Evaluating a Health Promotion Website: Smoking Cessation

Assessing a Health Promotion Website: Smoking Cessation Presentation: With the end goal of this task and dependent on the webquest, I have picked Essay 2, assessing a wellbeing advancement site. The present wellbeing advancement theme I have chosen is smoking discontinuance. The National Health Service (NHS) has set up a â€Å"Go Smokefree† Services and a NHS smoking helpline in addition to a site offering free guidance on halting smoking and subtleties of your nearby NHS Stop Smoking Services (NICE 2006). The justification for this decision is that having finished a position on a respiratory ward thinking about patients with many smoking related sicknesses, it is significant for me as a grown-up branch medical caretaker to examine wellbeing advancement issues, and to be fully informed regarding current data so as to help instruct individuals and permit them to settle on educated decisions in regards to their wellbeing, particularly the medical advantages of halting smoking. The Nursing and Midwifery Council (NMC 2008) states that it is significant for attendants to guarantee that any exhortation or data given to patients is proof based. Smoking is a since a long time ago settled wellbeing peril and it is the biggest avoidable reason for unexpected losses in the UK (DOH 2007). It influences practically all parts of nursing as a result of the wide scope of sicknesses and conditions which it causes. A wide range of medical issues are connected to taking in recycled smoke, so smokers hazard the soundness of others just as their own. Nearly everybody realizes that smoking is terrible for their wellbeing however regardless of realistic pictures of darkened lungs and destructive developments in specialists lounge areas and on cigarette bundles individuals begin smoking or keep on smoking. So as to assess the data from my picked site I will utilize a structure (Kapoun 1998). The explanation behind utilizing this structure is on the grounds that his methodology bolsters the task rules, which incorporate; an outline of the site; the author’s validity; content exactness; content objectivity or predisposition; and the money of the substance. Precision: Having settled regarding the matter, smoking discontinuance I looked through the World Wide Web, utilizing the Google web index utilizing the models. I composed in flow wellbeing advancements smoking, UK search as it were. This showed 240,000 outcomes, the main return was www.nhs.uk/smokefree and I chose to utilize this one. The page is created by the NHS and has no individual creator. The site contains offices for email should you experience any troubles with utilizing the site, and an immediate contact phone number for help and counsel. The motivation behind the record and the explanation behind its creation (Kapoun 1998) is to give data on the advantages of halting smoking; it accomplishes this by offering exhortation on the web, and an office to download rousing DVDs and quit smoking aides. The site is planned for giving data to all age gatherings and segments of the smoking populace, with data and encouraging groups of people accessible in numerous dialects and arrangements incl uding Braille. The site likewise gives numerous offices to social insurance experts to arrange different help materials like pamphlets. In recognizing the creator and the website admin (Kapoun 1998) the creator of the webpage who delivers the substance of the page is the NHS, yet the webpage website admin who keeps up the site isn't appeared as a different body. The NHS as the significant human services supplier in the UK is more than qualified to compose this record (Kapoun 1998) as they approach all divisions of wellbeing data and assets, in addition to government measurements and systems. Authority: As examined in the past subheading the site distributer isn't indicated independently from the website admin, yet the copyright is held by the Department of Health (DOH 2007) for which no location is appeared. The URL address is www.smokefree.nhs.uk and the area is www.nhs.uk which plainly shows the report is distributed in the United Kingdom. The distributer doesn't list any capabilities yet the pre-greatness of the NHS would loan power to the report. Objectivity: The site achieves its objectives (Kapoun 1998). It accomplishes its goals by making accessible data on the advantages of halting smoking, the wellbeing dangers and money related expenses of proceeding to smoke. For instance the online number cruncher shows that the expense of smoking 40 cigarettes for each day is  £300 every month, or  £37,000 throughout the following twenty years. The data is point by point and clarified in common non-clinical terms, making it effectively lucid for the normal individual. The site was clearly non-business, there was no outer publicizing, and the thought processes of the site were plainly pointed distinctly at discouraging individuals from beginning to smoking and convincing them to stop. I feel that the NHS site was a brilliant wellspring of data; it had connections to the national measurements site and connections to the DOH site which unmistakably expressed that it was a division of the administration with ecclesiastical duty, which plainly add s to its position (Kapoun 1998). It had content for the layman looking for help to quit smoking, through to experts, arranging neighborhood and provincial smoking suspension activities. As I would see it this site gave a target perspective, since it introduced the realities, the alternatives, costs, the wellbeing dangers and advantages without being judgemental, or one-sided against the smoking minority. By correlation, the Action on Smoking and Health (Ash) site introduced its data in an increasingly obstinate way, the site had the vibe of a campaign about it, instead of influence and offering data and backing, it appeared to depict smokers as casualties of the tobacco business unequipped with the expectation of complimentary decision. The site gives data on halting smoking, and the advantages and helps to stopping, yet the site feels like an enemy of tobacco organization crusade as opposed to a site advancing the advantages of halting smoking. The site didn't appear to be objectiv e, as it introduced its data and insights in a more judgemental and one-sided way. The substance of this site while containing data on stopping smoking and the advantages of stopping smoking showed up for the most part political with an intention of forbidding the offer of tobacco. I feel that this site had a thoroughly negative way to deal with discouraging smokers, and all the more an oppressive viewpoint. In further examination the Nicorette.co.uk seemed genuine in as much as it offered comparable insights as the NHS site yet in an a lot less complex configuration. The data was anything but difficult to peruse, yet it was pointed uniquely at the general smoking open. In spite of the fact that it gives you the conceivable medical advantages, and the expenses of smoking which are in concurrence with the NHS site, it is obviously a business site, advancing its own nicotine substitution treatments, in spite of the fact that they do state on the entirety of their website pages, that h alting smoking â€Å"does require willpower†, which would deduce that the items promoted are just a guide and not a fix. In contrast to (ASH) the substance of the site doesn't condemn smokers or the tobacco organizations, anyway as a business element, it would not be to their greatest advantage if tobacco was restricted which may show an implicit inclination for tobacco. Money: The site gives off an impression of being modern as it was set up toward the beginning of the NHS â€Å"smokefree† battle in 2007, albeit no particular update data accessible. The entirety of the connections were working and had all the earmarks of being refreshed normally, as there was data on every present battle for February 2009 (Kapoun 1998). A present crusade dated second February 2009 is intended to make the results of smoking during pregnancy progressively close to home by clarifying how smoking denies the infant of oxygen and makes the children heart beat quicker (DOH 2008). Inclusion: The site has all the earmarks of being totally independent with not many outer connections (Kapoun 1998). The entire archive has all the earmarks of being very even with pictures, recordings text and illustrations. For instance, a few TV famous people in the wake of being offered guidance and backing from neighborhood NHS quit smoking counsels have recorded video journals of their own encounters of halting smoking, which are accessible to see on the web, or you can likewise arrange a DVD for nothing out of pocket. There is no exceptional programming prerequisites expected to see the data on the site, no program suggestions are given, nor are there any charges payable to utilize the site, in addition to all downloads and limited time material is free (Kapoun 1998). There are openness choices of enormous content for individuals who are outwardly hindered. The data on the site is for the most part in the open area, which means there is no copyright, and no references are appeared. End: Early introductions of the site were extremely positive and this carried on through as I read the material and followed the connections. The site is top notch and all the connections worked, the site was anything but difficult to utilize, intriguing and appealing. There is an abundance of data on the impacts of smoking, social impacts (recolors your teeth and garments smell), the consequences for different people groups wellbeing (recycled smoke), the money related expenses (to the smoker) and not least the colossal antagonistic consequences for the smoker’s wellbeing. The site similarly elevated the tremendous advantages to be picked up by halting smoking, significantly after numerous long stretches of smoking. All data downloads, and limited time material is free. There are phones lines for help and guidance; addresses for local focuses were additionally accessible. I figured the site would be of extraordinary help to numerous individuals who really needed to stop smoking, t he help and counsel offered was far reaching, and furthermore had offices for social insurance experts, specialist co-ops and businesses on the best way to allude smokers to NHS administrations, bolster smokers in halting, and plan the conveyance of smoking end administrations (NICE 2008). The site strategy and pri

