Motivation Theory: Explaining Tourist Behavior

Motivation theory â€Å"Crompton (1979) notes it is possible to describe the who, when, where, and how of tourism, together with the social and economic characteristics of tourist, but not to answer the question â€Å"why,† the most interesting question of all tourist behaviour. † (Fodness 1994, p. 556) While motivation is only one of many variables in explaining tourist behaviour, it is nonetheless   a very critical one, as it constitutes the driving force behind all behaviour (Fodness 1994).Motivation sets the stage for forming people's goals (Mansfeld 2000) and is reflected in both travel choice and behaviour; as such it influences people's expectations, which in turn determine the perception of experiences. Motivation is therefore a factor in satisfaction formation (Gnoth 1997). Basic motivation theory suggests a dynamic process of internal psychological factors (needs, wants and goals), causing an uncomfortable level of tension within individuals’ minds an d bodies, resulting in actions aimed at releasing that tension and satisfying these needs (Fodness 1994).Motives, implying such an action, require the awareness of needs, as well as objectives, promising to satisfy these now conscious needs in order to create wants and move people to buy (Goosens 2000). Objectives or goals are presented in the form of products and services, it is therefore the role of marketing to create awareness of needs and suggest appropriate objectives, promising the satisfaction of these (Mill and Morrison 1985). Several authors suggest (Dumazedier 1967, Krippendorf 1987, Parker 1983) that in the Western World free time and holidays are connected to the concept of self-actualisation or self-realisation.The latter defined by Grunow-Lutter (1983. p. 76) as â€Å"a person's dynamic relationship between the real and the ideal self, constituting a process of decreasing the distance between these two cognitive systems, themselves subject to continuous change. † It is the individual's aim to achieve a state of stability, or homeostasis (Goosens 2000), which is disrupted when the person becomes aware of the gap between real and ideal self, or as Goosens calls it a need deficiency. The resulting need to self-actualise represents the motive, which under the constraints of the situation sets the stage for the process of motivation (Gnoth 1997).But to what extent does tourism satisfy the intrinsic need for self-actualisation? Tinsley and Eldredge (1995) summarise 15 years of research into psychological needs, satisfied by leisure activities, and proposed leisure activities clusters such as novelty, sensual enjoyment, cognitive stimulation, self-expression, creativity, vicarious competition, relaxation, agency, belongingness and service. It is questioned however; whether these superficial needs are intrinsically motivated (Goosens 2000, p. 303), suggesting that these motivations are merely culturally learned stereotypes or explanations for lei sure behaviour.As Fodness (1994) states, a widely accepted integrated theory for needs and goals behind motivation is lacking. The question is of course why this is the case. Research into motivation can be distinguished into two categories, the behaviourist and the cognivist approach (Gnoth 1997). The discussion has therefore traditionally revolved around either push or pull factors influencing tourist behaviour (Crompton 1979). Push factors represent lasting dispositions, as they are internally generated drives. The individual, energised by such drives, will then search objects for the promise of drive reduction and develop a motive (Gnoth 1997).The behaviourist view thus emphasises the emotional parameter of decision-making, while the cognivist approach focuses on situational parameters in which motives are expressed, consequently encompassing a certain knowledge which the tourist holds about goal attributes as well as a rational weighing up of situational constraints (Gnoth 1997 ). This cognitive process results in motivations, which are more object specific than motives, as these only imply a class of objects and may result in a range of different behaviours, depending on the situation.This unidimensional approach has been criticised however (Pearce 1993, Parinello 1993), as push and pull factors influence the consumer simultaneously (Hirschman and Holbrook 1986), integrated by the concept of involvement, an unobservable state of motivation, arousal, or interest (Goosens 2000), which is evoked by stimulus or situations. This is the case, since pull factors such as marketing stimuli as well as the destination's and service's attributes respond to and reinforce push factors.Consequently research increasingly seeks to integrate emotions and cognition in the individual's decision-making process (Hartmann 1982, Pearce and Caltabiano 1983, Braun 1989, Gnoth 1997), indicating a more holistic approach. As a result it became evident that people's intrinsic needs ar e influenced by external factors. Rojek (1990) asserts that in post-modern society the superstructure of advertising, television, fashion, lifestyle magazines and designer values increasingly take the role of forming knowledge and beliefs.People's needs are neutral (Heckhausen 1989), as motives however, they require an object towards which the need is directed, and when linked to actual situations, cultural and social impacts are also applied (Gnoth 1997). Situations raise motives to the level of values, as such they are evaluations based on learned behaviour and perception (Lewin 1942, Vroom 1964). If a drive is reduced satisfactorily the individual is likely to remember the behaviour and employ the same behaviour again, thus acquiring habits (Hull 1943).Tourism experiences may therefore become learned behaviour and acquire the role of habit enforcers. Cognivists argue that knowledge and beliefs in future rewards, anticipatory in nature (Vroom 1964), are equally a product of former ly encountered situations (Murray 1938), and external formation. It may be concluded that motives merely represent learned behaviour, which are influenced by offered objects or tourism activities, while motivations represent knowledge and beliefs formed by society and culture or tourism marketers.The psychogenic need for self-actualisation, abstract in nature, is therefore operationalised in a learned and practical manner and expressed in values, which are learned strategies to either adapt one's environment to one's needs or adapt one's self to a given environment (Kahle 1983). Such values equally include effects of enculturation and socialisation (Fodness 1994). Furthermore the perceived gap between real and ideal self, may indicate both externally and internally controlled evaluations (Gnoth 