The World Canal West Canal North And The London Avenue Canal

This essentially points to the complete breach of the floodwall that would follow the formation of the crack (or water-filled gap), as had happened at a certain point along the 17th Street Canal. The results of this study also demonstrate another major error on the side of the USACE: the penetration depth of the sheet piles. According to the centrifuge model tests carried out on the model of the Orleans Avenue Canal North and the London Avenue Canal, when the canal levels were increased from normal levels to Katrina flood level there was a small movement of the wall [Ubilia]. However, when the water level was held at Katrina levels for a long period of time, there was no further movement of the wall, and the levee remained stable. The level was then increased to one near the top of the floodwall, which caused movement of the wall and the formation of a crack. However, there were no failure of the levee was reported. So, we know that there was a failure of the 17th Street Canal, but n one with the Orleans Avenue Canal North. The difference in the structure of these two canals were that the sheet pile penetration depth of the Orleans Avenue Canal North was greater than that of the 17th Street Canal. This is a prime example of negligence on the part of the U.S. Army Corps of Engineers. Further research into this matter reveals that this is actually the result of a misinterpretation of the results of a study carried out by the Army Corps of Engineers into the penetration depth ofShow MoreRelatedWhat Is The Power Of The Government In The United Kingdom?1043 Words   |  5 Pages The United Kingdom is located in Western Europe and includes England, Scotland, Wales, and Northern Ireland. It is a group of islands bordered by the Atlantic Ocean to the west and the North Sea to the east. 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Corporate Governance and its Impact on Firm Risk Free Essays

This time period was selected based on the ease of availability of data for the variables. BRIEF SUMMARY: Corporate governance measures like board structure, compensation structure and ownership structure are determined by one another, and by variables such as risk, cash flows, firms’ size and regulations etc. Firm risk has a role to play in firm performance, because firms that take more risk generally have higher returns. We will write a custom essay sample on Corporate Governance and its Impact on Firm Risk or any similar topic only for you Order Now Firms that engage in risky projects are expected to yield better returns that those which lack the appetite to take asks. However, excessive risk taking may prove to be fatal for a firm Family Ownership and Firm Risk – studies the impact of corporate governance (through family control, bank control and ownership concentration) on risk taking of Japanese firms. Bank Ownership and Firm Risk – Banks are expected to have low risk-taking preferences and are most likely to avoid risky ventures. Ownership Structure and Firm Risk – Managerial ownership plays a significant role in firm’s risk-taking. Lesser ownership in this regard may hold back the managers to indulge in risky projects. Board Independence and Firm Risk – Structuring of a firm’s board of directors also plays a crucial role in reducing the agency costs. Therefore, the role Of the executive board’s structure is also crucial for the firm’s value. Non-executive directors on the board of directors, acting on the part of external shareholders, are generally expected to monitor firm’ s strategy and decision-making in this regard. CRITIQUE: The study on corporate governance has received considerable attention in the past decade or so due to the significant role of corporate governance in enhancing the firms’ performance. This research has investigated the impact f various corporate governance measures have been on firm performance and firm value. This study can also contribute to the corporate world by incorporate a vast range of corporate governance variables in the analysis, including bank ownership, family ownership, managerial ownership and board independence. How to cite Corporate Governance and its Impact on Firm Risk, Papers

Techniques and a variety of body language Essay Example For Students

Techniques and a variety of body language Essay This lesson is manly focused on how Billy and Tommy felt going to war. It was a hard time for Billy because of what happened in the past. It was easier for Tommy because his past wasnt as shocking as Billys. In the First World War many people died as a result. This was the first biggest war to be fought and this meant that many people didnt know what was going to happen. Kids as young as 13 would go out to fight the war because they felt as if they were making there country proud. Only when people got on to the battle field they realized it was a total different experience. I was told to Describe how using split scenes effects the way Billy and Tommy feel about going to war. I chose to use abstract techniques and a variety of body language to show this piece of work. I think these techniques suited it best. I used split scenes to show how Billy and Tommy really feel about themselves. Because split scenes show one side of the story, most of the groups that performed showed that Billy didnt want to go to the war. This is again because he was scared that he might die just like his dad. Most of the groups showed that Tommy was passionate and confident to go to war. This is again manly because his dad went to the war and his dad survived. He wans to do the same. However, one group did something different and it made me think, why? Group 3 (Aminata and Gabriella) added new information to the lives of Billy and Tommy. Both characters in this scene said a shivering line I hate my dad. I didnt expect these characters to say this. I thought to myself as to why they hated there dads. In my group (me and Tahir) we chose scenes of Tommy and Billy receiving there uniforms and there reactions to the uniforms. Tahir said a line finally I can save my country, Dad your promise came true we discussed to choose a line that had a deeper meaning. I chose this line for tommy because when Tommy was a kid his dad said to him I promise that one day you will do your country proud, just like me. Tommy is excited and puts his uniform on quickly. On the other hand Billy says a line what if end up like you. Billy is referring to his and is nervous and petrified to go war. Billy puts on his uniform slowly and very shakily. He talks to himself in the mirror. He wants to commit suicide before he goes to war. Lesson 4 This is the most important lesson. This lesson is manly focused on the Breakdown of relationship between Billy and Tommy. Life was very hard at war. Tommy was expecting it to be easy. It was very easy for him. Tommy passes training very impressing. Billy wasnt as good as tommy and failed to shine to at training camp. Tommy got promoted to sergeant and this is the moment were the breakdown of friendship between Billy and Tommy starts. Billy gets jealous of Tommy and begins to hate Tommy in every possible way. From best friends they have turned to worse enemies. Billy makes a fatal mistake which ends up in a fatal accident. The death of his blood-brother, Tommy. I was told to Explain what techniques I used to show the breakdown in Billy and Tommysrelationship? and what techniques did you use to show the fatal mistake which lead to Tommys death? The techniques that I used to show the conflicting emotions were very abstract. As Billy and Tommy were climbing over the top, Tommy said a line to Billy if you wont go over the top, I will shoot you! .ud70943dcbfa86140f3ea97141a6bb70f , .ud70943dcbfa86140f3ea97141a6bb70f .postImageUrl , .ud70943dcbfa86140f3ea97141a6bb70f .centered-text-area { min-height: 80px; position: relative; } .ud70943dcbfa86140f3ea97141a6bb70f , .ud70943dcbfa86140f3ea97141a6bb70f:hover , .ud70943dcbfa86140f3ea97141a6bb70f:visited , .ud70943dcbfa86140f3ea97141a6bb70f:active { border:0!important; } .ud70943dcbfa86140f3ea97141a6bb70f .clearfix:after { content: ""; display: table; clear: both; } .ud70943dcbfa86140f3ea97141a6bb70f { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ud70943dcbfa86140f3ea97141a6bb70f:active , .ud70943dcbfa86140f3ea97141a6bb70f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ud70943dcbfa86140f3ea97141a6bb70f .centered-text-area { width: 100%; position: relative ; } .ud70943dcbfa86140f3ea97141a6bb70f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ud70943dcbfa86140f3ea97141a6bb70f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ud70943dcbfa86140f3ea97141a6bb70f .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ud70943dcbfa86140f3ea97141a6bb70f:hover .ctaButton { background-color: #34495E!important; } .ud70943dcbfa86140f3ea97141a6bb70f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ud70943dcbfa86140f3ea97141a6bb70f .ud70943dcbfa86140f3ea97141a6bb70f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ud70943dcbfa86140f3ea97141a6bb70f:after { content: ""; display: block; clear: both; } READ: Ibsen in a box Essay while Tommy was saying this shocking yet intriguing line, the whole group became a big gun and raised the gun to Billy, making Tommy look very powerful and Billy hopeless and small. My group also made the wall over the top look small so Billy and Tommy stand out. After this incident Billy felt very angry and wanted revenge on Tommy. I referred to Tommy at one point in the scene as an outsider. I felt as if he meant nothing to me and I meant nothing to him. All that was going through my (Billys) head was revenge. What Billy was about to do wasnt a Fatal Mistake. It was what he was supposed to do a long time ago. As Billy and Tommy were going over the top, Billy secretly took Tommys gas mask. Billy was praying that a gas attack would come in the next attack in the battlefield. In our group (me and Ameen) we showed this by using slow motion and thought tracking. When there was a gas attack, Billy put on his gas mask and showed Tommys his which he had in his hand. At this moment tommy froze and I said you took my respect for you away, I will take your life. I dont need you anymore. I used the technique, marking the moment here as it shows clearly the breakdown in relationship between the two characters. A different group (videhi and ramatulay) showed the same scene. They used a variety of techniques which included split screen and facial expressions. There fatal mistake was that Billy accidently stabbed tommy with his gun. They could have improved dramatically on this short scene by showing more abstract techniques and by doing the fatal mistake in more detail. Overall it was a good performance. This is what I have learnt in Unit 1. It is mainly based on the theme of conflict.

