Journals Assignment Example | Topics and Well Written Essays - 1250 words

Journals - Assignment Example and Mrs Conroy. Mrs. Conroy is primarily a woman of fashion and it seems that her husband does not have control over what her quest to dress fancifully will demand. Gretta talks of putting on galoshes while at the same time revealing her next shopping plans as including a diving outfit. This clearly means that Mrs Conroy is domineering in their marriage as she makes the plans over what ought to be bought within their family even before consulting her husband. Her hersband, in a quick response, laughs nervously indicating his obligation to her demands. He shows this weakness in front of his sisters who apparently are astonished at the sense of fashion and shopping spree that their brother’s wife has. Another picture that comes out clear in the marriage between Gretta and Gabriel is that theirs is a marriage of contemporary lifestyle. From the conversation, Aunt Kate is completely unknowledgeable about what the supposed ‘galoshes’ that Mrs. Conroy describes and can only associate them with Christy Minstrels.. In her entire life, she had never come across such like attire leave alone the fact that she could not determine their uses. Aunt Julia on the other hand, fully understands the uses of galoshes but what worries her is the complex lifestyle that her brother’s wife has adopted. ... Her beauty too is beyond description although she had spotted face and brown eyes. Her seductive nature wins her the heart of Gabriel where she successfully convinces him to take a walk together. Perhaps one of the most influential aspects in Miss Ivors’ life that strengthens the bond between her and Mr. Conroy is her vast knowledge of literature of which Mr. Conroy is a practitioner. Although she does not study or practice literature and poetry, her knowledge of certain literary and poetic aspects for example the university question that she learned through a friend surprised Gabriel and makes him more relaxed in the company of Miss Ivors. Additionally, her affectionate and conversational nature creates a strong bond between her and Gabriel whereby they spend long hours conversing while at some instances holding hands. This comes out when Gabriel thinks that Miss Ivors is attempting to demean him by criticizing him, a matter that leads to his perplextion. But to his ultimate surprise, he discoveres that Miss Ivors was only cracking a joke by her previous comments. Miss Ivors on the other hand, understands when Gabriel is perplexed and uses her seductive and persuasive skills to bring back his attention to the focus of their conversation. Although she had previously expressed her dissatisfaction at Gabriel’s previous writing, she notices anxiety in his face and immediately retreats. She perfectly does this on some instances by placing her warm and soft hands on the arms of Mr. Conroy. It appears from this that although she is not married, she clearly understands the temperaments of men, and her knowledge helps her in maintaining a lively and warm conversation with Gabriel who in the end confesses to have enjoyed

Corporate Governance Impact On Capital Investment

Corporate Governance Impact On Capital Investment Introduction Overview Through various studies over the years, different scholars and financial analysts have been able to establish a relationship of cash flow on firms investment spending. It was significantly proven by (Modigliani Miller, 1958) that a firms financial status is irrelevant for real investment decisions in a world of perfect and complete capital markets, after controlling for the cost of capital. In case of managerial discretion, based on (Jensen, 1986) free cash flow theory, firms increase investment (including projects with negative present value) based on the availability of cash flows with incentive of increasing firms value beyond level of optimal investment. Moreover, an agency costs also appreciate the borrower net worth by charging a premium on the external financing. The discussion above explains that the firms investment decisions are dependent on the availability of internal funds, as cost advantage over external fund is evident. While choosing an appropriate capital structure, there are certain trade-offs which affects the decision. These trade-offs include tax advantage through acquiring debt against the bankruptcy cost which advocates the use of equity. Keeping this in view, various different models have been supported to explain this corporate capital structure behavior. Pecking Order Theory, initially mitigated by (Donaldson, 1961) describes the financing practice as prioritizing the means of financing, which is necessary for the management to counter against asymmetric information. Either they should generate the funds internally or acquire funds externally through debt rather than equity. Implications to the pecking order theory involves the positive impact of leveraging on the market price, which means, financing through debt sends a positive signal into the market about the firms future prospects. Furthermore, intermediaries also undermine the role of management as the financial intermediaries such as investment banks function as the insider to the firm. Consequently, keeping an eye on the firms operations and influencing the firms capital financing decision. However, Pecking order theory of (Myers, 1984) argues that the firms operating in imperfect or incomplete capital markets where the cost of external capital exceeds that of internal funds, the financial structure may be appropriate to the investment decisions of companies facing uncertain prospects. Gauging the level of corporate investment in any firm is based on the corporate governance; market position of a firms asset against its book value can be termed as Tobins q ratio. Identified by (Chung Pruitt, 1994), Tobins q as proportion of firms market value to replacement cost of its assets. Tobins q can be considered an effective tool for determining financial performance as the data can be collected readily from a balance sheet. When calculating Tobins q ratio, the replacement cost can be determined approximately by the book value of firms plant and equipment. Approximate q can be replaced with the actual Tobins q to make the calculations unproblematic and data can be readily available without any discrepancies. Problem Statement To study the impact of corporate governance on the