The Greeks: Crucible of Civilization

The Greeks: Crucible of Civilization is a documentary and TV series about the rises and falls of Athens. Liam Neeson narrates throughout the documentary of the civilization of ancient Greece. The filmmaker Anthony Geffen covered both the fourth and fifth centuries B. C. Actors were also used to portray historical events and people during this period. The documentary starts with the history of Athens beginning with the rule of Peisistratos whom transformed the city. He needed allies, in that way his son could have the throne.Peisistratos encouraged farming and provided loans and soon Athens was exporting olive oil to nations around the Mediterranian to Egypt, Persia, and Phoenicia. The booming trade made Athens wealthy and prosperous. Athens became the big apple of Greece. At this time potters were the lower of the lows in Athens. After the death of Peisistratos, his son Hippias took over. He ruled fairly at first, but after his brother’s death, he turned to be a tyrant. Self d efense was his only motive and since his only threat was from aristocrats, he turned against them.The aristocrats under the leadership of Cleisthenes captured Hippias and banished him from Athens. The people of Athens then took destiny into their own hands. Isagoras and his partners locked themselves in the Acropolis, but they were forced to surrender and he was forced into exile. Cleisthenes was recalled from exile and asked to form a Government. He came up with the idea of people, both rich and poor, discussing the issues facing them and casting votes to make a decision.On issues like rising of taxes, building of roads and going to war, votes were cast, with a white stone for yes and a black one for no. The super power in the world at that time was Persia. Athens was attacked by the Persians in the battle of Marathon. Athens asked for Sparta’s help, but did not receive it. Though outnumbered, Athens won the battle. A man who participated in the war was Themistocles. He was risen to power through democracy. He was one of history’s greatest leaders and he knew that to hold out against another Persian invasion, they would need a strong navy. The Triremes were warships.They became useful in another war against the Persia when Athens defeated them in the Straits of Salamis. Themistocles was then ostracized, and then died in Persia. The other people highlighted in the documentary were Pericles who built the Parthenon. A major decision was taken by Pericles to attack Sparta resulting in the Peloponnesian War. This war lasted 27 years and finally Athens surrendered to Sparta. Aspasia was his lover. She was made fun of in the theaters and in some tragedies. Pericles died from the plague, which was one of the most devastating pandemics in human history.Socrates was a man who used reason and logic and cared about individuals. He was a man who loved debates. He was later blamed for Athens defeat by Sparta. He was pleaded guilty with the death penalty. The reason why he dies was because he questioned the world around him and was easiest person to blame. Though the film is called The Greeks, however it is essentially a story of Athens and its people. The movie contains re-enactments of various scenes which consist of people dressed in ancient costumes moving in front of an out of focus camera.It gives the viewers a basic knowledge of their society at the time. However, the music in the background was too loud and very distracting making it difficult to hear the movie. One information that struck to my attention that they forgot to mention is that there were four major battles in this war; Marathon, Thermopylae, Salamis and Plataea. Only Marathon and Salamis are noted in the documentary. This film covers the basic information about the history of Athens and is directed towards people who are beginners in this subject.However, for the people who are experts might find some inaccuracies and embellishments in this documentary. In conclusio n, Athens had been through many battles and changes throughout their history, from the battle of Marathon to the creation of democracy. It shows viewers who are new to this subject a good understanding of their leaders and famous philosophers. The documentary does a great job explaining and depicting the social, economic, political and cultural aspects of that period.