Movie Analysis The Talented Mr Ripley Essay Example

Movie Analysis The Talented Mr Ripley Paper Analyse how symbolism was used to highlight the purpose of the visual or oral text(s). In the film The Talented Mr Ripley, directed by Anthony Minghella, symbolism was used to highlight the importance of the idea of binaries not fitting when it comes to humans. The symbols used to explore this idea are clothing, mirrors and water and the scenes these symbols have been portrayed in are the scene where Tom lies about attending Princeton, the â€Å"May I† scene, and in Dickies death scene. The film techniques used to really highlight these key symbols and the idea they are representing are lighting, camera angles, costume and dialogue. The first time symbolism was used to highlight the idea of binaries not fitting when it comes to humans is during the start of the film where Tom wears a Princeton jacket and lies about attending the school when he does not. The symbol being used in this is clothing. From the very start we can clearly see that Tom is a liar, but we are tricked into feeling almost sympathetic toward him. He is introduced to us as a poor young man who is obviously intrigued with the idea of being wealthy and important, thus the reason he lies to Dickie’s father about attending Princeton. The first thing Dickie’s father notices about Tom is â€Å"his† Princeton jacket, so he approaches Tom which makes him feel very important and says, â€Å"We couldn’t help noticing your jacket.† There’s a close up shot on Tom’s face and half of it is shadowed which I consider to be foreshadowing as it shows Tom’s reactions and emotions and shows us how easy it is for him to lie, it also shows that Tom from the very beginning is never fully exposed, he always has secrets. Normally, as humans we would see lying as something wrong, but in Tom’s case, we let it slide and don’t really think of the severity or impact that this lie could cause because the director purposefully wants us to feel sympathetic towards Tom because it makes hi We will write a custom essay sample on Movie Analysis The Talented Mr Ripley specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Movie Analysis The Talented Mr Ripley specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Movie Analysis The Talented Mr Ripley specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

The Medias Effect on Underage Alcohol Abuse essays

The Medias Effect on Underage Alcohol Abuse essays The Medias Effects on Underage Drinking The use of alcohol is a major aspect of our society. It is used in religious ceremonies, during socialization, and its presence is seen everywhere. Second only to caffeine, more people drink alcohol than any other substance. It appears in many forms such as beer, wine, and hard liquor. It has been praised, denounced, accepted, and outlawed in the past century alone. The effects of alcohol are numerous. From drunk driving accidents to fetal alcohol syndrome, from liver disease to the increased chance of sexually transmitted disease, alcohols reach is widespread. Alcohol contributes to 100,000 deaths annually, making it the third leading cause of preventable mortality in the United States (McGinnis, p. 2208). As well, 41% of all traffic fatalities, the leading cause of accidental death, are alcohol-related (NHTSA, sec 4. p.1). Underage drinking is a major problem in our society. Thirty-four percent of all high school seniors have had a drink in the past month (Johnston, p. ). As well, 1.2 million of these seniors are binge drinkers. (CASA, 1997). In eight grade, 1 million students admit they have been drunk (CASA, 1997). In 1996, nine million drinkers were under the age of twenty-one, and that number has increased since. Approximately two thirds of teenagers who drink can purchase their own beverages (HHS, p. 1). Even worse, people who begin drinking before age fifteen quadruple their chances of developing alcoholic tendencies (NIAAA, P. 1). Knowing this, the fact that 38.1% of children age fourteen have had a drink is quite disturbing. Everyone admits that it is a problem, and how widespread and dangerous it is, but no one really tackles the problem at hand. They blame it on parents, bad teaching, and more commonly peer pressure. Something had to first influence their peers to influence them. The excuse that people are more like to drink if their parents...

Ancient Olympics Origins and History

Ancient Olympics Origins and History Like so much of ancient history, the origins of the Olympic Games held in Olympia, a district in Southern Greece,  are shrouded in myth and legend.  The Greeks dated events from the first Olympiad (the four-year period between games) in 776 B.C.- two decades before the  legendary founding of Rome, so the founding of Rome can be dated Ol. 6.3 or the third year of the 6th Olympiad, which is 753 B.C.E. The Origins of the Olympic Games Conventionally, the ancient Olympic games began in 776 B.C.E., based on records of stade-length races. The victor of this first Olympic game was Koroibos of Elis, in Southern Greece. However, because the Olympics originated during an era that is not well-documented, the actual date of the first Olympics is disputed. The origins of the ancient Olympics interested the ancient Greeks, who told conflicting, history-laced, mythological aitia (origin stories). The House of Atreus Theory One Olympic origins story is connected with one of the early members of the tragedy-ridden House of Atreus. Pelops won the hand of his bride, Hippodamia, by competing in a chariot race against her father, King Oinomaos (Oenomaus) of Pisa, in Elis. Oinomaos was the son of Ares and the Pleiad Sterope. Pelops, whose shoulder Demeter had once had to replace when she accidentally ate it, conspired to win the race by replacing the kings chariots lynch-pins with ones made of wax. These melted on the course, throwing the king from his chariot and killing him. After Pelops married Hippodamia, he commemorated his victory over Oinomaos by holding the first Olympic Games. These games either expiated his killing or thanked the gods for the victory. According to historian Gregory Nagy, Pindar, in his first Olympian Ode, denies that Pelops served his son to the gods at the infamous feast where Demeter absent-mindedly ate a shoulder chop. Instead, Poseidon abducted Pelops son and repaid Pelops by helping him win that chariot race. The Hercules Theory   Another theory on the  origin of the Olympic games, also from Pindar, in  Olympian X, attributes the Olympic games to the great Greek hero  Hercules  (Hercules or Heracles), who held the games as a thank offering to honor his father,  Zeus,  after Hercules had exacted revenge on King Augeus of Elis. Foolishly, Augeus had defaulted on his promised reward to Hercules for cleansing the stables. The Cronus Theory Pausanias 5.7 says the Olympic origins lie in Zeus victory over Cronus. The following passage elaborates this and also explains musical elements in the ancient Olympics. [5.7.10] Now some say that Zeus wrestled here with Cronus himself for the throne, while others say that he held the games in honor of his victory over Cronus. The record of victors include Apollo, who outran Hermes and beat Ares at boxing. It is for this reason, they say, that the Pythian flute-song is played while the competitors in the pentathlum are jumping; for the flute-song is sacred to Apollo, and Apollo won Olympic victories. A common thread of the stories about the origins of the Olympic games is that the games were instituted following a personal or competitive victory and were intended to honor the gods. When Did the Games Stop? The games lasted for about 10 centuries. In  391 C.E. the  Emperor Theodosius I  ended the games. Earthquakes in 522 and 526 and natural disasters, Theodosius II, Slav invaders, Venetians, and Turks all contributed to destroying the monuments at the site. Frequency of the Games The Ancient Greeks held the Olympics every four  years starting near the summer solstice. This four-year period was known as an Olympiad and was used as a reference point for dating events throughout Greece. Greek poleis (city-states) had their own calendars, with different names for the months, so the Olympiad provided a measure of uniformity. Pausanias, travel writer of the second century A.D, writes about the impossible chronology of a victory in an early footrace by reference to the relevant Olympiads: [6.3.8] The statue of Oebotas was set up by the Achaeans by the command of the Delphic Apollo in the eightieth Olympiad [433 B.C.], but Oebotas won his victory in the footrace at the sixth Festival [749 B.C.]. How, therefore, could Oebotas have taken part in the Greek victory at Plataea [479 B.C.]? A Religious Occasion The Olympics were a religious event for the Greeks. A temple on the site of Olympia, which was dedicated to Zeus, held a gold and ivory statue of the king of the gods. By the greatest Greek sculptor, Pheidias, it stood 42-feet high and was one of the seven  wonders of the Ancient World. The Rewards of Victory Representatives of each polis (city-state) could attend the ancient Olympics and hope to win a victory that would confer great personal and civic honor. So great was the honor that cities considered Olympic victors to be heroes and sometimes fed them for the rest of their lives. The festivals were also important religious occasions and the site was more a sanctuary to Zeus than a city proper. In addition to competitors and their trainers, poets, who wrote victory odes for the winners, attended the games. An Olympic victor was crowned with an olive wreath (laurel wreath was the award for another set of  Panhellenic games, the Pythian games at Delphi) and had his name inscribed in the official Olympic records. Some victors were fed for the rest of their lives by their city-states (poleis), although they were never actually paid. They were considered heroes who conferred honor upon their hometowns. It was  sacrilege to commit a crime, including accepting payment, corruption, and invasion during the games. According to Emeritus Classics Professor Matthew Wiencke, when a cheating competitor was caught, he was disqualified. In addition, the cheating athlete, his trainer, and possibly his city-state were fined- heavily. Participants Potential participants in the Olympics included all free Greek men, except certain felons, and barbarians, during the Classical Period. By the Hellenistic Period, professional athletes competed. The Olympic games were male-dominated. Married women were not allowed to enter the stadium during the games and might be killed if they tried. A priestess of Demeter was present, however, and tere may have been a separate race for women at Olympia. Main Sports The ancient Olympic sporting events were: BoxingDiscus (part of Pentathlon)Equestrian EventsJavelin (part of Pentathlon)JumpingPankrationPentathlonRunningWrestling Some events, like mule-cart racing, loosely, a part of the equestrian events, were added and then not too much later, removed: [5.9.1] IX. Certain contests, too, have been dropped at Olympia, the Eleans resolving to discontinue them. The pentathlum for boys was instituted at the thirty-eighth Festival; but after Eutelidas of Lace-daemon had received the wild olive for it, the Eleans disapproved of boys entering for this competition. The races for mule-carts, and the trotting-race, were instituted respectively at the seventieth Festival and the seventy-first, but were both abolished by proclamation at the eighty-fourth. When they were first instituted, Thersius of Thessaly won the race for mule-carts, while Pataecus, an Achaean from Dyme, won the trotting-race.Pausanias - Jones translation 2d cen