1997).McCabe therefore asks what researchers can expect to know about individuals' drives, by asking them about their motivations and needs as these may not be available to individuals as par t of their consciousness (2000a, p. 215). Iso-Ahola (1982) states that â€Å"people do not walk around with numerous leisure needs in their minds and do not rationalise specific causes of participation if their involvement is intrinsically motivated† (cited in Goosens 2000, p. 303). Hence it may be assumed that needs are suggested by mmediate social peers, and the wider context of particular social realities as well as the influence of the media (McCabe 2000a). Yet as Weissinger and Bandalos (1995) stress, intrinsic leisure motivation, which is a global disposition and describes a tendency to seek intrinsic rewards, is characterised by self-determination, an awareness of internal needs and a strong desire to make free choices based on these needs. While self-actualisation may be accepted as a need intrinsic to all individuals, society exercises a great deal of influence on the formation of the ideal self and thus perceived needs.However the notion of authentic or true self, d etermined by way of experience, offers a solution to the predicament. According to Waterman (1984), individualism symbolises four psychological qualities, the first one is a sense of individual identity, based on the knowledge of who one is and what one's goals and values are, as such it is related to the philosophical concept of true self, which indicates what an individual reckons personally expressive and what it is to be actualised (p. 30).The second is Maslow's self-actualisation, which is the driving to be one's true self. The third quality is Rotter's (1966) internal locus of control, which reflects a willingness to accept personal responsibility for one’s life, and finally prinicipled (postconventional), moral reasoning (Kohlberg 1969), which involves consistency with general abstract principles (cited in Kim and Lee 2000, p. 156). Consequently, only if   tourists become more autonomous and thus aware of intrinsic needs and motives are they able to self-actualise.As McIntosh and Goeldner (1990) explained, order is becoming less important in Western society and a desire for disorder in the tourism experience is becoming more important. Kim and Lee point out that â€Å"opportunities for unplanned action and freedom from institutionalised regulations are distinctive of Western tourists† (2000, p. 157). This indicates that tourists exhibit a certain desire to liberate their identities. According to Krippendorf (1984), in order for tourists to cease being just users of holidays, they must come to know themselves, their motives and other cultures.It may therefore be assumed that self-actualisation is an intrinsic need, characteristic of any tourist, but must be understood in terms of true self as opposed to ideal self and as such is independent of societal pressures and involves the transcendence of habitual behaviours and mindstates. This proposition requires further elaboration and must be viewed in the context of modernity, which hinders t his process but at the same time brought about its awareness.

Economic vale added

Corporations continue to use a variety of measures to gauge their financial performance for many years. Economic value added (EVA) has been Introduced as a very effective performance measurement and strategic assessment tool. One of the reasons why EVA is such a powerful instrument is that it is linked to market value added (MBA), which is the definite indicator of a company's wealth creation. Another reason for using EVA is that it is the only dependable and precise continuous improvement method available.Economic value added is the term that Stern Stewart & Co. Coined for Its particular variety of economic profit and gain that remains after levying a charge against â€Å"After Tax Operating profits† for the opportunity cost of all capital used to produce those profits. Many corporate managers have mistakenly been focusing on conventional accounting profits, which include a deduction for interest payments on debt but have no provision at all for the cost of equity capital. Ma rket value added measures the level of wealth creation.It beats out all other measures because it is the deference between â€Å"Cash In and Cash Out†, I. E. , between how much capital investors put Into a company and what they could get out by selling at today's market price. As such, MBA Is the cumulative amount by which a company has enhanced or diminished shareholder wealth. It is the best external measure of company performance because it captures the market's assessment of the effectiveness in how company's managers have used their resources.Within the scope of this study, the role of economic value added in financial theory, and the relationship between market value added, market value and economic value added have been Investigated. Empirical study around the market value added, market value, economic value added, traditional measures such as net Income, earnings per share, return on assets and return on equity have been employed with the data taken from 89 Istanbul S tock Exchange companies, over a period 1 996 – 2005.Additionally, Regression and Factor Analysis are applied to find the high reference firms and industries as well as value drivers pertaining the firms taken up In this study. It has been determined that market value and market value added have lower association with economic value added in comparison to the measures of earnings such as net operating profit after tax and net income. Moreover, when the annual changes in the variables are taken into consideration, association level of EVA to MBA and NV is weaker than the net operating profit after tax and net income.However, economic value added is a more powerful management tool than traditional performance measures Like earnings per share, return on assets and return on equity In measuring firm financial performance In SIS regarding the period of 1996 – 2005. Moreover, In order to determine the value drivers In Istanbul Stock Exchange financial characteristics have bee n investigated. A weak correlation between market value added, market value and internal financial measures were determined. The impact of macroeconomic factors on the market value added and market value has also been investigated.It has been concluded that inflation and treasury bill rates have a negative correlation, while gross domestic/national product and money supply/net international reserves have a positive correlation with market value added and market value of the Istanbul Stock Exchange industrial firms. Furthermore, Porter's value philosophy has been discussed to investigate the competitiveness and value creation of Turkish companies and industries. Keywords: Market value added, market value, economic value added

