[Japan nuclear and chernobyl syndrome] Essay Example | Topics and Well Written Essays - 1750 words

[Japan nuclear and chernobyl syndrome] - Essay Example The nuclear disaster at Fukushima once again revived the memories of the debilitating things that happened at Chernobyl just a few years ago. A large section of media and scientific community went ahead to compare the possible radiation impact of Fukushima disaster with that of Chernobyl. The print and digital media was replete with the reports placing Fukushima and Chernobyl nuclear reactor side by side, portending the two disasters to be very similar and akin in their fallout and intensity. It was only a very few critical minds and concerns who took the time to point out the differences between the two seemingly similar situations. At large, the world seemed to have been taken over by the ghost of Chernobyl, without waiting to critically analyze the facts. Fukushima-the Facts On 11 March 2011, Japan was hit by an earthquake of magnitude 9.0, accompanied by a devastating tsunami. One of the major fallouts of this calamity was the tragic accidents that took place at the Fukushima nuc lear plant. ... When the earthquake occurred, the functional reactors number 1, 2 and 3 automatically came to a halt (Jones: Online). Also, the emergency generators efficiently started to run the water pumps and the emergency control electronics put in place to tackle such exigencies (Jones: Online). The bad thing was that though the Fukushima nuclear plant was well protected by a sea wall, it failed to withstand the massive 14 m tsunami that flooded the reactor in a matter of minutes (Jones: Online). This flooding of the reactor simply jeopardized the low lying water pumps and electronic cooling equipment and spoiled the electrical grid (Jones: Online). With the shutting down of the cooling mechanisms and a zero possibility of extending assistance and support from outside, the reactors 1, 2 and 3 suffered a core meltdown (Jones: Online). The resultant hydrogen explosions blasted the lids capping the buildings in which reactors 1, 3 and 4 were placed (Jones: Online). This was soon followed by rampan t fires caused by the overheating of the reactors (Jones: Online). It is a fact that many of the workers employed at Fukushima nuclear plant suffered radiation exposure and were evacuated. Also, owing to the fears of radiation leakage, people residing in a 20 km radius around the plant were also evacuated (Jones: Online). On 17 March 2011, one of the generators deployed in the reactor number 6 was restarted, thus allowing for the cooling of partially damaged reactor number 5 and 6 (The Straits Times: Online). The restoration of Grid power on 20 March 2011 did not achieve the desired results, because of the largely damaged machinery and infrastructure. Besides, any attempts to repair the reactors were also hampered owing to the

Understand the Effects of Sport in the Development of Children Essay Example for Free

Understand the Effects of Sport in the Development of Children Essay Social effects Children who regular play sport have showed differences compared with those who dont. There are many social factors but I have highlighted the main ones. These social factors can be used later in life maybe to have respect for work colleagues. Learning respect for others When participating in local sports teams children tend to have respect for their team mates, but also their opponents. Due to the sex difference during school boys tend to be outside whereas girls play indoors. Because of boy playing sport outside they tend to learn goal setting, independent roles, techniques to improve performance and settle dispute. Whereas girls tend to cooperate better and have good patience. Development of coping ability When children play matches or games there are only one winning team but there is also a losing team. When losing the children will have to cope with disappointment and have respect for teamwork and the opposing team. When winning it will teach the children to have respect for the opposing side. Improved cooperation skills A successful team will need to cooperate to do well in a competition, so when children play in a competition in a team sport the performers will need to cooperate with each other, when older they can cooperate with people and consider other peoples feelings and views. Improved emotional wellbeing Participating in regular sports can decrease stress, it has been shown that boy and girls who play for teams have shown a greater ability to relax and avoid headache and back pains to those who dont play regular sports. Psychological effects Playing sport at an early age can have psychological effects which include an increase of motor skills, development of a sense of success and failure, these all can be used later in life. Increase range of motor skills Coaches and family encourage their children to play a range of sport because regular participation in sports improves hand eye coordination, coordination and balance. This means they will be good at a range of sports and when they grow up they can use these motor skills to understand tasks. Greater confidence and self esteem Children who participate in sport tend to more confident in their abilitys compared to those who dont. This means they will be comfortable in social situations and when a challenge comes across they will find a solution. Developed sense of success and failure As a regular participant in sport you will have to face success and failure when losing you will need to accept your loss and look where you went wrong, when winning you will need to have respect for your opponent. Increased motivation Children play sport for many reasons they can include pride, challenge of competition, desire and determination to succeed. These reasons will make children determined and motivated to succeed in their sport. Physiological effects Physiological effects can include a number of factors which include improved general health and improved fitness. Improved general health Sports serve as an excellent physical exercise. Those who play sports have a more positive body image than those who do not. Playing sports often involves physical activities like running, jumping and stretching and moreover a constructive expenditure of energy. Playing sports since an early age strengthens the bones and muscles and tones ones body. Thus sports provide the body with a complete exercise. Improved fitness After all, nearly every sport involves some kind of physical exercise, which is one of the key components of a healthy lifestyle. While a single sport can still do wonders for your body, by participating in a variety of them, you can work different muscles. For example, while football is more about strength, rugby involves more speed.

Dance In Public School Curricular Essay -- essays research papers

DANCE IN PUBLIC SCHOOL CURRICULA Dancing is a form of art that allows many children to express themselves through body motion while developing many skills. Children throughout the world have been dancing since the day they began walking. When a child to take their first steps and puts together the simplest combination of movements, that would be considered as dancing. Music also plays a major role in the development of children understanding dance, because it is can be used as an accompaniment, and can help children get a better feel for the rhythm in dances. Over the past century educators have come to the conclusion that dance serves as a form of art, and should be taught in public schools and colleges to help the growth in children of all ages both physically, mentally, and academically. The development in dance in education, during the 19th century in the United States, was linked to the sudden increase of elementary schools, secondary programs, colleges, as well as the establishment of private dance academies throughout the nation. Dance had always been thought as being just a form of socializing and not as a form of art. Private academies introduced dance as an art form before public schools. The private academies felt that through dance children would benefit greater academically, and physically, than those children who did not have the luxury of taking dance. Enrollment increased in private academies, while throughout the United States the enrollment in public schools steadily decreased. This was when educators decided to begin including dance in public school curricula. Kraus (1969) found that " a major influence in helping to bring dance into public schools and colleges was the work of the French dramatic teacher, Francois Delsante " (p.127). By the beginning of the 20th century, dance had become accepted by public schools throughout the United States and was now a required class. The only negative part about dance being taught in public schools, was that not all teachers who taught the dance classes were certified because there main objectives were to teach core classes. Throughout the United States, dance classes provided a form of exercise for children, but the dance were so basic it was not until public schools adopted the concept of modern dan... ...dance education is to continue growing throughout public schools and colleges in the United States, students, parents, and the rest of the community will need to stand behind their dance educators. Dance has always served a form of great exercise that allows people to express themselves through movement, and will continue to do so into the future. Dance education in the elementary level is a place that may need some help in child development, and the way to solve this problem is by getting classroom teachers who are skilled in dance and creative movement instruction. Dance education in the secondary level also needs to get highly skilled teachers who are also certified in dance themselves. It would also help attract more students if dance was presented in a different department other than physical education. Dance education in the college level is taught by certified dance instructors, therefore dancers in this level are able to explore movements, while being critiqued by someone who knows what is happening. Dance education has played a major role in the development of children of all ages, and will continue to do so, as long as dance educators and dancers have the proper support.