capital investment decision through cash flow and Tobins q interaction in relation with Capital Investment HypothesEs H0: Firms cash flow having a significant impact on its capital investment will be linked with high Q values. (FCF Theory) HA: Firms being liquidity constrained due to least payout will have significant investment-cash flow sensitivity, and will be linked with high Q values in the market. (PO Theory) Outline of the study The report contains the contemplation of research data that will study the phenomenon of cash flows and investment discussed earlier in this paragraph. The study categorizes firms according to characteristics (such as dividend payout, size) which will help measure the level of constraints faced by firms. The study will help readers to understand the complexities of Pecking order theory and Free Cash Flows concept with regard to asymmetric information available and corporate governance which influences decision of the firms. To measure the effect that cash flow-financed (internally sourced) capital spending and Q has on firms investment, Ordinary Least Square Regression model will be used to estimate the function. To compute the influence on the Investment, instruments used are: (1) Cash Flow, (2) Approximate q, and (3) an interaction of both variables are created. Through studying the parameter estimates of interaction variable, positive influence on investment will support the Pecking Order hypothesis and negative influence will govern the Free Cash Flow hypothesis. The equation hypothesized in the next part is linear. Definitions Pecking Order Theory: (Myers, 1984): A firm is said to follow a pecking order if it prefers internal to external financing and debt to equity if external financing is used. Free Cash Flow Theory According to (Jensen, 1986), free cash flow theory, high cash flow and low debt create agency costs associated with conflicts between manager and share holder over the payout of this free cash, which is the cash left after the firm has invested in all available positive net present value projects. Capital Structure A careful and systematic analysis of how claims against a corporations assets can or should be determined, assessed, and accounted for. (Riahi-Belkaoui, 1999) Capital Investment Decision Capital Investment decisions are those decisions that involve current outlay in return for a stream of benefit in future years. (Drury, 2006) Tobins q Tobins q is a measure of investors expectations concerning a firms future profit potential. It is defined as the ratio of the market value of a firm to the replacement cost of its assets. (Strecker, 2009) Literature Review Vogt (Vogt, 1994) explained the capital spending behavior of companies with respect to change in dividend cash paid, cash flows, sales, and market value of assets. The regression equation models the variables to proportion of fixed assets, and distributes the firms data in segments of Dividend Payout Groups and Asset Groups. Primarily, Dividend Cash has a strong negative impact on capital spending; it explains that in order to finance additional fixed investment firm needs to sock cash by reducing their dividend. Cash flow, Sales, and Q Ratio having a positive coefficient demonstrates that with an increase in future cash flows, the firm will improve its capital spending. A relationship has been developed between the firms investment decision and the firms financial status by Cleary (Cleary, 1999), financial status has been studied with respect to the liquidity constraints. The data is classified into groups through a discriminant analysis on basis of dividend payout policy. Groups taken into study have made possible to identify firms which are more financially constrained more likely to be investment-cash flow sensitive, furthermore, availability of internal sources of funds have a greater impact on firms with high credit worthiness, and vice versa. It has been proposed that the various ownership structures make managerial decision based on the interaction between investment and the firms liquidity constraints. The study conducted by Dedoussis Papadaki (Dedoussis Papadaki, 2010) mentioned that the management can be held separate from its ownership, even on basis of the nationality of the company. On the other hand, it also explained that the relative shareholding of CEO and the controlling shareholders can also be the basis of separation. The sample used in the study was separated and grouped on basis of dividend payout, asset size of the firm, age of the firm, source of control, and kind of ownership. On the given sampling criterion; greater asset size firms, older firms, lower Q (high investment opportunity), and high dividend payout firms showed higher cash flow sensitivity towards investment. Findings support that the Low Q, small, and new firms under the generalized model are facing asymmetric information problems. Indeed these firms are expected a priori to face financing problems that affect the cost of their external financing. On the other hand, low Q, old and low dividend firms are more likely to face managerial discretion problems that result to over-investment. The impact of Tobins Q is mainly used to determine the investment opportunity of the firm. In this article, marginal Tobins Q has been taken to evaluate the firms investment and Research Development expenditures. The asymmetric information (AI) hypothesis proposed that firms provided with a profitable investment-project may be not able to source it through internal cash flows and for the reason that the cost of external funds is too high due to the capital markets ignorance of the firms investment opportunities. On the other hand, agency or managerial discretion (MD) hypothesis constructs the investment-cash flow relationship on the assumption that managers are well qualified in context with proficiency they obtain from managing a huge and fast paced firm and thus exceeding the wealth shareholders beyond their expectations. (Gugler, Mueller, Yurtoglu, 2004) Taking in viewpoint the impact of capital structure on the capital investment decision, firms investment demands is the more susceptible towards cost-of-capital or tax-based capital incentive. Whereas, capital structure seems irrelevant as against internal sources of funds can be effectively substituted with sources of funds generated externally. The size of the investment project can be a deterministic factor towards