Friday, March 27, 2020
The aviation industry has witnessed a significant growth in the last few decades following the advancement of technology. According to Hansen (2004), the aviation industry has seen airplane development as one of the most sophisticated technologies of the twentieth century, affecting the lives of American society and international community significantly.Advertising We will write a custom essay sample on Positive and Negative Aspects of Aviation Have Been Observed In America in the Past 75 Years specifically for you for only $16.05 $11/page Learn More Although the development has been gradual, it is indeed evident that todayÃ¢â¬â¢s aircrafts are more complex and able to perform some hitherto unimaginable tasks, more so following the production of the supersonic aircrafts and spaceflights. In the history of air technology, hydrogen balloons were invented in the 17th and 18th century; however, it is in early 20th century following various experiments that the development of engine technology and aerodynamics was perfected, leading to o development of powered flights. During the 1930s, a new generation of modern airlines appeared, as low winged monoplanes became equipped with cowled engines, retractable landing gear, and refined aerodynamic contours and became icons of the decade. The success of this technology was facilitated by the airlines developed had advanced features that involved lightness, economy of design, and use of modern materials such as aluminium. By 1940Ã¢â¬â¢s, air travel emerged as an acknowledged form of transportation. However, before, then, aviation industry had played a key role on the World War I, as it not only facilitated restoration of peace, but also marked the turning point in terms of evolution of military aviation (Pisano, 2003, p. 19). Indeed, the U.S navy built its first aircraft carriers for both offensive and defensive missions. By 1950, the airplane had become an accepted feature of contemporary American life as well as an icon of its cultural heritage and its legacy to the world (Pisano, 2003, p. 7).Advertising Looking for essay on aviation? Let's see if we can help you! Get your first paper with 15% OFF Learn More Whether old or new, examples of the persistence of flight in the popular imagination continued to show up in the American culture, but military themes clearly played a strong role. Positive aspects of aviation in America Aviation industry in the US has greatly developed during the last few decades, with significant influence being witnessed in the economic growth of America in various ways (Corn, 2002, p. 75). To begin with, the expanding airports and the growth of aviation are evidenced to spur economic gains especially through fostering employment. Specifically, the aviation industry provides employment to millions of Americans and other trading affiliates both directly and indirectly. In terms of direct employment, the industry employs pilots, c abin crew, aeronautical engineers, aircraft servicemen, and baggage handlers, while indirect employs may result from various procurements or outsourcing services that the industry may require from time to time. Additionally, some traders will benefit from aviation industry when the above two groups of employees spend their earnings on purchasing goods from them (traders), thus, the industry is associated with multiplicative flow of income in the society. Due to expansion, the aviation industry in the U.S has led to more airports like Heathrow, Miami, JFK, and Puerto Rico among the numerous large and busy airports, all of which have provided employment to a grater population within America.Advertising We will write a custom essay sample on Positive and Negative Aspects of Aviation Have Been Observed In America in the Past 75 Years specifically for you for only $16.05 $11/page Learn More Aviation has led to an increased sustainability of America in terms of military security (Pisano, 2003, p.25). As one of the worldÃ¢â¬â¢s superpowers, America has adopted a modern aircraft technology to manufacture state-of-the-art airlines, mainly used in defense sector. For instance, the 1945 US bombing of Hiroshima and Nagasaki was facilitated by AmericanÃ¢â¬â¢s prowess in aircraft weaponry compared to her foes in the World War II (1945) (Pisano, 2003, p.26). Ever since, more sophisticated military aircrafts has been developed to protect America from the ever-increasing enemies and competitors in the global economy. Moreover, a combination of well-trained army personnel and availability of combat equipment has enabled America to become one of the most sophisticated superpower states in the world. A recent scenario was the attack of Libya by US forces using its modern aircraft technology where missiles were launched. Through the use of such a aviation technology, the military is always far ahead of its enemy in terms of launching attacks, sche duling, and hitting the target without causing huge civilian casualty. Indeed, in comparison with the earlier wars where many civilians lost their lives, the latest attacks have had minimal casualties, thanks to the advancement of technology in aircraft weaponry. The American society has enjoyed flexible and faster means of transportation to any destination.Advertising Looking for essay on aviation? Let's see if we can help you! Get your first paper with 15% OFF Learn More Generally, air transportation, according to Donohue (2001, p. 1), refers to Ã¢â¬Å"the movement of people and material through the third dimension, usually in heavier-than-air vehicles,Ã¢â¬ designed in such a way that they have the ability to make connections across various destinations within a very short time compared to other modes of transport. Over the last five decades, air transport in the US has been growing exponentially, thanks to the advent of technology. Indeed, Donohue (2001, p. 1) notes that the US enjoys a considerable share of worldÃ¢â¬â¢s aviation industry, Ã¢â¬Å"operating approximately 40% of the worldÃ¢â¬â¢s commercial air transportation, and has a considerable use of aircraft for private transportation.