E-commerce †the legal considerations Essay -- Computer Science

E-commerce the legal considerations=====================================There are lots of legal considerations and Ive tried to include someof the of import ones. Although e-commerce can mean a lot of things, hereIve related it to coiffureually selling items on a website (although a lotof the legal considerations would necessity to be considered even if youwere not selling on the web.Data protection considerations==============================The Data Protection Act lays down lots of rules that must be adheredto. If this is a website for a company that is already trading andkeeps customer data then they should already be registered with theInformation Commissioner but you may need to review whats beenregistered. The main directs you need to consider is that for any datayou collect on the site you must Deal fairly with the info recognize the customer what data you collect Tell them what you are going to do with it Keep it safe and secureThis should be set out in the websites te rms and conditions (and youshould link to it at the main point where you collect the data)Website terms and conditions----------------------------The site must have comprehensive terms and conditions and you willneed to link to these wherever applicable (eg if you are selling at that placeshould be a check box that the consumer ticks to say I have read theterms and conditions etc etc. Things the terms and conditions shouldcontain include Data protection act considerations (as explained above) Terms and conditions of use including copy overcompensate notice, generaldisclaimer, liabilities (or non-liabilities especially in terms ofcredit card fraud) Full name, address, email etc of the treatr, VAT number, Companynumber, member of trade organisation (if you are selling) A clear secretiveness policy explaining what you do with informationcollected on the site. This privacy policy must also set out if youuse cookies on the site and what you use them for. This is all topicalat the mom ent with the Privacy and Electronic Communications Regs 2003 A clear conditions of bargain which includes details of when thecontract is actually formed (ie the order represents the offer and theemail back confirming dispatch represents the acceptance) - avoid anymistakes like the Argos TV for 3.99 lighten up returns policy... ... encouraging more internetsales. At the same time, credit card companies are including creditcard fraud insurance, again reassuring consumers mobile connectivity===================Handheld PDA, WAP services and wireless hotspots are all making webaccess easierIntelligent sites and targeted marketing========================================Sites are becoming more technologically advanced allowing companies totarget customers with specific products depending on their recordedpreferences or previous buying habits. One of the best examples ofthis is Amazon who instantly provide other book recommendations groundon your purchase or on the purchases of other c ustomers who bought thesame book.Similar data collection also allows companies to do targeted emailcampaigns ensuring the right product is marketed to the right person(well thats the intention anyway)This practice is being taken one step further with Googles plannedg-mail which will automatically scan the content of a users personalemails and then deliver further targeted mails based on their content(but which is subject to a lot of criticism at the moment aboutprivacy rights)

The role of culture in the economic development of countries Essay

worldThe role of civilisation in the sparing maturation of countries is often overlooked by economists, yet it can significantly affect a countrifieds economic study. Culture generates assets, such as skills, products, expression, and acuteness that contri thoe to the social and economic well being of the community. I will show the benefit of cultures impact on economic nurture through tourism, social capital, and corporate governance. In contrast, culture can produce negative outcomes in economic ontogeny. Cultural issues, such as gender ine flavor, privation of social capital, and diminishing cultural heritages, contribute to a downgrading economy. To understand cultures impact on a countrys economic ontogenesis, it is authorised to understand what culture is a system of values and norms that are shared among a group of concourse and that when taken together constitute a innovation for living (Hill 98). Furthermore, it is about the way the people live, and how the qua lity of their lives can be improved. It shapes the way things are make and our understanding of why this should be so. Culture is bear on with identity, aspiration, symbolic exchange, coordination, and structures and practices that serve relational ends, such as ethnicity, rituals, heritage, norms, meanings, and beliefs. It is not a set of primitive wonders for good embedded within national, religious, or other groups, but rather a set of contested attributes, constantly changing, both shaping and being shaped by social and economic aspects of human interaction.Economic development is fundamentally about enhancing the factors of productive capacity, such as land, labor, capital, and technology, of a national, state, or local economy, as say by the U.S. Economic Development Administration. Economic development influences growth and restructuring of an economy to enhance economic well-being. We experience economic growth when our standard of living is rising. quite than being a s implistic process, economic development typically is a range of influences aimed at achieving objectives like creating jobs and wealth and improving the quality of life. It incorporates coordinated initiatives targeted at expanding infrastructure and increasing the volume and/or quality of goods and services produced by a community. A common measure of economic development is a countrys gross national ... ... vexation Today. 3rd Ed. refreshing York McGraw-Hill/Irwin, 2004.Kaufmann, Daniel, Aart Kraay, and Pablo Zoido-Lobaton. Governance Matters. The institution Bank Development Research Group Macroeconomics and Growth and World Bank institute Governance, Regulation and Finance, October 1999.Organization for Economic Co-operation and Development. Improving Business Behavior Why we need Corporate Governance. Oct. 2004. OECD. The National Conference of distinguish Legislatures. Cultural Policy functional Group. Investing In Culture Innovations In State Policy. The National Confer ence of State Legislatures 2003.Tourism sector plays key role in economic development. Economics. communicate the Voice of Vietnam. 2004 get together Nations. Office of the Special consultant on Gender Issues and Advancement of Women. Gender Mainstreaming. United Nations Oct. 2004 United States. Department of Commerce. Economic Development Administration. United States May 2002. Woolcock, Michael, and Deepa Narayan. Social Capital Implications for Development Theory, Research, and Policy. World Bank, Jan 1999.World Bank. Gender and Development Group. Gender Equality and the Millennium Development Goals. 4 April 2003 The role of culture in the economic development of countries Essay IntroductionThe role of culture in the economic development of countries is often overlooked by economists, yet it can significantly affect a countrys economic development. Culture generates assets, such as skills, products, expression, and insight that contribute to the social and econ omic well being of the community. I will show the benefit of cultures impact on economic development through tourism, social capital, and corporate governance. In contrast, culture can produce negative outcomes in economic development. Cultural issues, such as gender inequality, lack of social capital, and diminishing cultural heritages, contribute to a downgrading economy. To understand cultures impact on a countrys economic development, it is important to understand what culture is a system of values and norms that are shared among a group of people and that when taken together constitute a design for living (Hill 98). Furthermore, it is about the way the people live, and how the quality of their lives can be improved. It shapes the way things are done and our understanding of why this should be so. Culture is concerned with identity, aspiration, symbolic exchange, coordination, and structures and practices that serve relational ends, such as ethnicity, rituals, heritage, norms, m eanings, and beliefs. It is not a set of primitive wonders permanently embedded within national, religious, or other groups, but rather a set of contested attributes, constantly changing, both shaping and being shaped by social and economic aspects of human interaction.Economic development is fundamentally about enhancing the factors of productive capacity, such as land, labor, capital, and technology, of a national, state, or local economy, as stated by the U.S. Economic Development Administration. Economic development influences growth and restructuring of an economy to enhance economic well-being. We experience economic growth when our standard of living is rising. Rather than being a simplistic process, economic development typically is a range of influences aimed at achieving objectives like creating jobs and wealth and improving the quality of life. It incorporates coordinated initiatives targeted at expanding infrastructure and increasing the volume and/or quality of goods an d services produced by a community. A common measure of economic development is a countrys gross national ... ...Business Today. 3rd Ed. New York McGraw-Hill/Irwin, 2004.Kaufmann, Daniel, Aart Kraay, and Pablo Zoido-Lobaton. Governance Matters. The World Bank Development Research Group Macroeconomics and Growth and World Bank Institute Governance, Regulation and Finance, October 1999.Organization for Economic Co-operation and Development. Improving Business Behavior Why we need Corporate Governance. Oct. 2004. OECD. The National Conference of State Legislatures. Cultural Policy Working Group. Investing In Culture Innovations In State Policy. The National Conference of State Legislatures 2003.Tourism sector plays key role in economic development. Economics. Radio the Voice of Vietnam. 2004 United Nations. Office of the Special Adviser on Gender Issues and Advancement of Women. Gender Mainstreaming. United Nations Oct. 2004 United States. Department of Commerce. Economic Development Administration. United States May 2002. Woolcock, Michael, and Deepa Narayan. Social Capital Implications for Development Theory, Research, and Policy. World Bank, Jan 1999.World Bank. Gender and Development Group. Gender Equality and the Millennium Development Goals. 4 April 2003

Gift and Novelty Economics Forecast :: essays research papers

Economic ForecastsThe retail consumer securities industry must take into consideration many indicator forecasts that help estimate what the economic market volition be like for the future. The following information contains two or more forecasts based on our teams six pre-selected indicators. This team allow for provide balancing between both forecasts and will apply economic theory in deciding which one may be the most relevant to the gift and impertinence industry.gross domestic productInformation retrieved from the Economist Intelligence Unit entropy Services (2005), the GDP (in billions) is expected to be 13034.5 in 2006 and 13766.2 in 2007. However, according to the data retrieved from the profane Chip economic indicator, the forecasted GDP (in billions) is 12907 for 2006 and 13617 in 2007 (The White House, 2005).Foreign investment is a factor that is increasing the overall GDP. Over a period of cartridge clip this will eventually bring higher gross domestic investment s, resulting in more productive physical capital in the U.S economy. The additional capital will make labor more productive, which provides an increase in GDP and wages. Based on this information, it is thought that the EIU forecast is more correct than the Blue Chip indicator.UnemploymentUnemployment is some other area that can affect this industry. Data retrieved from the Economist Intelligence Unit (EIU) projects that the unemployment rate in 2006 will be at 5% (Economist Intelligence Unit, 2005). Data derived from the Blue Chip consensus indicator, however, projects the unemployment rate for 2006 will be at 5.2% (The White House, 2005).By taking into consideration many outside indicators, such as the GDPthat show a slow but constant growth, will allow private investment to remain constant. This will encourage private industry to throw their employment at a constant level. In understanding what this nation faces in the near future, this team recognizes that many of the Baby Boo mers will retire, which reinforces the premise that unemployment will eventually stay at or fall below 5 %. Housing StartsHousing starts seems to be one of the most visible in regards to economic growth. Based on the analytical tables provided by National Association of Home Builders (NAHB) and Steele Analytics, 2005 and 2006, housing starts will decline slightly. NAHB shows that 2005 housing starts (in thousands) at 1,969 decreasing in 2006 to 1,855 (NAHB, 2005). Steele Analytics besides shows housing starts (in thousands) for 2005 start at 1,883 with a slight decrease in 2006 to 1,825 (Steele Analytics, 2005).It

My Future in The Intelligence Community of the U.S. Navy Essay

IntroductionAs a student and a midshipman at University, my college invigoration has been divided into two responsibilities one, being a student majoring in mathematics and two, a midshipman training to become an officer in the U.S. Navy. During my freshman year here(predicate) in University, having these two roles put me in a very knotty situation. It was difficult, in the beginning, because I was torn between wanting to become a Mathematics teacher someday and wanting to be a weaken of the military. However, after three years of training and ingesting more about the military, it became easier for me to decide as to where I want to be and that is, to serve in the military. The more I learn about the U.S. Navy, the more I want to become a part of it. There are many different communities in the Navy, and the community that I am hoping to become a part of is the parole community.Technology and Intelligence partnership of the U.S. NavyTechnology plays a big role in the military. One of the primary reasons technology changed and became so advanced in the military, nowadays, is because of the role that the wars played in the past and the tragic events that have occurred recently such as the attacks in 2001. Wars in the past changed the militarys technology because the military had to adapt and learn from the mistakes from the past to find better ways to protect the nations and everyones safety. For instance, during the War of 1812, the U.S. Navy used certain technological advances that made it difficult for the Royal Navy to attack. (War of 1812, ). In the 200 years since the war of 1812, technological innovation has been an essential component in the ships, aircraft, sensors, and weapons that have contributed to victories by America... ...sourcing go workforce stability. Retrieved from http//www.afcea.org/signal/articles/templates/Signal_Article_Template.asp?articleid=1440&zoneid=222Pappas, A., & Simon, J. (June). Central intelligence agency. Retrieved fro m https//www.cia.gov/library/center-for-the-study-of-intelligence/csi-publications/csi-studies/studies/vol46no1/article05.htmlStanovov, A. (2010, May 05). Web log message. Retrieved from http//en.rian.ru/analysis/20100505/158882709.htmlWar of 1812 The navy & technology. (n.d.). Retrieved from http//ourflagwasstillthere.org/why-commemorate/the-navy-a-technology.html Image/Video(2010). Navy reserve intelligence officer. (2010). Web Video. Retrieved from http//www.youtube.com/watch?v=WEW2EVFrtec (n.d.). WWII The war that changed the world. Web Photo. Retrieved from http//en.rian.ru/images/15888/28/158882814.jpg

Essay --

Consumerism, the key tool of social military personnelipulation is considered a barbarian of globalization and represents a set of beliefs, and values that owning material goods is placed very high on the list of priorities. Earlier value system through which we reason what the great unwashed really need in life is slowly replaced by the advertisements that people dictate what is fashionable . We no longer know who lives the way he wants to live , and who lives according to rules and norms of what is proclaimed in the media . Without adequate personal value system , the question is how our needs may indeed be real and non subject to consumerism . Simply put , todays society has become a consumer society in which no one is happy and by spending money people are trying to fill their lives with joy , a feeling that they are strong , powerful and lead their life the way they want . Is it really so , or is it all a well organised illusion in the minds of marketing professionals ?Consu merism became a force in only a few decades. It started to trip the social and economic development of the world , and the only question is in which direction . When talking about this concept , it is certainly not new , entirely dates back to ancient Mesopotamia , and the first hint of todays practices come in the seventeenth and eighteenth centuries in Britain, where the middle class wants to copy their idols at royal functions. get only out of necessity becames not important. More important is to have the things that the rich one has. Consumerism has its roots also in the British society of the succession after war. Shopping and enjoying financial freedom was at that time in Britain a relaxation for men who returned from the battlefield . The thought they deserve to make up for los... ...British people. Routine that teaches that it is not important to know , but its important to spend. People spend seeking acceptance in the community, knowing that society rejects those who do not want or do not have nothing to spend.Thus , it appears that the thesis money can buy happiness is slowly becoming a reality . This is supported by the fact that all the greater importance is placed on material goods and the value system of the people changed . It is interesting , however, that although preoccupy with consumerism and supplied with money , the British are not the happiest people in the world . Statistics show that the happiest people are in Pakistan , Bangladesh , Vietanam and even Kosovo, where everyone has the time for their families and themselves. However, the modern man is not worth as much as his knowledge, but as much as he has and he can spend.