Precautions to be taken in drafting Oil & Gas Industry Contracts Essay

Precautions to be taken in drafting Oil & Gas Industry Contracts - Essay Example This essay discusses that Oil & Gas industry is a unique industry as it involves a high risk aspect of exploitation and exploration, high capital –intensive character of the industry, geographic ambit of operations and assets, environmental issues, up-date technology needs, safeguard issues, downstream brand advertising, size and range of employee base, political predispositions,etc. Oil & Gas industry engrosses the granting many contracts like project feasibility study, construction, supplies, civil and offshore contracts, mainly through subcontracts. If the turnkey contract is implemented, then the contract has the responsibility of defining in a strict, complete and definite manner the works to be covered and risk to be borne in the contract itself. In the oil and gas sector, the definitive goal of any operator is to exploit maximum revenues by efficient and rapid discovery of petroleum and gas resources with no or minimal disruption. Contractual process in Oil and Gas (O&G ) industry is a lengthy and time-consuming process , fixing the accountability and granting damages to the affected parties is normally considered to be a hectic task given the nature of the industry which is symbolised by subcontracting. To achieve their business goal, operators in O&G industry is well aware that risks in the industry can be administered and controlled when the same has been unequivocally distributed to one or more parties. It is to be noted that risks can be covered by taking appropriate insurance policies, but this involves an additional financial burden to the operators. The easy way to shift the risk in O&G industry is to employ contractors to alter common law approach as a risk management process. (4). LOGIC of UK has published a standard contract (boilerplate contract) through its 2nd Edition, October 2004 for the oil & gas industry in UK. This is a standard contract, and the contract employs English law .However, now, all references to UK needs’ have been withdrawn, and it can be employed on a global basis. For drafting contracts for oil and gas industry , the lawyers will use boilerplate contract like the one designed by Logic .It connotes to any interchangeable ,† one size fits all† provision. While drafting the contract, more significance has to be given to the areas like the notice clauses, the choice of law clauses, the force majeure clauses, the delegation and the assignment provision. These clauses are significant as it will give a road map, informing the parties concerned their relationships and how to administer the contract. (2) Some of the main advantages of the boilerplate contracts are that it contains many clauses either override or restates the common law provisions and is being in use by the relevant companies for long time. It is having drafting efficiency and to costs fewer pounds and takes less time to input the standard clauses into the contract. By incorporating the conditions available in the bo ilerplate contracts will help to avoid errors. Further, a standard clause is well known to business and legal community, thereby minimising the costs of reassessing and negotiating the provisions, as well as fostering a analogues interpretation. (2) Some critics allege that the poorly outlined boilerplate clauses may result in issues instead of finding a solution while execution of a contract. A poorly drafted contract will no doubt will result in the litigation which is not only time-consuming and also expensive. Thus, there is a need to give more careful attention to each and every boilerplate clauses, including how it is going to be interpreted in the case of future litigation. (2) For the risk allocation, common law provision is followed in O&G contracts and, where there is no specific contract and the general law pertaining to tort, contract/delict will be applicable. With the operative word being ‘negligence†, the liability stems from the fault or infringement of d uty in such cases.

Discussion 3, ch 16 Assignment Example | Topics and Well Written Essays - 750 words

Discussion 3, ch 16 - Assignment Example The advanced forms of machinery also ensured that production within industries was more effective because the machinery came to cater for deficiencies with manpower such as human errors and fatigue, which slowed down production (Weathers, 73). Labor was another factor that aided in the growth in wealth as labor accounts as an important input to production, meaning that the more labor there is, the more the level of production can be guaranteed. Earlier, industries spent so much on labor, making it impossible to employ a good number of laborers to man the industries and thus affecting production negatively. As there was being an improvement in the economic wealth of the country as informed by the industrialization, it was expected that employees who were behind this growth would also benefit accordingly. This however was not the situation as employees had a strong feeling that they were being used unfairly in working more than they were paid or remunerated with. As this happened, it became important that the employees make their voices and grievances heard by appropriate quarters and authorities who could address their issues. One way by which the employee force did this was to form national labor unions that represented the collective voice of the employee force (Kautsky, 34). Another way for the labor force, mostly through the unions available to stage strikes, which prevented them from giving off their expertise and skills all together so that their employers would be aware of their challenges and address these appropriately. These two approaches were generally positive and influent ial as the interests of the employees became generally represented through the approaches they used. 3. In the late 1800s in the United States, workers transitioned from mostly agricultural workers to mostly industrial workers, and you have read the history of that transition. Today, workers in the United States are transitioning from

Dilema at Day-Pro Essay Example for Free

Dilema at Day-Pro Essay The crossover point is the rate at which the NPV of the two projects are equal. NPV has a direct relationship between NPV and Economic Value Added. The NPV shows how the shareholders’ wealth would be increased if the project is accepted. The goal of the company is to increase shareholders’ wealth, thus NPV shows the better way in choosing the right decision to achieve their goal. NPV method implicitly assumes that the rate at which cash flows can be reinvested is the cost of capital, whereas the IRR method assumes that the firm can reinvest at the IRR. NPV method is better because it selects the project that adds the most to shareholder wealth. Tim can show that the MIRR is the more realistic measure to use in the case of mutually exclusive contracts by explaining that by using MIRR, they can avoid the multiple IRR problems and at the same time explain that since reinvestment at the cost of capital is generally more correct, the MIRR  which assumes that CFs from all projects are reinvested at the cost of capital rather than on the project’s own IRR (in the case of IRR), is a better indicator of a project’s true profitability. Tim could also state that with the use of MIRR, the company can avoid some conflicts encountered when comparing NPV with IRR. With the use of MIRR, they can minimize the conflict between the two, just like when the two projects being compared have equal size and same life, both NPV and MIRR leads to the same decision. The company can also arrive at the same decision when the two projects being compared have equal size and different life. Using Profitability Index can help in deciding which project to choose because it gives the ratio which allows us to measure the proportion of money returned to money invested. Thus by profitability index, it allows us to compare investment opportunities that requires us different initial investments. The higher profitability index will be chosen because it gives higher possible return in the amount that is to be invested. In short, in the dilemma of Day-pro, Synthetic Resin must be chosen because it gives a higher return in spite of the high initial investment. However, in using this method, the analyst will ignore many factors, such as risk, cost of capital, and liquidity of the project. Thus, the company must consider or decide first on what factor they will base their decision in choosing a project. Being more conservative in revenue projection will give us an idea that the project is less liquid because they projected a longer period of time before the company can earn back the invested amount. Moreover, it also indicates that they considered the possible risks that may occur in the project along the way. The chance of overestimation and underestimation of the project is less possible that make it more realistic. Thus, the Synthetic Resin project is more reliable and accurate. Knowing that the synthetic resin would require extensive and longer time before it could be implemented, it will cause doubt on the part of the Board to choose this  project because it only says that Synthetic Resin project is less liquid compared to epoxy resin and the company will be tied longer to this project before it can regain the invested capital. However, looking at the other side of the coin, synthetic resin gives a higher return in spite of its flaws and its risks. On the other hand, Epoxy Resin seems to be more liquid and less risky and the return of this project is less compared to the Synthetic Resin. As a result, the board might be more attracted to Epoxy Resin. Still, the decision of the board depends on what they give importance or emphasis in choosing a project. And since the Board has a strong preference in using rates or return as its criteria, we would recommend to the Board to choose Synthetic Resin.

One Era To Another: The Telephone Essay -- Inventions, Alexander Graha

The modern version of the telephone has proven a significant change over the years from what it was at one point. What allows us to communicate with the world at any hour; minute and second of the day only exhibits how significant the invention has been for individuals. It is one of the most used pieces of electronics in the world today. Over time research has not only led to different versions of the phone, but to the developments of different tones, caller id’s, dialing, call tracing and allowing a person to listen to music while on hold. Alexander Graham Bell was born in March of 1847 in Edinburgh to a family whose life revolved around sound, speech and communication (Stern and Gwathmey 1). It was at the beginning of the second decade of the rule of Queen Victoria and Britain was entering an age of industrial expansion, with science on the rise. Bell at a young age proved to be quite the gentlemen, his training in etiquette and public speaking only proved to serve him well throughout life. It was during a visit to the London workshop of Sir Charles Wheatstone, he discovered the scientist’s invention of the speaking machine that fascinated him (Stern and Gwathmey 2). Curious and ambitious he set out and took a position as a professor of music and elocution, the study and art of speaking clear at a boarding school. Shortly thereafter tragedy struck in the Bell family and fearing further loss the family relocated to Brantford, Ontario in 1870. Bell spent a short time in Canada and quickly found his love of lif e in Boston. Bell began teaching deaf children and it was here he met Thomas Sanders and Gardiner Greene Hubbard. Little did Bell know these two men would play a prominent role in the patent of the telephone and directio... ...phone service. Here we sit in the 21st century and look at the one instrument that once brought people together, and has now spawned an industry that keeps them apart. Ultimately the telephone led in a new era, in which it has changed the way we talk to people and access information. Having a telephone allows families to stay in contact, business’s to advertise and one of the largest contributions is how it has brought on the ability to call during emergencies. Bell once wrote in 1878: "I believe in the future wires will unite the head offices of telephone companies in different cities, and a man in one part of the country may communicate by word of mouth with another in a distant place." (Marples, thehistoryof) From the telephone's earliest days and little did one know, it is safe to say Bell understood his invention's vast potential and what it would be today.