it. Fazzari, Hubbard, Peterson, Blinder, Poterba (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) explicates that cash flow/investment relationship is more sensitive when taken in reference with firms dividend behavior. Comparison based on firms having more or less liquidity constraints can be further improved when compared on a division based on the scale of the firms, i.e. young or small firms versus large ones. This way the researchers can address the problem of firms lacking the asymmetric information. Under the impression where capital investments decisions mainly pertains to the capital structure or choosing the appropriate source of investment, Schaller (Schaller, 1993) conducted three different empirical tests to determine that information asymmetries have a huge influence on the firms investment behavior. Differences among the informational base of investors and creditors was also considered a capital market imperfection. Ownership status and age of the firms has an impact on the cost of equity financing, mature firms pay comparatively less price for it than young firms. Same aspect goes for the firms with concentrated with comparison to dispersed ownership. Borrowing is considered a more rational source for investment-projects. Pledgeable assets generate greater borrowing capacity, which afterwards makes firms invest more in pledgeable assets. As suggested by Almeida Campello (Almeida Campello, 2007), such a phenomenon can be termed as a credit multiplier. In case of financially constrained firms, a multiplier relates to the sensitivity of firms investment-cash flow relationship that is reflected as the increase in the tangible assets of the firm. Therefore, it is proposed that with fewer tangible assets firms are more likely to be financially constrained. The sensitivity of investment-cash flow relationship is evidently influenced by the tangibility of a firm, as latter discussed. Managers while making capital investment decision considers externally-sourced funds costlier, therefore, overconfident managers over assessing the profitability of an investment-project invests more when having abundant internal funds to utilize. However, deciding not to source externally in case where they are short of internal funds to generate. There has been an evidence of significant relationship between the managerial discretion and investment-cash flow sensitivity. Equity concentrated firms are more likely to be influenced by overconfident managers, unless compensation tools can be used to reduce the effects of managerial overconfidence. (Malmendier Tate, 2005) Goyal Yamada (Goyal Yamada, 2004) have explained the impact of asset pricing in the stock market against investment-cash flow sensitivity. Overvalued stock prices triggers an increased in investment spending and are cut back when stock are being undervalued, consequently, inflated prices collateral assets attract higher level of external financing. Inflationary pressures primarily determined by the economic monetary policy impacts on the variation of cost on external financing, though it reflects highly on cost of external financing, marginally impacts less on the investment-cash flow sensitivity. It has been observable that less financially constrained firms have significantly higher investment-cash flow sensitivity. Characterizations of firms based on financial constraint can sometimes create confusion. Firms having unusually high cash holdings can either be characterized as unconstrained based on the opportunities it has to invest or constrained based on the assumption that it needs to have a precautionary savings to invest in future investment projects. Therefore, financial constraints cannot be used as an influential determinant for investment-cash flow sensitivity. (Kaplan Zingales, 1997) Hu Schiantrlli (Hu Schiantarelli, 1998) put into picture the effect of general economic factors and various firms characteristics on the value of the firms net worth. Mainly financial status is the most important determinant for the level of asymmetric information problem that managers face. A strong balance sheet position can reflect good sign of firms performance which enhances the market value of the firms asset to its stake holders, mainly investors and creditors. Q models assumption also assists in determining the sensitivity of the investment-cash flow relationship, where the indicators determine the investment opportunity and the sources of funds to choose from. Understanding the market influence in proxy of q can also give a clear picture to the movements in the firms investment over a period. Net worth of firms helps manager determine if the sourcing of funds externally is a viable option in contrast to the investment opportunity which underlies. (Hubbard, 1998) Research conducted on the investment-cash flow sensitivity addresses many aspects of the firms financial strength. Further study by Calomiris Hubbard (Calomiris Hubbard, 1995) shows that when firms tax taken under investigation also reflected a significant influence on the volume of spending on investment-projects. They explored the impact of surtax margin, as a tax experiment, on the cost of internal and external funds. Surtax when levied on undistributed profits, obligate the firms to incur certain cost on the internal funds. This effects the managers decision to invest and is also reflected on the investment-cash flow sensitivity against the surtax margin. As a result to evade burden of higher cost on internal funds, firms with high surtax-margin exhibits elevated sensitivity in investment-cash flow relationship. Quan (Quan, 2002) discusses the Pecking Order theory with reference to the Modigliana-Miller proposition that works under the assumption of perfect market. Here it is stated that value of the firm is irrelevant and based on a few limitations the choice of financing can be determined via gauging the strength of the firm. These factors pertain to the imperfect market and influence the managers to make their capital investment decision. Once the assumptions are released the financing structure shows a clear picture. The association between Free Cash Flow theory and Agency theory has always been under the limelight when there is a question of retaining the undistributed profits. FCF Theory taken under consideration gives out an option to the management to hold on to excess cash sacrificing the shareholders opportunity cost. These excess funds