Proj

The cost totaled seven lives and millions of dollars. The disaster could have been subverted, however, if o only the several mechanical engineers that had noticed an issue with the rings had stepped f award, despite administrative pressure to continue with the launch, and brought public eaten Zion to the problem. A multitude of other such disarticulated of civic structures, technologies such as cars and trains, and even the batteries of computers and phones, capable of causing harmful explosions, all constitute infringements of people's basic right to life, and thus presents a leg l and ethical dilemma.All engineers possess two at least two democratically knowledge of standard design processes and requirements, and the capacity to apply their knowledge toward dos the creation of novel technologies and innovations. These two things qualify as intellectual pr property, which is an intangible item that is secured via the powers of reasoning of an individual (AH in 50).While some enginee rs, such as professional engineers, are credited for their intellectual pr property, it is essential that all engineers credited thusly, even at the cost Of their employer, as it pro totes their autonomy 2 and therefore creativity, lowers cost of procuring professional engineers to SE al and approve projects , and finally, holds engineers to the highest standard of ethical profess Somalis by exposing the promulgators of shoddy engineering to the scrutiny of the world at large. Companies, when hiring engineers to create technologies, often pressure the SE potential hires into signing binding agreements.These contracts force innovators to forfeit al I of their intellectual and creative output to companies. As Keith Warren, a licensed Professional E ginger, states, a technology company could take the rights Of an invention Of a â€Å"baa rubber sauce† if it so suits them (Warren). Some would argue that this provides complete owner ship provides incentive to companies allow emplo yees more creative license. The company can profit from any and all of their employee' ideas either selling the patent or investing in the † barbeques† productive capabilities it follows that they give more freedom to their novo dative members.Also, as Keith Warren, states, all clients and employers of engineers provide t he engineers with sources to conduct research, so it would seem reasonable that engineers o offer in exchange the profit to be made of of their ideas and technologies (Warren). Engineers been fit in that they are not required to go through an intensive eightieth licensing process to become e professional engineers (who are indeed held personally responsible for any flaw in their w ark, but not for an innovation), as the company will be held responsible for a problem that went unrecognized by an employee.Finally, this discourages individuals from patenting or otherwise CLC aiming ideas that hey lack the capabilities to fabricate it. This, as Koch States, causes an sills_Jew for companies and even other engineers by obligating them to verify the originality of their prod cut periodically throughout the design process using costly search engines, and even prevent Eng some technologies 3 from being commercially available, as they have been patented by small indeed pendent's that refuse to yield their rights to the idea (327). Coercing creative engineers to remain silent about their ideas can stifle create pity and even hinder the process of innovation.On a individual level, the engineer receives I title to no credit for their contributions (Warren). While, as multiple ethical codes attest, engineers should be first accountable for actions that can impact public willingness as approval of t he commercial readiness of a technology, the recognition of their intellectual property should also apply to their own innovations and inventions (â€Å"Code of Ethics†). Enabling creators to claim t heir ideas incentives the creation of trul y original products, for instance, the Apple com putter, the telescope, all created by individuals unattached to large firms.Breakthrough technologies often require extensive resources that sleepyhead individuals are unable to procure, so e engineers currently have two possessively an innovative design, patent it, and by default via pop assessing such legal power, hinder its production and benefit to society by firms with the resource s; or become employed by a firm, attempting to create and fabricate such innovations while e remaining constricted by the firm's own main objectives and directives (Koch 327).Further remorse, firms often keep breakthrough tech oenology a secret for a while, seeking a release time that will bring the most commercial gain due to market price level and other factors. This halts the pr ogress of technology. If instead engineers retained some creative rights to their products, while firm s with the resources hold reproductive rights, a mutually beneficial p artnership is available that en abeles maximum freedom for both parties. Firms are not constrained by a patent to the individual al, and engineers can produce intellectual property at will.The immediate profit of companies is not diminished. Corporate loss will occur only in the advanced autonomy of the engineer rest ensemble for 4 highhanded products, and possible competitive bids from other companies t o take on such a dynamic employee. This loss is overridden by the enhanced ability of corporate e entities to recognize such individuals and seek them for projects, and the government to employ such individuals for public projects that demand acuity in refining structures that c loud affect public welfare.The law mandates that companies must obtain the approval of a Professional Engineer for any of their engineer and design projects in order for the project to become e eligible for rejection. (Warren). This sealing involves a PEP reviewing the designs, calculate ions, and technologi es created by unlicensed engineers employed by an industrial .NET TTY.Because the majority of engineers that work for such entities are unlicensed, they are not r jugulate by the National Society of Engineers and state law to be held personally accountable for their evaluations of a work, and have not undergone the rigorous training for licenser (Warren , â€Å"Ethical Codes†). Thus, federal legislation mandates that a PEP check over a technology before it is released. This is a costly practice, and could easily be foregone if all engineers were required to obtain at least basal licenser via a less vigorous process than PEP, but nonetheless remain regular De by a national organization such as NSP.Finally, engineers should be directly credited for their intellectual OUtPUt in AP proving or disapproving civil projects. This prevents shoddy work from engineers employ De by large companies, that today have little to lose, blanketed by anonymity as they are underneath a large firm 's name, for small mistakes such the matter of a small ring deficiency, the t might build to a large and pervasive civil problem (Warren). Many engineers must battle with conflicting interesting allegiance to the public good and their melodramatically whew n bound by 5 agreements that prohibit their divergence in opinion from a company.Some ethical codes acknowledge this conflict, such as that Of the National Society Of Professional Engineers (â€Å"Code of Ethics†). However, ethical codes themselves, while meant to clarify a course o f action to take when such conflicts occur, often themselves conflict (Eligible and Davis 7 This dilemma is solved if companies cannot take direct credit for an engineer's work, and en gingers intellectual property is in turn attributed to the engineer in question.Companies still poss. sees ownership of the idea of having the sole right to produce it within a fixed number of years, but acknowledge and even provide royalties to the creator of the technology. Litton Engineering, a f roomer workplace of Keith Warren's, exemplifies this concept by providing ample royalties and eve n the ability to patent intellectual property to their employees (Warren). The Challenger Disc steer occurred after an engineer, appealing to an administrator with qualms concerning the rings, w as told to â€Å"think like a manager, not an engineer (Eligible and Heinz 4).The engineer was a c annotator with NASA, instead of a PEP that would be held to scrutiny by the NAPES and the pull ICC for the oversight. Thus, no careers were necessarily imperiled by the disaster (Ware n). Notable failures of civic architecture such as bridge collapse can have be prevented if engineer's careers are stake, instead of company's stock, which can recover more easily. The lack of some r ejaculating agency ND formalized code of ethics in those days could be partially attributed for the see problems (Christie 98).It is thereby essential that some national agency, with a universal code of teeth CSS, regulate all registered and therefore employable engineers. By having a public and private e profile that promotes interest in innovation and accountability, engineers can benefit fro m recognition that they accrue through sound ethical and innovative practice, while being penal zed for malpractice. 6 The conflicting allegiances that engineers often face, to their sponsor, client o r company, and to heir own interior moral compass, will be eliminated, as the company is oblige Ted to maintain an open profile of all works.

Company Background of Broadway Circuit

Broadway Cinema was first established in the 1950s and was rebuilt in the existing location, Sai Yeung Choi St. , Mongkok, in 1987. Thereafter, Broadway Circuit has gradually developed to nowadays the largest cinema circuit in Hong Kong. Being operated by Edko Films Ltd, the circuit consists of 11cinemas across the territory, covering all the major locations in Hong Kong Island, Kowloon and the New Territories.By the 53 screens we offer, their customers are able to choose from a wide range of movies upon their tastes and interests. Since 1999, Broadway Circuit has launched www. cinema. com. hk, which provides updated movie information and a platform for movie discussion. Inquiry hotline and email address were also set up to enhance customer communication for improving our service. Internet ticketing and phone ticketing services were launched from 2000 onwards. Moviegoers can select their favorable seat anytime at their convenience. dsfffffffffffffffffffffffffffffffffffsm,nds,m fnds,m fnsdm,fnm,sdn fm,dnsmgnbs n mgb mn sfdbgm nfb sgnmbfdmnfbdgmnbs fdm, ngbfdmn b smn,bg mn fd bsg mnf s dbg mnds Archaeological studies support a human presence in the Chek Lap Kok area from 35,000 to 39,000 years ago, and in Sai Kung Peninsula from 6,000 years ago. [44][45][46] Wong Tei Tung and Three Fathoms Cove are the two earliest sites of human habitation in the Palaeolithic period. It is believed the Three Fathom Cove was a river valley settlement and Wong Tei Tung was a lithic manufacturing site.Excavated Neolithic artefacts suggest cultural differences from the Longshan culture in northern China and settlement by the Che people prior to the migration of the Baiyue. [47][48] Eight petroglyphs were discovered on surrounding islands, which dated to the Shang Dynasty in China. [49] In 214 BC, Qin Shi Huang, the first emperor of China, conquered the Baiyue tribes in Jiaozhi (modern Liangguang region) and incorporated the territory into imperial China for the first time. Modern Hon g Kong is located in Nanhai commandery (modern Nanhai District) and near the ancient capital city Pun Yue. 50][51][52] The area was consolidated under the kingdom of Nanyue, founded by general Zhao Tuo in 204 BC after the Qin Dynasty collapsed. [53] When the kingdom was conquered by Emperor Wu of Han in 111 BC, the land was assigned to the Jiaozhi commandery under the Han Dynasty. Archaeological evidence indicates the population increased and early salt production flourished in this time period. Lei Cheng Uk Han Tomb in the Kowloon Peninsula is believed to have been built during the Han Dynasty. [54] During the Tang Dynasty period, the Guangdong region flourished as a regional trading center.In 736, Emperor Xuanzong of Tang established a military town in Tuen Mun to defend the coastal area in the region. [55] The first village school, Li Ying College, was established around 1075 in the New Territories under the Northern Song Dynasty. [56] During the Mongol invasion in 1276, the Sout hern Song Dynasty court moved to Fujian, then to Lantau Island and later to Sung Wong Toi (modern Kowloon City), but the child Emperor Huaizong of Song committed suicide by drowning with his officials after being defeated in the Battle of Yamen.