Uae ; Cultural Differences

List of Abbreviations GDPGross Domestic Product MASMasculinity PDIPower Distance Index UAEUnited Arab Emirates UAIUncertainty Avoidance Index UKUnited Kingdom Table Of Contents I. – List of Abreviations II. – Introduction2 III. – The United Arab Emirates2 III. 1 – History2 III. 2 – Economy4 IV. – Important values for a successful business in the UAE5 V. – Culture7 V. 1 – Cultural differences at the national level7 V. 2 – Cultural differences at the organizational level10 VI. – Kuhne + Nagel12VII. – List of References14 II. – Introduction In the current business environment, in times of globalization, financial crisis and terror, there is a growing consciousness about difficulties that can occur when different cultures collide. These difficulties especially need to be regarded when wanting to expand a business internationally or wanting to enter a foreign market. In this paper the United Arab Emirates is analyzed with focus on critical information for operating a business there.This paper will take into account the history, the cultural aspects as well as differences, the business development and opportunities based on an example of the German logistics company Kuhne & Nagel, which is doing business in the UAE since the 70`s. III. – The United Arab Emirates III. 1 – History The Palm islands, The World, the Burj al Arab and the Burj Dubai and other superlatives come to our mind when thinking about the United Arab Emirates, but they only represent the timeframe since the 1990’s. The UAE was founded in 1971.To really understand the UAE and its culture it is important to take a look at the history and the developments before the foundation and the oil. About 1500 years ago the people in the Arabic region were living in tribes, their lives were dictated by the harsh natural conditions and pearl fishing was the prevalent dedication[1]. The community was very import ant within the tribes and a deep social family structure was established. [2] At that time the Islamic Belief was introduced to the gulf region and is therefore deeply rooted in the history and its culture. 3] As trade and piracy rose in the 18th and 19th century the area became known as the Pirate Coast until the British navy launched several attacks on the pirate strongholds to secure the trade. [4] This lead to the signing of 3 truce treaties in total, including the final treaty in 1892, which made them become the â€Å"Trucial States† and preventing them from entering into relationships with any other country but the United Kingdom (UK) as well as disposing territory to anyone besides the UK, in return for coastal protection and support in case attack of land[5].The first discovery of oil in 1958[6] in Abu Dhabi, which led to many more, was very fortunate as the region, which relied heavily on pearl fishing, saw the pearl market collapse between the First and Second World War. [7] The discovery of oil and the hence evolving wealth had a strong influence on the further development of the area. When the British first announced their intention of withdrawing from the Arabian Gulf by the end of 1971, Sheikh Zayed bin Sultan Al Nahyan of Abu Dhabi immediately wanted to establish closer relationships between the Arabic states. 8] He and Sheikh Rashid of Dubai, became the initiators towards an union of Arabic Emirates, including the Trucial States, Bahrain and Qatar. [9] Since no agreement could be reached between the nine and Qatar and Bahrain became independent, the rulers of Abu Dhabi and Dubai, Sheikh Zayed and Sheikh Rashid, decided to form a union between their emirates and later on present its constitution to the other 5 emirates with the offer to join. [10] One day after the Britsh-Trucial Sheikdoms Treaty expired, the United Arab Emirates were founded on December 2nd, 1971.Four emirates joined immediately and Ra’s al-Kaihmah followed on Feb uary 10th, 1972. [11] Since its foundation the UAE has experienced an incredible growth and has managed to go from one of the least developed countries, to achieving an income level comparable to that of the industrialized nations in less than 30 years. [12] The oil revenues of course have contributed in a major way to the modern development and prosperity, but also political stability as well as the leadership by Sheikh Zayed were very influential. 13] The sheikh, who was born around 1918 and raised under poor circumstances, wanted his people to benefit from the country’s resources, while making sure that the people are aware of their roots and that the country’s history and culture are kept. [14] Through his efforts the Arabian culture has been preserved and passed on to the following generation.He was very popular not only within the nation but also in Europe and the US due to his pro-western mentality. 15] His open-mindness also had a big effect on the UAE and enab led it to become one of the most liberal and pluralistic countries in the Gulf region, with its now massively multicultural population. [16] When he died in 2004 his oldest son HH Sheikh Khalifa bin Zayed al Nahyan became the ruler of Abu Dhabi and president of the UAE. [17] III. 2 – Economy Since the oil was discovered the oil sector was the main contributor to the GDP of the UAE. [18] However the country has steadily tried to reduce its dependability of oil and to diversify its economy. 19] The oil revenues were at first reinvested in to healthcare, education and the national infrastructure to raise the standard of living and pave the way for a sustainable economic development. [20] In 1985 the first free zone of the UAE was opened. In the Jebel Ali Free Zone no taxes had to be paid and foreign companies could establish subsidiaries without a domestic partner. [21] The concept of the free zone became very popular in the region and was the first step towards being an attract ive location for subsidiaries of companies that want to open up the Middle Eastern market.Today more than 850 companies have registered in the Jebel Ali Free Zone and almost 6,000 companies from over 110 countries conduct business there. [22] All in all more than 10,000 companies are registered in one of the 15 free trade zones in the UAE. [23] Due to the geographical location of the UAE in the Middle East and between the markets in the east, whose importance to the western companies has been steadily rising, and Western Europe the United Arab Emirates has become the hub for the complete Middle East, India, Afirca and the Commonwealth of Independent States. 24] This development is especially explicit in Dubai, which has evolved with over 140 scheduled fairs into one of the top locations for international trade shows and multilateral negotiations. [25]Due to the booming construction industry and tourism after 20 years of budget deficit there has been a balance surplus since 2005. [26 ] The GDP in 2007 grew by 7,5% to 192,6 billion US$. 27] The United Arab Emirates now has one of the most diversified economies in the gulf region and managed to lower its dependence on the oil industry to a GDP-contribution below one third, as sectors like manufacturing, wholesale and retail trade, tourism, construction and real estate increased their share. [28] IV. – Important values for a successful business in the UAE To successfully operate a business in the UAE it is mandatory that certain basic values of the Arabian culture are known and respected. [29] One has to aware of his own culture and depart from the wrong and right thinking of rong or right and better or worse when it comes to cultures, as cultures are just different without any judgement. [30]First of all one needs to be aware that time is seen in a totally different way in the Arab world and is not considered to be an issue. Business meetings and negotiations take longer, people are not as punctual and dead lines are often not met. [31] Since personal relations are of highest importance for a successful business it is crucial, when first entering into business relations with people from the United Arab Emirates, to establish a trustworthy and respectful relation, much like a friendship. 32] The first face-to-face meetings are commonly time absorbing and used to become acquainted with the prospective counterpart. [33] Impatience or anger because of the often lengthy process should not be expressed as it would be conceived as rude and disrespectful possibly leading frustration of the business relations. [34] Business meetings generally take longer in the Arab world as at the beginning time is usually spent on inquiries on the well-being of the family members. [35] A strong effect on the business practices has the religious faith.The working hours are for example interrupted for praying[36] and during the holy month of Ramadan overall business slows down in the Arabian area. [37] In norma l business practice the religion also comes into play, inasmuch as some decisions are left to â€Å"fate†. [38] Therefore negotiations might end with the term â€Å"Insh'allah† – â€Å"if God wills†, which underlines the strong belief that the course of events cannot be controlled by the individual meaning that the decision will be made by god and not by them. [39] One of the highest values in the Arabian culture is the belonging to groups, especially the family. 40] Family matters are of higher significance than business[41] and interruptions of e. g. business meetings due to family and personal matters are no exception and should not be misinterpreted as rude.[42] Since age also plays a significant role in the Arabian culture, greater respect must always be shown to the more elderly person, by e. g. greeting the most senior person in a meeting first. [43] Often age and status has a greater influence on the career of an Arab than the actual personal achi evements. 44] The interaction with women is not always straightforward and therefore the behavior of the Arabs in the situation should be adopted in terms of how to greet a woman for example. [45] When negotiating and also in normal interactions with Arabian counterparts the concept of saving face needs to always be kept in mind.Criticism should not be expressed publicly and one should avoid to put anyone in a uncomfortable situation, since it could result in loosing face which seriously harms the person’s and his family’s reputation. 46] Dignity and respect are key elements in Arabian culture and saving face, through the use of compromise, patience and self-control is a means by which these values are maintained. [47] Since confrontation and conflicts are to be avoided in the Arabian culture business communication is done differently. Arabia has been identified by Edward T. Hall as a high context region where one has to read between the lines in contrast to Germany wi th a low context country where explicit words have specific meanings[48].A yes for example may mean a perhaps as the Arabs often communicate indirectly through body language or other forms of non-verbal communication like eye-contact or facial cues rather than communicating directly through words. [49] As, one should be aware of the so called â€Å"High Context Communication†[50] and try to carefully observe his counterpart during a conversation and always pay attention to the way the complete message is conveyed. [51] Management in the UAE is mostly done through centralized decision making and tall hierarchies. 52] Employees in the UAE expect to receive clear instructions and orders from their superiors, rather than having the freedom and the responsibility to manage their own work. [53] Due authority being an element of the Arabian culture, the orders are normally obeyed and only rarely questioned. [54] V. – Culture V. 1 – Cultural differences at the national level The biggest difference between the German culture and the culture in the United Arab Emirates obviously is the religion. Religion in Germany exists and is practiced, but not in an extent comparable to the United Arab Emirates.The culture in the UAE can be defined as the Arabian Culture as it is mostly the same in all Arab nations with some local differences and is mainly influenced by their history and even more their religion. [55] Arabs living in the United Arab Emirates are almost all Muslims and believe that the Islam is not only a religion but a way of living. [56] Their God Allah controls their entire life and even the law called Sharia is partly build on the Holy Koran. Praying five times a day as well as drinking no alcoholic drinks, eating no pork and fasting during the holy month of Ramadan is usual Islamic behavior. 