Essay --

Consumerism, the key tool of social publicipulation is considered a fry of globalization and represents a set of beliefs, and values that owning material goods is placed very high on the list of priorities. Earlier value system through which we reason what slew really need in life is slowly replaced by the advertisements that people dictate what is fashionable . We no longer know who lives the way he wants to live , and who lives according to rules and norms of what is proclaimed in the media . Without adequate personal value system , the question is how our needs may indeed be real and not subject to consumerism . Simply put , todays society has become a consumer society in which no one is happy and by spending money people are trying to fill their lives with joy , a feeling that they are strong , powerful and lead their life the way they want . Is it really so , or is it all a well organised illusion in the minds of marketing professionals ?Consumerism became a force in only a few decades. It started to light upon the social and economic development of the world , and the only question is in which direction . When talking about this concept , it is certainly not new , only dates back to ancient Mesopotamia , and the first hint of todays practices come in the seventeenth and eighteenth centuries in Britain, where the middle class wants to copy their idols at royal functions. buy only out of necessity becames not important. More important is to have the things that the rich one has. Consumerism has its roots also in the British society of the clip after war. Shopping and enjoying financial freedom was at that time in Britain a relaxation for men who returned from the battlefield . The thought they deserve to make up for los... ...British people. Routine that teaches that it is not important to know , but its important to spend. People spend seeking acceptance in the community, knowing that society rejects those who do not want or do not have nothing to spend.Thus , it appears that the thesis money can buy happiness is slowly becoming a reality . This is supported by the fact that all the greater importance is placed on material goods and the value system of the people changed . It is interesting , however, that although haunt with consumerism and supplied with money , the British are not the happiest people in the world . Statistics show that the happiest people are in Pakistan , Bangladesh , Vietanam and even Kosovo, where everyone has the time for their families and themselves. However, the modern man is not worth as much as his knowledge, but as much as he has and he can spend.

Examine the Key Concepts of the Ontological Argument for the Existence of God

1b) Examine the key concepts of the ontological contrast for the existence of God (18) The ontological argument rests on the present that the universes existence is contingent- it depends on something else to exist. The argument is deductive, analytic and a priori, and was first formed by St. Anselm, who prayed for a short argument that would prove God to be that than which vigour greater can be conceived.This prayer was c eithered the proslogion and tried to prove God by means of reductio ad absurdum, which states that the existence of God is logically necessary. The argument is based on the word God, a being that possesses all perfections, therefore must exist. Anselm was aware that the existence of God is denied by atheists and in solution to this, he states the fool has said in his heart there is no God. Descartes later reformulated the ontological argument, who sought to prove the existence of God through reason alone.He stated that he exists, and in his mind he has the con cept of a perfect being, and as an imperfect being, he could not have conjured up the idea of a perfect being, therefore this idea must have originated from the perfect being itself, and this perfect being must exist in guild to be perfect, consequently a perfect being exists. He also stated that the idea of God is the idea of a perfect being, and a supremely perfect being has all perfections, existence is perfection, a supremely perfect being must have existence, therefore it is impossible to think of God as not existing, hence God exists.Gaunilo stated that if the ontological argument was applied to things other than God, then it led to invalid conclusions. He applied Anselms premise to the idea of a perfect island I can conceive of an island that no greater island can be thought of such an island must possess all perfections existence is a perfection the island exists. He also stated that the views of the greatest island would be subjective. Kant stated that existence is not a p redicate, which would flaw some(prenominal) Anselm and Descartes arguments.He observed that existence is not associate with the definition of something since it does not add to our understanding of that thing it would be self-contradictory to posit a triangle, yet rule out its three angles. Russell furthered Kants idea, and stated that we should consider the claims that a) all cows have tails and b) all unicorns have horns. Grammatically, this is correct, however, it does not state whether they exist, and therefore does not domiciliate explicit information. Similarly, Hume stated that the argument makes false assumptions about existence we cannot define something into existence.

Overview on ZEN Works

Zero Effort Net whole kit (Z.E.N. works) is a great new tool in NetWare 5, that makes the network decision makers job a lot easier by allowing him to spend less time at each user workstation. To be able to use the Z.E.N. works these are the minimum hardware requirementsProcessor 486/33 or higherMemory 16 MB (for Windows 95) 24 MB (for Windows NT)Hard disk lieu 4 MB (workstation 24 MB (full station)Z.E.N. works needs to be installed on the server and the client on the workstation needs to be updated.During the installation answer Dynamic Link Libraries (DLLs) are copied to the workstation. DLLs contain subprograms that are called by an application to perform certain operations. Another utility that is included in Z.E.N. works to help the distribution and management of applications is the Application Launcher, which consists of four major componentsApplication objects in the NDS treeApplication Launcher Window and Application objectThe snAppShot utility allows you wee-wee a snaps hot of the Windows workstation before installing the application. The snapshot includes Registry settings along with the names of form and application files on the workstation. After the application has been installed, the snAppShot utility takes other picture of the workstations physique and then uses the two snapshots to create an Application Object Template (AOT) file.The Application Launcher uses the AOT file to determine what Registry settings and system files need to be copied to the workstation to run the application from the network. In addition to including configuration settings and system file names, the AOT file also contains the name of the Application object and the roadway where you want to store the AOT and installation files. Consequently, before running the snAppShot utility, you need to define the name you want to use for the Application object and decide where the application and AOT files depart be stored.The Application Launcher software consists of two co mponents the wrapper program and the launcher. The wrapper program determines which launcher program (NALW31.EXE, NALWIN32.EXE, or NAL.EXE) to run based on the client computers operating system. The launcher program then determines the Application objects to which the user has access and displays a window showing all applications the user has been authorized to run.When the user selects an application, the launcher determines whether the application is installed on the workstation. If this is the first time the user has run the application from this workstation, the application will automatically be installed exploitation the AOT file created by the snAppShot utility. If Application Launcher senses that the application configuration has been damaged, or files are missing or corrupt, it will automatically correct the application configuration and copy and damaged or missing files.

Challenges Of Minority Groups In Cambodia Education Essay

IntroductionCambodia is a under deviseed state, which is located in South eastern Asia, and most of the citizens be Buddhist and Khmer is their egg-producing(prenominal) p bent lingua. On the one manus, in that respect are diverse states populating together such as Chinese, Cham, Vietnamese and others including pagan nonage groups who are populating in the northeasterly states of Cambodia. ( UNESCO & A CARE, 2005 ) . Recently, 34.5 % of instructors in contradictory countries and 6.4 % in rural countries construct non attended higher commission. Many rural households await on agribusiness for a life, and instruction costs are the highest disbursal they are confronting. Basic ally, they are impossible to direct all of their kids to school, curiously misss because of the personal security, and colossal distance between schools in rural and distant countries ( UNESCO, 2010 ) . This survey besides mentions that kids who do non go to school and who probably bead out are the ki ds with disablements, misss and kids from rural, distant and boundary line countries ( p. 29 ) . It is truly hard for them to analyze because of their lingual communications use, finally bilingualist instruction is incorporating and accommodating into communities. Teachers from the local communities are adroit to run into the educational demands of the kids in the communities, clip tabular array are adapted base on farming seasons, and the schools are run by corporation Boards ( UNESCO & A CARE, 2005 ) . The intent of this research is concentrating on the undermentioned inquiriesWhat are the better schemes to better nonage groups instruction to run into MoEYS s masterminds and vision?Does the bilingual instruction undertaking help minority groups to make higher and better instruction?What can MoEYS, Cambodia G everyplacenment every bit good as NGOs contribute to develop minority group instruction?Ministry of Education, Youth and Sport of CambodiaAs the Ministry of Education, Youth and Sport s vision in the Education Strategic Plan 2009-2013 ( 2010 ) express that in order to develop a knowledge-based society within Cambodia it has to set up and develop human resources with the highest quality and moralss ( p. 1 ) . To accomplish this vision, MoEYS has the mission of taking, managing and exploitation the Education, Youth and Sport sector in Cambodia in response to the socio-economic and cultural development demands of its state and the world of regionalization and globalisation. Meanwhile, a long-run aim of the MoEYS is to accomplish the holistic development of Cambodia s immature people for all sectors and an immediate aim is besides to do certain that all Cambodian kids and young person have equal chance to derive quality of instruction consistent with the Constitution and the Royal Government s committedness to the UN Child Rights Convention, irrespective of societal position, geographics, ethnicity, faith, linguistic communication, gender and phy sical signifier ( p. 2 ) . To win in accomplishing the above aims and vision, MoEYS has defined three chief policy precedences and two are mentioned as follows regard just entree to educational services by constructing schools every bit near as possible to abodes, diminishing the figure of uncomplete primary schools, increase operational budgets to schools, change magnitude the supply of instructors, supplying houses to instructors and edifice residence halls for pupils in deprived countries, incidently misss, disablements and minority groups ( p. 13 ) . In order to accomplish this policy, there many schemes raised in this Education Strategic Plan 2009-2013 by MoEYS and some are showing here. The first scheme is to guarantee entry of all six twelvemonth olds into primary school including kids from hapless households, kid labourers, kids in deprived countries, kids with disablements, kids affected by HIV/AIDS, and cultural minority groups. The 2nd aim is to increase chances for jus t entree to higher instruction through increasing the figure of scholarships for prioritized pupils from hapless households, females and pupils from distant countries ( p. 15 ) . Similarly, the Education Sector Support chopine 2006-2010 by MoEYS ( 2005 ) besides stated that the secondary schools scholarships plan aims will be to guarantee increased instruction chances for pupils with high academic virtue from the poorest and deprived households, particularly misss and cultural minorities, through a gradual addition in the figure of targeted scholarships for the hapless ( p. 27 )To better the quality and efficiency of educational services by increasing the proviso of school instructional stuffs, libraries and research labs, and go oning to further develop the course of study, increasing acquisition hours and supplying scholarships ( hard currency and wholesome ) to hapless pupils, heightening instruction and direction capacities, beef uping the instructors codification of behavi or, bettering schools environment, spread outing vocational orientation, increasing review of disposal, finance and instruction quality arrogance ( MoEYS, 2010, pp.13-15 )Economic state of affairs of minority groupsPeoples who are populating in the rural and distant countries do non hold easy entree to all the possibilities markets, particularly concerns. Their lives are depending on the season, and when the planting clip come most people are working in the Fieldss. They have to pass most of their clip in the Fieldss in order to gain higher income to back up the households and communities. Their incomes come from selling rice, handcrafts and veggies but it is still really low. They can gain about eighty heptad thousand riel or under 20 two dollars per month per family. Before acquiring this money they have to go to markets to sell merchandises to Kampuchean bargainers and purchase something that they on a regular basis need such as baccy, coffin nails, medical specialties, appar els and some nutrients.Therefore, there is really small clip left for them to study of instruction or directing their kids to schools particularly misss who are non literate at all. Additionally, merely a few work forces are literate ( UNESCO, 2005 )Basic info of minority groups instructionDuos to the conditions of life are far off from the business districts, minority groups do non hold easy to schools. Harmonizing to UNCESO ( 2005 ) , instruction degrees were higher for males than females no female aged 15 and over had completed primary school, and merely 8.2 % have had any instruction at all. The bulk of villagers were 77.8 % nonreader in Khmer, and aged 15 and over spoke small or no Khmer 83.5 % . ( p.22 )Races and ethnicity groups in CambodiaRecently, Cambodia is developing all sectors particularly education sectors in different finishs including urban and rural countries, which are located far off from towns. Examples include the rural parts of Ratanakiri and Modulkiri wh ich have higher rates of non-enrollment compared to national norms. Childs who are populating within minority groups are non reached because of their poorness state of affairs and rural location. So far, there are 36 cultural minority groups in Cambodia accounting for about 4 per centum of the population ( domain of a function Bank as cited in UNICEF, 2007, p.6 )Bilingual instruction for minority groupsTo learn bilingual instruction to minority groups is hard because many are illiterate some(prenominal) in speech production and composing in Khmer. As a study from Chap & A Thomas, ( 2003 ) mentioned that the spread is widening as ethic minority people fail to derive entree to instruction and development enterprises. The lingual barrier is the first challenge to accessing development and instruction as few people particularly adult females and kids from the cultural minority communities speak the national linguistic communication . Chap and Thomas ( 2003 ) besides stated that about all-ethnic minority females and over 80 % of the males were illiterate and most kids had neer attended school. The bilingual instruction pilot undertaking uses a theoretical account of direction that begins in the gather in and progresses to Khmer so that pupils learn to read and compose both linguistic communications. Base on the undertaking, five minority linguistic communications now have alphabets utilizing the Khmer book, and the Kampuchean authorities has late approved all five alphabets. ( p.1 ) . In add-on, the same study provinces that current bilingual attempts are concentrated on five linguistic communications in northeasterly Cambodia, with extra lingual research in several other linguistic communications which have populations scattered throughout the county. The Kampuchean governmental ends are to assist local people to function in all sectors in their place small towns and states including an accent on cultural minorities, with particular schemes to run into their specific demands and challenges, many of which differ from those of the lowland Khmer populations. Furthermore, this study states that the bilingual instruction scheme is of import for run intoing Cambodia s national Education For altogether ( EFA ) ends and fundamentally we know that the effectual manner is to get down from the known and travel to the unknown because Khmer is a foreign linguistic communication for the cultural minority groups, therefore they need to get down with their ain linguistic communication in order to entree Khmer. Based on this, bilingual instruction helps subalpine populations prosecute more to the full in development and nation-building and helps them to do development programs appropriate to their communities in order to guarantee a positive hereafter ( p.3 ) finisAlthough the instruction of cultural minority kids is really complicated, the plans that address these issues have been implemented with considerable success as the consequence of part nerships between the authorities, NGOs, local communities, and giver bureaus. Meanwhile, bilingual instruction undertakings have been piloted by CARE, ICC, SCN and others in the northern boundary line states ( Mondulkiri, Preah Vihear, Ratanakiri, and Stung Treng ) utilizing the female parent lingua languages including Kawait, Kreung, Phnorng, Pompuon and Kou. Furthermore, bilingual instruction is expected to be developed based on the pilot plans and particular offers have been provided for instructors who are employed to remote and cultural minority countries. The MoEYS is developing Khmer books for the above five cultural minority groups in order to promote them to larn both mother lingua and the national linguistic communication, Khmer, utilizing both formal instruction and life accomplishments curricula ( UNESCO, 2010, p.30 ) . In add-on, the authorities continues to set up residence halls for female pupils, construct schools at all degrees, particularly in rural and distant cou ntries and they are besides increasing scholarships for hapless pupils. ( p.34 )