By Reference to three poems in the ‘Tracks’ anthology Essay

In the poems ‘Not My Best Side’, ‘Reports’, and ‘You Will Be Hearing From Us Shortly’, U.A Fanthorpe explores the theme of authority through the often satirical analysis of her observations and experiences within society. Fanthorpe uses her poetry as a way of expressing her feelings and opinions, and we can learn a great deal about her attitudes towards authority by reading and analysing the three poems chosen. Each poem shows a different aspect of the way authority affects people, and it becomes clear when reading the poems Fanthorpe’s belief in the ability of power and authority to corrupt people who possess it, and suppress people under it. In the first poem, â€Å"Not My Best Side’, Fanthorpe uses parody to look at the way people are stereotyped by authority according to their gender or status, and challenges their conventional representation within society. She succeeds in doing so by taking three separate characters (each represented by a different stanza), and giving them very different personalities and characteristics to what typical society would expect, and, indeed, what authority has forced upon them. Fanthorpe used Uccello’s painting of St George and the Dragon as a source of inspiration: â€Å"I thought it might be interesting to find voices for characters conventionally seen as good, bad or helpless.† Fanthorpe chose this painting because it portrays mythological characterisations very clearly, and Fanthorpe wished to challenge these typical ‘fairytale’ stereotypes. Fanthorpe has attempted to emphasise a point that authority does not allow enough individuality and simply expects people to conform to pre-conceived opinions of how someone should behave, based on their gender or the position society has placed them in. The poem begins with the conventionally ‘bad’ character, the Dragon, speaking. In this part of the poem Fanthorpe attempts to show the dragon as an articulate and understanding character, as opposed to the fierce and evil character that he is traditionally expected to be. The dragon appears to be upset about the way he is shown in Uccello’s painting, as he believes that he has been portrayed in such a way as to make him seem weak and easily conquered. â€Å"Why, I said to myself, should my conqueror Be so ostentatiously beardless?† The dragon feels that he has been made to look inferior to the very young-looking St George by Uccello, in order for the painting to portray the traditional idea that ‘good’ (St George) always triumphs over ‘evil’ (the dragon). However, in this poem, the dragon appears to be a considerate, caring character, and in no way ‘evil’. He seems to have accepted the fact that he has (unfairly) been stereotyped as ‘bad’, but is upset that in addition to being shown by Uccello as evil, he has also been shown to be defenceless. â€Å"I don’t mind dying Ritually, since I always rise again, But I would have liked a little more blood, To show they were taking me seriously.† The dragon is of the opinion that he has been unfairly represented in this painting, as his character has been stifled in all aspects of his character. He wasn’t even shown to have a dramatic death, and there was little to blood to signify the defeat of such a (supposedly) malicious character. Although upset, the dragon realises that he has no opinion in the way he is portrayed in the painting, or in fact the whole of society, and therefore concedes to the pressure that has been placed on him to be the conventionally bad character. â€Å"Poor chap, he has this obsession with Triangles, so he left off two of my Feet. I didn’t comment at the time, (What, after all, are two feet to a Monster?)† Despite the fact that Uccello left off two of his feet was because the art at the time of the painting was experimenting with drawing in 3D, and the dragon’s feet were left off by accident, Fanthorpe cleverly uses the mistake to make a very valid point that however the character (the dragon in this case) is in actuality, the characterisations that are placed on them by authority are still always prioritised when people are judging the person, causing their individuality to be lost. The next character Fanthorpe chooses to explore is that of the stereotypically ‘helpless’ character, the maiden. In Uccello’s painting, she is depicted as a pale-faced, frail, ‘damsel in distress’. However, in Fanthorpe’s poem, these perceptions are totally contradicted. The maiden appears to be a very independent, pro-active, calculating individual. The maiden begins her monologue by stating that she does not actually want to be rescued, breaking the stereotype immediately. At the time that Uccello painted this image, women were highly pressured within society to marry the person they were made to marry. However, in this poem, the maiden seems to prefer the dragon to St George. â€Å"It’s hard for a girl to be sure if She wants to be rescued. I mean I quite Took to the dragon.† The fact that the maiden would have the audacity to make a statement like this would be shocking, as women in medieval society were expected to conform to the instructions they were given. Fanthorpe also uses sexual innuendo as a way of showing that the maiden is not as innocent as she appears. â€Å"He made me feel he was all ready to Eat me. And any girl enjoys that.† By using this, Fanthorpe makes a statement that the apparently virgin maiden is not actually as innocent as Uccello makes her appear to be, and that women have as much right to sexual freedom and free thought as men do, and are not as naà ¯Ã‚ ¿Ã‚ ½ve or helpless as authority would like to make them. The final part that Fanthorpe chooses to make in this stanza is that the maiden is very independent and focused on her future. Although the thought of being rescued by the young St George is not a desirable one, she still agrees to him rescuing her, as she knows that the long term prospects of going with St George outweighed the ones of staying with the dragon. â€Å"The dragon got himself beaten by the boy, And a girl’s got to think of her future.† By showing the pro-active attitude of the maiden, Fanthorpe accentuates the fact that women can be as manipulative and as independent as men, and that they are not simply ‘trophies’ for men, but intelligent, business minded people. Although she prefers the dragon, she concedes to being rescued by St George, not because she want to be with him, but because she feels it would enable her to achieve this she could not with the dragon. Despite conventionally bein portrayed as a brilliant individual, and the patron saint of England, in the final stanza of this poem, St George appears far from a saintly figure. Fanthorpe has chosen to make St George arrogant and inconsiderate. In doing this, Fanthorpe reveals her own critical voice, and emerges as a highly feminist character. St George appears, from the start of his monologue, as very puerile and boastful. â€Å"My horse is the latest model with Automatic transmission and built in Obsolescence.† St George makes a big deal of showing off his state of the art gadgets, showing how important he is. I feel Fanthorpe has included this because she wanted to emphasise the fact that men often adopt an egotistical attitude over women, and flaunt their superiority by the amount of materialistic possessions they have. As we continue to read the stanza, St George’s attitude changes from that of exhibition to one of arrogance and selfishness. He believes that his ‘inferiors’ should conform to the roles that they have been given to them in society. â€Å"Don’t you want to be killed and/or rescued In the most contempory way? Don’t You want to carry out the roles That sociology and myth have designed for you?† By including this, Fanthorpe has succeeded in proclaiming the fact that men are seen as the absolute authority when it comes to judging how a person should act or behave within society, and men have gradually inherited the attitude of superiority over women, which will take a long time to rectify. The poem ends with an emphatic statement of Fanthorpe’s perception of male attitudes towards women. St George’s real, self-centered personality is revealed when he ends his monologue with these words. â€Å"What, in any case, does it matter what You want? You’re in my way.† Fanthorpe’s opinion of men in societal authority is truly revealed in these final lines. St George is only interested in his image, and he gives no consideration for the other characters in the poem (the maiden and the dragon), and he simply wants to increase his reputation. This point can be related to wider society, where men will not listen to the opinions of women, and do not consider their ideas, as they are not seen as worthy of a voice. Quintessentially, ‘Not My Best Side’ is a poem that has been written in order to make the point that societal authority’s expectations do not allow individuality, as people are placed under so much pressure to comply to the particular parameters forced upon them, involuntarily, by factors out of anyone’s control, such as gender. Similarly to ‘Not My Best Side’, the poem ‘You Will Be Hearing From Us Shortly’ explores the theme of authority. However, in this instance, U.A Fanthorpe chooses to ridicule the process of attending a job interview. She uses this setting to challenge the authority of the interview panel to make judgements about people’s lives based on prejudices or pre-conceived ideas. The title of the poem, ‘You Will Be Hearing From Us Shortly’ immediately indicates that the applicant failed to get the job because the phrase is clichà ¯Ã‚ ¿Ã‚ ½d as a polite let down at the end of an interview. In my opinion, this phrase may also have been placed as the title of the poem because Fanthorpe is attempting to show the reader that the candidate was not going to be successful in getting the job, no matter how successful the interview went. The poem is an ongoing monologue, with new stanzas beginning after the response of the applicant. From the beginning of the poem, it become clear that the interview panel possess a range of prejudices towards the candidate. These appear to have already influenced the panel enough for them to decide that the applicant is not suitable for the job, and it seems as though the interview is being carried out simply as a formality, which must be endured by the applicant. It is evident that the candidate’s answers are seen as insignificant by the interviewing panel from the very beginning, as their response to the panel’s questions are not included. I believe Fanthorpe has done this to show that the candidate is voiceless when in an interview, and to display the pointlessness of interviews, when the outcome has been decided before the interview even takes place. The only way we have of knowing the answer to the interviewer’s questions are by making an educated guess from the response of the panel, which, in most cases, is a single, unenthusiastic phrase such as â€Å"Ah† or â€Å"indeed† It is clear that the interviewers have no interest in the person’s justifications for why they are suitable for the job; they simply make impertinent comments on the information displayed on their application form. â€Å"Let us consider your application form† This quote from the poem shows the disinterest in the actual person, and more interest on their class, gender, and other factors displayed on their application form. The panel spend little time discussing the candidate’s â€Å"impressive† qualifications, and almost immediately moves on to focus on the negative aspect of them, and their possible use within the job for which the applicant is applying. The candidate is asked to justify the use of their qualifications very early in the interview. â€Å"Would you care to defend their [the applicant’s qualifications] relevance?† This would succeed in belittling the applicant, particularly when the interviewer’s response to their well though out answer is a sceptical â€Å"indeed† After the polite, (if inhospitable) beginning to the job interview, the meeting soon descends into a personal battering of the applicant’s self esteem by the authoritative figure of the interviewer. The first matter the interviewing panel broaches is the age of the applicant. â€Å"Perhaps you feel able to make a comment about that, Too? We are conscious ourselves Of the need for a candidate with precisely The right degree of immaturity† These comments, although ‘sugar-coated’ by the authoritative figure, succeed in alienating the candidate, and forcing them into assent. We can tell that the interviewee has been pressured into agreeing with the panel from the interviewer’s response after the applicant’s unheard comments. â€Å"So glad we agree† This indicates that the interviewing panel has repressed the candidate so much that they have simply begun to agree with the rhetoric statements made by the interviewer. Fanthorpe has included this to show that in wider society, authority influences people to conform to its rules and ideas, and does not allow free though or speech. Also, Fanthorpe has arisen the point that authoritative figures abuse the power they have been given, and this leads to corrupting the individual in possession of the power. In the next stanza, the interviewer reveals another prejudice; that of the looks of the applicant. The panel is very rude during this stanza: â€Å"You do appreciate this work involves Contact with the actual public? Might they, Perhaps, find your appearance Disturbing?† This reveals the blunt, inconsiderate nature of the interviewing panel, and, in Fanthorpe’s opinion, the whole of society. The interviewing panel has succeeded in making the candidate feel small, simply because of the way they are, and I believe that Fanthorpe is trying to illustrate a point that sexism, racism, ageism and other prejudices succeed constantly in repressing often valuable members of society into conforming to authority’s ideals. In the next stanza, the interview panel seem to fire a barrage of questions at he applicant about their background, particularly their accent. Fanthorpe uses the clever technique of making one of the interviewers ‘accidentally’ use the wrong phrase, to deliver a highly offensive insult. â€Å"Were you educated? We mean, of course, Where were you educated?† This is a comical way of accentuating the prejudice the interview shows when choosing a suitable candidate to take the job. The accent an applicant has obviously influences the choice a lot, although in actuality, the accent of a person has no effect on their intelligence. The panel were evidently considering the reactions of people using their company, who may think that they employ people of a lower intellect, which would make the company look sub-standard. This shows the way that people within society automatically judge others on the way they speak, as the panel simply assumed the candidate had little education because of their accent. In the final stanza, the interview descends yet further into a sequence of offensive statements. The rhetoric questions have ceased, and the true nature of an interview, in Fanthorpe’s eyes, is revealed; a pointless meeting aimed purely at belittling the applicant, and enforcing authority’s stance on society. In this stanza, it becomes implicit that the candidate is female, as the interview panel focus strongly upon family background. â€Å"Married, children, We see. The usual dubious Desire to perpetuate what had better Not have happened at all.† The fact that the candidate was asked about her family would tend to indicate that the applicant is female, as the panel would then begin to worry about the children, and whether they would need looking after. This may be a problem for the company. The panel are also rude to the applicant in this part of the poem, as they insinuate that they cannot understand why the applicant would even consider having children, when, in fact, it would be better for the world if the candidate had never been born. The poem ends emphatically, with the satirical statement â€Å"And you were born-? Yes. Pity.† This is a witty use of word play by Fanthorpe. The interviewer is actually asking when the applicant was born, but in the absence of any dialogue, it seems as though the interviewer is saying that it is a pity that the candidate was born. With this final stanza, particularly the final line, I feel Fanthorpe is attempting to make a point that authoritative figures are of the opinion that anybody who does not fall within their ideals should not even exist. In conclusion, the poem ‘You Will Be Hearing From Us Shortly’ is a poem aimed at bringing into relief the discrimination that has been ingrained into society. Fanthorpe is attempting to make a point that certain people, particularly women, are considered as useless, and are seen as undeserving of a voice within society by authoritative figures. She successfully proves that people of authority exploit the power they have over the masses, by belittling them, and repressing them to such an extent that they are forced to conform. Authority makes judgement on people not by the way they are individually, but base their judgements on factors that are not, in actual fact, of any relevance. In the poem ‘Reports’, Fanthorpe offers yet another aspect to the role of authority and the way authoritative figures exploit people within society. In this instance, the poem is a simulated conversation between an older, more experienced teacher, and a newer teacher, focusing on the ‘correct’ way to write a school report. Fanthorpe has deliberately written the report very cynically, in an attempt to portray authoritative figures as cold and impersonal. In the final stanza, the poem adopts a tone of irony, when Fanthorpe compares the reports we receive at school to the way we live our lives. Being a former teacher herself, Fanthorpe would have known the perils of report writing, and likewise would have known the attitudes that some teachers take towards who they see as their inferiors, the pupils. Fanthorpe’s reason for leaving the teaching profession was that â€Å"I saw that the power was having a negative effect on me.† This shows Fanthorpe’s negative opinions on the authority that teachers have, and the way some of them abuse it. The poem contains several short stanzas, using short, snappy phrases, which all make a separate point. In the first of these, there is a fundamental warning to teachers about the language they should use. The teacher writing the report is advised to use dull phrases so that the report does not generate any unwanted interest or complications from parents. â€Å"Don’t give them anything To take hold of. Even Pronouns are dangerous.† The teacher is being warned not to use pronouns because the teacher may mistake the gender of the pupil, therefore exposing the teacher’s lack of knowledge of individual pupils; essentially, the report could be given to any student. The next stanza focuses on the impersonal nature of the reports once again, when Fanthorpe implies that the good pupils are not necessarily known from the bad. â€Å"The good have no history†¦ Satisfactory should satisfy them.† This stanza is included, I feel, to illustrate the fact that the good students are often ignored while the teacher is attempting to control the more disobedient pupils. This would mean that the teacher would have very little knowledge of the pupil, and therefore would not know, in actual fact, whether the pupil was good or not. The teacher is advised, instead of using ‘good’, to use a more universal phrase; ‘satisfactory’. By using ‘safe’ phrases such as this, teachers guard themselves from provoking high expectations from parents and higher authorities. Stanza 3 makes another point about the way reports are depersonalised by the teachers. The teacher writing the report is advised to use terms that can relate to any pupil: â€Å"Fair and quite good, Multi-purpose terms, By meaning nothing, Apply to all.† This shows the way teachers make reports appear personal, but are actually simply using universal terms that could relate to a range of students. The reason the teacher has chosen to do this is to prevent any unwanted backlash from parents. In the first three stanzas, I feel that Fanthorpe is proclaiming that the authoritative figure does not see the people placed under their authority as individuals, but as a large group. This emphasises the fact that authority causes the identity and individuality of a person to be lost. The teachers in this poem are also aware of the need to make themselves look as though they are not to blame for the pupil’s problems at school. â€Å"Unmanageable oaf cuts both ways. Finds the subject difficult, Acquitting you, Converts oaf into idiot, usher to master.† Such phrases as ‘Unmanageable oaf’ reflect badly on the teacher, and suggests that the teacher may not be able to cope. To avoid this, the teachers use clever euphemisms to make it seem as though it is the pupil failing, and not the teacher. This illustrates the exploitation of the teacher’s authority over their pupils. The next stanza warns that people will try to read into the reports, so they must remain as simple as possible, to avoid any complications. â€Å"Set them no riddles, just Echo the common-room clichà ¯Ã‚ ¿Ã‚ ½: Must make more effort.† The teachers are acutely aware of the need to keep the reports similar, as this will avoid confusion. Using common phrases such as ‘Must make more effort’ means that the parent, head and child accept the report, and they will not feel compelled to question the report further. Although the poem is based around teacher’s relationships with pupils, in the final stanza, Fanthorpe uses school as a metaphor for life. â€Å"Remember your high calling: School is the world.† Fanthorpe uses irony to indicate that the way we live our lives is similar to our school reports. â€Å"Born at Sound beginning We move from satisfactory To fair, then Find The subject difficult, Learning at last we Could have done better.† In this final part of the stanza, I feel that Fanthorpe is attempting to make a statement that during life, you endeavour to be the best you can be, but ultimately realise that the decisions you have made may not have been the right ones. Moreover, she may be trying to make the point that one is pushed into inconspicuousness by authority, which causes one to feel disappointed, and insignificant. In the poem, we have no way of knowing whether Fanthorpe is referring to herself, or people in general, but the slightly bitter tone in the final three lines, and, indeed, the final stanza, is evident. â€Å"Stone only, final instructor, Modulates from the indicative With rest in peace.† By this, Fanthorpe means that the only time that we avoid the ‘report’ system of life is when we die, and our epitaph is inscribed onto our grave. To conclude, the poem ‘Reports’ is illustrating the way that teachers depersonalise pupils, in order to prevent problems for them. The pupils are seen as one whole state, and the fact that the education system does not allow individuality leads to a sense of disappointment later on in life. This shows that individuals are repressed by society, and do not feel able to follow their own paths, as they are constantly being grouped with others. Quintessentially, the poems ‘Not My Best Side’, ‘You Will Be Hearing From Us Shortly’, and ‘Reports’ all emphasise that UA Fanthorpe believes that power corrupts, and that people of authority usually use it to their advantage, to belittle others or to make them feel sub-standard. It is also clear that Fanthorpe believes that authority within society leads to depersonalisation of a character, and the stifling of individuals into conformity.