Fin 331 Study Guide

Finance Final Study Guide FIN 331 – Moser – Study Guide for Exam 1 – Spring 2011 Important Concepts * Forms of Business Organization * Proprietorship- an unincorporated business owned by one individual * Partnership- legal arrangement between two or more people who decide to do business together * Advantages * Ease of formation * Subject to few regulations * No corporate income taxes * Disadvantages * Limited life * Unlimited liability * Difficult to raise capital * Corporation- legal entity created by a state, and it is separate and distinct from its owner and managers. Advantages * Unlimited life * Easy transfer of ownership * Limited liability * Ease of raising capital * Disadvantages * Double taxation * Cost of set-up and report filing * Conflicts between Managers and Stockholders * Managers are naturally inclined to act in their own best interests (which are not always the same as the interest of stockholders). * But the following factors affect managerial b ehavior: * Managerial compensation packages * Direct intervention by shareholders * The threat of firing * The threat of takeover * Shareholder Value The price at which the stock would sell if all investors had all knowable information about a stock. * The primary financial goal of management is shareholder wealth maximization, which translates to maximizing stock price. * Value of any asset is present value of cash flow stream to owners. * Most significant decisions are evaluated in terms of their financial consequences. * Stock prices change over time as conditions change and as investors obtain new information about a company’s prospects. * Intrinsic value * In equilibrium, a stock’s price should equal its â€Å"true† or intrinsic value. Intrinsic value is a long-run concept. * To the extent that investor perceptions are incorrect, a stock’s price in the short run may deviate from its intrinsic value. * Ideally, managers should avoid actions that reduc e intrinsic value, even if those decisions increase the stock price in the short run. * Capital allocation process * In a well-functioning economy, capital flows efficiently from those who supply capital to those who demand it. * Suppliers of capital – individuals and institutions with â€Å"excess funds. † These groups are saving money and looking for a rate of return on their investment. Demanders or users of capital – individuals and institutions who need to raise funds to finance their investment opportunities. These groups are willing to pay a rate of return on the capital they borrow. * Direct transfers * Investment banking house * Financial intermediaries * Types of financial markets * Physical asset markets versus financial asset markets * Physical asset markets are for products such as wheat, autos, real estate, computers, and machinery. * Financial asset markets, on the other hand, deal with stocks, bonds, notes, and mortgages. Spot markets versus futu re markets * Spot markets are markets in which assets are bought or sold for â€Å"on-the-spot† delivery. * Future markets are markets in which participants agree today to buy or sell an asset at some future date * Money markets versus capital markets * Money markets are the markets for short-term, highly liquid debt securities. The New York, London, and Tokyo money markets are among the world’s largest. * Capital Markets are the markets for intermediate- or long-term debt and corporate stocks. The NYSE * Primary markets versus secondary markets Primary markets are the markets in which corporations raise new capital. If a company were to sell a new issue of common stock to raise capital. * Secondary markets are markets in which existing, already outstanding securities are traded among investors. * Private markets versus public markets * Private markets, where transactions are negotiated directly between two parties, are differentiated from†¦public markets. Ex. Com mon stock and corporate bonds * Public markets, where standardized contracts are traded on organized exchanges. Ex.Bank loans and private debt payments to an insurance company. * Importance of financial markets * Well-functioning financial markets facilitate the flow of capital from investors to the users of capital. * Markets provide savers with returns on their money saved/invested, which provides them money in the future. * Markets provide users of capital with the necessary funds to finance their investment projects. * Well-functioning markets promote economic growth. * Economies with well-developed markets perform better than economies with poorly-functioning markets. * Derivatives A derivative security’s value is â€Å"derived† from the price of another security (e. g. , options and futures). * Can be used to â€Å"hedge† or reduce risk. For example, an importer, whose profit falls when the dollar loses value, could purchase currency futures that do well w hen the dollar weakens. * Also, speculators can use derivatives to bet on the direction of future stock prices, interest rates, exchange rates, and commodity prices. In many cases, these transactions produce high returns if you guess right, but large losses if you guess wrong. Here, derivatives can increase risk. * Financial institutions Commercial banks * Bank of America, Citibank, Wells Fargo * Investment banks * Help companies raise capital * Financial services corporations * Conglomerates that combine many different financial institutions within a single corporation. * Credit unions * Employees, members or organization * Pension funds * Life insurance companies * Mutual funds * Hedge funds * Largely unregulated * Large minimum investment * Exchange traded funds (ETF’s) * Private equity companies * Like hedge funds * IPO * An initial public offering (IPO) is where a company issues stock in the public market for the first time. â€Å"Going public† enables a companyâ €™s owners to raise capital from a wide variety of outside investors. Once issued, the stock trades in the secondary market. * Public companies are subject to additional regulations and reporting requirements. * Efficient market hypothesis – implications * Securities are normally in equilibrium and are â€Å"fairly priced. † * Investors cannot â€Å"beat the market† except through good luck or better information. * Efficiency continuum * When markets are efficient, investors can buy and sell stocks and be confident that they are getting good prices.When markets are inefficient, investors may be afraid to iinvest and may put their money â€Å"under the pillow,† which will lead to a poor allocation of capital and economic stagnation. * Balance sheet * Provides a â€Å"snapshot† of a firm’s position at a specific point in time. The left side shows the assets that the company owns, while the right side shows the firm’s liabilities and stockholders’ equity, which are claims against the firm’s assets. * Assets * Current assets: * Cash and equivalents * A/R * Inventories * Total Current Assets * Net fixed assets: Net plan and equipment(cost minus depreciation) * Other assets expected to last more than a year * Total Assets * Liabilities and Equity * Current liabilities: * A/P * Accruals * Notes Payable * Total current liabilities * Long-term bonds * Total debt * Common equity: * Common stock * Retained earning * Total common equity * Total liabilities and equity * Income statement * Summarizes a firm’s revenues and expenses over a given period of time. * Sales * (COGS) * (Other Expenses) * (Depreciation) * EBIT * (Interest Expense) * EBT * (Taxes) * Net Income Statement of cash flows * Reports the impact of a firm’s activities on cash flows over a given period of time. Shows how much cash the firm is generating. * Cash @ end 2007 * O/A * I/A * F/A * Cash @ end 2008 * Working capital * An ything that is cash or can be converted to cash within a year. A/R and Inventory * Net working capital (NWC) * Current assets (A/R, Inventory, Cash) – (Payables + Accruals) * Free cash flow (FCF) * Everything left over for investors. Amount of cash that can be withdrawn to investors without harming the ability of the company to operate and produce. FCF = EBIT(1-T) + Depreciation – (Capital expenditures + Increase in NWC) (Income Statement) ( in gross FA/current) Balance Sheet * Corporate and personal taxes * Both have a progressive structure (the higher the income, the higher the marginal tax rate). * Corporations * Rates begin at 15% and rise to 35% for corporations with income over $10 million, although corporations with income between $15 million and $18. 33 million pay a marginal tax rate of 38%. * Also subject to state tax (around 5%). * Individuals * Rates begin at 10% and rise to 35% for individuals with income over $349,700. May be subject to state tax. * Tax t reatment of interest and dividends * Interest paid – tax deductible for corporations (paid out of pre-tax income), but usually not for individuals (interest on home loans being the exception). * Interest earned – usually fully taxable (an exception being interest from a â€Å"muni†). * Dividends paid – paid out of after-tax income. * Dividends received – Most investors pay 15% taxes. * Investors in the 10% or 15% tax bracket pay 0% on dividends in 2008-2010. * Dividends are paid out of net income which has already been taxed at the corporate level, this is a form of â€Å"double taxation†. A portion of dividends received by corporations is tax excludable, in order to avoid â€Å"triple taxation†. * Taxes – carrybacks and carryforwards * Tax Loss Carry-Back and Carry-Forward – since corporate incomes can fluctuate widely, the Tax Code allows firms to carry losses back to offset profits in previous years or forward to offs et profits in the future. * Taxes – capital gains * Defined as the profits from the sale of assets not normally transacted in the normal course of business, capital gains for individuals are generally taxed as ordinary income if held for less than a year, and at the capital gains rate if held for more than a year.Corporations face somewhat different rules. * Importance of ratios * Ratios standardize numbers and facilitate comparisons. * Ratios are used to highlight weaknesses and strengths. * Ratio comparisons should be made through time and with competitors. * Trend analysis. * Peer (or industry) analysis. * 5 categories of ratios * Liquidity: Can we make required payments? * Current = current assets/current liabilities * Quick = Current assets-inventories/current liabilities * Asset management: right amount of assets vs. sales? * Inventory T/O Ratio = Sales/Inventories * Days sales outstanding(DSO) = AR/(Sales/365) Fixed Asset T/O Ratio = Sales/Net Fixed AssetsNet FA=Balanc e Sheet * T/A Turnover = Sales/Total AssetsTA=Balance Sheet * How many times the PM is earned each year * Below avg. T/A T/O means that it has more assets than it needs * Debt management: Right mix of debt and equity? * Debt Ratio = Total Debt/Total AssetsBalance Sheet * Times-Interest-Earned(TIE) = EBIT/Interest ExpenseIncome Statement * Profitability: Do sales prices exceed unit costs, and are sales high enough as reflected in PM, ROE, and ROA? * Operating Margin = EBIT/Sales * Profit Margin = Net income/Sales PM is how much a firm earns on its sales * Below avg. PM means that the firm’s costs are not being controlled as well as they should be, therefore they cannot charge premium prices * Basic Earning Power(BEP) = EBIT/Total Assets * ROA = Net Income/Total Assets * ROE = Net Income/total common equityBalance Sheet * ROE and shareholder wealth are correlated, but problems can arise when ROE is the sole measure of performance. * ROE does not consider risk. * ROE does not co nsider the amount of capital invested. * Might encourage managers to make investment decisions that do not benefit shareholders. ROE focuses only on return and a better measure would consider risk and return. * Market value: Do investors like what they see as reflected in P/E and M/B ratios? * Price/Earnings (P/E) ratio = Price per share/Earnings per share * Earnings per share * Market/Book Ratio (M/B)= Market price per share/Book value per share * Book Value per share = Common equity/Shares outstandingBalance Sheet * P/E: How much investors are willing to pay for $1 of earnings. * M/B: How much investors are willing to pay for $1 of book value equity. For each ratio, the higher the number, the better. * P/E and M/B are high if ROE is high and risk is low. * DuPont system * ROE = Profit Margin(PM) X Total Asset Turnover X Equity Multiplier(EM) NI/Sales Sales/TA TA/Total common equity I______ _______I I ROA * ROA Focuses on expense control (PM), asset utilization (TA TO), and debt ut ilization (equity multiplier). * Uses of freed up cash * Old A/R * (New A/R) * Cash freed up * Uses: * Repurchase stock * Expand business * Reduce debt * All these actions would likely improve the stock price. * Limitations of ratio analysis Comparison with industry averages is difficult for a conglomerate firm that operates in many different divisions. * â€Å"Average† performance is not necessarily good, perhaps the firm should aim higher. * Seasonal factors can distort ratios. * â€Å"Window dressing† techniques can make statements and ratios look better. * Different operating and accounting practices can distort comparisons. * Sometimes it is hard to tell if a ratio is â€Å"good† or â€Å"bad. † * Difficult to tell whether a company is, on balance, in strong or weak position. * Sales forecast * Use historical sales data (approx. 5 years) Collect input from product development, marketing, and operations * Sales growth has a cost * Bad forecasts have a cost * Forecasting sales is the most important input in predicting future financial performance * Additional Financing Needed (AFN) * AFN = (A*/S0)? S – (L*/S0) ? S – M(S1)(RR) * = Projected asset increase – Spontaneous liabilities increase – Increase in retained earnings (How many assets to buy)L*(liab. Bs) M(S1)=future profits * A* = assets * L* = spontaneous liabilities * S = sales * M = profit margin * RR = retention ratio * FIN 331 – Moser – Study Guide for Midterm II – Spring 2011Important Concepts * Time Value of Money * The  idea that money available at the present time is worth more than the same amount in the future due to its potential earning capacity. This  core principle of finance holds that, provided money can earn interest, any amount of money is worth more the sooner it is received. * Future Value (FV) * The amount to which a cash flow or series of cash flows will grow over a given period of time when compounded at a given interest rate. * Finding the FV of a cash flow or series of cash flows is called compounding * What is the FV of an initial $100 after 3 years, if I/YR = 10%? N=3I/YR=10PV=100PMT=0FV=CPT * Future Value = 133. 10 * Present Value (PV) * The value today of a future cash flow or series of cash flows * What is the PV of $100 due in 3 years, if I/YR= 10%? * N=3I/YR=10PV=CPTPMT=0FV= 100 * PV=-75. 13 * Solving for Interest Rate * Solving for I: What interest rate would cause $100 to grow to 125. 97 in 3 years? * N=3I=CPTPV=100 PMT=0FV=125. 97 * Interest Rate = 8% * Solving for # of Time Periods * N = Number of periods involved in the analysis. * If sales grow at 20% per year, how long before sales double? * N=? I/YR=20PV=-1PMT=0 FV=2 * N=3. 8 * Ordinary Annuity vs. Annuity Due Ordinary Annuity * Payments occur at the end of each year(deferred annuity) * Set calculator to END * FV * 3-year ordinary annuity of $100 at 10%? * N=3 I/YR=10 PV=0 PMT=100 FV=CPT * FV=331 * PV * N=3 I/YR =10 PV=CPT PMT=100 FV=0 * PV=-248. 69 * Annuity Due * Set calculator to BEGIN * The payments are made at the beginning of each year * FV * 3-year annuity due of $100 at 10%? * N=3 I/YR=10 PV=0 PMT=100 FV=CPT * FV=364. 10 * PV * N=3 I/YR=10 PV=CPT PMT=100 FV=0 * PV=273. 55 * Perpetuity * An annuity with an extended life. * N=infinity * PV of a perpetuity = PMT/I * PV=PMT/I=$100/0. 