Ã¢â¬ As a result, infrastructure has improved greatly and in turn, the economy of the U.S has skyrocketed due to the returns and other taxes paid by different airline companies to the U.S. government. Negative aspects of Aviation in America Aviation has a number of environmental impacts that are experienced by the local individuals in the vicinity of airports and under the flight paths (Whitelegg, 2000). Noise pollution has been the source of concern as the aviation industry continues to grow exponentially. Noise damages health, significantly distracts peace and quiet environment, damages wildlife and learning ability of schoolchildren, and it costs a great deal of money through the costs of noise mitigation and noise abatement. Noise is measured on a decibel, with a limit of 55db (A) being regarded as a level that should not be exceeded in a normal situation. According to Dobris statistical compendium, the number of individuals exposed to 60dB (A) around three UK airports was as follows; Ã¢â¬Å"Heathrow (1989)-153,000; Gatwick (1989)-5,000; Luton (1990)-16,000Ã¢â¬ (Whitelegg, 2000). According to a World Health Organization (cited in Whitelegg, 2000), noise pollution emanating from the aviation industry has been associated with health problems such as Ã¢â¬Å"hearing impairment, pain, interference of communication and speech perceptionÃ¢â¬ among other complications. In addition, aircraft noise is associated with negative effects on children such as memory loss, poor concentration in school, and restlessness, a phenomenon that is absent in children living away from aircraft manifested zones. The increased development of the aviation industry in the US has led to increased ground level air emissions that cause air pollution, more so due to the increased traffic of aircrafts and related machinery such as Ã¢â¬Å"traffic generators, freight distribution centers, taxi destinations and bus stationsÃ¢â¬ (Whitelegg, 2000). In the US, emissions from the Kennedy airport have significantly led to major ailments related to respiratory damage or complications. Moreover, in the contemporary environment, aircraft pollutants are among the major causes of cancer complications. According to Whitelegg (2000), large conce ntrations of carbon monoxide are known to be the major causes of Ã¢â¬Å"nausea, drowsiness, and slowed reflexes,Ã¢â¬ while nitrogen oxides Ã¢â¬Å"impair respiratory cells and damage blood capillaries and cells of the immune system.Ã¢â¬ In addition, Ã¢â¬Å"sulphur dioxide irritates the lung and is associated with chronic bronchitis,Ã¢â¬ and it is mainly linked to the thousands of deaths that occurred in Ã¢â¬Å"1952 London smogÃ¢â¬ (Whitelegg, 2000). Another negative effect of aviation industry in the US involves increased levels of smuggling and development of drug cartels witnessed in various airports. An example of such vice took place at Puerto RicoÃ¢â¬â¢s main airport, with aircrafts destined for US found to be smuggling tones of cocaine to some US cities, an action that was facilitated and conducted in cahoots with some American airline employees. Conclusion Aviation technology has increasingly developed since the early years. As a result, this technology has influ enced a change in the social-economic setup and well-being of America and its relation with the entire world in terms of efficiency of different activities. In terms of positivity, one would accurately accept the fact that it really is an efficient transportation mode for people and materials especially those perishables that need to reach the target markets in time. On the contrary, aviation technology has resulted into many countries investing in order to be comparable with their neighbors in terms of military power, which has led to constant attacks in order to prove military manpower, as this is one of the driving forces that led to the rapid development of the aviation industry. References Corn, J. J. (2002). The Winged Gospel: AmericaÃ¢â¬â¢s Romance with Aviation. NY: JHU Press. Web.. Donohue, G. (2001). Air Transportation Systems Engineering. Massachusetts: AIAA. Web. Hansen, J. R. (2004). The Bird Is on the Wing: Aerodynamics and the progress of the American airplane. Texa s: Texas AM University Press. Web. Pisano, D. (2003). The airplane in American culture. Michigan: University of Michigan Press. Web. Whitelegg, J. (2000). Aviation: the social, economic and environmental impact of flying. Ashden Trust publishers. Web. This essay on Positive and Negative Aspects of Aviation Have Been Observed In America in the Past 75 Years was written and submitted by user Georgia Schultz to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.
Friday, March 6, 2020
The History of Ultrasound in Medicine Ultrasound refers to sound waves above the human range of hearing, 20,000 or more vibrations per second. Ultrasonic devices are used for measuring distance and detecting objects, but itÃ¢â¬â¢s in the realm of medical imaging that most people are familiar with ultrasound. Ultrasonography, or diagnostic sonography, is used to visualize structures inside the human body, from bones to organs, tendons, and blood vessels, as well as the fetus in a pregnant woman.Ã Ultrasound was developed by Dr. George Ludwig at the Naval Medical Research Institute in the late 1940s. The physicist John Wild is known as the father of medical ultrasound for imaging tissue in 1949. In addition, Dr. Karl Theodore Dussik of Austria published the first paper on medical ultrasonics in 1942, based on his research on transmission ultrasound investigation of the brain; and Professor Ian Donald of Scotland developed practical technology and applications for ultrasound in the 1950s. How It WorksÃ Ultrasound is used in a large array of imaging tools. A transducer gives off the sound waves that are reflected back from organs and tissues, allowing a picture of what is inside the body to be drawn on a screen.Ã The transducer produces sound waves from 1 to 18 megahertz. The transducer is often used with a conductive gel to enable the sound to be transmitted into the body. The sound waves are reflected by internal structures in the body and hit the transducer in return. These vibrations are then translated by the ultrasound machine and transformed into an image. The depth and strength of the echo determine the size and shapes of the image. Obstetric Ultrasound Ultrasound can be very useful during pregnancy. Ultrasound can determine the gestational age of the fetus, its proper location in the womb, detect Ã¢â¬â¹the fetal heartbeat, determine multiple pregnancies, and can determine the sex of the fetus. While ultrasonic imaging can change temperature and pressure in the body, there is little indication of harm to the fetus or mother through imaging. Nonetheless, American and European medical bodies urge ultrasonic imaging to be performed only when medically necessary.