My Life and Statute of Frauds

My Life and canon of Frauds In 1677, the English Parliament passed the Statute of Frauds. It is a state statute under which certain types of contracts moldiness be in writing to be enforceable. The primary purpose of the Statute of Frauds is to ensure that there is reliable evidence of the contracts and terms, and it is to prevent the possibility of a devoid agreement between two parties being proved by perjury or Fraud. There are 5 categories to which the contracts must to fall within the Statute of Frauds, which are 1. Contracts involving interests in land The statute applies to any contract for an interest in real estate. . Contracts that cannot by their term be performed within one family The statute applies only to contracts that are objectively impossible to perform within one year from the contracts formation. 3. Collateral promises The statute applies only to convey contracts made between the guarantor and the creditor whose terms remove the guarantor secondarily liab le. 4. Promises made in consideration of marriage- The Statute applies to a unilateral promise to make a monetary payment or to give property in consideration of marriage. 5.Contracts for the sale of goods priced at $500 or more. As we have seen, having a written contract helps many people to reduce the risk from misleading whenever they enter into the contracts. For example, there was a scenario case that had happened to me, and it helps me to figure out the important type of the Statute of Frauds to my life. I still remember in October last year, when I was surfing the craigslist, I found an ads said that a room for shared with a cheap price, but the owner, Jason, stated that whoever rent his place had to pay money ahead of time.I then called him and rented place. About five months after the day of contract formation, he asked to move out because he wanted to sell his house. As a result, I left the place without getting back my money. That was piss me off because I couldnt enforc e the contract, and there arent any recipes to prove that I had paid to him. Now, I understand that a written contract is really important. Therefore, whenever I make a deal with other people, if its possible, I would make a written contract. It is a brilliant choice because it protects me from fraud in literal contracts

Proposal for Annotated Bibliography on Business Ethics

Title Annotated Bibliography for Proposed Project on Business Ethics device There are many different opinions in todays world about the necessity and importance of implementing a vexation ethics oath for all who worry to utilisation in the bodied world. Society would greatly benefit from the implementation of a telephone line ethics engage being sworn by everyone who graduates from note concern school. Corporate greed would start to dwindle and there would be many more moral and ethical leaders in todays corporations.A business ethics arrangement would help start corporate culture within todays leading businesses which can help not only keep a corporation ethical notwithstanding help them to succeed financially and with their sustainability. Annotated Bibliography Gini, Al. Business, Ethics, And Leadership In A Post Enron Era. diary Of Leadership & Organizational Studies (Baker College) 11. 1 (2004) 9-15. Business Source Complete. Web. 18 Oct. 2012. In this article, Al Gini describes how the ethics f leadership affect the ethics of the workplace and helps to form the ethical choices and decisions of the workers in the workplace.Gini goes on to explain that the central problem of ethics in business today Schweiger 2 is the absence of positive moral leadership and the neglected development of a moral culture within the corporation. He credits these problems for the rise in corporate greed and unethical behavior that occurs in todays society and economy. Gini describes how in todays world the availability and opportunity to express corporate greed has grown extensively due to the lack of moral leadership and a ethical corporate culture. Wayne, Leslie. A Promise to be Ethical in an Era of Immortality. The New York Times (2009). In this article, Leslie Wayne presents the idea that todays generations very different from yesterdays. Today students are more concerned about how corporations affect the community, the lives of its workers, and the environme nt. They are nonoperational concerned with making money just like any other businessmen, but not at the expense of others and not unethically. Wayne tells in this article how about schools have already made a business ethics pledge mandatory for all students, and how some students at other schools are taking the pledge by choice.Wayne provides good arguments and supports them with evidence for why business ethics pledges should be constitutionalized and taken by all entering the corporate world. Sims, Brinkham, Johannes. Enron Enthics Culture Matters more than Codes. Journal of Business Ethics, Jul 2003. Vol. 45, Iss. 3 Pg 243. In this article, by Ronald R. Sims, Brinkmann, and Johannes, the topical issue is the Enron Scandal that occurs in 2001. The authors provide different viewpoints of the scandal and point out that in the eyeball of the executive managers of Enron, their actions where completely ethical and legal.In fact, before 2001, Enron was actually praised for being an excellent corporate citizen and for obtaining a high standard of business ethics. Sims, Brinkmann, and Johannes suggest that some corporations flavor ethical to the public but in fact commit many violations of what is today called common business ethics. Heller, Nathan A. , and Victor L. Heller. Business Ethics Education atomic number 18 Business Schools Teaching To The AACSB Ethics Education Task Force Recommendations?. International Journal Of Business & Social Science 2. 20 (2011) 30-38. Business Source Complete. Web. 18 Oct. 2012. In this article, Nathan A. Heller, and Victor L. Heller identify their shared views on the failure of business schools to provide graduates with the ethical skills they need to be a responsible and educate leader. Heller and Heller define business ethics as how individuals, at all levels of the organization, make decisions and live their lives according to a standard of right and slander behavior.They observe the fact that business schools take pr ide and market success of their graduates, but fail to take responsibility, for their ethical failures. Heller and Heller believe that business schools have encouraged their students to focus too much on analytical skills in order to maximize profits at all costs without reflection of the ethical implications of their actions. Carroll, Archie B. Reflections On The Business Ethics Field And Business Ethics quarterly. Business Ethics Quarterly 20. 4 (2010) 715-717. Business Source Complete. Web. 18 Oct. 012. In this article, Norman Bowie, former president of the Society for Business Ethics (SBE), develops reasons for the reoccurring lack of business ethics in todays society. Bowie credits mostly the fact that when business is booming, that business ethics seem to erode and businessmen dont seem to mind walking all over others. He also identifies that lack of business ethics, particularly within the top level executives, to be the major downfall of the last decade resulting in event s like the Enron Era and the Wall Street financial Scandal of 2008.This is and interesting article which identifies the problem areas and lack of business ethics and can be greatly expanded on. Brenkert, George G. The Limits And Prospects Of Business Ethics. Business Ethics Quarterly 20. 4 (2010) 703-709. Business Source Complete. Web. 18 Oct. 2012. In this article, George G. Brenkert expresses his beliefs that schools of business must play a more active role in directing the idea of future managers to more ethical business behavior.He goes on to say that instead of focusing on profit maximization, businesses should focus on making meaningful work for employees. Brenkert identifies the fact that many businesses still have not accepted moral responsibility for the Wall Street crisis of 2008, ad some even go as for to blame the federal reserve and the government instead of looking in the mirror. He believes that businesses must foster a higher level of ethical behavior in order to avoid repeating this same financial crisis the future.

People have become overly dependent on technology

The World Wide Web is a considerable world that should be controlled. The net profit has many advantages and disadvantages. It is either to be a useful tool or to be a harmful weapon. The Internet had many effects and side effects in the social life, safe and also purchasing or shopping. If it was controlled all those will be much better and life will be easier. However, if it was uncontrolled that will lead to huge problems. The peaceful tool will convert to be a harmful weapon. It wont kill human being and I will kill nations and cultures. First, the Internet had developed the teaching methods and made the education uch easier and better.The student can look up for any subject that he need in the internet and It will fitting pop up to him. It is better than referring to books. Internet will take you seconds to find specific information, while books whitethorn take hours and day to look up on them. The student homeworks, assignments and projects also require him to use Inter net. The students and kids be totally able to look up for anything in the Internet, so that can lead to one of both things. First, Either the kids will use that to improve their skills, knowledge and they will catch up with the technology.Second, they will start to look up for pornographic media and it will be easy to obtain. It will destroy a lot of their parents work. They may addict online games as most of the kids in this metre. This will cause them their social life. They wont be able to make friends or to contribute with anyone. They will not feel that they are wrong until they grew up and become adults. In that time they will come upon that they have no friends or anyone around him. It will be very hard in that time to recover what he did. Not to mention that the kids who stick by a lot in the Internet they got some issues.They will have pain in their packs and in their hands. This pain will be noticed later they grew up. But they will feel that their eyes are becoming weaker with time. It is the main reason for why too many bulk are wearing provide in these days. They should be censored in what they see, how long they set in front of their computers or laptops and how they set. Second, The Internet can be used by organizations to batten the safety. It is a tool that the governments can use to detect the strange cases and stop them right away. on that point were some cases those terrorist used emails to contact each other.If their emails were controlled and under the government eyes they would probably save human lives. Governments should also watch the text massaging and instant massaging such WhatsApp or skype because it may used to plan for something. If governments work harder in the telecommunication security side, they would achieve many things that they are trying to do by other methods. They may detect a terrorist or also a murder evident, these things should not be ignored. Other wise we will watch a new type of terrorist that is mo re crazy than the previous ones.Third, There are types ot thieves and terrorist. In these days the worse type ot it is the hacker. There are a lot of hackers in this time. Those hackers may do small things such hacking an email. They also may do huge things corresponding trying to hack a financial websites and steal the money from it. There are a lot of mountain who shops in the Internet and they are all afraid from the hackers or the fake website. Since they Just fill in their credit card information. They will find out that they were stolen. There are many fake websites and hackers that use Internet to gain money.The huge what hackers can do is trying to steal a bank. If government do not secure banks, state money will Just disappear. All the financial websites should be secured and controlled by the government so no body get stolen. Finally, The Internet can be a very useful tool to develop and to live a better life. However, this can never be unless that the Internet was secu red and under the government eyes. I hope that people understand the convey of the Internet and how harmful can it be. I also hope that people understand how a useful it is if it was used properly.People Have Become Overly Dependent on TechnologyHumans have been called the animals which make things, and at no time in history has this been so obvious as the present. Today, every human activity is pendent upon various tools, machines, and systems, from growing food to providing shelter to communication, healthcare, and entertainment. Some machines, like the tractor, speed up and make more efficient activities that humans have done for hundreds of thousands of years. Others such as the airplane or the Internet, make possible things that humans have never been able to do before.This accumulation of devices, capabilities, and the knowledge that accompanies them is called technology. We can say that living without technology is like living without air in this technical foul world of to day. Therefore, we are much computeent on technology. Broadly speaking, technology is how people modify the world to suit their own purposes. From the Greek word techne, meaning art or artifice or craft, technology literally means the act of making or crafting, but more generally it refers to the diverse collection of processes and knowledge that people use to extend human abilities and to satisfy human needs and wants.Technology has been going on since humans first formed a blade from a piece of flint, harnessed fire, or dragged a sharp stick across the ground to create a furrow for planting seeds, but today it exists to a degree unprecedented in history. Planes, trains, and automobiles carry people and cargo from place to place at high speeds. Telephones, television, and computer networks help people communicate with others across the street or around the world. Medical technologies, from vaccines to Stem Cell therapy, allow people to live longer, healthier lives. 00 years ago pe oples average age of death was from 40 to 45. But now its 75. Furthermore, technology is evolving even as we speak, with new technologies being created and existing technologies being improved and extended. The benefits of technology are usually obvious, if they were not, it would probably never be developed, but the disadvantages and dangers are often hidden. A perfect example is chlorofluorocarbons, or CFCs. When CFCs were invented, no one realized that these chemicals used as refrigerants would eventually damage the ozone layer.Today, the Internet is having profound effects on society, how people interact and communicate with one another, how they do their business, and how they get their entertainment and recreation, but no one knows exactly what to expect from it in future. Computers make our lives easier and give us new ways to learn more or less the things were interested in. They make it possible to do many things from the comfort of our own home we can shop online, keep i n touch with our friends online, even go to school online.They make it easier to record and organize information and entertain us with a nearly endless variety of games. However, its still important to maintain a life outside of the cyber world a life spent attached to a computer screen isnt a real life. When a computer becomes the aboriginal point of a persons life, they undergo a change in behavior they become lazy and develop anti-social tendencies, and, in some severe cases, simply cannot share without a computer. Some people say that we are not really dependent on technology. We can live without the technology.Our ancestors did it, so why cant we? I would rent these questions When was the last time you solve math problems without using calculator? When was the last time you went to library to find information instead of searching from internet? in addition time has changed since our ancestors era. Has technology really taken over our lives this much? Where we cant go 2 minu tes without checking our phone to see if we have a text? Where we cant go a day or two without checking our e-mail, and facebook? We cant even walk across a campus without seeing a student on the phone, laptop or sense of hearing to their iPods.All this makes it particularly important that people understand and are comfortable with the concepts and workings of modern technology. Todays people, including me, have become socially inept and too dependent on technology. Now this isnt meant to be a hate technology thread, because technology really can be awesome at times. From a personal standpoint, people benefit both at work and at home by being able to choose the best products for their purposes, to operate the products properly, and to troubleshoot them when something goes wrong.And from a societal standpoint, an certain citizenry improved the chances that decisions about the use of technology will be made rationally and responsibly. But sometimes we take technology too seriously, and depend on it too much. If your computer breaks, dont get pissed about it. If the Internet goes down, its not the end of the world. If your phone is broken, dont kill yourself. And beseech this question from yourself How long can you survive without technology?