Conjugation of Regular Spanish Verbs in the Subjunctive Mood

Conjugation of Regular Spanish Verbs in the Subjunctive Mood Aside from those uncommon not many of us who can learn action word conjugations without exertion, acing them eventually will require repetition retention. While the action word structures can be confounding from the outset, with use they become normal as conjugations in the local tongue. The rundowns beneath show the types of the subjunctive for normal action words; see singular postings for unpredictable action words. Interpretations are given for clearness in recognizing the tenses, in actuality, different interpretations can be utilized. Present subjunctive, standard - ar action words: Remove the - o from the particular first-individual characteristic structure and include the proper closure: - e, - es, - e, - emos, - à ©is, en. que yo hable (that I talk) que tã º hables (that you talk) que à ©l/ella/usted hable (that he/she/you talk) que nosotros/nosotras hablemos (that we talk) que vosotros/vosotras hablã ©is (that you talk) que ellos/ellas/ustedes hablen (that they/you talk) Present subjunctive, standard - er and - ir action words: Remove the - o from the particular first-individual characteristic structure and include the proper closure: - a, - as, - a, - amos, - is, an. que yo trance like state (that I eat) que tã º trance like states (that you eat) que à ©l/ella/usted extreme lethargies (that he/she/you eat) que nosotros/nosotras comamos (that we eat) que vosotros/vosotras comis (that you eat) que ellos/ellas/ustedes coman (that they/you eat) Defective subjunctive of ordinary action words: Remove the - on from the third-individual characteristic plural preterite structure and include the fitting consummation: - a, - as, - a, - amos, - ais, an. Put the weight on the last syllable of the stem in the nosotros structure. que yo hablara (that I talked) que tã º hablaras (that you talked) que à ©l/ella/usted hablara (that he/she/you talked) que nosotros/nosotras hablramos (that we talked) que vosotros/vosotras hablarais (that you talked) que ellos/ellas/ustedes hablaran (that they/you talked) que yo comiera (that I ate) que tã º comieras (that you ate) que à ©l/ella/usted comiera (that he/she/you ate) que nosotros/nosotras comiã ©ramos (that we ate) que vosotros/vosotras comierais (that you ate) que ellos/ellas/ustedes comieran (that they/you ate) There is likewise a less basic type of this strained is utilized essentially recorded as a hard copy, particularly writing. It is only from time to time heard in discourse in many districts. It is conjugated as above, with the exception of the - ra-becomes - se-. It regularly isn't important to remember this structure, however you ought to have the option to remember it when you see it. que yo hablase (that I talked) que tã º hablases (that you talked) que à ©l/ella/usted hablase (that he/she/you talked) que nosotros/nosotras hablsemos (that we talked) que vosotros/vosotras hablaseis (that you talked) que ellos/ellas/ustedes hablasen (that they/you talked) que yo comiese (that I ate) que tã º comieses (that you ate) que à ©l/ella/usted comiese (that he/she/you ate) que nosotros/nosotras comiã ©semos (that we ate) que vosotros/vosotras comieseis (that you ate) que ellos/ellas/ustedes comiesen (that they/you ate) Present impeccable subjunctive: Use the current subjunctive type of haber (which is unpredictable) and tail it with the past participle. que yo haya salido (that I have left) que tã º hayas salido (that you have left) que à ©l/ella/you haya salido (that he/she/you have left) que nosotros hayamos salido (that we have left) que vosotros/vosotras hayis salido (that you have left) que ellos/ellas/ustedes hayan salido (that they/you have left) Past impeccable subjunctive (pluperfect): Use the past subjunctive type of haber and tail it with the past participle. Albeit both the - ra and - se-types of haber are conceivable, the previous is progressively normal and is demonstrated as follows. que yo hubiera salido (that I had left) que tã º hubieras salido (that you had left) que à ©l/ella/usted hubiera salido (that he/she/you had left) que nosotros hubiã ©ramos salido (that we had left) que vosotros/vosotras hubieris salido (that you had left) que ellos/ellas/ustedes hubieran salido (that they/you had left)

Slam Dunked

Slam Dunked My high school academic life was by no means a cruise through pleasant waters. It had its several current peaks and rocky outbursts, challenges I found myself learning to deal with as time fled. I was part of the school’s ultra-small math olympiad class, and spent a significant number of hours outside my normal classes dealing with things like geometric invariants, number theory and unruly combinatorics problems. In eleventh grade, a sort of climax emerged. I was on the path to being part of Nigeria’s International Mathematics Olympiad team, and if I wanted to turn probability into certainty, I had to make a few sacrifices. Specifically, I was allowed into a program of learning that swapped two-seventh of my regular classes with olympiad classes, but I use “swapped” here very loosely. I would still receive grades for the regular classes I was missing, and needed to make up for them in what little free time I had. It was my most stressful high school semester, a stormy set of months that found me working past midnight on most nights trying to finish up difficult olympiad problems while trying to catch up on voluminous notes from regular classes. I barely made an “A” at the end of the semester, a grade that was necessary if I wanted to remain on scholarship. Looking back on this memory, I realize I had thought it had been one of those sappy, happy tales of triumphâ€"out of the roaring flames come the strongest steel. Out of the difficult semester had come a sense of time management and prioritization-skill that would let me handle anything thrown my way. Last week, MIT laughed at this happy ending and tore it to pieces. There was still a lot I had to learn. Many MIT students you talk to will understand a distinct “transition” from high school to the Institute. They’ll recognize that while high school might have been anywhere from easy sailing to a fairly time-consuming cross-country race, MIT morphed into this full-blown restless marathon that demanded more energy than you might have ever thought necessary. The most difficult of problem sets will consume your time, sometimes without any clear results; midterm results will strip you of the pride-laden identity of “being on top” that might have defined your high school years. You’ll work hard, really hard, but you can get used to it; you’ll strike this balance between work and relaxation that will make you love MIT and appreciate work. I thought I’d found this balance, up until last week. Last week, I had two midterms and two p-sets. Normally, this should have been a stressful weekâ€"aren’t most weeks hereâ€"but not enough to warrant this much reflection. The reason the week sent me buckling to my knees with more force than was needed was because I still lacked somethingâ€"balance, time-management, something. In my first few weeks here, I got a fair taste of how much time my classes demanded. I could expect to expend between five to eight hours on every problem set or paper, and a little more outside of that doing some additional studying. I could expect to start a problem set on Tuesday afternoon and get done by midnight with a few breaks in between. Once or twice, there’d be a super-weird p-set that demanded just a bit more time, but for the most part, I had figured out how the system of the first semester worked for me, and I had adjusted to it. Then boom. Monday Afternoon. I studied my schedule and realized I had a physics p-set due and a bio midterm on Wednesday. I spent the rest of Monday studying for the midterm, and realized that somehow, things were getting out of my grip. Somehow, the material I needed to understand seemed to have quadrupled in the space of no time, and I felt that I really needed a lot more time if I was to do half-decently on the midterm. I tried old problem sets and exams, but they just consumed time horrendously while leaving me half-confused. I was mixing up similar ideas for similar concepts, and it was around three a.m. on a Tuesday morning when, weak-eyed and drained, I told myself that I had an entire day ahead of me, enough time to figure out whatever was going on in these suddenly mysterious tales of protein localization and restriction enzymes. Tuesday morning slid along. I was reluctant to get up from bedâ€"I always am, reallyâ€"but I managed to…after shutting off three consecutive alarms. Classes rolled along from noon to five p.m., and I got back to my room feeling somewhat disoriented. For some reason, I really wanted to sleep again…but I did have a midterm the next day and a p-set due. It was barely dark yet. I still had time. I watched a few videos from MIT’s OpenCourseWare