Wednesday, February 19, 2020
College Transfer Academic - Personal Statement Example arger diversity culture with more ideas and innovative resource inputs; and (3) the prospects of bringing my unique interdisciplinary inspiration to University of California. The genuine interest in the fields of Microbiology developed in childhood while living with my grandmother. In poor health, I remember my old grandma who had to ride her bicycle to take me to see a doctor every day. The persistent routine caught the hypertension syndrome because of the tiredness. This provided the impetus and determination to study medicine and biology. In high school, I became more and more interested in biology and was selected into a Biology Olympiad Team of the school to compete for the National Biology Olympiad as a representative of the school. Despite my inability to gain any national prize due to my naivety and lack of training, I was unnecessarily clumsy at doing experiment. During my freshman year, I became a laboratory researcher for one of the courseÃ¢â¬â¢s instructors, Dr. Lee. I assisted in the laboratory doing experiments on microbial ecology to explain the global latitudinal diversity gradient phenomenon. The experiment itself was simple, determining heterozygosity of E. coli in different temperatures. However, the wealth of experience gain and the value of internship were realized in terms of the following: First, the microbiology experiment helped me to improve my laboratory skills initially gained from high school through governance and time management. Since I am in charge of the whole experiment and I am in charge of my schedule, I was able to creatively manage time and control the required variables for the indicated experiment. Thirdly, I realized that I am good at an interdisciplinary approach for the reason that was encouraged to explore diverse possibilities through experimentation in the laboratory and come up with interesting experiments I like, such as creating microbial paintings on culture dishes, among others. The lab experience encourages
Tuesday, February 4, 2020
Accounting for Leases - Assignment Example This assignment focuses on the alternative treatments which the lessee might adopt. Two, it looks into the current accounting treatment of leases. Finally, it will look into the impact of the proposed lease standards on the users of financial statements. a) Three alternative accounting treatments which might be adopted when lessees account for lease transactions. The lessee capitalizes an asset or a liability in the balance sheet using amounts equal to the present value of the rental payments. Generally, there is four criteriaÃ¢â¬â¢s used in capitalization of lease payments (Nikolai, Bazley and Jones 1120). They include: Transfer of ownership of lease property to the lessee The lease has a bargain and purchase option The term of lease is the major part of the assets economic life The present value of the minimum lease payments to the fair value of the leased asset. In practice, three of the four criteria are difficult to apply due to the controversies involved (Nikolai et al 1117). Criteria number one on transfer of ownership is practical and easy to apply. Our major focus on this discussion is limited to only three criteriaÃ¢â¬â¢s. a) The bargain and purchase option This criterion gives the lessee an option to either buy the property at a price lower than the expected fair value of the property at the option date deemed exercisable (Nikolai, Bazley and Jones 1117). ... b) Economic life test criteria When an assets economic life is a major part of the lease term, all risks and rewards are transferred to the lessee from the lesser. Capitalization in this case is therefore necessary. It is difficult to determine the economic life of the asset. In practice, the International accounting and standards board (IASB) requires a 75 percent threshold on the economic life when evaluating the economic life test (Nikolai, Bazley and Jones 1117). For example, assume company X leases Lenovo PCs for a period of two years at monthly payments of $100 per computer. It can also lease these computers for $10 per month on each computer for extra two years. The lease offers a bargain renewal option. It is difficult to determine the estimated economic life especially if the item leased is specialized. c) Recovery of investments test Capitalization is essential if the present value on the minimum lease payments equals or exceeds substantially all the fair value of the asset . At this point, a company can purchase the asset since the minimum payments are close to the fair value. The US GAAP uses 90 percent threshold on fair value in assessing the recovery of investment test (Nikolai, Bazley and Jones 1117). Lessees and lesser also consider all other factors in evaluating the lease classification criteria rather than focusing on a single element. b) Current IAS 17 Leases in the financial statements of lessee In the current International accounting standard, (IAS 17), lessees are required to provide extensive financial statement disclosures on leases than even before (Epstein, Nach and Bragg 866). This is because the accounting treatment for real estate and equipment leasing transactions has changed. In the current lessee standards, all operating
Monday, January 27, 2020
Strategies to Maximise Shareholder Value Introduction Firms may have different objectives to achieve. However in theory, a firm should set its objectives to increase its value for its owners. Shareholders are the owners of a firm. Therefore according to theory maximising shareholders wealth is the fundamental objective of a firm. (Watson Head Ã¢â¬âCorporate Finance principles and practice 2007) Investors generally expect to earn satisfactory returns on their investments as they require increasing the value of their investments as much as possible. This is usually determined by dividend payout and or capital gains by increasing the market value of the share price. The managers of the company act on behalf of the investors, such as operating day to day activities and making decisions within the business. In another way they do have the control of the business entity. However, firms may have other objectives to achieve such as maximising of profits, growth and increasing its markets share. When achieving these objectives of a firm, conflicts may arise as a result of ownership and control. Managers may make their decisions on their own interests rather than achieving investors wealth. Discussing the investor related goals as described earlier, in theory behaviour of management should be consistent towards maximising shareholders wealth, enhancing the value of the business (Basely Brigham- Essentials of Managerial Finance).Value of the business is measured by valuing firms price of shares. Its essential to consider maximising of stock prices, and its impact to the investors and the economy as a whole simultaneously. Maximising profits is also an objective of a firm. It is determined by maximising the firms net profits. It is also can be described as a short term objective whilst maximising the value of the company is a long term objective for a firm (Financial Management Ã¢â¬âKaplan Publishers 2009). Therefore it is not necessary, maximising profits as maximising shareholders wealth because there are number of potential problems can be occurred adapting to an objective of profit maximisation. It will be discussed in the latter part of the report. Earnings