Information Use Paper

Information in organization can be used in many different ways depending on the specific job you may have. Some information is used for the public and some is more private than others. Information is used for databases, business analytic s, business records, health records, fax, scanned and many more different ways information is used in an organization. Information is mostly used by sharing it though different levels of a business or sharing it because it is involved with more than just one specific business it’s usually a department. Information can also be used as a way of marketing or advertising.Even though marketing usually only collect certain information like name, address, telephone and maybe an email addresses for different things that benefits their company statistics. Some business ask for your information to send out coupons, special promotion or deal breakers that could get you to purchase products from them again. Database systems which are typically in every bu siness type and level use information to track specifics on what they need and use. Information is a valuable piece of data that can determine the outcome of something. Information flow in an organization can depend on how the organization is setup.The information can either flow up and down or side by side. Up and down is flowing through the different levels or managers. Side by side is flowing of information through departments. Both of their flow ways are common in most organization because it could be tracked by who have it or who had it. When I was active duty military, information flowed from the highest level down to the lowest and from the lowest to the highest depending on who was sending it. It was kind of like sending messaging through carriers to get it to the destination, which made the process slower than it really should be.In this case the information flowed through filters of people, the reason being is because they want you to try to get any situation solved at the lowest level if it is possible to do. The military have several database that stores information for different things for the purpose of tracking data. This different system record data that is inputted by different people depending on the level and skill type of the person. Sometimes we send information between specific departments depending on what the information contains. This way it doesn't get to department who doesn't benefit from it.When you apply for any type of loans this information is processed and sent to different departments and levels of the company. Once this process is started the application is sent to several different approvals to get them to say the big word. The concerns with properly controlling this flow is different information would be exposed to people who shouldn't see it, in other words have the clearance for it or have to correct training for it. When you send information like this it is not classified it is unclassified therefore anyone can see it, k eep it, or even give it to someone else without your authorization.In this particular case if the information is classified enough where certain eyes can only see it, the information would be encrypted for those who have the access to view it. I know for medical information, the doctors or receptionist have you sign a HIPAA (Health Insurance Portability and Accountability Act) statement for confidentiality and protection from other who should not be seeing it. Only those who are either on the HIPAA form or who have the right to view it such as doctors, nurse and you the patient. Another concern with information is being digital which means it is send over the internet for Wi-Fi technology.Many businesses either scan documents, fax them or email them which puts a big risk every time it is sent, because of cybercrime can occur. The military have several different filters and firewalls this information sent and received for this purpose of cyber-crimes. PlayStation network was hacked a nd all the information that was stored was compromised and some people might even have been a victim of identity theft, depending on how much information they kept of their file. How this happened was someone hacked their database and downloaded all the information was in it.

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

Marketing Financial Services - Essay Example The greatest asset of any consumer finance business is its base of customers. In the current competitive market, acquisition of profitable customers is tricky and tough. Nurturing the relationship into long-term profitable assets require lots of perseverance, innovation, and research. All customers are different, and to acquire the value they bring, they need to be treated differently. There are many methods to acquire customers. Advertising is one of the foremost methods. US Advertising Spending by Financial Services companies by media 2003 & 2004 (as a % of total spending).....Source: TNS Media Intelligence & Advertising, June 2005: 2003 2004 TV 27.7% 31.15 Newspaper 23.8% 22.4% Magazine 14..7% 15.5% Cable TV 12.9% 12.5% Internet 14.7% 12.5% Radio 3.2% 3.0% Outdoor 3.1% 3.0% Acquiring new customers through email and direct mail marketing are other methods that are fast and cost-efficient. With the help of thousands of interest categories demographic information, and behavioral targeting, you can find the exact people you are looking for and then giving you the information you need to convert these prospects into customers through email and direct mail marketing. CUSTOMER RETENTION Customer retention marketing is a tactically-driven approach based on customer behavior. It’s the core activity going on behind the scenes in relationship marketing, loyalty marketing, database marketing, permission marketing, etc. ... information, and behavioral targeting, you can find the exact people you are looking for and then giving you the information you need to convert these prospects into customers through email and direct mail marketing. CUSTOMER RETENTION Customer retention marketing is a tactically-driven approach based on customer behavior. It's the core activity going on behind the scenes in relationship marketing, loyalty marketing, database marketing, permission marketing, etc. Here's the basic philosophy of a retention-oriented marketer: 1. Past and current customer behavior is the best predictor of future customer behavior. Example: Take these two groups of potential buyers who surf the net: People who are a perfect demographic match for your site, but have never made a purchase online anywhere and people who are outside the core demographics for your site, but have repeatedly bought online at many different web sites If you sent a 20% promotion to each group, asking them to visit and make a first purchase, response would be higher from the second group than the first group. It works because actual behavior is better at predicting future behavior than demographic characteristics are. 2. Active customers are happy (retained) customers; and they like to win. They like to feel they are in control and smart about choices they make, and they feel good about their behavior. Marketers take advantage of this by offering promotions of various kinds, ranging from discounts and sweepstakes to loyalty programs and concept approaches such as thank-you notes and birthday cards. If you want your customers to do something, you have yo do something for them, and if it's something that makes them feel good, then they're

E-Commerce Business Proposal Introduction (draft) with detailed Essay

E-Commerce Business Proposal Introduction (draft) with detailed outline - Essay Example The business will be designing making and selling various handmade products. However to cut a niche for itself in the already crowded market of selling handmade products, This proposed business will have an online platform that allows the clients to be involved in designing the products they want. The clients will be able to do this by either uploading a picture or sketch of the proposed item that they want to be designed and made for them. They will also be able to contribute in the designing of these products by providing a brief description of whatever they want so that the team of designers can be able to capture their needs well. The involvement of the customers in the design of these handmade products will ensure that the needs of the customers are fully met. Involving the customers in the design process will ensure that the venture not only sells what it wants but also sells what the customers want. This will therefore give the business a competitive advantage over other seller of handmade crafts who basically sells what they have and do not sell what the customer wants. The business will make money from selling of the crafts to the clients. Involving clients in the design process will also be a way of getting various design ideas from the clients. Payment will be either through credit cards or online money transfer channels such as PayPal. Cash payments will also be accepted when the crafts are delivered to the customers This craft selling business will be internet based. It will require an interactive website that is built by a professional website developer. The customers will be able to view the product or crafts that are available for sale from the website. In addition to this, the website will allow the customers to contribute in the design of the crafts they want. The client will first choose the product he or she wants and describe how it should look like. The customer can draw sketch of the proposed design and post it through the

CMG401 MOD 4 CA Essay Example | Topics and Well Written Essays - 500 words

CMG401 MOD 4 CA - Essay Example A 15-month base period and four (4) one (1) year options considered on Cost Plus Fixed Fee (CPFF) and Performance-Based Service Contract (PBSC). More than one award set aside for small businesses, subject to submission of a standard technical and cost proposal. The Government established such an award to be in their best interests. The standards required for small business was $7 million. The technical proposal required brief writing, limited to 75 pages typewritten with single-space and single side. In addition, the appendices limited only to single sided 75 pages. It consisted of resumes, references, attachments and exhibits. This constraint was for administrative intentions only, and whenever the limitation exceeded, it formed a ground proposal rejection. With the exception of small businesses, the offerors required to provide a subcontracting plan that complied with the small business subcontracting plan (FAR 52.219-9) which included in the solicitation. A subcontracting plan in the form of an attachment to the solicitation availed through a web link. The proposal required giving full name of the institution, address, and county, Bradstreet No., Tax Identification Number (TIN), and DUN. The address was essential for mailing purposes. Moreover, discretion provided to capture applicants’ attention concerning late proposals, technical proposal instructions al l provided in the solicitation. Any applicant with the intention of submitting the proposal in reaction to the solicitation required to notify the Contract Specialist of the intention, through completion of attached Proposal Intent Response Form. The form was to be submitted before May 22, 2009. Alternatively, it was to be sent to a specific address given below or faxed. The telephone number 301-427-1740 is contacted to reach the Contracts Management Division of the agency in Rockville, Maryland. Queries concerning the solicitation were

Aspects of United States society in the late 20th century and aspects Essay

Aspects of United States society in the late 20th century and aspects of life in the contemporary U.S - Essay Example Fast food is just like cigarettes because they both are horrible for ones self and still millions upon millions of people fall into the manufacturers trap of good advertising. America, as opposed to most of Europe, is always rushed. The average working week is forty hours, with maybe forty-five minutes as a lunch break. This is not enough time for a lavish lunch, leaving fast food as the menu of the day. (Schlosser, 2004) Americans, who live to work, will often bring home fast food as an alternative to the time consuming process of preparing dinner. Fast food is targeted to cater to the speed of an on-the-go American. The popular quote "In, out, and on your way" describes exactly how convenient fast food truly is. Now one doesnt need to go the lengths of in and out, just wait in the drive thru and go. If a person was hungry at 1:00 AM in 1940, he was out of luck. In todays world, one has their choice from a variety of fast food restaurants on every corner; they even have drive through windows so a person doesnt have to get out in their pajamas. For example, Wendys, doesnt close shop until 2:00 AM. In spirit with competitive American capitalism, McDonalds doesnt close now until 2:30. (Maze, 2004) Most cities and towns have rows of fast food restaurants so a person can jump from roof to roof, just in case they felt like Mexican food from Taco Bell rather than a McDonalds hamburger. In recent decades, the family structure of many Americans has changed. In most families, both parents need to work to support their families and to own a house, limiting the amount of time to spend with their children - let alone cooking meals. Fast food restaurants solve this equation easily by giving parents the option of killing two birds with one stone. They can take their kid(s) to a place like McDonalds that allows a parent to feed their children with