site, which hosts an infinite collection of past lectures, and tried to sort through my Biology notes. I spent a good while going through them, often pausing to remark at how awful my diagrams were, and took a break only when my stomach began growling. I needed food. I had dinner and returned to work. After shifting through several pages of detail and pictures, I tried online problem sets from edX, an online educational resource. There…there was still something wrong. For the most part, I felt as though I had a good grasp on the general concepts, but when I faced problems, similar ideas to tackle them swam to the forefront of my mind, but I knew that the contrast in those ideas made the difference between a correct and an incorrect answer, and I had somehow turned all the relevant information into a sludge of concepts I could barely distinguish. Was polyadenylation for eukaryotic DNA templates or prokayortic ones? Was a distinction made between the two? I couldn’t remember. I did a few practice exams. You need to understand these things just a bit more, they seemed to smugly suggest. “You need to sleep,” my roommate told me. He had just finished up a p-set and was wrapping himself under a snug blanket. “It’s late…you’ll do fine.” “Soon…” I mumbled wearily to him. “I’ll be fine…just a little more time…trying to understand what’s going on…” It was close to three a.m. when I slept, waking up six hours later to prepare for the midterm. The midterm threw questions at me that tried to navigate the frenzied tangle of details my frayed mind held, searching for what fit where. Time flew with rude speed; next thing, I knew, time was up, and I hadn’t even finished. That didn’t go well at all, I thought dispiritedly to myself. Just before my final Wednesday classâ€"P.E. Runningâ€"I went to the student center, bought a sandwich and stared at the physics problem set. My mind felt far out of a thinking mood, and I didn’t want to brood over problems right now. I just wanted to…to brood. Minutes later, I was running laps round an indoor track, feeling tired and dehydrated way too early into the class. By the time the class ended, my heart was thudding out of control. My head was spinning. Woozy, weary, I trudged back to my dorm, which felt all too far, wishing I could teleport, wishing I was better at Biology, wishing I could have a cold glass of water at the moment. My legs quavered when I got to my dorm. I collapsed on my bed, keeping in mind to rest for a few minutes and start on my physics p-set which was due in a few hours. A couple of hours later, I rose out of an unwilling slumber. The first thought that popped into my head of course was my physics p-set. Due…due in four hours. I had barely even started. I was absolutely mortified. “Oh God,” I whispered to myself. Quickly, I grabbed a stack of A4 papers and began the problem set. My mind churned out chaotic thoughts. I won’t be able to finish this…should I ask for an extension? No…no, I just…I just have to see how far I can go. Diagrams. Arrows. Fruitless ideas. Crossed-out equations. Unclear physical systems. Illogical pictures. Is this even possible? I made my way to the central lounge on my floor with a bunch of papers, asked people a few questions, got some details clarified, and headed back to my room to continue the p-set. I managed to finish, turning it in with less than five minutes to spare. “What’s going on this week?” I thought to myself. My roommate told me to try and relax. “Maybe later,” I told him. “Still have a few things to do.” I was about to start on my calculus p-set, but on a whim, I checked my online gradebook for the Intro Bio. Midterm grades were out. I had gotten a C. When I began the calculus p-set that Wednesday night, I realized something was wrongâ€"my pattern…my pattern of five-to-eight hours for p-sets wouldn’t hold for this one. It was going to be a lot longer. The problems were significantly more complex, and the material had gotten a lot more unfamiliar. I worked on everything till slightly past midnight, and feeling deeply frustrated with how the whole day had gone, slept earlier than I usually would have. Thursday morning turned to noon. Classes came and went. I worked on the p-set, but there seemed to be a dispirited laziness in the way I approached the problems. My thoughts seemed to be drifting through a cycle of thinking about what to do and just thinking about why this week felt so awful, as if I was being plunged around the air like a slam-dunked basketball. This led to a not-very-speedy p-setting experience, and I stopped three-quarters of the way through, because it was already late and I needed to study for my physics midterm which was the next morning. I made my way through the preparatory practice problems the class had been e-mailed, and maybe for the first time that week, felt a strong glimmer of hope. I actually seemed to have a fair enough grip on the concepts of elastic collisions and energy to understand what was going on in those problems. I still ended up sleeping late, with the clock ticking its way to four a.m., waking up an hour before the midterm. The midterm went alright. It probably could have gone better, but I definitely felt that it had gone a lot more nicely than Intro Bio had. I made a bit more progress on the calculus p-set, and turned it in after having lunch with a friend. After my last Friday class, I felt very, very happy. A crazy week was over, and I had arranged to talk with my family. I spent two hours Skyping with my mom and siblings, and an hour afterwards talking with my dad on the phone. I was happy to see their smiling faces and hear their strong, soothing voices. The cheerfulness lasted the rest of the weekend. I definitely understand that the past week could have gone a lot better if I’d done things a bit differently. It’s clear that sometimes, the workload at MIT gets particularly intense, possibly at instances when other personal situations are cutting their way through life, but the problem this past week hadn’t really been from the workload. It had been from my approach, my mindset. I thought a lot about what I could have done to make things better, to make studying for biology a lot more streamlined, to fit my p-setting and studying for midterms into a more seamless pattern, and the answers weren’t far from grasp. Firstly, MIT might be a restless marathon, but it wasn’t a one-person mission. I had approached studying for the Bio midterm as though I were the only student in the class. There had obviously been concepts I had not fully understood, ideas that had kept getting mixed up, but I had made it seem as though it were my job, and my job alone, to figure out what was what, and why. I had extremely knowledgeable friends at Random Hall and in Concourse, Biology-loving brothers in ADPhi, teaching assistants with wide-ranging office hours. I could have turned to them for help. They could have provided insight my buzzing mind was missing. I chose the solitary road at a time I most needed the expertise of others around meâ€"the expertise in particular that makes MIT one of the most fulfilling places to learn in, and ended up performing not as well as I otherwise might have. In contrast, I had been able to get my physics p-set done in time only after I had asked for help. Getting help is important here, and it might be easier on your nerves to understand this on a practical level before MIT puts on its boxing gloves and wearily shows you this the hard way. I had also not given myself much leeway in terms of proactivity. I could have started my physics or calculus p-set earlier than Monday afternoon, but my original idea that everything could fit into manageable chunks of time had prevented me from doing so. Problems aren’t always fluid or predictable, neither in MIT nor in real life. Cruising through this week of p-sets in no way guaranteed that something about next week’s material wouldn’t be less intuitive, more unclear, more time-consuming. Recognizing that MIT can get quite difficult, that classes race by, translates to a need for strong time-management that prevents work from somehow distilling into this impossibly tiny time slot that will churn your time and energy away like the hungry ghosts of Pacman. It translates to a need for balance. A lifetime ago, in high school, I thought I had achieved this balance. Turns out I was wrong. I’m still learning how to build effective study habits, how to manage my time, and the past week taught me a lot, about collaboration, about seeking assistance, about trying to attain an equilibrium that lets me understand that getting a good amount of sleep doesn’t come at the price of falling behind on work, and vice versa. I guess that’s what this freshman semester of Pass-No-Record is all about, this self-discovery. I’m grateful the challenges of the previous week pushed me one step closer into ensuring I minimize the hectic nature of my time here. We’ll see how it goes, but right now, I’m pretty optimistic.