The Impact of Internet on Society

The internet was thought of back in the early 1960’s as a way for scientist to share there theories, for other computer scientists to share there knowledge of the this new thing they have created. What we call the Internet today hasn’t always been called the Internet was first thought up to be a giant network. Leonard Klienrock at MIT published the very first â€Å"packet switching theory† in July 1961. Two men named Thomas Merrill, and Lawrence G. Roberts connected TX-2 computer in Mass. to the Q-32 in California, with a low speed dial-up telephone connection, in other words created the first â€Å"wide- area network†. Internet Society) From that point on the Internet was born. People all over the world were trying to get their hands in this new accomplishment and try to clam some of it for themselves. As time goes passed things are add to this network such as scientific studies, research papers of all kinds, people started to write programs to put on her e and let people talk to each other. Companies started to advertise on the Internet by making pop up adds. Companies even started to do business on the Internet. To this day the Internet is still growing.People are using the Internet to make a living, to talk to distant relatives, or even friends talking to each other. People use the Internet by shopping online, or by even selling things online. You can even find help organizations online. Email today is pretty much the Untied States Postal Service; you don’t need to buy stamps to mail somebody a letter. You can even send someone pictures, and movies over the Internet. All you need is an email address to send anyone an email. That brings me to my first good a bad point, all you need is an email address to email anyone something.You receive almost anything in an email; from receive viruses, hate mail, junk mail, and spam. Another good impact that the Internet has made on society is online auctions. One of the most recognizable online e-trade sites is Ebay. Ebay originated in 1995. Now you can find anything from nuts and blots to a 1999, BMW 3-Series. Ebay also represents stores that include Wal-Mart, Kmart, private dealers, car dealerships, and a lot of other stores. The company in the second quarter set a new net record or brings in 110 million dollars.It was 102% over the same period last year. (USA Today) This could also be very bad to the companies that are not with Ebay that are trying to make a living off of the net. Most individual businesses don’t have the money to have Internet sites. So if there is another company that sells almost the same items and they have the money to own their own web site then that can really hurt the other companies. The Internet also helps out special organizations that want to be recognized for what they do. But for some none profit organization that is very hard.It does cost quite a bit to run and host your own web site. As Curt LaBond puts it â€Å"It canâ⠂¬â„¢t only help build a stronger society, it can atomize it. † But the Internet can also put out bad publicity for these individual organizations. (LaBond) From when the Internet was introduced there has been many good things come about. There are also bad things that came from the Internet. Many people take the Internet for granite and miss the whole meaning of the Internet. People try to harm the Internet by putting viruses out there that will shut some ones computer down.

Critique of a qualitative research article Essay

Critique of a qualitative research article - Essay Example 4. The study shows no any stated hypothesis. 5. The study was an original one and not a replication of past studies because it was the first study to apply longitudinal and repeated measures design in children. This is unique because previous studies were done through the cohort design. Through the unique approach, the study added new information to what was already from previous studies. First, the study found that self-determined health judgment reduced significantly over the 6 month period after intervention. This decline portrayed a change from intrinsic to extrinsic direction unlike previous studies that used the cohort design, which found the change to move from extrinsic to intrinsic direction (Chen & Kennedy, 2009). 6. The study participants in this study were children aged 8 to 9 years and their mothers. In selecting, the study participants, children and their mothers were supposed to self identify as either white or Latino. The second criterion was that the child should be in good health, which meant that the child should not have any acute or life threatening medical condition. In addition, the child was supposed to have the ability to attend to daily activities such as attending school. Thirdly, the mothers we required, in addition to speaking Spanish, English or both, were also required to be able to read in either of the two languages for them to be able to fill questionnaires that were written at fourth to sixth grade levels. Finally, both the child and mother were required to reside in the same household (Chen & Kennedy, 2009). The independent variables in this study were; one, consistent use of media rules in families under investigation. The other independent variables were age, ethnicity, and poor affective responsiveness in the family. The dependent variable was the level of children involvement in risk taking behaviors. The study fails to provide a definition of each of the independent variables, as well as the dependent variable (Chen & Ke nnedy, 2009). 7. The sample population was made of study subjects of the White and Latino origin. There were 16 sites that offered a total of 34 groups with about 4 children in a group. There were a total of 122 children aged 8 to 9 years and their mothers. The number of the white participants was 58 while the Latinos were 64. The randomly selected sample comprised of 58 girls, who represented 47.5% of the participants, and 64 boys, which was 52.5%, of the study participants. The groups were well balanced in terms of ethnicity and gender (Chen & Kennedy, 2009). Based on the objective of the study, which was to research on school age children to reduce their risk taking behaviors and increase safety behaviors, I feel that the study also ought to have included teachers who teach in the schools attended by the children under investigation. Therefore, the study was to some extent not comprehensive because teachers spend more time with the children than the mothers and are much aware of children behaviors. By targeting two ethnic groups; the Whites and the Latinos, the population appears not to be a generalizable one because there are varying factors among ethnic groups that would determine the level of exposure to risky behaviors by children. Therefore, ethnicity being one of the variables under investiga

Ways of Looking at Culture Within Organizations Essay

Ways of Looking at Culture Within Organizations - Essay Example all the members to allow for effective use of different skills and talents to the team, and problem solving where mechanisms for problem solving and conflict management are put in place. An example in a small organization is where a team of the management and employees of a small organization form a team. The team, in this case, should have a common goal of expanding the business, augment revenue, and provision of quality goods and services. Having a common goal allows for the development of synergy among the team members and provides a sense of purpose in achieving the clear and specified goal of the small organization. The effect will be an emphasis on ensuring all the strategies in the small business are synchronized for the achievement of the goal and each of the team members know their responsibility to the team and feel honoured to be in a team that has a specific goal allowing for augmented success of the small business. The structural elements of successful teams include having a shared vision, clear and continuous communication allowing for resolving issues amicably, and visibility and accountability of each of the team members. The other structural elements for successful teams are having clear expectations defined as all members, respect, planning, and trust among the members of the team allowing for cohesiveness and success of the teams (Sloane, 2007). Schneider believes that cooperation, contribution, and commitment are the other structural elements for successful teams (Schneider,

Dunkle v. State, 2006 Okla. Crim. 29, 139 P.3d 228, 2006 Okla. Crim Assignment

Dunkle v. State, 2006 Okla. Crim. 29, 139 P.3d 228, 2006 Okla. Crim. App. Lexis 29 (2006), - Assignment Example Character evidence was used in the court for the purpose of proving action and computer-generated crime scene re-enactments were used to persuade the jury that the state’s version were consistent with evidence at the scene and the defendant’s was not. Based on this, Dunkle was convicted of first degree murder. Dunkle has now appealed for her sentence and conviction. The issue is whether, by using improper character evidence, the appellant was denied of a fair trial. It is to be seen if character evidence provided is relevant and admissible in the court of law. Another issue is whether the computer-generated re-enactments are actual images of the crime or a set of possibilities. Previously, the Court had convicted Dunkle of first degree murder, but the decision has now been reversed and the case has been remanded for a new trial. It was found that there were reversible errors in admitting of computer-generated reconstructions and, irrelevant and inappropriate character evidence. The previous court had decided that the character evidence showcased and the evidence from computer-generated re-enactments were sufficient to prove that Dunkle had committed the crime and hence was convicted of first degree murder. But this court is of the opinion that evidence is insufficient to justify the decision. The court came to this conclusion as most of the arguments of the State were directed towards establishing that Dunkle had a bad character and a person who would kill someone but there was no attempt made to establish an apparent motive for the crime. The majority of the character evidence presented was irrelevant to the murder charge. And with respect to computer-generated re-enactments, the evidence only proves that defendant’s version is not consistent with the evidence at the scene but in no way proves the claim of the state that the

Management Essay Example | Topics and Well Written Essays - 2500 words - 10

Management - Essay Example This research paper analysis the changes that have occurred in the Norse Skag Company from the perspective of organizational design, on the basis of the nine parameters that have been identified by Graetz et al (2002). The organizational changes in Norse Skag are divided into those that deal with structural realignments or changes, changes to the internal processes which include the acquisition of new IT technologies and the introduction of improved HR policies, as well as the boundaries changes that have taken place, whereby the company has outsourced/sold off some of its subsidiary activities in order to focus more effectively on its target area of newsprint production. In an intensely competitive global economy, these changes have been helping the Company to continue to retain a competitive advantage in the global marketplace. The Norse Skag Company started off as a local company producing newsprint in the Norweigan area, however it has now diversified into 15 countries in 5 continents. While it was originally a producer of a variety of forest products, it has now streamlined its operations so that 95% of its revenue is accrued from the production of paper on a global scale (www.report.huginonline.com). During this process of transformation, the Company has undergone several changes, wherein old and established practices have needed to be revamped in order to give way to new ideas and practices. In response to the financial pressures that have been created by globalization, the Company has undergone a transformation in organizational design. In his article on building new organizations, Senge (1990) points out that in an increasingly dynamic, interdependent and unpredictable world, it is vital that an organization is a learning organization if it is to survive and maintain a competitive advantage. A learning organization is one where two kinds of learning take place – generative learning which is about creating, as well as adaptive

A review Article Example | Topics and Well Written Essays - 1500 words

A review - Article Example She sheds light on the uneasy relationship of Computer Assisted Language Learning (CALL) and Second Language Acquisition (SAL) processes and gives an account of the present state of the art and points towards the new and challenging directions of SAL. Chapelle writes â€Å"The point of departure for this article is the dissimilarity between the theoretical landscape within view of language teaching professionals in 1991 and that of today†. (p.741)The pragmatic goal of computer-assisted language learning (CALL) developers and researchers to create and evaluate learning opportunities and a variety of theoretical approaches to second language acquisition (SLA) which have developed, are alternative beats of the same heart. The multiple theoretical perspectives grouped into four general approaches support this perspective as elucidated by Chapelle who writes: â€Å"Cognitive linguistic (Universal Grammar, autonomous induction theory, and the concept-oriented approach); psycholinguistic (processibility theory, input processing theory, interactionist theory); human learning (associative-cognitive CREED, skill acquisition theory); and language in social context (sociocultural, language socialization, conversation analysis, systemic-functional, complexity theory)† ( p.741). Technological advances and internet revolution and the resultant changes have necessitated modifications of communicative competitive theory and this has proffered a direct challenge to Second Language Acquisition (SLA). This theory lays much emphasis on natural talents and process through which a student undergoes, than in instructed SLA. As per this theory, the learning process goes on without the student being actively conscious of it. The process is just like the elementary command on the mother-tongue exercised by a child even before going to school and that process of self-education goes within the perimeters of the household and immediate

Performance & reward mgt Essay Example | Topics and Well Written Essays - 250 words

Performance & reward mgt - Essay Example The employee will respond to being treated with respect and courtesy by management, and improve performance. Performance-based rewards can also help motivation levels, as well as attention being paid to the human needs of the employee. This is why employee motivation should be approached as a continuing process rather than a series of isolated events. Specifically, the manager of employees wanting greater levels of motivation can use theories to develop several strategies to encourage an atmosphere of communication, teamwork, and fulfillment in the workplace that will result in this ultimate goal. This boosts human needs categories of self-esteem and social need fulfillment, and also encourages multiculturalism and diversity in the workplace. Using this method, employers can foster an atmosphere of friendly competition where leadership and hard work are shown to have psychological

The case of John du point Essay Example | Topics and Well Written Essays - 1750 words

