for a single unit to command all the aspects of the post-conflict response, thus placing these activities in the hands of the Department of Defense (Charny, 2003). This is a further illustration of the way the war on terrorism represents a break with previous United States foreign and defense policy. Conclusion In the final analysis, all these attempts represent a radical shift in the multicultural character of post-conflict endeavors over the past years in areas like Cambodia, East Timor, Afghanistan and the Balkans. It therefore means that the war on terrorism represents a break with previous United States foreign and defense policy. It should be noted however that this approach has not yielded positive results in Iraq. The Pentagon’s Office of Reconstruction and Humanitarian Assistance (ORHA) did not include the UN and the NGO’s during its pre-war planning. The overall implication for this has been the ORHA’s slowness in restoring basic services as well as its failure to establish a legitimate Iraqi authority to locally run the state (Charny, 2003). References Charny, J. R. (2003). The United States in Iraq: An Experiment With Unilateral Humanitarianism. Institute for Policy Studies, (IPS); Foreign Policy in Focus, Washington DC. Retrieved December 29, 2008 from http://www. fpif. org/commentary/2003/0306dodreconst_body. html Flum, P. (2008). The Origins of the Iraqi War: The ‘Neoconservative’ Agenda for Middle East Conflict. Linpage Place, St. Louis. Retrieved December 29, 2008 from http://www. goalsforamericans. org/2004/07/07/the-origins-of-the-iraq-war-the-neoconservative-agenda-for-middle-east-conflict/

Alfuzosin Hydrochloride and Dutasteride In Tablets

Alfuzosin Hydrochloride and Dutasteride In Tablets ABSTRACT This chapter describes method development and validation of UV First Derivative Zero Crossing method for simultaneous determination of Alfuzosin Hydrochloride and Dutasteride in tablet dosage forms. AIM The main aim of the present study is to develope a simple, sensitive and cost effective UV spectroscopic method for the simultaneous estimation of Alfuzosin Hydrochloride and Dutasteride in tablets, on the basis of zero Crossing measurement. Validation of the developed method for routine analysis of Alfuzosin Hydrochloride and Dutasteride in tablets for quality control laboratories. RATIONALE Alfuzosin Hydrochloride is an alpha-adrenergic blocker used to treat benign prostatic hyperplasia (BPH). It works by relaxing the muscles in the prostate and bladder neck, making it easier to urinate Dutasteride belongs to a class of drugs called 5-alpha-reductase inhibitors, which block the action of the 5-alpha-reductase enzymes that convert testosterone into dihydrotestosterone (DHT). Recently both the drugs have been marketed in combination (Alfusin D acts on both the dynamic and the static components of BPH) in tablet dosage forms; combined oral administration has been found to be more effective than either single drug. To the best of knowledge, no derivative spectroscopic method available for simultaneous determination. Derivative spectroscopy provides a greater selectivity than common spectroscopy. RESULT AND CONCLUSION A simple, accurate and precise spectroscopic method was developed for  simultaneous determination of LER and ATE in tablets using first derivative  Zero crossing method. LER shows ZCP at 231 nm while ATE shows ZCP at  250 nm. The 1D amplitude was measured at 250 nm for LER and 231 nm For  ATE and calibration curves were plotted as 1D amplitude versus concentration,  respectively. The method was found to be linear from 4-28 ÃŽÂ ¼g/mL for LER  (r2=0.9967) at 250 nm and 5-30 ÃŽÂ ¼g/mL for ATE (r2=0.9996) at 231 nm. The  within day and between day variations showed coefficient of variation (%CV)  values 1.2 LITERATURE REVIEW 1.2.1 BENIGN PROSTATIC HYPERPLASIA (BPH): It is characterized by hyperplasia of prostatic stromal and epithelial cells, resulting in the formation of large, fairly discrete nodules in the periurethral region of the prostate. When sufficiently large, the nodules compress the urethral canal to cause partial, or sometimes virtually complete, obstruction of the urethra, which interferes the normal flow of urine. It leads to symptoms of urinary hesitancy, frequent urination, dysuria (painful urination), increased risk of urinary tract infections, and urinary retention. Although prostate specific antigen levels may be elevated in these patients because of increased organ volume and inflammation due to urinary tract infections, BPH is not considered to be a premalignant lesion. Adenomatous prostatic growth is believed to begin at approximately age 30 years. An estimated 50% of men have histologic evidence of BPH by age 50 years and 75% by age 80 years. In 40-50% of these patients, BPH becomes clinically significant. How does BPH occur? The prostate goes through two main periods of growth. In early puberty, the prostate doubles in size. Then, around age 25, the prostate begins to grow again and continues to grow throughout most of a mans life. The continuing enlargement of the prostate does not usually cause problems until later in life. However, the second period of growth may, many years later, result in BPH. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK): BPH rarely causes symptoms before age 40. More than half of men in their 60s have some symptoms of BPH. As many as 90 percent of men in their 70s and 80s have some symptoms of BPH SYMPTOMS: Difficulty in starting to pass urine ( hesitancy) A weak stream of urine Dribbling after urinating The need to strain to pass urine Incomplete emptying of bladder Difficulty to control the urination urge Having to get up several times in the night to pass urine Feeling a burning sensation when passing urine Passing urine mixed with blood (indication of infection) Treatment of BPH   BPH may not require any form of treatment and may just be monitored for any changes or early signs of any problems. In the event that BPH has caused a urinary tract infection, the infection will be treated first with antibiotic medications and then the BPH may be treated. There are several forms of treatment that can be used for benign prostatic hyperplasia that include medications, minimally invasive therapies, and surgery. The two types of medications currently used to treat BPH are alpha-adrenergic receptor blockers and 5-alpha reductase inhibitors.   These medications can prevent the prostrate gland from growing larger and may shrink the prostrate gland in some patients.   How do Alpha blockers work: Alpha blockers work by relaxing the smooth muscle tissue in your prostate and at the opening to your bladder. When this muscle tissue relaxes, it is easier for your urine to flow. This may help if you have difficulty starting to urinate and a weak urine stream. Alpha blockers can start working within two to three days, and may relieve your urinary symptoms in about two to three weeks. However, these medications do not stop your prostate gland from continuing to enlarge. Available alpha blockers include: Cardura (doxazosin) Flomax (tamsulosin) Hytrin (terazosin) Uroxatral(alfuzosin) How do 5 alpha reductase inhibitors work The 5-alpha reductase inhibitors work by interfering with the effect of specific male hormones (androgens) on your prostate. This may slow the growth of your prostate and can even cause your prostate to get smaller, which may help improve BPH symptoms. Men with larger prostates may have a greater benefit from these medications than do men with smaller prostates. But, for some men, size (of the prostate that is) does not matter, and the 5-alpha reductase inhibitors may not give satisfactory results even if your prostate gets smaller. The 5-alpha reductase inhibitors work slowly, and they may take up to six months before you notice any improvement. Available 5-alpha reductase inhibitors include: Avodart (dutasteride) Proscar (finasteride) Both an Alpha Blocker and 5-alpha Reductase Inhibitor Depending on symptoms and the size of your prostate, your doctor may recommend a combination of an alpha-blocker with a 5-alpha reductase inhibitor. The combination of the two types of medications may help more than either medicine alone. 1.2.2 DRUG PROFILE: Alfuzosin hydrochloride: It is an alpha-adrenergic blocker Structure File:Alfuzosin.svg N-[3-[(4-amino-6,7-dimethoxy-quinazolin-2-yl)-methyl-amino]propyl] tetrahydrofuran- 2-carboxamide Dutasteride: It is a 5-alpha-reductase inhibitor. Structure File:Dutasteride.svg (5ÃŽÂ ±,17ÃŽÂ ²)-N-{2,5bis(trifluoromethyl) phenyl}-3-oxo-4-azaandrost-1-ene-17-carboxamide Pharmacodynamic Alfuzosin is a quinazoline-derivative alpha-adrenergic blocking agent used to treat hypertension and benign prostatic hyperplasia. Accordingly, alfuzosin is a selective inhibitor of the alpha(1) subtype of alpha adrenergic receptors. In the human prostate, alfuzosin antagonizes phenylephrine (alpha(1) agonist)-induced contractions Pharmacokinetics  and Metabolism Absorption is 50% lower under fasting conditions Volume of distribution 3.2 L/kg [healthy male middle-aged volunteers] Protein binding 82%-90% Metabolism Hepatic. Alfuzosin undergoes extensive metabolism by the liver, with only 11% of the administered dose excreted unchanged in the urine. Alfuzosin is metabolized by three metabolic pathways: oxidation, O-demethylations, and N-dealkylation. The metabolites are not pharmacologically active. CYP3A4 is the principal hepatic enzyme isoform involved in its metabolism. 1.2.3 REPORTED UV SPECTROPHOTOMETRIC METHODS 1.2.4 Aim and Objective of the present work: Derivative spectroscopic methods are more sensitive than other spectroscopic method according to literature there is no derivative spectroscopic method reported so there is need to develop a sensitive derivative spectroscopic method which is more sensitive than simultaneous equation method so aim is to develop and validate the first derivative Zero-Crossing UV spectrophotometric method and apply that method to simultaneous determination of these drug in marketed formulation. 1.3 EXPERIMENTAL WORK 1.3.1 Chemicals and Reagents Alfuzosin HCl and Dutasteride ALFUSIN D (CIPLA Ltd.) containing 10 mg of Alfuzosin HCl 0.5 mg of Dutasteride were purchased from local market. Methanol of HPLC grade was purchased from Merck Ltd. (Mumbai, India). Purified Water was prepared using a Millipore Milli-Q system (Bedford, MA, USA). 