Analysing the IPO valuation of Eaton - Free Essay Example

Sample details Pages: 5 Words: 1399 Downloads: 1 Date added: 2017/06/26 Category Uncategorized Essay Type Analytical essay Did you like this example? Eatons IPO valuation is determinant on a number of factors that will discussed in this report. Raising $175M in the current equity bull market is easier than a bear market, but many of Eatons firm specific risks have the potential to reduce the offering. The purpose of this report is to discuss the timing of the IPO and address firm specific challenges in valuation, apply three valuation methods to Eatons and finally to recommend a share price range. Timing Factors and IPO Risks Eatons premium brand is its strongest marketable factor. Timothy Eaton founded the firm in 1869 only two years after Canadas inception. Because of the firms longevity and premium locations, which are recognizable as Canadian historical icons, the firms brand will remain strong through the restructuring. However, the complication for investors is determining how Eatons can capitalize its brand into stronger sales revenue. There is concern that the company will not be able to make enough restructuring changes to overcome the issues which placed them in bankruptcy to begin with. Even though the plan is to reposition the company to become a high end department store targeting moderate-better consumers, there is no guarantee that the store will be able to obtain the projected sales or that consumers will buy in to the changes at Eatons. Conversely, the move to increase the depth and expertise of management and the board of directors should offset this uneasiness somewhat. Addition ally, the department store industry is facing tightened margins and increased competition. The specific challenge in valuing Eatons IPO is the difficulty in accurately projecting sales revenue. As an investor, uncertainty will discount the amount investors are willing to pay for the IPO. If Eatons were to accomplish a few years of stable revenue and earnings growth under the restructuring plan, this factor would be diminished and the stock would be sold at a premium. The timing of the IPO coincides with the bull market run on the TSX and TSX Department Store Index in 1997 between March and October. Generally, during bull markets, IPOs fare much better than during bear markets. However, there is also concern that if the IPO fails and the price drops, Eatons will be in a much more difficult position to raise additional capital. The success of the IPO depends on Eatons being able to convince investors that its restructuring plan will be able to convert its premium brand into increas ed revenue and margins. Don’t waste time! Our writers will create an original "Analysing the IPO valuation of Eaton" essay for you Create order Valuation Methods Due to the above considerations, it is beneficial to use a number of different valuation techniques to arrive at an appropriate equity valuation. Typically, a discounted cash flow model (DCF) is used, but the complication here is that a WACC is required to discount the cash flows in order to find the equity valuation. However, the value of equity is required to obtain the correct WACC. To overcome the circular reasoning, the adjusted present value (APV) method will be utilized which relies on the return on assets. The other rejected method is the enterprise value to revenue because the numbers it produced were unsubstantiated by any other method. Also, EV/Revenue is essentially a measure of the amount it would cost to buy a companys sales. Considering that some of the comparables are companies such as Bay, whose expected sales of $8 billion is many times the size of Eatons expected sales of $1.8 billion, it is likely that EV/Revenue would overstate Eatons value. Therefore, to compl ement the APV method the following multiples ratios will be used: price to earnings (P/E) and enterprise value to earnings before income tax, depreciation and amortization (EV/EBITDA). The forecasting period used for the APV is from 1999-2004 and includes a number of assumptions (Exhibit 1). First of all, the growth rate is assumed to continue at 8.0% for the next five years in accordance with the pro forma income statement, and then flatten out to Canadian GDP growth for the terminal value at 3.4%. The gross margin and SGA are the percentages of sales given in 1999 and are expected to remain constant. The figures for the net working capital and industry beta require a more detailed explanation. For NWC, the figures are obtained through an average of 1997-98 NWC as a percentage of sales. The 1998 balance sheet indicates a substantial increase over 1997, due to accounts payable being converted to notes payable. While it is unlikely that accounts payable would remain at such low le vels, suppliers are likely to be hesitant to extend credit to the firm after bankruptcy. The industry beta is an average of the Bay and Sears unlevered beta. The primary reason for using these two companies is that they fit the profile of what Eatons projects to be going forward, and are benchmarked against the TSX Composite rather than their American counterparts. As for debt, the level will remain constant as will depreciation and capital expenditure after the first two years of increased capital infusion. By using the CAPM, the firms return on asset is 11.10%. By using the value of debt expected after the IPO (Exhibit 2), the APV arrives at an equity valuation of $328M (Exhibit 3). Because of the tax loss carry forwards, Eatons is not expected to pay any taxes for the first six years which will reduce this asset significantly. Accordingly, interest tax shields are only applied to the terminal value and forecasted based on permanent debt. The ranges for stock prices are based o n a sensitivity analysis of the new equity value for old shareholders provided by the APV valuation (exhibit 4) divided by old shares outstanding. The highlight region gives an average share price of $15.50. Paramount to any comparables analysis is ensuring that the comparable companies used will provide an accurate picture of expected stock behavior. The following U.S. and Canadian firms are available for the comparison: The Bay, Sears, Dillards, Nordstroms, and Profitts. These companies best fit the profile of the type of business lines Eatons is pursuing upon restructuring. Because the P/E method is sensitive to capital structure, the comparables should be closely aligned to Eatons proposed structure which fits the following: The Bay, Sears and Dillards. The net income requires adjustment to normalize the figure (Exhibit 5). When tax loss carry forwards and income from discontinued operations are removed the net income figure is $18M. The equity value recommended is between $2 34M and $321M and based on a low estimate to average comparable because of the investor risks and timing issues aforementioned in this report. While the P/E ratio was constrained by capital structure, EV/EBITDA does not take this into consideration and it is appropriate to use the entire list of comparables mentioned above (Exhibit 6). The recommended equity value range based on this method is between $468M and $663M. Since Enterprise Value multiples can be sensitive to size, it is likely that the equity value might be overestimated since Eatons EBITDA is many times smaller than the comparables. This is between the average and the low estimate on the spectrum due to expected investor concerns over timing and the probability of a successful restructuring process. Recommendations It is our recommendation that the $175M required capital be raised offering 11,666,667 shares at $15/share. This is based on the recommended range the three valuation methods provide (Exhibit 7). Eatons proposed IPO price coincides with the low estimate of EV/EBITDA, slightly above average P/E ratio, and varies with APV calculation due to high degrees of change revealed in the sensitivity analysis. Investors will be drawn to the Eatons brand because of its historical significance, but be cautious due to timing and restructuring concerns. The book building process will further narrow down the price and offering based on supply and demand for Eatons equity. Exhibit 1 APV Assumptions Forecast Period 1999 2003 Revenue Growth 8.0% Gross Margin 34% SGA (as % of sales) 30% NWC (as % of sales) 7.0% Terminal Growth Rate 3.4% CapEx (1999-2000) $75M + $100M CapEx (2001-) $31M Depreciation $31M Risk Free Rate 5.6% Market Risk Premium 7.0% Industry Beta 0.79 Exhibit 2 Debt Calculation Debt Calculations  Values (In Thousands) Debt 80,400 Operating Line 194,000 Total Debt as of 25 April, 1998 274,400 Proceeds from IPO used to pay down debt 91,000 Proceeds from sale of credit operations to Norwest 126,000 Total Post-IPO Net Debt 57,400 Additional Average Borrowing on Operating Line for 1998 95,000 Net Debt for 1998 152,400 Exhibit 3 APV Calculation Exhibit 4 APV Sensitivity Analysis Exhibit 5 P/E and Adjusted Net Income Exhibit 6 EV/EBITDA Exhibit 7 Valuing the Offering

No Look As You Walk Your Routine Route - 1521 Words

guilty look as you walk your routine route. Homelessness is a major problem that continues to grow every year in America. According to The Huffington Post, â€Å"Over half a million people are homeless. One quarter of homeless people are children.† (â€Å"10 Facts About Homelessness† par. 4). With the growing community of homeless people one-fourth of that is to be composed of homeless children. A person under the age of eighteen years old who have an absence of proper housing vital for a standard person and teens who were abandoned or thrown out are considered homeless children (â€Å"Homeless Facts† par. 13). The children who are considered homeless typically do not have an ample range of opportunities that will help them flourish in their future. The rate of poverty was drastically improved when their educational opportunities were expanded (â€Å"Education Is an Important Part of a Strategy to Combat Poverty† par.19). Homeless children should have an e ducation opportunity because it can help our poverty rate, improve the future of the youth, and create better experiences for them as a child. Homelessness has become remarkably common in the United States since the growth of poverty has become so rapid. Researchers Ralph Hambrick and Gary Johnson state â€Å"An earthquake or hurricane metaphor no longer applies because homelessness is no longer considered an emergency.† (â€Å"The Future of Homelessness† par.10). These days homelessness is not compared to something so devastating like a naturalShow MoreRelatedFinancial Planning During Economic Crisis1571 Words   |  7 Pagescards in order to preserve my good credit history. I also decide which credit card(s) will be used and have one that is reserved for cases of emergency. The credit cards serve as a back-up or cushion in this hard times but I don t abuse usage. 4. 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The Cash Flow Statement Free Essays

The Cash Flow Statement * A Cash flow statement is a financial report that shows the sources of a firm’s cash and its uses of cash. In other words, it answers the questions, â€Å"where did the cash come from? † and â€Å"where did the cash go? † Measuring Firm’s Cash Flow You can explain the cash inflows and outflows of a business by looking at three cash flow activities. * Cash flow activities: 1. We will write a custom essay sample on The Cash Flow Statement or any similar topic only for you Order Now Generating cash flows from day-to-day business operations It is the informative to know how much cash is being generated in the normal course of operating a business on a daily basis, beginning with purchasing inventory on credit, selling on credit, paying for the inventory, and finally collecting on the sales made on credit. 2. Buying or selling fixed assets. When a company buys (or sell) fixed assets, such as equipment and buildings, cash outflows (or inflow) result. These cash flows are not part of the regular day-to-day operations and, consequently, are not included in the income statement. They appear only as changes from one balance sheet to the next. 3. Financing the business. Cash inflows and outflows occur when the company borrows or repays debt; when it distributes money to the owners, such as when dividends are paid; or when the owners put money into the business in the form of additional equity. Profits versus cash flows * Entrepreneurs need to be aware that profits shown on a company’s income statement are not the same as its cash flows. * An income statement is not a measure of cash flows because it is calculated on an accrual basis rather than a cash basis. This is an important point to understand in section. * In Accrual-basis accounting, profits are recorded when earned- whether or not the profits have been received in cash- and expenses are recorded when they are incurred- even if money has not actually been paid out. * In Cash-basis accounting, profits are reported when cash is received and expenses are recorded when they are paid. * There are several reasons, including the following, that profits based on an accrual accounting system will differ from the firm’s cash flows; 1. Sales reported on an income statement include both cash sales and credits sales. So the total sales do not correspond to the actual cash collected. 2. Cash spent for inventory doesn’t represent all inventory purchases since some inventory is financed by credit. 3. The depreciation expense shown in the income statement is a noncash expense. It reflects the costs associated with using an asset that benefits the firm’s operations over a period of several years, such as a piece of equipment used over five years. What every small business owner should ask and understand is, â€Å"How do you compute your firm’s cash flow? † How to cite The Cash Flow Statement, Essay examples