57] Where as in the UAE religion dictates to a large extent the life of the people, in Germany to the contrary, religion is practiced as well, but itâ⠂¬â„¢s done in a considerably more relaxed way. [58] The most popular religion in Germany is Christianity, but Islam, Judaism and Buddhism are among other practiced as well. [59] Even though a majority of the Germans consider themselves as Christian, it has only minor effects on their lives. [60]. The way people eat, dress or behave is rather set by themselves and their parental education than by their religion.The Christian calendar defines the national holidays like Christmas and Easter and the day of rest being Sunday. The festivities of Christmas and Easter are celebrated in most of the Christian families, but on the normal every day life religion has almost no effect, compared to the United Arab Emirates. [61] The calendar in the UAE is also influenced by the religion, as the Muslim New Year is around February and March and Ramadan in October. [62] Even the weeks are separated differently, since Friday is the day of rest and either Thursday or Saturday is given off respectively to form the weekend. 63] The Islam also has influence on the way Emiratis have to dress. Women have to wear the traditional abaya, which is a garment that covers their whole body with exception of the feet, hands and face. They might even have to cover up totally, depending on how strictly the husband practices his religion. [64] Men are required to wear a white cotton thobe at with a guthra covering the head. [65]Leaving aside the religious influence on the people in the UAE, Arabs are very conservative as it is. Emotions and feelings towards each other are not openly expressed in public, as they generally try not to attract any attention. 66] This behavior and urge for privacy can also be found in the way the houses are built, as a lot of space between buildings and thick walls are preferred and used to clearly keep the family inside and leave the rest out. [67] The family in the interior is of highest importance to the Arabs and stands over everything. Family members are very lo yal and close to each other, which has originated from the past. [68] Traditionally the father is the head and leader who provides the family with what is needed for living. [69] Although nowadays the situation s slowly changing and women gain e. g. opportunities in regards of education and are not as underprivileged anymore, the role of the woman still predominantly includes taking care of the children and the house as well as being the center for love and emotional support. [70] Additionally women are still treated differently by the law.[71] German family members also live closely together and parents are very caring for their children, but at the same time statistically every third German marriage fails and commonly children have to grow up in different homes. 72] Generally men and women are more equal in Germany in terms of the law as well as in terms of family. The man is not the predetermined head of the family, as the power is more or less equally divided between the father and the mother. [73] The role of the father as the sole provider is slowly diminishing as more and more women work and have careers even though men yet have to get used to the concept of staying at home to take care and raise the children. [74] Similarities in the development towards equality can be seen in both countries, although Germany seems to be a little bit further than the UAE.Like the family, the community is also of high importance to the Arabs. Relatives, friends and neighbors always support each other in every life situation, while one cares for each other and the community. They are usually very patient and open to compromises, as conflicts or embarrassment are avoided. [75] Criticism is not openly expresses because they do not want anyone to feel inconvenient or harm their dignity, because it could lead to someone loosing his face. [76] To â€Å"keep face† is very important and if someone lost face there would be a strong impact on the family’s reputation . 77] Guests are also always taken care of very generously, since the Arabs are known for their hospitality.[78] Such a strong community cannot be found in Germany, where the people are more independent and concerned of their own good. [79] Germans behave very differently and are a lot more individualistic. People are primarily concerned about themselves and secondly about others. [80] There is no concept of â€Å"keeping face† and therefore conflicts are common, issues are openly addressed and discussed. Germans can be emotional and loud publicly unlike the people living in the Arab world. 81] Their openness for new things is also more distinct and attracting and standing in the middle of attention is not regarded as improper behavior in contrast to the conservative Arabs. [82] Another big difference is the outwards appearance of the people in Germany to the people in the UAE since there is neither a predefined kind of clothing nor any limit to the individualism due to the c onstantly changing fashion trends and styles. [83] V. 2 – Cultural differences at the organizational level To show the differences between the two cultures of Germany and the UAE at the organizational level Hofstede’s analysis is a good instrument to apply.The Dutch professor and influential author Gerard Hendrik Hofstede performed from 1968 to 1972 a survey among 116,000 IBM employees about their preferences in management style and working conditions. [84] Through his study he demonstrated that the behaviour of societies and organizations are affected by national and regional cultural groupings. Out of the results Hofstede identified the four dimensions called Power Distance, Uncertainty Avoidance, Individualism/Collectivism and Masculinity/Femininity among which the different groups can be differentiated. 85] The first dimension Power Distance is defined as the extent to which less powerful members of institutions and organizations accept unequal distribution of powe r. [86] In the Arab world, which includes the UAE, a high Power Distance Index of 80 points has been recorded, meaning that people tend to follow orders without hesitation and organizations have a rather steep hierarchy. It can also be said that there are a lot of laws, rules and regulations that have to be followed to reduce the amount of uncertainty.87] The Power Distance Index in Germany is considerably lower than in Arabia with 35 points. Hence Germans have fewer superiors and their orders are more likely to be question than it would be the case in Arabia. Subsequently unequal distribution of power is not unconditionally accepted, the organizational structures are much flatter and decentralized decision making is common applied. [88] The Uncertainty Avoidance Index describes the level of discomfort people feel in insecure situations and the beliefs and means like organizations and institutions that were developed to reduce the uncertainty. 89] In this dimension the UAE and Germa ny are almost at the same level. [90] Both countries have adopted and implemented strict rules, laws, policies, and regulations to avoid those uncertain situations. A high need for security, structured activities and a strong belief in the knowledge of experts mutually applies as well. [91] The way of conducting business though differs, since the Arabian way is affected by their religious belief. They believe their time is controlled by Allah and that they have no influence it.Long talks with lots of coffee and tea are very common in a business meeting and should not be refused, whereas Germans certainly belief that they control their time themselves and are usually on tight schedules and have fixed dates which they administrate. [92] Germans are even famous for creating appointment schedules and seemingly never missing them too. The third dimension is the Collectivism and Individualism (IDV) respectively. This dimension displays whether people rather take care of themselves or othe r people around. [93] The Arabs have a very low IDV score of 38 points compared to the world average of 64 points.This makes the UAE a collectivistic country, where a strong relationship to the member group is very important. That is e. g. the family offering life-long protection and loyalty, which is prior to all other rules. [94] This translated into business as most jobs and promotions are obtained due to age and family status. In Germany to the contrary the IDV score of 67 is relatively high and above the world average, meaning that it is an individualistic country. People rather take care of themselves in stead of others and e. g. job promotions are based on one’s own efforts and market value rather than the family background. 95] In the last dimension the Masculinity Index (MAS) shows the people’s preference for â€Å"masculine† values like competitiveness, authority and materialism.[96] The MAS of 53 in the Arab World is slightly above the average of 50,2 , but still 13 points lower than in Germany, which means that Arabians prefer both â€Å"masculine† and â€Å"feminine† values. [97] They like authority and materialism, while valuing quality of life and relationships at the same time. Germans are mostly â€Å"masculine† in this respect and value especially competition, power and high salaries. 98] Considering the results of Hofstede’s analysis it can be said that religion and tradition have a great influence on the way business is done in the UAE and that there is a fast differences to the Germany, which can not be neglected when doing business. VI. – Kuhne + Nagel Kuhne + Nagel is a German logistics company, which was founded in 1890 in Bremen by August Kuehne and Friedrich Nagel.[99] Since then it has evolved from a traditional international freight forwarder to a globally leading transportation and logistics provider offering integrated supply chain solutions. 100] The company today has 850 off ices in  over 100 countries with more than 54,000 employees. [101] Their concept of helping to turn the customer’s logistic challenges into a competitive advantage through superior service and integrated end-to-end supply chain management solutions has been successful and still is. [102] Kuhne + Nagel has entered the market of the United Arab Emirates in 1977[103], when an office was established in Dubai. [104] For internationally operating logistic companies a global network of representations is very important in order to guarantee a smooth transit of goods.That way in case of any problems the local office can cope with it and is familiar with standards and processes at that location. Like in most Arab countries, a subsidiary can only be established with a domestic sponsor or partner. [105] Therefore the office in Dubai was not owned by majority by Kuhne + Nagel and there was not a lot of business actually taking place in the UAE, but an increasing number of goods passed through, thus the office was at first mainly used for project support. [106] Kuhne + Nagel also moved their office to the Jebel Ali Free Zone and could thus conduct their business independently.With the increasing business activities in the UAE, the branch office in Dubai gained in importance as well. In 2008 there were 120 employees in three Dubai offices, which makes Kuhne + Nagel the 7th biggest German employer in Dubai. [107] Since the company had already established many offices in other countries they are experienced in dealing with different cultures and mentalities. They have always been aware of the cultural differences between e. g. Germany and the United Arab Emirates and paid attention and adjusted to them.As Germans though they enjoyed good reputation and made only positive experiences in making business with the Arabian people as long as they were treated respectfully. [108] With the hotel industry booming, Kuhne + Nagel introduced in 2001 an innovative product contain ing a tailor-made logistics solutions associated with the construction and furnishing of hotel and tourist facilities. Apart from warehousing, the service portfolio further includes the entire management of suppliers and transport. [109] In 2005 this service was even deepened as firstly introduced to the hotels in the UAE by Kuhne +Nagel, which includes supplying amenities to hotels on a regular basis. [110] Kuehne + Nagel is responsible for the entire supply chain, including order management and procurement. Due to its great acceptance the global availability of this service followed in 2006. [111] The general trend towards becoming the â€Å"hub† of the Middle East, makes the location Dubai logistically even more important. [112] The success of Kuhne + Nagel in the UAE is also displayed through the plans of the company to expand its logistic infrastructure as part of the Dubai Logistics City adding about 52,000 m2 to its existing facilities in the Jebel Ali Free Zone. 113]T his new logistic centre will allow the company to optimally provide all the markets in the Middle East and meet the increasing storage requirements of many companies due to the relocating of their stock to the Middle East rather than supplying the area from Europe or Asia in order to reduce their costs and delivery time. [114] VII.

