Experience At Work Speech Essay

At McDonalds lines of communication are pretty open especially for the ones still in high school or college. They give whatever hours you request and how many days you want to work. If you need off one of the days just be sure to ask off two weeks in advanced and they will make sure you get the day off. The overall experience at McDonalds after being there for over a year now is outstanding. I know most people think hey its McDonalds, but the benefits they aren’t bad at all. For one they are lenient with their hours and give however many hours you want. Secondly, they allow you to have $6 of free food each time you work, but that is only good of course if you like McDonald’s food. Third, on thanksgiving and Christmas they give bonuses depending on the amount of time you have worked there. For example around Christmas last year Ms. Geneva, the manager, gave me a $100 bill. The pay starts at minimum wage but steadily increases, I am at $7.80 per hour at the moment. Once y ou get to know the managers and workers everyone becomes intriguing to talk too as they all have unique stories. The customers are the only thing bad about working at McDonalds. Some can be nice and understanding, but then there are always those customers that are rude and impatient. Consequently, they do not understand that sometimes it is difficult to get their order right when they change it 5 different times. And it takes time for the food to be made if we run out for the moment. Other than that the only thing McDonalds has control over that gets me trouble is not being allowed to have any sort of beard. I like having a chin strap so I keep it trimmed, but every now and then they still get onto me†¦ and I don’t even work with food. The thing about McDonalds is you are never bored because there is a constant flow of customers at every hour of the day. At other jobs if you are not busy they send people home, but at McDonalds you are always busy especially in the mornings. That is another perk of McDonalds, if you are not scheduled to work that day and you are available to work you can always go ask if they need anybody and more days than not, they will say yes and you can go get extra hours in. McDonalds will more than likely be my job until I leave for college where I will hope to find a new job based on my engineering skills. I would have probably left McDonalds by now if it were not for the great experience and overall  benefits I get at McDonalds.

Marketing Plan Phase III Essay

Marketing Plan Phase III MKT 421 Marketing Plan Phase III In-N-Out Burgers basic values and philosophy is simple: make the highest quality product, prepare the product in a clean environment, and serve the product in a warm and friendly manner. Introducing a new product to In-N-Out Burgers traditional menu will challenge the products success with both existing customers as well as new customers. The introduction of the salad with a desirable zest to In-N-Out Burgers menu will bring a healthier choice to improve the menu and escalate customer satisfaction. The new product will be entering the market during the very competitive and less profitable maturity stage of the product life cycle. The target market for the new product will be families that want a choice in the fast food restaurant industry. The new salads with their flavorful attributes will give In-N-Out Burgers a competitive advantage because of their positioning and differentiation strategies at the right price. Product Attributes Maintaining the tradition of quality, In-N-Out will only use quality salad dressings on their salads. In-N-Out’s competition uses Newman’s popular brand name salad dressing that has an established fan base, and another competitor uses Ken’s salad dressing that are ranked the most popular salad dressing brands. They tend to be higher in calorie count so In-N-Out will be challenging the competition to provide a healthier salad option by using Annie’s Organic Salad dressings. Cost will be low because only three dressings will be needed to launch the salads; Caesar, ranch, and vinaigrette. This will allow for the growth of the salad line in the future. Mixed greens in the salads will allow for aesthetics’ as well as added nutrition, especially with an array of dark green leafy lettuce such as romaine. Cherry tomatoes will be added for color and fresh shredded carrots for variety. A colorful description of the salads has been added to demonstrate the qua lity of each. Side Salad. In N Out’s side salad is a fresh garden salad with a blend of premium lettuces. The generous salad serving is accented with blended cheeses, shredded carrots, and cherry tomatoes fresh from local farmers. This salad comes with three choices of  dressings; organic ranch or vinaigrette and In-N-Out’s signature special sauce. Caesar Salad. In addition to the variety of greens and cherry tomatoes the Caesar salad is topped with parmesan cheese. The salad is then tossed in a light, flavorful Caesar dressing. Avocado Chicken Salad. In- N- Out’s Avocado salad appeals to the Californian in us all. This salad is a hearty salad meant to satisfy. The mixed greens are combined with cherry tomatoes, blended cheese, red onion, ripe avocado, and grilled chicken. This salad will also come with the choice of ranch, vinaigrette, or special sauce. Product Life Cycle In-N-Out will be entering the salad foray behind the eight-ball in terms of the fast food salad product life cycle. Other fast food restaurants have had salads as an option on their menus for years prior to In-N-Out; they may already have a hold on much of the salad eating market. In-N-Out is entering the salad fast food market during its maturity stage. This means that In-N-Out may not be able to enjoy the large profit margins that early salad pioneers experienced, however, In-N-Out is confident that those smaller margins will be helped by regular increases in salad sales volume in addition to increased sales of the core menu items. In order to maximize salad sales volume, In-N-Out must recognize the maturity of the salad market and promote accordingly. Doing this will require In-N-Out to differentiate its salad offering from the competition and reposition its standing in the minds of consumers who do not feel that In-N-Out has an adequate assortment of food options. Customers who seek out salad offerings no doubt are interested in health benefits, freshness, availability, and price. In-N-Out is already known for their freshness and taste; their competition, on the other hand, many times, is not. In-N-Out must emphasize through their marketing mix that the same crisp freshness that customers expect from ingredients on their burgers is the same crisp freshness they can expect in their salads. The simple, low calorie nature of In-N-Out salads should be made clear because competitor salads often are not very in calories or sodium content. The simple and fresh nature of In-N-Out products will be an advantage of health conscious consumers. In-N-Out has an opportunity to win with quality but also due to the nature of competitor pricing, In-N-Out has an opportunity to match or beat their competitors in that arena as well. In-N-Out would do well to indicate the price advantage of their fresh options compared to the competitions heavier and pricier salad menus. Finally, In-N-Out must make it a priority to reposition its lack of choice perception in the fast food market. They must make it clear to customers that they now have an option beyond burgers and fries at In-N-Out. Couples and groups of people can eat at our restaurants even if one or more of the individuals is vegetarian or seeking a healthier options. Positioning and Differentiation Strategies Product differentiation strategy is part of the marketing strategy of a company that will establish a strong identity within a specific target market for that product. The goal is to have the intended consumer perceive the product desirable and different. With the introduction of salads to the In-N-Out Burgers menu, the company will need to establish a product differentiation strategy as other competitors also have salads on their menu. The difference that In-N-Out Burgers brings with their salads is the quality of the food. No pre-packaged, frozen or over processed vegetables will be used. Product positioning strategy is also part of the marketing strategy of a company, but the goal is focused on the consumer instead of the product and where that product fits in relationship to their competitors. ‘Positioning refers to how customers think about proposed or present brands in a market. Without a realistic view of how customers think about offerings in the market, it is hard for the marketing manager to differentiate.’ (Perreault, Cannon, McCarthy, 2011) In-N-Out Burgers has already positioned itself in the market regarding their burgers and has established a loyal base on customers. In-N-Out Burgers has ‘a famously devoted customer base that inspires envy throughout the industry—and brand recognition well beyond its geographic reach.’(Pearman, 2009) The product positioning strategy currently used for their burgers should be extended to their new salad products. Pricing Strategy The price strategy that In-n-Out will be using for their new salads is to target those price-conscious customers looking for healthy options along with the current menu options being offered. As a company In-N-Out is aware that there is a need in consumers who want to keep a healthy lifestyle while  still being able to have selections with reasonable pricing. In addition to appealing to those consumers wanting a healthier choice when ordering, In-N-Out is conscious that the competition will have similar selections with similar pricing as well. In this instance because the company doesn’t use intermediaries to promote or sell products, they will add to the marketing strategies by increasing the advertising on radio and TV commercials with the new salad options that have been added to the traditional menu that has been around since the company began. The advertising efforts will also add to the value that In-N-Out has had from day one, and that is freshness of their products. In-N-Out is confident that by using previous marketing strategies to offer the menu to consumers and offering the salads to the traditional menu with similar pricing will not only continue to keep existing customers but will also bring in new customers. Conclusion The new salad with its flavorful attributes will give In-N-Out Burgers a competitive advantage because of their positioning and differentiation strategies at the right price. The attributes of the three new salads being introduced to the menu are healthier, colorful, great tasting choices. The product is entering the market in the maturity stage of the product life cycle but In-N-Out Burgers can maintain this stage with its commitment to quality, and freshness, which gives it a competitive advantage. The success of the product will come from the firms positioning and differentiation strategies of quality while focusing on customer interests. In-N-Out Burgers price strategy will be competitive in the industry so as to draw new customers as well as satisfy the needs of the existing customers. In-N-Out Burgers is about quality, competitiveness, customer satisfaction, and a healthy diet. References Pearman, S. (2009). In-N-Out Burger’s Marketing Magic. Retrieved from http://www.businessweek.com/smallbiz/content/apr2009/sb20090424_877655.htm Perreault, W., Cannon, J., & McCarthy, E. (2011). Basic Marketing: A Marketing Strategy Planning Approach (8th ed.). New York, NY: McGraw Hill/Irwin.