can be generated to better internal operational efficiency or at managers discrepancy to source its investment-projects. (Wang, 2010) Research Methods The chapter explains the model used in the given research study. The study focuses on analyzing the influence of Cash Flows and Tobins q on Corporate Investment. The equation represented by a dependent variable as a ratio of capital spending to the beginning net fixed asset (I/K) predicted by independent variables: (1) ratio of cash flow to the beginning gross fixed asset (CF/K), and (2) beginning Tobins q (Q). Method of Data Collection Main source of collecting the required data is from secondary sources. It includes the Balance Sheet Analysis of Joint Stock Company listed in Karachi Stock Exchange provided by State Bank of Pakistan consisting of data of our relevant variables. The data was taken in annual terms to conduct this research. Sampling Technique The Convenience sampling or grab or opportunity sampling would be use in this research. Sample population selected because it is readily available and convenient. Sample Size The sample period taken under study covers 8-years period beginning at the start of 2000 and ending at the close of 2008. The data was taken from a sample of 70 (non-banking and non-financial) companies which are listed on Karachi Stock Exchange and included in KSE-100 index. Research Model Statistical technique Ordinary Least Square Regression technique is used to study the impact of variables included in the study. It helps studies the relationship between a dependent variable and several independent variable. It also assumes the relationship to be linear or straight line, where the values of predictors lies directly proportional to Criterion variable. SPSS Software is used to develop the regression model and evaluate the influence of predictors on dependent variable. Results Findings and interpretation of results Aggregate Sample: Table : Represents the model summary of regression estimates for the full sample of 69 firms The predictors, i.e. main effects of Cash Flow and Tobins q and an interaction variable of both combined, included in the model explains 78.5% of Investment (Table 1) shown mentioned as R Square. Least variation in Adjusted R Square suggests that the variable to observation ratio in the given model is sufficient. Casewise diagnostic was also conducted to eliminate the outliers in the data to improve the results. Table : Studies the F-statistics to test whether the model predicts the dependent variable significantly The F-statistics (Table 2) is significant and it determines the regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level. Table : The parameter estimation for full sample of 69 firms with respect to dependent variable, t-statistics is used to test the null hypothesis ÃŽÂ ²1 = ÃŽÂ ²2 = ÃŽÂ ²3 = 0 The coefficient values of all predators included in the test are significant at a 0.05 significant level (Table 3), which shows that they have a strong influence on the investment of the firm. The standard coefficient shows that Cash Flows have a much greater impact on Investment than market value on the firm, which is exemplified through Tobins q. Dividend Payout groups: Table : Presents the sample statistics for 69 KSE listed (non-banking and non-financial) companies which are included in the KSE-100 index. The three rows distribute the statistics into High, Medium, and Low payout policies. Average dividend-to-income ratios of greater than 0.35, between 0.35 and 0.10, and less than 0.10 define High, Low, and Medium dividend-payout firms, respectively. While studying the dividend-payout groups (Table 4), the descriptive helps to identify characteristics to confirm whether the data being studied has the authenticity and the behavior pattern which commonly related to the groups assigned. The values of Investment, Cash Flow, and Tobins q associated with the groups are in complete correspondence with the hypothetical occurrence. Firms having a higher (lower) dividend payout have greater (lower) market value, and lower(higher) level of cash flows and investments. Table : Represents the model summary of regression estimates of 69 firms split by High, Medium, and Low dividend-payout policies. The model helps explains 81.9%, 66.7%, and 80% data in High, Medium, and Low dividend-payout firms (Table 5), shown in R Square. Least variation in Adjusted R Square suggests that the number of observations is sufficient with respect to variables in each group separately. Table : Studies the F-statistics to test the null hypothesis of ÃŽÂ ²1, H = ÃŽÂ ²1, M = ÃŽÂ ²1, L The F-statistics (Table 6) in each dividend payout group is significant and it determines that each regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level. Table : Shows the parameter estimation for each payout groups with respect to dependent variable, t-statistics is used to test the null hypothesis ÃŽÂ ²1 = ÃŽÂ ²2 = ÃŽÂ ²3 = 0 The coefficient values of predators in High and Low dividend payout groups are all significant at a 0.05 significant level (Table 7), which shows that they have a strong influence on the investment of the firm. Except for Medium dividend payout group, which has insignificant coefficient values of Tobins q, showing no impact on the investment. The standard coefficient shows that Cash Flows have a much greater impact on Investment than market value on the firm, which is exemplified through Tobins q. Hypothesis Assessment Summary Hypothesis Independent Variables B t Sig. Comments Firms cash flow having a significant impact on its capital investment will be linked with high Q values. (FCF Theory) Cash Flow ÃÆ'— Q H0: ÃŽÂ ²3 ÃŽÂ ²3,H = .135 5.295 .000 Rejected ÃŽÂ ² 3,M = .072 .991 .324 ÃŽÂ ² 3,L = .140 5.482 .000 Firms being liquidity constrained due to least payout will have significant investment-cash flow sensitivity, and will be linked with high Q values in the market. (PO Theory) Cash Flow ÃÆ'— Q HA: ÃŽÂ ²3 >0 ÃŽÂ ² 3,H = .135 5.295 .000 Accepted ÃŽÂ ² 3,M = .072 .991 .324 ÃŽÂ ² 3,L = .140 5.482 .000 Dependent Variable: Investment (I/K) Table : Summarizes the results and explains that the hypothesis accepted is directly in correspondence with the aggregate hypothesis. As illustrated (Table 8) capital spending of low payout firms is positively and strongly influenced by the interaction term, consistent with the PO hypothesis, the parameter estimate for the high payout firms are also