Financail Management - Risk and Capital Essay Example | Topics and Well Written Essays - 500 words

Financail Management - Risk and Capital - Essay Example Secondly we might have underestimated the growth rate which has a dramatic impact on the price of the stock. The higher the growth rate, the greater the price of the stock will be and it is expected that in the high-tech industry, a company such as IBM holds great expectation and it must have a better growth rate than what we have expected. Therefore by increasing the dividend growth rate and current annual dividend we can get a better estimate from this model. This model underestimates the value of the stock in firms that consistently payout less than they can afford and accumulate cash in process. Changed Market Risk Premium: Required rate of return = 3.40 + 1.64(10) Required Rate of Return = k = 19.8% Constant Growth Model D1= D0 (1+g) D1= 0.80 (1+0.082) = 0.8656 As we have increased the required rate of return, we are assuming a greater risk with the stock which in turn decreases the value of the stock as it can be seen from the above calculations. This also differs drastically f rom the market price due to the reason mentioned above.

Cemex Case Study Coursework Example | Topics and Well Written Essays - 1000 words

Cemex Case Study - Coursework Example In terms of markets, the developing countries of China and India may be seen as some of most important due to large scale cement consumption and production fuelled by large scale economic growth (OECD 2010, 2009). It may be expected that in future years as wealth becomes higher per capita in these markets, that demand begins to fall to levels seen in the developed world. In addition, the nature of products consumed in developing markets also varies from those of the developed world. Here there is a preference for pre-bagged building materials as opposed to bulk delivery, a trend which is reversed in developed markets. 2. In terms of global capacity, Cemex ranks as third with a capacity of 64.7 million tons, this compares to market leader Lafarge’s capacity of 108 million tons and Taiheiyo in sixth place at 37.9 million tons. Despite the capacity of the company, Cemex ranks as number one by market share in 9 of its key 13 markets and second in anther three. As such, Cemexâ€⠄¢s overall capacity lags behind the total demand for the company’s products making the company a global sourcer. ... This however, may be seen as linked to the unique characteristics of such markets which have a propensity to favour local or national producers over the large international players such as Cemex. As such, despite being a global player, Cemex may still be seen as lacking a substantial presence in key regional markets in both Asia and Africa. 3. Overall, it would appear that Cemex after the current round of acquisitions is now a â€Å"broad† player within the market for building products, while the firm had previously focused on cement (Jobber, 2007). Recent acquisitions has seen the company moving into both the aggregates and ready mixed concrete market. With regards to Cemex’s generic strategy, it would appear that the company follows a cost leadership model (Porter, 2004). This can be seen in the so called â€Å"Cemex way† in which on making an acquisition the company attempts to implement a two way process of rationalisation taking the best and most cost effect ive practises from both the parent company and the acquisitioned company and then implementing the most cost effective. There is however, one area in which Cemex may be seen as developing a differentiated strategy. In the market for bagged cements, Cemex was the first producer to developed a â€Å"branded† option, thus making the product more attractive in the lucrative home build market segment. In addition, the company also makes small local changes to the produce based upon customer perceptions of quality. For instance while the Egyptian market shows a preference for darker colours cements, Cemex’s home markets in South America require a lighter coloured product. Despite this attempt to differentiate the product, it would appear that the market as a whole is

