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French Revolution and Nepoleon essays

French Revolution and Nepoleon essays Europe has been the focal point in history for hundreds of years. It has been the stating and ending place of many empires. Europe in the Nineteenth Century was a very critical point in history. Wars were being fought, boundaries of countries changed, countries were becoming unified, revolutions destroyed countries, but the most critical happening that did more to shape Europes character and structure in the Nineteenth Century, than any other event was the era of the French Revolution and Napoleon. The era of the French Revolution and Napoleon took place between the years of 1789 and 1850 and has impacted Europe the most in the Nineteenth Century. The French Revolution and Napoleon have had the most influence on Europe in the Nineteenth Century. The starting of this era was the French Revolution. The French Revolution was a social revolution caused by the growing middle class. The Revolution caused a change of power in the government. The power went from the kings and nobles to the people of the country. During the revolution the Declaration of the Rights of Man was created. This declaration stated: All men are created equal, natural rights of liberty, security, property, and resistance to oppression were given to all citizens, the government existed to protect these rights, the due process of law was created, also the idea of innocent until proven guilty. These laws in the Declaration of the Rights of Man and other ideas soon spread across Europe. The French Revolution proved that the people have the ability to overthrow the government. This scared many countries in Europe, because other monarchies did not want to lose their power. The French Revolution showed that other countries could have a social revolution as well. The idea of the nation-state also emerged from the French Revolution. The nation-states general concept is that the power of the nation resides with the people of the nation. All these idea...

Kant vs. Mill Essay Example | Topics and Well Written Essays - 500 words

Kant vs. Mill - Essay Example In other words, he says that one must act in a manner that one would expect others to act towards oneself. This Kantian ethical theory is popular because it is widely respected and consequently upheld by others. Mills’ ‘greatest happiness principle’ widely known as utilitarianism is fundamentally focused on the consequences of actions taken. He believed in the philosophy that actions, which result in maximum happiness for maximum number of people, are invariable good and therefore, the end justifies the means if it generates happiness for people. Popularised as act utilitarian theory, the actions, that are designed to benefit or have beneficial cascading effects on others, are morally and ethically right. Bentham propagates Mills’ theory and says ‘when choosing a course of action, one should always pick the one that will maximize happiness and minimize unhappiness for the greatest number of people’ (Bentham from Rosenstand p.176). I agree with Kant that trash should not be thrown out of the car window on the freeway primarily because Kant is quite vociferous on the issue that respect for others must become part of our actions and people must act appropriately. Throwing trash not only promotes the bad habit of scattering trash all over the place, even if it is a freeway, but it also violates the law of the state that encourages cleanliness, good habits amongst the citizens and ensures safety of other road users. Despite being a freeway, the people must ensure that their acts do not hurt the other people and throwing trash out of the window could inadvertently hurt people who could be passing by. Mills response to the issue is ridiculous because although cleaning lanes does provide employment to a segment of the people but at the same time, deliberately throwing trash would hurt the sensibilities of a lot more people! It must be understood that people are living within a defined parameters of a social framework. Hence, well being of

Pricing Strategy Essay Example | Topics and Well Written Essays - 1500 words

Pricing Strategy - Essay Example As opposed to the conventional practice of setting prices to cover costs in the restaurant industry, this upscale Chinese restaurant shall adopt a demand-based pricing strategy. Demand-centric pricing usually has three major components. Firstly, such a pricing allows companies to set prices to achieve particular sales targets (Levy & Weitz, 2012). Secondly, it allows the firm to assess the maximum and minimum prices acceptable by the target market (Levy & Weitz, 2012). Finally, psychological pricing allows companies to take advantage of the â€Å"high price, high quality† rule as well as odd pricing (Levy & Weitz, 2012). A cost-based approach is an inside-out approach which is clearly not suitable for the cafe as it would leave the cafe vulnerable to fluctuating commodity prices. Such a strategy would downplay customers’ perceptions of the upscale image of the restaurant. There may be certain food items for which customers would be willing to pay more yet the cost-based approach treats every offering equally and fails to capture the added profit that can be earned from such products. In such cases, a demand-based approach would be most suited which would allow the restaurant to charge a premium price for its high demand dishes such as Chicken Szechwan and Tempura fish. Although the restaurant is upscale, it must be understood that the presence of several Chinese restaurants makes this marketplace highly competitive for the restaurant. Skimming the market would, therefore, not be a suitable option. This is because skimming strategy works best for new products or those with little competition. Keeping this in mind, a penetration pricing would be used with an introductory offer for the new Chinese restaurant. The major advantage of penetration pricing is that it draws customers’ attention to newly launched products and encourages them to try them because of their affordability. At the same time, it would serve as a strategy for â€Å"breaking the clutter† by encouraging customers to switch from competitors to this restaurant. This would have the effect of attracting and developing a strong customer base during initial years of the restaurant’s operations. Although such a pricing strategy would result in lower margins initially, market share shall be increased in the long run. At this time, however, the creation of brand identity would be very significant. This restaurant brand shall not be recognized by its low prices but the VIP treatment given to customers and food quality at unbeatable prices. Only the highest quality of ingredients and expert chefs shall be used to prepare the meals. The articulate presentation as well as exceptional customer service shall be used to set high standards. By providing low prices and high quality of food along with dine-in facilities, long waiting cues are anticipated to develop in the restaurant which shall only be opened at one location initially. This shall further sign al the restaurant’s popularity which will be precisely the time when the penetration pricing strategy shall be replaced with premium pricing. This is because the upscale ambience and perception of high quality will justify the higher prices. Since the company will have developed a strong customer base that is loyal to the company’s high quality food and dining experience, the high prices later on would not deter them from eating at this restaurant. Also, by attracting customers through penetration prici