Early Greek Education Essay

Definition HIV infection is a disease caused by the human immunodeficiency virus (HIV). The condition gradually destroys the immune system, which makes it harder for the body to fight infections. Most people infected with HIV eventually develop AIDS. These individuals mostly die from opportunistic infections or malignancies associated with the progressive failure of the immune system. HIV progresses to AIDS at a variable rate affected by viral, host, and environmental factors; HIV-specific treatment delays this process. Most will progress to AIDS within 10 years of HIV infection: some will have progressed much sooner, and some will take much longer. Treatment with anti-retrovirals increases the life expectancy of people infected with HIV. Even after HIV has progressed to diagnosable AIDS, the average survival time with antiretroviral therapy was estimated to be more than 5 years as of 2005. Without antiretroviral therapy, someone who has AIDS typically dies within a year. Acquired immune deficiency syndrome or acquired immunodeficiency syndrome (AIDS) is a disease of the human immune system caused by the human immunodeficiency virus (HIV). This condition progressively reduces the effectiveness of the immune system and leaves individuals susceptible to opportunistic infections and tumors. HIV is transmitted through direct contact of a mucous membrane or the bloodstream with a bodily fluid containing HIV, such as blood, semen, vaginal fluid, preseminal fluid, and breast milk. When HIV infection becomes advanced it often is referred to as AIDS. It generally occurs when the CD4 count is below 200/mL and is characterized by the appearance of opportunistic infections. These are infections that take advantage of a weakened immune system and include: †¢ Pneumocystis carinii pneumonia †¢ Toxoplasmosis †¢ Tuberculosis †¢ Extreme weight loss and wasting; exacerbated by diarrhea which can be experienced in up to 90% of HIV patients worldwide †¢ Meningitis and  other brain infections †¢ Fungal infections †¢ Syphilis †¢ Malignancies such as lymphoma, cervical cancer, and †¢ Kaposi’s Sarcoma Today we know that Acquired Immune Deficiency Syndrome (AIDS) is a disease and not a syndrome. A syndrome is commonly used to refer to collections of symptoms that do not have an easily identifiable cause. This name was more appropriate 13 years ago, when doctors were only aware of the late stages of the disease and did not fully understand its mechanisms. A more current name for the condition, regardless of an AIDS diagnosis, is HIV Disease. This name is more accurate because it refers to the pathogen that causes AIDS and encompasses all the condition’s stages, from infection to the deterioration of the immune system and the onset of opportunistic diseases. However, AIDS is still the name that most people use to refer to the immune deficiency caused by HIV. †¢ Acquired — because it is a condition that has to be contracted. It cannot be inherited or transmitted through the genes. †¢ Immune — because it affects the body’s immune system, the part of the body that fights off diseases. †¢ Deficiency — because it makes the immune system stop working properly. †¢ Syndrome — because people with AIDS experience a number of different symptoms and opportunistic diseases. Four stages of HIV infection: 1. Incubation Period In the majority of the infected population, HIV remains asymptomatic for years. The only way to know if you have HIV is to be tested. It is important to know, however, that it may take up to six months after exposure to the HIV virus before you will test positive on an HIV antibody test, although most infected people will test positive within 3 months. A negative test, therefore, isn’t a reliable indicator of your infection status if you were only exposed last week. Tests that look directly for HIV RNA, the virus’ genetic material, can detect an infection earlier, but are harder to find. 2. Acute HIV infection The initial infection with HIV generally occurs after transfer of body fluids from an infected person to an uninfected one. The first stage of infection, the primary, or acute infection, is a period of rapid viral replication that immediately follows the individual’s exposure to HIV leading to an abundance of virus in the peripheral blood with levels of HIV commonly approaching several million viruses per mL. This response is accompanied by a marked drop in the numbers of circulating CD4+ T cells. This acute viremia is associated in virtually all patients with the activation of CD8+ T cells, which kill HIV-infected cells, and subsequently with antibody production, or seroconversion. The CD8+ T cell response is thought to be important in controlling virus levels, which peak and then decline, as the CD4+ T cell counts rebound to around 800 cells per  µL (the normal blood value is 1200 cells per  µL ). A good CD8+ T cell response has been linked to slower disease progression and a better prognosis, though it does not eliminate the virus. During this period (usually 2–4 weeks post-exposure) most individuals (80 to 90%) develop an influenza or mononucleosis-like illness called acute HIV infection. Because of the nonspecific nature of these symptoms, they are often not recognized as signs of HIV infection. Even if patients go to their doctors or a hospital, they will often be misdiagnosed as having one of the more common infectious diseases with the same symptoms. Consequently, these primary symptoms are not used to diagnose HIV infection as they do not develop in all cases and because many are caused by other more common diseases. However, recognizing the syndrome can be important because the patient is much more infectious during this period. 3. Latency stage A strong immune defense reduces the number of viral particles in the blood stream, marking the start of the infection’s clinical latency stage. Clinical latency can vary between two weeks and 20 years. During this early phase of infection, HIV is active within lymphoid organs, where large amounts of virus become trapped in the follicular dendritic cells (FDC) network. The surrounding tissues that are rich in CD4+ T cells may also become infected, and viral particles accumulate both in infected cells and as free virus. Individuals who are in this phase are still infectious. During this time, CD4+ CD45RO+ T cells carry most of the proviral load. 4.  