1 = $1,000 Compound Interest * A 20-year-old student wants to save $3 a day for her retirement. Every day she places $3 in a drawer. At the end of the year, she invests the accumulated savings ($1,095) in a brokerage account with an expected annual return of 12%. * How much money will she have when she is 65 years old? * N=45 I/YR= 12 PV=0 PMT= 1095 FV=CPT * FV = 1,487,262 * Solving for annual payment * PV of uneven cash flows * * Effect of compounding more often * Compounding more often results in building interest upon interest * Nominal vs. Periodic vs. Effective Interest Rate * Written into contracts, q uoted by banks and brokers.Not used in calculations or shown on time lines. * Nominal rate (INOM) – also called the quoted or stated rate. An annual rate that ignores compounding effects. * INOM is stated in contracts. Periods must also be given, e. g. 8% quarterly or 8% daily interest. * Periodic rate (IPER) – amount of interest charged each period, e. g. monthly or quarterly. * * IPER = INOM/M, where M is the number of compounding periods per year. M = 4 for quarterly and M = 12 for monthly compounding. * Effective (or equivalent) annual rate (EAR = EFF%) – the annual rate of interest actually being earned, accounting for compounding. Used to compare returns on investments with different payments per year. Used in calculations when annuity payments don’t match compounding periods. * EFF% for 10% semiannual investment * EFF%= ( 1 + INOM/M )M – 1 * = ( 1 + 0. 10/2 )2 – 1 = 10. 25% * Should be indifferent between receiving 10. 25% annual inte rest and receiving 10% interest, compounded semiannually. * Semiannual/quarterly/monthly compounding * Annually * N=3 I/YR=10. 25 PV=0 PMT=100 FV=CPT * FV=331. 80 * 100(1. 025)^3=331. 80 * Semiannual * N=6 I/YR=5. 125 PV=0 PMT = 100 FV=CPT * FV=682. 33 * 100(. 5125)^6 * Quarterly * N=12 I=2. 6 PV=0 PMT=100 FV=CPT * * Loan Amortization * Amortization tables are widely used for home mortgages, auto loans, business loans, retirement plans, etc. * Financial calculators and spreadsheets are great for setting up amortization tables. * A loan that is to be repaid in equal amounts on a monthly, quarterly, or annual basis * Bonds * A long-term debt instrument in which a borrower agrees to make payments of principal and interest, on specific dates, to the holders of the bond. * Treasury * Government bonds * No default risk * Municipal * Bonds issued by state and local governments * Some default risk Advantage: Munis are exempt from Federal Taxes and from state taxes if the holder is resident of issuing state. * Corporate * Issued by business firms * Exposed to default risk * Higher the risk, the higher interest rate is demanded * Foreign * Issued by a foreign government * Currency exchange issues * Par value * face amount of the bond, which is paid at maturity (assume $1,000). * Coupon interest rate * Stated interest rate (generally fixed) paid by the issuer. Multiply by par value to get dollar payment of interest. * Maturity date * Years until the bond must be repaid. * Yield to maturity Rate of return earned on a bond held until maturity (also called the â€Å"promised yield†). * Call Provision * Allows issuer to refund the bond issue if rates decline (helps the issuer, but hurts the investor). * Borrowers are willing to pay more, and lenders require more, for callable bonds. * Most bonds have a deferred call and a declining call premium. * Sinking Fund * Provision to pay off a loan over its life rather than all at maturity. * Similar to amortization on a term loan. * Reduces risk to investor, shortens average maturity. * But not good for investors if rates decline after issuance. * Convertible Bond May be exchanged for common stock of the firm, at the holder’s option. * Warrant * Long-term option to buy a stated number of shares of common stock at a specified price. * Puttable bond * Allows holder to sell the bond back to the company prior to maturity. * Indexed bond * Interest rate paid is based upon the rate of inflation. * Valuing a bond * Problem * Discount bond vs. Premium bond and how you can tell by comparing the coupon and the YTM * Bond Values over time * Solving for YTM * Expected Total return= YTM = (Expected Current Yield) + (Expected Capital Gains Yield) * CY=Annual coupon payment/Current Price . 09(1000)/887 * CGY= Change in price/Beginning price * Or CGY = Current yield + Capital gains yield * Interest rate risk * The concern that rising interest rates will cause the value of a bond to fall. * 10year bond has more r isk than just a 1 year bond * Reinvestment rate risk * Reinvestment rate risk is the concern that rd will fall, and future CFs will have to be reinvested at lower rates, hence reducing income. * EXAMPLE: Suppose you just won $500,000 playing the lottery. You intend to invest the money and live off the interest. * You may invest in either a 10-year bond or a series of ten 1-year bonds.Both 10-year and 1-year bonds currently yield 10%. * If you choose the 1-year bond strategy: * After Year 1, you receive $50,000 in income and have $500,000 to reinvest. But, if 1-year rates fall to 3%, your annual income would fall to $15,000. * If you choose the 10-year bond strategy: * You can lock in a 10% interest rate, and $50,000 annual income for 10 years, assuming the bond is not callable. * Semiannual bonds * Multiply years by 2: Number of periods = 2N * Divide nominal rate by 2: Periodic rate (I/YR) = rd/2 * Divide annual coupon by 2: PMT = Annual coupon/2 * Yield to Call * Problem * Default risk If an issuer defaults, investors receive less than the promised return. Therefore, the expected return on corporate and municipal bonds is less than the promised return. * Influenced by the issuer’s financial strength and the terms of the bond contract. * Mortgage bond vs. debenture * Mortgage bond- backed up by collateral e. g. house,car,jewelry * Debenture- Not backed up * Investment-grade vs. junk bond * Investment grade-GE bond, lower risk and thus lower return * Junk bond- Speculative bonds that have high risk, but sometimes higher return * Significant risk of going default * 2 chapters of bankruptcy Two main chapters of the Federal Bankruptcy Act: * Chapter 11, Reorganization * If company can’t meet its obligations †¦ * It files under Chapter 11 to stop creditors from foreclosing, taking assets, and closing the business and it has 120 days to file a reorganization plan. * Court appoints a â€Å"trustee† to supervise reorganization. * Management u sually stays in control. * Company must demonstrate in its reorganization plan that it is â€Å"worth more alive than dead†. * If not, judge will order liquidation under Chapter 7. * Chapter 7, Liquidation * Typically, a company wants Chapter 11, while creditors may prefer Chapter 7. Priority of Claims in Liquidation * Secured creditors from sales of secured assets. * Trustee’s costs * Wages, subject to limits * Taxes * Unfunded pension liabilities * Unsecured creditors * Preferred stock * Common stock * Reorganization * In a liquidation, unsecured creditors generally get zero. This makes them more willing to participate in reorganization even though their claims are greatly scaled back. * Various groups of creditors vote on the reorganization plan. If both the majority of the creditors and the judge approve, company â€Å"emerges† from bankruptcy with lower debts, reduced interest charges, and a chance for success.Formulas that will be provided * Chapters 5 and 7 from Appendix C * Instructions on switching your calculator from END to BGN mode Chapter 8 * Investment Risk * Investment risk is related to the probability of earning a low or negative actual return. * The greater the chance of lower than expected or negative returns, the riskier the investment. * stand-alone risk * The asset is considered by itself * The risk an investor would face if he or she held only this one asset. * Portfolio risk * Asset is held as one of a number of assets in a portfolio * Average returns (stocks vs. bonds) Bonds offer relatively low returns, but with relatively little risk * Stocks offer the chance of higher returns, but stocks are generally riskier than bonds * Expected return r^ * The rate of return expected to be realized from an investment; the weighted average of the probability distribution of possible results * Standard deviation (sigma) * A statistical measure of the variability of a set of observations * The tighter the probability distributio n, the lower the risk * Measure of how far the actual return is likely to deviate from the expected return * Coefficient of variation (CV) The standardized measure of the risk per unit of return; calculated as the standard deviation divided by the expected return * CV= ? /r^ * Risk aversion * Assumes investors dislike risk and require higher rates of return to encourage them to hold riskier securities. * Risk premium * The difference between the return on a risky asset and a riskless asset, which serves as compensation for investors to hold riskier securities. * Portfolio expected return r^p The weighted average of the expected returns on the assets held in the portfolio * The weights being the percentage of the total portfolio invested in each asset * Diversification effects on a portfolio * ? p decreases as stocks added, because they would not be perfectly correlated with the existing portfolio. * Expected return of the portfolio would remain relatively constant. * Eventually the diversification benefits of adding more stocks dissipates (after about 10 stocks), and for large stock portfolios, ? p tends to converge to 20%. * Market risk vs. diversifiable risk Stand-alone risk = Market risk + Diversifiable risk * Market risk – portion of a security’s stand-alone risk that cannot be eliminated through diversification. Measured by beta. * Diversifiable risk – portion of a security’s stand-alone risk that can be eliminated through proper diversification. * Failure to diversify * If an investor chooses to hold a one-stock portfolio (doesn’t diversify), would the investor be compensated for the extra risk they bear? * NO! * Stand-alone risk is not important to a well-diversified investor. * Rational, risk-averse investors are concerned with ? , which is based upon market risk. * There can be only one price (the market return) for a given security. * No compensation should be earned for holding unnecessary, diversifiable risk. * Ca pital Asset Pricing Model (CAPM) * Model linking risk and required returns. CAPM suggests that there is a Security Market Line (SML) that states that a stock’s required return equals the risk-free return plus a risk premium that reflects the stock’s risk after diversification. * ri = rRF + (rM – rRF)bi * Primary conclusion: The relevant riskiness of a stock is its contribution to the riskiness of a well-diversified portfolio. Beta * Measures a stock’s market risk, and shows a stock’s volatility relative to the market. * Indicates how risky a stock is if the stock is held in a well-diversified portfolio. * Can the beta of a security be negative? * Yes, if the correlation between Stock i and the market is negative (i. e. , ? i,m < 0). * If the correlation is negative, the regression line would slope downward, and the beta would be negative. * However, a negative beta is highly unlikely. * The Security Market Line (SML) (calculating required rates of return) * SML: ri = rRF + (rM – rRF)bi * ri = rRF + (RPM)bi Assume the yield curve is flat and that rRF = 5. 5% and RPM = 5. 0%. * Market risk premium * Additional return over the risk-free rate needed to compensate investors for assuming an average amount of risk. * Its size depends on the perceived risk of the stock market and investors’ degree of risk aversion. * Varies from year to year, but most estimates suggest that it ranges between 4% and 8% per year. * Portfolio beta * The beta of a portfolio is the weighted average of each of the stock’s betas. * bP = wHTbHT + wCollbColl * bP = 0. 5(1. 32) + 0. 5(-0. 87) * bP = 0. 225 * Portfolio required returns The required return of a portfolio is the weighted average of each of the stock’s required returns. * Or, using the portfolio’s beta, CAPM can be used to solve for expected return. * rRF + (rpm)(stocks beta) * Discounted dividend model * Value of a stock is the present value of the future divide nds expected to be generated by the stock. * * Valuing stock with constant growth * A stock whose dividends are expected to grow forever at a constant rate, g. * D1 = D0(1 + g)1 * D2 = D0(1 + g)2 * Dt = D0(1 + g)t * If g is constant, the discounted dividend formula converges to: * * Dividend yield vs. capital gains yield Dividend yield * = D1/P0 = $2. 12/$30. 29 = 7. 0% * Capital gains yield * = (P1 – P0)/P0 * = ($32. 10 – $30. 29)/$30. 29 = 6. 0% * Valuing stock with nonconstant growth * During nonconstant growth, dividend yield and capital gains yield are not constant, and capital gains yield ? g. * Corporate Valuation model * Also called the free cash flow method. Suggests the value of the entire firm equals the present value of the firm’s free cash flows. * Remember, free cash flow is the firm’s after-tax operating income less the net capital investment. * FCF = EBIT(1 – T) – Net capital investment * Terminal value Often preferred to the discounted dividend model, especially when considering number of firms that don’t pay dividends or when dividends are hard to forecast. * Similar to discounted dividend model, assumes at some point free cash flow will grow at a constant rate. * Terminal value (TVN) represents value of firm at the point that growth becomes constant. * Firm Multiple method * Analysts often use the following multiples to value stocks. * P/E * P/CF * P/Sales * EXAMPLE: Based on comparable firms, estimate the appropriate P/E. Multiply this by expected earnings to back out an estimate of the stock price. Preferred stock * Hybrid security. * Like bonds, preferred stockholders receive a fixed dividend that must be paid before dividends are paid to common stockholders. * However, companies can omit preferred dividend payments without fear of pushing the firm into bankruptcy. Chapter 10 * Sources of capital * Long-term capital * Long-term debt * Preferred Stock * Common Stock * Retained earnings * New common stock * Weighted average cost of capital (WACC) * WACC=Wdrd(1-T) + Wp rp + Wc rs * W’s refer to the firms capital structure weights * r’s refer to the cost of each component Before-tax vs. after-tax capital costs * Stockholders focus on A-T CFs. Therefore, we should focus on A-T capital costs, i. e. use A-T costs of capital in WACC. Only rd needs adjustment, because interest is tax deductible. * Historical costs vs. Marginal costs * The cost of capital is used primarily to make decisions that involve raising new capital. So, focus on today’s marginal costs (for WACC). * How weights are determined * Use accounting numbers or market value (book vs. market weights)? * Use actual numbers or target capital structure? * Cost of debt * WACC = wdrd(1 – T) + wprp + wcrs rd is the marginal cost of debt capital. * The yield to maturity on outstanding L-T debt is often used as a measure of rd. * Why tax-adjust; i. e. , why rd(1 – T)? * Cost of preferre d stock * rp is the marginal cost of preferred stock, which is the return investors require on a firm’s preferred stock. * Preferred dividends are not tax-deductible, so no tax adjustments necessary. Just use nominal rp. * Our calculation ignores possible flotation costs. * The cost of preferred stock can be solved by using this formula: * rp= Dp/Pp * = $10/$111. 10 * = 9% * Cost of equity * Is there a cost of retained earnings? Earnings can be reinvested or paid out as dividends. * Investors could buy other securities, earn a return. * If earnings are retained, there is an opportunity cost (the return that stockholders could earn on alternative investments of equal risk). * Investors could buy similar stocks and earn rs. * Firm could repurchase its own stock and earn rs. * CAPM * CAPM: rs = rRF + (rM – rRF)b * DCF * DCF:rs = (D1/P0) + g * Bond-yield-plus-risk-premium * rs = rd + RP * Flotation costs * Flotation costs depend on the firm’s risk and the type of ca pital being raised. * Flotation costs are highest for common equity.However, since most firms issue equity infrequently, the per-project cost is fairly small. * We will frequently ignore flotation costs when calculating the WACC. * What affects WACC * Market conditions. * The firm’s capital structure and dividend policy. * The firm’s investment policy. Firms with riskier projects generally have a higher WACC. * The composite WACC reflects the risk of an average project undertaken by the firm. Therefore, the WACC only represents the â€Å"hurdle rate† for a typical project with average risk. * Different projects have different risks. The project’s WACC should be adjusted to reflect the project’s risk.