positive but marginally significant. Conclusion, Discussions, Implications And Future Research Conclusion The results illustrated above demonstrates that the positive relationship between the degree of the Investment-Cash flow relationship and Q represented latter in the aggregate data (Table 3) is concentrated in low or no dividend paying firms. This finding is in further support with the PO hypothesis. Discussions The objective was to study and test the causes of universal relationship between Cash Flow and Investment Spending. Hence, two hypotheses were included in the research to study the source of this relationship: the free cash flow hypothesis (FCF) hypothesis, which works on the assumption that managers prefer investing its free cash flow excessively into investment projects that are not profitable, and the pecking order hypothesis (PO) purports that managers are prone to investment comparatively less than the opportunity provided due asymmetric information-induced liquidity constraint. As advocated in favor of Pecking Order Theory by (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) and many others, for groups which consists of small firms with low-dividend payout to fund capital spending, exhibits heavy reliance on cash flow and cash changes. The relationship can be more significantly studied when the impact of larger q value is associated with this group. Evaluating the impact of corporate governance on investment-cash flow relation requires a critical judgment as to how do the firms cash flow and the existing market value influence the investment decision. Financially constraint firms may have a larger impact on liquidity associated matters and managers might take discretion in choosing the right sources to tap. Agency cost may be involved in making such a decision where managers may consider paying dividend as a higher opportunity cost as it reduces the firms free cash flow to exploit new profitable investment projects. Implications and Recommendations In the current market situation where external pressures existing can also be taken into proxy. When managers making a capital investment decision they need to take in view other non-financial aspects that also influences the decisions to a certain extent. Furthermore, financial intermediaries having a certain level of involvement and sharing information sensitive to the market can also be a major factor that might be giving a varying result against Investment. Investing in profitable-investment projects can bring in greater resources to the firm in future and it entails a huge decision burden upon the shoulders of the managers. Shareholders expecting to earn a greater return through investing in them can also be undermined when manager decided to have a low payout policy. Funds generated internally is a possibility where there is a healthy cash flow, but it is also preferable if this free cash is invested into marketable security for allocating the resources into a profitable venture for a time being to make it a positive impression. Future Research In future studies there may be more aspects of cash flow-investment relationship which can be studied for assessing the degree impact it has on this relationship, i.e. sales, debt performance, capital structure, firm size, etc. The research study may also be improved if the observation of firms are increased that will in turn reflect a more clear picture about the relationship in the current scenario. References Almeida, H., Campello, M. (2007). Financial Constraints, Asset Tangibility, and Corporate Investment. The Review of Financial Studies , 20 (5), 1429-1460. Calomiris, C. W., Hubbard, R. G. (1995). Internal Finance and Investment: Evidence from the Undistributed Profits Tax of 1936-37. The Journal of Business , 68 (4), 443-482. Chung, K. H., Pruitt, S. W. (1994). A Simple Approximation of Tobins Q. Financial Management , 23 (3). Cleary, S. (1999). The Relationship between Firm Investment and Financial Status. The Journal of Finance , 54 (2), 673-692. Dedoussis, E., Papadaki, A. (2010). Investment spending and corporate governanc: Evidance from the ASE listed firms. Managerial Finance , 36 (3), 201-224. Donaldson, G. (1961). Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Division of Research, Graduate School of Business Administration, Harvard University . Drury, C. (2006). Cost and management accounting: an introduction (6 ed.). Cengage Learning EMEA. Fazzari, S. M., Hubbard, R. G., Peterson, B. C., Blinder, A. S., Poterba, J. M. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity , 1988 (1), 141-206. Goyal, V. K., Yamada, T. (2004). Asset Price Shocks, Financial Constraints, and Investment: Evidence from Japan. The Journal of Business , 77 (1), 175-199. Gugler, K., Mueller, D. C., Yurtoglu, B. B. (2004). Marginal q, Tobins q, Cash Flow, and Investment. Southern Economic Journal , 70 (3), 512-531. Hu, X., Schiantarelli, F. (1998). Investment and Capital Market Imperfections: A Switching Regression Approach Using U.S. Firm Panel Data. The Review of Economics and Statistics , 80 (3), 466-479. Hubbard, R. G. (1998). Capital-Market Imperfections and Investment. Journal of Economic Literature , 36 (1), 193-225. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review , 76, 323-9. Kaplan, S. N., Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics , 112 (1), 169-215. Malmendier, U., Tate, G. (2005). CEO Overconfidence and Corporate Investment. The Journal of Finance , 60 (6), 2661-2700. Modigliani, F., Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review , 48 (3), 261-97. Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance . Quan, V. D. (2002). A rational justification of the pecking order hypothesis to the choice of sources of financing. Management Research News , 25 (12), 74-90. Riahi-Belkaoui, A. (1999). Capital structure: determination, evaluation, and accounting. Quorum. Schaller, H. (1993). Asymmetric Information, Liquidity Constraints, and Canadian Investment. The Canadian Journal of Economics , 26 (3), 552-574. Strecker, N. (2009). Innovation Strategy and Firm Performance: An Empirical Study of Publicly Listed Firms. Gabler Verlag. Vogt, S. C. (1994). The Cash Flow/Investment Relationship: Evidence from U.S. Manufacturing Firms. Financial Management , 23 (2), 3-20. Wang, G. Y. (2010). The Impacts of Free Cash Flows and Agency Costs on Firm Performance. Journal of Service Science and Management , 3 (4), 408-418.