AIDS When CD4+ T cell numbers decline below a critical level of 200 cells per  µL, cell-mediated immunity is lost, and infections with a variety of opportunistic microbes appear. The first symptoms often include moderate and unexplained weight loss, recurring respiratory tract infections (such as sinusitis, bronchitis, otitis media, pharyngitis),prostatitis, skin rashes, and oral ulcerations. Common opportunistic infections and tumors, most of which are normally controlled by robust CD4+ T cell-mediated immunity then start to affect the patient. Typically, resistance is lost early on to oral Candida species and to Mycobacterium tuberculosis, which leads to an increased susceptibility to oral candidiasis(thrush) and tuberculosis. Later, reactivation of latent herpes viruses may cause worsening recurrences of herpes simplex eruptions, shingles, Epstein-Barr virus-induced B-cell lymphomas, or Kaposi’s sarcoma. Pneumonia caused by the fungus Pneumocystis jirovecii is common and often fatal. In the final stages of AIDS, infection with cytomegalovirus (another herpes virus) or Mycobacterium avium complex is more prominent. Not all patients with AIDS get all these infections or tumors, and there are other tumors and infections that are less prominent but still significant. Incidence As a national and global epidemic, the degree of morbidity and mortality caused by caused by HIV or AIDS. At the end of 2002, it was estimated that there were 42 million people living with HIV / AIDS and that more than 25 million had died of the infection. During the same year, 5 million were newly infected with the virus, and for the first time, women and young people 15 to 24 years of age accounted for 50% of HIV infections. In the year 2007, it was estimated that 33.2 million people lived with the disease worldwide, and that AIDS had killed an estimated 2.1 million people, including 330,000 children. In the Philippines, cases were estimated to be 29 each month in the year 2007 and continue on until 2008. As of September 2008, the Department of Health (DOH) AIDS Registry in the Philippines reported 3,456 people living with HIV/AIDS. The Philippines is a low-HIV-prevalence country, with less than 0.1 percent of the adult  population estimated to be HIV-positive. Etiology AIDS is caused by the human immunodeficiency virus or HIV. Human immunodeficiency virus (HIV) is a lentivirus (a member of the retrovirus family) that causes acquired immunodeficiency syndrome (AIDS), a condition in humans in which the immune system begins to fail, leading to life-threatening opportunistic infections. Infection with HIV occurs by the transfer of blood, semen, vaginal fluid, pre-ejaculate, or breast milk. Within these bodily fluids, HIV is present as both free virus particles and virus within infected immune cells. The four major routes of transmission are unsafe sex, contaminated needles, breast milk, and transmission from an infected mother to her baby at birth (Vertical transmission). Screening of blood products for HIV has largely eliminated transmission through blood transfusions or infected blood products in the developed world. HIV primarily infects vital cells in the human immune system such as helper T cells (specifically CD4+ T cells), macrophages, and dendritic cells. HIV infection leads to low levels of CD4+ T cells through three main mechanisms: firstly, direct viral killing of infected cells; secondly, increased rates of apoptosis in infected cells; and thirdly, killing of infected CD4+ T cells by CD8 cytotoxic lymphocytes that recognize infected cells. When CD4+ T cell numbers decline below a critical level, cell-mediated immunity is lost, and the body becomes progressively more susceptible to opportunistic infections. HIV is present to variable degrees in the blood and genital secretions of virtually all individuals infected with HIV, regardless of whether or not they have symptoms. The spread of HIV can occur when these secretions come in contact with tissues such as those lining the vagina, anal area, mouth, or eyes (the mucus membranes), or with a break in the skin, such as from a cut or puncture by a needle. The most common ways in which HIV is spreading throughout the world include sexual contact, sharing needles, and by transmission from infected mothers to their newborns during pregnancy, labor (the delivery process), or breastfeeding. (See the section below on treatment during pregnancy for a discussion on reducing the risk of  transmission to the newborn.) There is little evidence that HIV can be transferred by casual exposure, as might occur in a household setting. For example, unless there are open sores or blood in the mouth, kissing is generally considered not to be a risk factor for transmitting HIV. This is because saliva, in contrast to genital secretions, has been shown to contain very little HIV. Still, theoretical risks are associated with the sharing of toothbrushes and shaving razors because they can cause bleeding, and blood can contain large amounts of HIV. Consequently, these items should not be shared with infected people. Similarly, without sexual exposure or direct contact with blood, there is little if any risk of HIV contagion in the workplace or classroom. Pathophysiology Signs and Symptoms †¢ Acute HIV infection [pic] Main symptoms of acute HIV infection. †¢ Symptomatic HIV infection or Acquired Immunodeficiency Syndrome – Moderate and unexplained weight loss – Recurring respiratory tract infections (such as sinusitis, otitis media, bronchitis, pharyngitis) – Prostatitis, skin rashes, and oral ulcerations – Oral candidiasis and Tuberculosis caused by Candida species and Mycobacterium tuberculosis respectively. – Reactivation of latent herpes viruses may cause worsening recurrences of herpes simplex eruptions, shingles, Epstein-Barr virus-induced B-cell lymphomas, or Kaposi’s sarcoma. – Pneumonia caused by the fungus Pneumocystis jirovecii is common and often fatal. – In the final stages of AIDS, infection with cytomegalovirus (another herpes virus) or Mycobacterium avium complex is more prominent. WHO Case Definition for AIDS Surveillance For the purpose of AIDS surveillance an adult or adolescent (>12 years of age) is considered to have AIDS if at least 2 of the following major signs are present in combination with at least 1 of the minor signs listed below, and if these signs are not known to be due to a condition unrelated to HIV infection. Major Signs – Weight loss >10% of body weight – Chronic diarrhea for more than 1 month – Prolonged fever for more than 1 month (intermittent of constant) Minor Signs – Persistent cough for more than 1 month – Generalized pruritic dermatitis – History of herpes zoster – Chronic progressive or disseminated herpes simplex infection – Generalized lymphadenopathy The presence of either generalized Kaposi sarcoma or cryptococcal meningitis is sufficient for the diagnosis of AIDS for surveillance purposes. Expanded WHO Case Definition for AIDS Surveillance For the purpose of AIDS surveillance an adult or adolescent (>12 years of age) is considered to have AIDS if test for HIV antibody gives a positive result, and 1 more of the following conditions are present: – >10% body weight loss or cachexia, with diarrhea or fever, or both, intermittent or constant, for at least 1 month, not known to be due to a condition unrelated to HIV infection – Cryptococcal meningitis – Pulmonary or extra-pulmonary tuberculosis – Kaposi sarcoma – Neurological impairment that is sufficient to prevent independent daily activities, not known to be due to a condition unrelated to HIV infection (i.e. trauma or cerebrovascular accident) – Candidiasis of the esophagus (which may be presumptively diagnosed based on the presence of oral candidiasis accompanied by dysphagia) – Clinically diagnosed life-threatening or recurrent episodes of pneumonia, with or  without etiological confirmation – Invasive cervical cancer