1.3.2 Instrument Spectroscopic Analysis was carried out on a JascoV-650 double beam UV-Visible  spectrophotometer with software of Spectra Manager. The zero order absorption spectra were recorded over the wavelength range of 200-400 nm, against solvent blank, in quartz cuvetts with 1 cm diameter with scan speed of 100 nm/min and fixed value of slit width is 1 nm The ordinate maximum minimum were adjusted according to derivative values. 1.3.3 Development of UV first derivative Zero crossing method: As the Dutasteride is Insoluble in Water 80:20 V/V Mixture of Methanol and Water were used for method development First of all, Individual Zero orders absorption Spectra of both the drugs were recorded by scanning 10 ÃŽÂ ¼g/ml solution. The ÃŽÂ »max of Alfuzosin HCl and Dutasteride was found to be 240 nm 225.5 nm respectively. We have chosen derivative spectroscopy which is based on mathematical transformation of spectra zero order curves in to derivative spectra, which allows a fast sensitive and precise resolution of a multicomponent mixture and overcomes the problem of overlapping of a multi component system. Derivative Spectroscopy on the basis of zero crossing measurement involves measurement of absolute value of total derivative spectrum at an abscissa value corresponding to the Zero Crossing wavelength of the derivative spectra of individual components, which should be only the function of the concentration of the other component. Zero crossing points of Alfuzosin HCl a nd Dutasteride were identified in first derivative spectra. the measurement exhibited the best linear response and have given a near zero intercept on the coordinate of the calibration graph, and is less affected by the concentration of  any other component. Alfuzosin HCl was determined by measurement of its 1D amplitude at the zero-crossing point of Dutasteride was determined by measurement of its1 D at the zero-crossing point of Alfuzosin HCl . 1.3.4 Preparation of stock solution Primary standard stock solution of Alfuzosin HCl and Dutasteride were prepared separately by dissolving accurately weighed amount (10 mg) of drug in 10 ml 80:20 V/V (MeOH:H2O) to produce a concentration of 1.00mg/mL Working standard solution of each analyte were prepared by appropriate dilution of stock solution to get 100 ÃŽÂ ¼g/mL The further concentration required for constructing calibration curve were prepared daily by dilution of 100 ÃŽÂ ¼g/mL working standard. Stock solution of binary mixture was prepared by dissolving accurately weighed quantities of both drugs in solvent. Further dilutions of binary mixture were made to obtain QC samples. 1.3.5 Calibration standard quality control (QC) samples The standard calibration sample were prepared by diluting working standard solution of each analyte to yield seven different concentration over the range of  3-24 ÃŽÂ ¼g/mL for Alfuzosin HCl 3-30 ÃŽÂ ¼g/mL for Dutasteride . Linearity was evaluated separately for each drug using the defined analytical amplitudes (1D), with appropriate seven standard solutions. The QC sample were prepared from stock solution containing binary mixture to yield the low, medium high concentration (4,5 6ÃŽÂ ¼g/ml for Alfuzosin HCl) (20 ,25 30 ÃŽÂ ¼g/mLfor Dutasteride). 1.3.6 Procedure for calibration curve Absorption derivative spectra were recorded over the range of the wavelength range 200-400 nm. Zero order spectra of standard calibration sample of 10 ÃŽÂ ¼g/ml of each drug were recorded against blank. First order spectra were recorded with in concentration range, the value of analytical amplitude 1D231 and 1D250 for ATE LER respectively were recorded. The calibration curve for derivative spectrophotometry were constructed by plotting the drug concentration versus the absorbance values of the first derivative spectrum 1D at 1D 231 and 1D250 for ATE LER, respectively. 1.3.7 Inter-day Intra-day accuracy precision A QC standard prepared binary mixture was evaluated for Inter-day Intraday  accuracy precision. Accuracy was determined as the absolute value of the ratio of the back calculated mean values of QC to their respective nominal  values was expressed as percentage. Precision of assay was expressed as  percentage coefficient of variation (% CV) for QC sample Binary Mixture 1.3.8 Assay of Pharmaceutical dosage form A total number of 20 tablets (Alfusin D) accurately weighed and  powdered in a mortar. Quantities of the powdered tablets equivalent to 10 mg of Alfuzosin HCl 0.5 mg of Dutasteride were accurately weighed and transferred in to 100 ml volumetric flask. Weighed powder was dissolved in 80:20 V/V (MeOH:H2O) mixed thoroughly and kept under mechanical shaking for 15 minutes. Solution obtain was filtered through filter paper and diluted with same solvent to get the concentration within linearity and used for the measurement of derivative spectra. The concentration of Alfuzosin HCl and Dutasteride in tablet were calculated from corresponding calibration curve. 1.4 RESULTS AND DISCUSSION 1.4.1 Development of First derivative zero crossing method Derivative spectroscopy on the basis of zero crossing measurement involves measurement of absolute value of total derivative spectrum at an abscissa  value corresponding to the zero crossing wavelengths of the derivative spectra  of individual components. Which should be the function of the concentration of  other component Zero crossing points for ATE LER were found to be 211.9,  225.4, 250, 275.2, 292.2 218.4, 231, 240.7, 310.9, 362.7 nm respectively the  measurement at 250 231 exhibit best linear response. So ATE was  determined by measurement of its 1D amplitude at ZCP of LER (at 231 nm ). LER was determined by measurement of its 1D amplitude at ZCP of ATE (at  250 nm). 1.4.2 Validation23-25 1.4.2.1 Linearity Since beer law obeys between absorbance values 0.1-1, the linearity is  established by plotting points between these two readings in triplicate. for  Lercanidipine HCl linearity found to be between 3 ÃŽÂ ¼g/mL to 24 ÃŽÂ ¼g/mL with  typical regression equation of 0.0015x-0.0003 with regression coefficient of  0.9967 for Atenolol Linearity found to be between 3 ÃŽÂ ¼g/ml to 30 ÃŽÂ ¼g/ml with  regression equation 0.0025x+0.0005 with regression coefficient of 0.9996. 1.4.2.2 Accuracy The accuracy of method was established in triplicate in three consecutive days. At 80%, 100% 120% of the expected sample concentration in synthetic binary mixture, the method found to be very accurate with recovery References M. VAMSI KRISHNA* and D. GOWRI SANKAR Optimization and Validation of Quantitative Spectrophotometric Methods for the Determination of Alfuzosin in Pharmaceutical Formulations ISSN: 0973-4945; CODEN ECJHAO E-Journal of Chemistry Safwan Ashour, M. Fawaz Chehna, Roula Bayram Spectrophotometric Determination of Alfuzosin HCl in Pharmaceutical Formulations with some Sulphonephthalein Dyes International journal of Biomedical science M. SUGUMARAN Extractive Spectrophotometric Determination of Alfuzosin from Its Bulk and Pharmaceutical Dosage Form J. Ind. Council Chem. Vol. 26, No. 1, 2009, pp. 47-49 SYEDA HUMAIRA, AKALANKA DEY1, S APPALA RAJU, SYED SANAULLAH Applications Of Colorimetric Methods For The Determination Of Cinitapride Hydrogen Tartarate In Drug Formulations International Journal of Pharmacy and Pharmaceutical Sciences Vol 2, Suppl 1, 2010 Md Ruhul Amin, Moynul Hasan, Abdullah Al Masud, Md Hanif uddin,  Md Hasanuzzaman and Mohammad Kaisarul Islam Validated Uv Spectrophotometric Method For Estimation Of Dutasteride In Tablet Dosage Form Islam M K et al. / Pharmacie Globale (IJCP) 2011, 4 (04) Kamila M. M., Mondal N Ghosh L.K A Validated Spectrophotometric Method For  Determination Of Dutasteride In Bulk Drug And Pharmaceutical Formulations International Journal of PharmTech Research CODEN (USA): IJPRIF ISSN : 0974-4304 Vishnu P. Choudhari*, Sacchidanand R. Gite, Rahul P. Raut, Asawaree A. Hable, Sanket R. Parekar, Bhanudas S. Kuchekar Spectrophotometric Simultaneous Determination Of Dutasteride And Tamsulosin In Combined Tablet Dosage Form By First Order Derivative Spectroscopy And Area Under Curve (Auc) Spectrophotometric Methods And Its Application To Uniformity Of Content In Tablet And Capsule ISSN 0976 -044 x Volume 2, Issue 2, May June 2010; Article 013

The Resource Curse in Africa

The Resource Curse in Africa Chapter 1: Introduction The resource curse is the theory that countries with an abundance of natural resources, such as oil and minerals, achieve less economic growth than countries that are not endowed with natural resources. There are authors that argue this point (Auty 1990, Gelb 1988, Sachs and Warner 1995, 1997, 1999) and there are those that believe the resource curse is less to do with resources and more to do with political management (Brunschweiler 2008a, 2008b, Ross 1999, 2001). This theory appears to be contrary to the immediate instinct felt by many that natural resources will provide an opportunity for countries to develop by using increased revenues associated with a discovery of resources or an increase in world prices of such resources. The first section of this paper discusses a few of the most important mechanisms in which the resource curse can manifest itself. These are through institutions, corruption, conflict, Dutch disease and human capital. The second section studies the case of Botswana by providing an understanding of Botswanas economic and development path I will investigate how Botswana avoided some of the traps resource abundant countries usually fall into and how Botswana managed diamond mining in order to benefit the country. I will also perform a small comparison between Botswana and Sierra Leone to highlight the different channels in which resource abundance can affect economies. In my final chapter I will analyse whether Botswana has been successful in fully escaping the resource curse symptoms by discussing any problems the diamond mining may have caused. This paper, whilst small, highlights the importance of investigating phenomena such as the resource curse. Many countries have fallen into poverty since the emergence of extractable resources in their economies, yet Botswana has managed to avoid such problems. It is important to analyse how Botswana did this, so that lesson may be learned and used to help other countries avoid such problems in the future. The Resource Curse Literature Review Explanation of resource curse There are examples of resource poor countries outperforming resource rich countries throughout history. In recent times the Asian Tigers have achieved fast industrialization and economic growth despite having few natural resources, where as diamond rich countries such as Sierra Leone still remain low on world