Spinach Contamination Essay Example | Topics and Well Written Essays - 750 words

Spinach Contamination - Essay Example This achieved by using strong rationality and sensibility in making of decisions. Should be attentive to the problem and collect information from several sources, reasonable in making decisions by applying ethical values and appropriate legal principles in alleviating the contamination problem. Moreover, should be intelligent and responsible in the decisions. Facts on resolving this problem are that the health of consumers is at stake. Also, the people’s perception that not all bagged foods need to be cooked under high heat is false. It is assumed that people will continue to consume the fresh spinach as before. The problem to be resolved is that to eradicate the main source of bagged fresh spinach cause E. Coli bacterium. Search narrows; Response to new information makes it easier to presume that the sink for E. coli bacterium is found in Greens garden. This is evidenced by the data shown by Centers for Disease Control and Prevention (CDC) and the State of California to isolate the cause of the break. I would take samples of the spinach for testing and quarantine the remaining crops. Actions to take regarding the spinach products like spinach with dairy products and whole leaf packaged spinach marketed through Tossed Fresh is that all to be withdrawn from the market, isolated and tested. If confirmed that they harbor E. coli they are incinerated. This shows how I fell responsible for this problem and make decisions that are good for everyone. Actions taken with regard to other crops produced is that all will undergo scrutiny for the presence of E. coli inoculums and other disease-causing pathogens. After which they would seek clearance from the US food testing agency to be declared fit for consumption. Seeking of extensive information on proper methods of controlling the spread of E. Coli from reliable sources thus justifies my extensive corrective actions.