Introduction to Investment Appraisal Techniques

Firms throughout the world expand by starting projects and carrying out investments in different industries and sectors. An important building block in these investments is the analysis and later the evaluation of these projects on the basis of economic, cost and financial data. Investment appraisal techniques provide the financial data and also help managers determine the financial viability of each and every project under consideration. Concepts Related to Investment Appraisal MethodsAlmost all appraisal techniques are based on certain building blocks. These building blocks require estimations and forecasting of present data into the future. For instance future growth rates and interest rates need to be predicted in order to calculate the cost of capital for different projects. Similarly another important estimation is related to the cash inflows and cash outflows for a particular project. This requires the project evaluators or analysts to come up with accurate forecasts for sales , costs and other operating costs.Firms also need to look at the useful or life cycle of the project because that will determine the total net cash flows for a particular project, the time period will also tell the project evaluators about the time horizon of the project so that other economic and market factors could be considered as well while making the decision. Firms also need to plan the type of project evaluation techniques that must be used by the evaluators; for instance with projects that have a short-life span the Pay-Back method should be used to compare the speed with which each project is providing the initial investment.Many of the appraisal techniques must be used together to come to conclusions because of the way the data is presented to evaluators. For instance if a project is giving high returns in the later years but the overall average return is greater than another project that is giving high returns in the initial years than the evaluators might select the lat ter project because it is less risky. Important Investment Appraisal Techniques Pay-Back Period: This method simply calculates the time it will take a project to earn back the amount of money that was initially invested.This technique is extremely important in the comparison of those projects which have similar total life but varying cash flows throughout the life cycle. For instance in a scenario where interest rates are rising then evaluators would want to go for a project which has a lower Pay-Back period. This is because as interest rates increase the cost of capital will also increase and the real value of the returns will fall as we move into the future.Net-Present Value: This method discounts back all future cash-inflows and cash-outflows to the present values; the critical factor in this method is the determination of the discount/interest rate used to bring back the future values to the present. The important thing with this methodology is that it allows businesses to calcu late the real return that they will earn from the project i. e. businesses factor out the inflation or the nominal return that they might get from a project.Accounting Rate of Return: The ARR method provides the evaluators with a percentage that shows a return on the invested amount: say for instance if the ARR is 8% then the project is generating 8% returns annually on each dollar invested. This method does not discount the cash flows but it is helpful in the sense that it explains the potential of the project to generate enough cash flow so that a comparison can be made with other projects on an annual return basis. Internal Rate of Return: This method gives the evaluators with a percentage that shows the projects achieving net present value equal to zero.Essentially, the method calculates the rate at which the projects future calculated return (NPV) is equal to the initial invested amount. This method is extensively used by companies that plan on implementing large-scale projects . This rate gives evaluators an idea of what sorts of costs of capital is acceptable and at which levels or rates can we expect a profit. Value Addition from Appraisal Techniques The appraisal techniques discussed above are an extremely efficient way of substantiating projects and comparing the viability of different projects.The fact of the matter is that when firms want data for different projects while deciding which project to undertake they must objectively evaluate each project and the appraisal techniques provide an effective way of calculating financial data which can be used for analysis. Project Annual Net Cash flow Initial Investment Cost of Capital IRR NPV 1 ? 100,000 ? 449,400 14% A B 2 ? 70,000 C 14% 20% D 3 E ? 200,000 F 14% ? 35,624 4 G ? 300,000 12% H ? 39,000 Calculations for A, B, C, D, E, F, G, H The four projects have a useful life of 10 years. For project 1: Total Cash flow for 10 years: ?1,000,000. IRR: NPV= -? 449,400 + 100,000/ (1+R)1 + 100,000/(1+R)2 +†¦+ 100,000/(1+R)10 = 0. A = 18%; IRR = 18%. By using the trial and error technique we calculated the IRR to be 18%. NPV: -449,400/(1+0. 14)0 + 100,000/(1+0. 14)1 + 100,000/(1+0. 14)2 +†¦+100,000/(1+0. 14)10 = -449,400 + 521,611. 56 = 72,211. 56; B = 72,211. 56 For Project 2: IRR: NPV = -Initial Investment (C) + 70,000/(1+0. 2)1 + 70,000/(1+0. 2)2 +†¦+ 70,000/(1+0. 2)10 = 0; C = ? 293,474. NPV = -293,474/(1+0. 14)0 + 70,000/(1+0. 14)1 + 70,000/(1+0. 14)2 +†¦. + 70,000/(1+0. 14)10 = 71,655; D= ? 71,655For Project 3: Annual Net Cash Flow: IRR: NPV = -200,000 + E/(1+0. 14)1 + E/(1+0. 14)2 +†¦. + E/(1+0. 14)10 = 0; E = ? 38,343. Cost of Capital: 35,624 = -200,000 + 38,343/(1+F)1 + 38,343/(1+F)2 +†¦+ 38,343/(1+F)10 ; F = 11. 00% : through trial and error we calculated the value of cost of capital as 11. 00%. For Project 4: Annual Net Cash Flow: 39,000 = -300,000 + G/(1+0. 