economic and social indicators (World Bank Development Indicators 2009). But do natural resources always lead to poor economic development? Or are there other variables in the context of which the natural resources are placed that determine economic development? There has been much discussion on the resource curse topic. Prominent among them are studies by Sachs and Warner (1995, 1997, 1999). Although in the conclusion to the paper Sachs et al admit their findings are far from definitive the general findings are that there is evidence for a negative relation between natural resource intensity and subsequent growth (Sachs and Warner 1995:p27). They analysed data from 95 developing countries by looking at annual growth rate between 1970-1990 and resource based exports in 1970. Sachs and Warner classified high abundance of natural resources as exports of agriculture, mineral and fuel as a percentage of GDP. From this simple analysis they discovered the existence of the so-called resource curse and they then tested the theory by controlling a number of other variables that could explain the relationship between resources and slow economic growth. The following discussion will provide a summary of the key mechanisms identified in the literature. Critique However it is important to note that not all academics support the literature on the existence of the resource curse, Brunnschweiler (2008a) is the most prominent. The main critiques of work by Sachs and Warner are the variables used to measure resource wealth. Brunschweiler for example believes per capita mineral wealth is more appropriate. The question is also raised as to whether Sachs and Warner were right to include agriculture in their regressions. Although agriculture is indeed a primary natural product, as it is the outcome of utilising the resource of land, it can be said that agriculture takes a different path in the economy than minerals or fuel. It may be better to classify agriculture separately when considering the resource curse, especially in the context of the third world where many economies are agricultural based. Further in this paper I will analyse whether agricultural resources cause the same effects on the economy as mineral resources. Arguments against the Resource Curse Big push theory Whilst there is no denial that the resource curse has effected countries like Venezuela, Nigeria and the Congo (Wenar 2008) there have been cases such as Botswana and Norway that have given strength to the opposing big push theory. In the big push model, developing economies are stuck in a trap. In order to develop their economies they need to industrialize so they are able to create wealth of their own. However there are large fixed costs associated with industrialization that developing economies cannot afford. Thus, the name big push comes from the idea that developing economies require a large injection of capital in order to develop. This injection of capital can be used to invest in economic infrastructure and will allow a more rapid accumulation of human capital which further allows social and economic development. (Murphy, Shleifer and Vishny 1989, Birdsall et al 2000) Ironically, this injection of capital could arise from large resource revenues, which suggests that the resource curse may be avoided if the capital is handled in a productive manner, for example a long-term and sustainable plan. An important point made by Walker and Jourdan (2003) is that as access to resources and minerals is becoming easier due to decreased transportation costs, countries are able to sustain industry without having a large natural resource base. This is could mean that countries who are not resource abundant might be better off, as they experience less adverse side-effects that I will discuss in this paper than resource rich economies. Dutch Disease The first effect, cited by Sachs (1995) and many others (Norberg 1993, Gelb 1988) is the Dutch Disease. Although it is often linked to the discovery of a natural resource, Dutch disease can occur when there is any positive income shock. For example a significant rise in primary product world prices can create sudden increased revenues for primary product exporters. The earliest Dutch Disease model I can trace was first created by Corden (1984) and the model has been constantly remodelled and analysed by other academics since. There are two strands of the Dutch disease model, the resource movement effect and the currency appreciation effect. Currency Appreciation Effect Dutch disease is often known as de-industrialisation because as one sector of the economy booms, (in the case of this paper we are talking about the tradable natural resource sector) other tradable sectors of the economy become less competitive. This is because a sudden increase in exportation of a natural resource of any kind can cause currency appreciation (Dutch disease). Whilst this is good for the country as it makes imports cheaper, it makes all the exports from the country (apart from the natural resource) less competitive in the world market as it costs other countries more money to from that particular country. The same path is also true for investment in this sector. This is why the manufacturing sector of resource abundant countries often shrinks. Resource Movement Effect The resource movement effect is the relocation of production factors away from the manufacturing sectors towards to booming (natural resource) sector. Davis and Tilton (2005:238) believe the Dutch disease actually allows a country to benefit from its new found mineral wealth by encouraging resources to flow from other sectors of the economy to the booming sector: However, this resource movement is also a cause of the shrinking of the manufacturing sector noted above. An important point argued in Sachs and Warner (1997) is that the shrinkage of a manufacturing sector itself is not a problem. The problem arises when the shrinkage causes slow economic growth, such a case may occur when an economy becomes more dependent on their natural resources. The advisability of this is not good (Jefferis 1998) as the economy becomes more vulnerable to world price changes in the natural resource. In turn, these often volatile price changes make it hard for governments to make mid or long term economic plans and policies. This is often said to be what happened in the oil rich Middle East in the 1970s (Auty 1990) governments were over optimistic about the earning power of their resources and then the oil prices fell dramatically. However the shrinkage of the manufacturing sector can have a negative impact on the economy because productivity grows faster in the manufacturing sector than in the resource sector (REF) and a decline in this sector means the economy is losing out on this productivity. A similar argument is made by Gylfason (2001) about learning-by-doing and technological advances. The shrinking of a tradable manufacturing sector also creates job losses; usually this could be compensated for as the primary product resource sector expands. But most minerals and oil sectors are capital intensive and not labour intensive (Sarraf 2001), so they are not able to absorb the unemployment. Institutions Another strand of the resource curse theory is the analysis of the relationship between resource abundance and institutions. Defining institutions is a difficult job as it can involve many different aspects of a countries history, culture and government. The main reason why institution analysis is vital to discovering the relationship between resource abundance and economic growth is that institutions affect policy structure and policy structure sets the arena in which an economy and resources are managed. Colonisation Firstly, the history of a nation can go a long way to explaining the current situation a nation faces today. Acemoglu et al (2001) notes the importance of colonisation is the determination of institutions. In his view there are two types of colonisation. There is settlement colonisation whereby the colonisers decided to settle in the region, perhaps due to a low incidence of deadly infectious diseases, as occurred by the British in North America. The settlement colonies are mostly made up of the new world, such as North America and Australasia. The second type of colony are extractive colonies, whereby the colonisers extracted resources that they found valuable, be it people as slaves or minerals. Naturally, these two different paths have caused quite different outcomes in institutions. Intuitive thinking would lead us to believe that traits of a colonisers such as property rights and rules of law would be embedded in there colonies. Indeed, Murshed (2001) and Acemoglu et al (2001) publish papers along the same lines. This theory leads to the thinking that colonies with exploitative colonisers tended to not establish foreign good institutions to the same strength as settled areas. It could be argued, as by Murshed, that patterns of exploitative behaviour with regard to resources were learned and inevitably repeated by colonies. On the other hand, settled colonies tended to retain institutions of law and property rights that European colonisers may have brought over. Acemoglu has raised the point that different colonising nations have left very different institutions behind. For example, he argues that the British colonies inherited better institutions with regard to respect for the rule of law and democracy (Acemoglu et al 2001:p12). In either case it is evident that institutions brought in from Europe have remained in some form. However, we must not forget that the colonies of Africa, Asia and Latin America existed long before they were discovered by the Europeans. Prior to colonisation these countries had their own functioning political and social institutions and it could be that European invaders only adapted these institutions to fit their needs and left many existing ways intact. A small but important point to note is that colonisation could also have had an impact on the ethno linguistic and ethno fractionalisation of a country because artificial country borders were placed upon areas of land with no regards to considering the existing, and it could be argued natural, borders. These artificial borders were emplaced for the ease of the colonisers and very little consideration was given to existing social borders, for example between tribes or geographical boundaries. This enforced ethno fractionalisation can be the cause of conflict within a country, even if natural resources