The case of John du point - Essay Example Upon arrival at Schultz’s residence, he found Schultz training at the wrestling facilities that du Pont had set up in his estate. Schultz greeted his boss from where du Pont returned by asking him whether he had any problem with him. After this brief exchange, it is reported that du Pont pointed his 44-caliber revolver towards Schultz and shot him thrice, once at the arm and twice at his chest. This resulted in the instant death of David Schultz. A key witness to this act was Schultz wife, Nancy Schultz, who rushed out of the house upon hearing the first gun shot and upon arrival at the scene, she saw du Pont trigger his last shot at the already lying Schultz. It is also reported that du Pont also pointed the gun at her as well as at his bodyguard, Patrick Goodale after the shoot-out (Fersch, 2005, p. 151). After John du Pont had completed the act, he retreated to his large mansion where he spent the next 48 hours in an attempt to avoid being caught by the police. Inside his mansion, he had access to his large gun collection and other armories that he had acquired over his powerful years. The two-day standoff at his â€Å"Foxcatcher Farm† ended after he was lured outside by the police in order to make amends to the houses heating system which had tactically been switched off by the police. John du Pont was finally apprehended on 28 January, 1996, and his case opened in order to pave a way for investigations and subsequent trial. The case implicating John du Pont to the murder of David Schultz started on 9 February, 1996 after the trial court ordered a competency examination of the appellant. The competency examination was completed on 9 September 1996 concluding that John du Pont was incompetent to proceed with the trial. This resulted in John du Pont being remanded to the Norristown State Hospital where he underwent treatment. John du Pont was found to be competent for procession to trial in December, 1996, and thus his trial

Social Psychology Paper Essay Example | Topics and Well Written Essays - 1000 words - 1

Social Psychology Paper - Essay Example One of its broadest stem is social psychology (Smith & Mackie, 2000). Since an individual has a great impact on oneself of the environment and surroundings, he is living in; therefore, the society or the environment plays a vital role on the performance and actions of the person. This study of how the human behavior comes under effect by the social power is social psychology. Scientific, systematic and methodical techniques are the ways that social psychology exercise in order to comprehend how real, anticipated and foreshadowed/hidden presence of other people plays an influential and convincing role on the moods, reactions, thoughts, psyche, behavior, and actions of an individual. The social psychologist observes and analyzes a number of aspects when studying the human behavior. They generally observe one’s behavior in crowd, his social viewpoint, the way a person responds without using speech, hyperactive behavior, traditional values, intolerance, and management skills. The thinking or the idea of a person and the way a person interrelates in a social gathering are the prime and vital components that come under use for understanding the social behavior. Psychologist conducts the studies of social psychology in order to know the pattern of boilerplate, how individuals react to situations, the likings, and disliking of people in various scenarios, and attraction of opposite sex towards each other (Smith & Mackie, 2000). The history of psychology tells that it was not until the nineteenth century that social psychology achieved recognition and popularity amongst the masses. After the Second World War, social psychology came under studies in detail. Twentieth century also experienced a boom in research related to social psychology. It was because of the studies that people gained the awareness of the activities and mindset of social beings. According to studies, it has come under observation that people often mix up social psychology with folk wisdom, pers onality psychology, and sociology (Smith & Mackie, 2000). The frames of reference that summarize the four distinctive attributes of social psychology as outline in Social Beings are the socio cultural, the evolutionary, the social learning, and the social cognitive (DeLamater & Myers, 2007). The education, apprentice, knowledge and experiences that people acquire from the philosophies and concept of culture, traditions, customs and norms comes under the limelight of socio cultural aspect of social psychology. The culture plays a vital and crucial role in an individual’s life as the norms and traditions of a culture is a huge influencer in the life of people as it helps in developing the persons’ self-image or the identity. The evolutionary characteristic defines that the genes, heredity, heritage, and legacy are the factors that helps in shaping the personality of an individual. Biological impact is another aspect that comes into focus when defining the evolutionary ch aracteristic, that it plays a vital and critical role in forming the person’s behavior (DeLamater & Myers, 2007). The social learning attribute of social psychology has a different school of thought. According to this attribute, development of a person’s behavior depends upon not only the inheritance, but also the perception, recognition, imitation and parody, which develops an understanding into a distinct, exclusive, and unique experiences

Graffiti and Form Essay Example for Free

Graffiti and Form Essay There are a lot of different perspectives on weather or not graffiti is a form of art or graffiti is just vandalism. In my essay I will explain to you why graffiti is a form of art, I will also show you how graffiti is just vandalism as well. First, Graffiti is a form of art because its a form of self-expression much like other kinds of arts. Artist use graffiti to show their talents. Although graffiti is used on public buildings and walls its a type of street art so the public can see. Graffiti is a way to show the public your thoughts, they wouldnt have to pay a penny to go see it. Many people say graffiti is vandalism because it symbolizes gangs, but thats not what real graffiti is. Secondly, Graffiti is art because its somebodys passion and thats why they enjoy doing. Graffiti artist should not be fined money if they are caught. Graffiti not only has different meanings inside of their paintings it also beautifies cities and such. Graffiti is art because it shows who you are and what we feel inside and by doing graffiti it helps people express theirselves. Finally, Graffiti is vandalism because it destroys buildings and they are destroying somebodys property. Not only does it look bad to others it also cost thousands of dollars just to remove it. Graffiti also spread gang-related violence with all the tagging of gang names. Another example why Graffiti is vandalism is because most graffiti are just tags and gang communication. In conclusion, different people have their own opinion on weather or not graffiti is a form of art or just vandalism. Graffiti is a form of art because its a form of self-expression, it shows the public your thoughts and how they feel. Graffiti is vandalism because graffiti is done illegally on buildings and most of it is tagging, it also spreads gang violence through their work.

Marketing Of German Brand Bionade

Marketing Of German Brand Bionade The German brand BIONADE which produces and distributes organically lemonade brewed like beer but without alcohol {BIONADE #1}, tries to enter markets all over the world. {Dagmar Mussey 08/10/2007 #2}. With the threat of going bankrupt with its beer brewery {Dagmar Mussey 08/10/2007 #2}, the head of the company Leipold, tried to spread its product range and invented a brewed soft drink for children. With its superficial marketing strategy with just few money BIONADE managed to get known all over Germany in shortest time by sponsoring events and viral marketing. {Ralph Atkins #3} In 2009 the large German group Dr. Oetker bought with 70% the majority of BIONADE. {Weiguny 2009 #18} After distributing in most European countries since 2008 the companys aim is now, that their organic drink will become a Weltdrink.{Ralph Atkins 12.12.2007 #3} How BIONADE can reach the target and what they should considered, it is indicated in this paper on the example entering the US beverage market. Environmental Analysis BIONADE needs to analyse the market of US. The retailing market in the United States is very competitive and dynamic. Consumers can choose out of a large number of retailers. With the information of the internet consumers can easily compare all products and retailers. So retailing has been led to a hard job and you have to observe the consumers needs, because consumers have the power. {Weitz 2010 #4} Market trends BIONADE aims to go on the American beverage market. The carbonated drink sector is the most established in the soft drink industry with about 40% of the volume. {Jonathan Thomas 2010 #6} But the growth almost stagnates with just 1.2% growth rate and the share will fall more, because more consumer prefer healthier beverages like fruit juices, fruit based drinks or bottled water. In this case, there is a chance for BIONADE to put its organically healthy and nearly sugarless beverage on the US market. In addition it should be mentioned, that the market shares for sport and energy drinks within the carbonated soft drink segment has raised about 7% last year, and it is assumed that this trend will last. {Jonathan Thomas 2010 #6} The study, which was ordered by just-drinks, says that the fruit-based drinks are expected to remain strong. Customers BIONADEs target group are healthy, young consumers and aware of the health. Examining the consumers in US nowadays it can be noticed, that there is a change in lifestyle. For decreasing the problems of fat children, which has become a major issue in the US, the government planned to ban sugared drinks like Coca Cola from school. {Atkins 12.12.2007 #3} Consumers strive away from convenience and fast food to fresh cooked meals and healthy, organic products, which are traded fair. {Lifestyle Food and Drinks Future 2008 #10}Business Insides report Lifestyle Food and Drinks (2008) says in addition, that many habitants of the US do have work-related stress, which they try to compensate with healthy drinks and food to get more energy and fun. Additionally America has an ageing generation. These people do all their best to stay young and healthy. Therefore they consume e.g. many anti-ageing products, which aim this target group. Altogether there is a broad diversity of different reasons, why people want to live healthier, which is shown in the illustration 1. Figure : The complexity and diversity of modern lifestyles {Lifestyle Food and Drinks Future 2008 #10} Competitiors The beverage market is a strong market in the United States. Global players like Pepsi and Coca Cola are settled in America as well as the US brand Dr. Pepper. These three brands are in 2010 the best-selling companies, and most customers bought drinks of these companies. {Sector Soft Drinks Non-Alcoholic 2010 #11} They also try to establish healthier drinks, to follow the trend. Coca Cola put The Spirit of Georiga on the market, which is competitive lemonade to BIONADE. They also try to do a partnership with Honest Teas, which also is settled in the health and wellness segment.{Beverage World 2011 #13} Nestlà ©, who is also a big player one the beverage market, also put some health drinks, like ready-to-drink teas on the market. Viewing the global health drink and food segment it can there were more than 4000 new products came on the market in 2009, which are more than double as much as in five years ago.{Heather Landi #12} There is a keen competition in this field. Analysis and Theories With entering a new market there are many topics which should be considered. The SWOT analysis is a management tool which shows clearly arranged which strength and weaknesses a company has, and which opportunities and threats are given from the environment of a company. The points are aimed on the target, a company has. In this case it targets the entry of BIONADE on the American market. {Simon 2002 #9} Strengths Weaknesses Large Network Only breed lemonade Experience on other markets Large target group Good references in Europe Plans for adopting the product for the US market (new flavours) Unique product (the only brewed lemonade) Just one product site Workers with no knowledge Large Supply-Chain High costs New unknown market Opportunities Threats Changing Consumer Behaviour Growing sustainable and health market Growing Beverage Market Banning sugared drinks in schools Market niche Large Beverage Market Many Competitors like Coca Cola (Georgia) Other organic certificates in the US than in Europe Many other healthy drinks Figure : SWOT-analysis for BIONADE on the US-market {Simon 2002 #9} To get an overview of the market, Porter invented the tool Porters 5 Forces. {Porter 1998 #14} Porter has identified five competitive forces at work in every industry and every market. The expression of these forces determines the intensity of competition in an industry and thus its profitability and attractiveness. The objective of corporate strategy should therefore in looking for ways to weaken competitive forces in relation to the company itself. {Porter 1998 #14} Figure : Porters five forces {Porter 1998 #14} Analysing the American health beverage market, which BIONADE wants to enter, there is a variety of forces, which should be considered. Buyers: It can be a threat, because buyers have the force to choose other drinks. Substitutes: There are some substitutes. They are and mainly they will become a threat. There are not only other healthy lemonades but also bottled waters, ready-to-drink teas and fruit juices. Suppliers: Meanwhile there is no big threat by suppliers, because BIONADE exports its own bottles form Germany and uses the concentrate which is produced in its producing site in Germany. Potential Entrants: This would be the biggest threat. Because of the large market and the huge chance because of the trend of changing lifestyle, many competitors will get on the market. There will be keen competition which should be considered by entering the market and solutions must be found for each problem. Some solutions can be in the marketing mix, like pricing politic or with clever product placement. Strategies With its aim generating a larger turn-over, BIONADE entered the US market because there is a niche market. There is no other brewed lemonade in America, but there are customers who would buy healthy drinks. With this unique position, they have a chance to challenge other companies and take market share. {Doole 2004 #20} Because of the large competitors like Coca Cola and Pepsi, BIONADE should distinguish in marketing, product, product placement and aim with a unique marketing-mix at the target group to prevent other companies taking their business idea.{Kotabe 2008 #21} The best strategy for BIONADE was Differentiation. {Doole 2004 #20} Because of the flexibility of a SME, the company can meet customer needs very fast and can distinguish from other beverages. To have not a high level of risk BIONADE made a joint venture with a German noodle company, which piggybacks the product. This indirect exporting method can work, because both products are organic, but they are no competitive products. BIONADE can profit of the reputation of the noodles. As the noodle company does not have the knowledge in the beverage segment it would be a better strategy to get help of an agent, who knows the market. With direct export the companies risk shrinks but the cost raise. {Kotabe 2008 #21} BIONADE established a production site in the US. With this strategy they can save costs for transport, which are mainly the highest costs of the supply chain. {Kotabe 2008 #21} But with this strategy the quality of the beverage can decrease. The employees dont have the knowledge like the staff in Germany. In addition there is also the risk, that BIONADE does not sell as much as calculated and the assembly lines are not working to their full capacity. Recommendation To keep successful BIONADE can go different ways. There is the possibility of entering more markets, or to penetrate new markets or put new BIONADE products on the market. In this chapter is shown, how BIONADE can manage these two different paths of expanding the brands value. Staying competitive with entering new markets or products New Products ExistingAnsoff(1957) invented a method, which makes it for companies possible to generate more profit and growth. His theory is divided in four ways, which are entering new markets or inventing new products. This method can help BIONADE to succeed on the market during the next years. Existing Markets or segments New Figure : Ansoff matrix {H. Ansoff #15} Potential strategies are: Market development: BIONADE can generate growth with entering new markets with existing products, like BIONADE already has done in countries around the domestic market. There are the possibilities which are shown in chapter 4.1. It is recommended that BIONADE searches for a partner in US who supports the company by selling the beverage. A good partner could be McDonalds, because it changed the strategy to healthier food. There already exists a partnership between both in Germany, which can be expanded to North America. {Weiguny 2009 #18} Market penetration: In this field, Ansoff describes in his theory, there are is not much growth expected. {H. Ansoff #15} But BIONADE can use its experience to gain new customers on the existing market or sells more to regular customer. It can be aimed with setting up a marketing campaign like making cocktails with BIONADE. New product development: This strategy has more risks than just market penetration. {Thommen 2009 #16} It is useful to stay successful. BIONADE can remain successful on the existing market with introducing new flavours like Cranberry for the US market, new design of bottles or maybe thermo jugs of BIONADE to keep the beverage cool in summer. Diversification: The strategy of entering new markets with new products has the highest risk rate. {Thommen 2009 #16} BIONADES has a variety of possibilities from putting a sports drink on the US market or inventing sweets or ice cream for kids. But another strategy to stay competitive is to keep an eye on the global market trends and spread the beverage in more foreign markets. Entering new markets BIONADE is on shelves in almost in the whole northern part of the hemisphere, like in almost whole Western Europe, North America, and Russia, as it is shown on the map below. Figure : BIONADES current and potential market entries {Daniel Dalert #17} As the SWOT analysis shows in chapter 2.1 BIONADE has many opportunities and chances, not only in the US market. The trend to a healthier life exists in almost all Western countries. To expand the market, it is recommended to enter step-by-step all Western European countries, like the missing countries Portugal and the East European countries, with new special flavours adopted for the countries. Because of the short trade routes it could be made by exporting the bottles. If North America runs well, there is the opportunity to go to Australia, which is also a Western country with loads of sportive, healthy living people on the beaches. It could be the strategy to sell the beverage first on the coast in cafes and bars. With the same strategy like in Germany and with just low marketing campaign they could sponsor surfing contests. Also Brasilia is a good target market with healthy living, open-minded people. With their favourite trend fruit Acai berry there is even a flavour for this ma rket. Because of its hot climate there is the possibility to sell it as a healthy refreshing drink for day and night, even for cocktails. It is recommended not to concentrate to just a view countries, because the beverage market has keen competition. Entering more markets and to have in all countries a little market share is the key to BIONADEs success. Conclusion For BIONADE, there is still high potential to raise the growth like in the last few years, especially with entering new markets. {Weiguny 2009 #18} But BIONADE gets harsh critics, especially in Germany, because they had a change of their strategy. {Matthias Benirschke 05.02.2011 #19} It is said BIONADE is not that bio like they say and it is not any more a drink for a better world, and they stopped sponsoring some events. In Germany there is at the moment the threat of losing regular customers because of just trying to gain the highest profit. The target group is very sensible and should be taken very into account. {Matthias Benirschke 05.02.2011 #19} Appendices