Classic Airlines Marketing Solution-Mkt 571

Classic Airlines Marketing Solution WK 3 MKT 571 University of Phoenix Abstract Presently Classic Airlines is one of the largest airline carriers in the world. Last year the company had a net income of $10 million dollars on operating revenues of $8. 7 billion. The year before the company had a net income of $71 million on 8. 5 billion of operating revenues (Classic Airline Scenario, 2010). The net income has decreased $61 million in one year. One of the reasons for the huge decrease in net profit is because of marketing strategies. The company needs to take three stepsto turn the company around. First it needs to analyze the internal and external pressures that has created the present crisis. Second it needs to formulate a problem-solving method, and third it needs to apply the problem-solving method to the current crisis. Analyze current situation {draw:frame} Rising costs, particularly of fuel and labor, have limited Classic Airlines to compete for the valued frequent fliers (Classic Airline Scenario, 2010). To protect the company from possible bankruptcy, a 15% cost reduction has been implementedover the next 18 months. Each department will have cuts, with marketing hardest hit at 21. 5% reduction versus sales and operations at 11. 5% (Classic Airline Scenario, 2010). The following shows the cost reduction goals by department (Classic Airline Scenario, 2010). To make sure Classic Airlines does not go into bankruptcy, the marking department needs to focus on three issues. First, the internal and external pressures causing the decrease in net income needs to be identified. A plan to decrease or eliminate the identified internal and external pressures needs to be formulated. Second, the challenges of the marketing department needs to be solved. The third and final step is to formulate financial strategies by examining possible available resources and other airline's marketing solutions. Internal and external pressures Classic Airlines is faced with many external and internal pressures. External pressures include the present consumer uncertainty about flying. After the September 11, 2001 terrorist high jacking of anAmerican commercial aircraft, every airline has suffered the worse consumer's crisis the country has ever experienced. Since the terrorist attack on airplanes, consumers have an unpleasant feeling about air safety. The travel downturn after September 11 has subsided, Classic Airlines overestimated the reversal,and expanded too quickly. That caused Classic to face a restrictive cost structure (Classic Airline Scenario, 2010). Shortly after the terrorist attack, the county entered its worse economic downturn since the Great Depression,which severely crippled the economic stability of world markets. The rising costs of fuel and labor has affected Classic Airlines ability to compete for the frequent flier. Because of increased uncertainty about flying, the economic downturn, and increased labor and fuel costs, Classic Airlines has seen a 10% decrease in share prices in the past year. Other external pressures include: fierce price cutting from competitors, negative effects of the public created low employee morale, and declining confidence of the consumers. The internal pressures includean increasingly volatile union climate and the lowest employee morale in the company's history. The financial statements including the balance sheet, income statement, and cash flow statements shows a company headed for financial disaster. Last year the net income of the company was $10 million, however;the year before the net income was $71 million, for a decrease of $61 million in one year. To counter further financial crisis the company has mandated a 15% cost reduction over the next 18 months. If the company can't meet the 15% reduction, the company faces bankruptcy (Classic Airlines Scenario, 2010). Other internal pressures include: increasing cost of labor, low margins, poor employee morale, decrease in customer satisfaction, poor customer service management, and expensive marketing budgets. Objectives,_ obstacles, and resources available in the marketing department _ The main obstacle in achieving the marketing objectives are that Classic Airlines can't cut prices further. The profit margins can't decreased to lower levels. The company's Customer Relationship Management (CRM) is not focused on consumer satisfaction. The Customer Relationship Management department has caused faithful customers to turn to the Internet for their travel needs. Another problem is that the company is trying to avoid bankruptcy by mandating a 15% cost reduction over the next 18 months. This is marketing's biggest obstacle, to reduce costs by 15% when they need to increase marketing efforts. _Problem- solving method_ By implementing the 9-Step problem -Solving Model, Classic Airlines can solve their challenges and at the same time uncover numerous opportunities. It serves as a valuable tool for all businesses, both large and small. It identifies the problem, plans the solutions, display ethical dilemmas, and defines ensuing issues. The 9 Step problem solving model includes the following steps: Step 1) Define the problem-Knowing exactly what the problem is. Step 2) Measure the problem- Measurement of the current level of performance, to be measured against future performance, Step 3) Set the goals-Goals provide direction and must be stated in terms that are measurable. Step 4) Determine root causes-determine why the process is working the way it presently does. Step 5) Select best strategy- Select a strategy that will best solve the problem. Step 6) Implement strategy- Develop and action plan to implement the solution. Step 7) Evaluate results- Evaluate the effect of the chosen solution. Step 8) Implement appropriate changes in the process- Improves and perfects the process. Step 9) Continuous improvement- Improve the process continuously (Problem-Solving Model, 2010). To be successful in solving Classic Airline challenges, goals will be set and achieved. The goals must address the main challenges of the company including lack of sales, decrease in net income, low employee morale, downturn in the Classic Rewards program, and required budget cuts. Goals will meet the SMART standard of beingspecific, measureable, agreed upon, realistic and time-based. The goal, must be specific which means it iswell defined. Who is involved, what is to be accomplished, location, requirements and constraints should be identified and the reason the goal should be accomplished. The goal should be clear to everyone associated with the program. There must be an exact way for measuring the progress toward the goal. The goal should be agreed upon by all stakeholders and attainable, achievable, and action-oriented. The goal is realistic when people are willing and able to work for its achievement. A goal is realistic when people believe it can be accomplished in the set timeframe. The goal should be set within a certain time frame (Haughey, 2010). Classic Airlines has formulated a table of SMART questions that address the challenges of lack of sales, decrease in net income, low employee morale, downturn in the Classic Rewards program, and required budget cuts (Haughey, 2010). Marketing recommendations Classic airlines needs to cut expenses to produce a net income and avoid bankruptcy. The following are some methods of cutting costs: direct booking through the internet or call center with no sales commissions. Use uniform aircraft such as just the 737-300 airplanes, use a simple system of pricing, on the aircrafts use high seating density and load factors to be efficient, no frills such as free food or drinks, and use of secondary airports to cut charges and turnaround times. One of the ways Classic Airlines can make the airline more attractive to existing customers and new customers is to restructure the company's frequent flier program. Reforming the Classic Rewards program will be a challenge, however;the returns could turn the company around. Rewarding frequent fliers with new rewards that include various redemption options could improve consumer moral and loyalty. Classic Airlines must provide better service to all their customers, especially the frequent fliers. The goal of the company should be to retain and win back customers, provide exceptional customer service, and offer attractive alternatives to redeeming their frequent flier miles. Providing exceptional service to their frequent fliers and meeting the need of each customer is a duty and obligation of Classic Airlines. Classic Airlines should increase the number of miles Basic, Silver, and Gold members can use in a year by 10%. Classic Airlines should also decrease the number of black-out days. Without improving the frequent flier program, the company will continue to losecustomers, market share, and see net profit continue to decline. Alliance with other carriers would expand available routes and provide more options for frequent flyers to use their loyalty rewards. Alliance with other carriers could decrease its operating costs and increase net income. The company would benefit by becoming a larger company with more services. Conclusion References Classic Airline Scenario, 2010. _University of Phoenix materials-Classic Airlines Exhibit B. _ (2010_). _ Retrieved on March 22, 2010 from University of Phoenix, Resource, MKT/571- Marketing Web site: https://ecampus. phoenix. edu/classroom/ic/classroom. aspx. Classic Airline Scenario, 2010. _University of Phoenix materials-Classic Scenario: Classic _ Airlines. (2010_). _ Retrieved on March 22, 2010 from University of Phoenix, Resource, MKT/571- Marketing Web site: https://ecampus. hoenix. edu/classroom/ic/classroom. aspx. Haughey, D. (2010). Smart Goals. Projectsmart. Retrieved March 23, 2010, from: http://www. projectsmart. co. uk/smart-goals. html Kotler, P. Keller, K. A framework for marketing management, 3rde. (2007). Prentice Hall. Retrieved on March 23,2010 from University of Phoenix, Resource, MKT/571-Marketing Web site: https://ecampus. phoenix. edu/classroom/ic/classroom. aspx. Problem-Solving Model, 2010. BPI consulting. Retrieved on March 24, 2010 from: http://www. spcforexcel. com/problem-solving-model

Strategic Management Outline Example | Topics and Well Written Essays - 750 words

Strategic Management - Outline Example Resources a firm acts as its competitive strength when strategically exploited. The exploitation of organization resources with a view of creating sustainable advantage occur over time. Strategic resource positioning The performance of a firm would depend on a number of factors. First, product viability depends on its cost in comparison to similar products and the capacity of the product to meet the demands in the market. Strategic placement of product would dictate product innovation; which includes designing, composition, and conditions, which influences its processing. The uniqueness of the product does not only influence imitation of the product, but also the identity in the market. Firms whose products are not viable innovate or shift in order to remain economically viable. How resources meet consumer demands The consumer’s behavior defines whether the product is valuable. This attribute would dictate the success of an industry. Industries consider product innovation stra tegies, which would produce unique response in the market. It means that the product has to be hard to imitate as well as identified by many consumers. Many firms consider product innovation strategy, which would create a product that is hard to substitute as well as rare in supply. Products, which create satisfaction, would retain the consumers over a time. Types of resources Resources of a firm are critical to its success. These resources are either tangible or intangible. Tangible assets include infrastructure, reputation, and database while intangible assets are strategies of the firm. The ability of a firm to compete in the market depends on its asset mobilization. Strategic resources The influence that a firm exerts in the market would depend on the strategies it develops in the following areas: financial assets, human assets, reputation assets, capabilities and competencies, and intellectual assets. Mobilization of the assets with an aim of achieving the organization goals in fluences the positioning of the firm. Reputation assets The viability of a firm would depend on the reputation it commands in the market. For a firm to build a good reputation it would consider cost of the product, competitors influence, consumer behavior, and economic constraints (Haberberg and Rieple, 2007:8). The above factors influence the approach that a firm would take towards building its reputation. Firms rebrand their products in response to consumer behavior in order to keep the product viable in the market. Relational assets Competitiveness of a firm does not only rely on reputational assets, but also relational assets. The internal environment of the firm would influence its productivity. The relationship between various departments must focus on the interest of the firm. Internal relationship in the firm would influence the work out put of the firm. This will in turn influence consumers’ satisfaction. For instance, satisfaction of the employees would contribute t o satisfaction of the consumers because the employees would strive towards achieving the goals of the firm. The relationship between the firm and the government will define its operations in the market. Thus, the relation must demonstrate an interest in serving the consumers. Dynamic capabilities The ever-changing market conditions require dynamic approaches in organization’s functions. Firms must be ready to demonstrate innovation in a changing environment. The uncertainty of the future dictates that a firm has to change its