per share (EPS) is one of the main indicators of the firms profitability and it is a broadly used method measuring firms success, as it is determined return to equity in theory(Financial Management Ã¢â¬â Kaplan Publishers 2009).However, EPS doesnt expose the firms wealth since it is determined by using firms net profits. Therefore EPS is also exist the same criticism as profit maximisation above which will be discussing in the later part of the report. During the past ten years have seen a much greater emphasis on investor related goals. The conflict of ownership and control can be recognised as one of the significant causes which were affected investors and the world economy in the past ten years. The corporate scandals such as Enron, Maxwell and World com which occurred recent past had been lost investors confidence towards capital markets. Therefore its essential to consider the ethical behaviour and social responsibilities towards shareholder wealth maximisation simultaneously. It can also be said the institutional investors such as insurance companies and pension funds had also made a significant influence on investor related goals in the recent past. Review of Literature OBJECTIVE OF PROFIT MAXIMISATION According to Watson and Head 2007, whilst individuals manage their own cash flows, the financial manager involves in managing cash flows on behalf of the company, and its owners. In a firm financial management is concerned with taking decisions in three key areas which are financing, investing and dividend policy. Watson and Head also mentioned, shareholders wealth maximisation as the primary objective of the firm and at the same time the existence of other stakeholder groups such as creditors, employees, customers and community are also affected when adapting to a corporate goal. Ã¢â¬Å"However the firm may adopt one or several objectives in short term whilst its pursued the objective of shareholders wealth maximisation in long termÃ¢â¬ (Basely and Brigham; Essentials of Managerial Finance). Therefore it is essential to be considered the other possible objectives in short term as well as long term simultaneously. Reviewing one of the main objectives of profit maximisation, a classic article of Milton Friedman in the New York Times magazine 1970Ã¢â¬Å"The social Responsibility of Business is to Increase its profitsÃ¢â¬ (Poitras, Geoffrey 1994). Considering classical views of Friedman (1970), Grant (1991), and Danley(1991), Geoffrey analysed the connection between shareholders wealth maximisation and profit maximisation, as an foundation for establishing an ethical analysis for shareholders wealth maximisation. However, Friedman had a moderate view later relating to the concept of profit maximisation towards social responsibilities. (Pradip N Khandwalla, Management paradigms beyond profit maximisation 2004) While there were similarities between these two objectives, Solomon; 1963, chp.2 highlighted the inconsistencies in his classic article (Poitras, Geoffrey 1994). Considering the above views from different authors, Geoffreys suggestion was Ã¢â¬Å"Even though there are significant consistencies between these two goals, the goal of profit maximisation has designed for the traditional microeconomic environment and for the firms which do not have the conflict of ownership and control. It is also assumed that its applied for the environment where there was no uncertainty and no stock issuesÃ¢â¬ ( Poitras, Geoffrey, 1994). According to Keown, Martin and Petty, 2008; Lasher 2008; Ross Westerfield, and Jordan; 2008, Ã¢â¬Å"Managers are encouraged to maximise its current stock prices by the shareholder theory, therefore the criticisms are understandableÃ¢â¬ . This approach determines the existence of agency problem towards incentive schemes, as incentives are rewarded with the continuous growth of share price and leads to an unethical behaviour of managers, towards manipulating the firms current stock prices (Daniel, Heck Shaffer). CONFLICT OF OWNERSHIP AND CONTROL The conflict of ownership and control was first identified by Adam Smith (RBS Review 1937) and he suggested that the Director cannot protect the other peoples money with the same way that he protects his money (Tony Howell; Shareholder ship model versus Stakeholder ship model). Its also mentioned in Tony and Howells article, that the separation of ownership and control make a significant influence for corporate behaviour and its deeply discussed by Berle and Means (1932). But La Porta et al. (1999) argued against Berle and Means, and he suggested Ã¢â¬Å"its different from the large corporations, because the shareholders of large corporations involved in corporate governance actively where managers are unaccountableÃ¢â¬ (Tony and Howell; shareholder ship model versus Stakeholder ship model). Winch (1971) suggested the goal of profit maximisation is consistent with the ethical theory of utilitarianism whilst allocating resources under different circumstances. (Poitras, Geoffrey 1994). Having considered Winchs suggestion related to the utilitarian theory and profit maximisation, GeoffreysÃ (1994) view was that, inter temporal behaviour is importantÃ for firms and efficient investment has a significant affect towards maximising of profits as a result of uncertain future cash flows. It is also discussed the potential conflict of ownership and control. Therefore Geoffrey (1994) suggested the separation of ownership, the decision makers (managers) and owners (shareholders) are involved to the corporate structure. SHAREHOLDERS Vs STAKEHOLDERS Even though most of the economists and authors acknowledge the theory of shareholder wealth maximisation (Berle and Means, 1932; Friedman, 1962), other authors argued the criticisms of shareholder wealth maximisation. They argued that Shareholder Theory encourages the managers to make short term decisions and behave unethically as a result of the influence of the other stakeholders. According to Smith (2003) believed Ã¢â¬Å"Shareholder theory is prepared to maximise short term objectives at the expense of long term goalsÃ¢â¬ (Daniel, Heck Shaffer; Journal of Applied Finance; winter 2008). However Daniel, Heck and Shaffer analysed the reasons for the criticism and the misguidance of the shareholders theory in their article about shareholder theory, Ã¢â¬Å"How Opponents and Proponents Both Get it Wrong?Ã¢â¬ The misguidance has been occurred as a result of pursuing a long term objective in shareholder theory. Managers should maximise the future cash flows and its important to con sider the stakeholders accordingly (Jensen, 2002; Sundaram and Inkpen, 2004a). According to Freeman (1984) a firm should consider both shareholders and stakeholders when making their business decisions. However Daniel, Heck and Shaffer describes that the stakeholder theory determines the same criticism as short term behaviour but the shareholder theory has got the protection for both shareholders and stakeholders in the long run. Ã¢â¬Å"Therefore stakeholder theory is not predominant to shareholder theoryÃ¢â¬ . Daniel, Heck and Shaffer suggested the expected future cash flows to analyse the above scenario and they argued that its essential to undertake all the positive NPV projects to maximise shareholders wealth analysing towards maximising current stock price. If there was a goal of increasing of current share price, managers who are rewarded by incentives may attempt to boost the stock price of the firm. However Jenson (2005) and Danielson and press (2006) argued Ã¢â¬Å"the eff ort to increase or maintain the stock prices by management could be destroyed the long term values of the firm by manipulation, unethical behaviour, delaying NPV positive projects, reducing or not spending on research and development.