Communications Study Essay Example | Topics and Well Written Essays - 1000 words

Communications Study - Essay Example Despite this, the fans have seen a more settled and confident United in the past few weeks, reminiscent of the spirit instilled by the iconic Sir Alex Ferguson, with a sharp attacking force that combines brilliantly with the ever- improving defense. Without the services of the injured and robust Diego Costa, the attacking force of the Blues is jeopardized. Given his seven point lead at the top of the table, the cunning Jose Mourinho will opt for a mere draw, as his team requires only three wins from a possible eight to be crowned the new English Champions. With his tactical prowess, Mourinho will look out to shut the on-form Manchester United midfielder, Maroune Fellaini who has proven to be a menace in aerial ball control. The ex- Everton man’s abilities have stretched the defenses of many fierce sides, such as Manchester City, Liverpool and Tottenham Hotspurs. Despite this, Louis van Gaal and his devils are out to spoil the party for the Chelsea fans at their own home turf, the Stamford Bridge. Previous records show that Chelsea are a hard side to beat at this stage of the competition, but football lovers and followers know that the story is totally different when dealing with an on-form Manchester United squad. With the Chelsea manger taunted for his over defensive tactics, the rhetoric Louis van Gaal was quick to tame the tension. â€Å"To build a champion team, you must have a system that not only scores goals, but also brilliant in defense,† said a relaxed van Gaal. Mourinho, on the other hand, hopes to rub salt in the wounds of the Red Devils, who are on a revenge mission having had a disappointing start of the year. He is out to put a stamp on his name â€Å"The Chosen One† having led Chelsea to the first trophy success of the season against Tottenham Hotspurs in the Capital One Cup finals. The timid Mourinho, however, is quick to write out the threat

A critical analysis of how to gain competitive advantage and managing Essay

A critical analysis of how to gain competitive advantage and managing in hospitality industry through management of cultural diversity - Essay Example With this the hospitality sector cam to be organised as one of the most industries of the time. The industry got expert management with a number of well trained professionals. The hospitality industry brings together numerous people with different backgrounds with versatile cultures under one common roof and binds them with a number of professional codes and ethics. According to Spencer-Oatey (2012) culture is a concept developed over centuries. The concept of culture originates when Cicero first used this word to mean cultivation of souls. Later in the 17th century culture again appeared in modern Europe which referred to the refinement of individuals through education. During the 18th and 19th century that culture was more often used to refer to the national aspirations or ideals. It was in the 20th century that culture emerged as a central concept in anthropology which deals with the entire range of human ways of life and living which cannot be directly attributed to something inherited by the genes. According to the use of the term in American anthropology, culture firstly implies the evolved tendency of human beings to classify and express their experiences in the form of symbols, to behave imaginatively or creatively. Secondly, culture is also referred to the distinct ways in which people live with a set of belief and express their experi ences by shaping their lives along the lines of the derived experiences. According to the observations of Browne (2008) especially after globalisation different culture of the global community came to face each other, came to know about the existence of each other. With the establishment of multinational companies and their expanding operation in different countries, personnel are posted at international locations. Individuals with a distinct cultural identity and cultural practice work in a country with a different set or sets of culture. It is

Contemporary Organisational Theory Assignment Example | Topics and Well Written Essays - 1500 words

Contemporary Organisational Theory - Assignment Example nsion felt in 24 nations in the world, signifying the complexities required for the management of such organisation, it has defiled the conventional methods adopted by organisations with the same complexities. The system adopted by Gore sought to deviate from the conventional methods of management. The concept was based on theory Y, which sought to build human relation. The theory assumes that people get motivation within self. When one is self-motivated, they become anxious to identify solutions for different problems. Besides, the theory ascribes that such individuals have the potential of working together in tasks without jeopardising the peace in the work environment. The method used by Bill and Vieve limited the number of employees for every given plant facility. For instance, they believe that 200 associates are appropriate for the model because it encourage the development of interpersonal trust. The two believes that if the number is exceeded, the productivity is likely to decline. They solved the problem by ensuring that every time the number is reached they opened a new facility instead of expanding. The concept of a limited number of employees is based on the anthropological concepts developed by Robin Dunbar. The concept asserts that social groupings correlates with the size that human can manage. Cases of complex social relations are not appropriate when encouraging human relationship. The number of people each employee can relate with was estimated to be 148 according to Dunbar. The new associates were given mentors who guided them and carried them through the units in the organisation to identify areas that match with their skills and talents. The approach is unique because it enables new entrance to identify areas within the organisation that matches with their preferences and hence improves their output. These strategies are unique because most organisations have right job descriptions used for employing new people based on the items listed in the

Outsourcing Essay Example | Topics and Well Written Essays - 1000 words

Outsourcing - Essay Example Many companies have always hired contractors to support them during peak seasons at different intervals in the year. There is a vast difference between sub contracting and outsourcing of a particular activity. The main variation is with restructuring of the organizational structure when the activity is being outsourced which includes hiring employees at different locations to do the same activity. (1) History: The idea of outsourcing began during the industrial revolution where companies took advantage of the economies of scale to increase their profits by expanding their corporate and manufacturing base. Most of the companies sub contracted some of the ancillary functions to external service providers and this was regarded as the evolution of outsourcing. Outsourcing was not categorized as a strategy by the companies until 1989 when Kodak Company headed by Eastman Kodak decided to outsource information technology as a part of their strategic decision. The companies slowly started fo cusing more on cost saving and value addition to the business which led to outsourcing of even core activities which includes data processing, human resources, customer service, legal, logistics, medical transcription, information technology, payroll to companies in different geographical locations in order to increase profits. (1) Although many areas and operations are outsourced, there are some very common outsourced areas- Information Technology Accounts and finance Data processing Security Network and Communication Human Resources and Administration (3) In support of outsourcing: Outsourcing has become an integral part of any organization and has proved to be a boon to many companies. Many people are against outsourcing as it leads to unemployment in countries like US and UK but the advantages of outsourcing weighs out its disadvantages. Outsourcing proves to be a mutual benefit for both the outsourced and the outsourcing company in many different ways. There are many reasons wh y a company may choose to outsource an operation Cost effectiveness One of the main advantages of outsourcing different processes is for better cost efficiency, reduced operational costs as the workers/employees are paid much lesser than the employees of the company outsourcing, for the same job performed. The Training and the maintenance costs are also cheaper and inexpensive compared to developed countries. The outsourced partners also provide specialized and specific skill sets and knowledge which makes it efficient than the one in developed countries. For the outsourced companies, it does not only mean better revenue and earnings but also have the time to focus on their actual business which would make them more competitive in the international market. Outsourcing work to developing nations helps in improving its infrastructure, employment rates and overall economic welfare. The economy of the developing countries will benefit and promote immensely through outsourcing. (2) Flexi bility Some operations are seasonal in nature and outsourcing helps to bring in additional temporary resources when needed and released once the work is completed. An outsourcing contract provides flexibility to use the resources according to the demands of the market. The service provider will be able to stabilize and use the resources effectively during the peak and dull season. For example, more data entry processors will be recruited during the peak invoicing season. This

James Blunt Essay Example for Free

James Blunt Essay English singer and song writer James Blunt made it to the pop charts in 2005 following the release of his album Back to Bedlam, which included the song â€Å"You’re Beautiful†. Multi talented Blunt, writes, sings and plays both piano and guitar. With only two released albums, he is relatively new to the music scene yet has been nominated for multiple Grammy, as well as British awards. He has become known for his emotional lyrics and music and his sad, meaningful video. Blunt was born and raised in England. He has followed in the footsteps of his father and served in the British Army following college. He is an active advocate for the group Doctors without Borders, who he became involved with during his time in the Army. Blunt is not from a musical family but began taking music lessons as a child at the insistence of his mother. He began playing violin, piano and guitar at a young age and attended Bristol University majoring in music. James Blunt is a serious and well trained musician. This shows in the crafting of his lyrics and songs. He is not someone who made it to the top of the music charts by accident. Blunt’s song â€Å" You’re Beautiful† received much air play on radio station and drove his first album â€Å"Back to Bedlam† to the top of the charts in both the US and England. To understand the magnitude of Blunts popular success, consider the fact that Blunt was the first English performer to hit the number one spot of the US Billboard Hot 100 songs since Elton John reached that spot with Candle in the wind in 1997. Coincidentally, he has worked and traveled with Elton John during the course of his musical career. In addition to his radio and video success Blunt has had many songs featured on television shows in the US such as Grey’s Anatomy and the O. C in addition to advertising roles with Hilton Hotels and Sprint. Blunt has toured extensively and has become popular worldwide. Blunt’s video releases are recognized for their use symbolism and dark imagery. The image in the video for â€Å"You’re Beautiful† is of Blunt slowly and painfully taking off his clothes and empting his pockets meticulously. He sings hauntingly as he bemoans the fact that he has seen her, but will never be with her. The lyrics tell the story of her being with another man, and of the singer being high. The songs hints at he fact that he is unhappy with the situation and sees no hope. He talks about having a plan in response to this situation. He ends the video by jumping off a cliff into the water in what appears to be suicide. The second album Blunt completed was titled â€Å"All the Lost Souls† and was released in 2007. The album quickly hit old with great success in the US and the UK. Blunt had by this time built a reputation as a talented singer and songwriter. He had developed a following of fans who loved the emotional feelings to his music. Another example of the hopeless and emotional feel to Blunt’s work can be seen and heard in â€Å"Goodbye My Lover†. â€Å"Goodbye My Lover is an emotional display both visually and musically. The image of two lovers parting and the memory of their time together are shown throughout the video. The song is a sad tribute to what was and an acknowledgement to the end of the relationship. The pain he obviously feels as he lays on the bed alone is powerful. The word he uses in the lyrics are so emotionally delicate as he describes sensation and experiences such as holding hands and kissing so beautifully. Again, this song and video show no hope for the situation. There is simply and acknowledgment and cathartic expression of everything inside of the writer and singer. It seems like acceptance. One wonders if Blunt simply has the ability to get the emotion out, turn it into something creative and then move on. It may be the listeners who have trouble letting go to similar emotions and so get stuck in the hopelessness of the lyrics and visuals. However, Blunt’s success indicates that the public get him. The public feels and understand and enjoys the experience of Blunts’s music. Blunts work has been used in a variety of commercial venues, including television shows, commercials and movies. Hi song â€Å"You’re Beautiful†, was used in he Disney movie â€Å"The little Mermaid. Perhaps the meaning is different when jumping off a cliff into the water does not mean suicide. In the case of a mermaid it simply means going home. The song has also been used in the television shows ER and Smallville, demonstrating its wide appeal and interpretation. Goodbye My Lover has also been used commercially. Blunt reportedly wrote the song for ex girlfriend Camilla Boller after he cheated on her and they split up. That pain and remorse comes through in the video. Other works of Blunt have been used in the television shows; CSI, Criminal Minds and Without a Trace. Blunt obviously has no issue with using his music for commercial purposes as he has sold to television, movies and advertising. Wile the commercial use of music has become much more popular, there are still many artists that do not allow their music to be used for this purpose. Blount is criticized by some for being overly depressing as there is such an emotional longing and hopelessness in his work. His lyrics talk about lost love, war, addiction and sorrow. The songs are sad and emotional. Yet he tackles these subject with sensitivity and honestly. He is a poet first. The music he pairs with the lyrics is similarly gently and delicate and moving, and haunting. Blunt has been quoted as saying that he writes for himself, to express feeling. He indicates that he has no choice but to write and create and express. Blunt appears to be a true artist and creative soul who creates because he can’t help but express.