The Major Profitability Ratios

The major profitability ratios are: 1. 1. 1. 1RETURN ON CAPITAL: Describes the earning capacity of the enterprise and it is measured by the following ratio: Profit before interest and taxation Average operating Assets The Return On Capital ratio measures how well the average operating assets (assets such as debtors, cash, fixed assets, stock) are generating the company s income, and is indicative of the management techniques applied by the company to utilise its assets. A poor income rate of return could indicate that valuable assets are under utilised.As a result of this problem, an enterprise, which shows a negative Return on capital could be under the influence of poor management. The earning capacity of XYZ Limited for 1998 and 1999 |Ratio|2000|1999|1998|Comments| |||||| Return on|||||| Capital|NPBT|100|88|70|| |Av. OA|(286 + 230) 2|(230 + 162) 2|(162 + 144)|Industry ave| ||100 x 100|88 x 100| 2|| ||258|196|70 x 100|| ||38, 76%|44, 9%|153|| ||||45. 7%|| |||||| I N T E R P R E T A T I O N : XYZ Limited s return on capital declined from 45. 7% in 1998 to 44. 9% in 1999.This decrease is mainly due to the increase in assets, but further investigation is required to analyse the extent of this decrease. The decrease continued further from 44. 9% in 1999 to 38. 76% in 2000. Again this decrease is due to an increase in assets. The question that arises therefor is: â€Å"Is this phenomena as a result of mismanagement of assets, or just because XYZ Limited is starting up and still growing? † Additional investigation would be required to analyse the extent of the decrease. 1. 1. 1. 2NET PROFIT RATIO: The primary objective of an enterprise is to make a profit.Profit is earned from sales and serves as an important measure of return of capital. The Net Profit percentage can be measured by the following ratio: Net Profit Sales This Net Profit Ratio measures the overall effectiveness of the enterprise s operations, before interest, tax and other non-â€Å"operati ng† items. The shortfall of this ratio in terms of its effectiveness is perhaps the fact that its usefulness is limited to comparisons with other companies. In addition, there is no guideline as to what the ideal absolute value should be. Changes to the Net Profit % can be influenced by one of two components, viz. – Gross Profit Percentage Operating Expenditure In addition, the percentage of sales consumed by operating expenses (i. e. Gross Profit % – Net Profit %) is often indicative of management efficiency in controlling operating costs. Disciplined management techniques, for example, by cutting costs can lead to two consequences, viz. : – A more profitable enterprise An efficiently operating enterprise The Net Profit % of XYZ Limited is as follows: – Net Profit % Margin|2000|1999|1998| Net Operating Income|100|88|70| Net Sales|900|800|700| |11. 11%|11. 00%|10. 00%| |||| I N T E R P R E T A T I O N :The Net Profit Percentage Margin increased steadily in proportion to the Gross Profit percentage during the horizon of 1998 to 1999 (10% to 11%). This improvement in the enterprise s return on capital indicates that a proportionately greater profit was earned from sales in 1999 that in 1998. The crux of the matter, however, is not yet known whether this improvement is as a result of larger Gross Profit or lower expenses. Further analysis would be required. During the period of 1999 to 2000 the Net Profit Percentage Margin increased by a further 0. 11% (11% in 1999 to 11,11% in 2000).Again this improvement can be ascribe to an improvement in the enterprise s return on capital. And as noted in the previous horizon, it cannot be determined whether this improvement is as a result of larger Gross Profit or lower expenses. Further analysis would be required. 1. 1. 1. 3Gross Profit % Margin Gross Profit % is an indication of the return of the enterprise s core business. The Gross Profit percentage can be measured by the following r atio: Gross Profit Sales The Gross Profit percentage ratio may be difficult to calculate, as many companies do not disclose their Gross Profit figures.This ratio measures the overall profit margin the enterprise is making on the goods it sells. Perhaps a weakness of this ratio is that by disclosing this type of information a company could potentially expose itself to its competitors. Changes in the Gross Profit % can be influenced by the following factors: Change in markup – changes in the selling prices of goods, or possibly trade discounts will have a direct impact on the GP margin. Sales Mix – an enterprise may deal with numerous different products, which have different mark-ups, and as a result, the sales mix will have an influence on Gross Profit % margin.A changing sales mix should be ascertainable from the segment report (if prepared) by the enterprise. Inventory theft – the theft of inventories would cause unequal quantities of inventories to be reflec ted as sales and cost of sales, and will definitely have a negative impact of the GP margin. The Gross Profit % of XYZ Limited is as follows: – Gross Profit Margin|2000|1999|1998| Gross Profit X 100%|300|256|210| Sales|900|800|700| |33. 33%|32. 00%|30. 00%| |||| I N T E R P R E T A T I O N : During the period 1998 to 1999, XYZ Limited s Gross Profit percentage margin increased from 30. 3% in 1998 to 32. 9% in 1999.Changes in Gross Profit from one period to the next may be influenced by an increase in sales volume, but further analysis would be required. During the period 1999 to 2000, XYZ Limited s Gross Profit percentage margin increased by 1,1% (from 32. 0% in 1999 to 33. 3% in 1999). A closer look into the enterprise would be required to analyse the following factors: – Higher selling prices Lower purchasing prices Incorrect inventory counts Stricter prevention or loss control policies For obvious reasons, this type of analysis is only possible if the unit selli ng price and the costs are known. 1. 1. 1. Return on Equity (ROE) Return on Equity is measured by the following ratio: Net Profit After Tax Total Equity Return On Equity (ROE) is an indication of good or bad the shareholders prospered during the year. The objective of any enterprise must be to yield sufficient returns in line with the risks taken on by the owner. In addition, the Return on Equity ratio also gives the investor an idea of the sort of return of investment he/she is achieving. This can be compared with returns on alternative investment opportunities such as savings accounts, gilts, and fixed properties. The ROE of XYZ Limited is as follows: –Return on Equity200019991998 Net Profit After Tax|56|48|33| Total equity|186|154|102| |30. 11%|31. 17%|32. 35%| |||| I N T E R P R E T A T I O N : During 1998 the Return on Equity ratio, as calculated above, indicated that for every rand in equity XYZ Limited generated 32. 35 cents in profit. Also noticeable is that during 19 99 and 2000 this profit was measured as 31,17 and 30. 11 respectively. Apart from the fact that there was a mediocre decline in percentage over the three-year period, nothing signifies that the company is undergoing stress in terms of the ROE figures. Thus no further analysis would be required. . 1. 1. 5Earnings Per Share Describes the earning per share of the entity and it is measured by the following ratio: Earnings Per Share Total Equity Earnings Per Share indicates the value of the company s share as perceived by the market. The higher increase in value, the higher the favourable perception of the enterprise. The EPS of XYZ Limited is as follows: – Earnings Per Share|2000|1999|1998| Net Profit After Tax|56|48|33| Number of Shares Issued|10|10|8| |R5. 60|R4. 80|R4. 13| |||| I N T E R P R E T A T I O N : XYZ Limited s earnings per share favourably increased over the three horizons from R4. 3 (1998), to R4. 80 (1999), to R5. 60 (2000). This steady increase in share value ove r the three-year period is indicative of the higher favourable perception of XYZ Limited s 1. 1. 1. 6P/E Ratio Describes Price/Earnings per share capacity of the entity and it is measured by the following ratio: Price Earnings Per Share Price/Earnings Per Share indicates the internal growth of an enterprise. The P/E ratio also signifies how much investors are willing to pay per rand of current earnings. Furthermore, an increase in P/E usually indicates that an enterprise shows potential for future growth.The P/E Ratio of XYZ Limited is as follows: – P/E ratio|2000|1999|1998| Price per Share|28|20|16| Earnings Per Share|6|5|4| |5. 00|4. 17|3. 90| I N T E R P R E T A T I O N : The Price/Earnings per share for XYZ Limited steadily increased over the horizons of 1998 (3. 90) to 1999 (4. 17); an increase of 0. 27. This increase is healthy for the company as it reflects it as a growing capability. However, since XYZ Limited is in its start-up phase this increase is understandable. The Price/Earnings per share for XYZ Limited, again, steadily increased over the horizons of 1999 (4. 17) to 2000 (5. 00); an increase of 0. 3. What is interesting to note is that this internal growth suggests that perhaps it is one of the contributory factors, which influenced the negative trend in the return of capital and since the company is relative new, growth is inevitable. 1. 1. 2 Liquidity Ratios Liquidity ratios, in essence, measure the ability of the enterprise to pay its bills on time. In other words, the more liquid an enterprise possesses, the more able it would be in terms of paying its bills. In addition, Liquidity ratios also measure the management of a firm s ability to employ working capital. The major liquidity ratios are: Current Ratio Acid-test Ratio Stock Turnover days Creditors payment ratio 1. 