Implementing Computer Technology in Secondary Schools Essay

In 1999, The International Association for the Evaluation of Educational Achievement (IEA) conducted a study on pedagogical practices of teachers and students of elementary and secondary schools in 30 nations, and the role of technology the said practices (â€Å"The Second Information Technology in Education Study: Module 2†, n. d. ). It was found out that as of 1999, 12% of elementary students and 3% of those in intermediate and secondary schools do not have Internet access in their schools (â€Å"Computer Technology in Schools†, 1999). Such number would considerably be large still, if the period when the benefits of the application of computer technology in education was implied, is taken into account. Computer technology for the use of students in schools started out as computer laboratories (Lynch, 2000), which until now, is continuously evolving to becoming a tool for learning. That the integration of computer technology in schools is still on process, suggests that although its advantages have been persistently advocated, there are also powerful sociocultural and developmental forces that oppose its progression. According to Meredyth, et. al. , (1999), the status quo in the mode of instruction slows the efforts to integrate computer technology in secondary schools. At first, the people who were against the implementation of computer technology in schools argue that this would result in the replacement human instructors and making them obsolete (Richmond, n. d). As it becomes clear that the this would not necessarily become so, that is, there would only be an evolution of role from plain instructor to facilitator, the problem with the implementation now centers on the lack of physical resources (Richmond, n. d. ) and the instructors’ lack of training (Lynch, 2000). This implies that the role of computer technology in the education of secondary students per se is not, today, the major consideration in its application and the need for a clear definition of its role is necessary to speed up decisions on whether there is really a necessity for the addition or retention of the number of computer hardware in schools, or should there be in need of compulsory technical training for instructors. According to Richmond (n. d.), there are two major problems in the implementation of computer technology in education: (1) the goals and purposes of implementation are unclear; (2) the implementors do not fully understand the changes necessary for the implementation of technology in education. These problems must be addressed first if success is wanted. Although both are important aspects of the implementation, this paper will focus in defining the goal, purposes or role of computer technology in student achievement at the secondary school level. To understand this critical role, it is very important to know first the basics about some theories of learning and its current application to education technology. The theory of Cognitive Constructivism states that learning happens through the learners’ active efforts to assimilation new information imposed either by the instructor or by self-discovey (â€Å"Theories of Learning†, 2006). This means that learners must be able to relate what they learn to their experiences or experience the learning itself to be able to fully understand it. One example of this is driving. In order to learn to drive a vehicle, one must not only know that vehicles are powered by gasoline, controlled using a steering wheel, has a gas pedal to move forward or backward and a break pedal to make it stop. He or she has to experience driving to know and fully understand the significance of each theory he or she is made to know. And this experience is very important if he or she is to make life-or-death decisions once he or she takes the road. Computer technology, when related to learning may be applied in a similar way, by providing a means to simulate reality to give the students a feel of what may or may not happen as a result of their decisions. Such is the function of simulations: to instill in learners goals which are similar to reality and resultant feelings that are similar to what may happen in real life because of the as a result of the decisions imposed by the program. A lot of simulation programs have now been developed for different purposes. Sim City provides the learner-gamer an experience of building a city and a feel of becoming a Mayor. The learner-gamer is subconsciously taught of the importance of planning and how each decision might give a positive effect (here, in the form of increase in the city’s revenue) or negative (in the form of rallies and decrease in the city’s revenue). Business simulations provide learners with vicarious experience of actually owning and handling investments without the need of using or losing real money. Design programs provide the learner-designer with an idea or view of the possible perspectives or outcome of each design in mind and an opportunity to manipulate or change it according to his or her desires even before actual realization of the design. There are also simulations in many different subjects like biology physics and chemistry, which can provide the learner with the opportunity to visualize the theories and manipulate situations and then see the results as would happen if the theories are applied. Simulations have been used for decades by the aviation and military industry and just until recently, the costs of simulations have prevented smaller institutions to avail its benefits (Boehle, n. d. ). Although, still not cheap, mass production, added to the said drastic improvement in learning retention rates (Boehle, n. d. ), simulations provide a very efficient tool for learning. There is a 75-80% boost in learning retention rate for students in simulations (Boehle, n. d. ) Social Constructivism believes that knowledge is socially constructed, that is, retention of information is achieved through group efforts (â€Å"Theories of Learning†, 2006). † This is learning with others and through others’ input and ideas conjoined with one’s own. This theory emphasizes the importance of other’s opinion usually for the purpose of the improvement of the said work. Applied to computer technology in its role in secondary education, this allows for interaction among many different people, not limited to those in classroom but also stretches to people in different time zones. This allows for assimilation of new and varied ideas from different people from different places who usually have different ideas about different issues, strengthening ones reasoning and improving one’s knowledge about many different areas and at the same time improving one’s social skill. The most usual form of technology which applies the Social Constructivism theory is forums. A lot of forums can be found in the internet, all areas of knowledge with its own: arts, sciences, mathematics, and philosophy. The Theory of Behaviorism believes that knowledge is a â€Å"repertoire of behavioral responses to environmental stimuli (â€Å"Theories of Learning†, 2006). † According to this theory, learning happens through repetition and reinforcement, usually with the instructor speaking and the learner, listening. This learning theory is opposite of Cognitive Constructivism in that learners gain knowledge passively. This is the most common type of instructional mode used in schools. Still, this instructional mode can also be applied to computer technology. Tutorials in cd’s are now widely available in the market. These products simulate what and how teachers teach in an actual class, explaining concepts with voice recordings combined with moving pictures for visualization. It also comes with practice exercises much like what teachers would give to their students to evaluate the student’s learning. The only difference is that, these products can be used by the student alone, even at home.