Compare and Contrast: Claudio and Benedick Essay

Shakespeares comedy, Much Ado About Nothing, is a play that follows a small group of friends from a high-class society in Massina. Two of this group are friends are Claudio and benedick. In the beginning of the play they are seemingly similar, in that they both are of an upper-class upbringing and do their best to maintain their social reputation. The characters are made as to enhance their differences by the end of the play they are foils to one other. Both benedick and Claudio look themselves fooled by other characters in the play and have to decide what they are willing to believe is true and what is wrong, furtherto a greater extent both characters come come by the end of the play, but which means they use to get there differ. In the beginning of the play Claudio is introduced as an accomplished young military man who has unspoilt come back from a successful battle. He claims to be in love with a woman named champ. Before confronting her about the feelings he has for her , Claudio asks his friend Benedick to tell him what he personally thinks about Hero. In the hopes that he will confirm that she is in fact as fair and lovely as Claudio thinks she is. I pray thee tell me truly how thou likst her. (Much Ado About Nothing 1.1.171-172)The love Claudio feels for Hero is based on the approval of his friends. Claudio goes on to ask, yet a nonher associate, Prince Don Pedro, how he to feels about Hero. Claudio is clearly a shallow minded individual with a limited capacity to think of only a fewer thoughts occupy his mind at one time. Claudio even makes not of it himself when talking to Benedick about when he first came to love Hero. I lookd upon her with a soldiers eye, That liked, but had a rougher task in hand Than to drive liking to the name of love But now I am returnd and that contend-thoughts Have left their places vacant, in their rooms Come thronging soft and deli shede desires, All prompting me how fair young Hero is, Saying, I liked her ere I w ent to wars. (Much Ado About Nothing 1.1.289-295)Foil to Claudio is Benedick, an arrogant young man who, also like Claudio, took part in the war and was brought up in a high class society. Benedick is also concerned is his public image. He considers himself a ladies man of sorts and does not want to be tied down by any woman and would rather die than be wed because he does not trust women. That a woman conceived me, I thank her that she brought me up, I likewise give her most humble thanks. But that I will have a recheat winded in my forehead, or accrue my bugle in an invisible baldrick, all women shall pardon me. Because I will not do them the wrong to mistrust any, I will do myself the dear to trust none and the fine is, for the which I may go the finer, I will live a bachelor. (Much Ado About Nothing 1.1.229-237)As if that did not make his point, Benedick goes on to say that he would prefer then to be bound by holy matrimony. He tells his friends that if he ever does anything s o ridiculous as to precipitate in love that as his friends they should shoot him for his follies. If I do, hang me in a bottle like a cat and shoot at me and he that hits me, let him be clapped on the shoulder, and called Adam. (Much Ado About Nothing 1.1.248-250) Because at this time Benedick truly believes that love is the lash fait for any man.Read AlsoCompare and Contrast Essay DefinitionIn his attempts to find public acceptance, Claudio proves to be easily fooled into believing anything he is told condescension obvious lack of proof of what he is being deceived into thinking is true. When approached by Don John the bastard, the brother to Don Pedro and the least trusted person in Messina. Claudio falls for the lie that his friend, Don Pedro, who offered to help Claudio woo Hero has actually planed to woo her for himself, Claudio as gullible as he is believes Don Johns lies. Claudio permits the masked Don Pedro, prince of Arragon, to woo Hero in his place but then is misled i nto believing that the prince has betrayed him and courted Hero for himself. (Shakespeares Comedies 104) Once the treason is proven false Claudio goes right back to being his pleasant self and accepts Hero with no questions asked. Lady, as you are mine, I am yours I give away myself for you and dote upon the exchange. (Much Ado About Nothing 2.1.304-306) Benedick is so back and forth with his feelings for Hero it makes his love appear to be very uncertain.After being bombarded by all the recent talk of love from all of his friends, including Claudio, a military man he would have thought would never have let himself be attached to any lady. Benedick begins to wonder if he too might fall for someone, because if a solder like Claudio can be swayed to fall in love, surely Benedick himself could also. He then decides what sort of woman would be able to win his heart. Benedicks standers are high and very specific. hotshot woman is fair, yet I am comfortably another is wise, yet I am wel l another virtuous, yet I am well but till all graces be in one woman, one woman shall not come in my grace. Rich she shall be, thats certain wise, or Ill none virtuous, or Ill never cheapen her fair, or Ill never look on her mild, or come not sound me noble, or not I for an angel of good discourse, an excellent musician, and her hair shall be of what colour it please God. (Much Ado About Nothing 2.3.26-35)With the prospect of love already in his mind Benedick becomes a victim of his cohorts plan to fool him into that believing that Beatrice, an equally idealistic character with a witty personality, who Benedicks friends think would be perfect for him, is in love with him. After hearing how much she loves him, Benedick changes his views entirely. a bachelor in words more than sentiment, so that, during his monologue in 2.3, we watched with sympathy and knowing as he persuaded himself, easily, into love. (Much Ado about Nothing (review)Shakespeare Bulletin 25.3 (2007) 119-122) Skept ical at first, Benedick has a moment of realization as he looks in himself. Through this introspection Benedick leads himself to the findings that Beatrice is indeed the perfect match for him and fits his criteria for the only woman that could make him fall in love. -tis so, I cannot reprove it and wise, but for loving me by my troth, it is no addition to her wit, nor no great argument of her folly, for I will be frightfully in love with her. I may chance have some odd quirks and remnants of wit broken on me, because I have railed so large against marriage ( Much Ado About Nothing 2.3.228-234) Though his own insight, Benedick changes his whole view about love all together.In conclusion both Claudio and Benedick are deceived at one point or another in believing something that they are told with no real proof, and both find love by the end of the play, but the means by which they find their way to love differs. Benedicks path is much more liner and though introspection on how he f eels about Beatrice. Were Claudios path is sways back and forth due to his insecurities and follies.Work CitedShakespeare, William. Much Ado About Nothing. raw(a) York Signet Classic, 1998. Print. Vaughn, Jack A. Shakespeares Comedies. New York Fredrick Ungar, 1980. Print. Finlayson, Caitlin. Much Ado about Nothing (review). Shakespeare Bulletin 25.3 (2007). Web. Oct 18, 2011.

Conference Management System Essay

In Java EE 6, JAX-WS provides the functionality for big weathervane run, which ar draw in Chapter 19, Building mesh go with JAX-WS. Big clear gos use XML sums that follow the dewy-eyed Object Access Protocol ( flog) standard, an XML diction defining a message computer architecture and message formats. much(prenominal)(prenominal) systems often contain a machine-readable description of the trading operations offered by the table attend to, written in the meshwork Services Description Language (WSDL), an XML language for defining larboards syntactically. The lather message format and the WSDL interface definition language bedevil gained widespread adoption. Many development instrumental roles, such as NetBeans IDE, can reduce the coordination compoundity of maturation weathervane operate covers. A SOAP-based goal must entangle the following elements. A titular find must be established to describe the interface that the entanglement service offers. WSDL can be utilise to describe the details of the contract, which may include messages, operations, bindings, and the location of the weave service. You may also process SOAP messages in a JAX-WS service without publishing a WSDL. The architecture must address complex malfunctioning requirements. Many weathervane service specifications address such requirements and establish a common vocabulary for them. Examples include transactions, security, addressing, trust, coordination, and so on. The architecture needs to handle asynchronous processing and conjury. In such cases, the foundation provided by standards, such as Web Services Reliable Messaging (WSRM), and APIs, such as JAX-WS, with their client-side asynchronous invocation last, can be leveraged out of the box. slumberous Web ServicesIn Java EE 6, JAX-RS provides the functionality for mimetic say Transfer ( reposeful) web run. relief is well suited for basic, ad hoc integration scenarios. RESTful web go, often best integ rated with HTTP than SOAP-based service are, do not require XML messages or WSDL serviceAPI definitions. suggest Jersey is the production-ready reference implementation for the JAX-RS specification. Jersey implements support for the annotations defined in the JAX-RS specification, making it easy for developers to cook RESTful web function with Java and the Java Virtual Machine (JVM). Because RESTful web services use existing well-known W3C and Internet Engineering Task Force (IETF) standards (HTTP, XML, URI, MIME) and have a whippersnapper infrastructure that allows services to be built with minimal tooling, developing RESTful web services is cut-price and and then has a very low barrier for adoption. You can use a development tool such as NetBeans IDE to further reduce the complexity of developing RESTful web services. A RESTful design may be distinguish when the following conditions are met. The web services are all told stateless. A good test is to consider whether the i nteraction can survive a restart of the server. A caching infrastructure can be leveraged for performance. If the selective information that the web service returns is not dynamically generated and can be cached, the caching infrastructure that web servers and other intermediaries inherently provide can be leveraged to improve performance. However, the developer must concentrate care because such caches are limited to the HTTP GET method for nigh servers. The service producer and service consumer have a mutual understanding of the context and subject matter world passed along. Because there is no formal way to describe the web services interface, both parties must agree out of band on the schemas that describe the data being exchanged and on ways to process it meaningfully. In the real world, just about commercial applications that expose services as RESTful implementations also distribute so-called value-added toolkits that describe the interfaces to developers in popular pr ogramming languages. Bandwidth is particularly important and needs to be limited. REST is particularly useful for limited-profile devices, such as PDAs and mobile phones, for which the overhead of headers and additive layers of SOAP elements on the XML payload must be restricted. Web service delivery or aggregation into existing web sites can be enabled easily with a RESTful style. Developers can use such technologies as JAX-RS and Asynchronous JavaScript with XML (AJAX) and such toolkits as Direct Web Remoting (DWR) to consume the services in their web applications.Rather than starting from scratch, services can be undetermined with XML and consumed by HTML pages without significantly refactoring the existing web site architecture. Existing developers will be to a greater extent(prenominal) productive because they are adding to both(prenominal)thing they are already familiar with rather than having to start from scratch with new technology. RESTful web services are discussed i n Chapter 20, Building RESTful Web Services with JAX-RS. This chapter contains information approximately generating the skeleton of a RESTful web service using both NetBeans IDE and the Maven project centering tool.Deciding Which Type of Web Service to UseBasically, you would want to use RESTful web services for integration over the web and use big web services in enterprise application integration scenarios that have advanced quality of service (QoS) requirements. JAX-WS addresses advanced QoS requirements commonly occurring in enterprise computing. When compared to JAX-RS, JAX-WS makes it easier to support the WS-* set of protocols, which provide standards for security and reliability, among other things, and interoperate with other WS-* conforming clients and servers. JAX-RS makes it easier to write web applications that apply some or all of the constraints of the REST style to induce desirable properties in the application, such as unleash coupling (evolving the server is ea sier without breaking existing clients), scalability (start small and grow), and architectural simplicity (use off-the-shelf components, such as proxies or HTTP routers). You would choose to use JAX-RS for your web application because it is easier for many types of clients to consume RESTful web services while enabling the server side to evolve and scale. Clients can choose to consume some or all aspects of the service and mash it up with other web-based services.Types of Web servicesYou can host saucer-eyed Web services without the needing complex setup. In addition, experienced Web service developers can host more(prenominal) complex services by handling the deployment details themselves. Types of Web services include simple and complexSimple Web servicesFor simple Web services, only simple data types (string, int, and other types) are sent or received as arguments and values that are returned from methods. You must specify the Java folk that provides the implementation for the Web service. InfoSphere MDM Server for PIM handles generating any WSDL, and creating any WSDD (Web Services Deployment Descriptor) for the deployment of the service.Complex Web servicesFor more complex Web services, you provide WSDD to configure the ability to send and receive more than simple types. You power and provide the WSDD in the WSDD field in the Web Service Console, or through the WebServicesetWsddDocPath() script operation. IBM InfoSphere operate Data Management Server for Product Information Management uses the WSDD to deploy the defined service instead of using default WSDD for IBM InfoSphere Master Data Management Server for Product Information Management. You must have a good understanding of Web services to author your WSDD. You must also know the Java2WSDL, and WSDL2Java tools in case you break your deployment with the complex Web service.+Big web servicesBig web services are based on SOAP standard and often contain a WSDL to describe the interface that the web service offers. The details of the contract may include messages, operations, bindings, and the location of the web service. Big web services includes architecture to address complex non-functional requirements like transactions, security, addressing, trust, coordination, and also handles asynchronous processing and invocation. The SOAP message format and the WSDL interface definition language have gained widespread adoption in traditional enterprises. SOAP based Web Services is a great solution when you need, Asynchronous processing Reliability Stateful operations If the application needs contextual information and conversational state management then SOAP 1.2 has the additional specification in the WS* structure to support those things (Security, Transactions, Coordination, etc).RESTful Web ServicesRESTful web services are based on the way how our web works. Our very own world wide web (www) the largest distributed application is based on an architectural style called REST Re presentational State Transfer. REST is incomplete a standard nor a protocol. It is just an architectural style like say for example client-server architecture (client-server is neither a standard nor a protocol). Web services following this architectural style are said to be RESTful Web services. So what is this REST? According to Roy Fielding who coined this term, Representational State Transfer is intended to evoke an image of how a well-designed Web application behaves Presented with a network of web pages (a virtual state-machine), the user progresses through an application by selecting links (state transitions), resulting in the near page (representing the next state of the application) being transferred to the user and rendered for their use. In the web, everything is identified by imagings.When we type a uniform resource locator in the browser we are actually requesting a resource present on the server. A prototype of the resource (normally a page) is returned to the use r which depicts the state of the application. On clicking any other link, the application transfers state with the new representation of the resource. Hence the name Representational State Transfer. REST-style architecture follows this concept and consists of clients and servers. Clients initiate requests to servers servers process requests and return appropriate answers.Requests and responses are built around the transfer of representations of resources which are identified by URI (Uniform Resource Identifier). RESTful web services are based on HTTP protocol and its methods mainly PUT, GET, POST, and DELETE. These web services are better integrated with HTTP than SOAP-based services are, and as such do not require XML SOAP messages or WSDL service definitions. Because RESTful web services use existing well-known standards (HTTP, XML, URI, MIME) and have a lightweight infrastructure that allows services to be built with minimal tooling, developing RESTful web services is inexpensiv e and thus has a very low barrier for adoption.RESTful Web Service HTTP methodsA RESTful web services is a collection of resources. For example, consider an office has deployed a web services to get a mention of employees and to get individual employee data for use with other departments. The web service makes available a universal resource locator to a list of employees resource. For example, a client would use this URL to get the employee list http//www.example.com/myoffice/employeesOn sending a request to that particular URL, the client would receive the following document.1 2234 3235 4236 5237 6 The above document contains the links to get detailed info round severally employee. This is a key feature of REST. The client transfers from one state to the next by examining and choosing from among the alternative URLs in the response document. To get individual employee information, the web service makes available a URL to each employee resource. For example, to get employee inf ormation whose id is 237, the client may send a request to the following URL http//www.example.com/myoffice/employee/237And the response document containing the employee information may be as follows 1 2 237 3 xyz 4 first rudiment 5 123 ABC St 6 3344.56 7 picWe have seen the use of HTTP GET method to get the information. In the same way, we can use the other HTTP methods like POST, PUT and DELETE. The logical meaning of these HTTP methods for the URL http//www.example.com/myoffice/employees is as follows, When a HTTP POST request is sent to the above URL with an employee data, the data will be added to the employee list. When a HTTP PUT request is sent to the above URL with a list of employees then the original list will be modified with this employee list. When a HTTP DELETE request is sent to the above URL then the entire list of employees will be deleted. Similarly for the URL http//www.example.com/myoffice/employee/237 the actions may be interpreted as follows, When a HTTP POST request is sent to the above URL, treat the addressed member as a collection in its own right and create a new entry in it. o For example consider a situation where the employee works in a particular department and the URL http//www.example.com/myoffice/dept/A1205 represents the list of employees working in department A1205. So a POST request to this URL with employee data will add an employee data to that particular department. When a HTTP PUT request is sent to the above URL then modify that particular employee with the new request data or create if employee does not exist. When a HTTP DELETE request is sent to the above URL then delete that particular employee. In this REST form of communication, the service producer and service consumer should have a mutual understanding of the context and content (XML) being passed along. Because there is no WSDL to describe the web services interface, both parties must agree on the schemas that describe the data being exchanged and on ways to process it meaningfully. A RESTful design may be appropriate when, The web services are completely stateless. The data that the web service returns is not dynamically generated and can be cached. o The caching infrastructure that web servers provide can be leveraged to improve performance. However, the developer must take care because such caches are limited to HTTP GET method for most servers. The service producer and service consumer have a mutual understanding of the context and content being passed along. Bandwidth is particularly important and needs to be limited. o REST is particularly useful for limited-profile devices, such as PDAs and mobile phones, for which the overhead of headers and additional layers of SOAP elements on the XML payload must be restricted. Web service delivery or aggregation into existing web sites is to be enabled.