The Building Defects Of Construction Construction Essay

The Building Defects Of Construction Construction Essay Introduction Building defects are always under the spotlight and the grave concern of the construction industry. Different buildings or structures produce different types of defects and require numerous levels and types of quality, which rely on the building functions, the construction or maintenance systems and also materials adopted. According to Watt (1999), a defect may be considered to be a failing or shortcoming in the function, performance, statutory or user requirements of a building and it might manifest itself within the structure, fabric, services or other facilities of the affected building. Josephson and Hammarlund (1998) quoted from Svensk Standard, SS 020104 (1987) states that defect is defined as the non-fulfilment of intended usage requirements in which requirements are determined by law, regulations, building standards as well as in contract documents, site meeting records and other project documentation. However, not all requirements can be specified as there are many details which are difficult to specify such as non-expressed basic needs of each individual. Therefore, these demands are referred as usage requirements. Opinions and responses from project participants are needed whenever specified requirements are wrong and defects will likely occur if those opinions are not complied. There is a clear difference between failure and defects. Failure is defined as deviation from original specifications which can or cannot be corrected prior to the handing over of the building. On the other hand, defect is termed as deficiency of the performance which becomes apparent once the building is operational. Failing to differentiate the two terms may lead to inaccurate and incomplete measurements, cost determination and perhaps inappropriate methods to reduce its occurrence (Atkinson, 1987). Georgiou et al (1999) suggest that defects can be classified as major defect or minor defect. Major defect is considered as those which cause the building to become unsafe, unsuitable for living in and not suitable to be used for the purposes for which the building was designed. On the other hand, minor defects is considered as those originate from poor workmanship or deficient materials used in the construction of the building but do not cause the building to become unsafe, unsuitable for living in and not suitable to be used for the purposes for which the building was designed. Defects which require less than Australian $500 to repair are considered as minor defects. In the meantime, major defects are defects exist after 12 months which need more than Australian $500 to repair and most of them are structural deficiencies (Georgiou et al, 1999). Georgiou (2010) and, Andi and Minato (2003) state that defects occur if a component has a shortcoming and does not comply its intended functions and acceptable level of quality as required by owners, contractors or regulations. Causes of defects Some of the defects are caused by natural consequences that developed over the period of time such as aging and typical uses. However, many premature defects occur due to the fact that improper skills and care are assigned on the building. The study by Building Research Establishment concludes that over 90 per cent of the building defects are caused by the promptly diagnosable faults in design or construction which could be foreseen beforehand and prevented. Generally the causes of defects are stated as the followings: (Lee, 1987) Insufficient brief Defects are often interpreted as originated from the strokes of designer or on the drawing board in many instances but in some cases they can be attributed as occurring at an even earlier stage. For instance, client may lay down unrealistic cost limits or fail to give clear indication about the functional requirement of the building. Normally, there is no clear information about the intended building life-cycle or maintenance requirements. Inaccurate design decisions The most common faults can be sorted as follows: Failure to follow well established design criteria in the choice of structural system and selection of materials Ignorance of the basic properties of material. For example, failing to make allowance for the differing thermal and moisture movements of materials used in combination. Usage of new materials or technologies which have not been thoroughly examined its effectiveness. This is often the result of uncritical reliance on manufacturers literature quoting stimulated laboratory tests. Misjudgement of user and climatic conditions under the material will have to perform. Complex details which have low probability of successful execution on an open building site. Poor communications between different parties such as design and construction teams. Construction method The construction projects normally take place in less ideal conditions and always emphasize on speedy completion due to time constraint which often resulted in careless delivery. Some manufacturers of so-called high technology components have little awareness of the strictness of a building site or the standards of accuracy achievable under such conditions although only a small proportion of defects were attributable to faulty materials. Materials may easily be damaged during transportation, loading and unloading, inappropriate condition of storage on site and placing in position even though the materials may be flawless upon leaving the factory. The defects can be prevented with by taking greater care during all the stages during construction project, providing appropriate training to all the workers and staffs, and ensuring closer supervision. User Activities Defects may be caused by unintended misuse due to the lack of knowledge on the correct method of usage or intentional acts of vandalism. This problem can be solved by providing more information such as the degree of severity of use and condition of use to the designer so that a better output can be yield. Besides, some defects may be correlated to the users financial conditions and also social attitudes. For instance, condensation is affected by the amount of money spent on heating and ventilating, and occupancy pattern. Maintenance Incorrect identification of root of the defects may lead to inappropriate remedial work. It wont rectify the original defects but may deteriorate the condition of the building further. Furthermore, negligence during inspection and repair works may lead to defects in previously satisfactory structures or elements. For example, stepping on unprotected felted roof can drive the gravel