Analysis of Their Eyes Were Watching God - The American Dream essays

Analysis of Their Eyes Were Watching God - The American Dream essays This story's title come from the passage, "They seemed to be staring at the dark, but their eyes were watching God" (God 151). Dreams are an important part of this book, and they represent the ideas, values, goals, and topics that are essentially American. The author shows that men and women often have different dreams and different goals, and that is why many relationships do not work. She believes that women's dreams symbolize truth, and men's dreams symbolize hope and often resignation. The author is saying that the American dream may come true right away, but often the dreams amount to nothing. She writes, "Ships at a distance have every man's wish on board. For some they come in with the tide. For others they sail forever on the horizon, never out of sight, never landing until the Watcher turns his eyes away in resignation, his dreams mocked to death by Time. That is the life of men. Now, women forget all those things they don't want to remember, and remember everything they don't want to forget. The dream is the truth. Then they act and do things accordingly" (God 1). Ultimately, her theme and goal is to show that the American dream is the "truth" of the American spirit, and that dreaming of happiness and success is what keeps many Americans going every day. This is a very American theme, because it has happened repeatedly in America. People with nothing come here, become successful, and begin new lives, just as Janie earns her freedom and happiness by the end of the novel. She has lived a hard life, and that is essential in the American dream, too. Finding a dream is never easy, and Jamie's life shows that. However, she has persevered, and outlived two men who were not the ideal man, and she has learned about herself in the process. That is also a very American goal in finding happiness and fulfillment. Learning about yourself in the process is important and can make the success even more fulfilling. ...

Medieval Medicine Essays

Medieval Medicine Essays Medieval Medicine Essay Medieval Medicine Essay When we hear the word medicine, doesnt that imply it is a remedy to cure a sickness or disease? Medicine is used to restore our faith, hope, and most importantly, our lives. For hundreds of years, medicine has been known to cure many people including those who had barely an ounce of life left. However, as the Middle Ages progressed, medieval medicine became popular among people even though it was killing them instead of healing them. One example is the Black Death. As this horrible disease was spreading rapidly in Central Asia and Europe in the 1320s, thousands of people were dying and were in need of help. Some practices of medieval medicine were Phlebotomy, or bloodletting; which consisted of leeching, cupping, and venesection. (Livingston) Although patients often died because of infections, the loss of consciousness, and cutting of arteries, which caused unstoppable bleeding, many physicians believed this was a method of surgery. In leeching, the physician would attach an annelid worm to the effected area and allow the leech to do its job. With the cupping method, when the cup was heated hot enough, it acted like a vacuum and sucked the blood up through the skin. For venesection, it was the direct opening of a vein, generally on the inside of the arm, for the draining of a substantial quantity of blood. (Livingston) The process of bloodletting was from an idea that blood was to be drawn from a specific vein so it would affect a particular organ. As previously mentioned the basis of most medical knowledge at the time came from Galens Theory of the Four Humours. The theory was that the body comprised of 4 major elements. These were Blood, Black Bile, Yellow Bile and Phlegm. It was understood that if these were not in perfect balance then the body would suffer and the patient would be ill, leading to one of the four conditions which were being Melancholy, Phlegmatic, Choleric or Sanguine. 4 To restore the patient to full health it was understood that these four elements needed to be rebalanced. This generally occurred by purging of the patient, more commonly known as Bloodletting. This could be done in three ways. Opening of a vein, which often lead to the patient bleeding to death; Cupping, which was just piercing the skin and collecting a small amount of blood in a cup; or the use of Leeches. The phrase Leech was Anglo-Saxon for healer. 5 A patient could also be purged via the use of natural laxatives. 6 Medical knowledge initially developed differently throughout the world. The Arabs were leaders at the time in medicines and herbal remedies. They adhered to the teachings of Galen and Hippocrates, but were also infamous for being fore-runners in the testing of new medicines. This was largely because of the fact that the Koran taught Muslims to take care of their fellow ill man, yet prohibited dissection, so the Arabs could only really advance in the field of medicine. At the same time the Indians and Chinese were rapidly becoming infamous for their advanced Surgery techniques. By 1300 the Indians had developed a form of Skin graft called the Indian Graft which is still in use of today. At the same time the Chinese had developed advanced forms of acupuncture to help alleviate pain. By approximately 1400 due to trade routes stretching from the far east all the way to Europe, medicines and medical procedures were becoming very centralised due to the growing ease at which knowledge was being spread. Physicians of the time were taught in the growing number of Universities spread across Europe. Primarily the Universities were focussed in Northern Italy and Southern Spain but there were 2 Universities in England, one in Oxford and one in Cambridge. Despite they were still very few and far between and qualified physicians were very rare commodities. Because of this they charged large fees and were generally only accessible to the higher classes. 10 During a physicians training, he would never actually come into direct contact with a patient. All they would learn would be the works of Galen and how to treat a patients as opposed to understanding the nature of the patients ailment. There were some exceptions to this such as the medical school in Bologna, which became infamous for the fact that it specialised in hands on teaching of surgery. 11 The average commoner only had access to medical knowledge via two different routes. Firstly there was the Barber Surgeon, who would arrive in a town each market day. He would be able to perform basic tasks such as the pulling of teeth, setting of bones and amputations. This would generally take place on the street surrounded by viewers and all the filth that accrued in the street. As you can imagine this wasnt a particularly clean process, and barber surgeons were infamous for spreading of germs and disease through the use of infected equipment. This use of dirty equipment also lead to high numbers of people surgeries becoming infected. The second option the commoner would have would be to visit a local wise woman. This would often be a learned older lady who had a fair grasp of various medicines. She could recommend treatments depending on the ailment according to ancient books known as Leechdoms; which would have lists of medicines dating back as far as Anglo Saxon times. A problem many Wise Women faced was if their medicines did not work, then they were open to the accusation of witchcraft. 12 Medical knowledge at the time was split into three main fields. These were Medicine, Surgery and Bloodletting. Medicine was chiefly made up of Herbs and Animals; however there was some use of minerals too, such as Ash. Most knowledge of medicine recipes at the time was written down in ancient texts, often dating back as far as Galen. Obviously medicine was a continually improving field, with most advancement taking place in the Arabic world as previously mentioned. Most of the older remedies generally appeared to have no logical reason, yet people believed in them due to the fact they had been written down and lasted for so long. An example of this is John of Arderne, who recommended that someone who suffered from Epilepsy should have the crumbs of a roasted Cuckoo blown up their nose as a cure. 13 Surgery in this period was very gradual in terms of its advance. This was largely down to the fact that Western Religion (Catholicism) was against the practice of dissection. Because of this fact very few were prepared to take the risk of finding out more about the human body. An example of one person who did have a good grasp of specialist surgery is an Italian Physician called Mondino Di Luzzi, who became much respected in the world of Medicine. 14 It wasnt really until the fifteenth century that surgery began to advance more rapidly as the church realised it was essential to allow further study into the human anatomy. Most surgical knowledge of the time however, was picked up in the field of battle. This was due to the high number of sustained casualties that doctors had to deal with. The main issue surrounding surgery at the time was the lack of an efficient anaesthetic. This lead to Surgery generally being the last form of action taken against any ailment. People such as John of Arderne did try to develop useful anaesthetics using such things as opium and heroin, but these rarely worked and generally a patient had to be tied down or held down whilst a physician worked on them. As you can imagine this lead to a drastically high number of patients dieing from shock. 15 Bloodletting at the time was a favourite procedure of most physicians. This was because, and I quote It clears the mind, strengthens the memory, cleanses the guts, dries up the brain, warms the marrow, sharpens the hearing and curbs tears.. Promotes Digestion, produces a musical voice, dispels sleepiness, drives away anxiety, feeds the bloods, rids it of poisonous matters and gives long life.. it cures pains, fevers and various sicknesses and makes urine clear and clean16 As you can see with physicians genuinely believing all of this, then bloodletting seemed the miracle cure for almost any ailment. Due to the high use of bloodletting it became a precise science and there were tens of various bloodletting points all over the body. Various illnesses corresponded with a certain bloodletting point. 17 Despite the advances in medical understanding there was still a real belief in the supernatural. Religion played a big part. Many people saw that an illness was the punishment of God and that only God could lift this punishment from the people. In times of severe illness such as the plague religious extremism was rife, with groups such as the flagellans walking from town to town whipping themselves and asking forgiveness from God. 18 Also because of the belief in Illness being the will of God, many religious leaders saw advances in the medical field as heresy. The only medical knowledge the church officially recognised was the writing of Galen. They renounced anything else. This ultimately lead to the church hindering rather than helping their people. 19 Another aspect that played a large part in Medicine was Astrology. It was taken very seriously at the time as a rapidly advancing science. There was a genuine belief that the movement of the planets affected someones physical state. It was believed that you could only operate on someone when their planets were in the correct alignment and it was certainly impossible to ever operate when the moon was in conjunction with a persons particular star sign. All major physicians would consult an Astrologist prior to carry out any treatment. 20 Partly, I believe to distribute the blame if it all went wrong. Superstition also played a part in religion in many ways at the time, as superstition stills plays a part nowadays. In fourteenth Century Europe it was genuinely believed that whether a person would live or die could be determined by placing a bird of prey at the end of their bed. If the bird looked at them then they would live, if the bird looked away, the patient would die. 21 During this particular period there was approximately 1200 hospitals in England and Wales. However only about 10% actually cared for the sick. Most hospitals were actually set up to care for the elderly, poor or lepers, but they didnt actually offer any particular medical help. People who were suffering from an infectious disease never were permitted into a hospital in the fear that they may quickly infect the other hospital patients. The primary role of Hospitals at the time was to allow rest and the administration of medicine as opposed to actually trying to cure someones illness. Hospitals of the time were often very religious and were generally runs by Nuns who acted as nurses, although you could have common women working in them as lay-nurses. In most wards you would find an alter at which to pray. Usually you would be praying for the person who has funded the hospital. 22 Its interesting to note that established Hospitals only began to appear in western Europe around the high middle ages. Hospitals as an idea were not new and had been used by the Romans and even as far back as Sri Lankans around 500BC. 23 Finally its relevant to point out that women were common in Medieval medicine despite not being accepted into other fields at the time. However they were not allowed to become qualified physicians and only really were permitted to practice on other women and children, primarily in the role of a midwife. There were some exceptions to this rule as early as the eleventh century in the famous school of Salerno which sanctioned women to learn and practice medicine on the same level as men. The reason this was permitted is as follows In the fourteenth and fifteenth century, women did practice in the city [Salerno]. Women do, in fact, seem to have been tolerated in medical practice as in no other profession. One reason for such tolerance is that caring for the sick was regarded as charity and came within the scope of those who were in orders, nuns as well as monks. 24 To conclude it can be seen that medicine of the time was quite primitive, yet there was some degree of understanding of the body and advances were made, if nothing else than via the method of trial and error. Medicine continued to advance slowly, but not for another 500 years did medicine really start to resemble the medical world we see of today.