are not in the equation, a prime example of this is in Rwanda. Leite and Weidmann (2002) are of the opinion that resource wealth does not directly affect economic growth, but that it resources affect the likelihood of corruption, which therefore influences economic growth. Bulte, Damania and Deacon (2005) further this argument by pointing out it may not be the existence of institutions that matter but the quality. In Bulte et al (2005) analysis they differentiate between two types of resources. Point resources which are geographically based and therefore an abundance of these resources are typically associated with inequality in terms of power and the division of the surplus, and often are accompanied by vertical relationships between agents (shareholders, managers, labourers). (Bulte et al 2005:p1031). Whereas diffuse resources, such as agricultural land, are more geographically spread and are therefore more equally distributed and less able to be protected by an elite. It is the belief of Bulte et al (p1034) that point resources attract worse quality institutions than diffuse resources with regard to corruption and government performance. Corruption An abundance of natural resources provides substantial revenue for an economy but unfortunately in many developing countries where there are weak infrastructures and poor people, the temptation of this revenue can cause corruption especially in the political sphere. When a government experiences large flows of finance, especially if these flows are relatively sudden, for example a discovery of minerals or oil, or new technology that helps extract resources, it can be hard for a government to manage such flows (Dietz 2005). They may not have had experience in dealing with large sums of money. These sudden windfalls increase the opportunity for corruption as it is hard to keep track of the money and therefore it is easier and to steal and waste. Corruption also comes in the form of laziness. The political elite may chose to ensure they remain in power by buying political favour using the resource revenues. This undermines democracy, but as politicians are able to obtain large sums of money from resources it is easier to buy political favour than to develop good policies and there is little incentive to build infrastructure in other areas of the economy, as resources are the main source of income. One would assume that if areas of the economy were to start failing or not being developed and maintained to a satisfactory standard of the citizens then the citizens would demand action from the government. However, in circumstances where an abundance of resources are in the country, the government often tries to buy favour from the people by not taxing the citizens, instead they use the resource revenues to provide basic infrastructure, such circumstances could be classed as the rentier effect cited by Mehlum (2006) and Brunschweiler (2008a). On the other hand, the government could decide to use the resource revenues to aid them in an effort to block the formation of social groups. The government might try to do this because they fear groups independent of the government may demand more from a government that is unwilling to give more. As Ross (2001: p335) argues Scholars examining the cases of Algeria, Libya, Tunisia, and Iran have all observed oil-rich states blocking the formation of independent social groups; all argue that the state is thereby blocking a necessary precondition of democracy. This is one of the many ways resources appear to affect politics. Whilst the basics are still provided and the people have more money in their hands, the situation can cause problems as the government is not longer held accountable as it is not using the peoples money. Therefore the relationship between government and citizens breaks down. This leads to a less democratic society and one that Karl (1997) believes would be one more vulnerable to civil war. Conflict As previously discussed weak institutions and corruption can both lead to conditions that breed conflict as they diminish the governments ability to function properly. Although a lot of studies are unable to show a strong link between resource extraction and civil conflict (Ross 2004), in recent history there have been many examples of the internal conflict within countries that are abundant in diamonds, such examples are Sierra Leone and Angola. Collier and Hoeffler (2001) cite that war emerges as either a product of grievance or greed. In the case of natural resources it appears that greed is most likely due to the enormity of the revenues compared to other forms of government revenue. The conflict often takes the form of civil war within a country as fractions of society jockey for control over the resource wealth (although the conflict can also take the form of hidden conflict within governments). Collier (2004) suggests that high social and economic inequality, lack of political rights and religious or ethnic divisions in society cause civil wars. The presence of natural resources can act as a catalyst by highlighting these faults and at the same time creating a financial incentive for war. If conflict does occur then (Brunschweiler 2008b) believes it could be the case the conflict makes countries dependent on resource extraction which is the default response when other economic sectors are not performing well. This indicates that once a country enters into conflict due to resources, they may have entered a vicious cycle that will be hard to stop. Fractionalisation within resource abundance societies has been greatly studied (Easterly and Levine 1997, Brunschweiler and Erwin 2009) as it is believed that societies that are fractioned by class struggles, ethnicity or religion have weaker institutions (Hoedler 2006). In turn weaker institutions lead to a diminished ability of the government to control situations and therefore fighting is more likely to erupt (Arezki et al 2007). Whilst the fragmentation in society is the basis for the fighting, the presence of resources can be seen as the trigger or catalyst for conflict. Fighting is bad for economic growth as it decreases productive activities, which lowers productions and lowers incomes (Hoedler 2006). Therefore in general the consensus is that the more homogeneous the society, the less likely the risk of conflict. Having high revenues from resources can also lead to rentier state symptoms as discussed previously. In this case it may be that those in control of resource revenues are constantly on the lookout for opposing groups trying wrest control from them. Unfortunately as they are the ones controlling the revenues, they have money to repress citizens by not only repressing social groups but by employing armed conflict if they require. This is why (Brunschweiler 2008b) believes that as governments are able to fund themselves they are more likely to be authoritarian. Although Rosss (2001) paper primarily discusses the Middle Eastern oil states, he admits that his findings can relate to other mineral economies outside the Middle East. This repression can also distort the economy by squashing entrepreneurial talent (Alayli 2005) However there are some scholars who believe that resource abundance can actually help avoid conflict, for example, Brunnschweiler and Bulte (2008b) say resource wealth raises income, and higher incomes, in turn, reduce the risk of conflict. However, they admit it is a small reduction in risk and it could be that the large prize (resource revenue) that people are able to fight over is a stronger incentive than higher incomes. The link between ethnic fragmentation and the resource curse has been investigated in a paper by Roland Hodler (2006). The aim of his paper is to explain why resources can be a blessing for some countries and a curse for other. For him, there are two effects of natural resources. Firstly, income of a country rises if the country chooses to use the resource for its own industrial benefit or exports them to other countries; this is a direct positive effect. Secondly, an indirect negative effect is natural resource wealth increases conflict, but only (according to Hodler) if there are multiple groups opposing each other. Hodler focuses on rivalling ethnic groups, but other groups that could affect the equilibrium are class groups and political groups. In Hodlers model the resource abundance is a blessing to a country if the direct positive effect is greater than the indirect negative effect, but a curse if the negative outweighs the positive and thus a relatively homogenous society is l ess likely to experience a resource curse as there are less opposing groups challenging the equilibrium. Linked with this argument is that of Bannon and Collier (2003:3) that ethnic dominance alongside resource richness breeds conflict. Ethnic dominance especially in government or institutions has an important advantage because that race then have the power in moderating and equalising ethnic relations, or neglecting and perhaps exacerbating them (Good 2005:p31) The magnitude of the negative effect in Hodlers paper is determined by the number of opposing groups. The higher the number of groups the weaker property rights. I take my definition of property rights from Acemoglu et al (2001) whereby people have secure property rights (rights against expropriation and that those with productive opportunities expect to receive returns on their investment and that a broad cross-section of society have the opportunity to invest. Furthermore Acemoglu et al (2001) make the point that relative political stability is needed in order to maintain these property rights. Human Capital As we can see that the resource curse is interlinked with many aspects of economics. It is also linked with human capital: education and health. Education is important in economic development as it raises labour efficiency, provides a more participative society and a better quality of life (Barro 1997), but is educational development being affected by the resource curse? Evidence by Gylfason (et al 2001: p850) shows that school enrolment at all levels tends to be inversely related to natural resource abundance, as measured by the share of the labour force engaged in primary production, across countries. Questions could be raised about the validity behind using such measures and whether other measures are more appropriate but there is plenty of evidence from other authors such as (Birdsall et al 1997) which come to the same conclusion. There are two prominent arguments