Ã¢â¬ Jenson has taken Enron as an example for explaining the above scenario. The management of Enron had hidden their debts through off balance sheet activities and by manipulating the company accounts (Daniel, Heck and Shaffer). Therefore Daniel, Heck and Shaffer suggested that its essential to design strategies which are consistent with the objective of increasing future cash flows rather than adopting an objective of increasing of current stock price to maximise the wealth of shareholders. Freeman, Wicks and Parmar (2004) argued that Ã¢â¬Å"all the recent business scandals are oriented toward ever increasing shareholder value at the expense of other stakeholdersÃ¢â¬ (Poitras, Jefforey; 1994) After a number of high profile firms collapsed i:e: Enron, WorldCom and Arthur Anderson in US and Maxwell, Polly Peck, BCCI, Barings bank in UK, its been determined the requirement of a good Corporate Governance (Tony Howell; the shareholder ship model versus stakeholder ship model). According to Tony Howell, Corporate Governance has been growing for the past 25 years and the foundation for Corporate Governance was placed, after the introduction of Cadbury report in 1992 (UK). Omran et. al.2002; Mills, 1998; Fera, 1997 suggested Ã¢â¬Å"the importance of Corporate Governance as a result of the new entrance of Institutional Investors to Capital markets, Globalisation of Capital markets, increase of Stakeholder and Shareholder expectationsÃ¢â¬ (Tony and Howell). Analysis According to financial management theory, its assumed that the fundamental objective for a firm is to maximise shareholders wealth (Watson Head 2007).Ã Analysing the suggestions and arguments towards fundamental objective, it can be seen that not only in theory but also in the real world it is essential to maximise the wealth of shareholder. Analysing the objective of profit maximisation, overriding the classical economics views by Hayek (1960) and Friedman (1970), other authors, Solomon (1963) and Geoffrey (1970) argued about the criticisms associated with the objective of maximisation of profits. The conflict of short term goal of profit maximisation and long term objective of shareholder wealth maximisation can be identified as the main conflict. If a firm adapts to an objective of profit maximisation and the managers are rewarded incentives for achieving it, the agency problem could be arise. Therefore in such a situation managers may take decisions towards their own selfish interests, rather than on shareholders. Achieving their self interest managers may reduce costs by cutting research and development costs, reducing quality control measurements, reduce advertising, using lower quality materials. At the same time the NPV positive projects could also be postponed to reduce their costs to determine more profits in s hort term. Producing low quality products, losing market share, losing customer trust on their products and finally reducing financial performance could be resulted as a result of using low cost strategies. It may lead the business towards insecure stock prices in long run. The other criticism is profit maximisation does not appraise the associated risks. Therefore managers may undertake higher NPV projects to determine higher returns. Ã¢â¬Å"However higher the required returns, higher the riskÃ¢â¬ (Peter Atrill; Financial Management for Decision Makers, 2008). Investing on risky projects will result future cash flow problems. However, shareholders are assumed as rational investors who provide finance for firms to invest in future projects. As rational investors they require a reasonable return for their investments. Therefore it can be suggested that objective of profit maximising is different from the wealth maximising. Even though shareholder wealth maximisation is the fundamental, firms are not being able to reject the profit perspective goals, because there are stakeholder groups who is interesting about financial activities in a firm. In addition to shareholders, Managers, Employees, Customers, Suppliers, finance providers and the community at large are included in the typical stakeholder group. Therefore its essential to take account of profit maximisation within the firm. As a result of these multiple objectives managers can easily pursue their own interest. In real world, financial statements are used to assess firms performance. However, profits are defined as profit before interest and tax, profit after interest and so on. Therefore the ratio of Earnings per Share is often used instead of profit which is calculated using the net profits and the number of shares issued. Investors usually use EPS as a measurement of valuing stock. EPS is mostly used as it contains of net income of the firm, and it is also used as an indicator measuring firms future cash flows. Although the disadvantage is EPS does not determine shareholders wealth. However, firms value should be determined by the future cash flows and the risk also need to be considered which is associated to the cash flow. However as mentioned earlier, profits does not take account of risks. I:e:Ã¢â¬Å"Reported profit figures such as Biotechnological companies and other new economy ventures have insignificant relationship on its stock pricesÃ¢â¬ (Financial Management Ã¢â¬âKaplan Publishers, 2009). Therefore, in the short term theres an inconsistence between profit maximisation and increase in stock prices in a firm. According to Smith (1937), Berle and Means (1932) and Geoffrey (1994) the separation of ownership is involved the corporate structure. The conflict was mostly seen during the recent past, following the corporate scandals. According to Maria and William in the article of Privatisation and the Rise of Global Capital Markets (Financial Management; winter, 2000) Ã¢â¬Å"The past years there was significant growth in capital markets valuation, growth in security issuance as a result of the privatisation programmesÃ¢â¬ . The impacts of share issue privatisation are increasing market liquidity, pattern of share ownership (i:e: Individual and institutional investors such as Pension funds and Insurance Companies), and increasing of number of shareholders in many countries. However, globalisation was also affected on firms activities simultaneously. Therefore the firms (i:e: Enron Maxwell), which had poor Corporate Governance had the possibility to involving in unethical activities such as creative accounting and off balance sheet finance(Financial Management, Kaplan Publishers; 2009). At the same time Directors involved in high level of corporate takeover activities, achieving their personal interest such as empire building, large remuneration packages (Financial Management, Kaplan publishers; 2009). Further analysis of Stakeholder theory and Shareholder theory by different authors, Jenson Ã¢â¬Å"2005) and Daniel and Press (2006) argued the criticism of stakeholder theory, whilst Daniel, Heck and Shaffer (2008) and Freeman (1984) argued the importance of both shareholder and stakeholder theory. However, it can be suggested that the stakeholders play a significant role towards increasing shareholders value. As an example to motivate employees of the firm, they should be treated in a good manner by