Iconic Construction Projects: Issues and Controversies

Iconic Construction Projects: Issues and Controversies Introduction Construction of large, expensive, and prestigious projects is an historical obsession of the human race. Every age of human history, as well as every human civilisation, features huge architectural showpieces (Silverberg, 1965). Religions have used enormous and ornate structures, churches, mosques, and temples, to shock and awe their followers into submission. Many of the ancient and modern seven wonders, e.g., the Coliseum of Rome, the Great Wall of China, or the Taj Mahal, were architectural wonders that were built with massive doses of money, effort, time, and genius (Silverberg, 1965). It took two emperors, ten years, and extensive public taxation to build the Coliseum. The Great Wall was built, over hundreds of years, to protect the Mings against invaders, by generations of architects; who did not foresee that the opening of one of its doors would neutralise centuries of sweat and toil (Silverberg, 1965). The Taj Mahal was built over 16 years with an unlimited budget by an idiosyncratic emperor who failed to connect the irony of amputating the arms of his sculptors (after the erect ion of the Taj) with the building of a monument to the cause of immortal love (Ahmed, 1993). In modern times each of these iconic projects would have been considered to be failures in some aspects, even though they have delivered and continue to deliver numerous benefits. Such awesome projects link humanity over time and distance with common threads of ambition, grandeur, status, and prestige. The construction of the Empire State Building in New York in 1931 set off a race, albeit some four decades later, among other cities, to build something grander and taller, (Cowan, 2007), the title for the tallest building going from skyscraper to tower in different locations until it was grasped in late 2007 by the under construction Burj Dubai, an architectural and construction wonder that will be ready only in 2009. Accepting numerous design modifications and a construction delay of many months, mainly to ensure that their project does not get upstaged in its target of becoming the world’s tallest building, the creators of Burj Dubai are motivated by ambitions that are largely iconic. â€Å"Chairman Mohammed Ali Alabbar said Dubai has resisted the usual and has inspired to build a global icon, ‘it’s a human achievement without equal.†™â€  (Dubai skyscraper worlds tallest, 2008) The urge to undertake iconic construction projects, projects that are commonly associated with size, status, prestige, architectural complexity, and grandeur, is not restricted to the oil rich sheikhdoms of the Middle East, the capitalist bastion of the United States, aggressive young economies like Australia, or the ambitious Asian Tigers. The United Kingdom, long associated with restraint and the virtues of understatement, has its fair share of projects that can be termed iconic; the Millennium Dome, the London Eye, Portsmouth’s Spinnaker Tower, and London’s Wembley Stadium; to name but a few. Iconic projects are usually undertaken with diverse objectives in mind, e.g., raising the profile of a city, creating a tourist attraction, or even increasing the status of a premier football club; they are normally complex in nature and require substantial outlays of money, long construction periods, large tracts of land, sophisticated construction and construction management skills, involvement of political and non-political organisations, agencies and individuals, and numerous administrative, financial, and legal issues (Prasser, 2006). Always in the arc of media attention, their progress receives inordinate publicity; their failures and successes are widely discussed, debated and often roundly criticised. The amount of controversy and censure that invariably attaches itself to most such projects, as well as their patchy records, can well lead people to believe that â€Å"iconic projects are virtually certain to fail†. With such sweeping statements possibly appearing to be somewhat naà ¯ve to serious students of management and construction, (more so in light of the rapid strides made by the construction management industry in recent years, both in terms of technological advances and in terms of utilisation of management processes), this study attempts to investigate the issue, with the aid of relevant current examples and current construction management theory. Commentary and Analysis A meaningful discussion on the italicised topic calls for logical and relevant structuring. This analytical commentary is structured into sequential sections that take up the determination of failure, as applicable to iconic projects, the various environmental, political, economic and managerial factors that can contribute to such failures, and the measures that can be adopted and implemented to lessen the chances of their happening. The concluding section summarises the discussion and contains appropriate recommendations. Determination of Project Failure A project can be defined as a discrete and predetermined endeavour that has specific commencement and conclusion nodes and is undertaken to construct a quantifiable deliverable (Lewis, 2007). Projects can be initiated in many areas of social, economic and business life and can be classified as iconic in terms of their status, importance, glamour, media friendliness and size. With the topic of this discussion being related to construction, the commentary is focussed on iconic projects that involve substantial construction activity, e.g. stadia, buildings, roads, dams, museums, monuments and the like. Large and prestigious projects in areas like IT or brand building, which can also be truly termed to be iconic, do not find place in this study. A project can be termed to be a failure if it does not meet its objectives (Lewis, 2007). With most modern day projects, especially those that are large and complex, having aims and targets, in terms of physical, cost, and time deliverables, and expected to conform to norms of accountability, transparency, and ethics during their execution, such projects can be deemed to be unsatisfactory if they fail to meet such signposts and requirements (Lewis, 2007). Properly set project objectives, in the language of project management, are expected to meet specific SMARTA criteria, i.e., they should be Specific, Measurable, Achievable, Relevant, Time-Framed, and Agreed (Lewis, 2007). Apart from such objectives, iconic projects have broad aims in terms of what they are expected to achieve and the services they are to provide (Prasser, 2006). The Millennium Dome at Greenwich in the outskirts of London, for example, was conceived as a mega project that was planned to be either a football stadium or a huge convention and exhibition centre (and an attractive tourist destination), after the completion of the Millennium Experience in December, 2000 (Maddox, 2000). The structure, which is the largest of its type in the world, whilst proving to be a huge tourist attraction in 2000, proved to be of little use thereafter. Horrendously expensive to maintain, it remained practically unused during the next five years. Most of its adjacent structures were demolished. Renamed O2 in 2005 it has since been transformed into an entertainment district at a cost of 600 million dollars (Millennium Dome, 2008). The Spinnaker Tower at Portsmouth is another example of an iconic project that has come in for widespread criticism. Reflecting Portsmouth’s maritime history and designed to resemble a sail, the tower was completed five years after schedule, incurred expenditures far beyond what was originally forecasted, was executed poorly, developed construction defects and was found to be unfriendly towards disabled visitors (Oates, 2006). The London Wheel, on the other hand, which received lesser visitors than the Millennium Dome in 2000, belied pessimistic forecasts and went on to become a hugely successful tourist attraction, redefining London’s skyline and being featured in every Bollywood movie that was shot in London. Projects to be successful should specifically deliver on the wider planned benefits and services. â€Å"The concept of project benefits is central to project success. A project will be deemed successful if it delivers its promised benefits. What about on time and on budget? These are different questions, relating to how well the project is managed. Important as they are, these are not the focus of a quest to clarify objectives. Besides, in the end we would rather have a successful project a little late and over budget than a beautifully managed disaster which fails to deliver on promises† (Writing Project Objectives, 2008, http://www.numerix.com.au/docs/newsletter-articles/writing-project-objectives.htm). Causes for Project Failure Commercial project management, as a discipline, has enlarged significantly in recent years. Imbibing theories and concepts from various sectors of management theory like strategic, human resource (HR), financial, general and environmental management, its evolution has been helped by the progressive sophistication of project management, decision making, monitoring and control techniques (like PERT (Project Evaluation and Review Techniques), CPM (Critical Path Method), Gantt Charts, and Fishbone diagrams) (Richman, 2002). With construction having progressively become one of the biggest business activities in the world, the use of sophisticated management practices, which otherwise originated and were developed in other business sectors like automobile and steel production, is but normal (Richman, 2002). The fact that project construction, especially on the scale of what is being attempted in the modern day, is an extremely complex process that involves political decision making, activist involvement, environmental repercussions, land acquisition, financial organisation, use of sophisticated technology and complex machinery, diverse human skills, and the involvement of numerous agencies, contractors, and subcontractors, results in the emergence of numerous variables, which, individually, and in tandem with others, can lead to partial or complete failure in achievement of project objectives (Richman, 2002). Despite the existence of numerous related and independent factors that can effectively hinder the success of projects, management experts feel it advisable to group and analyse these variables under specific categories. Again, whilst project management experts and project consulting organisations by and large appear to have their own interpretation of reasons behind failures of large and prestigious projects, they are united on some major causal factors. Problems in Project Initiation The most important of these causal factors arise during the initiation of the project, a process that in the case of iconic projects is likely to include issues of political governance, harmonisation of expectations of different stakeholders, environmental requirements, cost estimation, organisation of finances, selection of management team, and crystallisation of broad project objectives, benefits, and services, as well as its SMARTA criteria (Lewis, 2007). Ambiguity about any of these factors, especially at the initiation stage can lead to the perpetuation of uncertainties in objectives, as the project progresses, and inadequate or inappropriate managerial inputs at later times (Lewis, 2007). Large projects, more often those that are public in nature, or involve public private participation, need clarity in political approach, inter-departmental involvement, and decision making; the lack of which can lead to continuing snags in project implementation. The Millennium Dome, projected as the most celebrated iconic project of the beginning of the Millennium, went over budget by more than 200 million GBP and lay idle for five years after 2000 (Millennium Dome, 2008). It was mired in political and public controversy regarding its cost, design, and content right from project inception; developments that definitely contributed to unsteadiness in its management and leadership and uncertainty in its execution. Whilst the initiation stage of the project in matters of time is often much shorter than the actual time required for its completion, it is critical for satisfactory project outcomes, because of its key processes, (all of which involve high level decision making skills), namely (a) crystallisation of project benefits (b) agreement on project implementation at governing levels, (c) fleshing out of project dimensions and project design, (d) arrangement of finance, and (e) selection of management team (Lewis, 2007). Although commercial project management does borrow many managerial and control techniques from regular management theory and practice, its finite and bounded nature poses significantly different and multifaceted challenges, especially those that arise from the need to make route corrections, if and when such need arises (Hannigan Browne, 2000). Whilst such route corrections are part and parcel of regular management projects, their occurrences in construction projects invariably lead to disruption of time, cost, and completion targets; thus the need for careful project initiation. A project well begun often leads to far easier meeting of project objectives (Hannigan Browne, 2000). The costs of the project, its construction and finance requirements, and time frame, ultimately depend upon project design, the excellence of which has a significant effect on its final success. The design for the Millennium stadium at Cardiff had to take account of variables like the proximity of the river Taff, the issue of tidal flooding and the demolition of a number of buildings with consequent compensation and relocation costs (Lowe, 2008). Mishandling of these issues could well have fatally jeopardised the outcome of this project. Project design is also inextricably linked to the land needed for the project. With land for prestigious projects invariably being substantial, and more often than not in populated areas, land acquisition is a complex exercise with political, environmental, social, and economic aspects that need to be addressed separately and competently. The Tatas, recent acquirers of Corus Steel and Jaguar Landrover, are in the process of constructing their factory for the world’s cheapest car, the 2200 USD Nano, in India. In many ways the group’s most celebrated and iconic project, the original Nano site near Kolkata in East India had to be abandoned after a year’s work and more than 100 million US dollars in expenses, after protests from local landowners, (who did not agree with the land acquisition price negotiated by the concerned state government), led to riots and violence (Misery Is the Price Farmers Must Pay for â€Å"People’s Car†, 2008). The project, whi ch has been resumed in a totally different location, is now substantially behind, both in terms of costs and time, and only the future will tell whether the Tatas will be able to keep their price commitment. Provisioning of finance, its estimation, its sources, and its arrangement form another crucial component of project initiation activities. Project financing, especially in public private partnerships is a complex process, with different sources of finance carrying different cost and repayment commitments. Whilst the Millennium Commission projects were by and large funded by the national lottery, most projects are not so lucky and need to be funded adequately to ensure against work delays on account of financial inadequacy. The Spinnaker Tower, the showpiece of Portsmouth Harbour, suffered from underestimation of cost as well as under-arrangement of finances, leading to an overrun of 36 million GBP and the need to use taxpayers’ money, an avenue that was specifically not considered at the time of the project decision (Oates, 2006). With financial inadequacy likely to arise both from poor financial management and from wrong cost estimation, it is important to get the financials right before the start of a complex and expensive project. Activities like the estimation of finance and the coordination of design activity are the responsibility of the commercial management team of the project, the selection of which, along with that of the commercial manager, is critical to project success. Subject to the necessary provisioning of required inputs from the project owners, the functioning of the commercial management team assumes enormous responsibility for successful project execution. Commercial Management Commercial management of projects is a complex and multifaceted discipline requiring numerous managerial skills and inputs. The execution of large projects is possibly among the most challenging of modern day management tasks, an area of work that is distinguished by two main features, first the sheer number of variables that need to be controlled and issues that need to be attended, and second the minimal scope for wrong decisions or operational blunders (Frame, 2002). The commercial management function is underpinned on theory that is drawn from diverse disciplines like social sciences, management, economics, law, accountancy and finance, in addition of course to project management and supply chain management (Lowe, 2008a). Commercial managers of construction projects have extensive responsibilities that commence from the time of initiation and need to be appointed as soon as a final decision on project implementation is taken (Frame, 2002). Whilst commercial managers are not involved in much of the initial decision making that concern areas of political governance, environmental and ecological issues and sourcing of avenues of finance, their involvement at this stage can be rewarding because of their managerial expertise and their previous experience (Frame, 2002). Commercial managers are more often than not senior practicing managers with significant project experience and are expected to be competent in areas of technical and financial knowledge, budgeting, forecasting and monitoring, law, human resource management, supplier chain management and above all leadership and general management. They need to be selected with the utmost of care as much of the proper execution of projects depends upon their knowledge and competence. Whilst they are generally provided with adequate support in both line and staff functions, their own knowledge of finance management, HR management, supplier chain management and project management is under constant challenge and test; successful project progression depends significantly upon their own interpretation of cash flows and assessment of contractors and subcontractors for project jobs. With the overwhelming majority of project work being carried out by contractors who are chosen for and assigned specific jobs, the most important constraint and critical variable in successful project execution arises from the need to appoint, instruct, monitor and control them (Lowe, 2008a). Unlike regular business organisations, where the bulk of the work is handled by company employees, the majority of project work is undertaken by external contractors who are supervised by project managers with the help of support staff and project accountants, a phenomenon that leads to the emergence of numerous uncertainties and project risks. Much of the delay in the construction of the Wembley stadium, which was finally opened in 2007, more than a year after schedule, can be related to unsatisfactory working of Multiplex, the main contractor (Lowe, 2008a). Contractors are used for every conceivable function and service, from providing designing and architectural services to erection, masonry, electrical work, provisioning of machinery and vehicles, and secretarial and canteen services. A comparison of the nature of project work with that of the currently growing trend of outsourcing in routine business operations is apt. Outsourcing, a process by which internal operations of the company, is handed over to outsiders in return of cost and efficiency advantages, can make a company vulnerable to external factors and is handled by most organisations with utmost circumspection and care. It is used only for repetitive and low skills work and the credentials of service providers are literally tested with fire before they are engaged. The complexities associated with running a company where practically every activity is outsourced can be realistically compared with the challenges faced by commercial managers of large, iconic, projects. Whilst appointing contractors it is essential to gauge their competence and ability for fulfilling proposed responsibilities by assessing their size, competence, availability, financial position, and readiness to work (Frame, 2002). Although such contractors are routinely appointed in Asian countries on the basis of their closeness to and intimacy with the commercial management team (leading to informal and trust based client-contractor relationships), such relationships in Anglo American environments are governed by detailed contracts, and most commercial managers use sophisticated legal help to draw out elaborate agreements with their contractors (Frame, 2002). It needs to be mentioned here that few of the contractors who are engaged in large projects represent small one man organisations. Most of them are medium sized or even large, (where the requirement is substantial, involves the use of expensive machinery or large numbers of people), organisations employing thousands of peopl e. Some are joint stock or privately held companies, and many operate a number of projects simultaneously. In many cases main contractors engage sub-contractors to carry out different jobs that fall under their area of responsibility. Apart from contractual obligations, contractors are controlled by regular monitoring, quality checks, and financial incentives and penalties. Despite the use of legal and managerial methods for progressing work, advancement of project activity in line with forecasts and schedules are often affected adversely due to a number of operational reasons. Commercial mismanagement of projects occurs, in the opinion of experts mainly because of (a) lack of commercial and project management skills with the implementing management (b) inability to assess and control risks (c) lack of attention to breaking development and implementation into manageable and discrete steps, (d) lack of understanding and contact with the supply industry at senior levels and (e) lack of effective project team integration between the commercial management team, the subcontractors, and other participants of the supply chain (Frame, 2003). Experts are also quite clear in arguing that many of the problems that arise in p roject management occur because of overworked commercial managers. Project owners rarely understand the extent of detailed and complex work that is natural to commercial management of projects, a phenomenon that leads to unsustainable loads on executives and to consequential errors and delays (Frame, 2003). Failure of Iconic Projects Project execution is essentially a complex exercise and is affected by the inter-play of a host of variables, many of which arise from issues and developments that are not under the direct control of the project execution team. Project delays and cost overruns, are common to both the private and public sector, and continue to happen despite the increasing sophistication of project and commercial management techniques and methods. Project failure in the IT industry, for example, is an unhealthy 85 %! â€Å"Research highlights that only one in eight information technology projects can be considered truly successful (failure being described as those projects that do not meet the original time, cost and (quality) requirements criteria† (McManus and Wood Harper, 2008) The situation becomes even more complex in case of iconic projects. Such projects in the public or public-private domain arise because of a continuing historical obsession of decision makers with size and grandeur and often occur at the expense of more essential infrastructural projects like roads, hospitals, power and public transport. With the origins of such projects often mired in controversy and public disapproval, their approval leads to difficulties in balancing of public budgets and slashing of other required expenditure; the stated benefits of such projects often have to be related to the reduction of benefits from other areas that need to be cannibalised. Iconic projects, all over the world, irrespective of their location in the UK, Australia or the United States involve enormous costs and stress on size as a feature rather than as a requirement. They extol form over function and their benefits are more symbolic than measurable. Often large scale in nature they are taken up for boosting economic or tourism activity, (Millennium Dome), hosting huge sporting events, (Beijing and London Olympics), lifting regional prestige (The Millennium Stadium at Cardiff and Spinnaker Tower at Portsmouth), and symbolising governmental achievement (the magnificent Parliament House at Canberra). The Beijing Olympics led to an enormous demand for global steel and the intensification of a commodity super cycle, a phenomenon that now lies buried under the debris of the sub prime crisis. The London Olympics are similarly expected to generate 60,000 person years of employment during construction. With decisions for undertaking such projects often being founded on peripheral considerations, they are subject to excessive political interference, have unclear and ill defined objectives, over optimistic considerations, and inflated viability. More often than not they are driven by considerations of supply rather than demand and suffer from the â€Å"Build it and they will come† syndrome (Fenn, 2002). It is difficult to assess today whether the huge infrastructure that has been created at Beijing or is being created at London will be utilised in future after the dust of the three week Olympic spectacle subsides. With England in the middle of a severe economic crisis, the pound losing against all world currencies, and unemployment expected to rise, the justification of continuing with such massive expenditure at the cost of economic measures that could help overcome the recession appears to be difficult. Critics also associate iconic projects with poor governance, symbolised by secrecy, lack of transparency, minimisation of risk assessment, fudging of budgets, and political expediency. The Federation Square project at Melbourne had major icon implications. It had high profile and high visibility during construction and a complex architectural design. The haste shown in its construction led to construction activity moving ahead of detailed design work and its lack of transparency was revealed in the cost overrun of more than 350 million when it was inaugurated in 2002, two years behind the opening deadline and in a still incomplete state (Prasser, 2006). The project was affected by cost variations, trade disruption and contractor delay claims, increases in contracting costs, extra project costs, hidden design changes, and post completion changes (Prasser, 2006). Whilst examples of poorly executed iconic projects are not difficult to find, tarring all top drawer projects with the same critical brush appears to be cynical; there also being projects that have been handled and executed with utmost transparency and brilliance. Arsenal’s Emirates Stadium at Islington, completed in 2006, is an example of brilliant project visualisation and construction. Awarded the Building Project of the Year at the Annual Building Awards, the judges described it thus: â€Å"The whole process was an example of how important teamwork should be to a project, with everyone from the client to the contractor and subcontractors coming together and working successfully to ensure the project was completed on time and under budget. The way that this team tackled design changes should be a lesson to the industry† (Lowe, D, 2008, 21). Conclusion Much of the perceptions associated with the â€Å"failure† of large â€Å"iconic† projects arise out of their being over budget and behind schedule. The execution of such projects is in common perception also associated with poor risk management, bureaucratic thinking, and poor project execution. Whilst a number of big ticket projects have been rightly criticised for their failure in meeting of project objectives and underdelivery of promised benefits, the basic issue about viability of iconic projects is prone to becoming clouded by media publicity and public debate. Project conception and management are by themselves extremely complex tasks and it is not difficult to understand the reasons behind their execution problems. The private sector also witnesses numerous incidences of project failure, a fact that possibly does not come to light because of the shroud of confidentiality that covers much of private sector working. Successful project execution involves two discrete and distinct components, first, the conception and visualisation of and the decision to undertake a project and second, its actual physical execution and completion. The actual progression of a project is largely carried out by experienced professionals with the aid of experienced contractors and it would be nothing short of uncharitable to lay the blame for unsatisfactory project execution to the inferior project management skills of managers of iconic projects. Brilliantly executed iconic projects like the Emirates Stadium at Islington confirm that large and top drawer projects can indeed be successfully completed. Iconic projects, especially those that occur in the public space, are usually visualised by political leaders, who, whilst capable of feeling the public pulse and conceptualising ambitious and extravagant plans are not fundamentally strong in commercially complex areas of project management. Being impatient doers they tend to rush through the initiation stages of such projects without paying detailed attention to the greater practical ramifications of project execution, thus building in inherent weaknesses that lead to difficulties later. Iconic projects have a far greater chance of being successfully executed if such errors can be minimised by more transparent and participative working in the initial stages without sacrificing the project’s grand vision. The widely publicised aims and benefits of iconic projects are essentially subjective and their assessment in terms of right or wrong is beyond the scope of this commentary. Being public and long term decisions their benefits are judged more by posterity than by current applause or criticism and on many occasions assume dimensions that make issues like cost and time overruns trivial matters of detail and quibble. The public perception of success of iconic projects could however improve radically if their initiation and execution were tackled with clarity, conservatism and attention to detail. The responsibility for this lies essentially with the project owners, the people who conceptualise and decide upon the project, than on anybody else. Word Count: 4691 References Ahmed, A. S. (1993, May). The Taj Mahal, History Today, 43, 62+ Ali, M. M., Moon, K. S. (2007), Structural Developments in Tall Buildings: Current Trends and Future Prospects. Architectural Science Review, 50(3), 205+ Boss Stuck in Lift as Tower Opens. (2005, October 18). The Evening Standard (London, England), p. 9