INTERNATIONALISATION STRATEGY OF THE AUTOMOBILE MANUFACTURING INDUSTRY

INTERNATIONALISATION STRATEGY OF THE AUTOMOBILE MANUFACTURING INDUSTRY The concepts, models and ideas related to internationalisation has been provided by, who provided a comprehensive study that, discussed several theories in detail related to issues of internationalisation. These interests in the internationalisation strategies and processes of firms have arisen to the development of models used to illustrate how firms internationalise. Mintzberg, 1987 stipulated that strategy making is about changing perspectives and positions which involves international operations across borders (Welch and Luostarinen, 1988) encompassing changed perspectives and changed positions. Lyles (1990) also argued that the internationalisation theme concerning global competition has been viewed as the coming decades most important area of strategic management research. Therefore, this concept or idea of internationalisation is defined below to give a clear and vivid understanding as to what researchers in the past have been able to develop. DEFINITION OF INTERNATIONALISATION Cavusgil (1980) describes Internationalisation as the process through which firms adopt international business activities or the process by which firms gradually increase their international involvement (Johanson and Vahnlne 1977 p.23). According to Cavusgil (1980, pp. 273-8), it is a gradual process taking place in incremental stages, and over a relatively long period of time as a result of greater uncertainty, higher costs of information and the lack of experiential knowledge in foreign marketing activities . In other words, it involves the process of increased involvement in international operations which involve the inward and outward processes linked with the dynamics of international trade. While some researchers have attempted to give clarity concerning trade flows (i.e. inter industry and intra industry trade) on a country level, others have given explanations as to the processes of internationalisation on an industry or firm level. For the purpose of this research however, the main focus would be on internationalisation processes on the industry level (i.e. the automobile industry). Certain factors, internal and external have played major roles to these processes and in understanding those processes, initial studies of internationalisation is explained below in detail. The FDI theory and the establishment of chain or stage models of internationalisation are research areas identified by Johanson and Vahlne (1990) in the understanding and concepts of internationalisation. THEORETICAL CONCEPTS OF INTERNATIONALISATION To understand the concepts of internationalisation, Johanson and Vahlne (1990) identified three general research areas. They include; the establishment chain or stage models of internationalisation, FDI (I.e. Foreign Direct Investment) theory, and the network perspective. FDI THEORY According to Ruigrok and Wagner (2003), FDI theories which are economics driven and hence focused on the factors located in the firms external environment gives an explanation as to why multinational companies exist. For example, Hymer (1970) theory of market imperfections and Buckley (1982, 1988); Buckley and Casson (1976, 1985) theory on internalisation have led to the concerns extending direct operations of firms and bringing collective ownerships and control of activities conducted by intermediate markets with links of firms and consumers. They argue that firms would expand their internal market so that transactions are carried out at a lower cost within the firm. In contrast to these views, Dunning (1980) and Fayerweather (1982) argue that the propensity of a firm to initiate foreign production would depend on the specific attractions of its home country such as internalisation gains, ownership specific advantages and location specific advantages, compared with resour ce implications of locating in another country. THE ESTABLISHMENT CHAIN OR STAGE MODELS OF INTERNATIONALISATION The establishment chain theory is also known as the stage model of internationalisation. It has been questioned by authors who have associated the Uppsala model with earlier works of Johanson Wiederheim-Paul (1975) stating that these studies only concentrate on the exporting and non-exporting factor, identifying a number of firms that have been active in international markets shortly after they have been established. (Moen Servais 2002). However, Zannder Zander 1997 challenged that notion by stating that firms follow a number of alternative routes to foreign markets. The establishment chain theory generally concerns the idea of incremental development in foreign markets as well as uni-linear sequences of servicing modes and how they should be de-emphasised in favour of irregular and reduced routes where different patterns of change is common (Turnbull and Ellwood, 1986; Zander 1997). Mahoney (2000) contends that irregular processes are explained by the fact that a particular internationalisation process is embedded in a network of other internationalisation processes. They go on to further explain that at points where different processes collide, discontinuities may arise, i.e. a particular internationalisation process may break by taking a path that does not bear the imprint of the initial choice. In other words, they suggested that a particular internationalisation process is not an autonomous sequence of servicing modes, but instead, it is subject to the effect of other sequences of servicing modes. THE NETWORK PERSPECTIVE According to this perspective, firms internationalise because other firms in their national network internationalise. The industrial system is made up of firms engaged in production, distribution and the use of goods and services. The relationship between firms is described as a network. Firms within the network rely on each other and their activities therefore need to be co-ordinated. These networks are stable and changing but the transactions take place within the framework of these established relationships. However, Johanson Mattson 1988; Thorelli 1990; Ghauri 1992 argue that some new relationships are developed and some old ones are disrupted because of competitive activities. Therefore, although there are competitive relationships in the network approach, interdependences are stressed. Firms develop and maintain relationships with other firms within the network which in most cases is of a cumulative nature as firms strive to establish prominent positions in their networks. The firm, at each point, has a position in the network which explains its relationship to other firms. A fundamental assumption however is the fact that a firm is solely dependent on its network while internationalising. A high degree of internationalisation would mean that there are strong relationships between different national networks which are thus considered as market investments. On the other hand, the firms which are highly internationalised would prefer to have a number of activities performed by subcontractors and can still have the desired control arising from these relationships The above mentioned are the most established theoretical concepts of internationalisation. The establishment chain theory has initiated a vast amount of research which has suggested that omissions in the stage pattern in any one foreign market may result from learning across the firm. In other words, learning from other foreign markets. MOTIVATIONS FOR INTERNATIONALISATION Empirical studies done by Kogut Chang, (1991); Pugel, (1985); and McClain (1983); have found a positive correlation between outward investment activities and intangible assets measured as RD and advertising intensities. Foreign direct investment according to Kindleberger (1969) has been treated as a kind of international capital movement subject to interest rate differentials accompanied by differing degrees of control. Hymer (1960) argued that a monopolistic advantage encouraged firms to invest overseas. Caves (1971) interpreted it by identifying the sources of monopoly power with rent-yielding intangible assets such as technology and marking skills- the knowledge base of a firm. Furthermore, another important stream of research on foreign direct investment done by Buckley Casson, (1976); Hennart, (1982) and Rugman (1981) concerned multinational enterprises minimising transaction costs not only by internalizing technology or marketing know-how but also by internalising the sourcing of raw materials and intermediate goods (Hennart, 1982). For example, Hennart and Park (1994) showed that the larger a Japanese firms RD expenditures, the greater it is to most likely manufacture in the United States. From the transaction mode perspective, Hennart (1991) and Hennart and Park (1993) examined the mode of Japanese entries into the United States and found that the higher the RD expenditures, the more likely it is to enter via Greenfield operations rather than acquisition. However, they highlighted that RD expenditures were not related to decisions concerning the choice of a joint venture or a wholly owned subsidiary structure. While the monopolistic advantage theory and the transaction cost theory have explained the motivations for foreign direct investment to an extent; from different theoretical perspectives, the key motivations for this strategy identified by previous scholars are identified below. KEY MOTIVATIONS FOR INTERNATIONALISATION Resource seeking, market seeking, strategic asset-seeking and efficiency seeking according to the World investment report (WIR 1998) and Dunning 1993 are the key motivations for extending production activities across national boundaries. Market Seekers- This motive for internationalisation focuses on how decision makers in an organisation acknowledge the importance of accessing specific target markets abroad. In other words, it focuses on demand aspects and the belief that an international direct presence is essential for this access that would focus on market seeking motives. Dunning (1993) argued that there are several other reasons why companies take such actions. He stipulates that firms carry out investments on foreign markets in order to exploit new markets and to take advantage of market share indicating that the Company would generate profit. Furthermore, foreign governments encourage investments from companies in other countries by providing incentives such as subsidized labour; trade barriers also play a major role for companies to invest in these countries. According to Harris Wheeler 2005, much of government export promotion policies centre on encouraging organisations to internationalise using business education and training. In essence, this fosters direct trade links in other countries and financial incentives. Strategic resource seeking- These are intangible resources that deal with the technology and core competence of the firm; for example, patents, knowledge, skills of the employees and strategic supplies necessary for competitive advantage. The main motive is to sustain and strengthen the competitive position or to weaken that of their competitors (Dunning 1993) Efficiency seekers- Dunning (1993) established that the purpose of efficiency seeking is to rationalize structures of established investments in order to gain from common governance. He argued that those benefits came from economies of scale and scope as well as risk diversification. In other words, efficiency seeking serves as an advantage because firms gain from factor endowments (value-adding activities that are labour or resource intensive), cultures, institutional arrangements, and economic systems which in most cases imply the concentration of production in limited number of places. Firms that seek efficiency are often experienced, large and diversified multinational enterprises. On the other hand, Root (1987) noted that manufacturing and service internationalise for the following reasons: Stagnation of home market and a faster growing foreign market The need to follow domestic customers who have gone international Firms in oligopolistic industries go abroad to match the international market entry of domestic rivals (also known as the bandwagon effect) or counter foreign firms penetrating domestic markets. Search for greater sales volumes in order to reduce the unit cost of manufacturing overheads, thus strengthening competitiveness at home and abroad. He finally concludes by stating that the fundamental or strategic motives for internationalising or entering foreign markets becomes apparent only after it first tentative venture in that direction is made THEORIES OF INTERNATIONALISATION The theories mentioned above are early theories on international trade and investments written by classical economists whose main concern was on the political economy of a nation (Tayeb 2000). Recently, the internationalisation processes has been explained with the use of simplified models and frameworks to analyse internationalisation processes. They include; The Uppsala model, The OLI framework, and the Product life cycle. These theories focus on firms that are heavily involved with exporting and international trade and are therefore relevant for this research. UPPSALA MODEL Johanson and Vahlne 1977, 1990 argue that the central issues on the Uppsala model are concerned with knowledge acquisition, how organisations learn and how their learning affects their investment behaviours. According to Cyert March 1963; Johanson Wiedersheim-Paul 1975, a firm undergoes expansion starting from psychically closer countries in a sequential process in order to avoid uncertainty and minimise risks. The interplay between knowledge of and commitment to a particular foreign market (Johanson Vahlne, 1977) comes as a result of the internationalisation pattern of the firm. Secondly, internationalisation processes are often slow and gradual (Johanson Vahlne 1977, 1990) which usually comes as a result of the incremental expansion of a firms absorptive capacity (Cohen Levinthal, 1990) Examining theoretical assumptions and implications across various spatial and temporal contexts has sparked off a number of empirical studies since the Uppsala model was introduced (Andersen 1993, 1997; Casson, 1994; Forsgren, 2001; Hedlund Kverneland, 1985; Sullivan Bauerschmidt, 1990). Luis and Sergios (2004) article paid particular attention to an interesting argument on the notion that the Uppsala model pays little attention to the internationalisation processes of multinational corporations (MNCs); a point which was acknowledged by the originators of the model (Johanson Vahlne, 1990). Secondly, decisions and implementation concerning foreign investments are made incrementally as a result of market uncertainty. This can be seen as a management learning process whereby learning through doing is the basic logic (Lindblom 1959, Quinn 1980, Johnson 1988). Therefore, as a result, the more a firm knows about the market, the lower the perceived market risk would be and the higher the level of foreign investment in that market. According to Johanson and Vahlne 1977, p. 34, the firm postpones the each successive step into a certain market until the perceived risk associated with the new investment is lower than the maximum tolerable risk. In other words, the perceived risk is the main function of the level of market knowledge acquired through owned operations. OLI FRAMEWORK The OLI framework provided by Dunning (1988) is also known as the Eclectic Paradigm. The model asserts that at any given moment in time, production financed by FDI and undertaken by MNEs would be determined by the configuration of three sets of forces. The competitive advantages which firms of one country posses over another