Cyber Threats Assignment Example | Topics and Well Written Essays - 1000 words

Cyber Threats - Assignment Example ARP poisoning Address Resolution Protocol spoofing, also referred to as ARP flooding, or ARP poisoning/ARP poison routing is a mechanism that is employed when one wants to attack an Ethernet wireless or wired network. This technique may allow the attacker to undertake packet sniffing. In case of email, the attacker will sniff the traffic sent by one host to another host ion the network (Tan & Ruighaver 2005). In the normal operations of ARP, there will be broadcasting of host IP address and MAC addresses. When some host wants to send some information to a certain host, it will send a broadcast asking who has a certain IP address. The host with the respective IP address will reply to the request and will do so with the correct IP address and the MAC address. This communication happens with a lot of gullibility (Salomon &Cassat 2003). This is because, ARP does not have authentication. The reply and the host which replies that it has the said IP address and MAC address will not be authe nticated. In ARP communication, there is no authentication of the hosts. The host replying will be taken to be correct. ARP does not have a mechanism of correcting the information that it gets from the hosts which are communicating in the network (Salomon & Cassat 2003). Since there is no authentication of the ARP requests and replies, the attacker will insert a wrong IP address to a computer cache. The ARP request will then be fed with the wrong IP address. This is called ARP poisoning, that is the ARP table has been poisoned with wrong information. The attacker manages to lie to the machines and to the people in the network (Russell & Gangemi 2011). What these attacks do is that they will get what is taking place with the two parties. When the parties communicate, the attacker will get the packets and get the email password of either parties or even both parties. They can then use the passwords to undertake attacks (Peltier 2005). The possibility for an IP address to be associated with any given MAC address is another loophole for attacks. They are able to undertake many forms of attacks to the unsuspecting users and hosts in the network. In this state, other forms of network attack can be experienced. Other common forms of attacks that can be experienced include man-in-the-middle attacks, MAC flooding, and denial of service attacks (Orebaugh, Ramirez & Beale 2007). Man-in-the-middle attacks This is an attack which is common in local area networks. This attack is a form of active and aggressive eavesdropping where the attacker will create independent connections between the parties communicating so that the attacker will feign either parties communicating. In the end, the parties communicating will think that they are having a private communication and yet in the real sense, the communication is being controlled by eth attacker (Neumann 2006). A hacker can make use of ARP spoofing/poisoning to attack the communication between communicating parties. This can sim0ply be undertaken by having the attacker sending ARP reply to a router. The router could be communicating with computer A. The router will send information regarding its IP address and the MAC address thinking that the requesting agent is computer A. After getting this information, the attacker will also send an ARP replies to machine A. Machine A will respond to the reply thinking that the machine is a router. It will then send information to the attacker. After getting the IP and MAC address, the attacker will then use the operating system characteristic that is referred to as IT forwarding. This feature will

Implementing Quality Essay Example | Topics and Well Written Essays - 750 words

Implementing Quality - Essay Example It has come to the notice of the management that sufficient headway has already been made in the quality control process and it is commendable that the quality issues have been taken seriously by all concerned. However since a quality audit by the clients AA of all the processes is due in the next four months, the process of ensuring a Total Quality Control should be given a top priority and hence this memorandum. The company should be fully equipped with its quality control measures not only to satisfy the Quality Audit by the client but also to ensure that our product meets the highest quality standards not to land the client in a disastrous situation as has been done by the previous supplier of the client. As first step to review the quality standards of the products and processes, the R& D conducted an analysis of the existing quality control measures and it is disheartening to note that several mistakes have been committed in the past by the various departments/processes of the company. Especially there were mistakes that happened in the packing, storing and shipping processes which were serious enough to make the product totally unusable in the hands of the client. Definitely we would have had serious troubles with the client even in the first shipment of our product had this study been not undertaken. Hence R&D has been advised to undertake similar studies in all the departments/processes to identify the inefficiencies/weaknesses associated with the processes. Past Mistakes and Improvements effected: To point out some of the mistakes, there were wrong labeling, spelling mistakes and incorrect expiration dates on labels; products were stored in wrong refrigerator, wrong warehouse and there were no proper records for the product locations; this led to shipping incorrect quantities to incorrect locations and products too close to expiration dates were shipped. Several quick steps like studying the staffing requirements of these processes and providing them with adequate education and training were taken immediately. In the packing process, various quality measures like random checking by the supervisor of the correctness of the labels, recording of the number of mistakes being committed by the worker to pull up the erring workers were implemented. To remove the problem of spelling mistakes in labels the company has procured a new software for printing labels and the company has organized a training programme for the executives, supervisors and staff of the various processes concerned with the labeling and packing. This training is being coordinated by Sharon from R&D. In the Storing process quality control measures like prominent display of stores and refrigerator locations, classification of warehouse locations and marking the locations on the store inward documents by the supervisor has already been implemented. In the shipping process, control measures like final inspection of the consignments before shipment for identifying the quality issues and making possible

Strategic management on JJB Sports Essay Example | Topics and Well Written Essays - 3000 words

Strategic management on JJB Sports - Essay Example Against this background, this paper has been designed to identify the strategic change initiative that can be implemented by JJB Sports in order to revitalise its operations that have dipped as a result of the above mentioned factors. Changes are necessary for businesses so that they can gain competitive advantage over other rival competitors. This will also help the company to grab a large market share which can contribute to its viability in the long run. Why change is necessary for JJB Sports The digital competitive environment of 2013 makes it imperative for all organizations that are concerned about their survival to implement certain changes in their operations. In order to keep pace with the changes obtaining in the environment in which an organization operates, it is important to implement certain changes that can be aligned to the current business strategy. The use of new information and communication technology has significantly improved the operations of any business durin g the contemporary period. Therefore, any company that is concerned about its success should harness this new digital marketing and communication strategy. Change is also necessary given that the company will be able to attract more customers since the bulk of business is conducted through the internet during the contemporary period. Many organizations are shifting from traditional to digital marketing practices since the bulk of business is done online during the current period. In this case, JJB Sports should adopt a brick and click strategy in its operations. According to Bricks & Clicks (2013), this strategy integrates both traditional marketing strategies as well as digital marketing communication strategies and it focuses on different lines of business. The advantage of the traditional marketing strategy is that the organization is in a better position to retain its old customers while the use of digital communication will help to improve the efficiency of the organization in its operations. The company’s effectiveness can also be enhanced through the use of new information and technology since it will be in a position to process information at a faster rate. The advantage of new information and communication technology is that it can process large volumes of information at higher speed than information that is manually processed. The other advantage is that it is cost effective compared to other forms of communication. The company can also be in a position to reach a wide range of people through the use of the internet given that it is accessible to people in different geographical locations. Another important consideration for JJB Sports is that it should use aggressive marketing strategies that are aided by new information and communication technology in order to be in a position to gain competitive advantage. The organization ought to realign itself to the needs of the external environment and evaluate the possible outcome of the strategic cha nge programme implemented. There are different strategic management theories that can be used to shape the strategy for the organization. This section of the paper discusses

Assignment 4 - Investment Portfolio Management

4 - Investment Portfolio Management - Assignment Example on while a value of 4 suggests greater risk aversion Therefore, in this case the utility adjusted return needs to be calculated which is actually the market risk premium expected by the investor. The formula for calculating the utility adjusted return is as follows: Putting the values in the formula, the utility adjusted return is obtained to be 5.52% which is greater than the risk free rate. This return is adjusted for the risk borne by the investor and therefore is the expected market risk premium required by the investor. ii) The allocation between stocks and risk free assists will have to be done on the basis of the risk aversion coefficient of the investor. In this case, the investor has a risk aversion score of A = 4; which suggest that the investor is more risk averse and thus will always choose to invest the majority proportion of the funds in less risky assets. Putting the values given above in the aforementioned formula we obtained the expected return of the portfolio to be 13.81% (refer to excel sheet for calculation). The standard deviation was calculated using the standard deviation formula in excel which provided a value of 0.034 for the current portfolio of the investor. iii) The underlying reason behind the inclusion of fund C is the fact that it has the highest expected return with the same standard deviation. This suggests that an investor investing in fund C will realize greater returns by assuming the same degree of risk borne by an investor who invests in fund A. In addition, the correlation of returns with the current portfolio for fund C is the highest. This suggests that fund C best compliments the investor’s current portfolio. Therefore inclusion of fund C within the current portfolio would be an optimal choice. iv.) In order to calculate the expected portfolio return and standard deviation value of the newly formed portfolio which includes the index fund C alongside the previous stocks, the same formula that was applied while

Why does the Chinese Government publicly denounce Falun Gong Research Paper

Why does the Chinese Government publicly denounce Falun Gong - Research Paper Example This paper will examine the movement, how the government is cracking down on it, and why the government is cracking down on it. Explanation of the Falun Gong According to Zhao (2003), the Falun Gong movement is an outgrowth of the Chinese practice of qi, which harmonizes physical and spiritual health. What this means is that the adherents to the movement attempt to align their qi, through stretching and meditation, and this balances the energy in the body. These exercises, which balance the energy in the body are accompanied in the Falun Gong religion with moral and spiritual commitments. This is contrast to the Western vision, which keeps religion and physical exercise separate. The religious aspect of Falun Gong encompasses Taoist and Buddhist beliefs. This was the basis for the movement, but it was developed by Li Hongzhi in the late 1980s, and it went public in 1992 (Penny, 2003). This is all not unusual, in that the ancient Chinese have always believed in balancing energies and in Buddhist and Taoist beliefs. However, the Falun Gong goes a step further, according to Zhao (2003), in that this religion also has supernatural beliefs. For instance, they believe that there are supernatural ways of curing diseases, that people can levitate, and that people can be clairvoyant through their â€Å"third eye.† ... Moreover, as the society becomes increasingly isolated, Falun Gong has been helpful in that it has brought people together, as through the physical exercises performed by Falun Gong members. The physical exercise itself is also good for the Falun Gong followers, as the state-run healthcare has been collapsing since the early 1990s, which means that health care has become increasingly unaffordable to the masses. Keeping healthy is therefore a priority, and Falun Gong, with its emphasis on physical exercise and qi balancing meets this need. The movement became very popular, with millions practicing it, and Chan (2004), gives some reasons why this is. Chan (2004) regards the Falun Gong as coming under the rubric of a New Religious Movement (NRM), which is marked by obedience to a central figure who claims to have all the spiritual answers desired by the followers. The central figure is seen by the followers as being privy to sacred power. Chan (2004) thus begins his analysis with other NRMs, which have sprung up, all over the world, partially as a response to modernity’s spiritual vacuums and moral disturbances. The political and economic institutions have failed to solve the people’s problems, states Chan (2004), so the people turn to religious salvation for help. Chan (2004) then extrapolates this scenario to China. Specifically, Chan (2004) states that China was experiencing, at the time that the Falun Gong attained popularity, impressive economic growth that also led to unresolved social problems. This was because, although the country was becoming wealthier, the people were not. Unemployment was high, and the state industries were collapsing, which was causing more people to fall below the poverty line. Income inequality became more pronounced

Economics of Education Assignment Example | Topics and Well Written Essays - 1500 words