rewarding increments, bonuses and so on. Long term employee satisfaction could drive the firm towards higher performance and the development of the business by increasing higher productivity and better quality of products. Simultaneously, building up a trust among customers and acquire and maintain the industry leadership. At the same time shareholders provide finance for firms for its working capital management and noncurrent assets for its future projects. Therefore it can be seen an inter relationship and importance of shareholders and the other stakeholders. According to Peter Atrill, (Financial Management for Decision makers , 2008)Ã¢â¬Å"In the early years financial management theory was mainly developed as part of accounting and the suggestions and arguments were based on casual observations rather than theoretical frame workÃ¢â¬ . But after the number of high profile firms collapsed, the requirement of corporate governance occurred. Number of committees met and discussed to improve the Corporate Governance and the main concern was the conflict between shareholders interest and managers. Enron was the seventh largest listed company in US when its collapsed in 2001 as a result of manipulation of financial statements. Its affected to shareholders, more than 20000 employees worldwide, creditors and customers (Janis Sarra; St Johns Law Review ; Enrons Repercussion in Canada). The 11 titled Ã¢â¬Å"Sarbanes Oxley Act 2002Ã¢â¬ CONLUSION By analysing the review of literature, it can be suggested that its essential to maximise shareholder value rather than maximising profits alone. However maximising profit is also can be defined as a performance measurement of a healthy business. Extremes of profit maximisation can also be caused unethical behaviour of management towards its shareholders and stakeholders. Although, Earnings per Share inconsistent with the long term value of shareholder, its still can be used as a performance measurement, since its got firms net profit. As a result of recent corporate scandals such as Enron, WorldCom and Arthur Anderson, shareholders and other stakeholder groups had given much emphasis on corporate behaviour. The unethical and illegal behaviour of those high profiled firms were lost investor confidence of capital markets. They identified the importance of Corporate Governance which provides the Ã¢â¬Å"road mapÃ¢â¬ for managers to follow, pursuing different objectives towards the firm (Basley Brigham). At the same time the arrival of Sarbanes Oxley Act 2002 provided investors a much more confidence and strength towards capital markets. However, stakeholders are also important for firms. They are also treated well for the to maintain a Even there are conflicts between stakeholder theory and Shareholder theory, itÃ¢â¬Ës necessary to balance these two theories. According to Cathy Haywards article (Black Ã¢â¬â hole sums; Financial Management May 2003), during the period of May 2003 the pension funds in US and UK were in a bad condition. According to the assessment of National Association of Pension Funds, there was a drop in UK pension funds by more than Ã £250 million in 2002. Its being told that there were many reasons for the crisis but, the huge drop in stock market during the economic down turn 2000-2003 has mainly been affected. The pensions funds are heavily depend on the dividend payments and the stability of the equity markets, as a result of the drop in share prices the pensions funds struggled to meet their obligations. References Besley Brigham Ã¢â¬Å"Essentials of Managerial FinanceÃ¢â¬ Daniel, Heck Shaffer Journal of Applied Finance; Fall Winter 2008 Ã¢â¬â Shareholder theory,Ã Ã Ã¢â¬Å"How Opponents and Proponents Both Get it Wrong?Ã¢â¬ Denzil Watson Antony Head Ã¢â¬Å"Corporate Finance (electronic resource): principles and practice 2007 Ã¢â¬Å"Management paradigms beyond profit maximisationÃ¢â¬ Ã¢â¬â Colloquium a debate by S K Chakraboty, Verghese Kurien, Jittu Singh, Mrityunjay Athreya, Arun Maira, Anu Aga, and Anil K Gupta. Maria K. Boutchkova William L. Megginson Ã¢â¬Å"Privatisation and Rise of Global Capital MarketsÃ¢â¬ , Financial Management;Ã Winter, 2000, p31-76 Peter Atrill Ã¢â¬Å"Financial Management for Decision MakersÃ¢â¬ 5th Edition 2008 (electronic resource) Poitras, Geoffrey Ã¢â¬Å"Share Holder wealth Maximisation, Business ethics and social responsibility, Journal of Business Ethics; feb 1994;13,2;ABI/INFORM Global pg125 Rebecca Stratling Ã¢â¬Å"The Legitamacy of Corporate Social ResponsibilityÃ¢â¬ ; Corporate Ownership and Control; Volume 4; Issue 4, Summer 2007 Tony Ike Nwanji, Kerry E. Howell; Ã¢â¬Å"A review of the two main competing models of Corporate Governance: The Shareholder ship model versus the Stakeholder ship model; Corporate Ownership and Control, Volume 5, Issue 1, Fall 2007
Sunday, January 19, 2020
Culinary Arts is a broad field that contains many different specializations. Culinary Arts is something that will never go away, you have to eat everyday to live and lead a healthy life. Food as we know is essential for the growth and maintenance of the human body. Culinary Arts enhances your knowledge of life skills and cooking. Being in the Culinary Arts career field you have to have a specific set of skills to make delicious appetizing meals. For example you have to follow safe food handling procedures, learn the dos and donÃ¢â¬â¢ts of food safety and sanitation. see more:why do you want to be a chef Learning the proper knife skills is one of the first things you learn in culinary arts; knowing the proper cutting techniques. Something I didnÃ¢â¬â¢t know about Culinary Arts was that a Pastry Chef is the number one culinary careers. Pastry Chefs are skilled in the making of pastries, desserts, breads and other baked goods. I Chose Culinary Arts because I always aspired to be a chef since I was a child. IÃ¢â¬â¢ve always wanted to start my own restaurant or little bakery to show off my culinary skills. My FootPath) Culinary Arts started off as a work of apprenticeship, daughters would learn recipes from their mothers, and traditional recipes passed on through oral history. The first academic Culinary Arts program was started back in 1800. The Boston Cooking School was emphatically popular drawing a vast amount of international students. The Boston Cooking School was founded by the WomanÃ¢â¬â¢s Educational Association of Boston. They started the school to offer instruction in cooking to those who wished to earn their livelihood as cooks, or who would make practical use of such information in their families or business. One of BostonÃ¢â¬â¢s most famous students was Fannie Merrit Farmer; she published the worldÃ¢â¬â¢s first cookbook in 1896. Ã¢â¬Å"The Boston Cooking School CookbookÃ¢â¬ which is still a reference book for students of Culinary Arts today. Ernie Kovacs hosted the first televised cooking show Ã¢â¬Å"Deadline for DinnerÃ¢â¬ (aka Ã¢â¬Å"Dead Lions for BreakfastÃ¢â¬ as Ernie liked to call it). The show premiered on Monday, March 20, 1950 at 3 pm for a half-hour. The show aired on Mondays, Tuesdays and Fridays. (Broad Casting Pioneers) There are millions of people in this world, but what sets individuals apart from one another, it is our personal qualities and characteristics. We come from different backgrounds. However, everyone has one special quality that makes him or, her a unique individual, different from anyone else. For me itÃ¢â¬â¢s my passion for cooking. Most people would not consider cooking a quality, but for me it is. Ever