Frederick Douglass Essay -- Biography

Frederick Douglass's Propaganda Behind the Narrative Frederick Douglass, a firm believer in equality, was one of the most influential leaders of the abolitionist movement in America. An ex-slave, Douglass pushed for abolition and brought attention to the subject through his commanding speeches and his powerful writings. Among his writings Douglass published his autobiography "Narrative of the life of Frederick Douglass, an American Slave" , which is indeed one of his more famous pieces of work. Although seen as a simple autobiography of his life, the narrative includes a strong abolitionist message that would aim to change the northern audience's view on southern slaveholders. Douglass knew changing the north's view on the subject would create an anti=slavery majority, and with that bring abolition even closer. Douglass used his life story as a disguised propaganda device to promote and drive the abolition movement among northerners. Before Douglass begins his life story , the preface written by Wm. Lloyd Garrison, prepares the reader for the abolitionist message that is really behind Douglass's Narrative. The preface focuses on Garrison's admiration for Douglass and his cause. He describes hearing Douglass speak for the first time and states "I think I never hated so intensely as at that moment..."(2065). Garrison also demonstrates how persuading and devoted to abolition Douglass is by writing "..if Mr. Douglass could be persuaded to consecrate his time and talents to the promotion of the anti-slavery enterprise, a powerful impetus would be given to it, and a stunning blow..inflicted on northern prejudice against a colored complexion."(2066). To further establish the abolition message within the text, Garrison asks ... ..., being separated from his mother, how the slaves were treated like animals, and the brutal punishments and killings without justice. Douglass also expected to place a black mark on southern slave holders by telling us how they had affairs with the slaves and used religion as support for their actions. Using his narrative as a mask for his propaganda message, Frederick Douglass worked to make his northern audience feel distanced, and feel great anger towards the southern slave owners. The themes he used as propaganda: family, foul treatment, cruel punishment, and the false use of religion, were all subjects that northerners held to their heart. Douglass understood this and realized if he demonstrated how the slave owners were contradicting those beloved values, he could make a great impact and recruit a large support for the abolition movement.