in supplying any particular market may arise due to either the firms privileged ownership of, or access to, a set of incoming generating assets or from their ability to co-ordinate these assets with other assets across national boundaries in a way that benefits them relative to their competitors, or potential competitors. The extent to which firms perceive it to be in their best interest to internationalise the markets for the generation and the use of these assets; and by so doing, add value to them The extent to which firms choose to locate these value adding activities outside their national boundaries. The eclectic paradigm asserts that the significance of the advantages listed above and the configuration between them is most likely to be context specific; and is likely to vary across industries and geographical dimension among firms. For example, while the relationship to the comparative location advantages of the Chinese and Japanese manufacturing base for motor vehicles may be differently regarded by (say) Toyota than (say) the Honda Corporation. Furthermore, Arvidsson (1997) emphasizes that; it is favourable to internalize the function which may occur due to high transaction costs in the market for this specific function, instead of selling to local firms through a market. PRODUCT LIFE CYCLE MODEL According to this theory, a product goes through several stages of development with the first stage being the innovation stage. When the product is newly invented, it attracts high income groups as customers because its demand grows more rapidly in more developed countries where this target group is mostly present. At this stage, the production also starts in other advanced countries, sometimes in a subsidiary of the inventing country. If at this stage, the cost benefits of producing in the second or third country are large enough to offset transportation cost, then the foreign producer may export back to its home country. With the benefits of these operations, a number of firms start producing and exporting the product. The companies imitate the original innovating company and would often even produce in the same geographic locations. The second stage is the introduction of the product to the domestic market. The third stage is the export of the product while the final stage is the maturity stage. As the product becomes standardised at this phase, it is imitated and is even produced overseas by foreign markets. **insert brief intro THEORETICAL CONCEPTS FOR ENTRY MODES BY MNEs From the points listed above, the choice of entry mode is an important part of a firm or industrys decision to internationalise and it would depend on factors associated with the companys business interest. Chang and Rosenzweig 2001 laid emphasis on the fact that firms are not only concerned with what foreign to enter, and on what activities they perform in those markets, but also on how to enter i.e. whether by Greenfield investment, by acquisition or by joint venture. This is because choosing a mode of entry can have enormous strategic consequences for the firm. Research on the performance outcomes of foreign market entry strategies has been primarily considered from the perspective of multinational corporations (Ghosal 1987; Burgers 1989). The internationalisation trend for small and medium-sized enterprises (SMEs) has prompted increased research interest in explaining the factors that contribute to success, but sufficient theoretical framework is lacking (Lu Beamish 2001) which is why the main focus of this research would be on Multinational Enterprises. Entry modes have diverse implications depending on the degree of control the firm can exercise over foreign operations (Anderson Gatignon 1986; Caves 1982; Root 1987), the resources it must commit to the foreign market (Hill et al 1990; Venon 1983); the risks it must bear to enter that market (Hill et al 1990; Hill Kim 1988); and the share of economic rents the firm can generate and keep for itself (Anderson Gatignon 1986; Buckley Casson 1996). For these reasons, the entry modes used to penetrate foreign market can have a profound impact on the success of international operations, even among large multinational corporations (Hill et al 1990; Root 1987). An excellent lens through which the benefits of relative costs are examined is provided by the transaction cost theory (Wiliamson 1975; 1985); and more importantly, for understanding how those costs and benefits vary based on the type of knowledge that is transferred between partners. This theory is also called the internalisation theory within the international business literature (Rugman 1981) and has been used to examine the entry mode choices of multinational firms (Denkamp 1995) on an extensive scale. It has also been advocated as a means of understanding the entry of entrepreneurial firms into foreign markets. However, the use of large samples of international new ventures has not been tested empirically. Furthermore, the collaboration with local partners benefit multinational firms by providing knowledge and access that might otherwise be unobtainable or extremely costly to obtain experientially via internalisation or repeated arms-length market transactions (Kogut 1988). Specifically, local partners provide knowledge about local economies, politics, business customs, demands and tastes and other factors required to conduct business in their countries. Knowledge gained this way is particularly beneficial to high-technology firms because the geographic scope with which technology can be exploited is normally much wider that a firms marketing expertise (Buckley Casson 1996), especially among international new ventures (Coviello Munro 1992) Hence, if the entry mode decision is considered such an important strategic decision and the success of MNEs under globalisation depends on the formulation and implementation of strategy (Knight 2000 p. 13), then the strategic decisions on whether MNEs follow similar patterns as their large counterparts; and whether the strategic decision processes that influence success for larger companies should be examined. ENTRY MODE CHOICES Foreign market entry mode according to Calof (1993) is defined as institutional arrangements that allow firms to use their product or service in a country or an institutional arrangement that makes possible the entry of a companys products, technology, human skills, management, or other resources into a foreign country (Root 1987 p.5). Firms enter foreign markets in different ways. From a management perspective, firms entering new foreign markets choose from a variety of different forms of entry, ranging from: Exporting (directly or through independent channels). Licensing and franchising. Foreign direct investment (FDI) i.e. joint ventures, acquisitions, mergers. Wholly owned new ventures. Calvet (1984); Caves 1982; and Root (1987) suggested that each of these entry modes is consistent with a different level of control. Control according to them means authority over operational and strategic decision making. Resource commitment means dedicated assets that cannot be redeployed to alternative uses without loss of value. A review of the literature of manufacturing firms by Hill et al (1990) suggests that while wholly owned subsidiaries can be characterised by a relatively high level of control and resource commitments, the opposite can be said of licensing agreements. With respect to joint ventures, although the levels of control and resource commitments vary with the nature of the ownership split between the manufacturing firms, their extent can nevertheless be said to lie between that of wholly owned subsidiaries and licensing agreements From an economists perspective however, a company can enter a foreign market through exporting its product or transfer its resources in technology, capital, human skills, and enterprise to the foreign country, where they may be sold directly to customers or combined with local resources in the manufacturing process for sale to the local market. FACTORS INFLUENCING THE CHOICE OF ENTRY MODE. In order to expand the existing entry mode analysis beyond the narrow confines of each entry decision listed above in isolation; this research would also consider the extent of global concentration, global synergies and global strategic motivations exercised by manufacturing firms. This broader concept gives an opportunity to expressly consider and understand the strategic relationship a multinational firm envisages within the manufacturing industry on its operations across borders in reaching its entry mode decision. The diagram below shows three groups of variables that are believed to influence entry mode decision. These variables are the global strategic variables which have already been highlighted as well as the already well established environmental variable (host country risk, location unfamiliarity, demand uncertainty, and competition intensity) and transaction-specific variables (i.e. the value of firm-specific-know-how and tacit nature of know-how) Firm specific know-how is knowledge that is proprietary to a given firm. Tacit know-how involves non-codifiable knowledge not embodied in physical items such as capital, goods, equipment, and blueprints. While it is believed that this is collective, simultaneous considerations of all three groups of factors that determine the ultimate entry mode decision, it is also argued that environmental and transaction specific factors and global strategic Source: Kim Hwang 1992 Global concentration on the other hand, involves multinational corporations (MNCs) increasingly finding themselves in industries that are characterised by a limited number of players who confront each other in many different national markets around the globe; i.e. the global industry has become highly concentrated. In such industries, conditions of oligopolistic interdependence spill over national creating a high level of competitive interdependence among players. When global competitive interdependence exists, the actions taken by an MNC in the manufacturing industry would often have repercussions in other national markets (Watson 1982; Kim Mauborgne 1988). Competitive interdependence implies that organisations can influence one another not only directly, but also indirectly in any of the diverse national markets in which they compete. INTERNATIONALISATION AND THE AUTOMOBILE MANUFACTURING INDUSTRY. The automobile industry has played a significant role in the advancement of industrialisation in many countries in this century. Automakers have internationalised their operations for a number of reasons that have led way for moving production abroad. Its significance arises from the fact that the industry has been a major pioneer in inventing cutting edge innovations that has changed the organisation process of manufacturing. As a result, it has dramatically increased labour productivity and industrial development to varying degrees that has transformed the manufacturing industry as a whole. There is a mounting interest in the internationalisation of Research and development (RD) activities by multinational firms. The two motives for this are the exploitation of the firms technology abroad through adaptation of technologies and local circumstances and the creation of technologies through access to overseas technology and know-how. Recent work has suggested an increasing importance of foreign RD associated with a growing role of global technology creation. Evidence provided by Kuemmerle, 1997 and Gerybadze and Reger 1999 has shown that more RD sites are assigned the role of creators of basic technologies and developers of completely new products for world markets. Foreign direct investment plays a major role in the internationalisation of RD, and MNEs are the main actors (OECD 2008). According to UNCTAD 2005, more than 95% of the 700 firms with the largest RD expenditure are MNEs; they account for close to half of the worlds total RD expenditure and more than two-thirds of the worlds business RD. An analysis of the top spenders reveals that over 80% come from Japan, Germany, France and the United Kingdom. Only 1% is from emerging countries but their importance is growing especially the MNEs from China, Korea, Brazil, South Africa and Chinese Taipei. In 2004, expenditure on RD by top MNEs grew much more in the rest of the world (+17%) than the Triad (+4%); (UNCTAD 2005; European Commission 2005) Based on the above, it is important to highlight and note the relative contribution that the theories of internationalisation play to manufacturing firms. In essence, the OLI framework, Uppsala model of internationalisation and the network perspective previously mentioned would be applied to the internationalisation of manufacturing firms so as to give a better understanding of the theoretical frameworks. OLI FRAMEWORK AND THE INTERNATIONALISATION OF MANUFACTURING FIRMS According to the eclectic theory, all three OLI factors (i.e. Ownership, location and internalisation) play a significant role to the entry mode decision and strategy of manufacturing firms. Dunning (1980, 1988) laid emphasis on the fact that the ownership advantages of a firm will dictate the internalisation advantages and that location advantages would depend on the combination of the two former advantages. Moreover, following the OLI framework, Ekeledo and Sivakumar (1998) suggests that of the three factors, location advantages is the most important factor applicable to the internationalisation of manufacturing firms. This is because location is almost defined as where they choose to start up their international activity abroad which is the whole essence of their motive to investment. This distinction is likely made on the basis of their comparison of manufacturing and service firms as some services such as restaurants are non-separable from their location. It is most likely that for service firms, the internalisation factor would be the most important (Arvidsson, 1992a). UPPSALA MODEL AND THE INTERNATIONALISATION OF MANUFACTURING FIRMS Psychic distance is an issue addressed Johanson and Vahlne (1977) in explaining the fundamentals of firms facing internationalisation. According to them, this includes factors such as language barriers, culture as well as differences in consumer taste and preferences in values behaviours and attitudes. Based on the experiences of Swedish manufacturing firms, Johanson and Wiedersheim-Paul (1975) highlighted four stages of the internationalisation process starting with exporting through independent representatives to a final phase of overseas production. The Uppsala internationalisation model assumes the process is made up of stages too and that manufacturing firms begin with less risky ventures in physically close markets and gradually increase it commitment and it geographical reach through a process of experiential learning. Valne (1995) suggested that MNEs engaged in manufacturing are influenced by their internal resources in terms of their business territory. That is, social networking and entrepreneurial quality may influence a firms ability to identify and acquire external resources, as well as its ability to utilize such resources for its operations and marketing mix. However, Andersen (1993) suggested that the Uppsala model of internationalisation which is based on empirical findings from manufacturing firms is more general and is further developed that other process models. He argues that the model applies both to small and large manufacturing firms and that time and space play a lesser role, giving the model higher generalisability that other process models. NETWORK PERSPECTIVE AND THE INTERNATIONALISATION OF MANUFACTURING FIRMS Most manufacturing firms are initially engaged in primary domestic networks. As ar

