What Are Clarkes Laws

Clarkes Laws are a series of three rules attributed to science fiction legend Arthur C. Clarke, intended to help define ways to consider claims about the future of scientific developments. These laws do not contain much in the way of predictive power, so scientists rarely have any reason to explicitly include them in their scientific work. Despite this, the sentiments that they express generally resonate with scientists, which is understandable since Clarke held degrees in physics and mathematics, so was of a scientific way of thinking himself. Clarke is often credited with having developed the idea of using satellites with geostationary orbits as a telecommunications relay system, based on a paper he wrote in 1945. Clarkes First Law In 1962, Clarke published a collection of essays, Profiles of the Future, which included an essay called Hazards of Prophecy: The Failure of Imagination. The first law was mentioned in the essay although since it was the only law mentioned at the time, it was called just Clarkes Law: Clarkes First Law: When a distinguished but elderly scientist states that something is possible, he is almost certainly right. When he states that something is impossible, he is very probably wrong. In the February 1977 Fantasy Science Fiction magazine, fellow science fiction author Isaac Asimov wrote an essay entitled Asimovs Corollary which offered this corollary to Clarkes First Law: Asimovs Corollary to the First Law: When, however, the lay public rallies round an idea that is denounced by distinguished but elderly scientists and supports that idea with great fervor and emotion -- the distinguished but elderly scientists are then, after all, probably right. Clarkes Second Law In the 1962 essay, Clarke made an observation which fans began calling his Second Law. When he published a revised edition of Profiles of the Future in 1973, he made the designation official: Clarkes Second Law: The only way of discovering the limits of the possible is to venture a little way past them into the impossible. Though not as popular as his Third Law, this statement really defines the relationship between science and science fiction, and how each field helps to inform the other. Clarkes Third Law When Clarke acknowledged the Second Law in 1973, he decided that there should be a third law to help round things out. After all, Newton had three laws and there were three laws of thermodynamics. Clarkes Third Law: Any sufficiently advanced technology is indistinguishable from magic. This is by far the most popular of the three laws. It is invoked frequently in popular culture and is often just referred to as Clarkes Law. Some authors have modified Clarkes Law, even going so far as to create an inverse corollary, though the precise origin of this corollary isnt exactly clear: Third Law Corollary: Any technology distinguishable from magic is insufficiently advancedor, as expressed in the novel Foundations Fear,If technology is distinguishable from magic, it is insufficiently advanced.

Teenage And Peer Pressure By Marjane Satrapi s Memoire,...

Teenage and Peer Pressure Peer pressure is difficult to withstand during teenage years especially when on campus far away from parents or guardians. In Marjane Satrapi’s memoire, Persepolis, the chapter titled â€Å"Croissant†, does not suit the story in the chapter in my opinion because, most of the events that happened in the chapter have nothing to do with croissant. The story was about a young girl named Marji who was sent abroad by her parents during her early teenage years to study because there was a war in her country, and the lifestyle she led when she went to the school. Marji behaved like most teenager who cannot withstand peer pressure. She was naà ¯ve, unfocused, trusting and liked politics, so Teenage and Peer Pressure would have been a better title for the chapter. First, being naà ¯ve can let somebody take advantage someone by asking the person to run errands that are against the law or unethical. Marji had a boyfriend on campus called Markus who was a drug user. Marji was used by her boyfriend to buy drugs for himself and his friends on campus. Marji and Markus both knew dealing in drugs was a crime that can land someone in jail or to be expel from school but, he sent Marji over and over to buy the drugs until she became an addict because she was naà ¯ve. Also, she knew that the place where the drugs were being sold was dangerous for a teenager like her to go because most of females who goes to such places to buy drugs are sexually assaulted in such places,

Long Walk to Remember Poem Free Essays

Long walk to Forever I’m what they call A. W. O. We will write a custom essay sample on Long Walk to Remember Poem or any similar topic only for you Order Now L Was a private first class in the Artillery. Hitchhike since two days, On the fringe of a city, Near fields and woods and orchard. In the early afternoon, I knocked on Catharine’s front door. I want to give Henry a rosy bride, By taking a walk with Catharine. One foot in front of the other, Through leaves, over bridges. That will be my present. I’ve never done anything like this before, Time to time, I softly said to me,I love you. I have never kissed you, I would have before. So let’s take a walk, One foot in front of the other, Through leaves, over bridges. We had always been playful, but never talk of love. What happens next? I let you know I loved you.. â€Å"Too late†, she said. I started walking again. Involuntarily, she bursts into tears, and clenched her hands. A woman couldn’t hide love, As I was seeing love now. I kissed her. The bells in the tower of the school rang. Just dream of me,Your wonderful Newt. Marry me, Catharine? Not Henry Stewart Chasens. There are many, many good things about me. We say goodbye, shake hands, part friends. I smiled, and walked away quickly. In long perspective of shadows and trees. I stopped, and turned, â€Å"Catharine. † She ran to me. â€Å"I’ll always remember you,† she said. I’m not disappointed. We take a walk, One foot in front of the other, Through leaves, over bridges. I’m sorry Catharine, Because I love you How to cite Long Walk to Remember Poem, Papers

Tall Grass Essay Research Paper Preservation of free essay sample

Tall Grass Essay, Research Paper Preservation of the Tallgrass Prairie Brief Review The tall-grass prairie ecosystem one time covered over 400,000 square stat mis in North America. This country extended from Canada due south to Texas and from the Rocky Mountains east to contemporary Ohio. Today, merely one per centum of this terrain remains in being in its natural province, much of which is located in the wild Flint Hills of eastern Kansas. There had been a motion for about 50 old ages in favour of some kind of preserve of the minimum resources of this huge prairie that were left. In 1994, the National Park Trust bought a big subdivision ( about 11,000 estates ) of land at the historic Z-Bar/Spring Hill Ranch in Chase County. This rekindled involvement for the undertaking, and a measure was introduced in 1996 to both the House of Representatives and the Senate. Sponsored by members of the Kansas congressional deputation, including Senators Nancy Landon Kassebaum and Bob Dole and Representatives Pat Roberts and Ann Meyers, the measure ended up go throughing through both houses of Congress. The newest United States National Park was born under the name of the Tallgrass Prairie National Preserve. The park is located 18 stat mis west of Emporia, or merely 2 stat mis north of Strong City on Highway 177. Description of Materials by Beginnings The scientific diary, of class, seems to concentrate entirely on the environment of the prairie itself. It describes in deepness the dirt fluctuations and topographic alleviation of the part of the new park. It presents factual information in about agonising item that can sometimes be hard to follow. Mentions are used, mentioning stuff from writers of other diaries, which allows for confirmation of anything. I have the uttermost religion in the writer of this piece and his huge array of cognition about the topography of the tall-grass prairie. The Popular Science article besides discusses the natural environment of the part. It is non about the modesty itself, but instead the Flint Hills part and assorted agricultural research undertakings that have been performed there for assistance in countries that were one time tallgrass prairie, but have since been transformed into farming lands. There is plentifulness of factual information, but non in nigh as much item as the diary gave, doing for an easier read for the most portion. The lone mention truly used was one reference of a related article, which makes it slightly hard to verify the facts. However, I have no jobs with any of the writer s information because of this, as it most likely means she merely did most of the research herself. The pieces from the St. Louis Post-Dispatch and Travel A ; Leisure magazine are both really soft articles that are aimed at possible visitants to the country. They possess small or no scientific fact and fail, for the most portion, to advert anything about the huge lessening in North America s tall-grass prairie lands. However, they do supply human-interest factoids about what to make to bask the country if you will be sing. There is no referencing, as the articles are presented from the writer s personal experiences. That being said, the writers holding been there themselves makes me swear that what they are composing is at least honest and truly is their sentiment, if non absolute fact, of the part. Finally, the two web sites both do an surprisingly good occupation of covering anyone s involvement in the country. For the devouring scientist, they provide good information about the natural characteristics of the land. The manque traveller to the park besides can derive a batch of information, including history and what to see while in the country. Maps are included for mention. My religion in the truth of the stuff here comes from the fact that one is from the National Park Trust, which owns the land, and the other is from the National Park Service, which maintains it. If anyone knows all there is to cognize about this land, it would be these two organisations. Summary and Evaluation In amount, I would hold to state that I truly am non all that surprised at what I found each peculiar beginning to be interested in. I besides am non surprised that I trust their information and the cogency of it, because they stuck to what they are good at. For case, if the travel magazine had tried to travel in deepness about the surface soils of the part, I would non hold trusted it. First of all, they are non scientists at all that would by and large cognize any of that, and secondly, they would hold been rolling from their audience in detailing things like that. Most of my cognition about environmental issues likely comes from the popular imperativeness. I am non much of a scientist, as I am a concern major, so I can t maintain interested in Smithsonian or American Scientist, much less any of the detail-heavy scientific diaries. However, I m besides non traveling to swear the tabloid imperativeness with truly informing me of anything of import, so I keep it in position. I besides am really active on the web, so I can larn a batch from that every bit good. In general, I think most people are likely like me in that most of what they know environmentally comes from what they read in newspapers or see on the eventide intelligence. Truly, I think that s how it should be besides, because that is the medium that reaches out to the most people. Bibliography National Park Service. Tallgrass Prairie National Preserve. 9 Feb. 2000. hypertext transfer protocol: //www.nps.gov/tapr/home.htm National Park Trust. Tallgrass Prairie National Preserve Frequently Asked Questions. 9 Feb. 2000. hypertext transfer protocol: //www.parktrust.org/zb-faq.html Penney, Cynthia. Range Rovers. Travel A ; Leisure. Sep. 1993: MW1-MW4. Schuman, Michael. Flint Hills Scenic Prairie Offers a Pleasant Contrast to the State s Flatland. St. Louis Post-Dispatch 28 Feb. 1999: T3. Stover, Dawn. Alternate Agriculture. Popular Science. Aug. 1997: 75-77. Turner, C.L. , et Al. Soil N and Plant Responses to Fire, Topography, and Supplemental N in Tallgrass Prairie. Ecology v78 n6 ( 1997 ) : 1832-1843. 31c