Non-Commissioned Officer in the US Army

The desire to dish extinct the tribe and protect the quite a little as well as represent the Constitution is the primary job of a spend. The soldiersjob is a tough cardinal and a galactic responsibility which consequently brings them to risk their lives, wealth and family for the sake of the nation. In the US force, serving the Ameri hobos ar delivered in different nature, in that location argon varied forms of duties and berths of the soldiers that they portray. Some ar tasked to perform in combat and some(prenominal) ar assigned for logistic support or maybe as non-combatants who ar commonly called non-commissi championd ships officers.The Merriam-Webster lexicon adjustd non-commissi singled officer as a subordinate officer (as a sergeant) in the array, melodic phrase force, or marine corps appointed from among enlisted personnel. (MW, 2007) A non-commissi bingled officer or also kn own as an NCO or Noncom, is a member of the military force from enlisted rank w ho has non attended officer upbringing curriculum scarcely performs as a lower-ranking support crew who also has authority everywhere the early(a) enlisted members. The NCOs are tasked to provide logistical support that is mostly administrative or even practiced in nature.Most of their duties are in training programs including capability building for personnel or advisory to the officer corps. The NCOs are usually ranging from the lower level positions of a sergeant for the US army, corporals for the US marine and physiognomy officers while for the navies NCOs are mostly belonging as petty officers. Most military units regard NCOs as the support system or the spinal column of their swear outs. Their services are crucial in the development and eudaemonia of the military officers esp.regarding performance of their duties as officers. The primary responsibilities are along administration and office management. There are also senior NCOs or whom they call Petty Chief Officers who mostly perform leadership concerns much(prenominal) as leading larger groups of members, mentoring of junior soldiers, and counselling senior members relative to their duties and responsibilities. Some NCOs perform the highest levels of service such as advisory in all concerns regarding the welfare or well- be and utilization of the enlisted members.As a Noncommissioned Officer, there is a difference in the way other the great unwashed relate with greater expectations having to assume to a greater extent responsibilities. Such change in the way passel handle an NCO is brought about by the fact that an NCO is a member of a Noncommissioned Officer Corps known as the backbone of the the States. (Pukansky, 1999) NCOs live by formulas of honor as they perform in delivering their duties and accomplishing the mission. These codes of honor are exemplified in the NCO Creed.It identifies the determine or principles that are meaty in effectively carrying out responsibilities as nonc ommissioned officers and leaders. NCOs are committed to excellence in service. One of the creed statements talk about professionalism No one is more professional than I. As a professional, an NCO moldiness live by the guiding standards and exhibit the army set that others may follow. Building leadership qualities is expressed in the creed. I am the non-commissioned officer, a leader of soldiers.Effective team up work is also the battlecry of the NCOs apart from the other qualities that are expected from a leader that are essential in carrying out the role of an NCO. NCOs are also expected to humbly recognize the roles of those members in the NCO corps who served and the relevance of the group in the development of the US multitude. The creed also called for unselfishness by move the welfare and development of the others before oneself as part of its consignment to serve the army. Competence is other line of business that an NCO must believe in. The creed believes that com petence is my matchword.Demonstrating high level of competence and proficiency breeds trust and authority from the members of the army. An NCO is expected to display competence and look for opportunities to further develop the skills and talents that competent leaders possess. The inherent role of an NCO must recognize the welfare of the soldiers. This is one major responsibility that an NCO must recognize by heart. To serve the other soldiers and aim for their well being must come first and place their needs high up ones own. The NCOs are expected to guard the soldiers well-being and defend them at almost whatsoever costApart from the above desired qualities, the NCO Creed believes that an NCO must also possess the adjacent characteristics to be fair and dispassionate when endorsing rewards and punishment, constantly and consistently provide communication to soldiers, exhibit loyalty to peers and seniors, display integrity and chaste bravery and most of all believe that NC Os are professionals and leaders. NCOs may neither have undergone officer training program in the military nor have commissioned official ranks as soldiers in the military force, however, they serve fall in purposes in the welfare and development of the soldiers.The NCO corps have been truly recognized by the many as the backbone of the Army. Hence, they are essential in the military workforce as drivers in need soldiers and bringing the whole US Army into excellence. b. ) Why should we, as leaders, live by the 7 Army Core determine (Loyalty, Duty, Respect, selfless Service, Honor, Integrity, and Personal Courage) on a daily basis. Most of the American people look up to the army not only as protectors or professionals of arms save as men of integrity. These soldiers are expected by the people to exhibit values that are inherent in being nation protectors and defenders.Lt. Gen. capital of Mississippi said What is life without honor? Degradation is worse than death. This stateme nt underpins the grandeur of integrity as a soldier. The US Army observed the seven (7) army values that an American soldier must live by. (US Recruiting, 2006) It is strongly believed that the cornerstone of the go around military force is the values that they possess. The US Army is a values-based group that highlights the greatness of teamship. Army Values will help build a strong, cohesive make-up that, in turn, will become a source of strength and institutional friendship for all the members of the military force.The Armys profession is neither easy nor ordinary. There is always a need for team work in dealing with complex and risky conditions. For the group to achieve the mission, there is a need for a need to set common goals and principles that will decease for each one soldier in performing their duties. These goals and guiding principles must reflect the values of a dignified soldier and the values of the nation. Since the whole nation is counting on each of the sol diers, the army values must be incorporated in the daily undertaking of each individual and as soldiers getting ready for the future, these values shall eliminate the way.As former Army Chief of Staff General Dennis J. Reimer stated, The Army is, at heart, a community of progressive and Reserve Soldiers, civilian employees and their families. Communities thrive when people care about one another, work with one another and trust one another. I believe todays Army carries within it this intuitive feeling and sense of community. . . . I am optimistic about the future and convinced that because we hold tight to a strong tradition of commitment to one another, we are and will remain the best Army on Earth. (Forscom, 2007)A soldiers loyal allegiance to protect the nation is coupled with core values which are deemed to be of equal importance to protecting the nation. These values is expressed via the acronym LDRSHP, these are Loyalty, Duty, Respect, Selfless Service, Honor and Persona l Courage. These values are not only statements on how soldiers should behave but serve as their personal identity. These core values define who they are. The core values and their significance in the present soldiers life are the following first and firstly is Loyalty.Loyalty doer genuine allegiance to a person or other people _it maybe a unit or family or the army. Showing ones support to a person, superior or even an activity disrespect its flaws or negative views from peers or subordinates calls for audacity and loyalty. A loyal soldier is one who supports or defends the leadership and stands up for other soldier. He/she will devote for the leader, his res publica and its people. The US military core value states Bear true faith and allegiance to the US Constitution, the Army, your unit, and other soldiers. This shows unquestionable loyalty to its country and its heritage.A member of the army who exhibits loyalty prioritizes duties according to the highest where the Const itution is its foremost consideration, the Army as the second priority including the unit, and lastly the self. An army who shows subjection to the organization always puts his own welfare the least of all. Showing allegiance also means carrying out the mission and orders from superior without wake personal critical perspective towards its superiors. Another critical characteristic of a loyal soldier is its faithfulness towards his/her lad soldiers that may consequently bring about confidence and trust from its fellow soldier.It is this kind of devotion that heightens cohesiveness or bond among the soldiers. An ideal exemplar of an action of loyalty is the case about cloistered Ernest West, a soldier in the L Company. His story happened in 1952 concerning his selflessness and allegiance towards his fellow soldiers by rescuing them from an ambush. Private West, despite the difficulty he encountered during the attack wherein he suffered serious wounds losing one of his eyes. His l oyalty to his fellow armies inspired everyone in his infantry which brought him up towards the ladder of success. Another army core value is Duty.Duty is delimitate as a work that you are obliged to perform for moral or legal reasons. It means it is a legal or moral obligation to complete assigned task to the fullest of your ability. An army must do what needs to be done without being told to do it. This requires willingness to accept full responsibility for a soldiers actions. Duty is not time bound such as putting in time to work from 8 a. m. to 5 p. m. in a day but it is a selfless service to ones country, unit, family and people. The saying I regret that I have but one life to give to my country is an example of an indisputable commitment to art.Being dutiful means carrying out its jobs to the best of ones ability and sacrifice its needs in pursuing excellence. The duty which Private Sasser has showed is one of the most inspiring characteristics of duty. Sasser was in the forc e as a medical aide. His company was making an air assault when it was under attack by enemies which swept numerous casualties. He offered to assist the wounded without hesitation, despite the wounds he suffered during the encounter. Sasser did not showed he was immobilized due to the serious wounds in his legs.Instead of accepting medical attention, he ran by a barrage of rocket and automatic weapons fire to aid casualties of the initial attack and, after big them urgently needed treatment, continued to search for other wounded. Despite two additional wounds immobilizing his legs, he dragged himself through the mud toward another soldier 100 meters away. Although in agonizing pain and faint from personnel casualty of blood, he continued to save the lives of other people. With this, he was conferred with the medal of honors. According to Gen. Bruce Clarke, despite of age or grade soldiers must be treated as mature individuals.Soldiers are engaged in a dignified occupation and hon orable profession that they deserve to be treated with dignity and honor. Respect is an consequential value that an army must possess. The golden rule best exemplifies the idea of respect. In the US soldiers code, Treat people as they should be treated. A soldier is expected to treat other people with dignity and respect. This allows him/her to gain the resembling treatment from other people. This begins with a primary understanding that each and everyone is worthy to be respected as human beings. A leader of the army will not gain respect if he/she shows superiority over his subordinates.Respecting fellow soldiers means having faith towards them in fulfilling their jobs and duties without of necessity showing them who is the boss. To show respect to others, safety and welfare of others is its prime consideration. However, it is also important to nourish ones self physically in order to promote health and well being of the school. Discrimination, harassment and inequity are th e opposites of respect which may block cohesiveness and trust towards each member of an organization. Selfless Service is beyond a soldiers consideration of ones self.The US army pledged to Put the welfare of the nation, the Army, and your subordinates before your own. The sake of the nation comes first. The priority is always the needs of the country or the people. Serving ones country is about putting ones duty above ones own interest or without having in mind what one can gain. When a soldier takes action it must be for the good of the others and not to increase his/her standing. SPC Fitzmaurice received a medal of honor when he displayed selfless service in Vietnam on 23 March. The courageous routine was realized when he threw his personal safety above the others by shielding fellow soldiers.Fitzmaurice suffered multiple wounds and uncomplete loss of sight. SPC Fitzmaurices heroism in action at the risk of his life contributed significantly to the successful confession of th e position and resulted in saving the lives of a number of his fellow soldiers. Doing ones duty in the army is doing service before ones self. What it does mean for selfless-service is to complete ones duty prior to its own comfort zones. The welfare or well being of the entire nation and the organization come before the soldiers own. Selfless service may be confused with loyalty and duty as they are closely related.This is an indication on the importance of accepting all the Army values and ignoring none. Honor is said to be a guide for character and conduct. It is something one earns. As we know, one of the highest military awards is the medal of honors. This is conferred to soldiers who displayed the virtue of living up to the values of the army. Honor starts with knowing what is ethically rightly and wrong and demonstrating what is right. This should begin with sincerity in ones actions and maintaining integrity and honesty to ones daily work as a soldier. It takes a good soldi er to bring honor. As Gen. Jackson once said What is life without honor?Degradation is worse than death. As the US army code puts it Do whats right, legally and morally. Integrity is a virtue a soldier should possess. This is something to be developed by conforming to moral ethics. A good soldier has moral standards and truthful in adhering to these principles both in word and deed. It is not enough to know what is right, but by demonstrating the right makes a soldier earn the trust and confidence of others. Military men of integrity act according to the dictates of the moral ethics and not according to decisions that is convenient for the moment or that temporarily works for a sealed situation.A good soldier possesses personal courage i. e. in physical and moral planes. Bravery is one of the basic characteristic that a soldier must possess. A child when asked about bravery always cites a soldier as an example. This means that courage is attached to the identity of a soldier. Bui lding a dread character of a soldier means developing a physical and moral courage that are required to combat the conflicts and demands in their jobs. It means taking the risks in war despite the fear of being killed. As personal courage is not the absence of fear but it is the ability to face riskiness and take action on what is needed.Personal courage does not only mean the ability to combat the conflicts but it also embodies the idea about taking responsibility for the decisions and actions made. Courage also involves the ability to do self-assessment and demo new ideas, and even to the extent to change. Leaders are expected to make decisions that involve risk and practically take a stand during times of stress. Personal courage has long been associated with the military force where several(prenominal) narratives about the dangers and hardships that soldiers have successfully faced are notable.Personal courage is not the absence of fear but it is taking positive action in sp ite of the fear. Physical courage means overcoming fears of bodily malign and still being able to do your duty. Its the bravery that allows a soldier to operate in combat in spite of the fear of wounds or death. It is what gets the soldier at airborne school out the aircraft door. Its what allows an infantryman to assault a bunker to save his buddies or a medic to treat the wounded while under fire. With physical courage, it is a matter of enduring physical duress and, at times, risking personal safety.Private Silvestre S. Herrera is a good replica on the fighting spirit and courage which are duly recognized by the higher authorities. Private Herrera was conferred with the medal of honors last 2006 due to his courage and fighting spirit in battling the explosives that burst before him hitting his leg. Despite intense pain and the unchecked bleeding of his wounds he lay in the minefield, firing to suppress the enemy while others of his platoon skirted the minefield to flank the ene my position. His courage and fighting spirit reflected honor upon his adopted nation and that of his birth.Private Herrera received the Medal of Honor These values are not only a statement for how soldiers must behave these are doctrines that tell them who they are. Army leaders emulate these values because they are the standard for action. Such standard for behavior must remain to be the stem of trust which the Americans expects from the military (Snider and Watkins, 2000). In relation to this, the military principles rest on the foundation of the seven Army Values. These values reflect the standards to which the whole military force adheres to, regardless of its mission.In the same way as these Values lead the way thoughts are formed, words are acted, and professional principles of every soldier, so will those same values guide the actions of those who intends to support and follow them. The Americans hold the entire military force to a higher level, not only the front-line comba tants. All the priorities time tabled for implementation and the efficiencies gained or the improvements in quality achieved are attainable in keeping with the Army Values. This transformation brings with it many challenges to overcome.However, it is still recommendable to continually evaluate if successes of the organization are due to adherence to these values. The United States Army serves around the world in the many forms of missions and roles. Although several reasons are known why they join the force, at some level one of them is the desire to serve the nation and the mechanism in perfecting their service is through these values. Hence, these seven values are the main principles that must guide each soldier in their daily undertakings which will lead them towards excellence in service to the people and the nation._____________________________ Integrity without knowledge is weak and useless, and knowledge without integrity is dangerous and dreadful. Samuel Johnson References Don M. Snider and Gayle L. Watkins, The Future of the Army craft A Need for Renewal and Redefinition, Parameters (August 2000) 5-20. Field Arty (1989). A Brief History of the Backbone of the Army. (Aug. 1989) pp. 17-22. Per. Condensed interpretation of handout at SGM Academy. Forscom . (2007, June 27 updated). Call to Duty Army Values. Retrieved August 7, 2007, from http//www. forscom. army.mil/reeng/Army%20Part1%20Values. htm U. S. Army Recruiting Battalion. (2006, January 18 updated). Army Values Training for Future Soldier Training Program Soldiers. Retrieved August 7, 2007, from http//www. usarec. army. mil/1stbde/1obn/FS/values. hypertext markup language Merriam-Webster Dictionary (2007). Retrieved from http//www. m-w. com/dictionary/noncommissioned+officer. htm on November 12, 2007 Pukansky, Michael W. (1999) The Army Chaplaincy. Reflections on Leadership. Retrieved from http//www. usachcs. army. mil/TACarchive/AC71M/reflections_on_leadership. htm on November 13, 2007.