German Christmas Pickle Tradition

German Christmas Pickle Tradition Look closely at a decorated Christmas tree and you might see a pickle-shaped ornament hidden deep within the evergreen branches. According to German folklore, whoever finds the pickle on Christmas morning will have good luck for the following year. At least, thats the story most people know. But the truth behind the pickle ornament (also called a  saure  gurke or Weihnachtsgurke) is a little more complicated. Origins of the Pickle Ask a German about the custom of  Weihnachtsgurke and you may get a blank look because in Germany, there is no such tradition. In fact, a survey conducted in 2016 revealed more than 90 percent of Germans asked had never heard of the Christmas pickle. So how did this supposedly German tradition come to be celebrated in the U.S.? The Civil War Connection Much of the evidence for the historical origins of the Christmas pickle is anecdotal in nature. One popular explanation links the tradition to a German-born Union soldier named John Lower who was captured and imprisoned at the notorious Confederate prison in Andersonville, Georgia. The soldier, in ill health and hungry, begged his captors for food. A guard, taking pity on the man, gave him a pickle. Lower survived his captivity and after the war began the tradition of hiding a pickle in his Christmas tree in remembrance of his ordeal. However, this story cannot be authenticated. The Woolworths Version The holiday tradition of decorating a Christmas tree did not become commonplace until the last decades of the 19th century. Indeed, observing Christmas as a holiday was not widespread until the Civil War. Prior to that, celebrating the day was largely confined to wealthier English and German immigrants, who observed customs from their native lands. But during and after the Civil War, as the nation expanded and once-isolated communities of Americans began mixing more frequently, observing Christmas as a time of remembrance, family, and faith became more common. In the 1880s, F.W. Woolworths, a pioneer in merchandising and the forerunner of todays large drugstore chains, began selling Christmas ornaments, some of which were imported from Germany. Its possible that pickle-shaped ornaments were among those sold, as youll see in the following story. The German Link There is a tenuous German connection to the glass pickle ornament.  As early as 1597, the small town of Lauscha, now in the German state of Thuringia, was known for its glass-blowing industry. The small industry of glass-blowers produced drinking glasses and glass containers. In 1847 a few of the Lauscha craftsmen began producing glass ornaments (Glasschmuck) in the shape of fruits and nuts. These  were made in a unique hand-blown process combined with molds (formgeblasener Christbaumschmuck), allowing the ornaments to be produced in large quantities. Soon these unique Christmas ornaments were being exported to other parts of Europe, as well as England and the United States of America. Today, a number of glass makers in Lauscha and elsewhere in Germany sell pickle-shaped ornaments.

National Alcohol Action Plan Essay Example | Topics and Well Written Essays - 2000 words

National Alcohol Action Plan - Essay Example The rational for this proposal is in a number of legal contentions. First, children are considered as people who are not mature enough to take decisions on their own (ALAC). Knowing that the consumption of alcohol comes with a number of chemical effects that limit the degree at which a person can take decisions decisively, it is purported that in case with children who have to take decisions while they are intoxicated their judgmental abilities could be worsened. What is even worse, because children are generally thought to be people who cannot take tangible decisions, they are mostly not held accountable for their actions including times when they are drunk. For adults, they should face the consequences of breaking other laws and regulations if they do not heed to the advocacy to be prudent in their drinking and get themselves into any form of trouble (Babor et al., 2001). Overview of the Existing Law The existing law has mostly been referred to as extradition of torture. This accol ade might have come about due to the public perception associated with the harshness of the law in trying to control the issue of alcoholism in the land. A little scientific overview on alcoholism or the act of getting intoxicated shows that there could be a number of very negative repercussions on offenders (Centre for Social and Health Outcomes Research and Evaluations, 2006). First and foremost, alcoholism comes with a very perilous health risks including those that affect the heart, lever and lungs (Department of Corrections, 2004). The practice of getting intoxicated also affects the rationality of a person and could be associated with distorted thinking. Such distorted thinking causes people to act abnormally. In the face of legal positivism, which looks at the application of law from social facts, it be said that once a person begins to think irrationally, that person is bound to break other laws; including natural laws such as the peace that people ought to enjoy, physical a ssault, verbal assault and some forms of vandalism. In effect, a law that seeks to stop people from getting intoxicated would not be readily condemned as pessimistic. However, here comes the argument that the present law is not based on the provisions of legal realism as it has its reprimanding attributes from the Bible – a document that is not accepted by the people as the binding constitution from which they should be rules. Strengths of the Existing Law The

Milk Pasteurization Unit Research Proposal Example | Topics and Well Written Essays - 4500 words

Milk Pasteurization Unit - Research Proposal Example UHT treated milk is beyond the reach of ordinary consumers due to exorbitant prices charged by the UHT milk producers. Additionally, UHT treated milk is heated up to 135'C, due to which all the lactobacillus in milk are killed: this has a perverse effect on the milk in that, once contaminated; it spoils much more rapidly than pasteurized milk which caused increased wastage of milk. Most importantly, however, Milk dairy is an economically and financially viable project in the Pakistani market. According to Remy Montavon, in his book "Nestle in Pakistan", Pakistanis have been big milk drinkers with a per capita milk consumption of 200 kg per capita in 2004. Therefore, we believe that setting up a milk-pasteurization unit would be a viable and profitable option, as the consumption of milk is enormous in the Pakistani market, and all the customers in the milk market want to consume high quality and hygienic milk at reasonable prices. The project would be a small scale milk pasteurization unit with facilities for plastic pouch packaging. Our intended dairy unit would constitute a 3000 litres milk intake capacity per hour which is a distinctly economical size for setting up a milk processing business. However, due to the time required for installation and running of the unit, it is expected that the plant would achieve 100 percent efficiency in the 2nd / 3rd year of operations. Horizontal growth in the market is initially considered the next step in the project, as the demand for milk is expected to rise with time; increasing capacity or increased number of pasteurization units are considered the immediate growth steps. However, horizontal or vertical integration are not ruled out, and all favorable partnership and/or merger deals shall be given due consideration. INDUSRTY ANALYSIS The demand for processed milk industry depends on these factors: GDP growth and increase in per capita income. Population. Degree of Rural-Urban Migration. Degree of dissatisfaction with local milk men or gowallas During the last three years, Pakistan's economy has witnessed an average real GDP growth rate of almost 7.5 percent (See Exhibit 1 for real GDP growth rate). This had made Pakistan one of the fastest growing economies in the Asian region. This massive growth is backed by massive progress in the industrial and agricultural sector. Moreover, there has been this emergence of a new investment cycle with investment rate reaching new height at 20.0 percent of GDP. Thus time is ripe for investing in the country. GDP shows the total purchasing power of consumers. The higher the GDP, the greater would be the demand of goods and services; thus a greater demand for pasteurized milk that our company would be producing. Furthermore, the per capita income of the people in Pakistan has undergone a 13.6 percent increase (See Exhibit 2). This has led to an increase in the spending of the people. A factor which may hamper consumer spending in light of increasing GDP Growth is inflation. Inflation pres ented an increasing trend during the fiscal year 2004-05 and reached a high of 11.1 percent April 2005. However the state