Major Depressive Disorder Assessment Strategies

Major Depressive Disorder Assessment Strategies Introduction The mental health problem that I have selected is Major Depressive Disorder. This can be recognized by low mood, low self-esteem and loss of pleasure in normal activities. This is known by many names such as clinical depression, unipolar depression and major depressive disorder. The symptoms interfere with all areas of a person’s life- personal, social and economic and are experienced most days and have been present for at least two weeks. Depression can be described as mild, moderate or severe; melancholic or psychotic. (BeyondBlue, 2014) Depression has a high lifetime prevalence one in seven Australians will experience depression in their lifetime. (ABS, 2009). Ranked 13.3%, depression has the third highest burden of all diseases in Australia (AIHW, 2007). Assessment Framework The purpose of a conducting a clinical assessment is to gather information enabling the clinician to determine what is likely to be causing impairment in the individual’s functioning. I would develop a hypothesis and proceed to rule in/ rule out associated disorders while progressing through the process. Each individual case would require consideration for options regarding, interview, symptoms checklists and behavioral assessments. (Goldfinger Pomerantz, 2010) The structured process of assessment would include File Review Collateral Information I would check the GP referral and conduct a file review, appraising historical information and copies of reports and notes from previous interviews. (Week2, Weekly Notes). I would also gather collateral information from significant others to assist in the overall assessment of the individual Clinical Assessment To determine what symptoms the individual is presenting I would conduct a face-to-face initial interview. I would establish parameters of assessment (e.g. informed consent and confidentiality) and build rapport with the individual through the acceptance, understanding and respect. (Phares Trull, 1997). This would enable the individual to feel comfortable and gain trust in the process. Groth-Marnat (2003) discuss the benefit of the face-to-face interview as enabling the clinician to make behavioural observations and note the idiosyncrasies and reaction to their current challenges and difficulties including the risk of harm to self and others. I would take note of the history of the presenting difficulties and note the onset of symptoms. I would also conduct a psychosocial evaluation. (Wright, 2011). Psychological Testing: Selection, administration and interpretation A psychological test uses standardised materials, administration instructions, time limits and scoring procedures for all test takers.(Cohen et al, 1996). This step in the process would assess the individual’s appearance, behaviour, speech, mood, thought processes, attention, memory and level of consciousness through the use of the Mental Status Examination (Daniel Crider, 2003). I would also assess the presence of symptoms consistent with diagnostic criteria for depression. As outlined in Wright (2011), to support the hypothesis of depression I would use self-report, symptom focused measure such as Structured Clinical Interview for DSM Disorders (SCID) or Beck Depression Inventory (BDI) during the interview phase. In selecting the diagnostic tools I would review validated assessment tools in line with major international classification for depressive conditions such as DSM-IV-TR Criteria for Major Depressive Episode and Major Depressive Disorder (APA, 2000). I could use the Minnesota Multiphasic Personality Inventory (MMPI-2) to help develop treatment plans and differential diagnosis (Butcher et al, 1989). A trained professional with the expertise in depressive disorders should administer, score and interpret the information. The analysis of test scores would be transformed into a standardized metric and compared to various sets of norms. Psychological tests are only one element of the assessment and should never be used alone as the sole basis for a diagnosis. A detailed history of the individual and a review of psychological, medical, educational, or other relevant records are required to lay the groundwork for interpreting the results of any psychological measurement. (FAQS, 2014) Psychological Assessment Report Feedback In the writing of the report I would first determine who the audience would be- i.e. referring GP, case manager or individual and include background information that had been gathered during the semi-structured interview. The outline of each test conducted and the results of the symptom and behavioral checklists, along the results from structured interview and behavioral assessment would be included in the report. (Goldfinger Pomerantz, 2010) Modification of approach for different individual populations Cultural and language differences in the individual may affect test performance and may result in inaccurate test results. There is also the potential for the standardized testing to exhibitâ€Å"cultural bias† (Goldstein Hersen, 2000). I would need to be aware before psychological testing begins if the individual is not fluent in English and/or belongs to a minority culture. I would need to consider the inclusion of an interpreter or cultural support person during the assessment. (ACAP, 2013) Different tests would also need to be considered that were age specific i.e. Child, Adolescent or Elderly. Conclusion Overall, the psychological assessment holds avitalrole in counseling and clinical practice. Without the useof psychological testing, the treatment of thepatientwould not be as effective and fewer people wouldreceivethe necessaryhelpthey need to live a healthy life. References American Psychiatric Association (2000). Diagnostic and statistical manual of mental disorders. (4th Text Revision ed.) Washington, DC: American Psychiatric Association. Australian Bureau of Statistics (2009). National Survey of Mental Health and Wellbeing: Summary of Results, 4326.0, 2007. ABS: Canberra. Australian College of Applied Psychology (2013) Facilitate the Counselling Process Australian Institute of Health and Welfare (2007). The Burden of Disease and Injury in Australia. AIHW: Canberra. Beyond Blue (2014) Sign and Symptoms. Retrieved 20/08/14 from Beyond Blue website: http://www.beyondblue.org.au/the-facts/depression/signs-and-symptoms Butcher, J. N., Dahlstrom, W. G., Graham, J. R., Tellegen, A, Kaemmer, B. (1989).The Minnesota Multiphasic Personality Inventory-2 (MMPI-2): Manual for administration and scoring. Minneapolis, MN: University of Minnesota Press. Cohen, R.J., Swerdlik, M.E., Phillips, S.M. (1996) Psychological testing and assessment: An introduction to tests and measurement (3rd ed.). Mountain View, CA, US: Mayfield Publishing Co. (1996). xxviii 798 pp. Daniel, M. S., Crider, C. J. (2003). Mental Status Examination.Diagnostic interviewing (3rd ed.). FAQS (2014) Psychological tests Retrieved 20th August 2014 from FAQS.org website http://www.faqs.org/health/topics/56/Psychological-tests.html#ixzz3AvfH5RMR Goldfinger, K., Pomerantz, A. M. (2010).Psychological assessment and report writing. Los Angeles, CA: SAGE. Goldstein, G. Hersen, M. (Eds.). (2000).Handbook of Psychological Assessment (3rd ed.). New York: Pergamon Groth-Marnat, G. (2003).Handbook of psychological assessment(4th ed.). Chapter 3, Laureate Online Education (2011) Week 2, Weekly notes: Assessments in mental health https://elearning.uol.ohecampus.com/bbcswebdav/institution/UKL1/MAP/201480_AUGUST/APPTRE/readings/APPTRE_Week02_weeklyNotes.html Phares, E.J. Trull, T.J (1997) Clinical psychology: concepts, methods, and profession Wright, A. J. (2011).Conducting psychological assessment: A guide for practitioners. Hoboken, NJ: John Wiley Sons.