about the effect the resource curse has on education and vice versa. Firstly, the vast revenues created by an abundant resource can be used by forward thinking governments to fund education (Sachs and Warner 1997). On the other hand, it has been argued by Gylfason that some resource dependent economies choose not to invest in education infrastructure as they see little immediate need for it because high skill labour and high quality capital are less common in primary production then elsewhere (Gylfason 2001: p10). However focusing on resources (and neglecting education) hinders the learning-by-doing process. This process is more likely to develop, along with gains in technological advances, in the manufacturing sector (Sachs and Warner 1995). Thereby depending on resources and neglecting education can slow economic growth as a whole as there is no incentive to increase the earning power (both at individual and national level) that can be achieved thr ough education. It is also worthy to note that education is strongly linked with a higher rate of absorbing new technologies from other countries (Birdsall 1997). The Case of Botswana Although in the previous section I discussed ways in which an abundance of natural resources could lead to slow economic growth, there have been countries that are resource rich and have had good economic development: for example Norway and Botswana. Norway became one of the top scoring countries on both economic and social indicators in the world (Larson 2003) since the extraction of oil in the early 1970s. Graphs showing growth of Botswana compared to other African nations here In this section I aim to discuss the experience of Botswana through the same key mechanisms I used in the previous chapter. These mechanisms are Dutch disease, institutions, conflict and human capital. By using the same key mechanisms I hope to show how Botswana has avoided the problems that cause the resource curse. Botswana has developed relatively rapidly considering that Botswana was the third poorest country in the world before independence (Beaulier 2003:p233) As Acemoglu et al (2001) points out there were only 22 graduate Batswana, who studied outside the country and only 12km of paved road. It seems that Botswana was in the same position as the majority of Sub-Saharan Africa. But since the average growth in Africa has been negative since 1965 (Acemoglu et al 2001) how has Botswana managed to achieve the highest rate of per capita growth of any country in the world in the last 35 years (Acemoglu et al 2001)? Especially considering that as a resource rich country it could be expected that Botswana would have slower growth than those without resources. Dutch Disease There are contradicting views as to whether Botswana experienced Dutch disease and whether this was due to the presence of diamonds. Mogotsi (2002:129) thinks that a mild Dutch disease occurred in Botswana as there was no large pre-existing manufacturing sector, so when mining occurred, the skilled labour from the small manufacturing sector moved to mining. Less skilled agricultural workers filled the place of the old manufacturing workers. As they are less skilled there is some loss of productivity and efficiency in the manufacturing sector. However Pegg (2009:p2) believes that there is little evidence that agriculture or manufacturing in Botswana has suffered from Dutch disease effects like the Dutch Disease model predicts when there is a large tradable mining sector. This is because there is very little resource movement as the diamond industry in Botswana as diamond mining is capital intensive and site specific (Jefferis 1998). This lack of movement means that few positive externalities are present in Botswanas mining industry. This is evident in the employment rates. Whilst Botswana has many good economic and social indicators, unfortunately a high unemployment rate is not one of them. While mining production contributed 40% to GDP, it absorbed only 4% total employment (Iimi 2006a:p7). This has large implications for income distribution and inequality in Botswana. As wages are higher in the diamond industry (REF) it distorts wealth in the economy. It has been said that only around half of the population have benefitted from the increased revenues, outside of gains in education, healthcare and infrastructure. This is reflected in around 50% of the population still living below the poverty line despite GDP per capita being around $1000 as there is a small workforce for diamonds and a high unemployment rate in general. (http://www.thuto.org/ubh/bw/bhp5.htm) However, in the resource curse theorem if Dutch disease were to occur then imports would be cheaper. As Botswana is 80% Kalahari Desert (Beaulier 2003) agriculture is not a major industry and as such Botswana imports most of its needs. 75% of imports come from neighbouring South Africa (Iimi 2006b:p18) there are very little visible effects of the negative sides of Dutch disease. Currency appreciation is the most obvious side-effect of resource related Dutch disease. But large diamond revenues have not caused Botswanas currency, the Pula, to be consistently overvalued. (Pegg 2009:p4) Although Botswana faces a difficult situation with regards to exchange rates. Botswana must managed the exchange rates carefully as it imports 75% of its goods from South Africa (REF) but Botswanas exports are valued in US dollars. Therefore Botswana must try to keep the Pula stable against both the South African rand and US dollar at the same time to avoid increased prices of food or decreased earnings due to falling dollar prices. So far Botswana has managed this well. Botswana has also been forward thinking by accumulating large foreign exchange reserves (Jefferis 1998) which are important and useful to have because it gives them the ability to manipulate exchange rates to aid the domestic currency should it need it. The government also created the Public Debt Service Fund (PDSF) in 1972. It recognises that the diamond revenues may be beyond the governments absorptive capacity and so the PDSF allows the government to save money rather than overheat the economy by spending it. (Pegg 2009:p3).The Revenue Stabilization Fund (RSF) is especially useful in times of economic downturn like the current financial crisis, as they government are able to finance normal spending by using the savings rather than borrowing. Of course, although good governance has caused what is seen to be a success with regards to revenue management (Samatar 1999; Leith 2005), it has also been said (Pegg 2009:p2) that stability of rent streams also helped Botswana control the massive flows and not fall into resource related Dutch disease. This has also led Botswana to move upper middle income status in the World Bank classification. This is impressive as before independence Botswana was classified as a low income country. (World Bank Income Classification). Institutions Several authors have put forward the argument that inclusive pre-colonial institutions are responsible for Botswanas economic development as institutions are a reason why food policies are chosen and also enable good policy choices to stick. Beaulier 2003) Before colonisation it seems that Botswana society was generally inclusive. An important institution of traditional Botswana society is the role of kgotlas which are an assembly of adult males in which issues of public interest were discussed (Acemoglu et al 2001) Botswana society allowed open dissent of the King and chiefs in kgotlas which provided a fair and accountable society. A further point argued by Acemoglu et al (2001) and also by Englebert (2000) and Iimi (2006a) is that the relatively unintrusive nature of British colonialism left a lot of traditional and functional institutions intact. During the scramble for Africa in the 1800s Britain agreed to granted Botswana protectorate status requested by Batswana chiefs in 1885 (Beaulier 2003). The chiefs wanted protection from the South African Boers who were moving towards Botswana. However, Britain apart from protecting fr

Aristotle: Above the Mean :: essays research papers fc

Aristotle: Above the Mean   Ã‚  Ã‚  Ã‚  Ã‚  With the strict oppression of thought by religion and government in the 2nd century B.C.E., it’s a surprise in itself that Aristotle, a man with such revolutionary thoughts and ideas was able to let his thinking be known to the entire world (as it was known back then). It is therefore even more surprising that his idea’s have survived these many centuries though books, a medium of writing that has a notorious reputation of being burned when something in its contents doesn’t match the current beliefs of the established system of government or the church. We can certainly all be thankful that his idea’s have survived thus far because of the tremendous impact that they have had on thought, government, and the way of life throughout the entire world in general. Aristotle was a revolutionary thinker whose ideas have no rival from anyone in his own school of thought.   Ã‚  Ã‚  Ã‚  Ã‚  In book Two of Aristotle’s Nichomachean Ethics, Aristotle lets out arguably some of his best work. The idea that in life, people shouldn’t strive to be the best, but instead aim for the middle, or the mean as Aristotle calls it, was something new and innovative not only then, but even to some people today. He further backs his assumption up by supplying more than enough examples. To start out, Aristotle first defines what is â€Å"good† and what is â€Å"bad†. He does this by providing examples of several things that have both a good side along with a bad side. One example he gives is lawmakers. A lawmaker can have a positive effect on society or a negative one. Judging by the effect his laws have on the people, he is then determined to be either a bad lawmaker or a good one. Moreover, the lawmakers themselves have the power of making people into either good or bad citizens. This is done by instilling either good or bad habits into the citizens through the legislation that the lawmakers pass (Pg. 99). This once again, in turn, dictates whether the lawmakers themselves are good or bad lawmakers. Aristotle’s idea of this is (to use a clichà ©) is â€Å"Right on the money†. Even in today’s world, people are judged by their actions. That is to say, if someone does something good in their life, they are considered a good person, conversely, if a person is known for a failure, the people around them regard that person as a failure; or as Aristotle would simply put it, â€Å"bad†.