The Definition of White Collar Crime

In this paper the exciting criminal phenomenon known as white-collar crime will be discussed. Corporate Crime and Computer Crime will be discussed in detail. Crime preventative agencies such as the NCPC (National Crime Prevention Council) will also be researched. The late Professor Edwin Sutherland coined the term white-collar crime about 1941. Sutherland defined white-collar crime as â€Å"a crime committed by a person of respectability and high social status in the course of his occupation† (Siegel 337) White-collar crime includes, by way of example, such acts as promulgating false or misleading advertising, illegal exploitation of employees, mislabeling of goods, violation of weights and measures statutes, conspiring to fix prices, evading corporate taxes, computer crimes, and so on. White-collar crime is most distinctively defined in terms of attitudes toward those who commit it. These crimes are punishable by law, however it is generally regarded by the courts and by sections of the general public as much less reprehensible than crimes usually punished by the courts. The other types of crime are blue-collar offenses, which are predominately crimes of the under-privileged. White-collar crimes are punished far less harshly than blue-collar crimes, which shows societies attitudes towards the two sections of society. White-collar crime is attractive to criminals because it brings material rewards with little or no loss of status. (Taft & England 201) For some, white-collar crime is not viewed as a â€Å"crime† at all, because of its non-violent nature. Violent crime has an immediate and observable impact on its victim which raises the ire of the public, whereas white-collar crime frequently goes undetected or is viewed as a bending of the rules. Yet white-collar crime can create the greater havoc. The victim of an assault will recover; however, the impact of a fraud can last a lifetime. This is especially true when the elderly are victimized, as they have little or no hope of re-establishing themselves in financial terms. Contrary to the popular belief, white-collar criminals are thieves and the methods used to conceal their offenses are both artful and ingenious. Concealment of the crime is always an objective of the offender, and it becomes an element of the crime itself. Because it is an artful form of deceit, which is skillfully disguised, the investigation itself is often long and laborious as far as proving criminal intent is concerned. The offence itself may be disguised in a maze of legitimate transactions, which are quite proper if viewed in isolation; however, the cumulative effect is the commission of a criminal offence. From the standpoint of the criminal, the ideal white- collar crime is one that will never be recognized or detected as a criminal act. Corporate crime is the type of crime that is engaged in by individuals and groups of individuals who become involved in criminal conspiracies designed to improve the market share or profitability of their corporations. ( Siegel 338) Corporations are legal entities, which can be and are subjected to criminal processes. There is today little restriction on the range of crimes for which corporations may be held responsible, though a corporation cannot be imprisoned. The most controversial issue in regard to the study of corporate crime revolves around the question of whether corporate crime is â€Å"really crime. † Corporate officials, politicians, and many criminologists object to the criminological study of corporate criminality on the strictest sense of the word. The conventional and strictly legal definition of crime is that it is an act, which violates the criminal law and is thereby punishable by a criminal court. From this perspective a criminal is one who has been convicted in a criminal court. Given these widely accepted notions of crime and criminals, it is argued that what is called corporate crime is not really crime and should not be considered as such by either the public or criminologists. (Hochstedler 22) It does appear that now in recent times society has had a growing concern about white-collar and corporate crime. Studies have indicated that the public now judges white-collar criminality to be more serious than it had been in the past, people now have lost confidence in the people running major companies, and most American corporate executives are believed to be dishonest. The public's concern with corporate crime has grown recently, but has been evident for several years. I will use one of the most memorable corporate crime cases in history; The Ford Pinto Case to prove my statement. (Cullen/Maakestad/Cavender 43) The product liability lawsuit and appeal titled Grimshaw v. Ford Motor Company is a case in point and ought to be read by everyone. Grimshaw is an example of the type of thing that can happen when an industry insolates itself from competition. The Pinto affair has very important lessons for us all. Its story can teach us much about the power of huge corporations and what corporations can do when they face no real competition. It carries an important lesson about how the minds of those who run the world's colossal corporations work. In November of 1971 the Grays purchased a new 1972 Pinto hatchback manufactured by Ford in October of 1971. The Grays had trouble with the car from the outset. During the first few months of ownership, they had to return the car to the dealer for repairs a number of times. Their car problems included excessive gas and oil consumption, down shifting of the automatic transmission, lack of power, and occasional stalling. It was later learned that the stalling and excessive fuel consumption were caused by a heavy carburetor float. On May 28, Mrs. Gray, accompanied by 13-year-old Richard Grimshaw, set out in the Pinto from Anaheim for Barstow to meet Mr. Gray. The Pinto was then six months old and had been driven approximately 3,000 miles. Mrs. Gray stopped in San Bernardino for gasoline, got back onto the freeway (Interstate 15) and proceeded toward her destination at 60 – 65 miles per hour. As she approached the Route 30 off-ramp where traffic was congested, she moved from the outer fast lane to the middle lane of the freeway. Shortly after this lane change, the Pinto suddenly stalled and coasted to a halt in the middle lane. It was later established that the carburetor float had become so saturated with gasoline that it suddenly sank, opening the float chamber and causing the engine to flood and stall. A car traveling immediately behind the Pinto was able to swerve and pass it but the driver of a 1962 Ford Galaxie was unable to avoid colliding with the Pinto. The Galaxie had been traveling from 50 to 55 miles per hour but before the impact had been braked to a speed of 28 to 37 miles per hour. At the moment of impact, the Pinto caught fire and its interior was engulfed in flames. According to the plaintiff's expert, the impact of the Galaxie had driven the Pinto's gas tank forward and caused it to be punctured by the flange or one of the bolts on the differential housing so that fuel sprayed from the punctured tank and entered the passenger compartment through gaps resulting from the separation of the rear wheel well sections from the floor pan. By the time the Pinto came to rest after the collision, both occupants had sustained serious burns. When they emerged from the vehicle, their clothing was almost completely burned off. Mrs. Gray died a few days later of congestive heart failure as a result of the burns. Grimshaw managed to survive but only through heroic medical measures. He has undergone numerous and extensive surgeries and skin grafts and was expected to have to undergo additional surgeries over the next 10 years. He lost portions of several fingers on his left hand and portions of his left ear, hile his face required many skin grafts from various portions of his body. This graphic account of these events is needed to grasp the full impact of this tragic situation which could have been avoided by Ford for very minimal cost. Each Pinto could have been repaired for $4-$8 a piece. Management knew of these defects but still decided to produce and release the Pinto to the public. The idea for the Pinto, as has been noted, was conceived by Mr. Iacocco [sic], the Executive Vice President of Ford. The feasibility study was conducted under the supervision of Mr. Robert Alexander, Vice President of Car Engineering. Ford's Product Planning Committee, whose members included Mr. Iacocca, Mr. Robert Alexander, and Mr. Harold MacDonald, Ford's Group Vice President of Car Engineering, approved the Pinto's concept and made the decision to go forward with the project. Harley Copp, a former Ford engineer and executive in charge of the crash testing program, testified that the highest level of Ford's management made the decision to go forward with the production of the Pinto, knowing that the gas tank was vulnerable to uncture at low rear impact speeds creating a significant risk of death or injury from fire and knowing that fixes were feasible at nominal cost. He testified that management's decision was based on the cost savings, which would inure from omitting the fixes. This was the corporation's outright trade of human life for profit. The jury in this case brought in a verdict for the plaintiffs in excess of $128 million of which $125 million were punitive damages. There is another very important point to be made by this case. Ford knew that the Pinto was going to kill or burn people because of its design, but, because of the â€Å"cost savings which would inure from omitting the fixes,† Ford decided to let it go. Consider carefully exactly what Ford Motor Company was doing here. One could argue that Ford was conducting cost-benefit analysis. To the Ford executives, the benefits were clear, calculable, and immediately available. Ford would save a few dollars on each Pinto manufactured. The costs would accrue in the future and would not be paid by Ford. Unfortunately, the costs were the lives and permanent injuries of nameless and faceless future consumers. The Pinto would appear to be a prime example of laying off costs. The suffering, the destroyed lives and families apparently were of minor consideration in the calculations when Ford performed the cost-benefit analysis. Corporate crime has also been linked to political leaders in this country. Corporate crime is a crime of power and profit for the offenders. Large and powerful corporations who have the support of prominent political leaders can be difficult to prosecute in corporate crime cases. At the Progress & Freedom Foundation conference held at the Mayflower Hotel in Washington, D. C. , Speaker of the House Newt Gingrich (R-Georgia) was asked why he spent so much time addressing the issue of street crime and violence, while ignoring the issue of corporate crime and violence. Gingrich answered, â€Å"If I went around the country and said, ‘Vote for us and there will be no more white-collar fraud,' the average voter will say, ‘I don't think he gets it. ‘† But corporate crime is more than just white-collar fraud. And one reason that Gingrich doesn't address the issue of corporate crime might be because one of the corporations that has brought him to power is Southwire Co. of Carrollton, Georgia. Southwire has close ties to Gingrich, it dominates the political economy of Carroll County, where Gingrich's political career was launched, and it is a corporation with a criminal record. Individuals affiliated with Southwire Co. , including its chief executive officer, Roy Richards, and its president, James Richards, have donated more than $18,000 to Gingrich's campaigns for Congress during the past ten years. According to the Los Angeles Times, James Richards has also donated 80,200 to GOPAC, the political action committee spearhearded by Gingrich. Computer technology has introduced new factors concerning the types of perpetrators, the forms of assets threatened, and embezzlement methods. ( Radzinowicz 357) Computer crimes generally fall into five categories: 1) theft of services 2) use of computer data for personal gain 3) unauthorized use of computers employed for various types of financial processing 4) property theft by computer 5) placing viruses to destroy data. The terms â€Å"computer misuse† and â€Å"computer abuse† are also used frequently, but they have significantly different implications. Criminal law recognizes the concepts of unlawful or fraudulent intent and of claim of right; thus, any criminal laws that relate to computer crime would need to distinguish between accidental misuse of a computer system, negligent misuse of a computer system and intended, unauthorized access to or misuse of a computer system, amounting to computer abuse. Annoying behavior must be distinguished from criminal behavior in law. History has shown that a broad range of persons commits computer crime: students, amateurs, terrorists and members of organized crime groups. What distinguishes them is the nature of the crime committed. The individual who accesses a computer system without further criminal intent is much different from the employee of a financial institution who skims funds from customer accounts. The typical skill level of the computer criminal is a topic of controversy. Some claim that skill level is not an indicator of a computer criminal, while others claim that potential computer criminals are bright, eager, highly motivated subjects willing to accept a technological challenge, characteristics that are also highly desirable in an employee in the data-processing field. According to a number of studies, however, employees represent the largest threat, and indeed computer crime has often been referred to as an insider crime. One study estimated that 90 per cent of economic computer crimes were committed by mployees of the victimized companies. A recent survey in North America and Europe indicated that 73 per cent of the risk to computer security was attributable to internal sources and only 23 per cent to external criminal activity. The American Bar Association conducted a survey in 1987: of 300 corporations and government agencies, 72 claimed to have been the victim of computer-related crime in the 12-month period prior to the survey, sustaining losses estimated to range from $ 145 million to $ 730 million. In 1991, a survey of security incidents involving computer-related crime was conducted at 3,000 Virtual Address Extension (VAX) sites in Canada, Europe and the United States of America. Seventy-two per cent of the respondents said that a security incident had occurred within the previous 12-month period; 43 per cent indicated that the security incident they had sustained had been a criminal offence. A further 8 per cent were uncertain whether they had sustained a security incident. Similar surveys conducted around the world report significant and widespread abuse and loss. Computer criminals have gained notoriety in the media and appear to have gained more social acceptability than traditional criminals. The suggestion that the computer criminal is a less harmful individual, however, ignores the obvious. The current threat is real. The future threat will be directly determined by the advances made in computer technology. Although it is difficult to quantify the scope of the computer crime problem, public reports have estimated that computer crime costs us between five hundred million and ten billion dollars per year. The Computer Security Institute has surveyed 428 information security specialists in Fortune 500 companies; 42% of the respondents indicated that there was an unauthorized use of their computer systems in the last year. Only a small portion of computer crimes come to the attention of the law enforcement authorities. While it is possible to give an accurate description of the various types of computer offences committed, it has proved difficult to give an accurate, reliable overview of the extent of losses and the actual number of criminal offences. At its Colloquium on Computer Crimes and Other Crimes against Information Technology, held at Wurzburg, Germany, from 5 to 8 October 1992, AIDP released a report on computer crime based on reports of its member countries that estimated that only 5 per cent of computer crime was reported to law enforcement authorities. Law enforcement officials indicate from their experience that recorded computer crime statistics do not represent the actual number of offences; the term â€Å"dark figure†, used by criminologists to refer to unreported crime, has been applied to undiscovered computer crimes. The invisibility of computer crimes is based on several factors. First, sophisticated technology, that is, the immense, compact storage capacity of the computer and the speed with which computers function, ensures that computer crime is very difficult to detect. In contrast to most traditional areas of crime, unknowing victims are often informed after the fact by law enforcement officials that they have sustained a computer crime. Secondly, investigating officials often do not have sufficient training to deal with problems in the complex environment of data processing. Thirdly, many victims do not have a contingency plan for responding to incidents of computer crime, and they may even fail to acknowledge that a security problem exists. The dynamic nature of computer technology, compounded by specific considerations and complications in applying traditional laws to this new technology, dictate that the law enforcement, legal and judicial communities must develop new skills to be able to respond adequately to the challenge presented by computer crime. The growing sophistication of telecommunications systems and the high level of expertise of many system operators complicate significantly the task of regulatory and legal intervention by law enforcement agencies. If the law enforcement community is expected to deal with the problem of computer crime, adequate training sessions must be implemented. To address computer crime, most police departments are allocating a greater proportion of resources to their economic or fraud investigation divisions, since many types of computer crime occur in the course of business transactions or affect financial assets. Accordingly, it is important for investigators to know about business transactions and about the use of computer in business. The ideal situation is to have investigators with not only solid criminal investigation backgrounds but also supplementary technical knowledge. This is similar to the traditional approach, where many police forces ensure that their fraud investigators, although not necessarily accountants, possess a thorough understanding of financial and business record keeping.