Analyse the reasons for separatism Essay Example

Analyse the reasons for separatism Essay Example Analyse the reasons for separatism Essay Analyse the reasons for separatism Essay Analyses the reasons for separatism within and/or across national boundaries and discuss its consequences Separatism can be defined where within a country, an ethnic group, religion, or regional group tries to gain more autonomy from a central government which can lead to the push for Independence from the mall country. An example of this Is where South Sudan split off from main Sudan following a referendum which 98. 83% of Sudanese voted for its independence. Separatism can occur for many reasons, this may be due to oppression of a minority group (egg. He Kurds), the feeling of being too Raphael to the main country to receive economic or political benefits (egg. Scotland in the United Kingdom) or even historical allegiances can occur (egg. Eastern Ukraine returning to Russia). Separatism can lead to call unrest such as violent protests, or In severe cases call war but separatism can soul ultimately have positive outcomes. Ukraine gained its independence from Russia in 1991 but ever since there has always been allegiances to Russia from within Ukraine and notably Crimea and Eastern Ukraine. Situations within Ukraine spiraled out of control at the hands of former President Victor Hancock. Victor declined to make European Union association agreements so that Ukraine would secure greater ties with Europe. Instead he proposed that Ukraine would verge more towards ties with the Russian Federation, subsequently this culminated into protests in Kiev by the pro-European union group Remained leading to the Presidents ousting in February 2014. This Is where separatism manifested in Eastern Ukraine and Crimea because pro-Russian groups opposed Hunchbacks ousting from presidency. Its easy to assume that the proportion of Ukrainians In favor of pro-Russian ties Is quite minimal If Ukraine was joking to leave behind Its Soviet past but within Crimea, Donates, and Lunches over 50% of their population indemnify Russia as their main language and Donates is the largest blast (region) by population in the country showing that there is plenty of support for pro-Russian separatism within Ukraine. The protests in Southeastern Ukraine had the consequences of leading to Crimes annexation to Russia and armed Insurgency in Lunches and Donates which has further caused armed conflict between the pro-Russian separatists and the Ukrainian government. Separatism In he Ukraine has had a devastating effect on the Southeastern portion of the country and is expected to plunge Ukrainian economy by 8% for 2014. The violence within Ukraine has therefore crippled its infrastructure and economy and the subsequent loss of Donates and Lunches will also have a significant blow on Ukrainian mining industry. If Donates and Lunches become independent states but reliant on the Russian Federation, there will also be the Issue of covering the costs of the damage, Ana ensuring ten welfare AT people Tolling ten armed conflict. For Don sloes, ten earring outcome is quite negative in the short-term but in the long term it will ensure that there is no longer any ethnically or ideological divide within Ukraine but violence is still unnecessary in the drive for separatism. There is also a major example of a peaceful separatist movement and this one which is very close to home. Scotland recently had its referendum over whether it should secure independence and 55% of voters voted in favor of no but that 45% suggests that an overwhelming amount of Scottish people were seeking independence from the United Kingdom. This may have been inspired by patriotic reasons or driving by Scottish National Party leader Alex Salmons who led the independence campaign in the first place. Let us say for example that Scotland had become independent, what would that mean for Scotland and the rest of the United Kingdom? Wales identifies with its rich but dwindling language and if the outcomes are positive for Scotland it may want to seek independence for its own, which in turn could lead to the full breakup of the United Kingdom. The loss of Scotland could also lead to the loss of North Sea oil reserves, however if divided by population in England and Scotland, Scotland would only receive 10% of that oil and lose out in the long run. There is also the issue of Scotland needing to rejoin the European Union which could cause it to lose the currency of the Pound and replace this with Euro if formally requested by the EX. but if a country such as Greece which also uses the Euro enters into another money crisis then this could devalue the Euro and in turn effect Scotland economy. Scotland would of course be allowed to establish its own laws and Scotland may come a more desirable place to study with lower tuition fees and in fact since tuition fees were increased to EYE three years ago, students south of Scotland have bills totaling up to EYE billion, where as Scottish students have altogether saved up to El billion in bills. In reality there have been positive outcomes after the referendum had occurred and this is because David Cameron has called for greater recognition of Scottish people in the United Kingdom which could result in greater power from within Scotland capital Edinburgh and largest city Glasgow. Separatism may come from an oppressed minority group. The Kurds do not have a country of their own and a majority of them live in Iran, Iraq, Syria, and Turkey, where up to 15 million Kurds live in Turkey, which is 25% of the population. Kurds are systematically abused in Turkey despite a zero-tolerance policy from the government and Kurdish separatism is also silenced in Turkish media. The proposal for a nation for the Kurds Sardinian will especially take out large chunks of Turkish and Iraqi land which would most likely cause both countries to deny Kurdish independence from occurring. This is even more difficult since the PACK (Kurdish Workers Party) was formed and is trying to establish a communist Sardinian which would isolate the country in a more right-wing political environment. The push for independence has seen advancements in the Kurdish cause as Iraq has given more autonomy to the Kurds however since they were given more autonomy in Iraq in 1970, Sad Hussein caused the genocide of 182,000 Kurds in 1988 which led to a greater push for independence and a great resentment of what happened. Looking forward to a retirement was Ella n DAY Iraq Ana tans was In conjunction wilt winter an independent Sardinian should be established and despite a majority vote, an independent state never materialized. Another referendum is to be held late this year and it is suggested that Turkey would recognize an independent Kurdish state, implying that if Sardinian became independent then perhaps Turkey would give the Kurds more autonomy. Separatism has the ultimate goal of giving a region within a country its independence but it can result in a multiple amount of outcomes. The example of the Ukraine shows that violence in separatism can ultimately damage a countrys infrastructure ND economy whilst leaving regions such Donates and Lunches in turmoil. The example of Scotland shows that holding a referendum over independence can cause central government in London to step up and give Scotland more power which is very positive for the countrys future. Whilst the example of Sardinian shows that oppression can ultimately lead a minority group onto not Just pushing for autonomy but for an independent state. Separatism must be assertive to work and must challenge a central government if it is to also work but taking a violent approach will lead to negative outcomes for both sides.

55 Motivational Writing Quotes from Famous Authors - Freewrite Store

55 Motivational Writing Quotes from Famous Authors - Freewrite Store Sometimes, the hardest part of writing is simply getting started. Whether you’re taking your first dip in the story-telling pool, or you’re opening a fresh, blank document after finishing your last project, that empty page can be a little daunting. So, to help combat those moments of doubt, here are some quotes from professional authors and artists who have been right where you are now, and who know exactly how you feel. First, you just have to start 1. "Start writing, no matter what. The water does not flow until the faucet is turned on." -  Louis L’Amour 2. "Get it down. Take chances. It may be bad, but it's the only way you can do anything really good." -  William Faulkner 3. "The first draft is just you telling yourself the story." -  Terry Pratchett 4. "You don’t start out writing good stuff. You start out writing crap and thinking it’s good stuff, and then gradually you get better at it." - Octavia E. Butler 5. "Start before you’re ready." -  Steven Pressfield 6. "You can always edit a bad page. You can’t edit a blank page" -  Jodi Picoult 7. "You can’t wait for inspiration. You have to go after it with a club." -  Jack London 8. "I have never started a poem yet whose end I knew. Writing a poem is discovering." -  Robert Frost 9. "If there's a book that you want to read, but it hasn't been written yet, then you must write it." -  Toni Morrison 10. "I'm writing a first draft and reminding myself that I'm simply shoveling sand into a box so that later I can build castles."   - Shannon Hale 11. "I get a lot of letters from people. They say, "I want to be a writer. What should I do?" I tell them to stop writing to me and get on with it." -  Ruth Rendell Then, keep going! 12. "First, find out what your hero wants, then just follow him!" - Ray Bradbury 13. "The greatest part of a writer’s time is spent in reading, in order to write. A man will turn over half a library to make a book." -  Samuel Johnson 14. "Writing a novel is like driving a car at night. You can only see as far as your headlights, but you can make the whole trip that way." -  Ã‚  E. L. Doctorow 15. "To produce a mighty book, you must choose a mighty theme." -  Herman Melville 16. "Tell the readers a story! Because without a story, you are merely using words to prove you can string them together in logical sentences."   - Anne McCaffrey 17. "Description begins in the writer’s imagination but should finish in the reader’s." -  Stephen King 18. "No tears in the writer, no tears in the reader. No surprise in the writer, no surprise in the reader." -  Robert Frost 19. "If you want to be a writer, you must do two things above all others: read a lot and write a lot." - Stephen King 20. "Close the door. Write with no one looking over your shoulder. Don’t try to figure out what other people want to hear from you; figure out what you have to say. It’s the one and only thing you have to offer." - Barbara Kingsolver 21. "Never write anything that does not give you great pleasure. Emotion is easily transferred from the writer to the reader." -  Joseph Joubert Editing is vital 22. "My own experience is that once a story has been written, one has to cross out the beginning and the end. It is there that we authors do most of our lying." - Anton Chekhov 23. "The most valuable of all talents is that of never using two words when one will do. " - Thomas Jefferson 24. "When your story is ready for rewrite, cut it to the bone. Get rid of every ounce of excess fat. This is going to hurt; revising a story down to the bare essentials is always a little like murdering children, but it must be done."   -  Stephen King 25. "It is perfectly okay to write garbage as long as you edit brilliantly." -  C. J. Cherryh 26. "Half my life is an act of revision." -  John Irving 27. "Writing without revising is the literary equivalent of waltzing gaily out of the house in your underwear." -  Patricia Fuller 28. "Write your first draft with your heart. Rewrite with your head." -  Mike Rich 29. "So the writer who breeds more words than he needs, is making a chore for the reader who reads." -  Dr. Seuss 30. "You write to communicate to the hearts and minds of others what's burning inside you, and we edit to let the fire show through the smoke." -  Arthur Plotnik 31. "Anyone and everyone taking a writing class knows that the secret of good writing is to cut it back, pare it down, winnow, chop, hack, prune, and trim, remove every superfluous word, compress, compress, compress..." -  Nick Hornby 32. "When you write a book, you spend day after day scanning and identifying the trees. When you’re done, you have to step back and look at the forest."   -  Stephen King Don’t lose your sense of humor 33. "It took me fifteen years to discover I had no talent for writing, but I couldn’t give it up because by that time I was too famous. " -  Robert Benchley 34. "There’s no such thing as writer’s block. That was invented by people in California who couldn’t write." - Terry Pratchett 35. "Outside of a dog, a book is man’s best friend. Inside of a dog, it’s too dark to read." -  Groucho Marx 36. "I love deadlines. I like the whooshing sound they make as they fly by." - Douglas Adams 37. "If my doctor told me I had only six minutes to live, I wouldn't brood. I'd type a little faster." - Isaac Asimov Believe in yourself 38. "If you have no critics, you’ll likely have no success." -  Malcolm X 39. "If you can tell stories, create characters, devise incidents, and have sincerity and passion, it doesn’t matter a damn how you write." -  Somerset Maugham 40. "And by the way, everything in life is writable about if you have the outgoing guts to do it, and the imagination to improvise. The worst enemy to creativity is self-doubt." -  Sylvia Plath 41. "If the book is true, it will find an audience that is meant to read it." -  Wally Lamb 42. "I went for years not finishing anything. Because, of course, when you finish something you can be judged." -  Erica Jong 43. "Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers, you cannot be successful or happy." -  Norman Vincent Peale 44. "If I waited for perfection, I would never write a word." -  Margaret Atwood 45. "Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising that tempt you to believe your critics are right. To map out a course of action and follow it to an end requires some of the same courage that a soldier needs. Peace has its victories, but it takes brave men and women to win them. " - Ralph Waldo Emerson 46. "Difficulties mastered are opportunities won." -  Winston Churchill 47. "Ignore all hatred and criticism. Live for what you create, and die protecting it." -  Lady Gaga Remember, being a writer is awesome 48. "You can make anything by writing." -  C.S. Lewis 49. "The true alchemists do not change lead into gold; they change the world into words." -  William H. Gass 50. "Imagination is everything. It is the preview of life’s coming attractions." -  Albert Einstein 51. "Words are our most inexhaustible source of magic." -  J. K. Rowling 52. "A bird doesn’t sing because it has an answer; it sings because it has a song." - Maya Angelou 53. "I must write it all out, at any cost. Writing is thinking. It is more than living, for it is being conscious of living." -  Anne Morrow Lindbergh 54. "I write to give myself strength. I write to be the characters that I am not. I write to explore all the things I’m afraid of." -  Joss Whedon 55. "I can shake off everything as I write; my sorrows disappear, my courage is reborn." -  Anne Frank Do you have a favorite quote about writing? If so, share it in the comments below!      About the author: Claire Wilkins is a freelance copywriter and editor from New Zealand. She loves to write about travel, health, home, and proper punctuation. After a career in financial services spanning almost three decades, Claire left the corporate world behind to start Unmistakable - her writing and editing business. She creates website copy, blogs, and newsletters for creative agencies and small businesses, and  specialises  in polishing existing content until it shines. In her spare time, Claire enjoys cloud-spotting, singing in the car and editing video.