Climate Change Effects on Agriculture

Climate Change Effects on Agriculture Climate change is a change in average weather over certain periods of time. Issues about the climate change have been going on for quite some time now. The main issue is of course whether the Earth is experiencing climate change or not. The respond to this issue is surely positive although countless number of arguments is being highlighted regarding this issue. People usually confuse the climate change with the variations of weather that occurs constantly. This is wrong since the climate change is the change in average weather as being stated in the definition earlier. Climate change is also being observed for a certain period of time usually for a long time period ranges from decades to millions of years. Research that have been done and still going on about this issue offer a scientific assurance and great amount of data that supports the argument that the Earth is experiencing climate change. Various types of data like temperature variations, precipitation and wind patterns are us ed regarding this issue. These data record variations since they are affected by the dynamic processes on Earth such as instability of sunlight intensity and in recent times the human activities. Climate change effect all sort of people around the world and but the main group of people that will be affected the most is the poor population of the world. This is based on the facts that they rely mostly on their natural resource base for instance agriculture, fisheries and tourism activities. These types of industries are known as the climate sensitive industries which contribute to a vital number of national gross domestic products (GDP) (11). Agriculture share in total GDP at world stage is approximately 13% in developing countries and 2% in developed countries (5). Australia reliance on agricultural industry is quite significant although it is a developed country. The agriculture industry only contributes approximately 2% of the national GDP in Australia but around 66.7% of its products are being exported and this contributes approximately 18% of total Australian merchandise exports (8). Australian Governments Department of Climate Change reports that the interdependence between agriculture and economy was observed during the terrible droughts in 2002 to 2003 where the gross value of agricultural production decreased by 19% (approximately $32 billion) which accounts for the reduced of GDP by 1% (1). The relation between climate change and agriculture is a subjective matter and researches have been going on for quite some time now to find out what are the effects of climate change on agriculture and also the effects of agriculture on climate change. Most farmers are aware that they have to grow crops and rear animals depending on the local climate. This is important since the weather plays a very important role in determining the quantity and quality of the crops despite a lot of technological advances being introduced like genetically modified organisms, improved irrigation system and seed variation. This fact is being accentuated by Wall and Smit (2005) (4) who said that the main aspects in the success of agri-food sector are the weather and climate conditions. The climate impacts on agriculture are best being observed at local stage rather than at global stage because the impacts are more related to local climate. A detailed insight on the interrelation between climate change and Australian agriculture will be provided in this paper. This is due to the fact that agriculture plays an important role in Australian economy and is at risk caused by the adverse effects of climate change. The projected changes of climate, effects of climate change on the Australian agriculture, effects of Australian agriculture on climate change, ways to lessen the effects by means of mitigation and adaptation will be discussed in detail later in this paper. Australia is a big country and includes various types of climate. The temperature increase is difference from one region to another. In this case, the temperature average is taken into account where the estimated temperature increase is 1à ¢Ã‚ Ã‚ °C to 5à ¢Ã‚ Ã‚ °C in 2070 contrast to that in 1990 (CSIRO and Bureau of Meteorology (BoM), 2007, Table 1.0 in ABARE 200) (8). In general, the coastal areas of Australia will experience smaller number of temperature increase compared to the inland area of Australia. The changes in precipitation level are also being considered in order to observe the changes of climate. This type of change is less definite compared to the changes in temperature and the precipitation patterns are notably different at regional stage (IPCC 2007) (8). According to the modelling, the warming of Earth will anticipated to increase the precipitation level over Southern and Eastern Australia (7). According to CSIRO and BoM (2007), Australia will be expecting 20% more drought months by 2030, by taking the drought months in 1990 as a comparison (8). This number will be increased by 2070 with 40% more drought months are expected in Eastern Australia while 80% more drought months in South Western Australia (8). There will be also an increase in the number of flood occurrence and soils erosion as a results of the high number of precipitation level and longer drought throughout Australia (CSIRO and BoM 2007) (8). According to Garnaut Climate Change Review, the number of days with extreme fire weather will be increase approximately 5% to 25% in 2013 (6). Climate change can be both beneficial and detrimental to the agriculture industry. Which one plays the main role is still in question and arguments are still going on. The sure thing is that the climate change will certainly affect agriculture industry since this industry depends a lot on the climatic conditions. According to the Garnaut Climate Change Review, crop production is affected directly by the temperature changes, average rainfall rate changes, rainfall distribution over a year and rainfall variability (6). For example, temperature increase and rainfall decrease will results in the smaller amount of wheat yields and land values in all agricultural industries including crops, mixed and livestock by approximately 7% to 16% (10). Changes in the important climate variables in Australia are also results in the loss of agricultural production, decrease in crop yields, pasture growth and livestock production returns and increase in the cost of agricultural production (8). Climate change can also be beneficial to the agricultural industry as being said earlier. The beneficial effect includes the increase rate of photosynthesis that leads to higher crop production in certain plants due to the increasing number of carbon dioxide emissions (6). This is supported by John Houghton, the author of the book titled Global Warming by saying that the carbon dioxide fertilisation effect will leads to higher productivity, C3 plants in particular (9). On the other hand, this relation is complex and could possibly be compensate by the temperature increase and decrease in the water availability (1). Climate change effects on the agricultural are usually depends on the geographical aspect of an area and also the capability to adapt to them. According to a report, in mid to high latitude regions, moderate local temperature increase will results in small beneficial effects on crop yields, despite the fact that the same moderate local temperature increase will results in detrimental effects on yield crop (2). In a book titled Global Warming wrote by John Houghton, the writer states that with detailed knowledge of the conditions required by different species and the expertise in breeding techniques and genetic manipulation available today, there should be little difficulty in matching crops to new climatic conditions over large parts of the world (9). The statement is true but unfortunately it is only applicable to crops that take over a year or two to mature. Agriculture itself has its own effect on the climate change. The main reason is because the massive emissions of greenhouse gases which is one of the contributors to global climate change. According to Australian Governments Department of Agriculture, Fisheries and Forestry (DAFF), the Australian agricultural sector is the second highest source for greenhouse gases behind the electricity production, with approximately 18% of the overall national emissions produce by on farm activities (3). The highest amount of emissions (12% of the national greenhouse gas emissions) is methane (CH4), a main greenhouse gas produce by livestock, followed by nitrous oxide (NO2) produce by fertilized soils that contributes 3% of Australias greenhouse gas emissions, and the remaining amount is represented by carbon dioxide (CO2) (3). At world stage, Australias per capita emissions results from agriculture activities contributes to more than six times the world average, more than four times the average Or ganization for Economic CO-operation and Development (OECD) countries emissions and the third highest in OECD (6). It is proven that the Australian agricultural activities are very much vulnerable to the effects of climate change and also the effects of Australian agriculture on global climate change. There are many ways to deal with these two problems. The best ways to deal with this situation are to mitigate to lessen the effects and also to adapt to the foreseeable changes. The effects of agricultural activities on the climate change results in the establishment of international agreement, conventions and conferences as an effort to solve this problem. DAFF has prepared the Action Plan consists of a number of measures focussing on decreasing the CH4 and N2O emissions and discovering further prospect to encourage enhanced efficiency, understanding prospect to decrease the energy use in agriculture, promoting cost efficient alternatives to fossil fuels and developing biosequestration prospect in agriculture (6). Moreover, the emission trading scheme in Australian agriculture industry introduced by the government is also a way to decrease the adverse effects of climate change by making sure that farmers taking appropriate steps to reduce their carbon footprint and at the same increasing the net farm profits (8). Careful and principled approaches have to be taken to make sure that the design of the scheme does not create needless costs on the Australians (6 ). Another method is adaptation. The definition of adaptation is a structure modified to fit a changed environment. In this case, the modification that can be done to face inescapable climate risks. ABARE (2007) reports that the adaptation in agriculture could incorporate altering the species planted to those with more suitable thermal time and vernalisation requirements and with enhanced resistance to heat, frosts or drought; altering application times and quantity of fertiliser or irrigated water to sustain quality and growth; altering pasture rotations and grazing times; and supplying additional feeding to livestock (8). Another step is to increase the efficiency of water delivery which helps in reducing the declines in supply of water for irrigated agriculture due to the climate change (6). The climate change that strike the Earth which results in temperature and precipitation increase plus the greater rate of extreme weather events are understood to have significant effects both beneficial and detrimental on agricultural sector. On the contrary, agriculture industry also contributes to the climate change, mostly owing to the greenhouse gas emissions. Consequently, mitigation and adaptation approaches have to be taken in order to deal with this problem.