Pro-Choice Persausive Essay

â€Å"One method of destroying a concept is by diluting its meaning. Observe that by ascribing rights to the unborn, i. e. , the nonliving, the anti-abortionists obliterate the rights of the living†(Rand). The meaning behind this statement is powerful and the speaker is trying to surface the need for concern of the living when regarding abortion. Although the nonliving should be considered when contemplating an abortion, the primary focus should be on the mother. Abortion is the termination of a pregnancy and is becoming an increasingly volatile issue; a topic that almost everybody has a stance on.Abortion opponents or â€Å"Pro-lifers† believe that the fetus is a human being at the moment of conception, and abortion therefore is murder. Those against abortion also agree that the government should have control over a women’s body and forbid her to have abortion. On the flip side, â€Å"Pro-choicers† argue that the fetus is only a potential child, and not a human until the moment the child can survive on its own. So, the rights of the self-sustaining, living, mother overpower the rights of the dependent fetus. Abortion should be an available option to women throughout the United States.Especially since in some cases it’s an option that separates life and death. First of all, sometimes medical issues decrease the chance of a healthy, successful birth or life, and abortion should be available to prevent a disastrous outcome. In many instances, abortions are needed to save the life of the pregnant women. An example of this situation is an ectopic pregnancy, or a pregnancy that occurs outside the uterus- usually in the fallopian tubes. (Hurley) This causes certain death to the fetus, and if not aborted, also to the expecting mother.If abortion was not permitted under any circumstance, these women would lose their lives trying to give birth. Medical problems can also occur in the fetus, that make a healthy life seem near impossible. Patau syndrome, a rare and very severe chromosome disorder leads to mental retardation and physical defects-so severe that many babies die soon after birth. (Day) Because Patau syndrome is a chromosomal disease, it can be detected during the pregnancy, giving the women an option to end the pregnancy. This option is beneficial to both the fetus and mother.The trauma of having your newborn die soon after birth is unbearable. Also thinking of the child, the suffering of hospitalization only to pass away in the near future is horrible, and therefore abortion is the most humane solution to this horrific disease and others similar. Living in the 21st century, the prevalence of young girls becoming pregnant is high, and the sheer age of girls causes many concerns of health for both the fetus and the girl. â€Å"70,000 girls ages 15-19 die each year from pregnancy, and babies being carried by young mothers have a 60% higher chance of dying as well†(Roleff).By allowing very young gir ls to go through pregnancy, more deaths occur, then if the embryo was aborted. In cases with young girls, abortion is a well thought out alternative to taking the chance of a child giving birth to a child. Medical issues are a significant argument against getting rid of abortion, but having a child can also have a negative impact on the mental health of a mother. Secondly, the mental health and stability of the women should be taken into consideration before giving birth, and abortion should stay an option to those who are not suited to give birth.Many things can contribute to the instability of women such as being a victim of rape. The woman who has been raped has undergone a terrible trauma, and carrying around a baby for nine months-her rapist’s baby- could significantly impact the victim’s mental health. Common mental health disorders resulting from sexual assault include posttraumatic stress disorder (PTSD), depression, and even substance abuse. All disorders that a newborn should not be brought up in, and abortion should be available to the victims of such injustice.The results from giving birth can also have a very large impact on the lives of teenage and young girl’s lives. These problems include the most extreme cases of fear, disappointment, regret and low self-esteem (â€Å"Why Women Choose Abortion – Reasons Behind the Abortion Decision. â€Å"). Being a very young mother, many obstacles are thrown your way, and having one of these symptoms or conditions can make having a baby truly difficult. Most of the times teen mothers are left to be a single parent, making raising a child seem near impossible.Likewise not being emotionally ready for a baby, causes many women to be remorseful and regret having the child, this isn’t the best situation to bring a baby up in. A child should be blessed to people who are willing to take care of him or her. Abortion is sometimes a moral choice when pregnancy is unwanted and will be uncared for. â€Å"There are approximately 210 million orphans in the world (Knapp)†. It’s obvious that there are not enough families for all these children. If a pregnancy will lead to giving the baby to an orphanage maybe abortion is an option for that mother.Since the numbers are so high, and spots so precious, women should be able to receive an abortion instead of allowing the child to end up on the streets somewhere. If the fetus is kept, the children are likely to be neglected and don’t receive the attention and support they need. â€Å"Children who are born out of wedlock to women who are not prepared to raise a child are more likely to be unable to function in society and to become violent or criminals†(Roleff). This fact proves that because originally the fetus was unwanted, the parents failed to use proper parental guidance.This aspect was overlooked and therefore these misfortunes end up the criminals in society. Every child should be a want ed child, and if not, abortion should remain an option to those who are unwilling to take responsibility for the fetus. Although sometimes an individual is willing to take care of the future child, but financial obligations don’t permit it. According to several small studies across the country 73 percent of women absolutely cannot afford to have a baby at the moment.As of 2009 the cost to initially have a baby was between 9,000 dollars and 25,000 dollars without insurance (Ford). Also, the cost of raising a baby to age 18 is between 125,000 dollars and 250,000 dollars and that's not including college tuition (â€Å"Baby Expenses†). For some women this kind of expense is too much to handle, and not a possibility where they are at in their lives. Women who cannot afford to have a baby, might need abortion as a last resort, so it should stay legal.If abortion does not stay legal, many poor choices will be made in a time of desperation. Lastly, the negative outcomes of mak ing abortion illegal outweigh the positive outcomes because many women now have to go to great lengths to get one. A negative effect of making abortion illegal would be that women will resort to â€Å"back alley clinics† in order to receive treatment. This type of clinic would obviously be illegal, so the people whom run these centers would have trouble keeping the environment sanitary, or just wouldn’t care.If the clinics no longer are sanitary, the women receiving the abortions would be exposed to disease in their fragile state. This type of center would result in a large number of deaths from ill performed abortions. If not being regulated these centers will become who knows what. In order to prevent the spread of disease and back alley clinics, abortion should continue to be legal. Abortions being legal allows sanitary offices for women to turn to for help. If abortions weren’t legal, mother would also try to kill the fetus themselves.Nicknamed â€Å"self-a bortions† many women try different tactics to try to kill their baby, such as causing trauma to themselves and the fetus in order to rid of the fetus. This also provides a greater chance of death to women just trying to get an abortion. As a result of making abortion illegal many flustered, women with nothing left to do, will turn to dangerous solutions. In the end, Abortion should be an option for desperate women across the nation. There are many supporting points on why this last resort should continue to be legal.Sometimes medical issues decrease the chance of a healthy, mother or child or the survival of either could be jeopardized as well. Secondly, the mental health of some women is just not a suitable environment to bring a baby into, but also the result of the pregnancy could just as well induce mental issues too. Abortion is sometimes a moral choice because the child will not be cared for properly. Lastly, there are drastic measure women will take to get one, so they should not be illegal. All in all, the option to keep abortion legal is the right one. For some women it’s the only one.

Definition of Diffusion in Chemistry

Definition of Diffusion in Chemistry Diffusion is the movement of a fluid from an area of higher concentration to an area of lower concentration. Diffusion is a result of the kinetic properties of particles of matter. The particles will mix until they are evenly distributed. Diffusion may also be thought of as the movement of particles down a concentration gradient. The term diffusion comes from the Latin word diffundere, which means to spread out. Examples of Diffusion H2S(g) in a test tube will slowly diffuse into the air of a lab until equilibrium is reached.Food coloring in water diffuses until its evenly distributed throughout the liquid.Perfume diffuses throughout an entire room.Adding a dot of dye to gelatin is a good example. The color will slowly diffuse throughout the gel. Note, however, most of the common examples of diffusion also illustrate other mass transport processes. For example, when perfume is smelled across a room, air currents or convection are more of a factor than diffusion. Convection also plays a large role in the dispersion of food coloring in water. How Diffusion Works In diffusion, particles move down a concentration gradient. Diffusion is different from other transport processes in that it results in mixing without bulk matter flow. How it works is that molecules in motion from thermal energy randomly move about. Over time, this random walk leads to uniform distribution of different particles. In reality, atoms and molecules only appear to move randomly. Most of their motion results from collisions with other particles. Increasing temperature or pressure increases the rate of diffusion.