Economics of Education - Assignment Example In a sequence of items over the past ten years, Hanushek used 38 different pieces of writing and put focus on: pupil/teacher ratio, education and experience of the teacher, teacher’s salary, Per Pupil Expenditure (PPE), administrative inputs and facilities. He reviews the evidence of a large number of studies basing on their views of the relationship between spending and school performance. He conducted vote-count based on aggregating 187 studies in 38 separately published books where in each publication there are several regression equations. He classified the relation between each input variable and an output variable into one of five categories according to the direction of the regression coefficient's sign (positive or negative) and its statistical significance (significant or non-significant). The fifth is coefficients that were non-significant but for which it was impossible to determine the direction of the coefficient's sign from the reported results. His conclusion is that money doesn’t matter as school’s output is concerned (Hanushek 150-164). Hedges et al study This study is a reanalysis of the evidence examined by Hanushek. These researchers found that a â€Å"systematic positive patterns in the relationships between educational resource inputs and student outcomes† exists. ... This study declared that the pattern of results given in Hanushek’s vote count is not consistent with the null hypothesis of no effect in every study and thus making a type II error in his statistical analysis due to the low power associated with vote counting. Hedges et al used more sophisticated procedures to aggregate the information in the different studies and corrects some problems that were found in Hanushek’s methodology where they came up with a conclusion which clearly states that â€Å"Money does matter after all†. This directly differs with Hanushek’s conclusion. These two studies attempted to highlight the relationship between inputs and outputs of schools with an essence of improving American educational system. However, all of these researches there was no consensus established as to which course should be followed or even on the need for additional expenditures to produce the desired improvements, instead, some scholars have questioned whet her there is a relation between the amount of resources and level of accomplishment of students in schools. Hanushek used vote counting analytic method. For a given resource input, the "result" of each study is the estimated partial regression coefficient of the resource input to student output, holding constant the family background and other inputs. The vote-counting methodology tabulates these results according to the sign (positive, negative, or unknown) and the statistical significance (significant or non-significant, usually at ?= .05 level) of the results. The category with the most results (the most "votes") is generally taken to represent the true state of the relation in

Study Problem Essay Example for Free

Study Problem Essay Problem # 1 page 397 Firm A has $10,000 in assets entirely financed with equity. Firm B also has $10,000 in assets, but these assets are financed by $5,000 in debt (with a 10 percent rate of interest) and $5,000 in equity. Both firms sell 10,000 units of output at $2. 50 per unit. The variable costs of production are $1, and fixed production costs are $12,000. (To ease the calculation, assume no income tax. ) Firm A Assets 10,000 Firm B Assets 10,000 5,000 in debt at 10% $5,000 in equity Both Firm A and Firm B- sell 10,000 units @ 2. 50 Variable cost- $1 Fixed Cost- $12,000 a. What is the operating income (EBIT) for both firms? Firm A EBIT = Revenue Operating Expenses = $2. 50*10,000 $1*10000 $12,000 = $3,000 Firm B EBIT = Revenue Operating Expenses = $2. 50*10,000 $1*10000 $12,000 = $3,000 b. What are the earnings after interest? The earnings after Interest are: Firm A $3,000-$0=$3,000 Firm B $3,000-10%*$5,000=$3,000-$500=$2,500 c. If sales increase by 10 percent to 11,000 units, by what percentage will each firm’s earnings after interest increase? To answer the question, determine the earnings after taxes and compute the percentage increase in these earnings from the answers you derived in part b. New Sales = 11000 Firm A EBIT = Revenue Operating Expenses = $2. 50*11,000 $1*11000 $12,000 = $4,500 Earnings After Interest = $4,500 Percentage Increase = ($4,500 $3,000)/$3,000 = 50% Firm B EBIT = Revenue. Operating Expenses = $2. 0*11,000 $1*11000 $12,000 = $4,500 Earning After Interest = $4,500 $500 = $4,000 Percentage Increase = ($4,000 $2,500)/$2,500 = 60% d. Why are the percentage changes different? The percentage changes are different because Firm A is getting an increase of $1,500 in revenues over the earlier value $3,000 Firm B is getting an increase of $1,500 in revenues over the earlier value $2,500 This is the same increase, but original values are different, so the one with less will show a higher percentage change.

Engineering Hours Accounting System Essay Example for Free

Engineering Hours Accounting System Essay Introduction Avitronics is a medium sized engineering company that produces components for the aerospace industry. Employees keep track of the hours they work on different projects and at the end of the week turn in a timecard with this information on it. The company can take up to roughly 12 contracts a year; each of these contracts is assigned a Job-Code. The Current System At present each employee keeps track of their hours using their own system. This could be as informal as a rough tally on a scrap of paper. At the end of the week, the employees fill their hours into a formal timecard, which is handed in and tallied by a clerk. Objectives of The New System Mr. Salomon (the chief accountant) would like a system with data entry forms so that each employee can input their own hours into the system at the end of each week. He would like to have pull-down menus for the job-codes, so that clumsy engineers entering complicated codes do not make mistakes. Hours should be rounded to the nearest quarter-hour. Data entry should be quick and simple. Each individual employee should not be able to see the hours worked by everyone else. The information should be sent to a database from Mr. Salomon can produce reports. He wants to be able to get a report that shows how many hours each employee works each week (these should be sorted by employee number). Mr. Salomon would also like to have a graphical report, which shows the total number of hours worked each week against each contract. He would like to start a fresh new system at the start of each year. Mr. Salomon would also like an easy to understand user guide, which should include complete instructions for a novice, using no jargon. Performance Indicators My solution will have to: * Prevent all employees seeing other employees hours. * Be simple to use, and not waste employees time. * Prevent errors wherever possible by using validation and combo-boxes. * Allow Mr. Salomon to create reports (with graphs) from entered data. * Include a template for Mr. Salomon to reset the system at the start of the year. * Provide Mr. Salomon with a User Guide designed to assist novice users when they are using the solution. * Accurately calculate the total hours for each employee per week, accurate to each quarter hour. Accurately calculate the number of hours worked on each contract per week, accurate to each quarter-hour. If all of these criteria are met then my solution will be successful. Design Choice of Software A Spreadsheet is the best solution to the problem because I can use the software well already and I know how to solve the problem using this software. I have chosen to use Microsoft Excel because it is the most common piece of spreadsheet software in general use. I could use an equivalent spreadsheet package from a different company, but this may not be compatible with Mr. Salomons computer. Features of Excel that make it ideal for solving the problem: * Ability to create a blank template * Pivot tables to create sophisticated reports with graphs * Formatting to help make it clear to the user where to enter data * Macros to automate various functions * Macros which will execute automatically on opening and closing workbooks * Validation and Protection of cells to prevent tampering and errors Systems Overview My system will be based on one workbook, with three sheets (excluding reports). The Hours Entry sheet will be the main input form, where employees will enter the hours they have worked, on what days and on which contract. The Admin Options Sheet is where the Administrator changes Contract numbers and groups, he/she also sets the week beginning date. The database sheet is where reports and charts will be produced form. Detailed Design Follows on the next 6 pages Workbook and Sheet Discussion Hours Entry Sheet This sheet is designed to let the employees enter their hours in a quick and simple way. It is important to keep it simple so that employees do not become disgruntled and frustrated with the system. This sheet has a simple colour scheme that distinguishes input cells from cells where input is not required. Combo boxes are used to keep certain aspects simple and to prevent mistakes. Buttons are used to execute macros that clear the sheet and transfer relevant data to the spreadsheet. As hours have to be recorded by the closest quarter-of-an-hour, I have used a ceiling formula in the total cells to prevent mistakes being made when data is transferred to the database. Admin Options Sheet This sheet contains any options the administrator may need to set concerning the system He/She can add/remove contracts and add/remove groups of workers. At the start of each working week He/She has to set the Week Beginning date that is needed throughout the system, it is essential they enter this date correctly. The colour scheme for this sheet is simple, every cell is white, input cells have borders to distinguish them form non-input cells. This sheet contains two buttons that execute macros: Protect Workbook This macro opens up the protect workbook dialog, where the administrator can protect the whole workbook, with the exception with cells that are not Locked (input cells). Start New Year This macro erases all the data in the workbook, and prepares the system for a new year. A warning box automatically pops up when this button is clicked to warn the user that they will be deleting all entered data from the previous year. This is to prevent all the data being removed accidentally. Database Sheet This sheet contains all the data that has been transferred from the Hours Entry Sheet. It contains Employee #, Hours Worked for each employee. Job Code, Hours Worked for each contract. From this data, an employee report can be created, this is a report listing all the employees, and the number they have worked in a given week. From this data, a contract report can be created; this is a report listing all the contracts and the number of hours worked on them for a given week. From this data a contract graph can be created, this is a graph showing the number of hours worked for a given contract over the past month (4 weeks). These outputs will need to look professional and be suitable for their purpose. Data entry and Validation These are the fields in which data will be entered into my system: Last Name The employee will type this in. I chose this method, as there is no reasonable alternative. Employee # This will be typed in by the employee. I chose this method because there is no reasonable alternative. Employee number is a four-digit number. This cell will be validated so that numbers bigger than 9999 are not accepted; also text is prevented from being entered. I use this validation so that problems do not occur further on the process, when reports sorted by employee number are being produced. Group The user will select this via a combo box this ensures no typographical errors are made when typing it in. I am choosing to use a drop down box as there are few options for the employee to choose from. Job-Code This will be selected from a drop down box to prevent typographical errors being made. If it were a plain cell, with no validation or input aids, if an error was made it could cause unwanted consequences throughout the system. Monday Employees enter their hours by typing the number in the correct cell. Any number they enter will later be rounded up to the nearest quarter hour, by the use of a ceiling formula. The validation on this cell will be that it has to be a number between 0 and 20. Tuesday Employees enter their hours by typing the number in the correct cell. Any number they enter will later be rounded up to the nearest quarter hour, by the use of a ceiling formula. The validation on this cell will be that it has to be a number between 0 and 20. Wednesday Employees enter their hours by typing the number in the correct cell. Any number they enter will later be rounded up to the nearest quarter hour, by the use of a ceiling formula. The validation on this cell will be that it has to be a number between 0 and 20. Thursday Employees enter their hours by typing the number in the correct cell. Any number they enter will later be rounded up to the nearest quarter hour, by the use of a ceiling formula. The validation on this cell will be that it has to be a number between 0 and 20. Friday Employees enter their hours by typing the number in the correct cell. Any number they enter will later be rounded up to the nearest quarter hour, by the use of a ceiling formula. The validation on this cell will be that it has to be a number between 0 and 20. Saturday Employees enter their hours by typing the number in the correct cell. Any number they enter will later be rounded up to the nearest quarter hour, by the use of a ceiling formula. The validation on this cell will be that it has to be a number between 0 and 20. Sunday Employees enter their hours by typing the number in the correct cell. Any number they enter will later be rounded up to the nearest quarter hour, by the use of a ceiling formula. The validation on this cell will be that it has to be a number between 0 and 20. User Aids to Operation User Aids to Operation that I have used are combo boxes, and buttons that execute useful macros. Combo boxes assist the user with entering data when there are only a few options to choose from. They also help prevent mistakes from being made when typing out something complicated. For example in my system, the user uses a combo-box to select a job code, if they had to type every job code in it is more than likely that every week several mistakes would be made. By using combo-boxes I have eliminated the probability of this occurring. By using buttons that execute macros I have enabled the employees to enter their hours in a simple entry form. If I did not use macros then each individual would have to type hours into the database, this could cause a huge number of problems for the company. Protection Sheet 1, Hours Entry Sheet The following cells on this sheet will NOT be protected: C6, Last Name C5, Employee # C10:C16, Mondays Hour Entry Cells D10:D16, Tuesdays Hour Entry Cells E10:E16, Wednesdays Hour Entry Cells F10:F16, Thursdays Hour Entry Cells G10:G16, Fridays Hour Entry Cells H10:H16, Saturdays Hour Entry Cells I10:I16, Sundays Hour Entry Cells These cells will not be protected because when I protect the sheet, I want them to be editable. Eg the employees need to enter data into them. Macros Transfer_Macro This macro will be executed from a button on the Hours Entry Sheet. The macro transfers required data from this sheet into the database. After it has transferred the data it will return the user to the Hours Entry Sheet, where they can exit the spreadsheet when they are ready. If the transfer is completed successfully then a message box will popup saying Transfer Successful. Create_Employees_Report This macro will create a report on the employees. It will copy selected data from the database, paste it into a new sheet and format it appropriately. The report will show the employee number, last name, hours worked for each week for each employee stored in the database. Create_Contracts_Graph This macro will use selected data from the database to create a graph showing how many hours are spent on each job code over a period of weeks. The graph will show all of the job-codes and all of the data about each job code that is stored in the database. Auto_Open This will execute automatically when the spreadsheet is opened, it shows the Hours Entry Sheet and clear all of the white input cells. It will select the Employee # input box ready for the user to begin. Clear This macro clears all of the white input cells in the Hours Entry Sheet. If the employee enters a few mistakes or realises he has entered totally wrong data, instead of having to delete every piece of data separately he/she can simply click the button that executes this macro. Protect_Workbook This macro will be executed via a button on the Admin Options page, this will hide all menus and the taskbar and take the user to the Hours Entry Sheet. It will also run the Clear macro so that the Hours Entry Sheet is always blank when it shows up. Start_New_Year This macro erases all data from the database ready for the system to begin a new year. The employees and job codes will stay on the admin options page as it would be unreasonable to assume that all the jobs were finished at the end of the last year. Data Flow Diagram Testing Test Strategy This is what my solution is required to do, as outlined in the Performance Indicators section of the Analysis: * Prevent all employees seeing other employees hours. * Be simple to use, and not waste employees time. * Prevent errors wherever possible by using validation and combo-boxes. * Allow Mr. Salomon to create reports (with graphs) from entered data. * Include a template for Mr. Salomon to reset the system at the start of the year. * Provide Mr. Salomon with a User Guide designed to assist novice users when they are using the solution. * Accurately calculate the total hours for each employee per week, accurate to each quarter hour. Accurately calculate the number of hours worked on each contract per week, accurate to each quarter-hour. Here is an outline of the tests I will have to carry out on my spreadsheet: * Does my system open correctly? * Ensure that the Database and Admin sections are hidden from the employees. * Ease of Use, as little complications as possible. * Tests of Validation (effects of incorrect/extreme data entry) * Tests of Protection * Accurate calculation of hours * Does my spreadsheet cause problems after closing? Test Plan The following tests will be performed: Basic Function Tests: 1. Open my spreadsheet. 2. Add data as outlined in test data set 1. 3. Test the Submit Hours button. 4. Add data as outlined in test data set 2. 5. Test the Clear Form Button. 6. Add data as outlined in test data set 3. 7. Test the Submit Hours button. 8. Test the Exit System button. 9. Reopen the spreadsheet. 10. Try entering data from test data set 4. 11. Try entering data in a locked cell (eg. The cell containing the word Group and the cell containing the word Totals). Admin Function Tests: 12. Open my spreadsheet. 13. Test Admin Options button, enter password from test data set 5. 14. Test Admin Options button, enter password from test data set 6. 15. Test the Enter New Employee button. Enter the data as outlined in test data set 7. 16. Select cell F19, Test the Delete Job Code button. 17. Select cell B11, click the Delete Job Code button. 18. Test the Enter New Job-Code button, enter the data as outlined in test data set 8. 19. Test the Enter New Job-Code button. 20. Test the Create Contract-Chart button. 21. Test the Employee Report button. 22. Test the Change System Password button. Enter the password as outlined in test data set 9. 23. Test the Protect System button. 24. Test the Admin Options button. Enter the password as outlined in test data set 6. Error massage should appear. 25. Test the Admin Options button. Enter the password as outlined in test data set 9. 26. Test the Change System Password button; enter the original password again as outlined in test data set 6. 27. Test the Start New Year button. 28. Click File then Exit please do not save any changes to the spreadsheet. Jonathan Stamp ICT Excel Coursework Page 1 of 17 Jonathan Stamp ICT Excel Coursework Page 1 of 17