Noteworthy Technology Essay -- Music Composition Essays

Noteworthy Technology Few things possess the power of music. Good music has the capacity to convey messages, evoke emotion and inspire awe. Yet, not many posses the means to acquire the power of music. Writing music by hand can be time consuming, inaccurate, and it does not allow the composer to actually hear the annotated music. Furthermore, learning an instrument can be time consuming and frustrating if all a person wants to do is compose their own music. This is where the beauty of technology comes in. Through a system known as MIDI, or Musical Instrumental Digital Interface, and musical notation computer software, composers are able to input their music into a computer and have the means to listen to, edit, and print out their compositions. While MIDI technology and computer musical notation software is easily accessible today, it is a relatively new technology. MIDI was created in 1983 by a collaboration of the major music industry electronic instrument manufacturers including Roland, Yamaha, Korg and others (MIDI). MIDI includes a set of technical principles that standardize computer based music and allow electronic devices like synthesizers, computers, and multi-track recorders, to interact with each other (Ohler pars 4). For example, a person can use a use a single keyboard to trigger sounds from 10 other keyboards connected by MIDI interface. MIDI technology does not send an actual musical note or sound, but information about the note, in a process very similar to how computers share information through modems. MIDI communication is based upon the byte. Each MIDI command is composed of a specific byte sequence which contains important information such as the status byte, which tells the receiving MIDI... ...ay of creating joyful noises. MIDI and musical notation software makes it very easy to annotate our musical ideas. In this very direct way, we can use technology to glorify God with our creative talents and songs of praise. Works Cited MIDI.com. 8 Dec. 2002 <http://www.MIDI.com>. Ohler, Jason. "The Promise of MIDI Technology." Learning and Leading with Technology. Mar. 1996: OCLC FirstSearch. 8 Dec. 2002. Keyword: Music Composition. Perry, Jeffery. "The Inner Voice of Simple Things: A Conversation With Paul Lansky." Perspective of New Music. Summer 1996: 40-60. OCLC FirstSearch. Hekman Library, Grand Rapids. 7 Dec. 2002. Keyword: Music Composition. Webster, Peter R. "Time, Technology and Creative Process." Arts Education Policy Review. 94 Sept. 1994: 32-36. OCLC FirstSearch. Hekman Library, Grand Rapids. 8 Dec. 2002. Keyword: Music Composition.

Negative effects of technology

Technology has had a negative effect on people's lives. Technology has distracted kids, caused accidents, and health problems. It's actually kind of sad. Technology has negatively affected kids In such a huge way, especially In schools. Most kids claim they're bored so they pull out their cell phones or Pods. Their attention span isn't but so big, so they tend to get distracted easily by fumbling with their phones and playing games. This is why phones aren't allowed in most schools today.Reason being is because teachers find it very disrespectful and rude when they are trying to teach and students aren't learning or listening. The most commonly used technology today is the cell phone. Cell phones cause so many things to happen. Most car accidents are cause by being on cell phones. In a teens mind they think sending this one word or message Is wont hurt while they're driving but In reality It does. They have so many commercials about the consequences of testing and driving. Most teens Just don't listen.It's not Just the teens either, It's even the adults that text and drive. Adults are supposed to be role models for the younger generation not the opposite. Most people don't know that technology causes health problems. Being on a cell phone for too long and having so close to a person's eyes can mess up their vision. Also talking on the phone can cause cancer. Of course a person wouldn't get cancer just by one phone call, it would take some time. Another major health problem caused by technology is Carpal tunnel syndrome.Testing excessively can damage the nerves in someone's hands and fingers, causing numbness, tingling, and weakness. These are Just a few health problems caused by technology. It's Just amazing how something created by man can cause so many negative things to happen. Just by being on a cell phone while driving could cost someone their life, having a cell phone or Pod out could cost a child's education, or even testing could cause permanent damage. Technology has negative effects on people's lives daily. Negative effects of technology By redoneTechnology has negatively affected kids in such a huge way, especially in schools. Most kids claim they're bored so they pull out their cell phones or ‘pods. Their teens mind they think sending this one word or message is won't hurt while they're driving but in reality it does. They have so many commercials about the consequences of testing and driving. Most teens Just don't listen. It's not Just the teens either, it's even the adults that text and drive. Negative Effects of Technology Technology can not only negatively effect ones physical health, privacy but there are also emotional and psychological effects which can be disastrous. ’ Internet addiction is a psychological dependency on using the internet regardless of the type of activity once logged on’ . caplan 02. ‘a cycle of five successive and interdependent stages’. young01. Discovery, experimentation, escalation, compulsion, and hope lessness lead the person through a series of cause and effect emotions.. yong. 08 describes a person with a tendancy to avoid life problems by medicating him self with the internet. Lonely people with low self esteem choose emotional relationships with cyberspace frinds. Becase ‘real’ individuals rejecting them is no longer possible, the person feels safe and confident in his world of denial. abs 08. Bisides social awkwardness and isolation the psychologically dependant person is one who tends to avoid real life situation and problems. abs. 08.. speaks of increasing absence from work as a woman’s online sexual fantasies grew into an obcession . to feel angry, jealous, rejected and abandoned as they experience the emotional pain of an online affair by their partner. Conflict and emotional cost is also a result of poker playing online. chb. 00. states that intense players played 3 times longer than the majority, in one study.. Other life activities would be effected more and more. An incrase in emotional pain resulting. However, emotional pain is not only caused by the individual’s online behavior but also the financial strain of the addiction. Chb09.. states that in its study of online poker players, most player moderated their behavior based on wins and losses. 1 the most involved players. However, did not this would indicate a high financial strain when these players experienced loss. Nms07 study on problem gambling on the internet found that 42. 7% of internet gamblers were problem gamblers. b. Another emotional result of online gambling is the altered perception of the gambler making him less aware of financial risks. nmss07.. The predictable remorse and guilt fallows the loss of money. Many online gaming sites give the impussion that pay out rates of demo session apply to regular play which is untrue. Demo sessions also will set up an imagined ‘big win’ which the article states sets a person up for problem gambling in the future. Aa ther are risk factors for those who are psychologically, vulnerable to becoming addicted to online sex. abs08. millions of adult sites abs08 are available 24 hours a day, 7 days aweek. The underlying factor of accessible ‘free’ sex and gambling contributes to addiction for those particular people. abs. abs.. Besides easy access, being anonymous also increases addictive tendancies for those most prone to be effected. Online users can experiment freely and confidently in the virtual world. Gamblers use electronic means to pay for services making the financial losses seem less real. Comm. With the rapid changes in technology comes both positive and negative results. Certain personality types seem more prone to online addicions to sex. Poker , and gambling. The availability of the internet and the relatively inexpensive world of excitement and pretending, seems to be an unpleasant reality makes fantasy even more attractive. The high emotional price for the addict and his loud ones, is just beginning to be revealed.