Free Essays on Suggested Class Projects

SUGGESTED CLASS PROJECTS Throughout this semester, we have been asked to complete suggested class projects at the end of each chapter on a weekly basis. Each project would cover something that pertained to the topics discussed in that chapter in order to not only learn the material through just reading it but also through application of the material. The areas included: advertising foundations and environment, advertising background, planning, and strategy, advertising media, creating advertising, and integrating marketing communication elements. Although I may not have always felt like doing these projects, I do feel as if they were beneficial. It just me gave a little more insight into the world of advertising in practical situations. Towards the end of the semester, we began to base most of our projects around one central theme, and that theme was WIU football. This was also helpful because of the promotional campaign we have to do as well, so it gave the class a chance to throw around ideas. So, I suppose these projects have served a dual purpose. For the most part, I will basically be discussing what I got out of these projects on a chapter-to-chapter basis. For Chapter 1, we were to contact one or two advertising agencies and find out the changes that have taken place within their business as well as in the industry. We proceeded to ask other questions such as if September 11th had any effect on the businesses and what kind of turnover rate they had. Through conducting this interview, although it was very short and sweet, it just gave our group a chance to talk with a real advertising agency, and it made me realize the implications of external factors on businesses, especially small businesses, such as that of 9-11. This interview also showed how much advertising can be affected by technological changes such as online advertising. We were able to find out more about the company we contacted, which was Phoenix Grap... Free Essays on Suggested Class Projects Free Essays on Suggested Class Projects SUGGESTED CLASS PROJECTS Throughout this semester, we have been asked to complete suggested class projects at the end of each chapter on a weekly basis. Each project would cover something that pertained to the topics discussed in that chapter in order to not only learn the material through just reading it but also through application of the material. The areas included: advertising foundations and environment, advertising background, planning, and strategy, advertising media, creating advertising, and integrating marketing communication elements. Although I may not have always felt like doing these projects, I do feel as if they were beneficial. It just me gave a little more insight into the world of advertising in practical situations. Towards the end of the semester, we began to base most of our projects around one central theme, and that theme was WIU football. This was also helpful because of the promotional campaign we have to do as well, so it gave the class a chance to throw around ideas. So, I suppose these projects have served a dual purpose. For the most part, I will basically be discussing what I got out of these projects on a chapter-to-chapter basis. For Chapter 1, we were to contact one or two advertising agencies and find out the changes that have taken place within their business as well as in the industry. We proceeded to ask other questions such as if September 11th had any effect on the businesses and what kind of turnover rate they had. Through conducting this interview, although it was very short and sweet, it just gave our group a chance to talk with a real advertising agency, and it made me realize the implications of external factors on businesses, especially small businesses, such as that of 9-11. This interview also showed how much advertising can be affected by technological changes such as online advertising. We were able to find out more about the company we contacted, which was Phoenix Grap...

A man of great and diverse gifts

A man of great and diverse gifts Essay We learn that Anne is dead and in Act 4 Scene 4 we see Richard asking Elizabeth for help in wooing her daughter. After a long confrontation. Elizabeth appears to agree with the plan. However, it is here we see the beginning of his loss of control over people. ELIZABETH: Shall I go win my daughter to thy will? RICHARD: And be happy mother by thy deed. ELIZABETH: I go. Write to me very shortly, And you shall understand from me her mind. RICHARD: Bear her my true loves kiss, and so farewell Exit Q Relenting fool and shallow, changing women Here we see that Elizabeth has lulled Richard into thinking that she fully intends her daughter to be wed. We see this by Richards last exclamation that he thinks he has manipulated her, whereas the truth is that Elizabeth has manipulated him into thinking he is to be married, when, secretly, Elizabeth has no intention for her daughter to be married to Richard. This is the start of Richards downfall until he is finally killed by Richmond in the battle of Bosworth in Act 5 Scene 5. However, before his death we see his battle with his conscience and is victimised by it because of all the deaths he has caused. The repetition of the phrase despair and die predicts the death of Richard, whilst the ghosts promote Richmonds succession as king. As Richard III was written as propaganda for the Tudor dynasty, it is probable that Richards character was overemphasized and his deformity exaggerated to increase the superiority of their reign. Examples of Shakespeares magnification of Richards deformity include the animalistic metaphors such as: boar bunch backed toad and tiger used to describe him. These are used to turn the audience against Richard, as they get more potent as we follow him through the play. Throughout the play Richard shows many characteristics that would make people believe he is either a bloody tyrant and a homicide or a man of great and diverse gifts. However, from the events that have been studied I have concluded that he is both. Richard is clearly a bloody tyrant and a homicide, like many other major historical figures such as Hitler or Stalin, he had a plan for complete power. Although, to achieve this there must be no opposition. Much like in Stalins Great Terror where he killed anybody who he thought could pose a threat, Richard killed anybody who would challenge his accession to the throne. Although, a tyrant this was unusual for the times, both Richards predecessors and successors were tyrannical rulers. However, for Richard to do this involved planning and care. Richard used his gifts of crafty rhetoric and manipulation. Richard is able to encourage confidence in others around him, without letting them know they are destined for death at his hands. We must also sympathise with Richard in the play because we know Richard III was written as Tudor propaganda and so his deformity and character would have been hugely overemphasized to make the Tudors rule seem superior. In conclusion, Richard is both a bloody tyrant and a homicide and a man of great and diverse gifts. Without these gifts he would never have been able to gain access to the throne because he would have been stopped before he had a chance. With his gifts he was able to create a smoke screen, with which he was able cover his tracks until he was able to reach the throne.

Persuasive paper Essay Example | Topics and Well Written Essays - 1000 words

Persuasive paper - Essay Example A number of researchers have suggested negative advertisement or campaign is the standard in all political scenes, moderated by the liveliness of a competition. Running negative advertisements is among the most utilized techniques used when attacking a competitor’s opinion, record or personality. There are two types of advertisements employed during negative political advertising: contrast and attack. This paper is about negative political advertising in the Dominican Republic and my views against the advertisements. Contrast advertisements are made up of details on the opponent and the candidate. The detail about the candidate is definite while details about the competitor is damaging. Contrast advertisements contrast and compare the candidate with the competitor combine the definite information about the candidate with the damaging information of the competitor. Because contrast advertisements are required to contain positive or definite information, contrast advertisements are perceived as less destructive to the political activities than attack advertisements. On the other hand, attack advertisements concentrate solely on the damaging features of the competitor. In addition, there is no positive information in an attack advertisement, whether it is about the competitor or candidate. ... Popular negative campaign styles include depicting a competitor as dishonest, a danger to the country or as soft on law breakers (Ansolabehere and Iyengar 27). One of the most popular negative political advertisements is claiming the opponent is using a negative political advertisement. The negative political advertisements also constitute dirty tricks. These constitute secretly running political advertisements that contain destructive information. This method does not require a lot of money and also segregates a candidate from backlash. Nonetheless, the leaked information should be solid enough to draw media and people’s attention. In contrast, if the truth is found out it can extensively destroy a campaign. Negative political advertisement also constitute giving the competitor’s unit untrue information wishing they will respond and humiliate themselves. Frequently, a political campaign will employ external groups to air negative political advertisement, for example, l obby groups. These may be presumed as emerging from a neutral area, and if the claims turn out to be untrue, the attacking participant will not face damages if the connections cannot be established. Negative political advertisements can be made by substitutes. These negative political advertisements can address issues like violence, fraud, or other social evils against a competitor (Calvert 15). I oppose negative political advertisements because while it prompts the source of support, it can estrange undecided and centrist voter form the political practice. This will radicalize politics and lessen voter attendance. The effect of negative political advertisements is a larger image prejudice of the contenders and larger attitude divergence. In

Financial Analysis for International Company Essay

Financial Analysis for International Company - Essay Example RECOMMENDATION FOR MANAGING FINANCIAL RISKS: 11 6.2. RECOMMENDATION FOR MANAGING OPERATIONAL RISKS 11 6.3. RECOMMENDATION FOR MANAGING MARKET PLACE RISKS 12 6.4. RECOMMENDATION FOR MANAGING MACRO-ECONOMIC RISKS 12 7. References 13 1. INTRODUCTION: Dixons Retail Plc is the largest electrical and computing retailer in Europe. The company offers wide range of products and services and it operates in 26 countries. The company sells the following products: Consumer electronics, Personal computers, Domestic appliances, Photographic equipment and Communication products. Principal products like Brown goods, white goods, computing products and mobile phones are sold by the company. The company is a multi-channel retailer that sells products over the internet, in stores and by phone and it also provides product support services to the customers. B2B sales and services are also carried out by the company. (Forbes.com LLC , 2011) 1.1ABOUT DIXONS RETAIL PLC: The company offers wide range of produ cts and services and it operates in 26 countries. In 13 countries, the company has approx. 1,200 stores. The company has over 38,000 employees and it holds number 1 position in the UK & Ireland, Greece, Nordics and the Czech Republic. (Dixons Retail Plc, 2011) The company operates four divisions which are as follows: 1. UK & Ireland 2. Nordics 3. Other International 4. E-commerce Important information related to these four divisions is given below in the table: (Dixons Retail Plc, 2011) UK & Ireland Nordics Other International E-commerce SALES ?3.8bn ?2.3bn ?1.2bn ?0.8bn EBIT ?71.3m ?105.6m (?21.6m) ?0.9m MARKET POSITION Number 1 Number 1 Number 1 in Greece, Number 2 in Italy and Czech Leading internet operator across Europe SHARE OF GROUP 47% 28% 15% 10% NO. OF EMPLOYEES 23,091 7,343 6,191 1,398 NO. OF STORES 642 285 308 - 1.2 TURNOVER: In 2006, Dixons Retail’s turnover was ?7,403,400,000 then in 2007 it was ?7,929,700,000 i.e. an increase of 7.108%. In 2008, the turnover wa s ?8,545,900,000 then in 2009 it was ?8,364,600,000 i.e., a decrease of 2.122%. In 2010, the company’s turnover was ?8,532,500,000 i.e. an increase of 2.007%. (WorkSMART, nd) 2. FINANCIAL POSITION: In 2007, Dixons Retail’s profit was ?114,100,000 then in 2008 it faced a loss of ?192,800,000. In 2009, the company again faced a loss of ?140,400,000 but then in 2010 Dixons Retail achieved a profit of ?112,700,000. In 2011, the company faces a loss of ?224,100,000. (WorkSMART, nd) In 2007, Dixons Retail’s revenue was ?7929.70m then in 2008 it was ?8488.00m i.e. an increase of 7.041%. In 2009, the revenue was ?8317.80m then in 2010 it was ?8532.50m i.e. an increase of 2.581%. In 2011, the company’s revenue is ?8341.80m i.e. a decrease of 2.235%. (London Stock Exchange PLC, 2011) Other important Dixons Retail’s financial indicators are given below in the table: DIXONS RETAIL FINANCIAL INDICATORS (Telegraph Media Group Limited, 2011) MAY 2011 MAY 2010 MAY 2009 MAY 2008 MAY 2007 P/E RATIO -2.18 17.42 -4.04 -4.81 89.45 ROCE -14.86 6.56 -14.74 2.4 OPERATING MARGIN -2.93 0.7 -2.67 -3.05 0.42 RETURN ON ASSETS -5.61 2.48 -4.96 -5.68 1.08 EV/BIT -4.17 9.09 -11.73 -7.70 19.43 GEARING RATIO 44.93 37.49 53.73 31.79 23.54 P/BV RATIO 0.8 1.41 1.31 1.48 2.31 P/CASHFLOW RATIO 2.89 14.16 -46.19 6.13 12.57 QUICK RATIO 0.34 0.34 0.32 0.38 0.5 TURNOVER PER SHARE 2.261 2.441 2.825 3.504 3.186 PEG (HISTORICAL GROWTH) 0.06 -0.46 0.12 0.73 -165.66 EPS GROWTH 7.00% 50.00% -90.00%