Programming :: essays research papers

Question 1 (1 point) True/false evaluation is "natural" from the computer's perspective because computer circuitry consists of two states. a. True b. False Save answer Bottom of Form Question 2 (1 point) It is considered trivial to compare two constants. a. True b. False Save answer Bottom of Form Question 3 (1 point) The logical AND is usually a binary operator that requires a complete Boolean expression on each side. a. True b. False Save answer Bottom of Form Question 4 (1 point) An AND decision is when one condition must be met or some other condition must be met for the event to take place. a. True b. False Save answer Bottom of Form Question 5 (1 point) You should never ask a question if there is only one possible answer or outcome. a. True b. False Save answer Bottom of Form Question 6 (1 point) When you combine AND and OR operators, the OR operators take precedence. a. True b. False Save answer Bottom of Form Question 7 (1 point) A case structure allows you to substitute a series of selections. a. True b. False Save answer Bottom of Form Question 8 (1 point) Some programs require multiple decisions to produce the correct output. a. True b. False Save answer Bottom of Form Question 9 (1 point) The part of the decision that executes when the tested condition is false is the __________ decision. a. if b. then c. else d. then-else Save answer Bottom of Form Question 10 (1 point) Each programming language supports its own set of __________ operators that express Boolean tests. a. logical comparison b. arithmetic c. logic d. organization Save answer Bottom of Form Question 11 (1 point) A compound, or AND, decision requires a __________ decision. a. if b. or c. nested d. tiered Save answer Bottom of Form Question 12 (1 point) When one or the other of two conditions is true, this is called a(n) __________ decision. a. AND b. AND/OR c. OR d. OR/AND Save answer Bottom of Form Question 13 (1 point) A path that can never be traveled is known as a dead or __________ path. a. unreachable b. unusable c. closed d. useable Save answer Bottom of Form Question 14 (1 point) How many AND and OR statements can you combine in most programming languages? a. one b. two c. three d. as many as you need Save answer Bottom of Form Question 15 (1 point) Case structures are used when you have a series of __________ based on the value stored in a single variable. a. functions b. decisions c. models d. identifiers Save answer Bottom of Form Question 16 (1 point) Which of the following is not a part of a decision table? a. conditions b. possible combinations of Boolean values for the conditions c. possible actions based on the Boolean values d. the actions that correspond to each Boolean value of each condition Save answer

Food and Beverage Control

Objectives of F&B control * Analysis of income and expenditure performance can be expressed in gross profit, net margin (gross – wages) and net profit (net margin – rent, rates, insurance†¦) * Establishment and maintenance of standards. SOP (standard operational procedures) * Pricing * Prevention of waste * Prevention of fraud * Management information Problems of F&B control * Perishability of food * Business volume unpredictability/sales instability Menu mix unpredictability * F&B operation short cycle -> little time for many control tasks * Departmentalization – several production and service departments -> separate trading results Fundamentals of control Planning phase Policies: pre-determined guidelines * Financial policy – level of profitability, subsidy and cost limits from each department * Marketing policy: target group * National identity * Customer profile Market share – same or more percentage of ‘our’ market * Turnover – sales volume increased by x% on previous year * Profitability – profit increased by each unit by x% on previous year * ASP (average spending power) increased by x% or to achieve a new ASP of no less than â‚ ¬x * Product – same high standard * Customer satisfaction – net result must be the satisfaction of every customer * Catering policy – main objectives of F&B facilities and describe the methods of how this is achieved * Type of customer * Type of menu * Beverage provision necessary for operation Food quality standards * Method of buying (contract, cash†¦) * Type and quality of service * Degree of comfort and decor * Hours of operation Operational phase * Purchasing * Product testing (tasting) * Yield testing * Purchase specifications – concise description of quality, size, weight etc. * Method of buying * Clerical procedures (who places orders, what documentation necessary for control) * Receiving * Quantity inspection * Quality inspection * Clerical procedures (acknowledgement of the receipt, delivery signature) * Storing and issuing * Stock records Pricing of items * Stocktaking (how much stock to be held, rate of stock turnover etc. ) * Clerical procedures (what documentation in necessary) * Selling * Checking system (number of items sold) * Control of cash * Clerical procedures Post operation phase * F&B cost reporting (daily or weekly) * Assessment – compare reports with budgets and with previous performance * Correction if necessary Reality of control: never 100% efficient Setting the budget and break-even analysis * Budget – plan which reflects policies and determines the business perations for a particular trading period * Budgetary control – control with particular responsibility for budget results is assigned to managers and continuous comparison between the actual results and the budgeted figures is made * Objectives of budgetary control * To provide a plan of action, to keep business with its policies