Characteristics of civilized societies and civilization Assignment

Characteristics of civilized societies and civilization - Assignment Example â€Å"A Labyrinth that housed the Minotaur, a monstrous creature, half man and half bull, the product of the union of Minos’s wife Pasiphae with a bull. Minos exacted from Athens a regular tribute of seven boys and seven girls, who was sent to be devoured by the Minotaur. The Athenian hero Theseus volunteered to stop the grisly tribute. He went to Knossos with the new group of intended victims and, with the help of the king’s daughter Ariadne, killed the Minotaur in its lair in the middle of the Labyrinth. He then escaped with Ariadne and the Athenian boys and girls. Theseus later abandoned Ariadne on the island of Naxos, but the god Dionysus discovered her there and comforted her† (Cunningham and Reich).What aspect of the first chapter most intrigued you?The civilization process/ stage among the Greeks. The process was slow but intriguing because the amount of technology was limited.   The architects came up with different design models including doric and ico nic.How did the physical geography of Greece affect the development of the states?The mountains separated the city states; hence the states were able to develop independently.What are the causes of the many contradictions in Classical Greek mythology?There is no concrete evidence that backs the events in the myths. Distortion of the original events is prone to happen, leading to contradictions.How did the Doric style differ from the Ionic style or order of architecture (consider the base, capital, frieze)? Hoplite- meaning an armed infantry.

Transportation policies Research Paper Example | Topics and Well Written Essays - 1750 words

Transportation policies - Research Paper Example This article looks at the lessons that the US can learn from the public transport in Germany and the impacts it has contributed. In Germany and other industrialized nations in the world, public transport has increasingly been replaced by personal means of transport. The majority of the people in these countries do not use public transport. In the rural areas of this country, the majority of the rural dwellers suffer greatly from the unavailability or the total lack of public transport systems. This leads them to adapt to using the exclusive private systems of transport. This mainly involves the use of cars and vans for individual or family use. The public survey conducted in Germany in 2008 reported that 44% of the entire Germany population has never used public transport systems. This means that the entire German public transport system is mostly characterized by total to partial absence of people on public transport (Rietveld and Stough 5). According to research, the average Americ ans travel by cars twice as much than their German counterparts. They use transit six times less than the average Americans do. The results of these differences in statistics are due to income or residential density. The average Germans in the upper class make lower number of trips in their cars than Americans in the lower income class. Moreover, Germans who live in low-density areas travel by car about six times less than the Americans living at population densities areas do.

Historical Analysis of the Gunpowder Plot of 1605 Research Paper

Historical Analysis of the Gunpowder Plot of 1605 - Research Paper Example This led to Queen Elizabeth's attempts towards religious tolerance which failed. The end result was a deep dissatisfaction amongst Catholics in England which culminated in the Gunpowder Plot to assassinate King James. Supremacy and Uniformity Act & Penal Law in the 1500s England encountered the reformation in the era of Henry VIII who passed the Act of Supremacy of 1534 which made the Crown take over the English Church from Pope1. This was due to some fundamental disagreement concerning monogamy and his desire to divorce his wife which was unapproved by the Pope. Due to this, the Church was deeply divided. The Uniformity Act of 1534 required all priests in England to swear an oath to the King of England and not to the pope. Notable bishops and priests refused to do this and they were executed. This included John Fisher, Bishop of Rochester who refused to swear allegiance to the King of England. The society was therefore divided between the Catholics, who were influenced by the need t o remain loyal to the Pope and Rome and the Anglicans who had decided to swear allegiance to the King of England. Also, the wind of Protestantism was blowing in Britain because many breakaway groups like the Calvinists and other such groups were fully operational in the country. The Protestants demanded a total breakaway from the Catholic Church and full derecognition of the Pope. However, the Anglicans maintained some of the traditions of the Catholic Church. Since the King had supreme power and authority, he managed to make important changes and reforms to the Anglican Church. He went further and married several women and had different children who were all capable of taking over from him. After his death in 1547, Henry VIII was replaced by Edward VI who reigned in 1553. Edward VI's mother was Jane Seymour and was a Protestant. He repealed six articles of the Uniformity Act and integrated some elements of Calvinism. Queen Mary took over in 1553 after the death of Edward VI. Mary's mother was Catherine of Aragon. She was a Roman Catholic and she promoted Catholicism in England during her reign. She defied all odds and married her cousin, Philip from Spain and this really angered many leaders in England who saw this as a major return to Catholicism. Mary's reign was said to be very bloody because she took so many steps to suppress Protestants and other views. In her reign, she burnt 300 people at the stake and this furthered her effort to return the country to its Catholic roots2. When Elizabeth I took over from Mary in 1558, there had been two important transitions ahead of her reign. Elizabeth I was the daughter of Henry VIII and Anne Boleyn and was the last Tudor to reign. At this point, the different religious had emerged. This included the Catholics, Protestants, and Anglicans. Within these sects, there were extreme groups and ideologies that sought to control affairs of the state in a more holistic manner. In order to prevent tensions in her reign, Eliza beth II passed the Act of Supremacy3. This was a kind of religious settlement that was meant to prevent further violence and promote national unity/stability. This Act canceled the pro-Catholic laws of Mary and the King/Queen of England was to become the head of the Anglican Church. People taking high public office were required to swear to the Queen.  

Was Sir Douglas Haig a Good or Bad Leader?