I.T and Hauhaus Essay

As they are the competitor within the market, the retailing strategies to be used are similar. Therefore, it is easier to collect and compare the financial data and draw out the conclusion to see which company would be worthier to invest. The report covers the company and industry background, ratio analysis, future forecast of two companies’ performance. 2)Company Background Bauhaus (0483, HK) Bauhaus was found in 1991. It has been listed on HKEX stock market since 2005. There are more than 200 retails store and over corners and point of sales in Hong Kong, Macau ,mainland China and Taiwan,. Apart from selling different foreign brand, liked Cheap Monday, G-Star, EVISU etc, Bauhaus also building the local brand liked Salad, T Tough Jeansmith and 80/20. It is a leading retail store in selling casual wear, especially for jeans item. There are 234 Bauhaus shops in Asia. Using the wholesale strategy, Bauhaus can expand the business from Asia to Western country. In the future, it may diversify its product line like launch more foreign brand to increase its competiveness. I. T (0999, HK) I. T was found in November of 1988. It has been listed on HKEX stock market since 2005. The Group has an extensive self managed retail network extending to nearly 450 stores across Greater China with staff around 4,800. The brands are well accepted in Thailand, Saudi Arabia, Australia, the Philippines and France. More stores will be opened in these places in the future. The feature of I. T retail store is group several brands in a sizable retail location. It owns a number of in-house brands liked 5CM, fingercroxx and X-large, as well as distributing European and Japanese designer’s brands such as French Connection and A Bathing Ape Comme des Garcons, D&G, etc. 3)Industry Outlook Hong Kong is one of the fashion hubs in Asia. There are a wind variety of local and international fashion brand locate there flagship store in Hong Kong. The competitive is dynamic and incentive. Hong Kong consumers are willing to spend money on fashion and clothing. As the purchasing power of is high, so the demand of fashion product is huge. According to CIA THE WORLD FACTBOOK, this entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. From this result, Hong Kong is ranking to 37 after compared to 227 countries in the year of 2010. According to the information from Asia Case Research Centre (ACRC), it shows that retail is the 2nd largest sector in the service industry that accounted for 85. 7% of Hong Kong’s GDP. Also, The Census and Statistics Department (C;SD) indicate that the value of total retail sales in October 2011, provisionally estimated at $34. 2 billion, increased by 23. 1% over a year earlier. Analyzed by broad type of retail outlet and comparing October 2011 with October 2010, wearing apparel increase 14. 6%; footwear, allied products and other clothing accessories increase 11. 3%. This data proofs that the demand of fashion items is huge and purchasing power in this region is relatively high. Besides, tourists come to Hong Kong are increasing each year; they bring with high purchase power in fashion items, especially those Chinese tourists. According to the statistics released by the Immigration Department, about 800,000 to 900,000 Mainland visitors travel to Hong Kong monthly. It shows that Hong Kong’s market has a huge potential development chance. According the data of Hong Kong government, the sales revenue of retailing business has a growth during April of 20010 to Feb of 2011. It is because the economic environment is better than past year. Hong Kong’s GDP fell in 2009 as a result of the global financial crisis, but a recovery began in third quarter 2009, and the economy grew nearly 6. 8% in 2010. In addition, China’s economy growth fast, the performance of its economy growth is greater than the other country. And Hong Kong’s economy is influenced by China very much. In the future, we can see that Hong Kong’s retailing business will growth rapidly. It seems a great chance to develop the retail business; however, there are some risks on the growth of fashion retail business in Hong Kong. Nowadays, Globalization is a hot topic of the world, more and more foreign brands enter in Hong Kong market, such as GAP, Forever 21, Zara, H&M and Monki, etc which provide good price and trendy design merchandises. They regarded Hong Kong as the stepping stones to go into the China market. With more branding in Hong Kong, the competition between them is becoming more intensive and serious. Therefore, the local fashion retailers have to build up their competitive advantages to withstand the impact from those foreign brands. Also, because of the inflation of Hong Kong and China, the cost of the materials, labor and transportation is getting higher. Garment manufacturing is a labor intensive activity. The cost of garment is mainly from the increasing labor cost and transportation cost. In order to deal with, the retailer probably need to order more amount of quantity each time to achieve the economy of scale, so the cost will be lower. Furthermore, as we know that Hong Kong’s rental price of shop is the first three expensive in the world. The rental price has been increasing rapidly in the recent years. From 2010 to 2011, the rental price was increased more than ten percent. So, rental price of the store is a core cost of any business, especially fashion retailer as it needs a large space for displaying and storing the products. The rental cost affects the profit of the fashion retailers. To conclude, Hong Kong fashion retail market is still positive. There are many great opportunity for Hong Kong fashion retail to expand its business. However, there are some uncertainty need to be pay attention, such as the entrance of foreign brands and the unstable rental cost. So, the local fashion industry needs to create a competitive strategy to deal with. For example, local fashion retailers can use the attractive marketing strategy, liked collaboration with other brands, provide excellent customer services and building great brand image. 4)Ratio analysis i) Test for profitability I. T (in HKD 000)Bauhaus (in HKD 000)* a)Return on Equity (Net income / Average stockholders’ equity)416945/[(1843212+1477723)/2] =25. 1%25. 1% b)Profit margins (Net income/ Net Sales)416945/3834422 =10. 9%11. 4% ii)Test for liquidity I. TBauhaus c)Current Ratio Current Asset/ Current liabilities1873282/1012495 1. 85%3. 3 d)Quick Ratio (Current Assets- Inventory)/ Current liabilities(1873282-736717)/1012495 =1. 1%1. 7 e)Inventory Turnover Cost of goods sold/ Average Inventory1405482/[(736717+394520)/2] 2. 52. 0 iii)Test for Solvency and equity position I. TBauhaus f)Debt/Equity Ratio Total liabilities/ Total stockholders’ equity(1012495+429852)/1843282 0. 78(149 7+126461)/494938 0. 26 iv) Market test I. TBauhaus g)Price/Earnings ratio Current Market Price per Share/ Earning per Share4. 88/0. 33 =14. 82. 98/0. 32 =9. 3 h)Dividend Yield Ratio Dividends per share/ Market price per share0. 146/4. 8 =3. 0%0. 177/2. 98 =5. 9% *Quote from annual report* Two financial reports announced in different date- Bauhaus- For the year ended 31 March 2011 I. T—for the year ended 28 February 2011 i )Test for Profitability Profitability is a primary measure of the overall success of the company. This is a class of ratios that are used to assess a business’s ability that generate earnings compared to its expenses and other relevant costs incurred. To determine rather the company is valuable for investing or not which need to get high profitability when compared with competitor’s company. However, in fashion industry, the sales revenue is seasonal. For example, the sales revenue is much higher during Christmas and Chinese New Year in Hong Kong. So, we should not compare the retailer’s fourth-quarter profit margin with the profit margin from the same period a year before because it would be far more informative. a)Returns on Equity This ratio indicating how much income was earned for every dollar invested by the stockholders. ROE can reflect if they have used the money that invested in the company to generate much more income. If the ROE is low, it shows that the returns of the investors will not be high. And the company doesn’t utilize the resources that they have invested. Two companies have a similar result of this ratio. Both two companies can generate about 20% of income using stockholders’ equity. It is because retail store is not very high investment to enter the market; it has higher ROE when compare to other industry liked Construction Company. In order to measure the company is worth to investing on; ROE ratio should not be lower than 15%. So, two companies are worth to invest on. b)Profit margin Profit margin is an indicator of a company’s pricing strategies and how well it controls costs. It is calculated by finding the net profit as a percentage of the revenue. A low profit margin indicates a low margin of safety: higher risk that a decline in sales will erase profits and result in a net loss, or a negative margin. The higher profit margin means that the company has a higher ability to generate profit. I. T’s result is 10. 9%, it is lower than Bauhaus 11. 4%. I. T should minimize the expense. Bauhaus has a higher profit margin in 2010/2011. It shows that they have put effort to maximize the profit. Since compared with last year (10. 5%), it has been increased. i) Test for liquidly It is a class of financial metrics that is used to determine a company’s ability to pay off its short-terms debts obligations. A company’s ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts frequently use the liquidity ratios to determine whether a company will be able to continu e as a going concern. c) Current ratio This ratio measures the ability of the company to pay current debts as they become due. It is the important ratio that we can identify if the company has a good cash flow. If the debts recalled but the company does not have enough money to pay it, the company may be asked to bankrupt. On the other hand, current ratio should be in appropriate level. Ratio is too high means the company did not fully utilize the current assets to generate the profit. Bauhaus have a higher current ratio than I. T, it means Bauhaus’ ability of returning the debts is greater than I. T. It can more utilize current assets to generate more income. It shows that they have $3. 