Reaction paper about Blackfish documentary Essay

Reaction paper about Blackfish documentary - Essay Example As such, the theory postulates that crime and deviance occur because of the lack of adequate constraints. The lack of clear laws that govern the handling and use of wild animals is a fundamental factor that could have led to the criminal behavior of the management of SeaWorld. Orcas are dangerous animals belonging to the oceanic dolphin family. While dolphins are always friendly to humans, the animals are temperamental and their behaviors are always unpredictable. Killer whale is among the largest of the family. They have teeth and are always aggressive especially when agitated. Additionally, the animals are large and travel for up to 160 kilometers in a day. The animals therefore require adequate space and depth to move and live freely. The management of SeaWorld has made a number of decisions some of which may have led to the death of the three individuals killed by the killer whales. The need for increased profitability compelled the management to overlook the safety of the employees and freedom of the animals. Additionally, the pressure to deliver is a fundamental determinant that could have compelled the trainer, Dawn Brancheau, to stress the animal thereby causing his death. Ever since the release of the Blackfish film, SeaWorld has promised to make a number of changes. On 13 May 2014, The Dodo ran a story that explained the spotting of a 103-year-old whale moving around the West Coast of Canada with her children and grandchildren. The spotting of the whale would cause problems for SeaWorld. The company had claimed that the life span of orca to be around 20 years. SeaWorld made such claims to justify the fact that most of their orcas die before reaching the age of 20 owing to the deplorable treatment and the environment in captivity. The company has since promised to increase the capacity of its tanks in order to provide the animals with more space Despite the changes, the company promises

Th Ntur f Pristhd in th Church f nglnd Essay Example | Topics and Well Written Essays - 1000 words

Th Ntur f Pristhd in th Church f nglnd - Essay Example Th nly high prist in Gd's systm tdy is in hvn" Christins r prists f Gd. Th pristhd undr th lw ws vry hnrbl nd scrd ffic, Hb. 5:4, "nd n mn tkth this hnr unt himslf, but h tht is clld f Gd, s ws rn." It ws n ccunt f this hnr tht ths prud mn, Krh nd his cmpny, nvid rn; nd Gd ssrtd nd vindictd rn's right t it, by cusing his rd t bud. It ws n hnr which, bfr th giving f th lw, whn vry prticulr fmily ws wnt t ffr scrifics fr thmslvs, th firstbrn usd t clim, nd thrfr th birthright ws s much stmd nd vlud. Thrfr Jcb hd such dsir f hving th birthright f his brthr su, nd su's dspising f it is spkn f s grt instnc f his prfnnss. Prist in th Church f nglnd is sid t b chif mn mng his ppl, Lv. 21:4, "But h shll nt dfil himslf, bing chif mn mng his ppl, t prfn himslf." Bcus th ffic f th pristhd is s hnrbl, it is nticd s wickd cntmpt f it in svrl wickd kings, tht thy md f th mnst f th ppl prists. Pristhd is vry scrd ffic, nd tht bv ll thr ffics. Lv. 21:6, "Thy shll b hly unt thir Gd, nd nt prfn th nm f thir Gd, fr th ffrings f th Lrd md by fir, nd th brd f thir Gd, thy d ffr; thrfr thy shll b hly. Thy shll nt tk wif tht is whr, r prfn, nithr shll thy tk wmn put wy frm hr husbnd; fr h is hly unt his Gd. Thu shlt snctify him thrfr, fr h ffrth th brd f thy Gd, h shll b hly unt th: fr I, th Lrd, which snctify yu, m hly." Church f nglnd blivs tht... Th pristhd nw is n lngr cnfind t n fmily, t rn nd his sns, but ll th tru Isrl r prists. vry tru Christin hs wrk nd ffic tht is s scrd s tht f th prists ws undr th lw, nd vryn is dvncd t lik hnr, nd indd t grtr. But hw vry tru Christin is prist f Gd will ppr in th fllwing things. Undr th nglish Church ll wh hv "btind ccss t this grc in which w stnd" r prists f Gd (Owen, Dorothy, 2002). Ths wh nc wr nmis, whn rcncild t Gd, bcm His ministrs, thrugh Him wh lvs us nd hs frd us frm ur sins by his bld nd md us kingdm, prists t his Gd nd Fthr. N wndr tht clstil vics ris in pn f pris unt Him in th stirring wrds:"Wrthy rt thu t tk th scrll nd t pn its sls,Fr thu wst slin nd by thy bld didst rdm mn fr Gd Frm vry trib nd tngu nd ppl nd ntin, nd hst md thm kingdm nd prists t ur Gd" (Rv. 5:9, 10). Th trms "high prist" nd "chif prist" r fund but 123 tims in th Nw Tstmnt nd thus th pristhd is highly rspctd in nglish Church. Th Grk wrd fr prist is hirus, nd th trm "prist" is fund 33 tims in th Nw Tstmnt, whr it rfrs t th Lviticl prists 18 tims. f th 15 rmining ccurrncs, 8 rfr t Christ, 3 t Mlchizdk, 1 t th pgn prist f Jupitr, nd th thr 3 t th ntir mmbrship f th church f ur Lrd, wh r dsigntd s kingdm, vn prists. In n cs is th trm pplid t spcil ministry r cst in th cngrgtin f ur Lrd. N gspl prchr, bishp, r dcn ws vr rfrrd t s prist in ny distinctiv sns; n such individul ws prist by right f ffic (Best, 1995). S pwrful r th mbitins f mn, nd s wid sprd r th ids f scrdtl cst in th rlm f rligin tht it is virtully impssibl t limint th id f spcil clrgy frm th minds f mn s thy my mk cmplt rturn t pstlic simplicity in wrk nd wrship. Thr is n lmst univrsl id mng th "prists f Gd" tht thy my hir r cntrct with smn f suprir tlnt t pprch Gd in thir bhlf

Britain's conflict with the Mau Essay Example | Topics and Well Written Essays - 750 words

Britain's conflict with the Mau - Essay Example I blame it on the period of occurrence since it is evident that most of the Mau Mau individuals were illiterate (Bradley, 1999). For this reason, they failed to see the significance of taking records on events happening during the time. According to David Anderson, he gave his figures on the number of casualties that faced judgment in relating to the crimes they committed, such as murder and rebellion against the laws set by the British government (Otero, 2010, p. 151). Many different authors such as Bernard Porter have different figures that contradict with David’s article ‘How Did They Get Away with It?’ (Porter, 2005, p. 2). The crimes committed during that time include murder of thousands of natives, the majority being the Kikuyu, brutal torture and unfair justice. The British Empire’s action towards the Kenyans was against human right (Howe, 2005, p. 138). For example, crimes such as forced labor, law wages and torture were against human rights. The co nsequences for such misguided actions include offering compensation to the family members of the Mau Mau group. In the article ‘Empire: How Britain Made the Modern World’ (2003), Niall Ferguson talks about the trial of Mau Mau suspects that was altered by either bribes or favourism. The United Nations branch in charge of protecting and defending human rights should have taken actions and let the British government face the consequences (Curtis, 2003, p. 127). For example, the consequences include facing the law, doing acts of contrition, providing health services to affected Mau Mau members and creating a memorandum of understanding with the Kenyan government and the Mau Mau (Slocum, 2005, p. 70). Analyze, evaluate and interpret complex abstract ideas and relate them to Britain's conflict with the Mau Mau In analyzing, evaluating and interpreting complex ideas, I come up with the idea that colonization was both beneficial and destructive. In relating it to Britainâ€⠄¢s conflict with Mau Mau, it is true that the British government introduced civilization, education, and large scale farming (Bradley, 1999). They improved infrastructure by constructing roads, buildings and industries that served as a source of employment to the Kikuyu and Mau Mau members. The benefits of the British colonization are innumerable and its effects are still witnessed currently since the country has progressed in international business and infrastructure (Porter, 2005, p. 4). On the contrary, the colonization had its negative impacts such as misery and suffering of the Mau Mau members, e.g., separation of family members since the men had to fight for the community (Berman and Lonsdale, 2002, p. 89). The number of deaths that were as a result of the colonization was astonishingly high since many individuals lost their lives fighting for freedom and their rights. Secondly, another idea I will bring forward is that democracy is essential when dealing with a large number of people. In relating this idea to the British conflict with Mau Mau, I believe that the British could have been welcomed peacefully if they could have used democracy as a tool for ruling (Branch, 2009, p. 54). Democracy allows people to choose policies, leaders, and regulations that would govern them.