Was Sir Douglas Haig a Good or Bad Leader? The issue of Douglas Haigs role as a general on the Western Front, during the Battle of the Somme in 1916, has been thoroughly questioned by many historians to date. Through different views and opinions, Haigs skills have been both heavily celebrated and criticised. Therefore he has been viewed as both Butcher of the Somme and the Architect of Victory, much evidence supporting both arguments. However the majority of people seem to favour the idea of Haig being a merciless leader, which is completely understandable. For instance, the Battle of the Somme hugely affected almost every person in Britain, many losing family members. For them, it would have been easy to blame the British losses solely on General Haig, and many did just that. However many people saw him as a highly gifted soldier and leader, and there was a good side to Haig, for example, he did manage to eventually wear down the German army, and played a part in the result of World War 1. Therefore this controversial issue will perhaps be continually debated. The Battle of the Somme was a largely Scottish battle, with three Scottish divisions participating. This also applied to Douglas Haig, who was born in Edinburgh and was commander in chief. He was blamed for the enormous slaughter of the Battle of the Somme, during which there were around 60,000 British casualties on just the first day, a third of which were killed. This alone is evidence enough for a lot of people of Haigs failures as a general. However, many of the flaws in Haigs leading of the Battle of the Somme stemmed from the fact that he was commanding a group of sixty divisions, when the usual number was just six. This shows the extreme circumstances under which Douglas Haig was commanding at the Battle of the Somme. The Battle of the Somme was a significant event in history; this is mainly due to the absurd amount of deaths, even though they were no larger than were to be expected, however some people find fault in the fact that Haig kept the army fighting even when he became aware of the continuous height of casualty figures. Just like any general, Haig strove for success, however he had a major fault: he was extremely optimistic, and constantly believed that the German army was close to surrendering, therefore believing that a win was also close. This positive personality is shown by a quote which Douglas Haig himself said at the beginning of the war, The situation is never so good or so bad as first reports indicate. However, even though he felt that his army was fully capable of defeating the Germans, he wasnt correct, in fact, Haigs army didnt have the huge amount of soldiers, which the German army were able to take advantage of this clearly shows that his targets were impossibly to achieve , he was just too ambitious. Haig was also heavily criticised for the ridiculous length of the battle, this was simply because it could have been ended much sooner than it was, and this would have even prevented Britain in constantly finding fault in Haigs leadership skills. The main reason that Haig even allowed the battle to continue because he wished to straighten his trenches, as this would have had a great effect on his armys attacks. However Haig was also criticised for allowing the British army to fight in the appalling weather at the time of the Somme, although technically he cannot take the entire blame for this decision as the idea actually came from the French army officer. Haig was certainly one to override his army commanders, although this is understandable, as if he found their advice questionable then he had to trust himself to make the correct decision alone. However at the beginning of the battle of the Somme, Haig was overruled himself, by the governments of Britain and France, they asked Haig to attack the German army at that point in time, but Haig didnt agree this was because he felt that his armies werent ready; however his argument wasnt effective, therefore he was ignored. Haig understood that he would have to plan an attack quickly, because if he took too much time to do so then the alliance which stopped the French from attacking the British could be put in jeopardy, and that was a risk that Haig couldnt afford to take. At the start of the battle, the British army looked to have no chance in defeating the German army, in fact, Official History wrote that the Somme was the first time that the †¦British line been held with so few men and so few guns†¦. The British army were also overwhelmed by the power of the Germans and after just one day of fighting there were an enormous number of casualties, most of them due to bite and hold attacks. In the beginning, Haig was severely short of forces and, trying to find a solution, ended up having to leave Goughs twelve divisions alone to defend 42 miles of the front, this resulted in some having very few soldiers. Haig could have managed the Somme better, however by the end of the battle, the British were achieving success against the Germans and eventually the Germans did surrender, in fact the German General Ludendorff mentions in his autobiography, My war memories, As a result of the Somme we were completely exhausted on the Western Front. When considering Haigs skill as an army commander it has to be remembered that the situation at the Battle of the Somme was extremely unique, Haig was handling ten times the amount of forces, most of whom were learning the tactics of war as they went along. After the battle ended Haig was compared to other generals who sent hundreds of soldiers to their deaths, he was viewed as uncaring and constantly making horrible decisions. Although Haigs opinion of the turnout of the war was never made clear, it was suggested that he agreed with the result, as in 1919, Haig defended the fact that the Germans were offered a settlement at the end of the war. The relationship between Douglas Haig and David Lloyd George was a cause of major conflict and had an overpowering effect on Haigs reputation. Lloyd George was clear in the fact that he had no trust or liking for Haig, especially during the Somme, when he didnt understand why Haig was allowed the high casualty rates to continue, especially since this didnt give any advantage to the British. He saw Haig simply as a man with no intelligence, and no understanding, although he also never replaced him, or even stood up to him. However, it was no secret that a war was waged between Haig and Lloyd George. An example of the tension between these characters was on the 1st September, when Haig received a telegram from Henry Wilson, marked personal, this carried a warning, that Haig was to stop preventable casualties during the battle of the Somme. The clear reason for the telegram was for the protection of Lloyd George; however Haig took it that he could strike the Hindenburg line if he felt t he need to do so. The tension between them grew when Lloyd George published his war memoirs, in which he unleashed an attack on Haig, both, simply as a man and as part of the army. This was one of the very little books that really cause chaos for an important figures reputation, especially since when it became available, Haig had already passed and therefore he couldnt even protect his own reputation. However Lloyd George isnt the only politician that Haig had a significant relationship with, Haig and Winston Churchill also had a somewhat interesting relationship, in fact Haig helped out Churchill in the writing of his book, The World Crisis, by sending him parts of his personal diaries which he kept during the war. The reason that this is interesting is the fact that Churchill often criticised Haig, especially as a General during the war. However, Churchill did admit that when reviewing the war he began to think a good deal better if Haig than I did at the time. Unlike Lloyd George, Churchill felt that it would be impossible to find as good a general as Haig was to replace him. Haig didnt mind some criticism from Churchill in his book, but it was that criticism which strongly effected Haigs reputation. The conflict between these politicians and Haig meant that Haig had to fight the war against not only the Germans, but also those politicians. It wasnt just Churchills writing that affected Haigs reputation though; there were many different memoirs and accounts released after the war, by many different people, for example, David Lloyd George, Churchill and Gough. However when these records were released Haig mentioned to Foch that he couldnt release a book on the war, as it was too soon to tell the truth. If he had written them however, they would have not only been successful, but would have probably heightened his reputation. However Haigs Final Dispatch, published in 1919 actually had only a small effect on the opinions of the war. Yet, decades later, a revisionist historian, John Terraine revised these arguments and tried to re-build Haigs reputation. In fact, Terraines Douglas Haig: An Educated Soldier strongly defended Haigs reputation, his main point being that it was Haig who eventually wore down the German army. However historian, John Laffin, has the opposite opinion, he feels as though Haig should be accused beca use of his wilful blunders and wicked butchery. This shows clear argument between the two recent historians, both trying to challenge Haigs reputation. Terraine passed away in 2003, however before his death, he did manage to change the way that some people saw Douglas Haig, and he restored Haig to the position of serious commander. Haig was criticised and celebrated by different historians, few ever looking at both sides of things. Haigs reputation was heightened the most due to his input in helping and celebrating ex-servicemen. Haig devoted a large part of his life, after the war, to charity events and war-memorials. This shows that people were even slightly wrong about the fact that he didnt care about the young men fighting in the war. For example, in 1922, Haig travelled to Swansea and 4000 people turned out to see him lay a stone for the city memorial, and in 1925, the Haigs toured Canada; some 10,000 people came to see Haig lay a stone on a cenotaph in Toronto. Also, in Glasgow, in 1924, Haig revealed a monument. These days people may be shocked to find out that in 1925 Haig opened the Newfoundland Memorial Park; this was where the 1st Newfoundland attack took place in 1916. The fact that Haig was sought after to carry out the ceremony by the government, shows that even though there is constant argument over Douglas Haigs reputation, at this time he must have been highly thought of. This is why Haig was overwhelmed with huge amounts of requests to reveal all sorts of different memorials. Haigs speeches at these events were never completely neutral, the issues of sacrifice and the needs of ex-soldiers were constantly highlighted. This made his reputation improve to a lot of people, because they felt as if he was more caring. In the early 1920s Haig began to type up his wartime diary, he wished for this to be published after his death. In 1928 a line of war diaries and memoirs began being published, some attacking Haigs reputation seriously, however Haig wasnt alive to see this, as on the 29th January 1928, Douglas Haig died of a heart attack. This death came as a shock to Britain, many people in disbelief. Haigs wife believed that the strain of wartime command had worn out his heart, and the media began to print headlines, field marshal a war victim, Haig was treated just like any soldier who had fought in the war, and he too was seen as a war casualty. The real surprise after Haigs death was the extent to which the public mourned him; his death was treated much more graciously than any other British general. Therefore his coffin was escorted by the two future kings of England, showing that he was obviously an important member of the nation, even though some people viewed him as a callous butcher. This was reinforced because St Pauls, Wrens great cathedral was suggested as where Haig would be buried and if he had been then hed have been buried with Wellington and Nelson, two heroes from WW1, however Haig had wanted to be buried at home, in Edinburgh, therefore he body was sent north. A crowd of people waited for him to arrive, to pay their respects. Eventually he was buried in the grounds of Dryburgh Abbey. However the event of his death just brought more conflict to the argument of Haigs reputation. Again, Haigs reputation plummeted. Therefore Haigs reputation is constantly debated, going from one extreme to the other, barely ever balancing, or being fair to the actions of Haig. However much argument is presented in favour of Haig, the evidence is overpowered by the casualty figures of the battle of the Somme, by Churchills criticisms of Haig and by the tension in Haigs relationship with David Lloyd George, these are the facts people cant just forget and therefore the points which effect Haigs reputation. Haigs reputation was most significantly analysed through memoirs and accounts, for example of Churchill, Lloyd George, Gough and Terraine, although his reputation took a severe hit after his death also. Its clear that Haig will forever be viewed as heartless general, which is a fair judgement, considering the fact that he was the general in charge during the Battle of the Somme, and allowed the horrific casualty figures to present, and the fact that he let the battle go on for much longer than it should have, fo r personal or no gain, and thats why Douglas Haig will forever be condemned as Butcher of the Somme. Hedging Techniques: Analysis of pros and cons Hedging Techniques: Analysis of pros and cons This report will discuss the basics of hedging, advantages and disadvantages of hedging. There is description of methods and techniques used for hedging. This also discusses the primary need of hedging. Then follows the detailed calculations of the receivables of 500M pesos due in six months time and the best way of hedging to get the most of it. This report then goes on to discuss the forward contracts and futures along with forward options that are available for individual and basic differences between forward contracts and options Introduction: An unexpected change in exchange rates is the economic exposure which is commonly seen as a political disaster or natural disaster. The effect of economic exposures on exchange risks is kept out from this paper on one hand. On the other hand the cross-border firms do not get affected by the volatility of the exchange rates, in terms of the translation transaction exposures. Foreign exchange risk does not exist; even if it exists, it need not be hedged; even if it is to be hedged, corporation need not hedge it. When compared with certain results this hypothesis seems to