into the felt which can cause splits and cut and eventually lead to roof leaking. On the other hand, defects often occur due to the designers decisions. Designers often do not take into consideration how the materials will behave and react toward other adjoining materials during construction and during the life of the building. For instance, the application of green, rotting or damaged timber for floor joists will result in floor in the floor after completion. It is obvious that a material is often wrongly used even though the material itself is in perfect condition. Effective communication between designers and construction workers aids in solving problems. Sometimes, construction workers readily implement their own ideas of how to construct rather than discussing with designers when they encounter with messy construction drawings produced by inexperience designers. This is quite common in design-and-build form of contracts as the contractor stands to gain contractual advantage from drawing attention to design defects (Evans, 2005). Building defects are a matter of concern for a various reasons: The employer is eligible for what he or she is investing for. The presence of defects means that he or she doesnt get anything proportional of the amount paid for. Defects might delay the completion of the project and thus affecting the handover of the building. This is because it will take some time to inspect and rectify the defects. Lot of time and money may also be used up in identifying possible causes of defects, especially to attach blame. There may be significant disruption and consequential loss if defects are to be corrected in occupied buildings. Resources spent on defect rectification are not available for use elsewhere. Defects represent inefficiencies in construction procurement processes. Design defects affecting maintenance Civil Inadequate provision for movement Ignoring aggressive environment and weather condition effects Ignoring biological effects Inadequate structural design such as foundation Ignoring variations in soil conditions Ignoring load impact on structural stability Exceeding allowable deflection limits Ignoring wind effect on the structure Inadequate concrete cover on the reinforcement Improper locating conduits and pipe openings at critical structural locations Architecture Narrow stairs, passages doors Incompatible finishes with climate Specifying finishes which need complete replacement Ignoring climatic effects on exterior shapes Inadequate joints between faces Maintenance practically Ignoring access for maintenance equipment Designing permanent fixing which should be removable for maintenance Ignoring maintenance equipment availability Ignoring maintenance requirements in the design Civil Inaccurate measurement Damaged form work Excavation too close to the building Painting in unsuitable condition Inadequate water proofing and drainage Insufficient reinforcement concrete cover Cold joints Loss in adhesion between materials Early form work removal Poor soil compaction Inadequate curing Materials Different thermal movement in dissimilar material Selection of material which is unsuitable for the existing climatic condition Use of non-durable material Use of expired material Poor material handling storage Inadequate provision for movement This happens when designers ignore the spacing needed for contraction and expansion movements. Such movements will cause cracking of the structures which will result in corrosion of the structural elements such as beams, columns and slabs. It will also cause cracking on the wall which will affect the aesthetic value of the building. The most severe case attributed to inadequate provision for movement will be the structural collapse. Ignoring aggressive environment and weather condition effects The designers should always select and specify the suitable materials which are capable of withstand the existing weather condition during building design. This will result in less maintenance during the post-occupancy stage. Problems occur when a designer is used to certain weather condition in a region and then moves to another region which has different weather without giving consideration to the weather changes. It will cause material to deteriorate in a shorter time and might affect the other parts of the building. Ignoring biological effects Designers should be familiar with the building location and type of plants and insects existing in that area or in the vicinity. Designers should also determine whether any special treatments are needed to prevent these biological attacks. These preventions should be specified in the design drawings with certain degrees of clarity. Failing to deal with biological factors might require continuous maintenance which can be avoided during the design and construction stage. Inadequate structural design such as foundation Inadequate structural design happens when designers didnt design or under-design the structural elements of the building. This will lead to buildings settlement or failures. Besides, it will also cause cracking of the wall finishing. Settlement is movement within a structure due to the distribution or re-distribution of loading and stresses within the various elements of construction. Foundation failures may be caused by the changes in ground conditions affecting early footings, failure of foundation arches, and decay of timber piles or chemical attack on concrete foundation (Watt, 1999). Ignoring variations in soil conditions Soil conditions are almost the same in most places. But, soil structure may vary in certain places or conditions. Hence, designers should always determine whether buildings are able to be built on it by determining the soil condition and structure. This can be done by carry out proper soil investigation and surveyor geo-technical test. Poor soil condition might cause cracking of the structural elements or exterior and interior walls of the building. Ignoring load impact on structural stability The impact of movement resulted from physical or mechanical activities such as elevators, lifts, the vibrations of central air-conditioning systems or wind load in high rise building might causes cracking on the wall surface. Besides, vibrations from heavy traffic, machinery and piling operations will more or less produce the same impact of movement. The problem cannot be solved until the impact of the movement is isolated. Inadequate concrete cover on the reinforcement Insufficient concrete cover may result in the corrosion of the steel bars and cracking of the concrete. This is because the corrodents might reach the concrete reinforcement faster if there is