Financing the Future Essay -- Essays Papers

Financing the Future The Quest for Educational Equality "So", writes the immortal Dr. Seuss, "be your name Buxaum or Bixby or Bray or Mordecai Ali Van O'Shea, you're off to Great Places! Today is your day! Your mountain is waiting. So†¦get on your way!" Unfortunately, unlike the graduating class this speech was addressed toward, many students in today's urban education system are not of to "Great Places", and will never get the chance to move mountains. These students attempt to learn without textbooks, proper laboratories, or even pencil and paper. The schools are falling apart around these children; in some cases sewage continuously floods the halls, the crumbling roof cannot shut out the weather, and there are even gapping holes in classroom walls. It is definitely not "their day". The problem with our education system finds its roots in funding. We live in a capitalist society where some have the money and others do not. In a poor community, where a family struggles just to put food on the table to feed their kids; the funding necessary to support the schools just is not there. Conversely, in a wealthy community, where the families never go hungry or worry if they will have shelter over their heads, there is a comfortable pool of funds to support their schools. This creates a clear division between the poor schools in urban areas and the wealthier suburban schools. The Wall Street Journal once wrote that "Money doesn't buy better education†¦The evidence can scarcely be clearer" (Kozol 133). They argue that the per-pupil spending has increased, while test scores and other student achievements have remained the stagnant. This conclusion, however, was based on the fact that the spending rate had increased in both urba... ... you will say, 'I don't choose to go there.' With your head full of brains and your shoes full of feet, you're too smart to go down any not-so-good street." Unfortunately, like so many of our improperly educated, it looks like our schooling systems are going down that "no-so-good street" and we must use our "head full of brains" to turn away and fix the inequalities right before our eyes. Works Cited "Addressing Violence in Oklahoma." The Addressing Violence in Oklahoma Coalition. June 1995: pg. 1. Online. Internet. 16 November 1997. Giuliani, Rudolph. "A vision for education". 11 August 1995. "It's Not the Money, It's the Principal." Editorial. TIME 27 October 1997: 92. Kozol, Jonathan. Savage Inequalities: Children in America's Schools. New York: Crown Publishers, Inc., 1991. Seuss, Dr. Oh, the Places You'll Go! New York: Random House, Inc., 1990

The Western Frontier of the Gods :: Short Stories Jehovah Essays

The Western Frontier of the Gods Long ago, in the days of miracles, there were those gods who believed they were truly helping humanity with their divine interventions, and those who believed they harmed humanity with their interventions. A council was assembled of all major deities of the areas after the fall of Rome at their hands. Seven delegates in all from each pantheon, and of course the Jehovah with 6 of his arch-angels. From Asia to the Americas, the Nordic countries to the far southern tip of Africa, they assembled in on a neutral ground, space. People had always looked to the heavens, and thus it was a public domain to the gods, and this is where they put together the Treaty of Ba. The treaty stated that for 2000 years none of the gods would intervene, and would instead go into a deep slumber for the allotted time to see whether their intervention was in fact bad. After the 2000 year span, they return in the year XX to find the world to be a corrupt and desolate place. The fertile fields of their home lands covered in cement housing, streets of asphalt, and mass produced breeding grounds of greed and other various sins. The gods were aghast, even those that supported intervention of the gods were unable to comprehend the corruption that had taken place in their absence. They searched for only minutes before they found the answer, a spider. A huge spider, with millions of followers, thousands of avatars ranging from personal computers to corporate mainframes, and a web that spanned the globe. The stage was set for the third world war, this one not fought with godlike weapons, but with the weapons of the gods themselves. Wary of bringing about destruction, the gods crept to their most loyal followers, and spoke with them in seclusion. Their goal was to gather the masses and take the enemy by surprise. There was no point in destroying their followers without a fight, so silently the gods crept onto the scene, moving as the ninja. The struggle of Jehovah After careful deliberation, Jehovah decided to visit the Rabbi Gladstein. This man had been quietly removed from the church for his treachorous teachings that God would return to help not only the Jews, but all people.

Essay on the Evils of Capitalism Exposed in Catch-22 -- Catch-22

Evils of Capitalism Exposed in Catch-22  Ã‚  Ã‚  Ã‚  Ã‚      "That's some catch, that Catch-22" (47). Some catch indeed, for Catch-22 "is the best there is" (47). A strange paradox preventing men from being grounded under any circumstances, Catch-22 eventually evolves into a justification for doing virtually anything. After all, it "says [anyone] can do anything [that] we can't stop them from doing" (416). A less obviously stated, but equally powerful, validation for one's actions is the guarantee of profit. "It [is] odd how many wrongs leaving money [seems] to right" (418), for the promise or presence of some form of profit, rights even the wrongs warranted by Catch-22. Milo Minderbinder takes full advantage of this powerful reasoning and uses it extremely well. Yet, rather than using it to right wrongs, Milo uses it to justify his own dastardly deeds. Therefore, throughout Catch-22, Milo's capitalistic greed leads him to be an emblem evil. Milo spends most of his time in the army traveling Europe, the Middle East, and Africa in search of the best deal. With the use of "donated army equipment" (239) he buys and sells various items in order to make the highest profit. Rather than fly missions, Milo seeks to make money, capitalizing on his time abroad. After all, Milo "didn't start this war...[he's] just trying to put it on a businesslike basis" (262). This attitude leads Milo to begin a syndicate, one in which "everybody has a share" (238-239). This proposed arrangement keeps everyone at ease, so much so it leads to general sloth. Because "everybody [has] a share, ...men [get] fat and [move] about tamely with toothpicks in their greasy lips" (259). One by one, the men succumb to the charms of plenty as well as to their internal greed... ...avoids and resists many things that bring him closer to death or to violating his morals. Be it Aarfy, Colonel Cathcart, or war itself, Yossarian distances himself from the evil in question. Ironically, defiant as he is, Yossarian fails to break through the limitations of the syndicate and actually befriends its proprietor. Yossarian doesn't even attempt to do otherwise, for even he "sagged back in a contented stupor, his mouth filmy with a succulent residue" (22); Yossarian had become one of the men who "got fat and moved about with toothpicks in their greasy lips" (259). Therefore, even he who refuses to conform to other standards is corrupted by the sweet blandishments and innocent appearance of capitalism. The novel thus ends on the note that no one remains free from so powerful a force. Works Cited Heller, Joseph. Catch-22. New York: Knopf, Inc., 1995.

Characterization in the Dentist

Characterization in â€Å"The Dentist† from The Things They Carried by Tim O'Brien Name Course January 19, 2012 Instructor Characterization in â€Å"The Dentist† from The Things They Carried by Tim O'Brien In â€Å"The Dentist† from The Things They Carried, Tim O’Brien begins by telling a story of a character, Curt Lemon, whom O’Brien was not particularly fond of and whose death was not easy to mourn. O’Brien tells a story of Curt Lemon as to avoid sentimentalism. The setting takes place along the South China Sea, in which the men of the platoon are working in an area of operations called the Rocket Pocket. This story of Curt Lemon begins by telling of a visit by an Army dentist who was flown in to examine the men’s teeth and perform minor repairs. O’Brien describes Lemon as tense in this moment, at which point Lemon explains to the men of the platoon that his experiences with dentists in the past have not been pleasant and now he refuses to let anyone mess with his teeth. When he is called in to get his teeth checked, he faints. But later he returns and tells the dentist that he has a severe toothache and insists that it be pulled immediately. Although the dentist finds no problems with Curt Lemon’s tooth, he obliges. It is ironic that Curt Lemon is killed at the Rocket Pocket by a grenade that he was playing catch with, just after he is reassured of his bravery by facing his fear and having his tooth pulled. It is ironic because Lemon is severely afraid of something as typically harmless as a checkup by a dentist, yet completely disregards the potential harm of playing catch with a deadly weapon. The tone is that of an introspective story of memory, as shown through this story of his remembrance of Curt Lemon and the Army dentist as well as the way in which he speaks of Lemon’s experiences with dentists in his past. I believe O’Brien chooses this particular story of Curt and the dentist because it is one of general fondness, which is in line with the tone of the story. This story is somewhat humorous and ironic and these are the types of sentimentalisms that typically remain in one’s introspective memory for a lifetime. The general themes in this story appear to portray the weight of one’s emotional as well as physical burdens. There also seems to be a theme of motivation through a fear of shame, as shown by Curt’s fear of the dentist, which he is ashamed of, which then motivates him to prove his bravery. The Dentist† appears to illustrate physical suffering as an easier burden than that of emotional or mental suffering. The greatest enemy of these soldiers was that which was unknown. Curt Lemon gets his tooth pulled in an attempt appear brave to his platoon and perhaps to be acquainted with the feeling of suffering. Through the act of experiencing this pain and becoming acquainted with this suffering, Curt Lemon’s mind is eased of the anticipation and fear of the unknown suffering he might endure in war. This appears to be an insignificant triumph, but in reality is necessary amid the chaos of war.