be inconsistent. Different ways have been found out by some empirical researches to hinder different exposures. For instance, in some real cases financial instruments or netting was applied. Hedging and Importance Normally foreign exchange rates are dictated based on the supply and demand of two currencies and are persuaded depending on both the interest and inflation rates of the corresponding countries. For entering into a contract both the parties those are going to buy sell must have to be familiarised by the forward exchanging rate. Above all relationship between forward exchange rates, spot exchange rates, inflation and interest have to be introduced. Due to some factors such as government intervening and costs of transaction, relationship should not always be hold in the short run. But however the relationship could be hold on the long run by the four parties: purchasing power, expectations theory, the interest rate parity the international Fisher effect. Types of exchange rate exposures: In an international firm exchange rate losses those are unfavourable are protected by hedging currency exchange risk. Thus hedging currency exchange risk can be considered as one of the factors for eliminating risks. There are basically three forms of exchange rate exposures. Transaction exposure Translation exposure Economic exposure Transaction exposure: It is caused when the organisation is driven into certain financial agreements or obligations. The future gains or losses of an organisation are completely dependent on the changes caused to the exchange rates in the future cash flows of the agreements or obligations. The values that were before after the accounts received paid along with those engagements to buy or leasing financial cash flows do not match. The risk of transaction exposure is completely different from the risk of transaction exposure since the former one contains potential changes regarding cash flows. Translation exposure: Translation exposure is also known as balance sheet exposure or accounting exposure. It is a kind of exposure which occurs when if the financial statements of all the affiliates have been consolidated by the parent company. The denominated currencies of the affiliates are quite different when compared to their parents. Economic exposure: Economic exposure is also known as real exposure or operating exposure. It is mainly concerned about the risk of losses in exchange in association with the changes in future cash flows. It is completely different from the former two exposures which operate by long-term diplomatic decisions. There are mainly three barriers for non-financial organisations hedging currency risks compared to the financial organisations. Firstly, models to forecast forward are not well devised. Secondly, team of management is incessantly hesitant to hedge risks of FX the team seems to risk-averse with respect to FX risks. Lastly, the risk management is less in non-financial firms compared to financial firms. The main purpose of hedging FX risks for most of the non-financial firms is for variance reduction in future cash flows. Some of the advantages of corporate hedging are as below. It can predict the cash flows of the firm that are generated internally can arrange the financing plan of a firm either internally or externally. Also hedging helps for the smoothening of the net income of a firm, which proves to be valuable in the present financial market which focuses attention to quarterly earnings rather than the cash flows in the long-run. Based on the proponents of hedging, some of the many arguments are opposed to hedging. Spending on hedges of currency opt for an exceed in the loss in currency risk exposures. If the management fails in reducing the risks using hedging, rivalry arises between management shareholders, where as the value of the shareholder crumbles. There are several hedging instruments in order to protect our money from getting exposed to the above mentioned exposures/risks. These hedging techniques include spot, forward contracts, options, futures, currency swaps and so on usually referred to as derivatives. The most frequently used instruments are: Forward Contracts: The two parties enter a contract in which they agree on a favourable current exchange rate on a specified future date. Thus this guarantees a customized future payment and maturity date and eliminates future volatility. It is tailor made instrument that it includes and specifies all its parameters like money, date, exchange rate and denomination of payment. Also the cost of forward contracts is low comparing with other instruments and the settlement date is up to one year. Futures: These are similar to forward contracts but are more standardised in terms of volume that is about to be exchanged. This is generally intended to speculating profits. Spots: This allows us to buy or sell a currency at todays exchange price and the day of settlement will be no more than two business days. Currency Options: Options are like contracts but are more costly than contracts. It guarantees a worst-case exchange rate for the future purchase of one currency for another. There is a right to sell or buy but there is no obligation to do so as such giving the options holder substantial benefits. Currency Swaps: These are in general long term high value transactions. By swapping their future cash flow obligations the counterparties are able to replace cash flows denominated in one currency with cash flows in a more desired currency. As requested billing in U.S. dollars, forward contracts and money market hedge are some effective techniques of hedging and safe guarding the firm from any possible fluctuations and risks arising from the same. In U.S. dollar billing we charge the goods at the rate in their home country but enter a contract based on the spot rate on the day of sale, and which means they need to pay the equivalent amount in dollars when the payment is due. Irrespective of the fluctuations of the currency rates the company is bound to make the payment of that exact amount of dollars at the end of contract or due date. Forward contracts are mentioned above lock in the exchange rate on future currency transactions and thus reducing their exchange risk. The payment is due in future but the current exchange rate is used for entering into such a contract. Money market hedge is a technique where in the company relies on borrowing and investing funds via money markets and using the spot rate to lock in the amount from the receivable. We borrow in the home currency the same amount that we are expected to receive ad invest in the other currency. Billing in U.S. Dollars As per our previous exports made to Mexico, we will receive 500 million Mexican Pesos. The spot rate of Peso/USD is 15.3555-15.3561, one of 15.3555 is the bid price at which the trader will buy from us and 15.3561 is the price at which he will sell. So we need to buy 500 million Mexican pesos meaning we need to consider the spot exchange ask rate 15.3561. Thus the 500 million Mexican pesos will come to USD which is $32.5604 M. Therefore we will be receiving a definite sum of $32.5604 M after the end of contract which is 6 months. So what ever is the exchange rate at the end of 6 months or whatever be the range of fluctuations we will get $32.5604 M. But the company has to pay an equivalent of $32.5604M which is $32.5604M*15.3555 = 499.9812M pesos. This is mainly due to the depreciation of peso with respect to US dollars. Forward Contract Since the goods have been exported the importer is now short if 500 million Mexican pesos. By entering into a forward contract we sign an agreement with the importer, which states that the delivery of the equivalent of the amount due should be made after 6 months time at the forecasted forward rate which is 15.0123-15.0134 (peso/USD). So as in the previous case we will be entitled to a sum of USD which turns out to be $33.3036 M. Hence we now entered into a future contract which gives us $33.3036 M at the end of 6 months. While we receive $33.3036 M, as an equivalent to 500 M Mexican pesos, the importer needs to pay the trader an amount of $33.3036*15.0123 = 499.9636 M pesos. However if the future rate increases then the importer is obliged to pay the 500M pesos at the prevailing spot rate. But in case the spot rate goes down then the importer has to meet the previously agreed rate for the payment. Money Market Hedge Here we are expected to receive 500 M pesos, so we borrow the same amount from a Mexican bank at the borrowing rate of 2.6% p.a. and we convert them to US dollars and invest the exact same amount in US dollars at 3.1% p.a. We borrow 500M Mexican pesos at 2.6%, which is = 493.5834M and we convert them into dollars at the prevailing spot rate of 15.3561, which transforms to = $32.1425M and we invest them in US market at 3.1%, which gives us $32.1425*1.016 = $32.6568M. But once we receive the payment of 500M pesos the loan will have to be repaid and we have $36.6568M*15.0123 = 550.3029M pesos, whereas the loan amount is 500M*1.013 = 506.5M pesos. Which means we have a profit of 550.3029M-506.5M pesos = 43.8029M pesos, which in turn is = $2.9176M Best Hedge By observing the figures, it is clear that future contracts method is more beneficial than the rest of them. This hedging earns us $32.5604M by billing in U.S. dollars, $33.3036M in forward contracts and $32.6568M by money market hedging. Derivatives The derivative securities market has become quite large in recent years. In 2007, according to the International Swaps and Derivatives Association the notional value of all financial swaps stood at $587 trillion worldwide. The GDP of the entire world was only about $60 trillion by the year 2008. The swaps and derivatives transfer risk from those who do not want to bear to those who are willing to bear for a fee. It is almost like insurance on property or automobile. For example, a put option is to safeguard if the price of a stock is expected to fall. And, like the insurance industry, both parties are mutually benefitted by this type of transaction; it is called hedging. Bulk of the transactions in derivative securities is mainly based on speculation than for the purposing of hedging against foreign currency risks. These help in providing liquidity in the currency market apart transferring risk. The sizes of banks and stock brokerage firms in derivative securities may give rise to huge loss which may well bring the entire financial system to a standstill. At the same time, some participants in these derivatives markets are reporting huge profits. Swaps The derivatives market involves more than just put and calls options. There are also contracts involving swapping fixed interest rate payment streams for adjustable or floating interest rate payment streams. Simply put its mutual agreement of two parties which satisfy both the parties. Forward Contracts and Futures Swaps, caps, and floors are recent innovations in the derivatives markets. The derivatives market traditionally included forward contracts in addition to options (puts, calls, warrants). A forward contract involved a commitment to trade a specified item at a specified price at a future date. The forward contract takes whatever form the two parties agree to. There is also a market for standardized forward contracts, which is called the futures market. The standardization makes possible a wider market with greater liquidity and efficiency. Often the futures markets eliminate the ties between specific parties, the party and the counter-party, and the risk that the other might not fulfil the contract. In the futures market everyone deals with the clearinghouse who guarantees fulfilment. Forward exchange operations carry the same credit risk as spot transactions, but for longer periods of time; however there are significant risks involved. A forward contract requires delivery, at a fixed future date, of a specified amount of one currency against other foreign currency payment; the exchange rate is fixed at the time of writing the contract. It is to be noted that gain or loss on the forward contracts is irrespective of the current spot rate. The gain or loss exactly offsets the change in currency costs. The major active participants in forward markets are arbitrageurs, traders, hedgers who seek to reduce their exchange risks by locking in the exchange rate on future trade or financial operations. There are differences in even the quoted prices, commercial customers are usually quoted the actual price while the dealers quote the forward rate only as a discount/ premium on the spot rate. These contracts are usually available for 1,2,3,6 or 12 months delivery. However forwards for odd maturities can also be formulated. With the increase in the maturity and volatility of the currency the bid-ask spread rises. Forward Exchange Options Contract In the options market there has developed some terminology that is somewhat intimidating to the uninitiated. A call option is the right to buy a share of a stock, the underlying security, at a specified price, called the exercise price or the strike price. A put option is the right to sell a share of a stock at a specified price, the exercise price or the strike price. There is a limited time for the exercise of the call option. An American option can be exercised at any time up to and including the expiration date. A European option can only be exercised on the expiration date. The value of a call option at any time depends upon: The current market price of the underlying security The exercise price The interest rate Time remaining until expiration The volatility of the price of the underlying security. When any of these change the value of the option will change. The options terminology that is most obscure is the use of Greek letters to refer to the response of the option value to changes in the variables which affect it. Ά Delta = the change in the price of the option per unit change in the price of the underlying; i.e., the increase in option value if the current market price of the stock goes up by one dollar. Delta is important in creating a perfectly hedged portfolio. The rate of change of the delta of an option is called its gamma. à Ã‚  Rho = the rate of change in the price of an option in response to a unit change in the interest rate. ÃŽÂ ¸ Theta = the rate of change in the price of an option with respect to time; i.e., the change as the time until expiration decreases by one unit. Vega (this is not a Greek letter) = the rate of change in the price of an option for a unit change in volatility. Despite having the right to buy a call option or to sell a put option, the rights holder is not obliged to buy or sell but can do so at his will. This will give him total flexibility as to when to buy/sell his options