inadequate cover or protection to the steel bars. The failing of the steel reinforcement will cause the failure in the structure. Improper locating conduits and pipe openings at critical structural locations Some designers do not amend the layout of the mechanical and electrical design which installs the conduits and pipes at a very critical location which might cause defects or cracking of the structural elements and damage to the electrical and mechanical system of the building. Incompatible finishes with climate Designers should always consider the climate, weather and environmental condition that the buildings will exposed to before choosing suitable buildings exterior finishes. Suitable colour and type of exterior building finishes should be selected carefully in order to prevent environmental effects on the finishes. For example, building with dark colours painting might not resist heat during hot weather. Specifying finishes which require complete replacement Designers should always prevent the usage of finishes which require complete replacement after failure. On the other hand, finishes which are easily available and require minimum maintenance should be adopted. The usage of wallpaper as wall finishes is not encourage as it requires total replacement if any part if it is damaged in order to match the colour. Ignoring climatic effects on exterior shapes Designers should make sure that the collection of moisture, water and dust can be prevented after the buildings are ready to be occupied. Proper designs which consider the climatic effects on exterior shapes might result in less maintenance need on cleaning and repairing damages due to climatic effects such as moisture, water and dust. Improper exterior designs might cause water collection at the building roof which in turn might constitute to moisture penetration into the building. Inadequate joints between surfaces Designers should specify appropriate joints between structures such as floor slabs and walls to accommodate the expansion and contraction caused by thermal. This is because insufficient joints will cause overlapping of the floor tiles and cracking of the surfaces such as walls and tiles due to thermal expansion. Ignoring access for maintenance equipment Buildings should be designed to allow for the maintenance access. The maintenance access factor should consider the clearance of the maintenance staffs and equipment. Failure to provide necessary access for the maintenance to be carried out will obstruct the maintenance work and deteriorate the specific part further which will cause the raise in maintenance cost. Designing permanent fixing which should be removed for maintenance Designers should avoid the usage of permanent fixations which require continuous maintenance and complete removal during maintenance works. All these will increase the maintenance frequency and also the maintenance time needed to be carried out. Permanent fixations that should be avoided are lamps, carpets and external windows. Ignoring maintenance equipment availability Building designs should be designed according to the current and existing maintenance equipment on the market. Designers should aware of the maintenance equipment on the market in designing a certain building. For example, problem may occur when cleaning a building exterior or window in a high-rise building and also changing light bulbs in a very high location. Maintenance cost may be accelerated if maintenance equipment is not available. Inaccurate measurement Inaccurate measurement happens when the construction contractor wrongly measure the building element size and the material mixture ratio such as concrete ratio. For example, the changes or alteration of the gap between door and door frame or window and window frame will causes water and moisture penetration. Besides, the construction contractor wrongly increases the water content to the concrete mixture will yield porous concrete which in turn will causes corrosion to the steel reinforcements and then, collapse of the structure. Damaged formwork Damaged formwork will produce a honeycomb or porous concrete surface which decreases the quality of the formwork. The porous concrete surface will enable moisture penetration which can cause corrosion of the steel bars and cracking of the structure. Inadequate water proofing and drainage Water proofing and drainage of building are normally being carried out wrongly and inadequately. Inadequate water proofing or water proof membrane may result in water seepage or leakage through slab, wall, balcony or deck. The building will be exposed to erosion, mold, decomposition, and construction damage if there is no proper waterproof membrane to prevent water penetration. For example, the building will expose to serious construction defect if there is no water proof membrane under the ground slab which helps to prevent ground water from penetrate into the foundation. Cold joints Cold joints normally happen between old and new concrete as the concrete is poured in part and left to dry before the rest of the concrete is poured. The dried concrete will not totally combine or fix together and lines will appear on the concrete. The cold joints will decrease the aesthetic value of the building. The severe case of cold joints will allow the water penetrate into the concrete gap which might cause damage to the steel bars inside the concrete. Cold joints can be overcome by inserting reinforcement bars into the fresh concrete which will bind the new concrete effectively. Construction materials Defects can be caused by the wrong selection or specification of materials by the designers. Selection of non-durable or low quality materials that is available at cheaper price may require plenty of maintenance during post-occupancy period. The climatic factors must be considered during selection of materials as materials quality will be affected and require replacement in a short time. For example, specifying indoor materials to be used at outdoor will cause the materials to perform irregularly. In addition, some materials which is highly adopted in overseas, might not perform effectively in Malaysia due to its hot climatic condition. On the other hand, the properties of materials should be considered when combining two or more materials together. This is due to the chemical reactions that might occur between them. For instance, tile glue and cement will separate from each other when used together as thermal expansion of cement is higher than the tile glue. The selection of the materials needs to be done carefully as it will affect the building quality and maintenance needs. Unqualified designers