Optimization and Technician Time free essay sample

Management of High Tech Services (HTS) would like to develop a model that will help allocate its technicians time between service calls to regular contract customers and new customers. A maximum of 80 hours of technician time is available over the two-week period. To satisfy cash flow requirements, at least $800 in revenue must be generated through technician time during the two-week period. Technician time for regular customers generates $25 per hour. However, technician time for new customers only generates an average of $8 per hour because in many cases a new customer contact does not provide billable services. To ensure that new customer contacts are being maintained, the technician time spent on new customer contacts must be at least 60% of the time spent on regular customer contacts. Given these revenue and policy requirements, HTS would like to determine how to allocate technician time between regular customers and new customers so that the total number of customers contacted during the two-week period will be maximized. We will write a custom essay sample on Optimization and Technician Time or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A technician can contact on average 1. 2 regular customers per hour and 1 new customer per hour. Develop a linear programming model that will enable HTS to allocate technician time between regular customers and new customers. Report the optimal solution. Management of High Tech Services (HTS) would like to develop a model that will help allocate its technicians time between service calls to regular contract customers and new customers. A maximum of 80 hours of technician time is available over the two-week period. To satisfy cash flow requirements, at least $800 in revenue must be generated through technician time during the two-week period. Technician time for regular customers generates $25 per hour. However, technician time for new customers only generates an average of $8 per hour because in many cases a new customer contact does not provide billable services. To ensure that new customer contacts are being maintained, the technician time spent on new customer contacts must be at least 60% of the time spent on regular customer contacts. Given these revenue and policy requirements, HTS would like to determine how to allocate technician time between regular customers and new customers so that the total number of customers contacted during the two-week period will be maximized. A technician can contact on average 1. regular customers per hour and 1 new customer per hour. Develop a linear programming model that will enable HTS to allocate technician time between regular customers and new customers. Report the optimal solution. Management of High Tech Services (HTS) would like to develop a model that will help allocate its technicians time between service calls to regular contract customers and new customers. A maximum of 80 hours of technician time is available over the two-week period. To satisfy cash flow requirements, at least $800 in revenue must be generated through technician time during the two-week period. Technician time for regular customers generates $25 per hour. However, technician time for new customers only generates an average of $8 per hour because in many cases a new customer contact does not provide billable services. To ensure that new customer contacts are being maintained, the technician time spent on new customer contacts must be at least 60% of the time spent on regular customer contacts. Given these revenue and policy requirements, HTS would like to determine how to allocate technician time between regular customers and new customers so that the total number of customers contacted during the two-week period will be maximized. A technician can contact on average 1. 2 regular customers per hour and 1 new customer per hour. Develop a linear programming model that will enable HTS to allocate technician time between regular customers and new customers. Report the optimal solution. Management of High Tech Services (HTS) would like to develop a model that will help allocate its technicians time between service calls to regular contract customers and new customers. A maximum of 80 hours of technician time is available over the two-week period. To satisfy cash flow requirements, at least $800 in revenue must be generated through technician time during the two-week period. Technician time for regular customers generates $25 per hour. However, technician time for new customers only generates an average of $8 per hour because in many cases a new customer contact does not provide billable services. To ensure that new customer contacts are being maintained, the technician time spent on new customer contacts must be at least 60% of the time spent on regular customer contacts. Given these revenue and policy requirements, HTS would like to determine how to allocate technician time between regular customers and new customers so that the total number of customers contacted during the two-week period will be maximized. A technician can contact on average 1. 2 regular customers per hour and 1 new customer per hour. Develop a linear programming model that will enable HTS to allocate technician time between regular customers and new customers. Report the optimal solution.

Professions of a New Generation You Can Get Without an Academic Degree

Professions of a New Generation You Can Get Without an Academic Degree We are often told that the best way to get ahead is with a college education. The reality though is that an academic degree is not always the best choice. The good news is that rewarding job opportunities exist. Below are just a few examples of careers that one can be truly proud of that do not require years of advanced education and study. Health Industry 1.Dental Hygienist Dental Hygienists responsibilities are all related to keeping a patient’s teeth clean and healthy. They are the ones that educate patients on brushing, flossing, and assisting them in choosing the right products. Most dental hygienists need to be accredited so a 12-month course at a community college should be all the education that is required. Salary: $72,330 Education: a 12-month course at a community college. 2.Diagnostic Medical Sonographer Sonographers operate the sonogram machines used to determine an unborn baby’s gender and medical condition. These machines are also needed to identify tumors and other medical conditions a patient may have. There are no formal license requirements that must be met but applicants will have to pass a certification exam, which may require at least a fundamental knowledge of how to use the equipment and analyze the results. Salary: $68,970 Education: fundamental knowledge on the equipment usage. 3.Occupational Therapy Assistant OTAs are responsible for following through on the occupational therapist’s guidelines laid out to help patients get back to a normal routine and lifestyle after a debilitating medical condition, injury or an accident. This job does require an AA degree, which can be completed in one to two years at a local community college. Salary: $57,870 Education: an AA degree at a local community college. Internet Technology 1.Web Developer Web Developers design and create websites. While some jobs do require a BA degree to land the job there are plenty of other jobs that require only a specialized certification in their area of expertise. These can be acquired by attending a local trade school. For many companies, employers put more emphasis on an applicant’s portfolio rather than their degrees so creating a mock-up of your design ideas may be all that is needed to get your foot in the door. Salary: $64,970 Education: specialized certification in the area of expertise. 2.Computer Support Specialist Computer Support Specialists are responsible for troubleshooting computer and technical problems. They are required to have a solid foundation in both hardware and software issues and how to resolve them but these skills that can be learned on the job. Proof of competency is more important than the degree so as long as you can pass the exam you have a good shot at getting the job. Salary: $62,250 Education: solid foundation in both hardware and software issues. 3.Content Marketer While content marketing is more about the writing it is a job that blends those writing skills with modern technology. A good content marketer has knowledge of web design, basic computer technology, and marketing strategies. Salary: $58,302 Education: knowledge of web design, basic computer technology, and marketing strategies. Industry 1.Electric Power Line Installer With new construction happening every day the demand for power is at an all time high. Installers work under dangerous conditions so it is considered to be a high risk job however, the skills required can be mastered through an apprenticeship program or some form of on-the-job training, which you should be able to start with only a high-school diploma. Salary: $66,213 Education: an apprenticeship program or some form of on-the-job training. 2.Wind Turbine Technician Wind techs are responsible for the operation and maintenance of the massive wind turbines used to generate power. Most of the job requirements are technical and can be learned on the job. However, if you want to get a leg up in this field it may help to complete a 1-2 year AA degree at a local trade school or community college. Salary: $51,050 Education: a 1-2 year AA degree at a local trade school or community college. 3.Heavy and Tractor Truck Drivers It is estimated that every year there are at least 1.7 million jobs posted for commercial drivers. To get a CDL license you can take a short course of about seven to eight weeks many of them offered by the company you will work for. The cost for these courses can often be included in the hiring package so you don’t have to come out with cash up front to get the job. Salary: $40,000 Education: a course of about seven to eight weeks. Finance 1.Insurance Sales Agent Insurance agents work in many different fields. Their primary role is to sell home, health, auto, life, and business insurance to corporations. In corporate insurance they may also be expected to sell liability and property damage policies. The insurance industry is heavily regulated and an agent must be licensed by their state. However, with a little personal study one could get licensed with just a high-school diploma. Salary: $48,200 Education: a license that can be gotten with a little personal study. 2.Tax Preparers Tax Preparers are always in high demand, especially during tax season. They help Americans get their taxes filed, claim refunds, and declare business and personal deductions. Every year there is a huge gap in the number of preparers needed and the number of positions filled. Salary: $41,000 Education: high school diploma. 3.Bookkeeper Bookkeepers are responsible for maintaining financial records for businesses. They record all transactions, update statements, and are on hand to clarify any discrepancies in the records. No extensive education is required but they should have basic math and computer skills as well as an understanding of bookkeeping techniques. Salary: $40,991 Education: basic math and computer skills. So, while an advanced degree can be rewarding, it is still possible to have a financially satisfying career without one.

Caribbean English - Definition and Examples

Caribbean English s Caribbean English is a  general term for the many varieties of the English language used in the Caribbean archipelago and on the Caribbean coast of Central America (including Nicaragua, Panama, and Guyana). Also known as  Western Atlantic English. In the simplest terms, says Shondel Nero, Caribbean English is  a contact language emanating mainly from the encounter of British colonial masters with the enslaved and later indentured labor force brought to the Caribbean to work on the sugar plantations (Classroom Encounters With Creole English in  Englishes in Multilingual Contexts, 2014). Examples and Observations The term Caribbean English is problematic because in a narrow sense it can refer to a dialect of English alone, but in a broader sense it covers English and the many English-based creoles . . . spoken in this region. Traditionally, Caribbean creoles have been (incorrectly) classified as dialects of English, but more and more varieties are being recognized as unique languages. . . . And although English is the official language of the area that is sometimes called the Commonwealth Caribbean, only a small number of the people in each country speak what we might consider regionally accented standard English as a native language. In many Caribbean countries, however, some standard version of (mostly) British English is the official language and taught in schools. One syntactic feature shared by many West Atlantic Englishes is the use of would and could where British or American English uses will and can: I could swim for I can swim; I would do it tomorrow for I will do it tomorrow. Another is the formation of yes/no questions with no inversion of auxiliary and subject: You are coming? instead of Are you coming? (Kristin Denham and Anne Lobeck, Linguistics for Everyone: An Introduction. Wadsworth, 2009) Loanwords From Guyana and Belize Whereas Canadian English and Australian English, benefiting from the single land-mass of their respective homelands, can each claim general homogeneity, Caribbean English is a collection of sub-varieties of English distributed . . . over a large number of non-contiguous territories of which two, Guyana and Belize, are widely distant parts of the South and Central American mainland. . . . Through Guyana came hundreds of nouns, necessary labels of an active ecology, from the languages of its aboriginal indigenes of the nine identified ethnic groups . . .. This is a vocabulary that amounts to hundreds of everyday words known to Guyanese but not to other Caribbeans. In the same way through Belize come words from the three Mayan languagesKekchi, Mopan, Yucatecan; and from the Miskito Indian language; and from Garifuna, the Afro-Island-Carib language of Vincentian ancestry. (Richard Allsopp, Dictionary of Caribbean English Usage. University of the West Indies Press, 2003) Caribbean English Creole Analysis has shown that the grammar and phonological rules of Caribbean English Creole can be described as systematically as those of any other language, including English. Furthermore, Caribbean English Creole is as distinct from English as French and Spanish are from Latin. Whether it is a language or a dialect, Caribbean English Creole coexists with standard English in the Caribbean and in the English-speaking countries where Caribbean immigrants and their children and grandchildren live. Often stigmatized because it is associated with slavery, poverty, lack of schooling, and lower socioeconomic status, Creole may be viewed, even by those who speak it, as inferior to standard English, which is the official language of power and education. Most speakers of Caribbean English Creole can switch between Creole and standard English, as well as intermediate forms between the two. At the same time, however, they may retain some distinctive features of Creole grammar. They may mark past-tense and plural forms inconsistently, for example, saying things like, She give me some book to read. (Elizabeth Coelho, Adding English: A Guide to Teaching in Multilingual Classrooms. Pippin, 2004)