A Hosts Hospitality Essay -- Sir Gawain and the Green Knight Essays

A Host's Hospitality In Sir Gawain and the Green Knight, an epic written in fourteenth century by a contemporary of Geoffrey Chaucer, we learn about a knight and his quest. Sir Gawain, sworn to seek the Green Knight as part of a deal, first finds himself in an enchanted and beautiful forest and then ushered into a beautiful castle of Bercilak, its host. Bercilak's court seems so like Arthur's that it appears to offer Gawain a familiar refuge in alien territory. The orderliness and beauty of the forest and the castle recall the civilized world of Arthur's court. Gawain is welcomed as warmly as if he has arrived at Camelot. The abundant hospitality and congeniality of the host and servants are clear in this scene, and they put Gawain at ease. First, the porter at Bercilak's castle assures Gawain that "a noble knight such as he will not want for a welcome"(SGGK l. 814). Next, the host welcomes him whole-heartedly and lays all that he owns at Gawain's disposal. He also sends a servant to see to Gawain's need s, makes sure he slips into something more comfortable, rests and eats. To...

The Psychoanalysis Theory

Sigmund Freud’s Psychoanalysis is a theory which tries to discover the connections between the unconscious components of a patient’s mental processes. Freud, a neurologist which has great interests in finding out a treatment for patients with neurotic and hysterical symptoms devised psychoanalysis in Vienna in the 1890s. He called this, â€Å"the hypothesis of unconscious mental activities† (Hook 3). He then developed a method in which talking with the patients is involved. Through this, he found out that the problems of the patients with these kinds of illness stemmed from either repression and/or problems which the patients encountered during childhood. These problems, as Freud believed, lies in the unconscious minds of the persons involved. These problems may not be overtly manifested by the patients, however, in one point in their lives, it will eventually come out. Probably, the main question Freud gives is that, what could possibly have happened during the person’s childhood which affected the way he/she behaves presently? This question is primarily needed for the psychoanalyst to be able to decipher why a certain being acts the way he does. One of the guiding principles of psychoanalysis is the assumption that the problems of the patients in need of psychotherapy lies within the unconscious. This however, was given proof by Freud. According to him, â€Å"the unconscious is the storehouse of instinctual desires, needs, and psychic actions. Also, the unconscious mind acts as a reservoir for repressed memories of traumatic events which continuously influence conscious thoughts and behavior. While past thoughts and memories may be deleted from immediate consciousness, they direct the thoughts and feelings of the individual from the realm of the unconscious†. Through psychoanalysis, these past thoughts and memories which are stored in the unconscious are then unlocked through a process which is called the â€Å"talk therapy†. It is believed that neurotic problems stemmed from the unconscious. These problems, according to Freud, can sometimes manifest themselves in dreams.   The aim, therefore, of psychoanalysis is to bring the repressed memories in the unconscious to the consciousness through a psychoanalytic treatment for it to be addressed accordingly. No matter how successful the movement became, many critics still emerged and deliberately demonstrated their disbelief to the said movement. One of the major critics of Freud’s psychoanalysis is Grà ¼nbaum. In 1986, he said that â€Å"†¦more often than not, they may be the patient's responses to the suggestions and expectations of the analyst† (186).   He is referring to the clinical data gathered by the psychoanalyst. He claims therefore, that psychoanalysis is not reliable because of the fact that most of the patients respond according to what their analysts want to hear. However, if we are going to go through the aim of psychoanalysis, we will find out that Freud was trying to find out â€Å"reasons† rather than â€Å"causes† so therefore, results are technically not important. His main focus was on how the patients will respond to a certain question and how these patients would reason out when given a certain problem. Technically, the procedure is merely a problem solving process. Another critic, Torrey Fuller, considered by some to be a leading American psychiatrist, writing in Witchdoctors and Psychiatrists (1986) stated that psychoanalytic theories have no more scientific basis than the theories of traditional native healers, â€Å"witchdoctors† or modern â€Å"cult† alternatives. In fact, an increasing number of scientists regard psychoanalysis as a pseudoscience (Cioffi, F. 1998). However, this claim by Fuller, was countered by one of the proponents of psychoanalysis by saying that the concepts and theories of psychoanalysis are more akin to the humanities than those of the physica/biological sciences. Therefore, even if they claim that it is not scientific, they cannot push through with that kind of argument. When Freud died, psychoanalysis continued to flourished in its role in solving mysteries with the unconscious. In fact, there emerged the post-freuedian schools which are the Object Relations Theory and the Interpersonal Psychoanalysis. These schools of thought reinforced, in some ways, the psychoanalytic movement proposed by Freud. The Object Relations theory states that the ego-self exist only in relation to objects, be it internal or external. These objects, basically, are said to be formed through interactions with the parents during childhood. According to object-relations theory there are three fundamental â€Å"affects† that can exist between the self and the other; attachment, frustration, and rejection. These â€Å"affects† are considered as the major building blocks of the personality. Therefore, if these affects are triggered, there is the possibility that a change of personality may occur; a changein terms of a person’s perception towards a particular thing or can be a change with regards to a person’s ability to interact with other people. These kinds of changes, as believed by Freudian theorists, may be addressed through psychoanalysis. The Interpersonal Psychoanalysis, on the other hand, states that a patient's interpersonal interactions with others provide insights into the causes and cures of mental disorder. It is believed that patients keep many aspects of interpersonal relationships out of their awareness by selective inattention. The role of psychoanalysis, therefore, is to bring out detailed information from the patient which will lead them to finding out the interpersonal patterns within that patient. In line with the arguments of Freud’s critics, one question that could be raised is that, has psychoanalytic therapy really â€Å"cured† mentally impaired people or are these people just cured because of the fact that they believed that they were cured and not because they really were? There could be a great possibility that people just perceived that he is cured even if he is not. This is one good question that can be addressed with regards to the psychoanalytic process. There were many critics who emerged during the peak of the success of the psychoanalytic movement. Some were for the movement, many were against it. However, it still flourished and up to now, this method is continuously being used. Wholly, Freud’s Psychoanalytic movement has strengths and weaknesses. Probably, part of the strengths of this movement are the facts that clearly, this theory addresses its problem, it can be applied in practical ways and, most importantly, it withstands the test of time. This only means that no matter how many negative criticisms this movement encountered, it is still able to function in such a way that it is being helpful to the society. No matter how many flaws were encountered during the generation of the movement, it is still useful up to this time. In fact, even today, psychoanalysis still remains as a valid option for people who seek help because of mental illness. The movement will continuously flourish because of the fact that it addresses its problems accordingly and it is easy to conduct as long as the involved parties participate accordingly to the process being done. For somebody who whole – heartedly believes in the psychoanalytic movement, it is quite hard to point out certain weaknesses of the movement. However, the only weakness that it might really probably possess is the fact that it might really probably be just giving data which are just interpretations of the analyst which is again, going back to Grà ¼nbaum’s argument, he said that the   patients could probably just saying what the analyst wants to hear. But as stated earlier, Freud’s aim is to find out the â€Å"reasons† and not the â€Å"causes†. The psychoanalytic theory can be considered most useful in addressing problems of patients who are considered mentally impaired. People who undergo Psychoanalysis are people who are emotionally impaired with symptoms like depression or anxiety, loneliness, and incapacity to feel close to anyone. Brain disorders like schizophrenia and autism can be cured through this method as well. However, psychoanalysis would not work with schizophrenics and autistics because such patients ignore their therapist's insights and are resistant to treatment (Dolnick 40). Depression, loneliness, and the incapacity to feel close to anyone, as believed by Freud, to be easily addressed through psychoanalysis, are states wherein a person experiences difficulty in coping up with changes that are constantly happening to his surroundings. He therefore encounters a feeling of being unwanted by the society. With this kind of feeling, the person involved then lacks self esteem which he needs in order for him to get along with the people around him. Freud believed that this kind of problem can be solved if proper interventions will be done and proper techniques of communication will put into practice. This is when the person involved is willing to talk about his problems; the things that makes him think that he is unwanted by other people; the reasons why he is having a hard time coping up with the changes happening around him. Through talking the problem out, the person can now feel that somebody is there to listen to him. This kind of method only works if the person involved is willing enough to disclose himself to another person. Sigmund Freud’s Psychoanalysis is a theory which tries to discover the connections between the unconscious components of a patient’s mental processes. Personally, based on the studies done for this particular topic, I believe that it really is an effective way intervening people with certain problems with their behavior. With the different studies done by Freud, there are ample evidences that conscious thought and behavior are influenced by non-conscious memories and processes. As stated earlier, the psychotherapy could greatly help people with mental and emotional problems by knowing the past events that greatly affects people’s thought and ideas through unlocking the â€Å"unconscious† thereby being able to decipher why a certain person acts the way he does, and thereby addressing the mental problem of the patient. Works Cited Hook, Sidney, ed. Psychoanalysis, Scientific Method, and Philosophy: A Symposium.   New York: New York University Press, 1959. The researcher use data from Psychoanalysis, Scientific Method, and Philosophy: A Symposium to strengthen the topic sentence that Sigmund Freud’s Psychoanalysis is a theory which tries to discover the connections between the unconscious components of a patient’s mental processes. The book talks about Psychoanalysis as a scientific theory and not as a mere philosophical theory, it aims to answer the different questions thrown against the movement. It is through this book that the researcher was able to make strong points against the different debates against the movement. The book also gave enough background about the rise and development of the movement. Freud, Sigmund. An outline of psycho – analysis. New York: W. W. Norton & Company, 1989. The researcher use data from An outline of psycho – analysis to strengthen the topic sentence that Sigmund Freud’s Psychoanalysis is a theory which tries to discover the connections between the unconscious components of a patient’s mental processes. This is a book that focuses on Freud’s psychoanalysis movement. It talks about the fundamentals of psychoanalysis. He marshals here the whole range of psychoanalytic theory and therapy in lucid prose and continues his open-mindedness to new departures. The researcher used the source to describe Psychoanalysis as a whole on the first part of the paper. The researcher also used this to counter some arguments thrown against the movement. Grunbaum, Adolf. The foundations of psychoanalysis. New York: St. Martin’s Press, 1985. The researcher use data from The foundations of psychoanalysis to strengthen the topic sentence that Sigmund Freud’s Psychoanalysis is a theory which tries to discover the connections between the unconscious components of a patient’s mental processes. This is a philosophical critique of the foundations of Sigmund Freud's psychoanalysis. Through this book, Grunbaum was able to state his debates against Freud’s psychoanalysis. The researcher uses the data, to cite an example of debates against the movement. Cioffi, F. Freud and the Question of Pseudoscience. New York: Open Court Publishing Company, 1998. The researcher use data from Freud and the Question of Pseudoscience to strengthen the topic sentence that Sigmund Freud’s Psychoanalysis is a theory which tries to discover the connections between the unconscious components of a patient’s mental processes. The book has shown that psychoanalysis was actually more concrete to humanities rather than the biophysical science. Like a study by Dolnick, cited below, it also discusses debates on the movements, as well as attacks on Freud himself. The researcher was able to get enough background on causes why debates against the movement started. Dolnick, Edward. Madness on the couch: Blaming the victim in the heyday of psychoanalysis. New York: Simon & Chester, 1998. The researcher use data from Madness on the couch: Blaming the victim in the heyday of psychoanalysis to strengthen the topic sentence that Sigmund Freud’s Psychoanalysis is a theory which tries to discover the connections between the unconscious components of a patient’s mental processes. This book focused on the pseudoscientific theories and dangerous practices that emerged and flourished in the wake of World War II as American psychotherapists battled to understand and treat schizophrenia, autism, and obsessive-compulsive disorder. Though unlike Cioffi’s Freud and the question of Pseudoscience, this one strongly emphasize that psychoanalysis did more harm than good to patients. It is through this, that the researcher was able to cite some examples to strengthen. his position with regards to the psychoanalytic movement.