Corporate Governance on the Capital Investment Decision

Corporate Governance on the Capital Investment Decision ABSTRACT This paper investigates the factors that determine the sensitivity of the investment-cash flow relationship. The Q model assumption is used to relate the investment opportunities available to the managers with its liquidity constraints due to asymmetric information and managerial discretion of internally sourced free cash flow. The result purports that there is a positive relationship between the degree of the Investment-Cash flow relationship and Q, found in low or no dividend paying firms. It is evident that the results are in support of Myers Maljuf (Myers Maljuf, 1984) pecking order theory of the investment-cash flow relationship. Introduction Overview Through various studies over the years, different scholars and financial analysts have been able to establish a relationship of cash flow on firms investment spending. It was significantly proven by (Modigliani Miller, 1958) that a firms financial status is irrelevant for real investment decisions in a world of perfect and complete capital markets, after controlling for the cost of capital. In case of managerial discretion, based on (Jensen, 1986) free cash flow theory, firms increase investment (including projects with negative present value) based on the availability of cash flows with incentive of increasing firms value beyond level of optimal investment. Moreover, an agency costs also appreciate the borrower net worth by charging a premium on the external financing. The discussion above explains that the firms investment decisions are dependent on the availability of internal funds, as cost advantage over external fund is evident. While choosing an appropriate capital structure, there are certain trade-offs which affects the decision. These trade-offs include tax advantage through acquiring debt against the bankruptcy cost which advocates the use of equity. Keeping this in view, various different models have been supported to explain this corporate capital structure behavior. Pecking Order Theory, initially mitigated by (Donaldson, 1961) describes the financing practice as prioritizing the means of financing, which is necessary for the management to counter against asymmetric information. Either they should generate the funds internally or acquire funds externally through debt rather than equity. Implications to the pecking order theory involves the positive impact of leveraging on the market price, which means, financing through debt sends a positive signal into the market about the firms future prospects. Furthermore, intermediaries also undermine the role of management as the financial intermediaries such as investment banks function as the insider to the firm. Consequently, keeping an eye on the firms operations and influencing the firms capital financing decision. However, Pecking order theory of (Myers Maljuf, 1984) argues that the firms operating in imperfect or incomplete capital markets where the cost of external capital exceeds that of internal funds, the financial structure may be appropriate to the investment decisions of companies facing uncertain prospects. Gauging the level of corporate investment in any firm is based on the corporate governance; market position of a firms asset against its book value can be termed as Tobins q ratio. Identified by (Chung Pruitt, 1994), Tobins q as proportion of firms market value to replacement cost of its assets. Tobins q can be considered an effective tool for determining financial performance as the data can be collected readily from a balance sheet. When calculating Tobins q ratio, the replacement cost can be determined approximately by the book value of firms plant and equipment. Approximate q can be replaced with the actual Tobins q to make the calculations unproblematic and data can be readily available without any discrepancies. Problem Statement To study the impact of corporate governance on the capital investment decision through cash flow and Tobins q interaction in relation with Capital Investment HypothesEs H0: Firms cash flow having a significant impact on its capital investment will be linked with high Q values. (FCF Theory) HA: Firms being liquidity constrained due to least payout will have significant investment-cash flow sensitivity, and will be linked with high Q values in the market. (PO Theory) Outline of the study The report contains the contemplation of research data that will study the phenomenon of cash flows and investment discussed earlier in this paragraph. The study categorizes firms according to characteristics (such as dividend payout, size) which will help measure the level of constraints faced by firms. The study will help readers to understand the complexities of Pecking order theory and Free Cash Flows concept with regard to asymmetric information available and corporate governance which influences decision of the firms. To measure the effect that cash flow-financed (internally sourced) capital spending and Q has on firms investment, Ordinary Least Square Regression model will be used to estimate the function. To compute the influence on the Investment, instruments used are: (1) Cash Flow, (2) Approximate q, and (3) an interaction of both variables are created. Through studying the parameter estimates of interaction variable, positive influence on investment will support the Pecking Order hypothesis and negative influence will govern the Free Cash Flow hypothesis. The equation hypothesized in the next part is linear. Definitions Pecking Order Theory: (Myers Maljuf, 1984): à ¢Ã¢â€š ¬Ã…“A firm is said to follow a pecking order if it prefers internal to external financing and debt to equity if external financing is used.à ¢Ã¢â€š ¬? Free Cash Flow Theory According to (Jensen, 1986), à ¢Ã¢â€š ¬Ã…“free cash flow theory, high cash flow and low debt create agency costs associated with conflicts between manager and share holder over the payout of this free cash, which is the cash left after the firm has invested in all available positive net present value projects.à ¢Ã¢â€š ¬? Capital Structure à ¢Ã¢â€š ¬Ã…“A careful and systematic analysis of how claims against a corporations assets can or should be determined, assessed, and accounted for.à ¢Ã¢â€š ¬? (Riahi-Belkaoui, 1999) Capital Investment Decision à ¢Ã¢â€š ¬Ã…“Capital Investment decisions are those decisions that involve current outlay in return for a stream of benefit in future years.à ¢Ã¢â€š ¬? (Drury, 2006) Tobins q à ¢Ã¢â€š ¬Ã…“Tobins q is a measure of investors expectations concerning a firms future profit potential. It is defined as the ratio of the market value of a firm to the replacement cost of its assets.à ¢Ã¢â€š ¬? (Strecker, 2009) Literature Review Vogt (Vogt, 1994) explained the capital spending behavior of companies with respect to change in dividend cash paid, cash flows, sales, and market value of assets. The regression equation models the variables to proportion of fixed assets, and distributes the firms data in segments of Dividend Payout Groups and Asset Groups. Primarily, Dividend Cash has a strong negative impact on capital spending; it explains that in order to finance additional fixed investment firm needs to sock cash by reducing their dividend. Cash flow, Sales, and Q Ratio having a positive coefficient demonstrates that with an increase in future cash flows, the firm will improve its capital spending. A relationship has been developed between the firms investment decision and the firms financial status by Cleary (Cleary, 1999), financial status has been studied with respect to the liquidity constraints. The data is classified into groups through a discriminant analysis on basis of dividend payout policy. Groups taken into study have made possible to identify firms which are more financially constrained more likely to be investment-cash flow sensitive, furthermore, availability of internal sources of funds have a greater impact on firms with high credit worthiness, and vice versa. It has been proposed that the various ownership structures make managerial decision based on the interaction between investment and the firms liquidity constraints. The study conducted by Dedoussis Papadaki (Dedoussis Papadaki, 2010) mentioned that the management can be held separate from its ownership, even on basis of the nationality of the company. On the other hand, it also explained that the relative shareholding of CEO and the controlling shareholders can also be the basis of separation. The sample used in the study was separated and grouped on basis of dividend payout, asset size of the firm, age of the firm, source of control, and kind of ownership. On the given sampling criterion; greater asset size firms, older firms, lower Q (high investment opportunity), and high dividend payout firms showed higher cash flow sensitivity towards investment. Findings support that the Low Q, small, and new firms under the generalized model are facing asymmetric information problems. Indeed these firms are expected a priori to face financing problems that affect the cost of their external financing. On the other hand, low Q, old and low dividend firms are more likely to face managerial discretion problems that result to over-investment. The impact of Tobins Q is mainly used to determine the investment opportunity of the firm. In this article, marginal Tobins Q has been taken to evaluate the firms investment and Research Development expenditures. The asymmetric information (AI) hypothesis proposed that firms provided with a profitable investment-project may not be able to source it through internal cash flows and the high financial cost of borrowing funds externally due to lack of awareness of firms investment opportunity in the capital market. On the other hand, agency or managerial discretion (MD) hypothesis constructs the investment-cash flow relationship on the assumption that managers are well qualified in context with proficiency they obtain from managing a huge and fast paced firm and thus exceeding the wealth shareholders beyond their expectations. (Gugler, Mueller, Yurtoglu, 2004) Taking in viewpoint the impact of capital structure on the capital investment decision, firms investment demands is the more susceptible towards cost-of-capital or tax-based capital incentive. Whereas, capital structure seems irrelevant as against internal sources of funds can be effectively substituted with sources of funds generated externally. The size of the investment project can be a deterministic factor towards it. Fazzari, Hubbard, Peterson, Blinder, Poterba (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) explicates that cash flow/investment relationship is more sensitive when taken in reference with firms dividend behavior. Comparison based on firms having more or less liquidity constraints can be further improved when compared on a division based on the scale of the firms, i.e. young or small firms versus large ones. This way the researchers can address the problem of firms lacking the asymmetric information. Under the impression where capital investments decisions mainly pertains to the capital structure or choosing the appropriate source of investment, Schaller (Schaller, 1993) conducted three different empirical tests to determine that information asymmetries have a huge influence on the firms investment behavior. Differences among the informational base of investors and creditors was also considered a capital market imperfection. Ownership status and age of the firms has an impact on the cost of equity financing, mature firms pay comparatively less price for it than young firms. Same aspect goes for the firms with concentrated with comparison to dispersed ownership. Borrowing is considered a more rational source for investment-projects. Pledgeable assets generate greater borrowing capacity, which afterwards makes firms invest more in pledgeable assets. As suggested by Almeida Campello (Almeida Campello, 2007), such a phenomenon can be termed as a credit multiplier. In case of financially constrained firms, a multiplier relates to the sensitivity of firms investment-cash flow relationship that is reflected as the increase in the tangible assets of the firm. Therefore, it is proposed that with fewer tangible assets firms are more likely to be financially constrained. The sensitivity of investment-cash flow relationship is evidently influenced by the tangibility of a firm, as latter discussed. Managers while making capital investment decision considers externally-sourced funds costlier, therefore, overconfident managers over assessing the profitability of an investment-project invests more when having abundant internal funds to utilize. However, deciding not to source externally in case where they are short of internal funds to generate. There has been an evidence of significant relationship between the managerial discretion and investment-cash flow sensitivity. Equity concentrated firms are more likely to be influenced by overconfident managers, unless compensation tools can be used to reduce the effects of managerial overconfidence. (Malmendier Tate, 2005) Goyal Yamada (Goyal Yamada, 2004) have explained the impact of asset pricing in the stock market against investment-cash flow sensitivity. Overvalued stock prices triggers an increased in investment spending and are cut back when stock are being undervalued, consequently, inflated prices collateral assets attract higher level