Neurofeedback and ADD :: Neurology Disorders Papers

Neurofeedback and ADD What is ADD? ADD is an acronym for Attention Deficit Disorder (this can also be known as ADHD [Attention Deficit Hyperactivity Disorder]). â€Å"Attention-deficit/hyperactivity disorder is characterized by an age-inappropriate level of inattention, with or without impulsivity and overactivity, that occurs across settings, causes functional impairment and cannot be attributed to another disorder† (Mercugliano 831). This is one of the most common psychiatric disorders amongst children today. According to Linder, Habib, and Radojevic (1996), ADD affects between 5% and 15% of children. DSM-IV CRITERIA FOR ADHD A. Either 1 or 2 (or both): 1. Six or more of the following symptoms of inattention have persisted for at least 6 months to a degree that is maladaptive and inconsistent with developmental level: Inattention a. often fails to give close attention to details or makes careless mistakes in schoolwork, work, or other activities b. often has difficulty sustaining attention in tasks or play activities c. often does not seem to listen when spoken to directly d. often does not follow through on instructions and fails to finish schoolwork, chores, or duties in the workplace (not due to oppositional behavior or failure to understand instructions) e. often has difficulty organizing tasks and activities f. often avoids, dislikes, or is reluctant to engage in tasks that require sustained mental effort (such as schoolwork or homework) g. often loses things necessary for tasks or activities (e.g., toys, school assignments, pencils, books, or tools) h. is often easily distracted by extraneous stimuli i. is often forgetful in daily activities 2. Six or more of the following symptoms of hyperactivity-impulsivity have persisted for at least 6 months to a degree that is maladaptive and inconsistent with developmental level: Hyperactivity a. often fidgets with hands or feet or squirms in seat

Euthanasia: A Complex Issue Essay -- Assisted Suicide Essays

Euthanasia is a very controversial issue around the world. Many doctors have conflicting opinions when it comes to this topic. â€Å"Euthanasia is the killing of someone through either an active or passive way of someone who suffers from an illness which arouses pity and who will never get better when asked by either the person himself/herself or his/her friends† (Nevzat). Euthanasia has been around for centuries. When Michael Stolberg narrates the story of Ambroise Parà © in â€Å"Two Pioneers of Euthanasia around 1800,† he informs us that euthanasia was used as early as 1536. In the sad anecdote about the soldier, Stolberg opens the eyes of many to the ways euthanasia is performed. Not all acts of euthanasia are quite this severe. In 1800, Physician Carl Georg Theodor Kortum had various reports of terminally ill patients bound to die a horrible death if not for him. He explained some patients went through a period of not even being able to swallow. They stayed in this period until they slowly lost their sense. Some patients continued to live for another forty-eight hours until finally passing. He explained, â€Å"The only thing one could desire was that a gentle death end the patients suffering† (Stolberg). Some say Kortum could be considered the first physician to publically justify and advise active euthanasia. He saw euthanasia as helping terminally ill patients become comfortable again. Christian Ludwig Mursinna was a very well respected surgeon during this time, as well. Mursinna was the head surgeon at Charità © hospital in Berlin and a professor of surgery. Like Kortum, Mursinna also publically admitted to shortening the suffering of one of his patients. After the patient asked... ...a: Journal of Death & Dying 54.2 (2006): 135-145. Professional Development Collection. EBSCO. Web. 13 Jan. 2011. Stolberg, Michael. â€Å"Two Pioneers of Euthanasia around 1800.† Hastings Center Report. 19-22. Hastings Center, 2008. Health Source – Consumer Edition. EBSCO. Web. 13 Jan. 2011. Stolinsky, M.D, David C. â€Å"Assisted Suicide of the Medicle Profession.† Stolinsky.com. 20 Mar. 2006. Web. 26 Jan. 2011. "Palliative Care vs. Hospice Care - Definition | Get Palliative Care." Palliative Care. Web. 27 Feb. 2011. . Whitney, Simon N., Bryan W. Brown, Howard Brody, Kirsten H. Alcser, Jerald G. Bachman, and Henry T. Greely. "Views of United States Physicians and Members of the American Medicle Association House of Delegates on Physician-assisted Suicide." Journal of General Internal Medicine 16 (20001): 290-96. Print.

Accommodating Differences

Multicultural education seeks to create equal educational opportunities for all students, including those from different racial, ethnic and social-class groups. Multicultural education tries to create equal educational opportunities for all students by changing the total school environment so that it will reflect the diverse cultures and groups within a society and within the nation’s classrooms. We will look at three different diverse groups, some common characteristics, challenges an educator may have to accommodate these groups and what special learning opportunities can be offered by such a group represented in a class. The three groups we will focus on by culture are Haitians, East Asians, and Hispanics. Some common characteristics they share are all these groups’ value learning and education for their children, but they all face discrimination as well, from one time or another in and out of school. They value family as the center of the social structure and consider the father as the lead, the decision maker, the authoritative figure. When these immigrants are mainstreamed into Western American schools, we cannot automatically assume they will merge into our culture, but look into the culture from whence they came in order to understand certain ways and behaviors they may exhibit. â€Å"Special challenges educators have for many, diverse immigrant families, the right to a formal education and all the trappings of school life for their children are very new concepts. It is common for the children to quickly assimilate their peers â€Å"norms† about socializing, homework, growing sense of independence and other activities surrounding school. † (Kramer, 2000) These are just a few of these difference of challenges a teacher will have to overcome to accommodate these groups. For instance, Americans, Haitians, and Hispanics upon meeting, shake hands, opposed to East Asians. East Asians bow, or nod their heads. When the other groups refer to themselves, they point to their chest. East Asians refer to themselves by pointing to their nose. While some groups look at you when you talk, and this is considered respect, but the Asians look at it as being rude. Consider this, if you were at a table and someone blew their nose, you would consider that as being disrespectful or rude. Not the Asians. Here you can see how important it is to understand one’s culture. What special learning opportunities can be offered by such a group represented in class? By teaching your students to value their differences, you are creating a truly global classroom and an appreciation of each other; you are showing them how to appreciate the rest of the world. Expose the students to this variety of cultures throughout the term, which will enable them to be more tolerable of each other’s differences. Make discussing the differences in cultures in you classroom an important part of what you and your students do together. Accept the concerns of parents or guardians who are not part of your culture, may be different from the concerns you may have. If you are sensitive to the potential differences when you speak with parents, you will find yourself asking questions that will help you determine what their goals for their children are before you attempt to impose your own beliefs. Stress the importance of an open-minded attitude about people whose beliefs or lifestyles are different from those of your students, and make sure you model that acceptance as well. Have activities and manipulative as a resource to explain the multi-culture of the diverse student(s) in your classroom. This way, everyone learns about each other. Even if you have lived in your community all your life, take time to learn about its various cultural groups. Understanding how these groups are represented in the school system will help you understand your students better. Although teaching students from many cultures can be challenging, one of the most successes of the public school system in America is the variety of cultures that meet in the classrooms each day. At a time when school systems are scrutinized and criticized from many sides, classroom diversity is one of our nation’s greatest assets. Although some people try to define culture in ethnic or racial terms, a broader definition is more accurate, â€Å"every person belongs to a variety of culture groups delineated by such features as geography, age, economics, gender, religion, interest, or educational evel. † (Diversity in the Community, 1999) Below is an outline of how Social Studies can be used to accommodate diverse students of grades Kindergarten – 12. General Classroom Tips for Meeting Diverse Learning Needs * Relate class to personal real life skills and experiences * Limit expectations to two or three concepts per unit * Evaluate projects rather than doing tradit ional testing * Concentrate on student strengths and bring those strengths into the lesson * Use concise written and oral directions (spoken, written, and oral). Use short answers rather than long essays * Create small group activities * Provide lecture outlines. Pre-teach concept vocabulary, draw pictures, use concept mapping, webbing, organizers, simplify vocabulary * Be aware of academic levels so that reading, vocabulary, and problems can be addressed * Model assignment expectations, show an example of the product * Use multiple intelligences approaches to teaching the same lessons * Use peer tutoring * Use taped materials (text or study guides) (Teaching Strategies for Students with Diverse Learning Needs, 2011) If you ignore the cultural differences among your students, you will create strife and tension. Conversely, if you choose to accept and celebrate those differences, you will find those differences to be a rich resource for your class. By incorporating strategies in the classroom to meet the needs of all the students, and having an environment showing the diverse cultures, every student will learn about each other and every studen t will receive an equal educational opportunity.