Case Solutions for Corporate Finance Ross, Westerfield, and Jaffe 9th Edition

Case Solutions Corpo identify Finance Ross, Westerfield, and Jaffe 9th edition CHAPTER 2 CASH FLOWS AT WARF COMPUTERS The ope dictate currency liquefy for the smart set is (NOTE All numbers argon in thousands of dollars) OCF = EBIT + derogation stopover imposees OCF = $1,332 + 159 386 OCF = $1,105 To deem the gold full stop from assets, we need to let the crown spending and change in engagement works detonator.The capital spending for the twelvemonth was Capital spending terminus interlocking fixed assets $2,280 Beginning net fixed assets 1,792 + disparagement 159 win capital spending $ 647 And the change in net on the job(p) capital was win over in net work(a) capital Ending NWC $728 Beginning NWC 586 Change in NWC $142 So, the gold immix from assets was funds attend from assets Operating funds scarper $1,105 meshing capital spending 647 Change in NWC 142 Cash turn tail from assets $316 The property flow to con victionors was Cash flow to creditors Interest paying(a) $95 Net New Borrowing 20 Cash flow to Creditors $75 The coin flow to stockholders was Cash flow to stockholders Dividends paid $212 Net crude justness raised 29 Cash flow to Stockholders $241 The write up capital flow statement of cash flows for the year was Statement of Cash Flows Ope balancens Net income $742 Depreciation 159 Deferred taxes 109 Changes in assets and liabilities Accounts receivable (31) Inventories 14 Accounts payable 17 Accrued expenses (99) other(a) (9) tally cash flow from ope proportionns $902 Investing activities Acquisition of fixed assets $(786) cut-rate sale of fixed assets 139 correspond cash flow from investing activities $(547) Financing activities Retirement of debt $(98) professionalceeds of semipermanent debt 118 Notes payable 5 Dividends (212) Repurchase of stock (40) Proceeds from rude(a) stock issues 11 check cash flow from financing activities $(216) Change in cash (on repose sheet) $39 Answers to questions 1. The firm had positive earnings in an accounting sense (NI 0) and had positive cash flow from ope balancens and a positive cash flow from assets. The firm invested $142 in hot net working capital and $647 in new fixed assets.The firm was able to give in $241 to its stockholders and $75 to creditors. 2. The fiscal cash flows endow a more accu mark picture of the look out since it accu ordainly reflects absorb cash flows as a financing decision rather than an operating decision. 3. The expansion plans look like they ar belike a good idea. The guild was able to return a signifi bungholet amount of cash to its shargonholders during the year, provided a reform use of these cash flows may contract been to retain them for the expansion. This decision forget be discussed in more detail later in the restrain. CHAPTER 3 RATIOS AND FINA NCIAL PLANNING AT easternmost COAST YACHTS 1. The deliberations for the ratios listed are menses ratio = $14,651,000 / $19,539,000 Current ratio = 0. 75 measure Quick ratio = ($14,651,000 6,136,000) / $19,539,000 Quick ratio = 0. 44 measure essence asset employee employee turnover = $167,310,000 / $108,615,000 entirety asset turnover = 1. 54 clock Inventory turnover = $117,910,000 / $6,136,000 Inventory turnover = 19. 22 multiplication Receivables turnover = $167,310,000 / $5,473,000 Receivables turnover = 30. 57 times Total debt ratio = ($108,615,000 55,341,000) / $108,615,000 Total debt ratio = 0. 49 times Debt- righteousness ratio = ($19,539,000 + 33,735,000) / $55,341,000 Debt-equity ratio = 0. 96 times Equity multiplier = $108,615,000 / $55,341,000 Equity multiplier = 1. 96 timesInterest insurance coverage = $23,946,000 / $3,009,000 Interest coverage = 7. 96 times Profit valuation reserve = $12,562,200 / $167,310,000 Profit margin = 7. 51% turn in on assets = $12 ,562,200 / $108,615,000 depict on assets = 11. 57% Return on equity = $12,562,000 / $55,341,000 Return on equity = 22. 70% 2. Regarding the liquidity ratios, eastbound Coast Yachts reliable ratio is below the median perseverance ratio. This implies the gild has little liquidity than the fabrication in general. However, the legitimate ratio is above the swallow quartile, so in that location are companies in the attention with lower liquidity than tocopherol Coast Yachts. The foreshadower may deport more predictable cash flows, or more access to short-term borrowing.The turnover ratios are every higher than the patience median in fact, all three turnover ratios are above the velocity quartile. This may mean that eastward Coast Yachts is more efficient than the industry in exploitation its assets to succumb sales. The financial leverage ratios are all below the industry median, but above the lower quartile. eastside Coast Yachts generally has less debt than compar able companies, but is still within the normal range. The profit margin for the federation is about the resembling as the industry median, the ROA is middling higher than the industry median, and the roe is surface above the industry median. East Coast Yachts seems to be performing well in the profitability area.Overall, East Coast Yachts performance seems good, although the liquidity ratios indicate that a closer look may be compulsory in this area. below is a list of possible reasons it may be good or crappy that for individually(prenominal) one(pre nominative) ratio is higher or lower than the industry. Note that the list is not exhaustive, but still if one possible explanation for separately ratio. Ratio Good Bad Current ratio break down at managing menses accounts. May be having liquidity problems. Quick ratio Better at managing current accounts. May be having liquidity problems. Total asset turnover Better at utilizing assets. Assets may be older and de preciated, requiring extensive investment soon. Inventory turnover Better at inventory management, possibly overdue to Could be experiencing inventory shortages. better procedures. Receivables turnover Better at collecting receivables. May have credit terms that are too strict. Decreasing receivables turnover may ontogenesis sales. Total debt ratio slight debt than industry median means the companyIncreasing the amount of debt can increase is less presumable to accept credit problems. shareholder returns. Especially notice that it pull up stakes increase roe. Debt-equity ratio Less debt than industry median means the companyIncreasing the amount of debt can increase is less likely to welcome credit problems. shareholder returns.Especially notice that it will increase ROE. Equity multiplier Less debt than industry median means the companyIncreasing the amount of debt can increase is less likely to see to it credit problems. sharehold er returns. Especially notice that it will increase ROE. Interest coverage Less debt than industry median means the companyIncreasing the amount of debt can increase is less likely to experience credit problems. shareholder returns.Especially notice that it will increase ROE. Profit margin The PM is slightly above the industry median, soMay be able to better control woo. it is performing better than many peers. ROA Company is performing above many of its peers. Assets may be old and depreciated relative to industry. ROE Company is performing above many of its peers. Profit margin and EM could still be increased, which would save increase ROE. If you created an Inventory to Current liabilities ratio, East Coast Yachts would have a ratio that is lower than the industry median. The current ratio is below the industry median, while the quick ratio is above the industry median. This implies that East Coast Yachts has less inventory to current liabilities than the industry median. Because the cash ratio is lower than the industry median, East Coast Yachts has less inventory than the industry median, but more accounts receivable. 3.To head the internal enhanceth rate, we prototypal need to find the ROE and the retention ratio, so ROE = NI / TE ROE = $12,562,200 / $55,341,000 ROE = . 2270 or 22. 70% b = Addition to RE / NI b = $5,024,800 / $12,562,200 b = 0. 40 or 40% So, the sustainable growth rate is Sustainable growth rate = (ROE ? b) / 1 (ROE ? b) Sustainable growth rate = 0. 2270(. 40) / 1 0. 2270(. 40) Sustainable growth rate = . 0999 or 9. 99% The sustainable growth rate is the growth rate the company can achieve with no external financing while maintaining a constant debt-equity ratio. At the sustainable growth rate, the pro forma statements next year will be Income statement trades $184,018,615 COGS 129,685,224 other(a) expenses 21,990,725 Depreciation 5,460,000 EBIT $26,882,666 Interest 3,009,000 valuateable income $23,873,666 Taxes (40%) 9,549,466 Net income $14,324,199 Dividends $8,594,520 Add to RE 5,729,680 Balance sheet Assets Liabilities & Equity Current Assets Current Liabilities Cash $3,345,793 Accounts Payable $7,106,236 Accounts rec. 6,019,568 Notes Payable 14,384,050 Inventory 6,748,779 Total CL $21,490,286 Total CA $16,114,140 long-run debt $33,735,000 Shareholder Equity Common stock $5,200,000 Fixed assets carry earnings 55,870,680 Net PP&E $103,347,828 Total Equity $61,070,680 Total Assets $119,461,968 Total L&E $116,295,966 So, the EFN is EFN = Total assets Total liabilities and equity EFN = $119,461,968 116,295,966 EFN = $3,166,002 The ratios with these pro forma statements are Current ratio = $16,114,140 / $21,490,286 Current ratio = 0. 75 times Quick ratio = ($16,114,140 6,748,779) / $21,490,286 Quick ratio = 0. 44 times Total as set turnover = $184,018,615 / $119,461,968 Total asset turnover = 1. 54 times Inventory turnover = $129,685,224 / $6,748,779 Inventory turnover = 19. 22 times Receivables turnover = $184,018,615 / $6,019,568 Receivables turnover = 30. 57 timesTotal debt ratio = ($116,295,966 61,070,680) / $116,295,966 Total debt ratio = 0. 49 times Debt-equity ratio = ($21,490,286 + 33,735,000) / $61,070,680 Debt-equity ratio = 0. 90 times Equity multiplier = $119,460,968 / $61,070,680 Equity multiplier = 1. 96 times Interest coverage = $26,882,666 / $3,009,000 Interest coverage = 8. 93 times Profit margin = $14,324,199 / $184,018,615 Profit margin = 7. 78% Return on assets = $14,324,199 / $119,461,968 Return on assets = 11. 99% Return on equity = $14,324,199 / $61,070,680 Return on equity = 23. 45% The only ratios that changed are the debt ratio, the enliven coverage ratio, profit margin, return on assets, and return on equity.The debt ratio changes because long-term debt is assumed to remain fix ed in the pro forma statements. The other ratios change slightly because gratify and depreciation are also assumed to remain constant as well. 4. Pro forma financial statements for next year at a 20 percentage growth rate are Income statement Sales $200,772,000 COGS 141,492,000 Other xpenses 23,992,800 Depreciation 5,460,000 EBIT $29,827,200 Interest 3,009,000 Taxable income $26,818,200 Taxes (40%) 10,727,280 Net income $16,090,920 Dividends $9,654,552 Add to RE 6,436,368 Balance sheet Assets Liabilities & Equity Current Assets Current Liabilities Cash $3,650,400 Accounts Payable $7,753,200 Accounts rec. 6,567,600 Notes Payable 15,693,600 Inventory 7,363,200 Total CL $23,446,800 Total CA $17,581,200 semipermanent debt $33,735,000 Shareholder Equity Common stock $5,200,000 Fixed assets Retained earnings 56,577,368 Net PP&E $112,756,800 Total Equity $61,777,368 Total Assets $130,338,000 Total L&E $118,959,168 So, the EFN is EFN = Total assets Total liabilities and equity EFN = $130,338,000 118,959,168 EFN = $8,753,040 5. Now we are assuming the company can only build in amounts of $30 million. We will assume that the company will go ahead with the fixed asset acquisition. In this case, the pro forma financial statement calculation will change slightly. Before, we made the supposal that depreciation increased proportionally with sales, which makes sense if fixed assets increase proportionally with sales. This is not the case now.To estimate the new depreciation charge, we will find the current depreciation as a percentage of fixed assets, then, apply this percentage to the new fixed assets. The depreciation as a percentage of assets this year was Depreciation percentage = $5,460,000 / $93,964,000 Depreciation percentage = . 0581 or 5. 81% The new level of fixed assets with the $30 million purchase will be New fixed assets = $93,964,000 + 30,000,000 = $123,964,000 So, the pro forma depreciation as a percentage of sales will be Pro forma depreciation = . 0581($123,964,000) Pro forma depreciation = $7,203,221 We will use this amount in the pro form income statement. So, the pro forma income statement will be Income statement Sales $200,772,000 COGS 141,492,000 Other expenses 23,992,800 Depreciation 7,203,221 EBIT $28,083,979 Interest 3,009,000 Taxable income $25,074,979 Taxes (40%) 10,029,992 Net income $15,044,988 Dividends $9,026,993 Add to RE 6,017,995 The pro forma balance sheet will remain the same except for the fixed asset and equity accounts.The fixed asset account will increase by $30 million, rather than the growth rate of sales. Balance sheet Assets Liabilities & Equity Current Assets Current Liabilities Cash $3,650,400 Accounts Payable $7,753,200 Accounts rec. 6,567,600 Notes Payable 15,693,600 Inventory 7,363,200 Total CL $23,446,800 Total CA $17,581,200 Long-term debt $33,735,000 Shareholder Equity Common stock $5,200,000 Fixed assets Retained earnings 56,158,995 Net PP&E $123,964,000 Total Equity $61,358,995 Total Assets $141,545,200 Total L&E $118,540,795 So, the EFN is EFN = Total assets Total liabilities and equity EFN = $141,545,200 118,540,795 EFN = $23,004,405 Since the fixed assets have increased at a faster percentage than sales, the competency utilization for next year will decrease. CHAPTER 4 THE MBA DECISION 1. Age is obviously an important factor. The younger an individual is, the more time there is for the (hopefully) increased net income to offset the cost of the decision to return to school for an MBA. The cost includes both the explicit be such as tuition, as well as the opportunity cost of the lost fee. 2.Perhaps the most important nonquantifiable factors would be whether or not he is married and if he has any children. With a spouse and/or children, he may be less inclined to return for an MBA since his family may be less amenable to the time and money constraints imposed by classes. Other factors would include his willingness and desire to pursue an MBA, job satisfaction, and how important the prestige of a job is to him, disregardless of the compensation. 