Merrill Lynch Change Management Case Study Example | Topics and Well Written Essays - 2250 words

Merrill Lynch Change Management - Case Study Example The goal of change management is to make sure that change is not being resisted by employees and is being properly incorporated. To make the process of change smoother, a structured and systematic approach should be used. One thing we should always remember is that even though it can be necessary, we should not bring about a change just for the sake of changing. Normally these changes are done to stay competitive, to upgrade the company. The necessity of change does not take place from within the firm; it is usually because of outside drivers or forces. There are many models which help in change management. One of these is the AKDAR model; Awareness, Desire, Knowledge, Ability and Reinforcement. According to Tech-FAQ, this model says: "Awareness is sharing the knowledge of why the change is taking place. Desire is having the motivation to participate in the change process. This desire must exist for the employees and the organisation as a whole. Knowledge of how to change must be known, not just that there is a need to change. Ability is making the change happen by changing behaviours and implementing new skills. Reinforcement is when individuals and organisations are reinforced to sustain the changes; making them the new behaviour otherwise they will go back to their old behaviour". Literature Review The force field analysis, developed by Kurt Lewin was developed initially for social situations. It talks about forces which can help you achieve your goals or factors which will hinder the process of getting towards your goals. According to 12-Manage, Lewin's view of this analysis is that "issue is held in balance by the interaction of two opposing sets of forces - those seeking to promote change (driving forces) and those attempting to maintain the status quo (restraining forces)". The driving forces should be more than the restraining forces; this would shift the equilibrium and a change will occur. The force field analysis is a method which helps in identifying the most important target groups for a campaign, identify competitors, it helps in identifying how to influence these target groups and helps in investigation the balance of power regarding an issue. The driving forces are written on the left while the restraining forces are written on the right. The force field analysis consists of a series of steps according to Valuebasedmanagment.net, 1. Analyse the current situation 2. Know the desired situation3. Identify where the current situation will go if no action is taken 4. List all the driving forces toward the desired situation 5. List all the restraining forces toward the desired situation 6. Question all of the forces: are they valid Can they be changed Which are the critical ones 7. Give a score to

Britain's conflict with the Mau Essay Example | Topics and Well Written Essays - 750 words

Britain's conflict with the Mau - Essay Example I blame it on the period of occurrence since it is evident that most of the Mau Mau individuals were illiterate (Bradley, 1999). For this reason, they failed to see the significance of taking records on events happening during the time. According to David Anderson, he gave his figures on the number of casualties that faced judgment in relating to the crimes they committed, such as murder and rebellion against the laws set by the British government (Otero, 2010, p. 151). Many different authors such as Bernard Porter have different figures that contradict with David’s article ‘How Did They Get Away with It?’ (Porter, 2005, p. 2). The crimes committed during that time include murder of thousands of natives, the majority being the Kikuyu, brutal torture and unfair justice. The British Empire’s action towards the Kenyans was against human right (Howe, 2005, p. 138). For example, crimes such as forced labor, law wages and torture were against human rights. The co nsequences for such misguided actions include offering compensation to the family members of the Mau Mau group. In the article ‘Empire: How Britain Made the Modern World’ (2003), Niall Ferguson talks about the trial of Mau Mau suspects that was altered by either bribes or favourism. The United Nations branch in charge of protecting and defending human rights should have taken actions and let the British government face the consequences (Curtis, 2003, p. 127). For example, the consequences include facing the law, doing acts of contrition, providing health services to affected Mau Mau members and creating a memorandum of understanding with the Kenyan government and the Mau Mau (Slocum, 2005, p. 70). Analyze, evaluate and interpret complex abstract ideas and relate them to Britain's conflict with the Mau Mau In analyzing, evaluating and interpreting complex ideas, I come up with the idea that colonization was both beneficial and destructive. In relating it to Britainâ€⠄¢s conflict with Mau Mau, it is true that the British government introduced civilization, education, and large scale farming (Bradley, 1999). They improved infrastructure by constructing roads, buildings and industries that served as a source of employment to the Kikuyu and Mau Mau members. The benefits of the British colonization are innumerable and its effects are still witnessed currently since the country has progressed in international business and infrastructure (Porter, 2005, p. 4). On the contrary, the colonization had its negative impacts such as misery and suffering of the Mau Mau members, e.g., separation of family members since the men had to fight for the community (Berman and Lonsdale, 2002, p. 89). The number of deaths that were as a result of the colonization was astonishingly high since many individuals lost their lives fighting for freedom and their rights. Secondly, another idea I will bring forward is that democracy is essential when dealing with a large number of people. In relating this idea to the British conflict with Mau Mau, I believe that the British could have been welcomed peacefully if they could have used democracy as a tool for ruling (Branch, 2009, p. 54). Democracy allows people to choose policies, leaders, and regulations that would govern them.

What Is the Significance of Grading Sysytem Essay Example for Free

What Is the Significance of Grading Sysytem Essay With the implementation of the K to 12 Basic Education Program, the traditional numerical values in the report cards of students will no longer appear. Instead, the Department of Education (DepEd) will be using a new grading system to assess and rate learning outcomes of students in public elementary and high schools. Effective this school year, DepEd said parents and student will no longer see numbers in the report cards of students from Grades 1 to 10. Based on DepEd Order No. 31, Series of 2012, or the â€Å"Policy Guidelines on the Implementation of Grades 1 to 12 Basic Education Curriculum (BEC) Effective School Year 2012-2013,† Education Secretary Armin Luistro ordered public schools to implement the K to 12 BEC, particularly on Grades 1 and 7 which will be most affected by the new curriculum, and challenged schools â€Å"to implement the guidelines in creative and innovative ways for the curriculum can be localized without compromising the philosophy of total learner d evelopment. † â€Å"The new grading system seeks to measure the students’ level of proficiency at the end of each quarter,† Luistro said. â€Å"The assessment process is holistic and aims to ensure the quality of student learning with emphasis on formation and development,† he explained. DepEd, Luistro said, â€Å"will also release another separate order with more details on the new rating system.† In the new grading system, letter â€Å"A† will reflect as highest the grade; letter â€Å"P† as second highest; and letter â€Å"B† as the lowest. Luistro explained that the letters actually represent â€Å"levels of proficiency as abbreviated†. To rate the learning outcome of students, teachers will be giving a grade â€Å"A† (â€Å"Advanced†) to students with 90 percent and above rating; â€Å"P† (â€Å"Proficient†) to students with 85 to 89 percent rating; â€Å"AP† (â€Å"Approaching Proficiency†) to s tudents with 80 to 84 percent rating; â€Å"D† (â€Å"Developing†) to students with 75 to 79 percent rating and â€Å"B† (â€Å"Beginning†) to students with 74 percent and below rating. Luistro said that teachers will still measure students’ progress with numerical values, but their letter equivalents above will be used in report cards â€Å"so that the focus will be less on competition and more on achieving standards of learning.† At the end of the quarter, Luistro explained that the performance of students shall be described in the report card based on the level of proficiency. When the teacher gives â€Å"B† it means that the student â€Å"struggles with his/her understanding; pre-requisite and fundamental knowledge and/or skills have not been required or developed adequately to aid understanding.† Students given with â€Å"D† are those that â€Å"possess the minimum knowledge and skills and core understandings but needs the help throughout the performance of authentic tasks† while those given â€Å"AP† are students that have â€Å"developed the fundamental knowledge and skills and core understandings and with little guidance from teacher and/or with some assistance from peers, can transfer these understandings through authentic performance tasks.† Those that are given â€Å"P† are students that have â€Å"developed fundamental knowledge and skills and core understandings and can transfer them independently through authentic performance tasks† while students given with â€Å"A† are those that â€Å"exceeds the core requirements in terms of knowledge, skills, and understandings and can transfer them automatically and flexible through authentic performance tasks.† Luistro said that the assessment process to be used is holistic, with emphasis on the formative or developmental purpose of quality assuring student learning. â€Å"It is also standards-based as it seeks to ensure that teachers will teach to the standards and students will aim to meet or even exceed the standards,† he added. Luistro added that student performance will still be assessed at four levels, including Knowledge with 15 percent; Process or Skills with 25%; Understanding with 30%; and Products/Performances with 30 % with a total of 100%. The results of the student’s performance, Luistro added, will be summed up based on these levels to come up with a numerical value. â€Å"The corresponding level of proficiency will appear on the report card at the end of the quarter,† he explained. At the end of the four quarters, Luistro explained that the Final Grade for each learning are shall be reported as â€Å"average of the four quarterly ratings, expressed in terms of the levels of proficiency.† Also, he said that â€Å"the general average will be computed based on the final grades of the different learning areas, and will be expressed in terms of the levels of proficiency with the numerical equivalent shall appear in parenthesis.† Luistro also stressed that promotion and retention of students shall be by subject meaning those students whose proficiency level is â€Å"B† at the end of the quarter or grading period â€Å"shall be required to undergo remediation classes† after class hours so that they can immediately catch up as they move to the next grading period. â€Å"If by the end of the school year, the students are still at the ‘B’ level, then they shall be required to take summer classes,† he said. Meanwhile, some parents and students – particularly those who are grade-conscious – expressed reservation to the new grading system. When showed that sample report card to Mylene Cuevas, mother to fourth year high school (Grade 10) student Liza Mae, she was confused. â€Å"Kung ganito ang gagamitin na grading system, ano ang mangyayari sa ranking ng mga bata? Paano pipiliin kung sino ang magiging first at second honors? (If they will use this grading system, what will happen to the ranking of students? How will they choose who will be the first or second honors?)† she asked. Last school year, Liza Mae ranked second honor. This year, she is eyeing to be the first honor to increase her chances to avail of scholarships once she enrolls in college. â€Å"Kasi sa scholarship or discounts sa tuition, mas malaki ang coverage kapag first honor or valedictorian ka. Kapag ganito ang grading, (letters instead of numbers), mahirap ang ranking, (In getting scholarships or discounts in tuition, bigger coverage is given if you’re first honor or valedictorian. If letter grades will be used, ranking will be more difficult),† she said. The DepEd, on the other hand, said that when it comes to honor students, â€Å"they shall be drawn from among those who performed at the Advanced Level.† â€Å"We will come up with subsequent guidelines will be issued as basis for ranking of honors,† Luistro assured. Meanwhile, Catholic Bishops Conference of the Philippines (CBCP) Episcopal Commission on Youth (ECY) Executive Secretary Fr. Conegundo Garganta called on the DepEd to look into the possibility of using idle buildings as a way of addressing classroom shortage. Garganta said the government can use idle buildings, such as those that have been sequestered by the government, to house additional classrooms. â€Å"Maybe the government can use their police power to ask permission to use these abandoned structures,† he said in a church-organized forum. (With a report from Leslie Ann G. Aquino)