of external financing. Inflationary pressures primarily determined by the economic monetary policy impacts on the variation of cost on external financing, though it reflects highly on cost of external financing, marginally impacts less on the investment-cash flow sensitivity. It has been observable that less financially constrained firms have significantly higher investment-cash flow sensitivity. Characterizations of firms based on financial constraint can sometimes create confusion. Firms having unusually high cash holdings can either be characterized as unconstrained based on the opportunities it has to invest or constrained based on the assumption that it needs to have a precautionary savings to invest in future investment projects. Therefore, financial constraints cannot be used as an influential determinant for investment-cash flow sensitivity. (Kaplan Zingales, 1997) Hu Schiantrlli (Hu Schiantarelli, 1998) put into picture the effect of general economic factors and various firms characteristics on the value of the firms net worth. Mainly financial status is the most important determinant for the level of asymmetric information problem that managers face. A strong balance sheet position can reflect good sign of firms performance which enhances the market value of the firms asset to its stake holders, mainly investors and creditors. Q models assumption also assists in determining the sensitivity of the investment-cash flow relationship, where the indicators determine the investment opportunity and the sources of funds to choose from. Understanding the market influence in proxy of q can also give a clear picture to the movements in the firms investment over a period. Net worth of firms helps manager determine if the sourcing of funds externally is a viable option in contrast to the investment opportunity which underlies. (Hubbard, 1998) Research conducted on the investment-cash flow sensitivity addresses many aspects of the firms financial strength. Further study by Calomiris Hubbard (Calomiris Hubbard, 1995) shows that when firms tax taken under investigation also reflected a significant influence on the volume of spending on investment-projects. They explored the impact of surtax margin, as a tax experiment, on the cost of internal and external funds. Surtax when levied on undistributed profits, obligate the firms to incur certain cost on the internal funds. This effects the managers decision to invest and is also reflected on the investment-cash flow sensitivity against the surtax margin. As a result to evade burden of higher cost on internal funds, firms with high surtax-margin exhibits elevated sensitivity in investment-cash flow relationship. Quan (Quan, 2002) discusses the Pecking Order theory with reference to the Modigliana-Miller proposition that works under the assumption of perfect market. Here it is stated that value of the firm is irrelevant and based on a few limitations the choice of financing can be determined via gauging the strength of the firm. These factors pertain to the imperfect market and influence the managers to make their capital investment decision. Once the assumptions are released the financing structure shows a clear picture. The association between Free Cash Flow theory and Agency theory has always been under the limelight when there is a question of retaining the undistributed profits. FCF Theory taken under consideration gives out an option to the management to hold on to excess cash sacrificing the shareholders opportunity cost. These excess funds can be generated to better internal operational efficiency or at managers discrepancy to source its investment-projects. (Wang, 2010) Research Methods The chapter explains the model used in the given research study. The study focuses on analyzing the influence of Cash Flows and Tobins q on Corporate Investment. The equation represented by a dependent variable as a ratio of capital spending to the beginning net fixed asset (I/K) predicted by independent variables: (1) ratio of cash flow to the beginning gross fixed asset (CF/K), and (2) beginning Tobins q (Q). Method of Data Collection Main source of collecting the required data is from secondary sources. It includes the Balance Sheet Analysis of Joint Stock Company listed in Karachi Stock Exchange provided by State Bank of Pakistan consisting of data of our relevant variables. The data was taken in annual terms to conduct this research. Sampling Technique The Convenience sampling or grab or opportunity sampling would be use in this research. Sample population selected because it is readily available and convenient. Sample Size The sample period taken under study covers 8-years period beginning at the start of 2000 and ending at the close of 2008. The data was taken from a sample of 70 (non-banking and non-financial) companies which are listed on Karachi Stock Exchange and included in KSE-100 index. Research Model Statistical technique Ordinary Least Square Regression technique is used to study the impact of variables included in the study. It helps studies the relationship between a dependent variable and several independent variable. It also assumes the relationship to be linear or à ¢Ã¢â€š ¬Ã…“straight line,à ¢Ã¢â€š ¬? where the values of predictors lies directly proportional to Criterion variable. SPSS Software is used to develop the regression model and evaluate the influence of predictors on dependent variable. Results Findings and interpretation of results Aggregate Sample: Table : Represents the model summary of regression estimates for the full sample of 69 firms The predictors, i.e. main effects of Cash Flow and Tobins q and an interaction variable of both combined, included in the model explains 78.5% of Investment (Table 1) shown mentioned as R Square. Least variation in Adjusted R Square suggests that the variable to observation ratio in the given model is sufficient. Casewise diagnostic was also conducted to eliminate the outliers in the data to improve the results. Table : Studies the F-statistics to test whether the model predicts the dependent variable significantly The F-statistics (Table 2) is significant and it determines the regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level. Table : The parameter estimation for full sample of 69 firms with respect to dependent variable, t-statistics is used to test the null hypothesis ÃŽÂ ²1 = ÃŽÂ ²2 = ÃŽÂ ²3 = 0 The coefficient values of all predators included in the test are significant at a 0.05 significant level (Table 3), which shows that they have a strong influence on the investment of the firm. The standard coefficient shows that Cash Flows have a much greater impact on Investment than market value on the firm, which is exemplified through Tobins q. Dividend Payout groups: Table : Presents the sample statistics for 69 KSE listed (non-banking and non-financial) companies which are included in the KSE-100 index. The three rows distribute the statistics into High, Medium, and Low payout policies. Average dividend-to-income ratios of greater than 0.35, between 0.35 and 0.10, and less than 0.10 define High, Low, and Medium dividend-payout firms, respectively. While studying the dividend-payout groups (Table 4), the descriptive helps to identify characteristics to confirm whether the data being studied has the authenticity and the behavior pattern which commonly related to the groups assigned. The values of Investment, Cash Flow, and Tobins q associated with the groups are in complete correspondence with the hypothetical occurrence. Firms having a higher (lower) dividend payout have greater (lower) market value, and lower(higher) level of cash flows and investments. Table : Represents the model summary of regression estimates of 69 firms split by High, Medium, and Low dividend-payout policies. The model helps explains 81.9%, 66.7%, and 80% data in High, Medium, and Low dividend-payout firms (Table 5), shown in R Square. Least variation in Adjusted R Square suggests that the number of observations is sufficient with respect to variables in each group separately. Table : Studies the F-statistics to test the null hypothesis of ÃŽÂ ²1, H = ÃŽÂ ²1, M = ÃŽÂ ²1, L The F-statistics (Table 6) in each dividend payout group is significant and it determines that each regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level. Table : Shows the parameter estimation for each payout groups with respect to dependent variable, t-statistics is used to test the null hypothesis ÃŽÂ ²1 = ÃŽÂ ²2 = ÃŽÂ ²3 = 0 The coefficient values of predators in High and Low dividend payout groups are all significant at a 0.05 significant level (Table 7), which shows that they have a strong influence on the investment of the firm. Except for Medium dividend payout group, which has insignificant coefficient values of Tobins q, showing no impact on the investment. The standard coefficient shows that Cash Flows have a much greater impact on Investment than market value on the firm, which is exemplified through Tobins q. Hypothesis Assessment Summary Hypothesis Independent Variables B t Sig. Comments Firms cash flow having a significant impact on its capital investment will be linked with high Q values. (FCF Theory) Cash Flow ÃÆ'— Q H0: ÃŽÂ ²3 ÃŽÂ ²3,H = .135 5.295 .000 Rejected ÃŽÂ ² 3,M = .072 .991 .324 ÃŽÂ ² 3,L = .140 5.482 .000 Firms being liquidity constrained due to least payout will have significant investment-cash flow sensitivity, and will be linked with high Q values in the market. (PO Theory) Cash Flow ÃÆ'— Q HA: ÃŽÂ ²3 >0 ÃŽÂ ² 3,H = .135 5.295 .000 Accepted ÃŽÂ ² 3,M = .072 .991 .324 ÃŽÂ ² 3,L = .140 5.482 .000 Dependent Variable: Investment (I/K) Table : Summarizes the results and explains that the hypothesis accepted is directly in correspondence with the aggregate hypothesis. As illustrated (Table 8) capital spending of low payout firms is positively and strongly influenced by the interaction term, consistent with the PO hypothesis, the parameter estimate for the high payout firms are also positive but marginally significant. Conclusion, Discussions, Implications And Future Research Conclusion The results illustrated above demonstrates that the positive relationship between the degree of the Investment-Cash flow relationship and Q represented latter in the aggregate data (Table 3) is concentrated in low or no dividend paying firms. This finding is in further support with the PO hypothesis. Discussions The objective was to study and test the causes of universal relationship between Cash Flow and Investment Spending. Hence, two hypotheses were included in the research to study the source of this relationship: the free cash flow hypothesis (FCF) hypothesis, which works on the assumption that managers prefer investing its free cash flow excessively into investment projects that are not profitable, and the pecking order hypothesis (PO) purports that managers are prone to investment comparatively less than the opportunity provided due asymmetric information-induced liquidity constraint. As advocated in favor of Pecking Order Theory by (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) and many others, for groups which consists of small firms with low-dividend payout to fund capital spending, exhibits heavy reliance on cash flow and cash changes. The relationship can be more significantly studied when the impact of larger q value is associated with this group. Evaluating the impact of corporate governance on investment-cash flow relation requires a critical judgment as to how do the firms cash flow and the existing market value influence the investment decision. Financially constraint firms may have a larger impact on liquidity associated matters and managers might take discretion in choosing the right sources to tap. Agency cost may be involved in making such a decision where managers may consider paying dividend as a higher opportunity cost as it reduces the firms free cash flow to exploit new profitable investment projects. Implications and Recommendations In the current market situation where external pressures existing can also be taken into proxy. When managers making a capital investment decision they need to take in view other non-financial aspects that also influences the decisions to a certain extent. Furthermore, financial intermediaries having a certain level of involvement and sharing information sensitive to the market can also be a major factor that might be giving a varying result against Investment. Investing in profitable-investment projects can bring in greater resources to the firm in future and it entails a huge decision burden upon the shoulders of the managers. Shareholders expecting to earn a greater return through investing in them can also be undermined when manager decided to have a low payout policy. Funds generated internally is a possibility where there is a healthy cash flow, but it is also preferable if this free cash is invested into marketable security for allocating the resources into a profitable venture for a time being to make it a positive impression. Future Research In future studies there may be more aspects of cash flow-investment relationship which can be studied for assessing the degree impact it has on this relationship, i.e. sales, debt performance, capital structure, firm size, etc. The research study may also be improved if the observation of firms are increased that will in turn reflect a more clear picture about the relationship in the current scenario.