12)1 + G/(1. 12)2 +†¦. + G/(1. 12)10 ; G = ? 60,000; IRR (H): NPV= -? 300,000 + 60,000/ (1+R)1 + 60,000/(1+R)2 +†¦+ 60,000/(1+R)10 = 0. H = 15. 1%; by trial and error method we calculated the IRR of the 4th project as 15.1%. Project Selection Based on Available Data The investment techniques that have been used to evaluate the 4 projects have given us some important factors to consider before making the final decision. In light of the data available we suggest that project 3 should be chosen because firstly the initial investment is the lowest amongst all the four projects. Secondly another important factor is that the difference between the cost of capital and the IRR is less than some of the other projects more importantly the IRR is 14% which is the lowest amongst all the four projects.This means that if project 3 is pursued the company the is likely to achieve quick returns and even if the performance of the project is not outstanding due to external factors the company can make substantial returns from the project. The critical factor is that project 3 can b ring in returns far more quickly than other available projects as any returns beyond the 14% mark would be real returns on the investment. Another significant factor would be the saved money from the initial capital that can be used for other projects with similar or even better returns prospects.The cost of capital for this project is also the lowest amongst all other projects; this is also an indicator that change can be absorbed by the company. With project 3 we see that the annual cash flows are amongst the highest if we use the annual cash flow/ initial investment basis for comparison between all the four projects. This also indicates that project 3 is more viable than some of the other projects such as project 1. The only criticism of project 3 is that the gap between cost of capital and IRR is smaller than let’s say from project 1 or project 2.This creates a potential problem if and when interest rates start to increase then the project might become non-profitable in t erms of real rate of return. Conclusion The investment appraisal techniques have become an essential methodology to solve and answer critical questions when it comes to selecting major expansion projects. When companies go to venture capitalists or other financial institutions they must fulfill certain criteria before being given the amount of money they are looking for.Even in the investor industry most investors are required to provide there rate of return requirements before companies or other financial institutions could make tailored products for the investors. It must be emphasized here that companies must understand that other economic data is crucial in relation with the financial data that these appraisal techniques provide. Bibliography: The Institute of Chartered Accountants England and Wales, Investment Appraisal Techniques, viewed February 5, 2010 < http://financial. kaplan.co. uk/Documents/ICAEW/MI_Ch3_p. pdf> Schuster, Northcott, Gotze, 2008. Investment Appraisal: Met hods and Models, Springer-Verlag Berlin Heidelberg Martina Rohrich, 2007, Fundamentals of Investment Appraisal, Oldenbourg Coursework4you. co, Advantages and disadvantages of different appraisal techniques viewed February 5, 2010 < http://www. coursework4you. co. uk/essays-and-dissertations/finance-and-accounting/investment-appraisals/P_F_61_Advantages_and_disadvantages_of_different_investment_appraisals_techniques. php>Course Work 2 Introduction: The dynamics of any industry determine what factors will impact the demand and supply of a particular good or service being bought or sold in that particular market. Some of the major factors that affect the demand for most kinds of products or services include: consumer tastes, income levels, availability of substitute goods and their prices, availability and prices of complementary goods, future price expectations and the general level of literacy of the population and population growth.The other aspect of any market would be the supply side; how do the supply side factors impact the market for goods or services. For instance some major factors include technological advancements, cost of production, the number of suppliers and regulatory framework. A combination of these demand side and supply side factors determines the prices that markets ultimately charge from consumers given that the markets are allowed to function in a free market setting. Technology Market: In particular the Computer MarketWhen we discuss the computer market in isolation we must understand that it is affected greatly by the overall technology market which plays a critical role in determining which new products and services will be offered by these computers and how will these computers be manufactured in the future. Technology has revolutionized the way we do business and other activities around the world. A significant contribution of technological revolution is the machine we call: a computer. From the time of the first computers and up til l today we have witnessed remarkable change.For starters let’s just talk about the change in size of the computers. The point here is that ever since the advent of the computing machine and later the full fledged computer we have since tremendous amount of changes that have occurred along the revolution. These changes have had an impact on both the price of the computer and also on the cost of production of a modern day computer. Demand Side Factors The growth in different technology products such as hand held devices, laptops, desk top computers, I-pods, I-pads, E-books, and PDAs are some examples of what the consumer of today’s world has been buying and accepting for some time.The important factor here is that most technological products are not market oriented rather they are product-led or developed with a perspective of generating enough interest and demand from the market as opposed to the idea of providing products which are required by the market. The demand fo r computers in specific can be divided into two broad categories firstly the demand from the corporate world or offices and secondly from home users who demand desktops. When companies around the globe started to employ and use desktop computers in the 1980s and 1990s; one could see a revolution taking place that would forever change the workplace.These companies converted there existing manual operations on to computers and resultantly we saw dramatic changes in efficiency levels and the ability of companies to become more productive increased many folds. (Samuelson, 2005) This change in the way companies work led to computers becoming a need for majority of the companies in different sectors such as manufacturing, services and primary related industries. The computers, especially desktop computers had become a necessity for companies by mid-90s and onwards. This factor had made computers an important part of any firms capital requirements.