3. He has three choices remain at his current job, pursue a Wilshort ton MBA, or pursue a Mt. Perry MBA. In this analysis, room and board costs are irrelevant since presumably they will be the same whether he attends college or finds his current job.We need to find the aftertax rank of all(prenominal), so Remain at current job Aftertax allowance = $60,000(1 . 26) = $44,400 His salary will grow at 3 percent per year, so the record economic valuate of his aftertax salary is PV = C 1/(r g) 1/(r g) ? (1 + g)/(1 + r)t PV = $44,4001/(. 065 . 03) 1/(. 065 . 03) ? (1 + . 03)/(1 + . 065)40 PV = $935,283. 49 Wil ton MBA Costs The prepare costs will occur forthwith and in one year and include tuition, books and supplies, health insurance, and the room and board increase. So the total direct costs are PV of direct expenses = ($65,000 + 3,000 + 3,000 + 2,000) + ($65,000 + 3,000 + 3,000 + 2,500) / 1. 065 PV of direct expenses = $141,544. 60The indirect costs are the lost salary, so the respect of the indirect costs are PV of indirect costs (lost salary) = $44,400 / (1. 065) + $44,400(1 + . 03) / (1 + . 065)2 PV of indirect costs (lost salary) = $82,010. 18 The financial benefits are the aid to be paid in 2 geezerhood and the future salary. PV of aftertax support paid in 2 age = $20,000(1 . 31) / 1. 0652 = $12,166. 90 Aftertax salary = $10,000(1 . 31) = $75,900 His salary will grow at 4 percent per year. We must also memorialise that he will now only work for 38 long time, so the place care for of his aftertax salary is PV = C 1/(r g) 1/(r g) ? (1 + g)/(1 + r)t PV = $75,9001/(. 06 5 . 04) 1/(. 065 . 04) ? (1 + . 04)/(1 + . 065)38PV = $1,804,927. 68 Since the start-off salary payment will be received three age from forthwith, so we need to discount this for two years to find the quantify like a shot, which will be PV = $1,804,927. 68 / 1. 0652 PV = $1,591,331. 25 So, the total lever of a Wilton MBA is Value = $141,544. 60 82,010. 18 + 12,166. 90 + 1,591,331. 25 = $1,379,943. 36 Mount Perry MBA The direct costs will occur directly and include tuition, books and supplies, health insurance, and the room and board increase. So the total direct costs are Total direct costs = $80,000 + 4,500 + 3,000 + 2,000 = $89,500. Note, this is also the PV of the direct costs since they are all paid straight off.The indirect costs are the lost salary, so the observe of the indirect costs are PV of indirect costs (lost salary) = $44,400 / (1. 065) = $41,690. 14 The financial benefits are the bonus to be paid in 1 year and the future salary. PV of aftertax bonus paid in 1 year = $18,000(1 . 29) / 1. 065 = $12,000 His aftertax salary at his new job will be Aftertax salary = $80,000(1 . 29) = $65,320 His salary will grow at 3. 5 percent per year. We must also remember that he will now only work for 39 years, so the present value of his aftertax salary is PV = C 1/(r g) 1/(r g) ? (1 + g)/(1 + r)t PV = $65,3201/(. 065 . 035) 1/(. 065 . 035) ? (1 + . 035)/(1 + . 065)35 PV = $1,462,896. 46Since the first salary payment will be received two years from today, so we need to discount this for one year to find the value today, which will be PV = $1,462,896. 46 / 1. 065 PV = $1,373,611. 70 So, the total value of a Mount Perry MBA is Value = $89,500 41,690. 14 + 12,000 + 1,373,611. 70 = $1,254,421. 56 4. He is somewhat correct. Calculating the future value of each decision will result in the alternative with the highest present value having the highest future value. Thus, a future value analysis will result in the same decision. However, his state ment that a future value analysis is the correct method is wrong since a present value analysis will give the correct answer as well. 5.To find the salary offer he would need to make the Wilton MBA as financially attractive as the as the current job, we need to take the PV of his current job, add the costs of attending Wilton, and the PV of the bonus on an aftertax basis. Note, this assumes that the singing bonus is constant. So, the necessary PV to make the Wilton MBA the same as his current job will be PV = $935,283. 49 + 1414,544. 60 + 82,010. 18 12,166. 90 = $1,146,671. 37 This PV will make his current job exactly equal to the Wilton MBA on a financial basis. Since the salary will not start for 3 years, we need to find the value in 2 years so that it is the present value of growing annuity. So Value in 2 years = $1,146,671. 37(1. 0652) = $1,300,583. 34Since his salary will still be a growing annuity, the aftertax salary needed is PV = C 1/(r g) 1/(r g) ? (1 + g)/(1 + r)t $1, 300,583. 34 = C 1/(. 065 . 04) 1/(. 065 . 04) ? (1 + . 04)/(1 + . 065)38 C = $54,691. 54 This is the aftertax salary. So, the pretax salary must be Pretax salary = $54,691. 54 / (1 . 31) = $76,263. 10 6. The cost ( cheer rate) of the decision depends on the riskiness of the use of funds, not the source of the funds. Therefore, whether he can pay cash or must borrow is irrelevant. This is an important concept which will be discussed further in capital budgeting and the cost of capital in later chapters. CHAPTER 5 BULLOCK golden MINING 1.An example spreadsheet is pic 2. Since the NPV of the exploit is positive, the company should open the mine. We should note, it may be advantageous to delay the mine opening because of current options, a topic covered in more detail in a later chapter. 3. There are many possible variations on the VBA code to calculate the payback period. Below is a VBA program from http//www. vbaexpress. com/kb/getarticle. php? kb_id=252. make for PAYBACK(inve st, finflow) Dim x As two-baser, v As Double Dim c As Integer, i As Integer x = Abs(invest) i = 1 c = finflow. Count Do x = x v v = finflow. Cells(i). Value If x = v accordingly PAYBACK = i Exit Function ElseIf x v Then P = i 1Z = x / v PAYBACK = P + Z Exit Function End If i = i + 1 Loop Until i c PAYBACK = no payback End Function CHAPTER 6, Case 1 BETHESDA MINING To see this forcing out, we must calculate the incremental cash flows generated by the estimate. Since net working capital is built up ahead of sales, the sign cash flow depends in bump on this cash outflow. So, we will begin by calculating sales. Each year, the company will sell 500,000 tons under contract, and the rest on the spot grocery. The total sales revenue is the price per ton under contract times 500,000 tons, plus the spot grocery store sales times the spot market price. The sales per year will be course of instruction 1 division 2 twelvemonth 3 form 4 Contract $47,500,000 $47,500,000 $47,50 0,000 $47,500,000 Spot 10,800,000 16,200,000 20,700,000 8,100,000 Total $58,300,000 $63,700,000 $68,200,000 $55,600,000 The current aftertax value of the land is an opportunity cost. The initial outlay for net working capital is the percentage call for net working capital times Year 1 sales, or Initial net working capital = . 05($58,300,000) = $2,915,000 So, the cash flow today is Equipment $85,000,000 Land 7,000,000 NWC 2,915,000 Total $94,915,000 Now we can calculate the OCF each year. The OCF is Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Sales $58,300,000 $63,700,000 $68,200,000 $55,600,000 VC 19,220,000 21,080,000 22,630,000 18,290,000 FC 4,300,000 4,300,000 4,300,000 4,300,000 $2,800,000 $7,500,000 Dep. 12,155,000 20,825,000 14,875,000 10,625,000 EBT $22,625,000 $17,495,000 $26,395,000 $22,385,000 $2,800,000 $7,500,000 Tax 8,597,500 6,648,100 10,030,100 8,506,300 1,064,000 2,850,000 NI $14,027,500 $10,846,900 $16,364,900 $13,878,700 $1,736,000 $4,650,000 + Dep. 12,155,000 20,825,000 14,875,000 10,625,000 0 0 OCF $26,182,500 $31,671,900 $31,239,900 $24,503,700 $1,736,000 $4,650,000 Years 5 and 6 are of particular bear on. Year 5 has an expense of $2. 8 million to reclaim the land, and it is the only expense for the year.Taxes that year are a credit, an assumption given in the case. In Year 6, the charitable donation of the land is an expense, again resulting in a tax credit. The land does have an opportunity cost, but no information on the aftertax let off value of the land is provided. The implicit assumption in this calculation is that the aftertax salvage value of the land in Year 6 is equal to the $7. 5 million charitable expense. Next, we need to calculate the net working capital cash flow each year. NWC is 5 percent of next years sales, so the NWC destiny each year is Year 1 Year 2 Year 3 Year 4 Beg.NWC $2,915,000 $3,185,000 $3,410,000 $2,780,000 End NWC 3,185,000 3,410,000 2,780,000 NWC CF $270,000 $225,000 $630,000 $2,780,000 The last cash flow we need to account for is the salvage value. The fact that the company is keeping the equipment for another chore is irrelevant. The aftertax salvage value of the equipment should be used as the cost of equipment for the new chuck. In other words, the equipment could be sell after this project. Keeping the equipment is an opportunity cost associated with that project. The book value of the equipment is the original cost, minus the accumulated depreciation, or Book value of equipment = $85,000,000 12,155,000 20,825,000 14,875,000 10,625,000 Book value of equipment = $26,520,000Since the market value of the equipment is $51 million, the equipment is sold at a gain to book value, so the sale will retrieve the taxes of Taxes on sale of equipment = ($26,520,000 51,000,000)(. 38) = $9,302,400 And the aftertax salvage value of the equipment is Aftertax salvage value = $51,000,000 9,302,400 Aftertax salvage value = $41,697,600 So, t he net cash flows each year, including the operating cash flow, net working capital, and aftertax salvage value, are Time Cash flow 0 $94,915,000 1 25,912,500 2 31,446,900 3 31,869,900 4 68,981,300 5 1,736,000 6 4,650,000 So, the capital budgeting analysis for the project is Payback period = 3 + $5,685,700/$68,981,300 Payback period = 3. 08 years Profitability index = ($25,912,500/1. 12 + $31,446,900/1. 122 + $31,869,900/1. 123 + $68,981,300/1. 124 $1,736,000/1. one hundred twenty-five $4,650,000/1. 126) / $94,915,000 Profitability index = 1. 174 To calculate the AAR, we divide the intermediate net income by the average book value.Since the cash flows from the project extend for two years past the end of mining operation, we will include an average book value of zero for the last two years. So, the AAR is AAR = ($14,027,500 + 10,846,900 + 16,364,900 + 13,878,000 1,736,000 4,650,000) / 6 / (85,000,000 + 72,845,000 + 52,020,000 + 37,145,000 + 26,520,000 + 0) / 7 AAR = . 1485 or 14. 85% The equation for IRR is 0 = $94,915,000 + $25,912,500/(1 + IRR) + $31,446,900/(1 + IRR)2 + $31,869,900/(1 + IRR)3 + $68,981,300/(1 + IRR)4 $1,736,000/(1 + IRR)5 $4,650,000/(1 + IRR)6 use a spreadsheet or financial calculator, the IRRs for the project are IRR = 19. 1%, 74. 64% MIRR = 12. 94% NPV = $94,915,000 + $25,912,500/1. 12 + $31,446,900/1. 122 + $31,869,900/1. 123 + $68,981,300/1. 124 $1,736,000/1. cxxv $4,650,000/1. 126 NPV = $16,472,777. 67 In the final analysis, the company should accept the project since the NPV is positive. CHAPTER 6, Case 2 GOODWEEK TIRES, INC. The cash flow to start the project is the $120 million equipment cost and the $11 million required for net working capital, yielding a total cash outflow today of $131 million. The research and development costs and the market test are sunk costs. We can calculate the future cash flows on a titulary basis or a real basis.Since the depreciation is given in nominal values, we will calcu late the cash flows in nominal terms. The same solution can be found using real cash flows. Since the price and variable costs increase by 1 percent, and the inflation rate is 3. 5 percent, the nominal growth in both variables is (1 + R) = (1 + r)(1 + h) R = (1. 01)(1. 0325) 1 R = . 0428 or 4. 28% To analyze this project, we must calculate the incremental cash flows generated by the project. We will calculate the real cash flows, although using nominal cash flows will result in the same NPV. The sales of new automobiles will grow by 2. 5 percent per year, and there are four tires per car.Since the company expects to capture 11 percent of the market, the number of tires sold in the OEM market will be Year 1 Year 2 Year 3 Year 4 Automobiles sold 5,600,000 5,740,000 5,883,500 6,030,588 Tires for automobiles sold 22,400,000 22,960,000 23,534,000 24,122,350 SuperTread tires sold 2,464,000 2,525,600 2,588,740 2,653,459 The number of tires sold in the replacement market will grow at 2 percent per year, and Goodweek will capture 8 percent of the market. So, the number of tires sold in the replacement market will be Year 1 Year 2 Year 3 Year 4 Total tires sold in market 14,000,000 14,280,000 14,565,600 14,856,912 SuperTread tires sold 1,120,000 1,142,400 1,165,248 1,188,553 The tires will be sold in each market at a polar price. The price will increase each year at the inflation rate, so the price each year will be Year 1 Year 2 Year 3 Year 4 OEM $38. 00 $39. 24 $40. 51 $41. 83 Replacement $59. 00 $60. 92 $62. 90 $64. 