Research Paper-Biometrics -- essays papers

Research Paper-Biometrics â€Å"Biometric technologies are defined as "automated methods of identifying or authenticating the identity of a living person based on a physical or behavioral characteristic."(Source #1) Growing up I loved to watch McGyver. He use to run around and break in and out of military compounds that were equipped with all types of security systems. Somehow he would always find the laser beams, or trick the fingerprint security, or voice activation. During that time biometrics was just beginning to come to the surface. Nowadays systems enabled with fingerprinting security, voice activation, or face recognition have come a long way and are close to fool proof. Biometrics have come even as far to be used at the Super Bowl or other huge sporting events. Cameras have been designed to monitor crowds and be able to take faces and run them through national criminal databases to see if any matches occur. Biometrics is the security of today and tomorrow. In this paper I will explain different types of biometric security systems, mainly fingerprint activation, and give a thourugh explanation of when it was created, who created it, how the product has evolved and where the product is going. Among all the biometric techniques, fingerprint based identification is the oldest and most familiar method. Fingerprints were first recognised as unique in 1684. Everyone is known to have unique, immutable fingerprints. A fingerprint is made of a series of ridges and furrows on the surface of the finger. The uniqueness of a fingerprint can be determined by this pattern of ridges and furrows. The fingerprint scanner captures an image of the fingerprint and uses complex algorithms to either convert the image into a unique "m... ...ve created is a voice activated deadbolt. Never worry about forgetting your keys or leaving them locked in your car. Simply state unlock door, the system searches its database for a match and your in. Voice Security systems have even created voice verification to access your vehicle. The most advanced creation in automobile security. No need for â€Å"the Club† or viper security systems on your vehicle. Simply install a voice verification system on your car and noone will be able to start your car unless their voice sample has been stored in the database. That diagram shows the simple structure of the deadbolt voice verification system. Overall, Biometrics have became security of the future. All three types of biometric technigques that I have explained in this paper each have their advantages and disadvantages over the others but all perform the same goal.

The Scarlet Letter: An In Depth View of an Opinionated Reader?s Opinion :: essays research papers

The scarlet letter began as one woman’s punishment and later spread to several people’s ruin. The scarlet letter set off a course of events one right after another that brought nothing but heartache, death, and suffering. The wearer of the scarlet letter, Hester Prynne, loved a man, Arthur Dimmesdale. The love between these two people resulted in a tale that will forever be considered a classic in American litatutre. The book is an in depth view of the consequences of secret loves and ultimate sins. The scarlet letter began as a lesson, but after its deeds were done served as a legend.   Ã‚  Ã‚  Ã‚  Ã‚  Throughout my reading of The Scarlet Letter I have developed a few opinions. One of those opinions is that this entire ordeal could have been avoided with the use of common sense. If Hester and Dimmesdale had stopped and thought it out carefully there would not be a baby in the equation. If there was no child, than Hester and Dimmesdale could have loved each other in secret, and maybe then their plan to run away might have been successful. Now, Hester may have been successful in her lack of common sense, but she wore the letter â€Å"A† proudly, as is shown in the following quotation from the novel: â€Å"... The point which drew all eyes and, as it were, transfigured the wearer-so that both men and women, who had been familiarly aquainted with Hester Prynne, were now impressed as if they beheld her for the first time--was the Scarlet Letter, so fantastically embroidered and illuminated upon her bosom. It had the effect of a spell, taking her out of the ordinary relations with humanity and enclosing her in a sphere by herself (61).† I believe that although it caused her much pain and suffering it could also be a token of her love for Dimmesdale. She wears the letter as a consequence from loving Dimmesdale. She might have made the letter so lovely as to vibrate positive feelings from it, however, which may or may not have been a good thing.   Ã‚  Ã‚  Ã‚  Ã‚  See, if Hester had just accepted her sin and not boasted about as if the letter had no effect on her, or as if she hadn’t done anything wrong, she may have been more accepted by the people of the town. She might even have saved herself from unnecessary pain and suffering, whether or not she really believed the act she pulled for the town.