Leading Edge Supply Essay Example | Topics and Well Written Essays - 250 words

Leading Edge Supply - Essay Example The importance of logistic edge supply is to trail down the circulation of the company stock and performance analysis. Initiating the aspect of logistic edge supply, intelligent platform comes into play since this provides key management data that in turn enables one to analyze critically the strengths and weaknesses attached across the supply chain. Other key management information includes optimization of planning route, understanding fraudulent activities that comes within the supply chain and enhance the workflow that usually is driven by data caused by intelligence platform (Ballou, 2003). Many companies ensure that implementation and utilization of leading edge supply is taken into consideration within the logistic systems of any organization. For the articulations be fully met, an organization is required to operate within the pre-requisite objectives that influence achievement of organization goals. When there is a presence of effective logistic in a management system of an organization, success comes at hand. However, this comes because of an organization chipping in to make sure that they employ qualified personnel, and tap into labor market using and adopting new technology that in turn boots operation within the management of an

Anti-immigration and anti-bilingual education Essay

Anti-immigration and anti-bilingual education - Essay Example From chapter 9, multicultural education refers to the philosophy and the way of looking at the world. This is not limited to the learners or students enrolled at a particular school. It also has a touch on everything like how students relate to teachers and how well and conducive is the environment for the students. However multicultural education doesn’t have a boundary like it can only happen in school since the community or society where the student resides is also considered as part of this philosophy in action. Considering that the product of a multicultural education is a multicultural person, he or she continues to be searching for knowledge and continues to use this process in order for him to participate in the country’s goal for progress. Multicultural education invites a student to not just to think for himself but also for the society where he is. This is the reason why educators, in order for them to help in this multicultural education must consider the im pact of their teachings, their decisions whether the decision is made cumulatively or individually. It should also be considered that with the multicultural education, one of the goals is the critical consciousness of the students which is the start of one’s good path as it leads him to a life with free decisions, meaning he doesn’t forever become a follower of the norms but a critic of it in order for change to occur not just for his own benefit but the benefit of the many. And since long-existing rules.... But with an additional rule of speaking in English because it is a directive only implies no just pressure for the student but also the school's failure and the government's misinterpretation of the real need of students. This also implies that the social structure has already embraced the idea of the "modern" age or the "future" as non-existent without the English language, the very obvious discrimination not just in education but in race as a whole. (2) What is multicultural education Why do we need multicultural education Answer: From chapter 9, multicultural education refers to the philosophy and the way of looking at the world. This is not limited to the learners or students enrolled at a particular school. It also has a touch on everything like how students relate to teachers and how well and conducive is the environment for the students. However multicultural education doesn't have a boundary like it can only happen in school since the community or society where the student resides is also considered as part of this philosophy in action. Considering that the product of a multicultural education is a multicultural person, he or she continues to be searching for knowledge and continues to use this process in order for him to participate in the country's goal for progress. Multicultural education invites a student to not just to think for himself but also for the society where he is. This is the reason why educators, in order for them to help in this multicultural education must consider the impact of their teachings, their decisions whether the decision is made cumulatively or individually. It should also be considered that with the multicultural education, one of the goals is the critical