3current assets for returning $1 of current liabilities. Investor need to concern the ability of a company that utilizes the current asset. I. T has a lower Current ratio than Bauhaus. However, it is enough ability for them to returning the current liabilities when they are recalled. And it shows that I. T has better utilization of the assets to generate profit. It shows that they have $1. 85 current assets for returning $1 of current liabilities. d) Quick Ratio Quick Ratio is similar with the current ratio with no consideration on the inventory factor. It is more representatives to measuring rather the company can return the current liabilities immediately. The quick assets included Cash, Accounts receivable etc. These assets can return into cash in short time. Inventory will not be counted in this ratio as it may need longer time to return into cash and a risk of cannot be sold. It is a very important ratio for fashion industry, since the trends cycle of clothing is fast, the product may be in today, but out day tomorrow. So, fashion retailer should not keep too many inventories. Bauhaus have a higher in Quick ratio, however, compared with the current ratio, it is a great variation on two ratios. It means that the inventory tied up its current assets. It is not a good issue on a fashion company. They need to bare the risk on high discount of the product when the product is outdated. It will be high losses on the revenue. They can minimize the inventory through different method, liked big sale, buy one get one free and so on. Although the quick ratio f I. T is lower than Bauhaus, it is enough to returning the debts when all the current debts are recalled. e) Inventory Turnover This ratio measure how quick of a company sells their inventory. Higher inventory turnover lead to shorter cycle on inventory. Since inventory is not easily being sold out and transform into cash in a short period, fashion retailer should not hold too much inventory. Since fashion items are easily faded out. If the company store too much stock, the risk of the inventory cannot be sold out will be increase. Also, the expenses of storing will be occurred. Once the inventory is outdated, the company needs to sell it in a large mark down price. The profit of the company will be affected Since Bauhaus have a lower level on inventory, its inventory turnover will much slower than I. T. It may tie up the capital if the inventory cannot be sold. So, company should reduce the level of inventory. I. T has a greater performance on inventory turnover. It shows that they have shorter cycle on inventory. So that it is much easier transforming inventory into cash. iii) Test for Solvency and equity position It’s a set of ratio that to test the company can be able to meet it long-term repayment responsibility. It provides a measurement of company can continue to meet its debt obligations. f) Debt/ equity Ratio This ratio measure a company’s financial leverage calculated by dividing its total liabilities by stockholders’ equity. It indicates what proportion of equity and debt the company is using to finance its assets. I. T’s result is 0. 33, shows that $0. 33 liabilities that exists for each $1 invested by the owners. It is a very low value. Bauhaus’s result is 0. 21, which is lower than I. T. In the Balance Sheet, we can find out that Bauhaus did not ask for the long term debts from the third party. It shows that they don’t have the interest burden. The result shows that two companies is not using the debt financing to acquire the financial resources, liked selling bonds, bills or notes to the investors. Debt financing is much higher risk than equity financing. As these two companies is listed company, they would like use the equity financing to raise money. And the equity financing method is more safety and no regular interest burden. v) Market Test Market test relate the current market price of share of stock to an indicator of the return that might accrue to the investor. It based on the share market’s perception of the company. It can let the investor to know if the company is worth to invest. g) PE Ratio Current Market Price per Share/ Earning per Share This ratio measur e the relationship between the current market price of the stock and its earnings per share. The higher the ratio, the higher the perceived quality of the earnings by the share market. It also shows the future growth of company. If the P/E ratio is too high, it means that the value of the company is overstated. And it is not a good choice to investing on that company. I. T have a higher PE ratio than Bauhaus it means that the quality of the earnings by the share market is higher. It is more worth to invest h) Dividends Yield ratio This ratio measures the dividend-paying performance of different investment alternatives. The higher of result, the better performance. Bauhaus have a higher result, it shows that they have higher dividend-paying performance. If the investor wants to put the money into low risk and long term investment. They can choose this company. 5)Limitation on analyses of ratio Since two financial reports is announce in different ended date. The result may not be accurate. The fashion retail industry turnover is seasonal, like The Chinese New Year of 2011 was in February so the sales turnover must be high in that moment. After that, the turnover will be drop. So, these two companies will in different sales turnover rate. 6)Forecast of the company’s future prospects This part can be divided in to two parts, the 5 years income statement analysis and potential risk of the company. a)I. T The diagram shows that turnover have been increased gradually during 2007 to 2011. Although 2008-2009’s local economy is in down turn, the company still can strive to increase of turnover. It is predict that the company will probably maintain the increment since the economy situation is recovering and the local residents will spend more money on clothing items. The diagram shows that I. T had undergone a decrease on profit in year 2009 due the poor economy situation. And they suffered decrease of financial income. And the operating expense was higher than 2008. After 2009, there was a great improvement on profit. It has six times more profit comparing during 2010and nine times during 2011. It is predict that the company will probably maintain the increment of the profit if it can keep the level of expenses. However, there are some risks have been raised. The operating cost is increasing during these 5 years. Since the rental price is much higher in the recent years. They should adapt different strategy in order to keep the cost in the low level. Another risk is that I. T needs to pay attention that is the exchange issue. Since I. T sources many merchandises from different countries and the foreign exchange is unstable. For example, Japan YEN is much higher exchange rate. However, I. T’s buying office purchase many Japanese fashion brand products. So the cost and price of the merchandises will be impacted by the exchange rate. To deal with risk management, I. T embed a risk alert culture throughout the Group, the Internal Audit Department has implemented an annual internal control risk self-assessment to allow major business units to identify and analyze the risks underlying the achievement of business objectives and to determine a basis for how such identified risks to be managed and mitigated. In the coming future, I. T should pay more attention on risk management in order to prevent suffering from the economy situation and to have a greater growth. Bauhaus Bauhaus also have a gradual increase of turnover during 2007-2011. The increment from 2009 to 2010 was slowly. It may because of the economy situation was still not recovered yet. However, there was a sharply increment from 2010 to 2011. It is predict that, the turnover will be increased faster. Bauhaus also suffered a decrease of financial income in 2009. After 2009, there was an improvement on profit growth. However, the improvement is less than I. T. The diagram shows that the profit properly tends to be increased. Bauhaus also face the foreign currency risk and operation cost increment risk. The Group continuously monitors its foreign exchange position and, when necessary, will hedge foreign exchange exposure arising from contractual commitments in sourcing apparel from overseas suppliers. Generally, the Group introduces conservative strategies on its financial risk management. In the future, Bauhaus will have a great growth. However, in the fashion business market, the information is run fast, the risk is always happen. The company should build up a risk management system to minimize the risk of company operation. 7)Conclusion The financial performance of both Bauhaus and I. T compared in this report is great. And the prediction of their future growth is positive. Thereby, two companies are worth to be invested. The above ratios show that Bauhaus have a better performance than I. T. For the investor that can undergo low risk, so the investment on Bauhaus is more preferable. It is because the company growth and financial debt position is better, and it has a higher dividend yield, and they keep on paying the dividends in last 5 years. For the investor who wants to have higher return, I. T will be a good choice. It is because the PE ratio is lower, so the company still has a great improvement and the share price probably being increased. It’s good for the investor that purchasing the stock in low price and then sold them in higher price.