since I was a child, watching my grandmother and my great grandmother cook, they are the ones that gave me aspirations to pursue a career as a chef. With the time and effort they put in the kitchen their food is always delicious. I started out at two years old, going to get my grandmother ingredients and her cooking utensils. As she would measure out her ingredients she would let me pour it into what it was she was cooking. I used to stand on a stool just so I could stir the food as it cooked and sometimes when she wasnÃ¢â¬â¢t looking I would try to add my own little ingredients. As I got old around four or five thatÃ¢â¬â¢s when she taught me how to make simple things such as cereal and milk, peanut butter and jelly sandwiches, and sometimes she would get a little advanced and show me how to make soups, desserts and show me some of her special recipes that she wouldnÃ¢â¬â¢t show anyone else. Even though I was to young to make them or remember them I felt special because she shared something special to her that she wouldnÃ¢â¬â¢t share with anyone else. I would always be the first person up in the morning climbing on the counters like a little monkey getting the cereal off the top of the refrigerator, and getting a two bowls out of the cupboard just so I could make me and my brother breakfast every morning. I was always there when anyone was cooking in the kitchen; I was very curious, ready to learn something new, and ready to give my assistances to anyone who needed it. My favorite foods to cook till this day is desserts, but anything I could get my hands on to cook I surly would no questions asked. I have a clear vision of my career goals, and after high school I will attend the culinary arts program at the Raleigh-Durham Art Institute. There culinary arts program comprises exactly the skills and tools I need to succeed in becoming a Pastry Chef, and starting my entrepreneurship. Because I am determined and focused, I do not need anything more than the training and education the Art Institutes will provide. I have visited there campus and viewed some of their classes, they have a extraordinary culinary arts program. They focus mainly on cooking; The Art Institute does not waste time on classes that wonÃ¢â¬â¢t help you excel in life, thatÃ¢â¬â¢s why I know The Art Institute is the perfect school for me to shine and show off my culinary skills. First, because I know exactly how I want to apply my new skills, I do not need any extraneous courses. The Art Institute program perfectly reflects my own pragmatism and professional sensibility because it is focused and directly related to my goals. Second, I do not want to alter my lifestyle by engaging in a four-year program. I want to incorporate this education into my life seamlessly and smoothly. The Culinary Arts program will allow me to express myself creatively and professionally in the field of my choice. This program offers practical education and training that I can immediately apply to the workplace, preferably as a Pastry-chef in my own restaurant. The Art institute provides a seven-quarter culinary arts program, which prepares their students for various careers in the food industry field. The program includes simulated situations and real-world production applications in the dining lab and in internship environments. The Art Institute focuses on enabling there students to be well-rounded citizens by offering them a few general study classes in the culinary program. The Art Institute has a steep tuition which is 42,570 a year. Apply for financial Aid, and scholarships will cut down the tuition expense. There are also three other fees that include books and digital resources, program fees, and room and board if you plan on living on campus. This all together adds up to a total of 29,410 in addition to the tuition. This is assuming that I would do the four year program in earning my bachelors degree. Even though the expenses are lofty I still aspire to attend The Art Institute. (The Art Institute of Raleigh-Durham) The Art Institute has a career service department that provides assistance in employment, career counseling, and professional development. Their staff helps students and graduates network, cultivate, explore career opportunities, and provides individualized job search assistance. Many students choose to seek part-time employment while they attend school. This employment is an excellent opportunity to make industry contacts while building a portfolio of work. The Art Institute is the all around perfect school, you gain an astounding education, along with individual assistance with finding a job while your attending school, or after you completed the culinary program.
Friday, January 10, 2020
The autobiography, Black Boy, follows the life of Richard Wright and his experiences as a young African American teenager facing racism in the South. Throughout the novel, Wright focuses on the oppression society inflicts upon him. He finds difficulty in remaining employed because he does not act Ã¢â¬Å"blackÃ¢â¬ or submissive enough. He is physically and emotionally attacked for being African American as the majority of the South contains an extremely racist culture. Wright does not even have his family to rely on for support because they criticize and beat him as well. Differences within his family along with incidences of violent attacks and disrespectful language plague Wright and try to deplete his confidence and identity. However, Wright simultaneously finds measures within these aspects to gain back his individuality and happiness. He fights back through violence to uphold his right of walking safely in Memphis; he uses all of his ability to avoid beatings from his family, and he finds joy and sense of worth when he writes stories. Ultimately, Wright struggles to keep his sense of identity in a society that degrades his persona, but manages to obtain his individuality in the end. Through violence, Wright begins to understand that society is laying out a persona for him to accept that is not initially his. In the South, he learns he must accept the role as the meek and respectful Ã¢â¬Å"nigger.Ã¢â¬ Wright experiences violence one day that teaches him how whites expect him to act in the South. Wright recounts, Ã¢â¬Å"The car stopped and the white men piled out and stood over me. Ã¢â¬ËNigger, ainÃ¢â¬â¢t you learned no better senseÃ¢â¬â¢n that yet?Ã¢â¬â¢ asked the man who hit me. Ã¢â¬ËAinÃ¢â¬â¢t you learned to say sir to a white man yet?