Eskimo Pie

Eskimo Pie Case Part 1 â€Å"As an advisor to Reynolds, would you recommend the sale to Nestle or the proposed IPO? † Subpoints: 1. The managers of Eskimo Pie wanted to find an alternative to Nestle’s acquisition offer for one main reason: Eskimo pie would lose its independence. If Nestle went through with the acquisition, Eskimo would not continue its tradition of being a stand-alone company in Richmond with this meaning that its headquarters and management staff would probably be replaced too.Fundamentally, Eskimo was reluctant to being acquired by Nestle because it felt it would be an aggressive takeover of the company. It would ruin a 70-year long business to take advantage of its tax conditions and it would probably transform the business similar to a traditional integrated manufacturing and marketing approach. 2. David Clark knew that Goldman Sachs had a long-standing relationship with both Reynolds and Nestle. This meant that GS had a conflict of interest in this acquisition.The solution that would best satisfy GS’s interests would be to sell Eskimo to Nestle but this might not be the best solution for Eskimo. So David Clark is dealing with Wheat First Securities instead of Goldman Sachs because he wanted to find an alternative to Nestle’s offer. Since Wheat First Securities had no long-standing relationship with neither Reynolds nor Nestle, it had no conflict of interest in this acquisition. It could see with more objectiveness which acquisition is the best for Eskimo.Furthermore David had personal interest in dealing with WFS because his own position could be put at risk by a Nestle acquisition. 3. IPO alternative: Bulls| Bears| * Good IPO market conditions, in terms of number of deals and value| * No exploitation of possible synergies with competitors, confirmed by Nestle as the major bidder| * Updated forecasts containing results (Sales, Net Income, Capex) better than expected| * Timing – an IPO offer would take a l onger time than a private sale| * Proceeds from the sale at least equal to Nestle’s offer in the worst hypothesis ($14 share rice)| * Uncertainty – related to price and future market conditions| * Less complications- no terms, provisions, negotiations, or compromises| * Lack of expertise of Wheat First Securities| * Social Benefits – saving a local company and jobs| | * Reynold would be able to get liquidity| | Part 2 1. Considering the DFCF model with the projections of Wheat First and growth of FCF of 5%, the equity value of the firm is $47. 286 million. Thus the offer from Nestle of $61 million is appealing for Reynolds, aiming to sell the company.Also the proceeds from the IPO proposed by the management and Wheat First Securities are able to adequately compensate Reynolds. Assuming a price range within $14 – $16, the net proceeds for Reynolds would be $51. 652 and $57. 230 respectively, still higher than the considered equity value. As a matter of fac t the private sale to Nestle is still the most convenient to Reynolds. 2. To value Eskimo Pie using multiples method we should decide whether to use the transaction multiple, available from the Drumstick deal, or business and market based multiples. The implied value on sales from Drumstick transaction can be used to assess the value of the company only if the two companies and deals are significantly comparable. In this case accurate information are not available and the peculiar business model of Eskimo Pie, based on licensing, makes this method not highly reliable. * Multiples based on business and market data imply the use of realized or projected values. The management of Eskimo Pie forecasts higher sales in the future years, thus using realized data to calculate the value of the company could lead to mispricing.Therefore the information of 1991 is used to implement the method. * Looking at comparable companies, two firms are operating in the same business, Empire of Carolina, Inc. and Steve's Homemade Ice Cream. Since multiples based on operating measures such as EBIT or EBITDA depend less on firm leverage and cash than those based on Earnings and we have relevant information available from those two companies, multiples like EV/EBITDA or Firm Value/EBIT seems to be most accurate. Considering the calculations in Exhibit 7 based on the Firm Value/EBIT multiple, Reynolds should sell Eskimo Pie for an amount not less than $56. 68 million. The offer from Nestle is consistent with this valuation of the company, whilst the proceeds from the IPO are sufficient to adequately compensate Reynolds only if the share price is higher than $15. 66. Notwithstanding, if we take into account the implied price using the P/E multiple or transaction multiple, the threshold to sell the company is even higher ($82. 891 and $73. 200 respectively). Thus, neither the IPO option nor the Nestle offer are appealing to Reynolds. 3. The theory says that multiples only work if the comp arison group is sufficiently comparable in all other respects.In order to know if we could use other companies’ multiples or the average of them we must see if they are sufficiently comparable to Eskimo, in other words we must see if the value drivers of the firms are approximately the same. The eligible companies in terms of business model and structure are Empire of Carolina, Inc. and Steve’s Homemade because they both market ice cream and license their formula. All the other companies having a different business model and structure will not be taken into consideration as comparable companies.As a first comparable driver we will use the operating profit margin. Eskimo has a 6,83% operating profit margin calculated on data of 1990 (exhibit 1). Carolina and Steve instead have respectively 15,38% and 11,11% operating profit margins. This tells us that†¦ The tax rate is the same for all companies therefore it is not a relevant driver in making a choice on which comp arable company to use. Since we don’t have the cost of capital and the cost of debt, we will compare the risk class and leverage among the considered companies.We can see that Carolina and Steve have very different risk classes, one is a C and the other is a BBB, Eskimo on the other hand is a BBB because to calculate the WACC we used a cost of debt correspondent to long-term bond in the BBB risk class. So this means that†¦ The leverage of the three companies are 0,07 (Eskimo), 0,08 (Steve) and 1,747 (Carolina). Carolina has a very high leverage because its debt is more than 1,5 times its equity, instead the other two have a debt which is inferior to their equity.So even if the two companies have similar business models, through a deeper analysis we found that Eskimo is effectively similar to Steve but very different respect to Carolina. Steve has a closer operating margin to Eskimo’s than Carolina. It also is in the same risk class, and its leverage is alligned wi th Eskimo’s. Carolina on the other hand has more than double of Eskimo’s operating margin. Its in a riskier class and its leverage is much higher than Eskimo’s. Therefore it was correct to use Steve’s Homemade Ice Cream as a comparable company.The only case in which we would use an average, instead, would be if the two companies were both very similar to Eskimo. 4. The fact that DFCF approach gives a lower value for the company than multiples-based approaches depends on market drivers. In particular, the case can be that the DFCF model implies a WACC that does not reflect the cost of capital and implied risk perceived by the market. As a matter of fact the market overvalues future growth opportunities, leading to high multiples on EBIT and Earnings.