Nike, Inc. Case Study

Nike Valuation At North Point Group we believe we have developed the formula for investing success. As you know better than anyone, our Large-cap fund has exceeded all possible expectations in recent years as it outperformed the S&P 500 by 30% with respect to returns in 2000 and has continued the trend into 2001; as of the end of June 2001 it has already produced returns of 6. 4% while the S&P 500 has continued to struggle producing a return of -7. 3%. We believe these results are made possible by our â€Å"workhorses† of the market as we like to call them. For those of you that don’t know these â€Å"workhorses† are our holdings in companies that have been there through the history of modern America. These companies are those such as 3M, General Motors, McDonalds, and ExxonMobil, which have gone through the many roller-coaster type rises and falls that defines our nation’s economy and has utilized these experiences to prosper and grow step for step with our nation. We are here today to share and discuss our recent findings in our search for another candidate worthy of investment from our Large-Cap Fund. The company originally named â€Å"Blue Ribbon Sports,† now Nike Inc. has caught our attention. Initially known for their athletic performance shoes, Nike has developed itself into a sporting good and apparel monster while maintaining their domination in the athletic shoe sector over the last fifty years. In 1997, Nike reached the top of their game in terms of revenue, when they reported $9 billion in revenues in their annual report; however, since then their revenues have been at a virtual stand-still, hovering around $9 billion for the past five years. Despite their lack of improvement in the last half-decade we see progress in their near future, especially with them already well into the stage of recognizing problem issues within the company. They have realized that one of their major issues is that which made them into what they are today, their athletic shoes. They have maintained a large share of the athletic shoe market throughout their history but they have only just recently noticed that this share is slowly diminishing through time, as it has dropped six percent from 1997 to 2000. After taking a step back and looking at the big picture they realized their error in the recent past, they have placed too much of their focus on producing high-end, high-priced athletic shoes and have forgotten about the mid-priced shoes segment which fueled their growth for decades, and yet still remained the producer of 30% of their revenues. This focus will help bring the Nike brand shoe back into the homes of any American home no matter their income level. Along with their shoes, Nike has other plans to rejuvenate their corporate performance. The biggest of all was the acquisition of top exec, the former president and chief executive of the Polo Jeans division of rival Jones Apparel Group, Mindy Grossman. Nike sought out Ms. Grossman because of her exceptional performance in the clothing industry in hopes that she would take their apparel division to the top; a result which is not far beyond belief when considering the vast resources and influence that Nike already possesses. The hopes within the company are that these tweaks to their corporate approach along with some minor cost cutting adjustments in the company’s operations and administration will drive the company up the incline of revenue growth. With Nike reigniting their pursuit for excellence and fueling this fire by restoring their staple, mid-priced athletic shoes fit for every American, to its glory; it’s easy to believe in the potential of Nike, Inc. and jump on the bandwagon. Even though we believe in the potential of Nike, further financial evaluation is necessary before a decision affecting everyone in this room can be made. We got excited about the prospect of Nike becoming part of our fund not because of the name, and the reputation it carries with it, but because of their remarkable success through numerous decades and varying economic conditions. These factors paired with their current economic struggles and the impact those on the market price of Nike makes them a prime value investing candidate. WACC: We choose the weighted average cost of capital to use as our discount rate. We did this because we calculated future cash flows using the free cash flow to the firm method. By using this method we are able to account for the total free cash flows available to the owners after all expenses. This means that debt is accounted for in the intrinsic value of the company. In order to compute the WACC the following inputs must be calculated; cost of equity, after tax cost of debt, weight of equity and weight of debt. In this section of the analysis we will give a step by step breakdown of how we computed those inputs. Cost of Debt: The cost of debt is rate at which a company pays on its current outstanding debt. This rate is comprised of things like loans or bonds. Nike conveniently has only one issue of publicly traded debt. This is a bond that pays a 6. 75% coupon semi-annually. It was issued on 7/15/10 and is mature on 7/15/21. The current market price is $95. 60. To calculate the cost of debt we found the YTM of the only current outstanding bond issue. As of today we are nine days away from a coupon payment on 7/15/01. After this coupon payment there will be 40 more coupon payments. We are making the assumption that a coupon is paid on the date of maturity. As stated the price of the bond listed today is $95. 60. If the bond were actually to be bought and sold the price would need to reflect the interest accrued since the last coupon payment. To calculate this we subtracted the number of days since the last payment, 173, from the number of days in the period, 182 = . 95. We then took that number and multiplied it by the coupon payment divided by 2 in order to realize the coupon payment per period. (6. 75/2)= 3. 375(. 95) = $3. 2. Based on these calculations we have calculated the following inputs to solve for the YTM. Cost of Equity: The cost of equity is the return that stockholders require to invest in a company. There are many different ways to compute this value. We will look at CAPM, DDM and the earnings capitalization ratio. CAPM: We looked at two different ways to calculate CAPM. First using the 3 month T-Bill as a risk free rate (3. 59%) along with the arithmetic average of returns from 1926-1999 (7. 50%) to calculate the market risk premium. We used a beta of . 8 which is the average of the last 6 years. We believe this to be a good estimate because it accounts for volatility and decreased possible variance. Below is our calculation for the cost of equity. In the alternative CAPM model we used the 10 year Treasury bond as the risk free rate instead of the 3 month. We also used the geometric average of historical returns as the market risk premium. Below is the estimation of the alternative Cost of Equity. We believe that the second calculation of the CAPM using the 10 year bond and the geometric average is a more accurate representation of the cost of equity. The 10 year bond rate is a better indication of the real risk free rate since the fund is looking at value stocks which are generally held for longer periods of time. The geometric mean is also a more realistic calculation of the market risk premium because it calculated real return, as opposed to the arithmetic average which is just a straight average calculation. DDM: The calculation of the dividend discount model required a dividend growth rate and the current stock price. We obtained the dividend growth rate of 5. 5% from Valueline. The current share price is $42. 09. The calculation of the cost of capital using the DDM is below. The dividend discount model works best with companies that follow the constant slow growth path. This is because their dividends are generally a good reflection of earnings. Since Nike is not a slow growing company and their dividends are not highly correlated with changes in earnings we do not recommend using the DDM to estimate the cost of equity. Earnings Capitalization Rate: The earnings cap rate is the opposite of the P/E ratio. The inputs include an implicit growth rate which we calculated by multiplying current ROE by the current retention ratio of earnings. This growth rate is used to project EPS for the next year. The inputs and calculation of the cost of equity is shown below. The earnings capitalization ratio is not a good estimate of the cost of equity for the same reason the DDM was not a good model. This is because the retention ratio and the dividend payout ratio are dependent on each other. Since the dividend payout ratio is not a good indication of earnings than neither is a model that uses the retention ratio. Value of Debt: To effectively calculate the value of debt we used the market value of debt instead of the book value. This gives a better approximation of the current value of the debt. To calculate the market value we discounted the LT debt value that we obtained from the balance sheet. Below are the inputs and the present value of the LT debt. In addition to the market value of long term debt we need to add short term debt. This includes the current LT debt payment and the notes payable as found on the 2001 balance sheet. After adding these values we obtained the total market value of debt. Value of Equity: To find the value of the equity we used the market value of the current equity instead of using the book value. The market equity is calculated by multiplying the current number of shares by the current market price. Calculation is shown below. Capital Structure: Based on the market value of the debt and equity we calculated the capital structure. The numbers are shown below. {draw:frame} {draw:frame} WACC Calculation: To calculate the WACC we combined the weights of equity and value with the cost of each. The equation is as follows: {draw:line} {draw:line} {draw:line} {draw:line} (11,503/12,550) X 3. 42% + (1,047/12,550) X 2. 12% = 9. 44% {draw:custom-shape} {draw:custom-shape} {draw:custom-shape} {draw:custom-shape} Discounted Cash Flow Analysis: Revenue: To have a better estimate of Nike’s current condition, we calculated its discounted cash flow in order to find its NPV and a more realistic measure of Nike’s share price. We estimate that in the next 10 years Nike will have a revenue growth ranging from 6 to 7 percent. In 2002, revenue growth is projected to be at 7 percent. From 2003 to 2005, revenue growth will be 6. 5 percent. In the last 6 years of the forecast, Nike will experience a growth rate of 6 percent. The rationale behind this sales growth forecast is that Nike will be developing more midpriced shoes and increasing its apparel line. The midpriced shoes will offer consumers more affordable selection so sales are likely to increase. Nike’s plan to push its apparel line is also a good strategy to increase sales because athletic apparel is a good complementary to their shoes. Revenue growth will kick off with a good start but it’s projected to fall slightly to a more sustainable growth rate. COGS, SG&A: As Nike’s sales rate slowly declines in the next 10 years, their percentage of Cost of Goods Sold over Sales and Selling, General & Administrative percentage also decline. Nike plans to cut costs in the next 10 years. So as their costs decrease and sales increase, their percentage of COGS and SG&A to sales will decrease. NWC: Next, we calculated Nike’s change in net working capital. Net working capital is current assets minus current liabilities. To do this, we took the average of Nike’s asset in percentage to sales and liabilities over sales for the last 4 years. (Refer to Exhibit A). We then take those numbers and multiply it by the projected revenue to get the project current assets and current liabilities for the next 10 years. We took the difference to get the net working capital. The change in net working capital would be just the difference of one year to the next. Exhibit A. CAPEX, net Depr: We calculated the Capital Expenditure and depreciation using a similar model. The 2001 Nike annual report gave us some guidance that CAPEX would not increase in 2002 from the previous year. Based on an increasing cost of depreciation we forecasted 2002 CAPEX net Depr. to be $120 million. Using this projected 2002 value and the three years previous we calculated an average CAPEX net Depr. (See Exhibit B) We feel this average is the best way to estimate an unpredictable CAPEX number. We used this average in our forecasts through 2011. Exhibit B. Free Cash Flow: After we attain all the CAPEX and the change in NWC, we were able to do a ash flow by taking our net operating income after tax less CAPEX and NWC. For our terminal value, we used the Gordon growth model with a 3 percent growth rate. In our terminal value, we added back the CAPEX value because capital expenditure will eventually be zero in the future. We feel that it won’t be accurate to have a negative value for CAPEX fo r our terminal value. After calculating the future cash flows for Nike, we were able to find the intrinsic value of the company. Using our WACC of 9. 44 percent, we attained a NPV of $15,963 million. During this time, Nike had a current debt balance of about $1,047 million. We subtracted the debt from the NPV to get an equity value for the company of about $14,916 million. We took Nike’s equity value and divided by their total number of shares outstanding of 273. 3 for 2001 and got a price of $54. 58. Compared to the current market price of Nike’s stock of only $42. 09, Nike’s stock is undervalued by almost 30 percent. Based on our new estimates of Nike’s value, we think that these numbers reflect the company better than what the market says. We also did a sensitivity analysis of Nike’s stock using various discount rates. We can see that even at a discount rate of 12 percent, Nike’s stock would be $44. 7. This is still about $2 more than what the market valued Nike. Conclusion: Knowing that our key to success has been a value investing approach to Large-Cap mutual funds, it is easy to see that we are recommending the investment in Nike, Inc. on the basis of the findings of our financial analysis, which reports t he company as undervalued by over 29%. Essentially we are saying that according to our best analysis we believe that the company should be valued by the market at a price 29% higher than it currently is. In terms of stock price this is saying that although Nike is currently selling at $42. 9 we believe it should be priced at $54. 58. It is easy to figure out how this creates value for you as investors as long as Nike stays true to form and true to their word. We do not see the powers that be letting Nike die; they recommitted themselves and the company to excellence and have taken appropriate action to signify their sincerity. Their modifications to expenses in combination with their push of apparel and shoes, which despite its decline in market share is responsible for 30% of Nike’s revenues, will bring Nike out of their current slump. They will ake this happen over time by slowly working down expenses, in particular cost of goods sold and selling and administration expense, while working to increase revenues. We feel very strongly on the accuracy of both our analytical and corporate analysis in part because despite increasing selling and administrative expenses and fluctuating revenues Nike has ended each fiscal year for the last few years with a positive economic value added result. Over the past three years Nike has ended with an average EVA of $387 million, showing that they can go above and beyond market and investor expectations even while in a slump. Nike, Inc. Case Study Nike Valuation At North Point Group we believe we have developed the formula for investing success. As you know better than anyone, our Large-cap fund has exceeded all possible expectations in recent years as it outperformed the S&P 500 by 30% with respect to returns in 2000 and has continued the trend into 2001; as of the end of June 2001 it has already produced returns of 6. 