1. 2. 1Current Ratio The Current ratio measures the amount of times the company s assets cover its liabilities. Current liabilities consist of creditors who must be paid in cash in the short term. Current assets mainly consist of stock, debtors, and cash. The calculation of the current ratio is as follows: Current Assets Current Liabilities There is no generic rule of thumb about what the figure should be, but generally speaking, an acceptable ratio usually computes between 1 and 2, even though this may vary from industry to industry.The significant thing about the current ratio is that it is used to make comparisons, rather than an absolute measure of liquidity. As a short-term ratio, it makes sense, due to the fact the company s liquidity in the short term depends upon whether it has enough current assets to pay its current liabilities. Another important aspect of the Current Ratio is that it is an important tool for creditors and bank managers (in the case of overdrafts) as signifies that the company can make the commitment to its lenders. The current ratio could also be used in terms of risk management in the event of a negative trend in t his ratio.For example, if the rate at which the company s assets are converted into cash is slower than that of the repayment of the company s creditors, there would be liquidity problems in that enterprise. The Current ratio of XYZ Limited is as follows: – Current Ratio|2000|1999|1998| Current Assets|186|110|22| Current Liabilities|70|36|20| |2. 66 : 1. 0|3. 06:1. 0|1. 10:1. 0| |||| I N T E R P R E T A T I O N : The Current ratio for XYZ Limited during the period 1998 to 1999 increased considerably from 1. 10:1. 0 to 3. 06:1. 0. The poor acid-test ratio in 1998 indicated that the company had experienced problems.This is obviously not the case due to the fact that the enterprise was just starting up. Another observation of this particular horizon is that it signifies that in 1999 the company expanded (grew) substantially since its inception – which contributed to the enormity of the gap. During the period of 1999 to 2000 the current ratio of XYZ Limited expectedly â₠¬Å"levelled-out† from (3. 06: 1. 0) to (2. 66:1. 0); and even though it is still above the industry norm (2:1). Even though this horizon indicates that XYZ Limited has the capabilities of servicing long-term debt and current liabilities, it must still be viewed with caution. 1. 1. 2. Acid Test Ratio The Acid-Test ratio (or sometimes referred to as the Quick ratio) is a more severe form of the current ratio where current assets are readily converted to cash are calculated as a proportion of the current liabilities. The calculation of the Acid-test ratio is as follows: Current Assets – Stock Current Liabilities The Acid-test ratio also compares current assets to current liabilities, but removes stock from the assets, since stock is usually the least liquid of all the assets and the most difficult to convert into cash. This ratio, in fact, gives us a more accurate assessment of the liquidity of the enterprise.A quick ratio of 1:1 would be considered as the norm , but may v ary from industry to industry. The Quick ratio of XYZ Limited is as follows: – Acid Test Ratio|2000|1999|1998| Current assets – Stock|120|70|7| Current Liabilities|70|36|20| |1. 71:1. 0|1. 94:1. 0|0. 35:1. 0| |||| I N T E R P R E T A T I O N : The Current ratio for XYZ Limited during the period 1998 to 1999 increased considerably from 0. 35:1. 0 to 1. 94:1. 0 respectively. The poor acid-test ratio in 1998 is indicative of the fact that the company was in its infancy stage and was probably committed to its lenders.XYZ Limited then somewhat leap-frogged in 1999 to a more favourable position due its debtors recovery. During the period of 1999 to 2000 the quick ratio of XYZ Limited declined marginally from (3. 06: 1. 0) to (2. 66:1. 0) respectively; and even though it is still above the industry norm (1:1). The decrease in XYZ Limited s quick ratio could be ascribed to expansion in operations and growth and even though was still able to meet its short-term commitments. 1. 1. 2. 3Stock turnover days The calculation of the stock turnover days is as follows: Average inventory X 365 Cost of salesThe inventory stock days calculates the sales an enterprise contains in its year-end inventory. The most efficient scenario would be to have no inventory holding, but is impractical, as it would make an enterprise inoperable. It would therefor be considered as a management inventory control policy. The Stock turnover days ratio of XYZ Limited is as follows: – Stock Inventory Turnover Days|2000|1999|1998| Ave inventory X 365|66|40|15| Cost of sales|600|544|490| |40. 15|26. 84|11. 17| I N T E R P R E T A T I O N : It is interesting to note that during the period 1998 and 1999 this figure for the stock turnover days seemingly increased by 25. 7 days (from 11. 17 days in 1998 to 26. 84 days in 1999). This increase in the number of days could be as a result of growth or due to stock holding. XYZ Limited showed an increase in the number of days for the horizon 1 999 (26 days) and 2000 (40 days). This negative trend over this period and the previous horizon could be misleading and potentially indicates that stock piling occurs. It is difficult to assess this condition as the company could be in the process of delivering a huge order or has over stocked in anticipation of sales projection. 1. 1. 2. 4Creditors PaymentsThe calculation of the creditors payments is as follows: Average Creditors X 365 Cost of sales The creditors payments days indicates the period an enterprise uses to pay it s trade collectors. This can potentially give rise to cash discounts by suppliers. The Creditors Payments ratio of XYZ Limited is as follows: – Stock Inventory Turnover Days|2000|1999|1998| Ave Creditor X 365|40|26|20| Cost of sales|600|544|490| |24 days|17days|14days| I N T E R P R E T A T I O N : XYZ Limited showed an increase in the number of days for the horizon 1998 (14 days) and 1999 (17 days). And again during 2000 (24 days).This, however, does n ot signify anything as the company is still able to pay its suppliers in less that 30 days, which suggests an efficient payment process. 1. 1. 3 Leverage Ratios Leverage (Gearing) ratios, in essence, gives the analyst an indication of the sort of debt an enterprise has and how the operations is financed. All leverage ratios will contain long-term debts and short-term debts. This is usually compared with the total assets of the company. Financial institutions and banks are usually keen to know the company s leverage as they are keen to find out how much an enterprise has borrowed and what it can afford to borrow.The major leverage ratios are: 1. 1. 3. 1Debt Ratio The debt ratio is an indicator of all the debt that the company has , to its total assets. The calculation of the debt ratio is as follows: Total liabilities Total assets Due to the accounting equation, it can be generally assumed that the company has financed its assets by the above proportion of â€Å"non-owner† fun ds. â€Å"Owner funds† refers to share capital and retained earnings. Lenders generally stipulate that this ratio should not exceed a certain percentage because it is usually more risky to lend to a company who lacks owners funds (i. . share capital + retained earnings) as apposed to its â€Å"non-owners† funds. Again, the desirable value of this ratio is difficult to evaluate and its usefulness lies in how it compares to the same ratio in other similar companies. The debt ratio of XYZ Limited is as follows: – Debt ratio|2000|1999|1998| Total liabilities|100|76|60| Total assets|286|230|162| |34. 97%|33. 04%|37. 04%| |||| I N T E R P R E T A T I O N : The debt ratio for XYZ Limited during the period 1998 to 1999 decreased marginally from 37. 04% to 33. 04%. this was mainly due to an increase in assets.Due to this effect on leverage, the debt equity ratio caused the return on shareholder s equity to remain fairly constant even though an increase in return on capit al was encountered. During the period of 1999 to 2000 the debt ratio of XYZ Limited increased marginally, suggesting that the company did not have the same profitability as the previous horizon. 1. 1. 3. 2Long-term Debt Ratio The long-term debt ratio is an indicator of only the long-term debt that the company has, to its total assets. The calculation of the long-term debt ratio is as follows: Long-term Debt Total assetsLong term debt is fairly static. Generally lenders do not like to give long-term loans to finance short-term (current assets). They prefer to lend on a long-term basis for items such as fixed assets. The ratio therefor indicates what proportion of the assets has been financed by long-term debt. The debt ratio of XYZ Limited is as follows: – Long-term debt ratio|2000|1999|1998| Long-term debt|30|40|40| Total assets|286|230|162| |10. 49%|17. 39%|24. 69%| |||| I N T E R P R E T A T I O N : The debt ratio for XYZ Limited during the period 1998 to 1999 decreased mar ginally from 24. 9% to 17. 39%. This was mainly due to an increase in total assets. Due to this effect on leverage, the debt equity ratio caused the return on shareholder s equity to remain fairly constant even though an increase in return on capital was encountered. During the period of 1999 to 2000 the debt ratio of XYZ Limited increased significantly mainly due to an increase in total assets and a decrease in long-term debt. What is noticeable in this ratio is that XYZ Limited is not particularly bad for the company. In fact, the company is seemingly doing very well.