The 8 Characteristics of Living Things

The 8 Characteristics of Living Things Overall in science there are 8 characteristics that can be used to determine whether something is living or non-living. Living things are made of cells, have levels of organization, grow & develop, maintain homeostasis, process by metabolism, respond to stimuli, reproduce & evolve over time. Yes those are the eight characteristics of a living thing. The first characteristic is that all living things are made of one or more cells. For instance living things are all multi-cellular, WE HUMANS, are multi-cellular. On the other hand though bacteria are unicellular but it’s also living.Multi-cellular organisms are made of many cells. The cell is the basic unit of life. The second characteristic is all living things display organization. Different parts of a cell are organized to do different jobs. Different parts of a body are organized to do different jobs also. The levels of organization in biological systems begin with atoms and molecules an d increase in complexity. The next characteristic is all living things grow & develop. We humans are born as babies & grow into adults. Our body grows and changes, so do plants! They grow from root, to stem into big plants.The cells get bigger and organisms develop, become more complex and gain new characteristics over their life span. The fourth characteristic is all living things respond to stimuli, they react to environmental changes. The reaction to a stimulus is a response. Organisms can sense stimuli in their environment and react appropriately. If an organism is unable to respond to harm it might not live long enough to reproduce. For example when you go to the doctor and they tap you on your knee, they are trying to test your reflexes. The fifth characteristic is that all living things reproduce.Humans have kids and babies, then they reproduce and it goes on again forever! Animals mate and have their children too. Reproduction is important because it makes your species go on . All living organisms have ways to reproduce weather asexually or sexually to produce an offspring. The sixth characteristic is that all living things take in ENERGY! We do that by eating, when you’re hungry in class and all you think about it food it’s because you’re hungry & you NEED to eat. Plants produce their food by using sunlight and photosynthesis. All living things break down food to make energy for themselves.Because good gives you protein & the good stuff you need for your body! Energy is required for ALL life processes. Almost done! The seventh one is that all living things maintain homeostasis. Now you’re probably thinking what’s that? Homeostasis is all the things organisms do to regulate their internal conditions and stay alive. For example you perspire (sweat) to cool off. Perspiring and eating are examples of maintain homeostasis. If an organism doesn’t maintain homeostasis they die. Like amoebas maintain homeostasis by mov ing towards food and away from danger.Finally, the last one is living things can adapt to the ever changing environmental conditions, in other words they can EVOLVE. Which simply mean we & other living things can change, weather it’s over a 100 years or a 1,000. Populations of species of organisms change over time over many generations. At time goes on they adapt more and more to the environment. Conclusion time, I listed all the eight characteristics. And they are all important when classifying if something is living or not. But yet we humans do all those things & plants and animals. We are all living and we need to maintain homeostasis!

The KGB essays

The KGB essays During the Cold War not much was known about the activities of the Russian state security organization by western intelligence agencies. However after the collapse of the Soviet Union, documents that have been smuggled out by KGB agents (Wilson 1) have allowed agents to see just how much this agency knew and how far the Soviets managed to penetrate into western society. The question is where the KGB operations during the Cold War successful or not? Before the KGB, there was the Vecheka or Cheka, which was started on December 20, 1917 (Crozier 11). The Bolshevik leader Vladimir Lenin created the Cheka, so they would be able to combat counter revolutionary forces in Russia after the Bolsheviks took power. The man who was chosen to lead the organization was Felix Dzerzhinky, also known as Iron Felix, from Poland (11). Not long after the Cheka was founded, it sent a newspaper publisher, Aleksei Filippov, into Finland. Under cover as a journalist, he was sent on various intelligence assignments. This was the Soviets first attempt into international espionage (Andrew, Mitrokhin 24). After the end of the civil war, the Cheka was transferred to the control of the NKVD as the GPU (NKVD.org 1). During its time as the GPU, its mission was to infiltrate the groups of White Russians and Ukrainian nationals to try and destabilize them from within (Andrew and Mitrokhin 32). The GPU, after changing its name many times and switching from being independent or under NKVD control, was brought back under NKVD control as the GUGB after the German invasion (NKVD.org 2). When the Soviets started to push back the Germans, the GUGB regained its independence and became the NKGB. After World War II, Beria, a Politburo member and the ex-head of the MVD, united the NKVD and the NKGB into the MVD (2). After Beria was removed, the MVD was separated with the MVD keeping its original role and the new KGB taking control of state security (3). The i...