War in Iraq was justified essays

War in Iraq was justified essays The war in Iraq was justified because of the thought of Saddam having or making weapons of mass destruction. Also, another reason for the war was the oppression that was happening to the Iraqi people. Some people think we shouldnt have gone to war because of the amount of money that would be added to our budget. I believe that just the idea that Iraq having weapons of mass destruction was enough cause to go to war. Because of the idea that Iraq could or would be able to use these weapons against us, it is in our best interest to go to war to protect our nation and our children against these types of nations that are building their country around weapons of mass destruction. First, I will discuss some of the evidence and things found in Iraq since the war has started. This evidence comes from an article that was titled, Cutting both ways, that appeared in the Economist Newspaper and it was written by David Kay. Secondly, I will discuss some of the oppression that was occurring in Iraq before the war. This evidence comes from an article from Current Affairs, titled, The Middle East, and was written by Ed Blanche. Thirdly, I will discuss some ideas about the cost of the war and how people might think that the war wasnt worth the cost of the rise in our nations budget. These ideas about the budget will also come from the Economist Newspaper, the heading of the article appeared as such, Iraq in a hard place; The budget, it was written by Stan Greenberg. The article in the Economist Newspaper, written by David Kay, describes how inspectors found programs for undeclared unmanned aerial vehicles. Also, he mentions how they found research on biological agents and unknown laboratories that had equipment that could produce chemical and biological weapons. Also, another item that was found, fuel, that was for banned scud missiles. All of these items that were found and ...

Free Essays on Obasan

of Naomi, silence is even thrown into play during such devious acts as molestation. When the neighbor Mr. Gower was molesting five-year-old Naomi, she remained silent. â€Å"The conflict between silence and speech is complicated for Naomi by her memories of the pre-oedipal silence†¦Ã¢â‚¬ (Goellnicht, 295). She was taught not to lash back at adults and to do what they say. At this moment, she learned dis-trust. The incidents with him happened more than once, yet she remained silent. This, for Naomi, drew her apart from her mother, leaving something between them that could not be discussed or mentioned. Bef... Free Essays on Obasan Free Essays on Obasan Paper- Obasan This is a story of silence. In some cultures, silence means everything. Sometimes it is not what you say, but what you don’t say. The characters in this story live many ways through silence and it’s effective nature. Naomi is torn between her aunts personalities, yet remains silent. The family remains silent throughout the events of their captiveness. Sometimes things are better left unsaid, but then again, did things work out in the end for these people? Sometimes, silence means everything. â€Å"In the U.S. silence is generally looked upon as passive; in China and Japan it traditionally signals pensiveness, alertness, and sensitivity† (Cheung, 113). The people of this story are silenced throughout their whole lives, living out their cultural ways, even though living in another country. They are raised to respect through silence. Ever since Naomi was five, Obasan, their aunt, raised her and her brother Stephen. Before this occurred Naomi seemed to have a happy childhood. She looked up to her mother as all young children do. She respected her mother’s authority and clung to her demeanors and ways of acting. She would play outside and go about her business unbothered, trusting everything her mother told, as all children trust a parent. â€Å"If I speak I will split open and spill out† (Kogawa, 63). From the words of Naomi, silence is even thrown into play during such devious acts as molestation. When the neighbor Mr. Gower was molesting five-year-old Naomi, she remained silent. â€Å"The conflict between silence and speech is complicated for Naomi by her memories of the pre-oedipal silence†¦Ã¢â‚¬ (Goellnicht, 295). She was taught not to lash back at adults and to do what they say. At this moment, she learned dis-trust. The incidents with him happened more than once, yet she remained silent. This, for Naomi, drew her apart from her mother, leaving something between them that could not be discussed or mentioned. Bef...

The Innovation and Learning Perspective of the Balanced Scorecard Research Paper

The Innovation and Learning Perspective of the Balanced Scorecard - Research Paper Example There are two main causes of variances in a business’s budget. One of the main causes is spending more than the budget allows. This could be due to the fact that the management budgeted for less than required; there was mismanagement of funds or general poor planning. Secondly, there may be an unexpected emergency in a business that may cause a major rift in the use of funds from the budget (Berry et. al. 2006). Mechanical damages to a major processing asset, for instance, could lead to an urgent purchase of another one in order to maintain the expected level of production. As an example, the Manchester Meerkat Company (MMC) suffered a blow when floods drained the fibre filling. This caused emergency spending that may have resulted in variance in the budget. This would cause destabilization in the budget hence a variance. These variances can either cause adverse effects to an organization if ignored or lead to success in business if noted and improved. This is because there ex ist two categories of variances namely favourable and unfavourable variances. The favourable variances occur where the results of business operations are better as compared to the expected results. On the other hand, the unfavourable variances occur whenever the end results of business operations are worse than expected results. Therefore, managers always carry out variance analysis in order to the look-after-the fact at what caused the difference. Furthermore, according to Blocher & Cokins (2005), this analysis helps the management to pinpoint the effects the variances have to the business and how to correct or improve on them.

Appreciative Inquiry of David Cooperrider Essay - 2

Appreciative Inquiry of David Cooperrider - Essay Example The questions asked are affirmative in nature and it focuses on the topic valuable to the people who are involved and directed at topics and issues for the success of the organization. This inquiry identifies â€Å"the area† where the organization needs to change. The change can be of different types which are as follows:   When an organization has to adapt to external factors, it may go through a major strategic change. Strategic organizational changes are usually quite transformative in nature as they include major adjustments and complete upheavals of the present way the organization operates.   People changes can be of large-scale or incremental. Large-scale people changes include replacement of the top executives with new employees in order to change the entire organization’s culture. Smaller-scale or incremental people changes include sending of management workers to team-building workshops and classes. These changes can be planned or unplanned, which may impact the employee’s attitudes towards work, behaviors of the individual and their performances.   Process changes define to be an attempt to improve the overall workflow efficiency and productivity of the organization. Organizations implementing these types of changes are highly successful when the new innovative process is applied to employee groups and the outcome of the new process work (Sharma, 2008).   In Silkeborg Council (Denmark) the problem in every department was absenteeism. The average number of working days that are lost over the first six months of 2001 was 9.25. One of the departments in which absenteeism was very high was the elderly care department. At this stage, the employees and the employers are inquired about the reason for absenteeism and then they are informed about the type of change which should be undertaken by them.   

The history of the Great Awakening Research Paper

The history of the Great Awakening - Research Paper Example ent died out rapidly, leaving behind bitter doctrinal disputes between the â€Å"New Lights† and the â€Å"Old Lights,† the latter led by Charles Chauncy, a Boston clergyman, who opposed the revivalist movement as extravagant and impermanent† (Great Awakening). However, the waves of religious awakening soon spread to America and it attained proper shape in America. Great Awakening is classified into different categories based on the period of occurrence like; first second, third and fourth Great Awakenings. First Great Awakening started in AD1734 and lasted till 1750 whereas second Great Awakening occurred in between 1800-1840. The third Great Awakening started in 1880 and lasted till 1910 whereas the fourth Great Awakening happened in the late 1960’s and at the beginning of 1970’s. In all the four great Awakening histories, Protestants were at one side and the traditional churches at the other end. This paper analyses the history and significance of Great Awakening. The Great Awakening arose at a time when man in Europe and the American colonies were questioning the role of the individual in religion and society. It began at the same time as the Enlightenment which emphasized logic and reason and stressed the power of the individual to understand the universe based on scientific laws. Similarly, individuals grew to rely more on a personal approach to salvation than church dogma and doctrine (Kelly) According to Professor Kidd (2009),â€Å"In the generation before awakening, the rivalry between Anglicans and dissenters was sharp. Dissenters were the subjects of discrimination at that time† (Professor Kidd, p.43). Church was the most dominant segment in American and British societies before the beginning of Great Awakening. Even politicians were afraid of the churches and they never tried to do something against the interests of the churches. In other words, the dominance of church was evident in all the aspects of human life in Britain and America before

The Basics of Supply and Demand Essay Example for Free

The Basics of Supply and Demand Essay 1) Use supply and demand curves to illustrate how each of the following events would affect the price of butter and the quantity of butter bought and sold: a. An increase in the price of margarine. b. An increase in the price of milk. c. A decrease in average income levels. 2). Use Supply and demand curve shifts to illustrate the effect of the following events on the market for apples. Make clear the direction of the change in both price and quantity sold. a. Scientists find that an apple a day does indeed keep the doctor away. b. The price of orange triples. c. A drought shrinks the apple crop to one-third its normal size. d. Thousands of college students abandon the academic life to become apple pickers. e. Thousands of college students abandon the academic life to become apple growers. 3) The rent control agency of New York City has found the aggregate demand is QD = 100 5P. Quantity is measured in tens of thousand of apartments. Price, the average monthly rental rate, is measured in hundreds of dollars. The agency also noted that the increase in Q at lower P results from more three-person families coming into the city from Long Island and demanding apartments. The city’s board of realtors acknowledges that this is a good demand estimate and has shown that supply is Qs =50 + 5P. a. If both the agency and the board are right about demand and supply, what is the free market price? What is the change in city population if the agency sets a maximum average monthly rental of $100, and those who cannot find an apartment leave the city? b. Suppose the agency bows to the wishes of the board and sets a rental of $900 per month on all apartments to allow landlords a â€Å"fair† rate of return. If 50 percent of any long-run increases in apartment offerings comes from new construction, how many apartments are constructed? 4) Much of the demand for U.S agricultural output has come from other countries. From Example 2.4, total demand is Q = 3244 283P. In addition, we are told that domestic demand is Qd =1700 – 107P. Domestic supply is Qs = 1944 + 207P. Suppose the export demand for wheat falls by 40 percent. a. U.S farmers are concerned about this drop in export demand. What happens to the free market price of wheat in the United States? Do the farmers have much reason to worry? b. Now suppose the U.S government wants to buy enough wheat each year to raise the price to $3.50 per bushel. With this drop in export demand, how much wheat would the government have to by each year? How much would this cost the government?