Ethical Theories Of Business

Ethical Theories Of Business Ethical theory studies different philosophies or systems used to explain and make judgments regarding right/wrong/good/bad. It challenges to bring in clarity, substance, and precision of argument into the area of morality. They also dispute on how we should value humans in our actions. Ethical theories suggest justification for judgment regarding the morality or immorality of actions, and they provide a basis for claims about moral obligations. Ethical theories are based on the ethical principles. They each highlight different features of an ethical dilemma and direct to the most ethically approved decision according to the guiding principle within the ethical theory itself. Generally ethical principles stem from ethical theories, and when defending a particular action, ethicists normally appeal to these principles, not the underlying theory. Ethical theory is applied to the philosophical examination, from a moral standpoint, of particular issues in private and public life that are s ubject of moral judgment. It is thus a term used to describe attempts to use philosophical methods to identify the morally correct course of action in various fields of human life. This essay briefly explains the purpose of an ethical theory and why no more than one ethical theory can be right. It outlines the positions the two ethical theories. It further discusses on claim So long as a businesss actions are legal and accepted by consumers and shareholders, the actions can be considered ethically good. Finally it outlines and illustrates one criticism that an opponent might level at each of the ethical theories. Ethical theories and principles are the foundation of ethical analysis as they guide along the pathway to a decision. Purpose of ethical theories argues that how we should value and treat human beings in our actions and proposes essential reason to considers an action to be ethically good or bad. Ethical theory highlights different points such as predicting the outcome and following duties in order to reach an ethically truthful decision. Ethical theory attempts to answer the fundamental practical ethical question of What ought I to do? and How ought I live? It offers the fundamental justification for judgment in relation to the morality or immorality of actions, and provides a basis for claims about moral obligations (The Open Polytechnic of New Zealand, 2009, Module 1 p.20). These principles/roles of ethical theories are the common goals that they try to achieve in order to be successful. This goal includes beneficence, least harm, respect for autonomy and justice. The principle of beneficence directs ethical theory to do what is good, which should attempt to engender the largest ratio of good over evil. The principle of least harm states that a person should choose least harm possible which harms the fewest people. Respect for autonomy states that people should be allowed to make decisions of their lives which applies them and justice affirm that justice should be tolerable and actions to be fair for those who are involved. There are several varieties of ethical theories to choose from in a business ethics environment however only one ethical theory could suite a particular environment at that instance. This is for the reason that all theories have been developed by unique philosophers. Ethicists and people who generally apply these theories could also have different ideas of how to answer questions such as What is the right way to act in this situation?, What makes this the right way to act in this situation? and How should I act in general so as to live a good life? (The Open Polytechnic of New Zealand, 2009, Module 1 p.27,28). All theories convey a different idea on why an action counts as ethically good or bad. Lets say for instance we take utilitarianism and Kantian moral theory, utilitarianism argues that moral importance of an action lies on the predictable consequences of the action where as kantian moral theory emphasizes on the moral importance of an action lies in the principle of the person s action. For example a person steals $100 from a billionaire and uses that money to feed 40 hungry kids on street, utilitarianism will agree that it is morally a good thing as it produces greater happiness. However, kantian theory would argue that stealing money from someone is wrong as this will break the law even though it will help 40 hungry kids. Ethical theories purposes are based on above ethical principles. Two ethical theories in this course which I have chosen to discuss comprehensively are utilitarianism and kantian moral theory. Utilitarianism ethical theory proposes that moral worth of actions should be judged by its utility in providing happiness or suffering, compared with the amount of happiness or suffering likely to be caused by alternative actions (The Open Polytechnic of New Zealand, 2009, Module 1 p.20). It is one of the more functional and commonly used theories today which is also sometimes called consequentialism. Utilitarianism is well known by the phrase the greatest good for the greatest number of people which utter that the moral right action is the one that is most likely to maximize happiness, bearing in mind that equally interests of all affected by it, no matter who these people are. For example, a witness lies at the court house that the victim murdered a person. As the victim would have been sentenced, there would have been no one left to take care of his three kids. Under utilitarianism, this was morally the right thing for the witness to do as the result have benefited more people. Th ere are two sorts of utilitarianism, which are act and rule utilitarianism. Act utilitarianism is mostly what described above where a person performs the acts that benefits the most people. Rule utilitarianism uses the same principle of benefiting the most people but through the fairness and most just means available. This add extra value to rule utilitarianism as it adds value justice and general rules while including the benefits greatest happiness principles. One benefit of this ethical theory is that utilitarian can match up similar predicted solutions and draw on a point system to decide which choice is more beneficial for more people. It compares the likely good and bad consequences of one action with the likely good and bad consequences of the alternative action. Kantian moral theory is a deontological ethical theory which came from a Greek word meaning duty. Deontological theory is an approach to ethics that judges the morality of an action based on the actions adherence to rule or rules (Wikipedia, 2010). It holds that most important aspects of lives are governed by certain unbreakable. This ethical theory is based on the idea that we all have a duty to perform certain things and not to perform certain things. Rules should not be broken even if breaking them may improve an outcome. For example, if some one says lying is always wrong in principle; than it is morally wrong to lie to people even though it could have produced better consequences. It does not look at how much good will cause by an action, rather they look at the action itself and then decide whether it is prohibited or complete mandatory by one of their rules. Deontologists have very strong approach on the words, right and good. Right has to do with actions. Good has to do throu gh outcomes. Good can be many things such as pleasure, happiness, harmony, wealth and so on. Deontological moral theory also seems to be concern about respect for rational humanity as an important aspect of moral importance. It sees all people as having fundamental moral value in virtue of being rational being. We must examine the principles of action to notice whether it shows respect for rational humanity or not. To check whether our actions meet the definite imperative to respect rational humanity, Kant moral theory inquire two question which is can we rationally will that this principle should become a universal law for everybody and are we treating persons as end in themselves, or solely as a means to an end . Drawing on the following claim that So long as a businesss actions are legal and accepted by consumers and shareholders, the actions can be considered ethically good. Utilitarianism involves an equal and impartial consideration of interest. Equal and impartial means that someone can not only consider the greatest good for the company, the overall greatest good should be considered which will benefit everyone affected by the action. In general, Utilitarianism is not bounded by any rules or regulations to determine the moral obligations. Its moral worth of action is solely determined by its involvement of overall utility. Overall utility arises when the good consequences are maximized and proficiently achieving happiness or pleasure versus lack of suffering or pain. Utilitarianism will deal with this claim by overlooking the legal aspect and will spotlight on the consequences, which is in this case are the consumers and shareholders. Utilitarianism will rephrase the claim that business actions are acceptable if it maximizes the benefits of consumers and shareholders. However, rule utilitarianism will argue that the action is morally acceptable for t he reason that the business is following its legal obligations and at the same time, the consequences is benefiting the consumers and shareholders. Rule utilitarianism takes account of the legal business actions and concerns with the fairness of consumers and shareholders in this situation. Kantian moral theory will see the claim differently than what utilitarianism has stated above. Kantian theory states that actions are morally right in virtue of their motives, which must derive more from duty than from inclination (Beauchamp Bowie, 2004). It is a theory that is restrained by rules and regulations and it saw people as having essential moral value since they are rational being. It sees all people as morally important as an end and never treats them as a means to an end. In the claim that business actions are legal and acceptable by consumers and shareholders, Kantian moral theory will agree that the action is ethically good. This is for the reason that the consumers and shareholders are treated appropriately while also taking account of the legal business actions. Kantian moral theory idea is that actions to be morally acceptable, it is required to be able to be made a universal law without opposing its own principle. Unlike utilitarianism, kantian moral theory disreg ard the consequences of the actions when coming to a decision of right or wrong as it determines the moral goodness on principles behind the action. Kantian moral theory and other theories criticize utilitarianism theory that it suffers from numerous problems. Particularly, one criticism which I would like to consider consideration discussing is that utilitarianism theory is the treatment of minorities against majorities. Majority of opponents argue that utilitarian position can be unfair to the minorities. This is because utilitarianism embraces that actions that cause suffering to minority in order to benefit majority are morally good. This legal system in utilitarianism punishes the behavior of the minority even though the minority party might not be guilty. For example, a wealthy man named Kris residing in a small town who owns a company. This company is the major source of employment for the town people. One night, Kriss son caught up with a fight with other 3 boys of the same town. The police found that Kriss son was drunk and police found him at fault. Kris came to the police station and told the police that his son is inn ocent and if the police will lay any charges on his son, he will fire the 3 employees whose son were involved in this fight. Utilitarianism will argue that if this action will be taken, there will be more suffer and pain for the three families as the main source of income for survival will vanish. Taking the principle of greatest good for greatest number of people, utilitarianism theory will let go Kriss son. This is just an example where the minorities suffer even though they might not be wrong sometimes. This can also be said that in a similar situation described above, people could sometimes loose their human rights as utilitarianism theory only looks ate the result of the action and which party or action could make greater benefits for majorities. Kantian moral theory also has drawbacks mention by other ethical theories such as utilitarianism. One of the most common criticisms of kantian moral theory is that this theory ignores the consequences. It denies the moral importance of the likely consequences of any action. In some situations, it just focuses on the rules and regulations a person should follow and disturbingly disregards the consequences. For example, a chap went to buy some chocolate for his kid at the nearby shop. While returning home, accompanied by his wife and boy, some young youth attack him for some money. While in the clash, one of the thugs stab his wife. The man thought that they might also kill him and his son so he threw a beer bottle which he obtains near by to one of the thug and that stroked is head really hard. He garbed his son and escaped to near by police station. When the police came to the incident, they also found another person dead in that scene. He explained the whole story to the police and then the police started its investigation. Under kantian theory, the man will be sentenced for life as any person who kills another person is being sentenced for life. Kantian moral theory here just looked at the rules and comes with the relevant action needed to be taken ignore the consequences and leaving the investigation. Principle of ethical theories argues that how we should value and treat human beings in our actions and proposes essential reason to considers an action to be ethically good or bad. Two ethical theories covered in this discussion were Utilitarianism and Kantian moral theory. Both theories affirmed their benefits and criticism. It is difficult to address that one theory is better than the other as both theories could come right depending of the situation and circumstances.