The European Central Banks Targeted Inflation Rates Assignment

The European Central Banks Targeted Inflation Rates - Assignment Example Inflation is a rise in the price of soothing ds and services within an economy which results in a decline in the purchasing power of every subsequent unit of currency and this causes a loss in the real value of exchange within an economy. The main measure of inflation is the Consumer Price Index which provides an indication of the price level of consumer goods and services which are purchased by households, business firms, the government as well as the rest of the world (in case of an open economy). The CPI in the United States is defined by the  Bureau of Labor Statistics  as â€Å"a measure of the average change over time in the prices paid by urban consumers for a  market basket  of consumer goods and services.† This paper helps to provide an insight into the inflation that is currently taking place within the German economy. As per the current happenings within the German economy, the prices of goods and services naturally saw a hike due to the holiday season; this period mostly witnesses an increase in demand of goods and services which is met by an almost equivalent amount of supply. ... Most governments, especially in the European zone, had been able to recover well from the financial crisis that took place world over in 2008-2009 but the repercussions of that are lingering on as inflation in the same economies. German consumer prices nonetheless, harmonized to compare with other European Union countries, showed a rise of 2.4 percent on the year in December, down from 2.8 percent in the previous month. The following graph helps to show the Consumer Price Index in Germany and the changes that the same has undergone over a decade. The graph thus helps in interpreting the various changes within the German economy with respect to fluctuations in the Consumer Price Index. By understanding the ups and downs within the graph it may be understood that the demand and supply situation of a consumer base within Germany has never been a constant; it varies according to the variations of the need for goods. Thus, putting the same to thought, it may be comprehended that a hike is usually seen during the peak holiday season when the demand and supply of goods and services see a huge rise. Chart - CPI inflation Germany 2011 (yearly basis) Interest rates refer to the rates at which a borrower is able to borrow money in order to have greater purchasing ability. (Parkin, Michael) Since loans and smaller debts can be taken from the European Central Bank at lower rates, consumers have been able to increase their purchasing powers and have been thus causing the economy to slow down considerably. Due to increased spending by the consumers, the economy has witnessed growth and expansion which has almost led in the demand outpacing the supply.

Writing assignment Research Paper Example | Topics and Well Written Essays - 500 words - 3

Writing assignment - Research Paper Example Due to the diverse nature of the country’s power, the president is not able to simply command in order to achieve his goals. Different levels of governments have different motivations and sources of power. Due to this, the president needs to be able to convince others that his goals are what are in their best interest. In politics, it is always common to note that even though the president desires an action to be committed does not mean that it will be done. He has to be able to coheres, negotiate and persuade people to act. The second important ingredient is professional reputation within the country and abroad. Presidential reputation is important as it determines how policy makers and other members in Washington view him. This reputation can be noticed by how the infrastructure of the government relies on him to carry out his duties. If a president has a good reputation, it is easy to smooth out negotiations to implement important policies. The final important ingredient is public prestige. Prestige generally denotes how the president is viewed by the public. Although the public is not directly involved in policy making, it is their view of the president that determines how various policies move throughout various levels of the government. The public’s confidence in the president affects how he is viewed by organizations and how these organizations accept his policies. Apart from these main ingredients, Neustadt also notes that a president should be able to think progressively. This will make sure that he decision he makes at a particular point in time will help him I the future. Applying these ingredients to President Obama, it can be noted that he is indeed a powerful president. The president has been able to pass several important policies and legistlation despite constant opposition from congressional Democrats and Republicans. He has been able to persuade these policies

Analysis Essay Example | Topics and Well Written Essays - 250 words - 4

Analysis - Essay Example On the section on project information, we are able to glean several insights. One is that the majority of projects being worked on are commercial projects. Two is that in terms of roles, the project management supervisors hold sway with regard to who gets what roles. Many of the projects are client-initiated, even as a sizable percentage is likewise initiated by government. Excel is a widely-used software tool. A minority makes use of no software at all, while a large number makes use of checklists. These latter findings have implications on where Redstone can improve in terms of the tools used in project management. The section on project pitfalls provides insights into the many different challenges that go with project management at Redstone. One is that which pertains to post project assessments, where a majority reports that those are done, even as a relatively minor percentage either reports the report assessment results to superiors or review the assessments made. This finding has implications for how well future projects can be managed, learning from the experience of past projects and being able to document and discuss those learnings via post project

Business Management Essay Example | Topics and Well Written Essays - 3000 words

Business Management - Essay Example Defined as all the man-made or man-modified physical structures that include buildings, space and products, infrastructure of communities, built environment encompasses homes, schools, roads, fixtures, parks, cities, and everything else touched he has touched (Cohen, 2005). Presently, the built environment addresses various divisions, from art and design, architecture and interior architecture, construction management, and urban and regional planning. Art and design, although minuscule and seemingly irrelevant in scale, have intermarried with architecture and urban planning never to part again as aesthetics no longer are limited to association with the age-old Renaissance. Urban planners and engineers work closely with architects, constructors, contractors, and designers and the built industry grows into a nature-friendly aspect of human enterprise. "Competing for the Future" presents considerable forward-thinking strategies for companies as they are challenged maintaining present status which are compared to mere running in place and threatened with global competitors (Mizrach, 1997). The book invokes management and employees to work together to innovate and foresee what may be given to consumers that would amaze and satisfy. Globalisation at that time already poked its threat to established multinational companies, when dot.com bubble was about to break, the book better-advised the senior and junior managements to have second thoughts. "instead of doing a lot of market research, we refine our thinking on a product and its use and try to create a market for it by educating and communicating with the public... our emphasis has always been to create something out of nothing," Hamel and Pralahad (1994, p.109) wrote. It suggested that senior management team must set aside a time of about 50 percent over a period of months in order to "develop a prescient and distinctive point of view about the future" and this may apply well to built industries, as earlier problems did not seem as complicated as they are right now. "Unlearning" was a keyword so that it meant there is a close scrutiny of the past, interlinked with market share opportunities and creation of core competencies transcending business units (Hamel and Pralahad, 1994). The book also encourages coalition, which has become inevitable now as an industry alone could no hardly address a single issue facing built environment. Speed, as the book have claimed, is important "in the battle for the future" but not necessarily in the future anymore. There are considerable pressures today invokes speed as an element to answer problems within the built industry as "Whole industries become vulnerable to new rules when all the incumbents accept, more or less, the same industry conventions," (Hamel and Pralahad, 1994). Industries were challenged not only to address genuine profit crisis but encouraged to create "quasi-crisis in advance" so that pointing out of the difference of achievement is considered by both a s pass, allowing for evolving competencies. One that hits the built industry bulls-eye is the book's claim that "A strategic architecture is the essential link between today and tomorrow, between short term and longer,' as urban planners now scamper to detail out solutions for the urban dilemma. More so, "Every company should

Analysis Essay Example | Topics and Well Written Essays - 250 words - 4

Analysis - Essay Example On the section on project information, we are able to glean several insights. One is that the majority of projects being worked on are commercial projects. Two is that in terms of roles, the project management supervisors hold sway with regard to who gets what roles. Many of the projects are client-initiated, even as a sizable percentage is likewise initiated by government. Excel is a widely-used software tool. A minority makes use of no software at all, while a large number makes use of checklists. These latter findings have implications on where Redstone can improve in terms of the tools used in project management. The section on project pitfalls provides insights into the many different challenges that go with project management at Redstone. One is that which pertains to post project assessments, where a majority reports that those are done, even as a relatively minor percentage either reports the report assessment results to superiors or review the assessments made. This finding has implications for how well future projects can be managed, learning from the experience of past projects and being able to document and discuss those learnings via post project

Personal Incident that Helped to Make Ethical Decision Essay

Personal Incident that Helped to Make Ethical Decision - Essay Example A person may not be legally bound to choose a course of action but ethics demand that he take on that course of action. Ethics, also known as moral philosophy, deals with the obligations that human beings have to the society and people around them. It also deals with the values that we acquire while living within the society and it is these values that guide the decisions that individuals take in their lives (Duquenoy, George and Kimppa, 2008). In this paper, we attempt to present an ethical dilemma that I faced in my life recently and how this decision I made corresponds with two different ethical theories. Under the light of these ethical theories that are Utilitarianism and Kantism Theory, we would be discussing the decision that I made. The objective is to study the decision under these theories and determine whether the action taken was ethically correct. Ethical Situation Recently, while working as an intern in a hospital, I went across a case that required ethical decision mak ing. A 5-year-old child was suffering from severe trauma as a result of a car accident. The car accident that left the child in a vegetative state and he continued to be on life support for more than 3 months. Even before the condition, the child had been suffering because of his medical condition that had been diagnosed as Thalassemia Major. As the three months were nearing their end, the parents of the child were losing hope. The doctor, a senior and a mentor, was also losing hope. The parents were quite attached to their child and had been his main support throughout his life. But with time, they were realizing that their child may not survive given his condition and the injury that he had taken on. For this reason, they were considering using euthanasia as a valid option at that stage. The doctor, however, was not willing to allow the child to be put to sleep considering that the law was against such a situation. During the child’s illness and his injury, I had developed a good bonding with the parents. I saw them as caring individuals and loving parents who were generally distressed at their child’s present condition. Because of their concern, I usually took out the time in my busy schedule to visit and offer support at least once during the day. I was aware that my concern for the child reassured the parents and they discussed their options with me in great detail. Thus, it was not surprising that they came to me to discuss the option of euthanasia. Personally, I do not have a strong argument for or against euthanasia but seeing the child as he was and the suffering the parents were going through, I realized that euthanasia would be more advantageous in this position. However, I was legally bound to refrain from the practice myself. Decision After great deliberation, I decided that I indeed had an option that the parents would consider. I researched the internet about states that allowed euthanasia as legal practices and informed the parent s of such states.  