(Samuelson, 2005) As far as the households were concerned computers soon after they were being mass-produced in the 80s become a necessity because of the change in the societal factors and requirements at workplace and schools demanded households to have computers at home. During these similar times (80s and 90s) income levels of the middle class households also increased on yearly basis. This was especially the case in the developing countries such as India, China and Brazil. The income levels were also rising in the developed countries which also warranted the increase in demand for computers.We saw that through the 1990s and 2000s the demand for complementary goods and services to the computers also increased. For instance the internet warranted the need for routers, wireless networks and other devices that were mandatory for office work and households. Similarly camera equipment that could connect them to PCs, mobile cables and other many products and services that were used in conjunction with the PCs were being increa singly demanded. We also saw the strength in the demand for substitutes and a consistent fall in their prices.For example a direct substitute of a computer is a handheld device which could be used for most of the purposes that a computer might offer. Even though these substitutes were available yet people ensured that they have at least one personal computer. This strength in demand is a result of the many features that a computer provides over some of its substitutes such as printing options, scanning, and video conference and so on. These added advantages and features have made computers an absolute necessity for the modern home.Another important factor that has played a critical role in increasing the demand for computers is the future expectations of technology and uncertainty. Because people feel that in the near future more emphasis will be given on efficiency and productivity it is imperative to keep up to date with the present technology. The combination of all these factors have created a scenario where by computers have become a part of the daily life of all individuals of the modern age. The internet has only helped the cause of the computers and we see that computers are an essential part of the workplace as well as the home of a particular individual.Supply-Side Factors The technological leap in the latter half of the last century has changed the way work takes place in a typical office of a manufacturing plant today. The reason is simple: the computer and technologies related to the computer. Not only have computers made it easier for companies to make products faster but they have also made companies more flexible and technology hungry. The supply of computers has been increasing at a great pace not only because of high demand but also due to technological changes that are taking place at all times.Between 1990 and 2002 there was a large decline in the prices of computer chips; this in part explains why computers prices were still falling even t hough demand continued to rise during that period. An important factor to understand here is that after the initial increases in the demand in the early 90s soon there was a surplus scenario in the chip market secondly, the rapid change in technology meant that older machines were quickly becoming obsolete hence pushing the prices even further down. (Lipsey and Chyrstal, 2007) Source: http://www.oup. com/uk/orc/bin/9780199286416/01student/interactive/lipsey_extra_ch03/page_01. htm In the diagram above we see that the prices of chips continued to fall between 1990 and 2002 except for the 92-95 period when the prices actually went up slightly the reason for the rise could be explained as the shift in the demand curve to the right as a result of the increase in the demand for complementary software that required high speed computer usage during this time; such as multimedia programs or other gaming and educational programs.The decline in the chip prices also explains the fact that cost of production was also declining rapidly during this time and that more and more suppliers of computers were entering the market. This increased competition for customers meant that prices had an even bigger drop. The increased competition also meant that firms that produce computers try to compete on cost as well as brand image. In an overall analysis of the supply-side of the computer and technology market we would say that prices have had a consistent downward pressure because of declining cost of production and a constant and rapid change in technology.There are a number of other important factors such as the availability of other important devices that have caused the prices of computers to fall down such as cheaper motherboards and RAMs. (Lipsey & Chrystal, 2007) Competition is also an important factor in determining the quality and prices of products such as computers. We see that competition has impacted cost of production by a large amount; many firms that manufacture comp uter and related devices have introduced more and better technologies that are cheaper and faster in processing data.In a lot of ways the market expects and demands computers which are cheaper and faster as we move into the future. This is because businesses and individuals know that computers are meant to reduce the time taken to complete work and achieve this objective in a cost effective way therefore more and more people and businesses demand cheaper computers. Market Scenario: Demand and Supply The market situation is such that the production of computers and the pace of technology have outpaced the overall growth in demand for computers.More importantly the increase in the demand for computers has been in phases when a shift in demand has caused a slight increase in computer prices. The decline in prices is also evident because of transfer of technology amongst different regions of the globe. Many of the developing countries have received technology and cheaper computers from the developed world which has further increased the process of better technological innovation and ever declining prices of computers.There is also a case of understanding that computers are a type of machine that must be renovated or renewed periodically therefore many companies are willing to sell them at lower prices knowing that costumers will buy new machines in the future and they will invest in newer technology. Therefore computer manufacturers have been pursuing brand holding strategies which includes selling computers to buyers at competitive rates.