Developmental Psychology Essay -- Papers

Developmental Psychology Attachments in Developments =========================== Developmental psychology is concerned with how our cognitions, emotions and behaviour change as we grow with age and experience. Babies, only a few months old develop close bonds called attachment bonds with some people in particular. These people are able to settle the child, if upset, more easily than others and the baby will become upset if separated from the attachment object for too long. There has been a big debate in psychology over the precise role the mother figure takes in child development generally and especially the emotional development. Topic 4 - The Development and Variety of Attachments ==================================================== Attachments are emotional bonds that are formed with people very close to us. For babies and young people these attachments are formed with the people who look after them, usually their parents that prove very important to them. As we grow up our attachment objects usually change and may include boyfriends and girlfriends. The development of attachments ------------------------------ When you have become attached to somebody it means that you have formed a special bond with that person and them with you. These "attachment bonds" are very important to us but more so at an infant age with the loss of attachments having a negative effect on an individual. Maurer and Maurer said that attachments are welded in the heat of interactions, which shows that attachments depend on the interaction between two people rather than simply just being together. Maccoby identified four ... ...owed signs of behavioural instability e.g. shaking were less likely to become securely attached to their mother. Cross-Cultural Variations in Secure and Insecure Attachments In the same way that there are differences in attachment behaviour between individuals there is also differences in from one culture to another. Secure attachment is important in all cultures and the concept of an internal working model being universal has become a widely accepted view. Researchers in many different countries have used the Strange Situation to investigate secure and insecure attachment. There is considerable consistency in the results across cultures that show there is a relationship between mother - infant interaction and secure attachment. This suggests that there is a biological or genetic basis for attachment formation.

Prayer in school :: essays research papers

Since the Engel decision in 1962, religious advocates have been assailing the Supreme Court for "taking God out of the classroom." In an effort to reverse this trend, conservative religious groups have been fighting for the passage of a school prayer amendment to gain greater leeway for religious activities in schools. Clearly not all school prayer advocates agree as to what types of religious activities are permissible in public schools and why, but the following are some of the most frequently heard arguments. (1) Our Government is based on Religious Principles School prayer proponents maintain the United States was established as a Christian nation with religion playing a central role in guiding the nation’s destiny. Supporters of religion in school claim the founding fathers never intended a separation of church and state, evidenced by the fact that the phrase "separation of church and state" is not in the Constitution. Signs of a church/state union can be seen regularly: Congress prays at the opening of every session; federal officials take their oaths upon a Bible; "In God we trust" is stamped on our national currency; and Moses and the Ten Commandments are featured prominently in the Supreme Court building. If religion is accepted in these government institutions, they reason, it should not be stopped at the schoolhouse door. (2) The Free Exercise Clause Protects School Prayer Despite decades of Supreme Court rulings, many religious advocates claim the Constitution protects school prayer. According to their interpretation, the First Amendment does not separate God and government, but actually encourages religion. Many supporters believe the Establishment Clause was intended to bar only the establishment of a state religion. They narrowly interpret the Free Exercise Clause as requiring the government to accommodate religious observances in public life. Many advocates believe the restriction on graduation and student-led school prayers violates their First Amendment right to practice religion without government interference.

‘George’s Trains’ Working Capital Essay

George’s Train Shop is a family owned business that focuses on the sales and repairs of train toys. George is running a profitable business, but as he is aware of my MBA Managerial Finance class, he has asked for advice on his working capital practices. Although George is currently enjoying the benefits of a profitable business, there are opportunities for him to expand his business ventures. This first starts by dissecting degree of aggressiveness in working capital practices, current capital budgeting practices, and areas where he can improve in both arenas. In addition, careful management of the company’s cash flow will allow George’s Train Shop to explore other business opportunities for growth as well as flourish with increased.Alshubiri investigated the relationship between the aggressive/conservative working capital policies and the impact on profitability and risk. The study indicated a negative relationship between the profitability measure of firms and banks and degree of aggressiveness of working capital investment and financing policies (2011). Aggressive working capital policy is one in which you try to squeeze by with a minimal investment in current assets coupled with an extensive use of short-term credit. Conservative working capital practices are those in which companies assure plenty of cash in the bank, warehouses are full of inventory and payables are all up to date (Bank, n.d.). In an attempt to cut expenses to a minimum, George’s Train Shop owner, George Olieux, manages working capital by keeping few inventory and reordering inventory when only 1 product model is left on shelf (Intelecom, n.d.). According to Bank, as you tighten inventory, your sales and accounts receivable might swoon because you could run short on product. Inventory shortages might result in lower revenue and collections as competitors with well stocked inventories steal your customers (n.d.). Moreover, you risk default and bankruptcy as you adopt more aggressive working capital policies, as tight inventories can lead to shortages and lost sales. Firms with aggressive working capital policies, such as George’s Trains Shop may not be able to generate more returns on assets by following aggressive approaches towards short term assets and liabilities. Capital Budgeting refers to the process in which a  business determines whether projects are worth pursuing (Byrd, 2012); however, because the amount of capital available at any given time for new projects is limited, management needs to use capital budgeting techniques to determine which projects will yield the most return over an applicable period of time (Investopedia, n.d.). When Olieux acquired the business, it was heavily dependent on sales of classic Lionel trains, but when demand dropped, he had to make capital budgeting decision and invest in new product lines (Intelecom, n.d.). George Olieux explored other product opportunities by analysis of trends in the market. Because smaller trains and race cars were gaining popularity, Olieux decided to start selling race cars and smaller train models. The ability to identify which assets are expected to add value to the firm is central to the financial management role (Byrd, 2012). George’s capital budgeting technique included observation of market trends and pursuing assets, such as race cars and small trains, that were trending at the moment. Since George did not use popular methods of capital budgeting, including net present value (NPV), internal rate of return (IRR), and payback period, George had to take a conservative route by first exploring the success of just one race car product line. A potential pitfall George uses in current capital budgeting practices is the lack of a sophisticated measure of capital budgeting, such as the net present value. Such methods can measure which projects can add value to the business as well as compare various investments to one another. The Net Present Value method measures the dollar added value the investment will bring to the firm. It is calculated by taking the present value of future cash flows minus the initial investment (Byrd, 2012). George has statements from previous years that document cash flows and bu siness cycle trends. These statements include the timing and magnitude of cash flows, which include increased cash flows in the summer due to tourism, and reduced cash flows during income tax time. Using previous cash flow statements can help anticipate and calculate future cash inflows of a potential investment, such as the purchase of a Race Car or small train line, and can provide George with an accurate picture of the project’s Net Present Value. The lack of a cash cushion is one primary reason small businesses fail; therefore for small businesses, it is important to understand and manage the company’s cash cycle (Byrd, 2012). The cash flow statement records the amounts of cash  and cash equivalents entering and leaving a company, and includes three components by which cash enters and leaves a company: core operations, investing, and financing (Heakal, 2010). The operations section of the Cash Flow statement would include changes made in cash, accounts receivable, depreciation, inventory, and accounts payable (Heakal, 2010). This would include purchases of inventory and the sales of products/services. George keeps inventory levels to a minimum as an attempt to keep cash spending at a minimum, so frequent purchasing and selling of inventory is observed. The investing section of the Cash Flow statement would include George’s investment in acquiring the lease for the building and business, while the financing section includes loans for purchasing the business and interest paid on those loans. A company can use a cash flow statement to predict future cash flow, which helps with matters in budgeting (Heakal, 2012); therefore I recommend that George use the business’ cash flow statement in evaluating capital budgeting projects, such as the addition of Race Car and small train product lines, as well as other potential ventures. Moreover, I recommend George use the statement of cash flow to understand how much cash is generate and how much of that cash stems from core operations, such as the sale of specific product lines or the repair services offered. The management of cash is necessary to start, operate and expand a business. Before George can expand his business, he must prove to potential investors not just the profitability of the business, but the ability to pay short term obligations. By using sophisticated capital budgeting methods, such as the NPV, George can accurately asses the value added from potential investments. Through careful managing of cash flow statements, George has the potential to not just pay off short term obligations, but expand business ventures. Resources Alshubiri, F. (2011). The Effect of Working Capital Practices on Risk Management: Evidence from Jordan. Global Journal of Business Research, 5(1), 39-54. Bank, E. (N.D.). Aggressive vs. Conservative Working Capital. Retrieved on 9/5/2013, From website: http://smallbusiness.chron.com/aggressive-vs-conservative-working-capital-65216.html Byrd, J., Hickman, K., & McPherson, M. (2012). Managerial Finance. San Diego, CA: Bridgepoint Heakal, R. (2010). What is a Cash Flow Statement? Retrieved on 9/8/2013, from website: http://www.investopedia.com/articles/04/033104.asp INTELECOM. (Producer). Management of Working Capital Case Study: â€Å"George’s Trains†. [Video File]. Retrieved from the Intelecom Video Library. Investopedia (n.d.). Definition of ‘Capital Budgeting’. Retrieved on 9/6/2013, from website: http://www.investopedia.com/terms/c/capitalbudgeting.asp Palani, A. A.. & Mohideen, A. (2012). Impact of Aggressive Working Capital Management Policy on Firm’s Profitability. International Journal of Research in Commerce And Management, 3(3), 49-53.