Essay on Administrative Reforms in the Philippiens Essay Example for Free

Essay on Administrative Reforms in the Philippiens Essay A study was made by the World Bank about the extent of corruption in the Philippines. The study reveals the existence of a consensus in the government, nongovernmental and international circles that corruption in the public and private sectors in the Philippines is pervasive and deep-rooted, touching even the judiciary and mass media (Chay Florentino-Holifena, 1998). This is collaborated by the data collected in September 1998 by Social Weather Station (SWS). The survey says that nearly two thirds of the respondent thought that corruption exists in the government with 38% saying â€Å"a great deal† while 34% saying â€Å"some. † Also, according to Transparency International which calculated that Corruption Perceptions Index (CPI) n the Philippines, on a scale of1 (higher perception of corruption) to 10 (negligible perception), the CPI for the Philippines was 3. 6 in 1999. Out of the 99 countries rated, the Philippines was perceived as the Fifty-fifth least corrupt. As a result of the problem of prevalence of corruption in the Philippines, then President Joseph Estrada asked the World Bank to make recommendations to help the Philippine government strengthen its fight against corruption. For its part, the Philippines thought that the need for a stronger anti-corruption program is imperative considering that it is being cited with increasing frequency by international business surveys and anticorruption agencies as a country where corruption inhibit foreign and domestic investment. The need for stronger anti-corruption program by the Philippines is also brought about by the effects of corruption which drains away limited and scarce resources of the Philippine government for development, distorts access to government services by poor communities and undermines the public confidence in the governments determination to help alleviate poverty and fight corruption. In addition, the need for stronger anti-corruption program is made imperative in view of the importance of attracting international aid which is severely hampered by the international image of the Philippines as one of he haven of corruption in Asia. It must also be stressed that the move towards improvement in the public administration is a global trend that has affected even Southeast Asian countries which desire to improve public administration (M. Shamshul Haque, p. 1297). The World Bank then proposed a Nine-Point Approach in fighting corruption in the Philippines as its recommendation for creating a national strategy for fighting corruption in the Philippines. The principle behind the Nine-Point approach is focusing on reducing opportunities and motivation for corruption and making corruption a high-risk and low-reward activity. World Bank therefore recommended nine key elements for the national anticorruption program: a) reducing opportunities for corruption by policy reforms and deregulation; b) reforming campaign finance; c) increasing public oversight; d) reforming budget processes; e) improving meritocracy in the civil service; f) targeting selected departments and agencies; g) enhancing sanctions for corruption; h) developing partnerships with the private sector; and i) supporting judicial reform (â€Å"Combatting Corruption in the Philippines†, 2000, viii). In the light of the necessity of implementing reforms in the Philippines, this paper seeks to discuss the three areas of governance that may help in the attainment of the national goals of the Philippines which is to eradicate corruption, minimize the bureaucracy, minimize overlaps in program implementation by government agencies and check the expansion of government activities. These areas are: (1) decentralization and local governance, (2) economic deregulation and privatization and (3) human resource management. Reforms in local Governance and Decentralization The Philippines follows a Unitary form of government in which there is a concentration of political powers and authority in the national government. Legislative power, or the power to make, amend, repeal or alter them is vested in Congress which is composed of the Senate and the House of Representatives. Executive power, or the power to administer and enforce laws, is vested in the President. Judicial power, or the power to settle actual controversies involving rights, is vested in the Supreme Court and ther lower courts. This is unlike the United States which adopts the Federal system of government in which political powers and authority are shared between the national government and the individual states. However, the 1987 Constitution in recognition of the existence of territorial and political subdivisions of the Philippines which are provinces, cities, municipalities and barangays, has given these territorial subdivisions local autonomy for the purpose of making them effective and efficient partners in national building. Thus Article X Section 3 of the 1987 Constitution provides that: â€Å"The Congress shall enact a local government code which shall provide for a more responsive and accountable local government structure instituted through a system of decentralization with effective mechanisms of recall, initiative and referendum, allocate among the different local government units their powers, responsibilities and resources and provide for the qualifications, election, appointment and removal, term, salaries, powers and functions and duties of local officials, and all other matters relating to the organization and operation of local units. (Art X, Sec 3, 1987 Constitution) The constitution also gives the local government fiscal autonomy for them to be able to provide basic services to their constituents, to wit: â€Å"Each local government unit shall have the power to create its own sources of revenues and to levy taxes, fees, and charges subject to such guidelines and limitations as the Congress ma provide consistent with the basic policy of local autonomy. Such taxes, fees and charges shall accrue exclusively to the local governments. † (Art X, Section 5, 1987 Constitution) As a result of the delegation of some powers and authority by the national government, the local government has been important and vital machineries in the attainment of national goals of the Philippines. The national government has learned that delegating some of its powers will enable it to focus on more pressing national concerns. It has also learned that giving communities local and fiscal autonomy will help make them proactive partners by the national government in the fight for corruption and advancement of he country. As a result, the local communities have been able to transform themselves to mini-governments that can to a certain extent sustain the needs of their constituents. The local government units have been able to propose innovations on how to help the national government. These are: a) Taking Care of People and Environment in Negros Oriental which is a project geared towards developing and improving the quality of life in Negros Oriental, a province in the South of P hilippines. The project involves the construction of community hospital that seeks to provide basic health services and information dissemination campaign to inform the people on how to take care of their environment; b) Saving the Mangroves of Kalibo, Aklan is a project geared towards the reforestation of a fifty hectare swampland; c) Saving the Marikina River is a project whose primary goal is to restore the Marikina River for the purpose of making it one of the major tourist destination of the city; d) The Mandaluyong Public Market is a partnership between the private sector and the city for the private sector to built and operate a market on a land owned by the city. This project is now the source of the revenues of the city which it now uses to support its provision of basic services to its constituents; e) Transforming Malalag into a Provincial Agro-Industrial Centre in Davao Del is another example of the effect of empowering local government units as partners with other government agencies in local administration and management, human resource development; f) Acquiring a Complete Equipment Pool in Munoz, Nueva Ecija is a project of the local government unit in acquiring under-utilized equipment from national government and making good use of them in rebuilding the local government unit; g) Floating Bonds for Low Cost Housing in Victorias, Negros Occidental is a project of the local government unit which involve floating of bonds to finance housing projects of its constituents; h) Improving the Productivity in Naga City is a local government unit’s project that focuses on providing services to the constituents, getting optimum outputs wi th minimum expenditures, producing quality results as desired and planned and making services accessible and acceptable based on the principle of greater good for the greatest number; i) Number Code Scheme in Makati City is a project geared towards easing the traffic in the business district of the  Philippines; j) Medical, Dental and Legal Mission in Caloocan City which is a project that seeks to deliver medical, dental and even legal advises to poor residents in Caloocan City; j) Solid Waste Management Program in Bulacan is a project designed to ensure that the people learn to segregate and properly dispose of their garbage. Privatization Program Privatization is essentially the sale or lease of assets of the government. It is done either because the country realizes how efficient the private sector is in business management or because the government seeks to earn additional revenues and that privatizing its assets will be instrumental in the government’s economic development program. Privatization of government assets started in 1986 during an era of political turmoil as the country has overthrown the dictatorial rule of the former President Marcos. Th is is the first wave of privatization. At the time the government wanted to dispose the assets which have been sequestered from the friends and relatives of President Marcos (Lauro A. Ortile p. 130). Other properties were also included in the privatization such as those that were foreclosed and taken over by banks. The second wave started in 1990 with the disposition of government properties in the utilities and infrastructure sectors which were formerly state-subsidized (Lauro A. Ortile p. 130). The third wave consists in opening of a wide range of public services such as housing health, postal services and pension funds (Lauro A. Ortile p. 130). According to the Department of Finance, privatization has yielded positive results for the government. It has not only generated additional revenues, but it has also broaden the base of ownership and fostered favorable climate for investors (Privatization Monitor, 2004, p. 1). Since 1987, the revenue generated from the privatization program has reached more than P200 billion for the Philippines. According to United Nation Public Administration Network (UNPAN) (1997), the Philippine Civil Service more than doubled from 430,000 in 1971 to 840,000 in 1980 to almost 1 million in 1985 (Mirshariff Tillah, 2005, p. 27 ) By itself, there is essentially nothing wrong in having a large workforce. It may be argued that having a large workforce aids in the delivery of public services and gives employment opportunities to a large number of people. However, if despite having a large workforce delivery of public service is still slow and the amount allocated given to these civil servants eats away a large percentage of the national budget, then having a large workforce is a serious cause of concern. It must be stressed for a country like the Philippines, cutting down the size of its civil servants is imperative in the sense that money used to pay for the salaries of non-performing employees may be utilized for infrastructure and delivery of public services. As a result, then President Fidel Ramos implemented one of the legislative measures designed to downsize the government and ensure that its existing employees will be more effectively utilized. This is the Republic Act 7430 â€Å"An Act Providing for Optimum Utilization of Personnel in Government Service through a System of Attrition† which is otherwise known as the Attrition Law. The objective was attained simply by means of freeze hiring and preventing the filling of positions that become vacant due to resignation, retirements or death (Mirshariff Tillah, p. 27). The Attrition Law is still being currently implemented until now. It has been so effective that it has arrested the upward trend in government employment. Though it has not completely stopped the upward trend of the government employment, the same however has caused the increase to slow down. Research shows that the start of the implementation of the Attrition Law in June 1992, the total number of filled positions was 1,237,435. This number was reduced in 1993 and 1994 but increased from 1995 to 1996. The present figure of 1,213,602, however, still remains lower than the 1992 level (â€Å"Administrative Reforms: Country Profiles of Five Asian Countries† p. 117). It is also estimated that the five-year implementation of the Attrition Law, has resulted in savings for the Philippine government in the amount of more than six billion pesos (US$ 240 million) (â€Å"Administrative Reforms: Country Profiles of Five Asian Countries†p. 117). Conclusion The Philippines has undertaken dramatic changes in the last few decades. These policy changes are manifested in the legislative measures that have been passed which are designed to eradicate corruption, minimize the bureaucracy, and minimize overlaps in program implementation by government agencies. Though there are a lot more changes to be done, the future is bright for the Philippines as these measures are initial steps that have been taken towards national development. This is a sample essay from smartessaywriters. com – the leading provider of reliable and affordable essay writing services and research paper writing services in the United States and the United Kingdom.