The Scarlet Letter :: essays research papers

People judge others they encounter based upon their own values. These values are acquired through experiences in the home, school, at work, and with friends. A person is taught from their parents at a very young age what is right and wrong, but they may fail to realize that the values they are taught are filtered through the minds of those who teach. Therefore one is a product of their previous generation adding our his or her judgement to the values that we will pass on.Hawthorne judges the characters in The Scarlet Letter by using his own values. These values were drastically different from other Puritans. Instead of the stern, harsh values of the Puritans, Hawthorne sees life through the eyes of a Romantic. He judges each person accordingly, characterizing each person's sin as the pardonable sin of nature or the unpardonable sin of the human soul. One can infer, by the writing style, that Hawthorne is most forgiving to Hester. He writes about Hester with a feeling of compassion that the descriptions of the other characters lack. Hawthorne approves of Hetser's feeling, vitality, and thirst to overcome the iron shackles of binding society. He shows us that although Hester is not permitted to express her feelings verbally because of social persecution, there is no one that can restrain the thoughts of the human mind. Hawthorne, being a romantic and man of nature himself, can relate to the this. - If you were to look up the human mating characteristics in a science book you may surprise yourself. The human instinct is to have more than one partner not to stay loyal to one partner- In fact Hester is often contrasted with the Puritan laws and rules, especially when Hawthorne states: "The world's law was no law for her mind." (70) Roger Chillingworth's personality is one of intelligence and knowledge but no feeling. Hawthorne considers Roger Chilingworth's sin the worst in the book. In one of his journal entrees he labels it the "unpardonable sin." Hawthorne describes him as very cold and Puritan-like, an educated man that looked very scholarly. As stated here:There was a remarkable intelligence in his features, as a person who had so cultivated his mental part that it could not fail to mould to physical to itself, and become manifest by unmistakable tokens. (67)Hawthorne frequently refers to Chillingworth's genius and diction, but purposely fails to have Chillingworth show any slight sign of compassion.

Analyse the key features of Virtue Ethics Essay

Virtue ethics is a custom which goes back to Plato and Aristotle; it is also known as aretaic ethics, from the Greek word arà ªte meaning excellence or virtue. There are a number of key features to virtue ethics, one of the most significant being that it is an agent-centered theory rather than act-centered theory. Therefore it asks the questions ‘What sort of person ought I to be?’ rather than ‘How ought I to act’. The concept does not focus on actions being right or wrong, but on how to be a good/virtuous person. Virtue ethics was re-examined and redeveloped in the twentieth century by philosophers such as G.E.M. Anscombe. Plato proposed that virtue ethics centers around the achievement of man’s highest good, which involves the right cultivation of his soul and the harmonious well-being of his life, otherwise known as eudaimonia. Additionally, Cardinal virtues are a vital feature to the proposal of virtue ethics, examples are: temperance, courage, prudence and justice. These Plato seemed to consider central virtues and that, when these virtues are in balance, a person’s actions will be good. However, there was not much agreement among the Greek philosophers about which virtues were central, and Aristotle gives a very different account of the virtues. Aristotle highlighted a significant feature to the theory as he sought to give an account of the structure of morality and explained, in his book Nicomachean Ethics, that the point of engaging in ethics is to become ‘good’. Here, Aristotle differentiates between things which are good as means and things which are good as ends. Additionally, Anscombe argues that eudaimonia is the highest good because we desire it for its own sake, and not just as a means to anything else at all. Other good things, such a justice, are desired because they lead to a good life, whereas good living itself is not wanted for anything which it might lead to; it is inherently worth having. Aristotle, highlighting another feature of the ethic, suggests that human well-being and human flourishing is a life characterized by the virtues. However, this good human life is one  lived in harmony and co-operation with other people, since Aristotle saw people as not only rational beings but also as social beings. We live in groups and he saw the well-being of the group as more important than that of a single member. Moreover, Aristotle believed that the best way to achieve eudaimonia was to develop and exercise qualities that are most productive for living in a society. Extremes of behavior, such as being too timid at one extreme or too assertive at the other, are unhelpful to society. This led Aristotle to create a crucial feature of virtue ethics, what he called the Golden Mean, which can be explained as: striking the right balance between extremes. Each extreme he called a ‘vice’, and the midway point where the right balance is struck he called a ‘virtue’. However, the mean is not the same of everything and depends on circumstance – you need to apply phronesis to decide on the right course of action on each situation. Aristotle was convinced that virtue is something which we acquire and not something which we have when we are born; different people are not inherently good or bad, but become good or bad according to the habits they develop in themselves. Therefore, Aristotle highlighted a key feature in the ethic that it is not enough to have the know-how or even the habit of behaving as the virtuous person does, the actions are not as important as the character, and therefore the virtuous behavior must be done with the right motivation, as the virtuous person would do them. In the twentieth century there was a revival of interest in virtue ethics by philosophers who were unhappy with act-centered ethical theories. Stressing key features to the theory, modern versions of virtue ethics argue that the assessment of a person’s character is an important aspect to our ethical thought and needs to be included in any ethical theory. In 1958 G.E.M. Anscombe published a paper called ‘Modern Moral Philosophy’ where she argued that the concept of moral rules and of moral obligations is flawed. She attacked the traditions of Utilitarianism and of Kant, which both set out principles for people to follow and which look at the morality of different actions, rather than at the character of the person. Anscombe argued that the idea that we have obligations to keep rules makes no sense unless people believe in God. Without any absolute law-giver, there is no sense in following laws in ethics. She saw that ethical systems which try to establish rules even after the idea of God has been abandoned are incoherent, not recognizing that their basis depends on belief which many people no longer hold. For Anscombe, the way forward is to revive the concept of human ‘flourishing’, eudaimonia, which does not depend on any notion of God. Philippa Foot attempted to modernise Aristotle’s virtue ethics while still keeping the Aristotelian understanding of character and virtue. She recognises the significant features to the ethic, such as the importance of the person’s own reasoning in the practice of virtue, claims that the virtues benefit the individual by leading to flourishing and stresses that the virtuous person does far more than conform to the conventions of society. Foot argues that a virtue does not operate as a virtue when turned to a bad end. Virtues are good for us and also help us to correct harmful human passions and temptations. Additionally, in his book After Virtue, Alasdair Macintyre claims that ethical theories have simple resulted in ethical disagreements. The result if this, he suggests, is that people do not think there are any moral truths and consider one opinion to be as good as any other opinion. Macintyre argues that most people’s attitudes today are based on emotivism. Macintyre added a vital feature to the ethic, as he wanted to restore the idea that morality should be seen in terms of human purpose, but he thought it would not be possible to restore Aristotle’s theory of function and so he attempted to make human function, and so human virtue, depend on community. According to virtue ethics, morality is not found in actions or in duties, but in the person performing the actions, the ‘agent’. Thus morality should focus on the person, and not necessarily on the choices they make in their moral behavior. The theory concentrates on being, rather than doing, and this crucial feature results in the contrasts with other forms of ethics,  which aim to show how to discover the right course of action. Although the system is based on ideals, it is no unrealistic, because it looks to actual examples of virtuous people, such as Martin Luther King or Jesus; it can therefore be seen to have attainable targets. It’s aim is to achieve something which people genuinely want, eudaimonia, rather than being based on arguably incoherent ideas about the after-life. Evaluate the extent to which virtue ethics can withstand criticism. Virtue ethics encompasses all aspects of life rather than particular actions. It sees every moment as the possibility for acquiring or developing virtue. Virtue ethics provides an alternative route for drawing on the tradition of moral philosophy in a way that’s a different from the natural law approach. It’s an alternative ethical model that fits Christian ethics and also reaches beyond religious ethics. However, some Christians may argue that, in modern society, the extent of the relevance of the ethic can be considered insignificant as it focuses on the fundamental issues of what it means to be human, rather than looking for rules. Therefore, virtue ethics does not pretend to be able to tell us what a good person would do in every situation but encourages us to be more like such a person so that we will not need an ethical theory to make our decisions for us. This asset strengthens the theory, possibly increasing the extent to which it can withstand criticism as it stresses the importance of character, providing the example: someone who helps the poor out of compassion does seem to be morally superior to someone who does it out of duty. Multiple criticisms have been voiced about the theory and many have reduced the degree to which the concept is valued in modern day society. For example, one criticism leveled against virtue theory is that it is far from replacing the arguments about moral duty and moral absolutes, it ultimately depends on them. Walter Schaller, in his works, argues that moral virtues have only ‘instrumental or derivative value’. Virtue ethics relies on the concept of duty and the idea that there are moral norms or absolutes. This point undermines the significance of virtue theory, as Macintyre was trying to get away from the arguments about duty and moral actions. On the other hand, Robert Louden criticises the theory by questioning how virtue ethics can be applied to moral dilemmas. He argued that virtue ethics does not help people facing a crisis because it does not give any clear rules for action, for example what is the virtuous response to abortion? Virtue ethics does not provide any concrete answers and only says it is a matter for the practical wisdom of the person facing the situation. However, some Christians may argue that this statement can be counteracted as a strength of the theory as a lack of concrete answers allows personal choice and freedom to decide what is morally virtuous, increasing it’s ability to withstand criticism. Louden also points out that it is difficult to decide who is virtuous, as acts which appear virtuous on the outside may not necessarily have good motives and vice versa. Nevertheless, virtue ethics counteracts this criticism as it, as a theory, enables us to integrate many aspects of life, such as our social responsibilities, into our ethical reflection; it looks at what makes life valuable rather than looking at what is right or wrong. It does not reject our emotions but includes them, and so is more in-tune with how people naturally react to an ethical dilemma. It relates our ethical choices to the bigger picture. Additionally, it has been argued that virtue ethics does not seem to have room for basic concepts such as rights and obligations. This therefore reduces the theory’s ability to withstand the criticisms proposed of it and thus reducing how relevant the theory is. As a theory of ethics is seems incapable of dealing with big issues – virtue ethics does not always have a view about what makes an act right or wrong. It is vague, therefore it is hard to make decisions. Moreover, the theory counteracts the criticisms aimed at it through the use of examples of virtuous people. Virtue ethics stresses the importance of motivating people to want to be good. Shows how we acquire and learn virtues by intimidating others. Examples of these virtuous people are Martin Luther  King and Jesus who both fought for supreme happiness for society. Conversely, criticisms have been constantly weakening the theory through questions such as ‘What is happiness?’ and ‘Does Aristotle’s supreme happiness exist?’. It has been argued that virtue ethics depends on some final end which gives shape to our lives – there may not be one and being virtuous may not effect it anyway. These factors significantly weaken the extent to which the theory has survived criticism especially as the ethic seems to praise some virtues that Christians might see as immoral, such as soldiers fighting unjust wars may be courageous but that doesn’t make them morally good. However, the theory has also been vitally strengthened for modern society through its acceptability of bias behavior in favor of friends and family, unlike utilitarianism or Kant, which see impartiality as important. The relevance of the concept is also supported through it’s avoidance of following a formula, such as utilitarianism: ‘the greatest good for the greatest number’, to work out what we ought to do and focuses instead on the kind of person we ought to be. Therefore it is a more practical way of making a decision easily. Overall, even though the criticisms of the theory are vital in reducing the extent to which it is valued in this present day, the strengths of the theory provide society with an ethical guideline as to how to be and what makes a virtuous person.