Ã¢â¬â¢Ã¢â¬ (181). Wright is smashed between the eyes with a glass bottle when he does not answer a white man by Ã¢â¬Å"sirÃ¢â¬ . The repetition of questions from the white man illustrates the authority the white man feels over Wright. The white man questions Wright as if he is an uneducated child. His word choice of Ã¢â¬Å"senseÃ¢â¬ portrays that saying Ã¢â¬Å"sirÃ¢â¬ to a white man should be common sense. After this incident, Wright Ã¢â¬Å"[learns] rapidly how to watch white people, to observe their every move, every fleeting expression, how to interpret what was said and what left unsaidÃ¢â¬ (181). He treats and studies white people delicately to ensure that he does not upset the balance between the higherÃ citizen and lower citizen, and thus does not have to suffer their brutal consequences. As Wright learns he is unable to act naturally, society gradually shapes him into what it thinks he should be. Wright recalls, Ã¢â¬Å"all the violent expressions of hate and hostility that had seeped into us from our surroundings, came now to the surface to guide our actionsÃ¢â¬ (83). WrightÃ¢â¬â¢s utilization of the Ã¢â¬Å"hÃ¢â¬ alliteration in Ã¢â¬Å"hateÃ¢â¬ and Ã¢â¬Å"hostilityÃ¢â¬ emphasizes a heavy Ã¢â¬Å"hÃ¢â¬ sound to reinforce the thickness and greatness of their conflict, that their differences were not just on the surface, but blood deep. The Ã¢â¬Å"sÃ¢â¬ alliteration in the word, Ã¢â¬Å"seeped,Ã¢â¬ Ã¢â¬Å"surroundings,Ã¢â¬ and Ã¢â¬Å"surfaceÃ¢â¬ creates a low, rattling Ã¢â¬Å"sÃ¢â¬ sound to create a sense of savagery in their actions. As Wright grows, he begins to experience the segregation between white and black. He also begins to accept the role of an angry African American that society casts him to play. He learns that he must act as a quiet and obedient Ã¢â¬Å"niggerÃ¢â¬ as he is constantly beaten whenever he acts otherwise. WrightÃ¢â¬â¢s family also takes away his freedom to be himself as they consistently beat him. In one incidence, he tells of the time his Uncle Tom was infuriated with the way he speaks. His uncle says, Ã¢â¬Å"I never heard a sassier black imp than you in all my lifeÃ¢â¬ (157). Wright does not understand what he said or what he did wrong; yet his uncle is persistent in beating him, believing that Wright does not know how to live with people. Wright asks Ã¢â¬Å"How long was I going to be beaten for trifles and less than trifles?Ã¢â¬ (158). WrightÃ¢â¬â¢s questioning of time illustrates the weariness he feels toward his family. He cannot endure any more beatings over trivial matters. Because of his family members, Wright is trapped in his grandmotherÃ¢â¬â¢s home. He is unable to speak freely as his family members find him impolite. The one place that Richard Wright should feel comfortable, if nowhere else, is his own home, but he is so alienated by his family that he cannot. Wright feels that the only way he can escape his mental imprisonment is by moving to the North, thus creating the North as a symbol of hope. Language functions as a powerful device that portrays white women attacking WrightÃ¢â¬â¢s individuality. When Wright searches for jobs and interacts withÃ white people for the first time, he experiences a double consciousness: how he views himself and how the white women view him. The language that white interviewers use is insulting and depicts how unintelligent they perceive him. After a few interviews Wright Ã¢â¬Å"quickly [learns] the reality- a NegroÃ¢â¬â¢s reality- of the white worldÃ¢â¬ (148) as being thought of as dumb witted. The first woman illogically asks Wright if he steals to that white he thinks, Ã¢â¬Å"Only an idiot would have answered: Yes maÃ¢â¬â¢am. I stealÃ¢â¬ (146). When Wright answers. Ã¢â¬Å"Lady, if I was a thief, IÃ¢â¬â¢d never tell anybody,Ã¢â¬ the lady bluntly states, Ã¢â¬Å"Now, look, we donÃ¢â¬â¢t want a sassy nigger around hereÃ¢â¬ (145). The first interviewer seems to believe that black people do not have enough sense to lie abou t stealing, even when they are being interviewed for a job position. She considers a black person with common sense as a Ã¢â¬Å"sassy nigger.Ã¢â¬ The last interviewer finds it appalling that Wright cannot milk a cow as she mentions, Ã¢â¬Å"You mean to stand there, nigger, and tell me that you live in Jackson and donÃ¢â¬â¢t know how to milk a cow?Ã¢â¬ (149). She places Wright in the stereotype that all black boys from Jackson know how to milk a cow. The fact that she demanded an answer in surprise illustrates the disbelief she feels in finding one black person that cannot milk a cow. The white women stereotype Richard as an uneducated black boy with no level of intelligence and skill. They insult his knowledge and strip him of his individuality believing that all black boys are the same. The white women demean him causing him to leave every interview. The portrayal of the white women labeling Richard Wright as another dumb Ã¢â¬Å"niggerÃ¢â¬ illustrates how narrow-minded and similar they are to each other. Within Black Boy, language illustrates the racial resentment that the white women feel towards Wright for the color of his skin. Language acts as a device seizing RichardÃ¢â¬â¢s individuality and personal respect he obtains for himself. Although Richard WrightÃ¢â¬â¢s relationship with violence, family and language teach him that he was no power as an individual, Wright rebels and utilizes these same aspects in an effort to seek some sort of control. WrightÃ¢â¬â¢s mother is the first to offer him power through violence. Wright recalls, Ã¢â¬Å"I was baffled. My mother was telling me to fight, a thing that she had neverÃ done beforeÃ¢â¬ (17). After Wright fights off a group of boys with a stick and delivers his motherÃ¢â¬â¢s groceries he says, Ã¢â¬Å"on my way back I kept my stick poised for instant use, but there was not a single boy in sight. That night I won the right to the streets of MemphisÃ¢â¬ (18). Although violence acts as a method to teach him of his lower social stance in society, he is able to gain personal power though this same violence. After bearing those boys, he is able to walk freely by himself in peace. In addition, Wright gains power within his family as he refuses to be whipped. After his Aunt Addie whips him in class for walnuts that another boy had left he says, Ã¢â¬Å"I was sure of one thing: I would not be beaten by her againÃ¢â¬ (107). Many times throughout the novel RichardÃ¢â¬â¢s family relatives endeavor to beat him, but he refuses and with that gains power over them and individuality because he will not let them lay a single hand upon him. Wright recalls, Ã¢â¬Å"Aunt Addie took her defeat hard [Ã¢â¬ ¦] I was conscious that she had descended to my own emotional level in her effort to rule me, and my respect for her sankÃ¢â¬ (110). After Aunt Addie tried to beat him for a fault he did not commit and fails, he begins to feel that he is on the same level of an adult. Furthermore, Wright is able to obtain power and individuality again through language. When Richard is younger he writes a passage about an Indian girl; he says, Ã¢â¬Å"I had never in my life done anything like it; I had made something, no matter how bad it was; and it was mineÃ¢â¬ (120). Afterwards, Richard shows his written passage to his neighbor and Ã¢â¬Å"her inability to grasp what [he] had done or was trying to somehow gratified [him]Ã¢â¬ (121). Being able to write gives Richard a strong sense of individuality since it is his creation. Writing the passage also gives Wright a surge of empowerment, as his neighbor cannot fathom why or how he did it. Throughout Black Boy, Richard Wright is inhibited as a person. He is expected to act as a subservient African American. He is insulted and degraded for merely possessing a different color of skin. Wright is restrained by society and learns this oppression when he is violently beaten by white people as well as his family. Wright quickly learns how white people view him as inferior when they insult his intelligence and stereotypeÃ him as a person that will never amount to anything. Richard Wright is constantly belittled as a person, but he uses these same aspects to gain back his power as an individual. He fights a range of people, from a gang of kids trying to take his money to his own family relatives, in order to keep his sense of power. He writes short stories that bring him happiness and confidence and respect. Black Boy offers the life story of Richard WrightÃ¢â¬â¢s battle against violence, family differences, and insulting language to uphold his individuality and freedom to be himself against all forces.