Free Essays on Grahams Power And Glory

Grahams Power and Glory: Where did it come from? Graham Green was born in 1904 and lived until 1991. Greene was not a happy child; he was mocked and ridiculed by classmates at a very young age. After many suicide attempts Greene left home for hopes of happiness. (Greenland) Greene eventually married Vivien Dayrell-Browning in 1927 and the two had two children, one boy and one girl. Greene was not much a family man. He traveled most of his life leaving no time for family at home. He admits to having over forty seven prostitutes along his travels. He and his wife later separated, but never divorced. (Liukkonen) Going back a little in time during Greene’s years at college Greene published many poems and articles in the Oxford Outlook and in the Weekly Westminster Gazette. From there Greene went on to write 24 novels, eight plays and numerous short stories. Not to forget the films he worked on, including The Third Man, known today as one of the most amazing films ever. (Liukkonen) As all writers, there are people who love every piece written and critics who find something wrong with every piece published by an author. Graham caused quite the uproar with his most famous novel The Power and the Glory. Cardinal Giuseppi Pizzardo had condemned The Power and the Glory for being "paradoxical," (seemingly contradictory but nonetheless possibly true) and the British churchman actually demanded that Greene make changes in the text. (Welborn ) Evelyn Waugh, a dear friend of Greene, said "It was as fatuous as unjust a vile misreading of a noble book", about the Cardinal’s comments. The novel was also condemned by the Vatican in 1953, but the matter was dropped when Greene insisted the fight was not with him, but with the publishers of the book. He figured if it were not a book that was proper enough to publish they would have never published the book. The Matter was then dropped. (Ways of Escape pg. 65-68) So where did... Free Essays on Grahams Power And Glory Free Essays on Grahams Power And Glory Grahams Power and Glory: Where did it come from? Graham Green was born in 1904 and lived until 1991. Greene was not a happy child; he was mocked and ridiculed by classmates at a very young age. After many suicide attempts Greene left home for hopes of happiness. (Greenland) Greene eventually married Vivien Dayrell-Browning in 1927 and the two had two children, one boy and one girl. Greene was not much a family man. He traveled most of his life leaving no time for family at home. He admits to having over forty seven prostitutes along his travels. He and his wife later separated, but never divorced. (Liukkonen) Going back a little in time during Greene’s years at college Greene published many poems and articles in the Oxford Outlook and in the Weekly Westminster Gazette. From there Greene went on to write 24 novels, eight plays and numerous short stories. Not to forget the films he worked on, including The Third Man, known today as one of the most amazing films ever. (Liukkonen) As all writers, there are people who love every piece written and critics who find something wrong with every piece published by an author. Graham caused quite the uproar with his most famous novel The Power and the Glory. Cardinal Giuseppi Pizzardo had condemned The Power and the Glory for being "paradoxical," (seemingly contradictory but nonetheless possibly true) and the British churchman actually demanded that Greene make changes in the text. (Welborn ) Evelyn Waugh, a dear friend of Greene, said "It was as fatuous as unjust a vile misreading of a noble book", about the Cardinal’s comments. The novel was also condemned by the Vatican in 1953, but the matter was dropped when Greene insisted the fight was not with him, but with the publishers of the book. He figured if it were not a book that was proper enough to publish they would have never published the book. The Matter was then dropped. (Ways of Escape pg. 65-68) So where did...

Free Online TOEFL Study Guides

Free Online TOEFL Study Guides Taking the TOEFL is a necessary step for any student not educated in the United States who wishes to study at a North American university. It is also increasingly required from other educational institutions throughout the world as well as a desired or mandatory job qualification. While it is true that the TOEFL is an extremely difficult test there are a number of resources to help students prepare for the test. Luckily the Internet has an ever-expanding treasure trove of study materials. Most of these areas require registration and payment however a number of the sites do offer some free services. If you are interested in taking the TOEFL it will probably be necessary to purchase some of these services. This guide shows you a number of the free services available on the Internet. By using this feature you can get an excellent head-start on your studies without paying a dime. What Is the TOEFL? Before beginning to study for the TOEFL it is a good idea to understand the philosophy and purpose behind this standardized test. Here is an excellent detailed description of the Internet-based test. What Can I Expect From TOEFL? There are a number of resources available to help you discover exactly what grammar listening and reading skills will be expected on the TOEFL. One of the most thorough of these resources is Testwise.Com  which explains each type of question in terms of the grammar or skill required to answer that type of question successfully. Now that you have a good idea of what the test is, what is to be expected, AND what strategies are needed you can begin to practice taking various sections of the test. To help you do just that (for FREE) follow the following links to these  practice tests  and exercises: TOEFL Grammar / StructurePractice TOEFL tests grammar through whats known as the structure sentence. This section includes multiple choice questions which test your understanding of how to put together a sentence.   TOEFL Grammar Practice 1 TOEFL Grammar Practice 2 Exam English Structure Tests Structure Practice Tests  from TestMagic Five Sets of Practice Questions for Section II  at Free ESL.com by Chris Yukna  Practice Section II TOEFL Vocabulary Practice The vocabulary section focuses on understanding synonyms and antonyms, as well as the ability to use a word in the right context.   TOEFL Vocabulary Practice 400 Must Have Words for TOEFL   TOEFL Reading Practice The reading section asks you to read fairly long sections of text that might be found in a textbook or scholarly article. Comprehension of the relationships between ideas and sequencing events is key in this section.   Reading practice tests  from TestMagic by  Chris Yukna  Practice Section II: Boston   Practice: Fuels TOEFL  based on an article in Wired Magazine by Chris Yukna. TOEFL Listening Practice TOEFL listening selections are often based on lectures in a university setting. As in reading, its important to practice listening long selections (3 - 5) minutes of university lectures or similar listening setting.   Exam English Listening Practice Tests How Do I Approach the TOEFL? One of the most important skills to acquire before taking the test is not a language skill. It is TOEFL test taking strategy. To get up to speed on test taking, this  guide to taking tests  can help you understand  general test taking preparation. The TOEFL, like all standardized American tests, has a very particular structure and typical traps for you to fall into. By understanding these traps and structures you can go a long way to improving your score. The writing section of the TOEFL requires that you write an essay based on a set topic. Testmagic.com has a wonderful  selection of sample essays  discussing common mistakes and giving examples of essays with various scores to show you the range expected on the essay. Practicing the TOEFL Obviously, you will need to do a lot more studying (and probably invest a good bit of money) to do well on the TOEFL. But hopefully, this guide to free TOEFL resources will help you begin to understand what to expect when taking the TOEFL.

What are the negative effects of accounting scandals on the government Essay - 1

What are the negative effects of accounting scandals on the government - Essay Example Many governments have lost a lot of money on unscrupulous individuals; a fact that calls for a need for developing stringent control procedures that do not put the state employees in positions of committing fraud (Byun & Roland-Luttecke, 2014). According to Ball (2009), financial reporting is one of the root causes of accounting scandal. The rationale for financial reporting is to give financial information about entities that may be of use to the potential lenders, investors, creditors, and the government to guide it in decision-making. The state decisions may include buying or holding equity or providing guidance on whether to borrow money for development. Many cases exist where organizations and government officials exhibit discredited behavioral patterns. Primarily, there are three categories of people in an organization who engage in financial scandals. The dishonest individuals range from chief financial officers who always conceal their true picture and the performance of the government department to maintain their status and to keep aside personal income for their benefits. The middle and lower level of management always falsify information related to their area of work or responsibility (Enofe, 2010). The main aim of engaging in this form of financial accounting is to hide their poor performance abilities or to gain undeserving bonuses, which incurs losses to the government. At the organizational level, the institution can give false financial statements for getting access to credit facilities or inflating the prices of properties that the government is planning to sell. Whereas many governments have reviewed their financial auditing systems to tame accounting fraud, many frauds that have arisen from manipulated audit results are great indicators that financial auditing cannot be solely relied on as a fraud detection strategy. Fraudulent reporting, which is the major form of financial scandal can have negative consequences that may hurt not

Strategic Analysis (Individual) Essay Example | Topics and Well Written Essays - 2500 words

Strategic Analysis (Individual) - Essay Example n, it is important that the firm must be able to look into the commercial aspects of the technology and focus on what market requires and what it can deliver. Firm’s core competencies were based upon its ability to produce high quality technology however it clearly lacked the ability to transform its core competencies into the commercially viable products. It is important to understand that the organizations have made a transition towards focusing on the mass customization where firms focus on delivering highly customizable products through a mass market. The firm though has a large and diversified market to serve however due to sheer size of the applications and potential market niches; it may not be possible for the firm to focus on developing commercially feasible products and services. This paper will discuss the internal and external analysis of Soundfacts firm and will provide strategic analysis and alternatives for the management to reposition the company and become commercially more successfully and viable. Firm operates in Denmark which is one of the advance countries in the world with favorable political system. There is little or no interference from the bureaucracy and the overall political structure of the firm favors the free markets and private enterprises. The transfer of private property laws are in favor of the organization and as such firms can easily move their assets in and out of the country with low level of political interference. Apart from this, the overall tax environment is relatively favorable for the firms with government acting as a welfare state. The higher ratio of taxes imposed on the individuals is off-set by the State being a welfare State. Further, Denmark is also part of European Union thus it enjoys the relative political support at the regional level. (Dimireva, 2009) Denmark is one of the highest ranked economies in the world with good per capita income thus suggesting that the consumers have the required purchasing