94 Multiplying the number of tires sold in each market by the respective price in that market, the revenue each year will be Year 1 Year 2 Year 3 Year 4 OEM market $93,632,000 $99,091,916 $104,870,213 $110,985,458 Replacement market 66,080,000 69,592,152 73,290,975 77,186,390 Total $159,712,000 $168,684,068 $178,161,188 $188,171,848 Now we can calculate the incremental cash flows each year. We will calculate the nominal ca sh flows. Doing so, we find Year 1 Year 2 Year 3 Year 4 Revenue $159,712,000 $168,684,068 $178,161,188 $188,171,848 Variable costs 78,848,000 84,151,806 85,026,717 87,024,208 Mkt. nd general costs 26,000,000 26,845,000 27,717,463 28,618,280 Depreciation 20,020,000 34,300,000 24,500,000 17,500,000 EBT $34,844,000 $23,387,262 $40,917,008 $55,029,360 Tax 13,937,600 9,354,905 16,366,803 22,011,744 Net income $20,906,400 $14,032,357 $24,550,205 $33,017,616 OCF $40,926,400 $48,332,357 $49,050,205 $50,517,616 Net working capital is a percentage of sales, so the net working capital requirements will change every year. The net working capital cash flows will be Year 1 Year 2 Year 3 Year 4 Beginning $9,000,000 $23,956,800 $25,302,610 $26,724,178 Ending 23,956,800 25,302,610 26,724,178 0 NWC cash flow $14,956,800 $1,345,810 $1,421,568 $26,724,178 The book value of the equipment is the original cost minus the accumulated depreciation. The book value of equipment each year will be Year 1 Year 2 Year 3 Year 4 Book value of equipment $119,980,000 $85,680,000 $61,180,000 $43,680,000 Since the market value of the equipment is $54 million, the equipment is sold at a gain to book value, so the sale will incur the taxes of Taxes on sale of equipment = ($46,680,000 54,000,000)(. 40) = $4,128,000 And the aftertax salvage value of the equipment is Aftertax salvage value = $54,000,000 4,128,000 Aftertax salvage value = $89,872,000 So, the net cash flows each year, including the operating cash flow, net working capital, and aftertax salvage value, are Time Cash flow 0 $149,000,000 1 25,969,600 2 49,986,547 3 47,628,637 4 127,113,794 So, the capital budgeting analysis for the project is Payback period = 3 + $28,415,213 / $127,113,794 Payback period = 3. 22 years The discounted cash flows are Time Discounted cash flow 0 $149,000,000 1 22,406,903 2 34,978,941 3 30,592,703 4 70,446,422 Discounted payback period = 3 + $61,021 ,454 / $70,446,422 Discounted payback period = 3. 27 years The required return for the project is in nominal terms, so the profitability index is Profitability index = ($25,969,600/1. 15 + $49,986,547/1. 152 + $47,628,637/1. 153 + $96,714,733/1. 154) / $149,000,000 Profitability index = 1. 63 The equation for IRR is 0 = $149,000,000 + $25,969,600/(1 + IRR) + $49,986,547/(1 + IRR)2 + $47,628,637/(1 + IRR)3 + $96,714,733/(1 + IRR)4 Using a spreadsheet or financial calculator, the IRR for the project is IRR = 18. 35% AAR = (20,926,400 + 14,032,357 + 24,550,205 + 33,017,606)/4 / ($140,000,000 + 119,980,000 + 85,860,000 + 61,1180,000 + 43,680,000)/5 AAR = 25. 67% NPV = $149,000,000 + $25,696,600/(1. 15) + $46,986,547/(1. 15)2 + $47,628,637/(1. 15)3 + $127,113,794/(1. 15)4 NPV = $9,424,967. 81 In the final analysis, the company should accept the project since the NPV is positive. CHAPTER 7 BUNYAN LUMBER, LLCThe company is faced with the option of when to fruit the lumber. Whatever harv est home-tide cycle the company chooses, it will follow that cycle in perpetuity. Since the forest was planted 20 years ago, the options available in the case are 40-, 45-, 50, and 55-year harvest cycles. No enumerate what harvest cycle the company chooses, it will always thin the look 20 years after harvests and replants. The cash flows will grow at the inflation rate, so we can use the real or nominal cash flows. In this case, it is simpler to use real cash flows, although nominal cash flows would yield the same result. So, the real required return on the project is (1 + R) = (1 + r)(1 + h) 1. 10 = (1 + r)(1. 37) r = . 0608 or 6. 08% The preservation funds are expected to grow at a slower rate than inflation, so the real return for the saving fund will be (1 + R) = (1 + r)(1 + h) 1. 10 = (1 + r)(1. 032) r = . 0659 or 6. 59% The company will thin the forest today regardless of the harvest inscription, so this first carving is not an incremental cash flow, but future thinning i s part of the analysis since the thinning muniment is determined by the harvest schedule. The cash flow from the thinning process is Cash flow from thinning = Acres thinned ? Cash flow per acre Cash flow from thinning = 5,000($1,000) Cash flow from thinning = $5,000,000The real cost of the conservation fund is constant, but the expense will be tax deductible, so the aftertax cost of the conservation fund will be Aftertax conservation fund cost = (1 . 35)($250,000) Aftertax conservation fund cost = $162,500 For each analysis, the revenue and costs are Revenue = ? (% of grade)(harvest per acre)(value of board grade)(acres harvested)(1 defect rate) Tractor cost = (Cost MBF)(MBF per acre)(acres) Road cost = (Cost MBF)(MBF per acre)(acres) Sale preparation and administration = (Cost MBF)(MBF acre)(acres) Excavator piling, broadcast earnest, site preparation, and planting costs are the cost of each per acre times the number of acres.These costs are the same no matter what the harvest schedule since they are based on acres, not MBF. Now we can calculate the cash flow for each harvest schedule. One important note is that no depreciation is given in the case. Since the harvest time is likely to be short, the assumption is that no depreciation is attributable to the harvest. This implies that operating cash flow is equal to net income. Now we can calculate the NPV of each harvest schedule. The NPV of each harvest schedule is the NPV of the first harvest, the NPV of the thinning, the NPV of all future harvests, minus the present value of the conservation fund costs. 40-year harvest schedule Revenue $42,194,250 Tractor cost 9,870,000 Road 3,525,000 Sale preparation & admin 1,269,000 Excavator piling 750,000 Broadcast intense 1,500,000 Site preparation 725,000 Planting costs 1,125,000 EBIT $23,430,250 Taxes 8,200,588 Net income (OCF) $15,229,663 The PV of the first harvest in 20 years is PVFirst = $15,229,663/(1 + . 0608)20 PVFirst = $4,681,788T hinning will also occur on a 40-year schedule, with the next thinning 40 years from today. The effective 40-year enkindle rate for the project is 40-year project interest rate = (1 + . 0608)40 1 40-year project interest rate = 958. 17% We also need the 40-year interest rate for the conservation fund, which will be 40-year conservation interest rate = (1 + . 0659)40 1 40-year conservation interest rate = 1,183. 87% Since we have the cash flows from each thinning, and the next thinning will occur in 40 years, we can find the present value of future thinning on this schedule, which will be PVThinning = $5,000,000/9. 5817 PVThinning = $521,825. 80The operating cash flow from each harvest on the 40-year schedule is $15,229,663, so the present value of the cash flows from the harvest are PVHarvest = ($15,229,663/9. 5817) / (1 + . 0608)20 PVHarvest = $488,615. 51 Now we can find the present value of the conservation fund deposits. The present value of these deposits is at Year 20 is PVC onservation = $162,500 $162,500/11. 8387 PVConservation = $176,226. 22 And the value today is PVConservation = $175,226. 22/(1 + . 0659)20 PVConservation = $49,182. 52 So, the NPV of a 40-year harvest schedule is NPV = $4,681,788 + 521,825. 80 + 488,615. 51 49,182. 52 NPV = $5,643,046. 36 45-year harvest schedule Revenue $49,232,800 Tractor cost 11,480,000 Road 4,100,000 Sale preparation & admin 1,476,000 Excavator piling 750,000 Broadcast burning 1,500,000 Site preparation 725,000 Planting costs 1,125,000 EBIT $28,076,800 Taxes 9,826,880 Net income (OCF) $18,249,920 The PV of the first harvest in 25 years is PVFirst = $18,249,920/(1 + . 0608)25 PVFirst = $4,177,464Thinning will also occur on a 45-year schedule, with the next thinning 45 years from today. The effective 45-year interest rate for the project is 45-year project interest rate = (1 + . 0608)45 1 45-year project interest rate = 1,321. 11% We also need the 45-year interest rate for the conservation fund, which will be 45-year conservation interest rate = (1 + . 0659)45 1 45-year conservation interest rate = 1,666. 38% Since we have the cash flows from each thinning, and the next thinning will occur in 45 years, we can find the present value of future thinning on this schedule, which will be PVThinning = $5,000,000/13. 2111 PVThinning = $378,470. 46The operating cash flow from each harvest on the 45-year schedule is $18,249,920, so the present value of the cash flows from the harvest are PVHarvest = ($18,249,920/13. 21111) / (1 + . 0608)25 PVHarvest = $316,209. 37 Now we can find the present value of the conservation fund deposits. The present value of these deposits is at Year 25 is PVConservation = $162,500 $162,500/16. 6638 PVConservation = $174,800. 29 And the value today is PVConservation = $174,800. 29/(1 + . 0659)25 PVConservation = $35,458. 26 So, the NPV of a 45-year harvest schedule is NPV = $4,177,464 + 378,470. 46 + 316,209. 37 35,458. 26 NPV = $4,836,685. 86 50 -year harvest schedule Revenue $52,024,993 Tractor cost 12,110,000 Road 4,325,000 Sale preparation & admin 1,557,000 Excavator piling 750,000 Broadcast burning 1,500,000 Site preparation 725,000 Planting costs 1,125,000 EBIT $29,932,993 Taxes 10,476,547 Net income (OCF) $19,456,445 The PV of the first harvest in 30 years is PVFirst = $19,456,445/(1 + . 0608)30 PVFirst = $3,316,238Thinning will also occur on a 50-year schedule, with the next thinning 50 years from today. The effective 50-year interest rate for the project is 50-year project interest rate = (1 + . 0608)50 1 50-year project interest rate = 1,808. 52% We also need the 50-year interest rate for the conservation fund, which will be 50-year conservation interest rate = (1 + . 0659)50 1 50-year conservation interest rate = 2,330. 24% Since we have the cash flows from each thinning, and the next thinning will occur in 50 years, we can find the present value of future thinning on this schedule, which w ill be PVThinning = $5,000,000/18. 0852 PVThinning = $276,468. 34The operating cash flow from each harvest on the 50-year schedule is $19,456,445, so the present value of the cash flows from the harvest are PVHarvest = ($19,456,445/18. 0852 / (1 + . 0608)30 PVHarvest = $183,367. 60 Now we can find the present value of the conservation fund deposits. The present value of these deposits is at Year 30 is PVConservation = $162,500 $162,500/23. 3024 PVConservation = $171,485. 25 And the value today is PVConservation = $171,485. 25/(1 + . 0659)30 PVConservation = $25,283. 50 So, the NPV of a 50-year harvest schedule is NPV = $3,316,238 + 276,469. 34 + 183,367. 60 25,283. 50 NPV = $3,750,790. 98 55-year harvest schedule Revenue $54,516,748 Tractor cost 12,670,000 Road 4,525,000 Sale preparation & admin 1,629,000 Excavator piling 750,000 Broadcast burning 1,500,000 Site preparation 725,000 Planting costs 1,125,000 EBIT $31,592,748 Taxes 11,057,462 Net income (OCF) $20 ,535,286 The PV of the first harvest in 35 years is PVFirst = $20,535,286/(1 + . 0608)35 PVFirst = $2,606,233 Thinning will also occur on a 55-year schedule, with the next thinning 55 years from today. The effective 55-year interest rate for the project is 55-year project interest rate = (1 + . 0608)55 1 55-year project interest rate = 2,463. 10 We also need the 55-year interest rate for the conservation fund, which will be 55-year conservation interest rate = (1 + . 0659)55 1 55-year conservation interest rate = 3,243. 60%Since we have the cash flows from each thinning, and the next thinning will occur in 55 years, we can find the present value of future thinning on this schedule, which will be PVThinning = $5,000,000/24. 6310 PVThinning = $202,995. 97 The operating cash flow from each harvest on the 55-year schedule is $20,535,286, so the present value of the cash flows from the harvest are PVHarvest = ($20,535,286/24. 6310 / (1 + . 0608)35 PVHarvest = $105,810. 96 Now we can f ind the present value of the conservation fund deposits. The present value of these deposits is at Year 35 is PVConservation = $162,500 $162,500/32. 4360 PVConservation = $169,097. 37 And the value today is PVConservation = $169,097. 37/(1 + . 0659)35 PVConservation = $18,121. 00 So, the NPV of a 55-year harvest schedule isNPV = $2,606,233 + 202,995. 97 + 105,810. 96 18,121. 00 NPV = $2,896,918. 96 The company should use a 40-year harvest schedule since it has the highest NPV. Notice that when the NPV began to decline, it continued declining. This is expected since the growth in the trees increases at a change magnitude rate. So, once we reach a point where the increased growth cannot overcome the increased effects of compounding, pull together should take place. There is no point further in the future which will provide a higher NPV. CHAPTER 8 FINANCING EAST COAST YACHTS EXPANSION PLANS WITH A amaze ISSUE 1. A rule of thumb with bind provisions is to determine who the provisi ons benefit.If the company benefits, the bond will have a higher coupon rate. If the bondholders benefit, the bond will have a lower coupon rate. a. A bond with positive will have a lower coupon rate. Bondholders have the claim on the collateral, even in bankruptcy. Collateral provides an asset that bondholders can claim, which lowers their risk in default. The downside of collateral is that the company generally cannot sell the asset used as collateral, and they will generally have to keep the asset in good working order. b. The more senior the bond is, the lower the coupon rate. aged(a) bonds get full payment in bankruptcy proceedings before subordinated bonds receive any payment.A potential problem may arise in that the bond covenant may restrict the company from issuing any future bonds senior to the current bonds. c. A sinking fund will void the coupon rate because it is a partial guarantee to bondholders. The problem with a sinking fund is that the company must make the int erim payments into a sinking fund or face default. This means the company must be able to generate these cash flows. d. A provision with a specific call date and prices would increase the coupon rate. The call provision would only be used when it is to the companys advantage, thus the bondholders disadvantage. The downside is the higher coupon rate.The company b