4% while the S&P 500 has continued to struggle producing a return of -7. 3%. We believe these results are made possible by our â€Å"workhorses† of the market as we like to call them. For those of you that don’t know these â€Å"workhorses† are our holdings in companies that have been there through the history of modern America. These companies are those such as 3M, General Motors, McDonalds, and ExxonMobil, which have gone through the many roller-coaster type rises and falls that defines our nation’s economy and has utilized these experiences to prosper and grow step for step with our nation. We are here today to share and discuss our recent findings in our search for another candidate worthy of investment from our Large-Cap Fund. The company originally named â€Å"Blue Ribbon Sports,† now Nike Inc. has caught our attention. Initially known for their athletic performance shoes, Nike has developed itself into a sporting good and apparel monster while maintaining their domination in the athletic shoe sector over the last fifty years. In 1997, Nike reached the top of their game in terms of revenue, when they reported $9 billion in revenues in their annual report; however, since then their revenues have been at a virtual stand-still, hovering around $9 billion for the past five years. Despite their lack of improvement in the last half-decade we see progress in their near future, especially with them already well into the stage of recognizing problem issues within the company. They have realized that one of their major issues is that which made them into what they are today, their athletic shoes. They have maintained a large share of the athletic shoe market throughout their history but they have only just recently noticed that this share is slowly diminishing through time, as it has dropped six percent from 1997 to 2000. After taking a step back and looking at the big picture they realized their error in the recent past, they have placed too much of their focus on producing high-end, high-priced athletic shoes and have forgotten about the mid-priced shoes segment which fueled their growth for decades, and yet still remained the producer of 30% of their revenues. This focus will help bring the Nike brand shoe back into the homes of any American home no matter their income level. Along with their shoes, Nike has other plans to rejuvenate their corporate performance. The biggest of all was the acquisition of top exec, the former president and chief executive of the Polo Jeans division of rival Jones Apparel Group, Mindy Grossman. Nike sought out Ms. Grossman because of her exceptional performance in the clothing industry in hopes that she would take their apparel division to the top; a result which is not far beyond belief when considering the vast resources and influence that Nike already possesses. The hopes within the company are that these tweaks to their corporate approach along with some minor cost cutting adjustments in the company’s operations and administration will drive the company up the incline of revenue growth. With Nike reigniting their pursuit for excellence and fueling this fire by restoring their staple, mid-priced athletic shoes fit for every American, to its glory; it’s easy to believe in the potential of Nike, Inc. and jump on the bandwagon. Even though we believe in the potential of Nike, further financial evaluation is necessary before a decision affecting everyone in this room can be made. We got excited about the prospect of Nike becoming part of our fund not because of the name, and the reputation it carries with it, but because of their remarkable success through numerous decades and varying economic conditions. These factors paired with their current economic struggles and the impact those on the market price of Nike makes them a prime value investing candidate. WACC: We choose the weighted average cost of capital to use as our discount rate. We did this because we calculated future cash flows using the free cash flow to the firm method. By using this method we are able to account for the total free cash flows available to the owners after all expenses. This means that debt is accounted for in the intrinsic value of the company. In order to compute the WACC the following inputs must be calculated; cost of equity, after tax cost of debt, weight of equity and weight of debt. In this section of the analysis we will give a step by step breakdown of how we computed those inputs. Cost of Debt: The cost of debt is rate at which a company pays on its current outstanding debt. This rate is comprised of things like loans or bonds. Nike conveniently has only one issue of publicly traded debt. This is a bond that pays a 6. 75% coupon semi-annually. It was issued on 7/15/10 and is mature on 7/15/21. The current market price is $95. 60. To calculate the cost of debt we found the YTM of the only current outstanding bond issue. As of today we are nine days away from a coupon payment on 7/15/01. After this coupon payment there will be 40 more coupon payments. We are making the assumption that a coupon is paid on the date of maturity. As stated the price of the bond listed today is $95. 60. If the bond were actually to be bought and sold the price would need to reflect the interest accrued since the last coupon payment. To calculate this we subtracted the number of days since the last payment, 173, from the number of days in the period, 182 = . 95. We then took that number and multiplied it by the coupon payment divided by 2 in order to realize the coupon payment per period. (6. 75/2)= 3. 375(. 95) = $3. 2. Based on these calculations we have calculated the following inputs to solve for the YTM. Cost of Equity: The cost of equity is the return that stockholders require to invest in a company. There are many different ways to compute this value. We will look at CAPM, DDM and the earnings capitalization ratio. CAPM: We looked at two different ways to calculate CAPM. First using the 3 month T-Bill as a risk free rate (3. 59%) along with the arithmetic average of returns from 1926-1999 (7. 50%) to calculate the market risk premium. We used a beta of . 8 which is the average of the last 6 years. We believe this to be a good estimate because it accounts for volatility and decreased possible variance. Below is our calculation for the cost of equity. In the alternative CAPM model we used the 10 year Treasury bond as the risk free rate instead of the 3 month. We also used the geometric average of historical returns as the market risk premium. Below is the estimation of the alternative Cost of Equity. We believe that the second calculation of the CAPM using the 10 year bond and the geometric average is a more accurate representation of the cost of equity. The 10 year bond rate is a better indication of the real risk free rate since the fund is looking at value stocks which are generally held for longer periods of time. The geometric mean is also a more realistic calculation of the market risk premium because it calculated real return, as opposed to the arithmetic average which is just a straight average calculation. DDM: The calculation of the dividend discount model required a dividend growth rate and the current stock price. We obtained the dividend growth rate of 5. 5% from Valueline. The current share price is $42. 09. The calculation of the cost of capital using the DDM is below. The dividend discount model works best with companies that follow the constant slow growth path. This is because their dividends are generally a good reflection of earnings. Since Nike is not a slow growing company and their dividends are not highly correlated with changes in earnings we do not recommend using the DDM to estimate the cost of equity. Earnings Capitalization Rate: The earnings cap rate is the opposite of the P/E ratio. The inputs include an implicit growth rate which we calculated by multiplying current ROE by the current retention ratio of earnings. This growth rate is used to project EPS for the next year. The inputs and calculation of the cost of equity is shown below. The earnings capitalization ratio is not a good estimate of the cost of equity for the same reason the DDM was not a good model. This is because the retention ratio and the dividend payout ratio are dependent on each other. Since the dividend payout ratio is not a good indication of earnings than neither is a model that uses the retention ratio. Value of Debt: To effectively calculate the value of debt we used the market value of debt instead of the book value. This gives a better approximation of the current value of the debt. To calculate the market value we discounted the LT debt value that we obtained from the balance sheet. Below are the inputs and the present value of the LT debt. In addition to the market value of long term debt we need to add short term debt. This includes the current LT debt payment and the notes payable as found on the 2001 balance sheet. After adding these values we obtained the total market value of debt. Value of Equity: To find the value of the equity we used the market value of the current equity instead of using the book value. The market equity is calculated by multiplying the current number of shares by the current market price. Calculation is shown below. Capital Structure: Based on the market value of the debt and equity we calculated the capital structure. The numbers are shown below. {draw:frame} {draw:frame} WACC Calculation: To calculate the WACC we combined the weights of equity and value with the cost of each. The equation is as follows: {draw:line} {draw:line} {draw:line} {draw:line} (11,503/12,550) X 3. 42% + (1,047/12,550) X 2. 12% = 9. 44% {draw:custom-shape} {draw:custom-shape} {draw:custom-shape} {draw:custom-shape} Discounted Cash Flow Analysis: Revenue: To have a better estimate of Nike’s current condition, we calculated its discounted cash flow in order to find its NPV and a more realistic measure of Nike’s share price. We estimate that in the next 10 years Nike will have a revenue growth ranging from 6 to 7 percent. In 2002, revenue growth is projected to be at 7 percent. From 2003 to 2005, revenue growth will be 6. 5 percent. In the last 6 years of the forecast, Nike will experience a growth rate of 6 percent. The rationale behind this sales growth forecast is that Nike will be developing more midpriced shoes and increasing its apparel line. The midpriced shoes will offer consumers more affordable selection so sales are likely to increase. Nike’s plan to push its apparel line is also a good strategy to increase sales because athletic apparel is a good complementary to their shoes. Revenue growth will kick off with a good start but it’s projected to fall slightly to a more sustainable growth rate. COGS, SG&A: As Nike’s sales rate slowly declines in the next 10 years, their percentage of Cost of Goods Sold over Sales and Selling, General & Administrative percentage also decline. Nike plans to cut costs in the next 10 years. So as their costs decrease and sales increase, their percentage of COGS and SG&A to sales will decrease. NWC: Next, we calculated Nike’s change in net working capital. Net working capital is current assets minus current liabilities. To do this, we took the average of Nike’s asset in percentage to sales and liabilities over sales for the last 4 years. (Refer to Exhibit A). We then take those numbers and multiply it by the projected revenue to get the project current assets and current liabilities for the next 10 years. We took the difference to get the net working capital. The change in net working capital would be just the difference of one year to the next. Exhibit A. CAPEX, net Depr: We calculated the Capital Expenditure and depreciation using a similar model. The 2001 Nike annual report gave us some guidance that CAPEX would not increase in 2002 from the previous year. Based on an increasing cost of depreciation we forecasted 2002 CAPEX net Depr. to be $120 million. Using this projected 2002 value and the three years previous we calculated an average CAPEX net Depr. (See Exhibit B) We feel this average is the best way to estimate an unpredictable CAPEX number. We used this average in our forecasts through 2011. Exhibit B. Free Cash Flow: After we attain all the CAPEX and the change in NWC, we were able to do a ash flow by taking our net operating income after tax less CAPEX and NWC. For our terminal value, we used the Gordon growth model with a 3 percent growth rate. In our terminal value, we added back the CAPEX value because capital expenditure will eventually be zero in the future. We feel that it won’t be accurate to have a negative value for CAPEX fo r our terminal value. After calculating the future cash flows for Nike, we were able to find the intrinsic value of the company. Using our WACC of 9. 44 percent, we attained a NPV of $15,963 million. During this time, Nike had a current debt balance of about $1,047 million. We subtracted the debt from the NPV to get an equity value for the company of about $14,916 million. We took Nike’s equity value and divided by their total number of shares outstanding of 273. 3 for 2001 and got a price of $54. 58. Compared to the current market price of Nike’s stock of only $42. 09, Nike’s stock is undervalued by almost 30 percent. Based on our new estimates of Nike’s value, we think that these numbers reflect the company better than what the market says. We also did a sensitivity analysis of Nike’s stock using various discount rates. We can see that even at a discount rate of 12 percent, Nike’s stock would be $44. 7. This is still about $2 more than what the market valued Nike. Conclusion: Knowing that our key to success has been a value investing approach to Large-Cap mutual funds, it is easy to see that we are recommending the investment in Nike, Inc. on the basis of the findings of our financial analysis, which reports t he company as undervalued by over 29%. Essentially we are saying that according to our best analysis we believe that the company should be valued by the market at a price 29% higher than it currently is. In terms of stock price this is saying that although Nike is currently selling at $42. 9 we believe it should be priced at $54. 58. It is easy to figure out how this creates value for you as investors as long as Nike stays true to form and true to their word. We do not see the powers that be letting Nike die; they recommitted themselves and the company to excellence and have taken appropriate action to signify their sincerity. Their modifications to expenses in combination with their push of apparel and shoes, which despite its decline in market share is responsible for 30% of Nike’s revenues, will bring Nike out of their current slump. They will ake this happen over time by slowly working down expenses, in particular cost of goods sold and selling and administration expense, while working to increase revenues. We feel very strongly on the accuracy of both our analytical and corporate analysis in part because despite increasing selling and administrative expenses and fluctuating revenues Nike has ended each fiscal year for the last few years with a positive economic value added result. Over the past three years Nike has ended with an average EVA of $387 million, showing that they can go above and beyond market and investor expectations even while in a slump.