Behaviorism essays

Behaviorism essays Behaviorism is a school of psychology and theoretical viewpoint that emphasizes the scientific study of observable behaviors, especially as they pertain to the process of learning. That is the text book definition of behaviorism, my definition in my own words is, doing something that causes a response in someone or something, and by doing it enough times causes a constant reaction every time in the person or thing. John Watson founded behaviorism in the early 1900's. Watson emphasized the scientific study of observable behaviors rather then the study of subjective mental process. The behavioral theory dominated psychology for more then 50 years. Hockenbury and Hockenbury (170) Watson believed that as much as Pavlov's dogs reflexively salivated to food, human emotions could be thought of as reflexive responses involving the muscles and glands. In studies with infants Watson identified 3 emotions that he believed represented inborn and natural unconditioned reflexes, fear, rage, and love. According to Watson each of these emotions could be triggered by a stimuli. For example he found 2 stimuli that triggered fear, a sudden loud noise or sudden dropping A prime example of this is when you have a new puppy and you are training it To sit. Because he is just a puppy it will have no idea what the command "sit" is. So you Will have to teach it what the command means. When you give the command to the puppy you will push his butt down and show him what he is suppose to do when he hears the command. You will have to do this a few times until the dog gets used to it. Every time you give the command and the puppy follows it, you reward him for his Actions, either with a treat or pet and praise him. If the puppy doesn't follow the command you give him negative attention such as spank, or yell at him. Soon enough the dog will realize that every time I follow my masters command I get praised, but ...

Organizational Theories Essay Example | Topics and Well Written Essays - 500 words

Organizational Theories - Essay Example In this case, managing organizational change entails planning and implementing change throughout the organization in order to minimize organizational costs and employee resistance in the organization (Cummings & Worley, 2009). Environmental uncertainty in the organization entails the degree to which the company is related to different environmental forces that the company has to deal with including the suppliers, customers and technology (Daft, Murphy, & Willmott, 2010). Uncertainty in the organization applies to predictable future events especially to physical measurements, which are already established in the organizational environment. Uncertainty tends to arise in stochastic or observable organizational environments or due to organizational ignorance. Dealing with uncertainty calls for managers to put in strategies that see to it that they are dealt with them when occur, and this prevents stalling of processes. Organizational design/change tends to generate uncertainties in the organizational environments. In most cases, complicated organizational framework through which the organization manages to realize its main qualities may end up creating complexities in the organizational environments. In simple terms, organizational changes and design lead to ambiguity in working environments (Daft, Murphy, & Willmott, 2010). Managing change and design in the organization perhaps remains the biggest challenge, which organizational managers face in most organizations today. Staying competitive in most markets would require that the organization remain open and adaptable to change. Therefore, organizational changes in this case would mean new processes and designs in the organization. Alternatively, it would mean keeping employees motivated, maintaining market demands and being open to organizational changes. In most cases, these aspects may create uncertainties in any working environment especially when the

Pesonal invenstmnt in UK - Is it a science or a matter of good fortune Essay

Pesonal invenstmnt in UK - Is it a science or a matter of good fortune - Essay Example Participation by the people in the investment activity of United Kingdom is a long history. Personal investment is done by the individual. Personal investing constitutes an important part in personal financial investment. Personal investment is done for future expenditure plans such as to buy real estate, pay for family expenses and also to pay off outstanding loans. Now, the question is how an individual invest. He may begin to build up his financial assets in order to pay for long term financial goals. He may want assets accessible to make down payments on housing and may also want to guarantee that human capital is low risk by buying disability insurance and term insurance (Schewart, 1999, pp.1-2). Personal Investment is done in order to create a safe financial cushion which will be used in after years. The cushion includes various types of investment such as participating in pension plans, individual saving accounts, investment trusts, unit trusts, open ended investment companies , endowment policies, annuities and other transaction of gilts and bonds, shares, property, liquidity funds and other options (Nestpensions, pp.1-2). Personal investor should create an investment portfolio in order to better manage their investment which in turn helps them to improve their standard of living. In personal investment, portfolio plays very important role. Markowitz’s theory indicates that successful combination of a portfolio present a given level of risk with maximum expected return, or a given expected return with low level of risk (Ou, 2005, pp.31-39). If personal investor will be able to manage their portfolio in a well manner, then market will be defeated by them and they will get good return. However, it is impossible for everyone to get good return in investment in the United Kingdom. For this particular reason, there can be a debate that â€Å"the personal investment in UK – is it a science or a matter of good fortune†? Evaluation: It is a Science If personal investors in UK want to get higher return and to decrease investment risk, then they should learn and use some principles, theories and approaches in order to manage their portfolio in a significant manner and to make predictions on the trend of investment to achieve their goals. With the growth of investment theory, more principles, theories and approaches are coming up with the experts, scholars and investors. Modern Portfolio Theory (MPT) Modern portfolio theory (MPT) is published by Harry Markowitz in 1952. It offers a framework for the systematic selection of portfolios which are based on expected return and risk principles. MPT principles are used by the financial advisors in advising their individual investor client and MPT terms are used by the financial commentators in discussing the current investing environment. The theory focuses on how risk averse investors can build a portfolio to formulate the best on expected return in view of a given level of ris k. Markowitz was the first to develop the portfolio diversification concept. He showed quantitatively, how portfolio