And the Fraud Continues

1. ) Discuss the Internal control weaknesses that existed at MCI that contributed to the commission of this fraud: MCI biggest internal control weaknesses at was Pavlo. Pavlo was able to manipulate MCI account receivable system which he helped to create and develop. When the same employee is able to receive and update payments, the chance of manipulation and embezzlement of funds is very high. By one person being able to record accounts receivable, or even reconcile the company's bank account, he/she may be able to embezzle money from the company. This is what happens to MCI with Pavlo, through the following: a. By writing off a companies account receivables and converting them into notes receivable, Asset are created on the balance sheet. When customers are unable or may not pay their debts, companies may be able to write-off bad debts on their income tax returns. Companies’ accounts receivable can present a problem when only a few employees are available to manage company fi nances. By allowing the same employee to receive payments, update accounts receivable records, and reconcile the company's bank account, he/she may be able to embezzle money from the company. b. Unapplied cash was used for the bad debt and slow payments. By allocations of delinquent or bad receivables, made the expenses related to the write off of the receivables will not be entered on the income statement. c. Credit Holds was used. MCI called customers in regards to their past due account receivables. MCI were told by the customer that they were sending a payment immediately, MCI credited their receivables before receiving the cash. By Pavlo’s manipulating the account receivable it helped him delayed the inevitable. The recognition of bad debt and uncollected receivables that have to be expensed on the income statement. . Identify and justify the approach you would take if you suspected fraudulent activity within an organization where you work: Should I suspect fraudulent activity within an organization. I would investigate the suspected activity and reporting the suspected activity to the correct personnel. The Internal Auditor’s Office should coordinate investigations of fraud, waste, or abuse. Employees shall not de stroy any document or record of any kind that may be relevant to a past, present, or future investigation of fraud, waste, or abuse. The application of professional skepticism is essential any audit investigation. Professional skepticism in auditing implies an attitude that includes a questioning mind and a critical assessment of audit evidence without being obsessively suspicious or skeptical. Don’t make matters worse by getting into legal liability by the way you handle the matter. Do not speak to anyone about the person that's suspected of committing the fraud before reporting it to management. By speaking to someone other than management you could be sued for slander. Consult an attorney who specializes in employment-related matters. When an employee has knowledge of fraud, waste, or abuse has good reason to suspect that such conduct has occurred should adhere to the procedures in the Organization’s Policy. When suspected fraudulent activity, waste, or abuse is observed by, or made known to an employee. The employee should immediately report the activity to his/her direct supervisor. If an employee believes that their supervisor are involved in the activity, he/she should immediately report the activity to the supervisor’s manager as well as the CFO and CEO. If an employee believes that the supervisor’s, management and/or the CEO may be involved with the activity, the employee should either contact the Internal Auditor directly or file a report via the Fraud, Waste, and Abuse Referral System also known as the Fraud, Waste, and Abuse Hotline, (McMullen, A. (2012). When an employee is suspected of any activity, he or she should not make any attempt to investigate the suspected activity prior to reporting it. The Internal Auditor’s Office will coordinate investigations of fraud, waste, or abuse. The employee should not destroy any document or record that he or she knows may be relevant to a past, present, or future investigation of fraud, waste or abuse. Employees that suspect violation or who have questions, complaints or suggestions, should share their concerns with someone who can address them properly. Thus, it's a myth that fraud is a big scheme that should be uncovered sooner and easy to detect. Most all fraud starts small and then gets bigger and bigger, until something becomes noticeably different or unusual. Once fraudulent activity has been noted, someone should take action to investigate the situation and determine if a fraud has been committed. Being aware of these activity are only step one and is usually not enough for the organization. Once these activity are identified, you must take action to determine its effect. Evaluating the fraudulent activity may be accomplished by financial analysis, observation or by any other technique that tests an apparent weakness. Once the analysis is complete it’s time to move on to correct the situation (Wells, 2012). . Critique the ethical nature of Pavlo’s actions in this case: Walt Pavlo, the Credit Collections Manager at MCI Telecommunications, Inc. Falsified MCI accounts receivables and stole $6 million from MCI, spoke of greed, opportunity, and culture. His testimony and facts, however, provides a far different view. This was a willful, active fraud involving a very small group of customers, executed by a very small group of peo ple. As a Fraudsters and white-collar, he acted deliberately, out of greed, power and perhaps even stupidity and ultimately got caught. These perpetrators exhibited many typical fraud behaviors. White-collar criminal that involves embezzlement and breach of trust being the prevalent modes involved. Pavlo had to collect on debts owed to MCI by large corporate clients. Pavlo's job was not easy. MCI extended large amount of credit to high-risk customers and refused to write-off receivables as bad debt. By doing this, MCI was in violation of accounting principles. Pavol was desperate to keep his job, he began to employ suspect accounting techniques to hide the unpaid debt. By falsification of accounting record in contravention of Pavlo, also found a way to siphon off $6 million for personal aggrandizement (Pavlo Jr. and Weinberg, 121). Pavlo claim of trying unsuccessfully to get MCI to take a $180 million charge blatantly conflicts with the facts. In a 2002 article, Pavlo had claimed the number was $88 million. Either inflation has increased his number or he didn’t review his earlier stories! Pavlo’s actions was illegal which would be characterized by deceit, concealment, or violation of trust. Which are not dependent upon the application or threat of force or violence. Pavlo action was a self-centered and motivated by his own greed, without regard for ethics or fiduciary duty to co-workers, and stakeholder (Pavlo Jr. and Weinberg 121). When it comes to Walter Pavlo Jr. and the choices he made. The phrase â€Å"power tends to corrupt and absolute power corrupts absolutely† is false. Having power alone does not have the ability to corrupt, but it does provides one of the three elements necessary for a person to commit a fraudulent act. Trusted persons sometimes become trust violators. When they conceive themselves as having a financial problem which is non-sharable, are aware these problem can be secretly resolved by violation of the position of financial trust and are able to apply to their own conduct which enable them to adjust their conceptions of themselves as trusted (Coenen 2009). Regardless of what moral code may be in place. Corruption occurs when a person breaks the moral code or principle that pertains to him or her. Which is what Pavlo did. According to the fraud triangle, in every instance of fraud three elements are present: motivation, opportunity, and rationalization (Coenen 2009). This theory was developed to help identify possible fraud, a name given to corruption within a business, it also applies to corruption in general. In order for corruption to happen, an individual or group of individuals, must have motivation, opportunity, and significant rationale to justify committing a fraudulent act. Because three elements must harmoniously combine to create an environment in which one may act corruptly, only one of the three elements needs thwarting to break the triangle and prevent corruption (Wells, 2012). All element of the fraud triangle must be present to break a moral code. The first element necessary where corruption may occur is motivation. Motivation can include a financial need, such as the need to take care of an ill parent who is quickly accumulating medical expenses far beyond what his or her family can pay. But motivation to commit a corrupt act can include perceived need also. When a person may be earning enough money to cover all of his or her needs, but he or she may feel driven to commit a corrupt act by a strong desire for a higher standard of living than he or she can not afford. A person may also come motivated by non-financial pressure to commit a corrupt act. A person can also be motivated by non-financial pressure to commit a corrupt act (Pavlo Jr. and Weinberg 121). The second element which must be in place to commit a corrupt act is rationalization. Humans have the complex ability to think deductively, inductively, and process large amounts of information to make rational decisions. Unfortunately, one’s ability to â€Å"employ reason† (rationalize) may or may not lead him or her down the right path. Pavlo’s story provides an excellent example of poor reasoning. Pavlo rationalized stealing from MCI by telling himself that MCI was committing much more heinous crimes than he was. He believed that MCI was so crooked that it could not come after him for doing the much lesser crime of stealing a few accounts receivables (Pavlo Jr. and Weinberg 257). Pavlo’s opportunity to pilfer accounts receivables was granted to him by MCI’s poor control environment. Pavlo often engaged the accounts receivable department in a practice known as accounts receivable lapping, posting payments received from one customer to another’s account to make overdue accounts appear current, in order to meet corporate bad debt expense goals (Pavlo Jr. and Weinberg 101). MCI’s management encouraged and rewarded Pavlo for accounts receivable lapping and many other inventive and extremely illegal acts that helped MCI reach its projected financial numbers. MCI’s flagrant desire to illegally hide its bad debt gave Pavlo the opportunity to conceal the accounts receivable he was thieving within the constant myriad of lies that constituted MCI’s financial department (Wells, 2012). He was involved in asset Misappropriation: Asset misappropriation schemes are frauds in which the perpetrator steals or misuses an organization’s resources. Common examples of asset misappropriation include false invoicing, payroll fraud, and skimming (Kranacher, Riley, and Wells, 2010). Corruption: In the context of occupational fraud, corruption refers to schemes in which fraudsters use their influence in business transactions in a way that violates their duty to their employers in order to obtain a benefit for themselves or someone else. For example, employees might receive or offer bribes, extort funds from third parties, or engage in conflicts of interest. Financial Statement Fraud: The third category of occupational fraud, financial statement fraud, involves the intentional misstatement or omission of material information from the organization’s financial reports; these are the cases of â€Å"cooking the books† that often make front page headlines. Financial statement fraud cases often involve the reporting of fictitious revenues or the concealment of expenses or liabilities in order to make an organization appear more profitable than it really is (Kranacher, Riley and Wells, 2010). It is fact that during 1996, MCI wrote off $120 million of carrier receivables and recognized even more exposure by adding to bad debt reserves. So, his claim that MCI â€Å"hid† bad debt expense is just bogus. He further claims â€Å"his bosses† said the maximum that could be written down would be $15 million, and that is also senseless (Pavlo Jr. and Weinberg 257). 4. Apply one (1) theory related to crime causation to this case: No one theory of crime explains all criminal activity and most theories are complementary to one another. You should approach crime causation with a multidimensional view because of the vast complexities involved in human actions and interactions. With that in mind, let’s take a look at one of the prominent theories that appears to relate to Pavlo’s fraud case. Social engineering/Social learning theory causation: They learn to engage in crime, primarily through their association with others. They are reinforced for crime, they learn beliefs that are favorable to crime, and they are exposed to criminal models. As a consequence, they come to view crime as something that is desirable or at least justifiable in certain situations. The primary version of social learning theory in criminology is that of Ronald Akers and the[pic] description that follows draws heavily on his work. Akers's theory, in turn, represents an elaboration of Edwin Sutherland's differential association theory. The Sociological school of crime causation defines that social disorganization is a major factor in criminal behaviors. Specifically the Sociological Theories theorize that the impact of individuals with the surroundings, groups, and social environment can dictate criminal behavior. Under this school of crime causation crime can be the growth of subgroup relationships (McMullen, 2012). According to Weinberg’s research, white-collar criminals are not just ordinary people; they are smart, well-educated and ambitious. They often start as wide-eye fresh graduate’s at large corporations of which profit-driven culture infiltrates all levels within. Why do they turn out to be the thieves stealing from the economy $2. trillion per year? Weinberg argues that these people like Pavlo, do not just wake up one day and decide to commit in a greed-inspired fraud. In fact, only 7% of perpetrators have prior conviction. They operate business under the performance pressure from investors, and stockholders, which present opportunities for companies to hide flaws and falsify earnings at multiple levels. Wei nberg presents a triangle of Need/Incentives, Opportunity, and Rationalization as a combined force triggering ordinary people to commit extraordinary crimes. In his book, he suggests that by pushing ethics education at school and setting the right tone at the top, we can reduce the damages caused by corporate frauds (Kranacher, Riley, and Wells, 2010). The connection between fraud and the â€Å"tone at the top† of an organization has received international attention over the last few years. Tone at the top refers to the ethical atmosphere that is created in the workplace by the organization's leadership. Whatever tone management sets will have a trickle-down effect on employees of the company. If the tone set by managers upholds ethics and integrity, employees will be more inclined to uphold those same values. However, if upper management appears unconcerned with ethics and focuses solely on the bottom line, employees will be more prone to commit fraud because they feel that ethical conduct is not a focus or priority within the organization. Employees pay close attention to the behavior and actions of their bosses, and they follow their lead. In short, employees will do what they witness their bosses doing (McMullen, 2012).