Weighted Average Cost of Capital and Yeats

superfluous Credit Assignment Yeats Valves and Controls Inc. Completed as a Group with the Following Individuals (in alphabetic narrate by last name) Adetunji Adeniyi tung tree F. Cheng Gregory Chiu Rashmin Patel WenHao Zhang Course Title Accounting and finance Course No. /Section MG6093 teacher Frank X. Apicella November 28, 2012 Yeats Valves Question The following ar questions which should focus the groups on important aspects of the Yeats Valves eggshell. stigmatise the actual case name is Yeats Valves and Controls, Inc. The case itemise is UV0094.There is also a spread piece of paper that number is UV0184. As mentioned the corresponding case is TSE transnational Corp. case UV0114. 1. What is the situation that this bon ton faces? Yeats Valves and Controls, Inc. is shortly considering a conjugation with TSE International Corporation. The founder, who is hold in and CEO, W. B. posting Yeats, is about to turn his 62nd natal day and does non be draw a date plan. He is bear on with the approaching day of his caller as none of the some early(a) executives hobo take his place because they be solely specialists. circuit board Yeats believes that TSE burn provide stability to Yeats as he is reaching retirement, and TSE is a bigger play a foresighted with better marketing and globose distribution channels. However, he is citeed with the mark off of the dickens companies even though he thinks TSE is a better partnership than other alternatives. 2. What argon the strengths and weaknesses of Yeats and its counterparty, TSE? Unlike TSE, which is more global-oriented with verifying distribution channels, Yeats has a stronger national and impart distribution channel.TSE has a larger corporation market production system ( proud volume) dapple Yeats has a more customized market production (lower volume). In addition, Yeats has a strong R&D, having m any(prenominal) patents for multiple coatings, in particular with its modish climb u pment of the out view roster broadcast that has a high-profile government contract. This mightiness not be reflected in the stock of the company as a growth opportunity. 3. wherefore should Yeats and TSE lack to negotiate a uniting deal?Yeats is considering this amalgamation deal because it would allege a succession plan for the company as TSE is a much larger company that kitty offer Yeats fiscal stability without having Yeats to identify new large(p) (debt and beauteousness) on its own to fund the broadening Gyre Program (an advanced hydraulic-controls system). Yeats take additional funding in order to hold back the R&D of the siding Gyre Program. Also, TSE has the expertness of mass manufacturing that Yeats consume for widening its reach in commercialize distribution.In order to maintain a free-enterprise(a) edge, Yeats need twain the finance and manufacturing capabilities of TSE as other competitors in the same effort have been consolidating more and more. Ho wever, philippic Yeats is concerned about losing voting control from a merger with TSE. He also wants to visualize that Yeats employees are kept after the merger and its stockholders gain prise from the merger. He wants TSE to continue the R&D and commercialization of the Widening Gyre Program and for him to ride out on as head of Yeats until TSE can amply operate Yeats by ffering him a reasonable bonus plan. Though Bill Yeats could acetify to another company, Rockheed Marlin, a large self-denial contractor, or other companies, he prefers TSE because he is familiar with TSE and they have complementary needs. Bill Yeats also ruled out a joint venture with TSE because he felt up it was an inferior alternative as it get out have the same integration issues. To get tax obligations, Yeats and TSE want to complete the merger in a stock-swap deal. 4. Use e military rank analysis to de endpointine the valuation of Yeats. What are the divulge value drivers?As mentioned above Note the Harvard web site has a student spreadsheet for Yeats Valves that youshoulduse as the tush for your analysis. Questions are contiinued below One vogue of determining valuation of Yeats is through WACC, the weight Average Cost of Capital. It is the minimum government issue a company needs to collect in order to satisfy its investor make (as weighted for the amount of debt vs. right in the target/capital structure), which is what the company must pay investors to raise new pay to support new projects or ventures.WACC is particularly useful here because Yeats has no debt, thus, it is an equity financed company. In the case of Yeats, the company must have capital to continue to develop and market its new Widening Gyre Program. The formula for WACC = Re (E/V) + Rd (D/V)(1-t) However, because Yeats does not have debt, the second half of this formula, Rd(D/V)(1-t) is not necessary. cosmos that Yeats has zero debt, the value of its equity is in full, which re breaks its Enterprise lever. Tax (t) is determined in the case as 40% or . 40 (p. 5).We must then cypher the CAPM for the salute of equity (see Excel sheet for details) Re = Rf + beta (Rm-Rf) Re = Required Return on equity Rf = attempt Free appreciate = 5. 98 (p. 16) Beta = Measure of Risk relative to the general market (volatility) = 1. 5 (p. 5) Rm-Rf = Equity Market Risk pension (EMRP) = 5. 5 (p. 16) Rm = Market Risk Rf = Risk Free Assets (U. S. treasury security) With Beta at 1, the stock damage changes in precise tandem with the market, but with Yeats beta at 1. 5, it is more unsettled than a group of peer stocks. Thus, Re = Rf + Beta (Rm-Rf) Re = 5. 98 + 1. 5 x 5. 5Re = 14. 23%, the cost of equity at for Yeats Then answer for WACC = Re (E/V) + Rd (D/V)(1-t) WACC = 14. 23 (100%) + 0 (0%) (1-40%) WACC = 14. 23% Addtional Questions for Yeats / TSE cases 5. What do you believe Yeats valves is worth? What key financial assumptions determine the mark of high and low values in your v aluation analysis? Also, draw on any other valuation approaches and information that you can. With WACC = 14. 23% Assuming Terminal Growth tread = 4% 1) Terminal jimmy (or present value at a future point) with $ represented in 1,000 = $7059. 8 (1+4%) (14. 23% 4%) $71771. 1 = $72 million 2) DCF (Discounted currency Flow mensural using a financial calculator) CF0 = 0 CO1 = 4689. 3 CO2 = 4584. 3 CO3 = 5302. 1 CO4 = 6127. 4 CO5 = 78830. 9 I = 14. 23 NPV = 55306. 17 NPV = $55. 306 million 3) Equity Value= 55,306,170 Minus Debt= 0 Divided by Outstanding Shares = 1,440,000 or $55,306,170 1,440,000 Equity Value per Share = $38. 407 per share Other valuations can include comparing P/E ratios with other peer companies. Also similar are hurt/Revenues, Price/EBIT and Price/EBITDA. See exhibits 8 and 9 for comparable Ratios of Peer Firms. 6.What are the advantages and disadvantages of a faction between Yeats and TSE Int? The advantages of combining Yeats with TSE would be that Yeats can offer R&D expertness that TSE lacks, and TSE can offer manufacturing and marketing expertise that Yeats lacks. With TSEs commercialized global reach and Yeats national government contracts, it would be evaluate that there would be financial synergies that would value both companies in the semipermanent, including cost savings from greater purchasing power for materials and components, and application of TSEs Six Sigma for higher tonus control savings.This would increase value to stockholders of both organizations and offer diversification. However, the disadvantage would be that the two companies operate differently and volition have to find a common instal that would allow them to merge their cultures. One of the concerns mentioned in the case is that Yeats has a more entrepreneurial operation that might not fit TSE. Both companies will have to be open-minded to learn each others methods of operations. 7. What risks do TSE Int. and Yeats Valves face in the proposed merger?Con sider a range of transaction, financial and operating risks. What effect do these risk factors have on the value of Yeats Valves? In the proposed merger, TSE will not want to over pay for the proposed merger temporary hookup Yeats will not want to be under-valued in the stock swap. Yeats has a concern that TSE may under-value its Widening Gyre Program, which could be under-estimated by the market impairment. Bill Yeats wants to stay on to operate Yeats after the merger with a bonus and return to R&D rather than focusing on raising capital.TSE has to know how much value such a transaction will offer TSE being that TSE has very shortsighted experience in financing R&D. Both companies must consider their differences in operating cultures and the risks involved over the long-term viability of the two companies. TSE must consider how long they will have Bill Yeats as he is nearing retirement at a time when TSE might need Bill Yeats to maintain the success of this merger. What long ter m bonuses may be required to seduce Bill Yeats to remain, and what succession plan might TSE have to come up with for Yeats Inc.?These are all risks to both parties. 8. Develop a negotiating strategy i. e. , an open asking price to sell your company Yeats as strong as the price below which you would passport away from the deal. Justify your drop of a sudden or notch away price. beingness that the Terminal Value is at $72 million, we would ask to sell Yeats to TSE at that opening price. However, in calculating the Discount Cash Flow Value with Net usher in Value at $55 million, this would be the drop dead price we would walk away from the deal.A value between these ranges would be preferred, as the minimum ($55 million) represents the equity value of Yeats and the maximum ($72 million) represents the future value of Yeats. In addition to the price negotiations, we would also negotiate social basis (as suggested by Bill Yeats). This includes for Yeats employees not to be te rminated after the merger and Bill Yeat to remain as head of Yeats with bonuses (five class options to purchase 80,000 shares of TSE stock at 90% of market price at the virtually of acquisition, and an incentive bonus of $50,000 to $200,000 per year).