Article Review

This article tells us that nowadays, people and Industries do not really care about the sustainability of the resources they have exploited. The profit to be made is comes first There are three types of resources; they are renewable resources, partially renewable resources, and nonrenewable resource. Regardless the types of resources, the exploiting agents have their own obligation. Industries may get an enormous pront by xploiting the fossil fuels; but, It Is killing softly the environment of our planet. 5. What is the writers message or purpose in writing this article? Based on my analysis, what the writer tried to say s that human, ds the actor behind the exploitation of natural resources, is actually attached responsibility. If people want to take something trom the environment, It means that they also have to do the planetary liabilities For example, for those who make their living from theoretically renewable resources, they have to ensure that the resource Is actually enewed. e. Olve your personal comment on the article as a conclusion of your article review. Now, I already know how to have a good way on taking responsibility to the environment. I think this article Is clearly described what we have to do to the environment as our planetary liabilities. We are not allowed to exploiting the natural FORM-2 Faculty Class Emotional Intelligence Patricia Holt 3. Explain in two or three sentences why you have chosen this article. I have chosen this article because the topic of the article is interesting me. I like topic about psychological research like what this article is talking about. I also interested with the statement of this article which says: emotional ability is more important than IQ in determining an individuals success in life. . Explain briefly in four or five sentences what the article is about. This article explains about the famous impulse control test at a San Fransisco lecture by Daniel Goleman, called The Marshmallow Challenge. He did an experiment that involves a kind man, four-year-children, and some marshmallow during the 1960s. The experiment was continuing dozen years later and he got a result: some chil dren who had resisted eating the marshmallow and waited for the promised double prize were clearly more socially competent than the others. He also stated that if the emotions stored in the brain are those of restraint, selfawareness, self-regulation, self-motivation, empathy, hope, and optimism, then we become endowed with an emotional intelligence which is good. analysis, the writer of this article tried to explain about recent discoveries in brain esearch that prove emotional stability is more important than IQ in determining an individuals success in life, as stated early on this article. People who are better in emotional intelligence are more sociable, confident, and have a better strength on facing difficulty. 6. Give your personal comment on the article as a conclusion of your article review. I think this article gives us a very important fact that maybe not everybody knew. Now, after read this article, I guess we have to develop our emotional intelligence our intelligence quotient (Q) for balancing our mind.

Formation of a Contract Case Study Example | Topics and Well Written Essays - 1000 words

Formation of a Contract - Case Study Example She asked Janet if she was willing to sell her car for 3000 which she agreed. Janet told Barbara that she would sell the car to her for 3000 if she paid in cash and asked her to come over the following day to see it which she did. The contract between Barbara and Janet was concluded immediately she expressed acceptance of an offer. The issue where Barbara is changing her mind that she was to revoke her acceptance is impossible since the contract between her and Janet is binding and enforceable before a court of law. It is immaterial to state that he was revoking the acceptance because she discovered that the car had some problem as stated by his stepfather Roy. 1 A contract which is an agreement between two or more parties which is intended to create legally binding obligations was created between Barbara and Janet on the sale of the second hand car. The word binding is used for there are some contracts which are valid but are not enforceable. For a contract to be binding there must be an intention to create legal relationship between the parties to the contract. For this case, there was an intention of creating a legal relationship between Janet and Barbara on the sale of the second hand car. ... 2 Acceptance once made cannot be revoked unlike an offer which can be revoked by an express notice before it is accepted. However, acceptance cannot be revoked in any circumstance by either the offeree or the offeror. The moment a person expresses his acceptance of an offer, that very moment the contract is concluded and it does not matter whether the acceptance is by word of mouth, in writing or sent by post. For this case, it was illegal for Barbara to revoke his contract to purchase the second hand car for 3000 from Janet as agreed on the phone with her. Due to this reason, Janet can sue Barbara for damages. 3 The normal remedy for breach of contract is damages where the aim of the law is to place the third party as far as possible in the possible in the position he would have been if the contract had been performed. Janet is entitled to receive nominal damages which are awarded to the plaintiff after proving a breach of contract without suffering any actual loss. On the issue where Barbara had been lend 3000 by his stepfather Roy; there was a legally binding contract between them. There was an agreement that Barbara was to pay the debt by 30 equal instalments. This agreement fulfils all the requirements of a valid contract hence it became binding immediately the money was lend to Barbara by her stepfather Roy. However, Barbara's car was involved in an accident and she requested his stepfather to forgo his monthly instalments so that she could afford the repair of her car after the accident which amounted to 1200. For this case, there was a fresh contract between Barbara and his stepfather Roy to forgo the repayment of the loan for sometime until her financial status returned to normal. In the new contract between

Early Medieval Culture Essay Example | Topics and Well Written Essays - 2000 words

Early Medieval Culture - Essay Example War in the medieval era was the role of the knights. They were trained from their young age to fight both from the horseback and fighting on foot. They were the combat pinnacle of that era. Cavalry warfare was dominant in the medieval era. It was believed that this was the most effective tactic in that era. It is a strategy where the knights used to fight on the horses’ back. It was an unbeatable tactic. The knights used to wear expensive custom fitted with armor. The armor would also stop a lance strike as well as deflect off arrows. The knight’s horses were singularly important. A good war horse had to be exceptionally trained since an untrained horse can easily throw a knight down in the battle field. The horses were also supposed to be well armed. It is worth noting that war tactics were changing with time.Around 14th and 15th centuries, the European warriors developed very powerful combat style. This style proved to be very victorious on the battlefield both in per sonal defense and suppressing riots. The fighters were supposed to be exceptionally trained (Barbier et al, 2014). They would artfully duck, dodge and trap the opponents. They utilized graceful footwork alongside graceful techniques. Their techniques were supposed to be ruthless and very efficient. Their main objective in the battle field was to put down their opponents within the shortest time possible. If a trained medieval fight would meet an unskilled or semiskilled fighter, it took him about 10 seconds to finish him.