and to maximize the full use of resources * To set standards of performance * To set out levels of cost responsibility and to encourage cost awareness * Capital budgets – assets, equipment etc. * Operating budgets – day-to-day income and includes sales, cost of sales, labour, maintenance etc.Stages of budgeting 1. Determination of net profit, capital invested and risks involved 2. Preparation of sales budget – volume of sales necessary to achieve desired net profit. Also influences budgeted cost for food, labour etc. 3. Preparation of administration and general budgets (office expenses, advertising etc. ) 4. Preparation of capital expenditure budget (new equipment, furniture) 5. Preparation of cash budget (cash inflows/outflows, cash balance) 6. Preparation of master budgets (trading account, profit loss account and balance sheet) Costs, profits and sales Material costs = opening stock + cost of purchases – closing stock â€⠀œ cost of staff meals * Labour costs = wages and salaries * Overhead costs = all other costs Four kinds of costs * Fixed – always the same * Semi-fixed – depends on volume of sales but not in same proportion (fuel, telephone costs) * Variable – in proportion to volume of sales * Total – sum of above Profit * Gross profit – total sales – cost of materials * After-wage profit/net margin – total sales – material – labour * Net profit – total sales – total costs (material, labour, overhead cost) Break-even analysis * Based on: Selling price, product mix and unit costs remain the same * Only one product is made/sold * Break-even = C/(S-V) * C = total fixed costs * S = sales price * V = variable cost Software systems * Menu planning (popularity and profitability) * Production control (quantities) * Stock management (maintain stock levels) * Purchase ordering (order automatically when minimum stock) * Menu analys is (individual customer menu choices recorded) * All of these systems together: EPOS system Basic concepts * Planning, standard yields, recipes, portion sizes -> PYRS * Production planning (or volume forecasting) Goal: cost control, purchasing, reduce waste, production on demand, comparison between actual and potential volume of sales * Standard yields * Is the usable part of that product after initial preparation, or the edible part of the product after preparation and cooking * Goal: know how much to buy, safeguard against wastage – measurement of efficiency of production, accurate food costing * Standard recipe * Goal: accurate costing, important to know nutritional value, useful in kitchen * Standard portion size * Aid to food costing Methods of food control Control cycle * Purchase order * Delivery note Invoice (usually send directly to accounts department) * Requisition Weekly/monthly food cost report * For small business * Simple and quick to make * No intermediate inf ormation (only after 7 or 28 days) Daily food cost report * For small to medium-sized business * Simple and easy to follow * Detailed * Corrective action can be taken early in the month * Accuracy is important * Ignores staff meals, food that goes to/from bar -> not accurate Calculation of potential food costs 1. Multiply number of each menu item during a sample week by potential food cost per portion -> total potential food cost of a week 2.Same with sold portions and menu prices -> potential total sales 3. Divide total potential food cost by total potential sales -> potential food cost percentage * Necessary information for above calculation: * Number of items sold and their selling prices * Standard recipe cards of all menu items * Summary of potential food cost obtained from recipe cards * Average market price for main ingredients Methods of beverage control * Six basic types: control of purchasing, receiving, storing and issuing, planning, establishment of standard yields, reci pes, portion sizes and inventory * Par stock or bottle control system Beginning stock * Number of empty bottles to be counted and requisitioned for the day * Potential sales based on quantities issues and compared to actual revenue received * Adjustments made to selling price if necessary * Potential sales value system * Revenue value of each bottle based on standard size of drink, contents of bottle and selling price for each drink * Full bottles of spirits: potential sales value is the same as selling price * Spirits sold by glass: number of drinks x price per drink = potential sales value * Millimeter system * Most accurate EPOS reporting Menu item preference – to identify potential menu items that aren’t doing well and eliminate them from the menu * Menu item profitability * Sales by meal period – to know when to hire more staff or for marketing * Sales by server – to identify members of staff who need further training * Category report * Table waitin g times Profit sensitivity analysis (PSA) * Identifying the ‘critical’ or ‘key factors’ of a business and how they influence the net profit * Method of PSA: 1. Identify key factors (number of covers, F&B costs, labour costs†¦) 2. Assume a change in one key factor at a time 3.Calculate resulting change in net profit 4. Calculate ‘profit multipliers’ PM = % of change in net profit / % of change in key factor 5. List the PM’s in order of size 6. Analyze results Menu engineering * Evaluation of menu with regard to its present and future content, design and pricing * Highlight the good and poor performers on a menu * Customer demand – number of customers served * Menu mix – customer preference for menu item * Contribution margin (GP% – gross profit %) of each menu item (how much earned from item) * Stars – popular menu items and high GP% * Plowhorses – popular but low GP% Puzzles – low popularity but high GP% * Dogs – low popularity and low GP% Systems of revenue control * Manual or automated * Sales checks: each item ordered and the selling price to be recorded in check pads * Cashiers role: check and record the check pads in a ‘check number issue sheet’ and check pricing of all checks and add taxes Computerized items * Pre-checking systems: waiter has own machine key * Pre-set pre-checking system: each item on menu has its own key on machine * Electronic cash registers (ECR): EPOS is better so now only for small operations * MPOS: handheld/mobile EPOS systemForecasting * How many customers and what will they eat at what time * We need: * Sales and turndown history * Cancellations and no show trends * Competitor data * Market trends * Weather forecast * Methods of forecasting software * Non-linear regression: used when time is the independent variable * Multiple regression analysis * Trend analysis * Adaptive filtering Operating ratios * Total F&B sales * Recorded and checked against budgeted sales figure * Done daily for large businesses * Departmental profit * Expenses = costs of F&B labour * Profit = % of departmental sales Ratio of separate F&B sales to total sales * ASP – number of items recorded on till roll and total sales * Sales mix – food-beverages, appetizers-coffees-mains * Payroll costs – % of sales – higher if more service * Index of productivity – sales/payroll * Stock turnover * Rate of stock turnover = cost of F&B consumed / average stock value at cost * Number of items that average level of stock has turned over in a given period * Sales per seat available – sales value that can be earned by each seat * Rate of seat turnover – number of times that each seat is used * Sales per waiter * Sales per m?

Article Review of “Fat and Happy” Essay

In â€Å"Fat and Happy: In Defense of Fat Acceptance,† Mary Ray Worley offers a poignant account of her participation in a conference held by the National Association to Advance Fat Acceptance. She compares attending this conference with visiting another planet. Until she had the opportunity to visit this other planet, she had not realized just how ostracized she felt. (Worley, element 1). Her participation in this conference made her realize that â€Å"20th century American society† (Worley, element 4) is very much responsible for the shame that she and other overweight individuals have been made to feel. While there are several aspects of society that contribute to the alienation of individuals who are overweight, Worley suggests that the medical field bears a great deal of the responsibility: â€Å"Although the data gathered for most current studies indicate that body size is primarily determined by one’s genetic makeup, most researchers conclude–in spite of their own findings–that fat individuals should try to lose weight anyway† (Worley, element 3). She than goes on to argue that oftentimes attempts to diet only result in more weight gain. Worley marvels that â€Å"apparently [scientists] cannot bring themselves to say that since body size is largely a result of one’s genetic makeup it’s best to get on with the business of learning to live in the body you have, whatever its size† (Worley, element 5). She also claims that doctors often make the situation worse: â€Å"Regardless of the ailment†¦your doctor may put you on a diet before she treats your cough† (Worley, element 6). I believe that Worley makes a good point regarding the medical profession, but there is indeed a great deal of research that links obesity with increased heart problems among other things, which Worley ignores in this essay. In her uplifting conclusion, Worley encourages overweight individuals to love their bodies despite what society may say about them. You’re entitled to the space you take up. You can find clothes that show off the gorgeous person you are, you can play and dance without self-consciousness, you can be proud of yourself and never dread unwanted attention, you can be a brave pioneer and a friend to those who have suffered on planets less kind and less joyous than this one (Worley, element 2). In light of the many forces that are stacked against overweight individuals in our society, Worley’s words of encouragement are astute and empowering.

Lab Report Digestion Essay Example

Lab Report Digestion Essay Example Lab Report Digestion Paper Lab Report Digestion Paper These large molecules cannot cross last membranes intact to be absorbed from the lumen of the digestive tract into the blood or lymph; hence, it must undergo degradation in size (Sherwood, 2013). This degradation process is catcalled by hydrolysis enzymes, which split large molecules into smaller, observable units by combining with water. (Similarity, 2013) The hydrolysis of molecules becomes more effective by the release of specific enzymes that works at optimum pH in different regions of digestive tract. The three major GIG hormones are gastric from the stomach mucosa, secreting and collections (KC) from the duodenal mucosa. Gastric is released primarily in response to protein in the stomach, and its effects promote digestion of protein. Secreting is released in response to acid in the duodenum, and its effects will neutralize the acid. KC is released in response to fat in the duodenum, and its effects optimize conditions for fat digestion reactions. (Sherwood, 201 3) Digestion of carbohydrates begins in the mouth (salivary digestion), where the salivary glands (sublunary, subliminal or parroted) will secrete an amylase called fatality that begins the hydrolysis of complex polysaccharides: Plant extraterrestrial glycogen I Amylase Disaccharide(maltose, sucrose, lactose) I Fatality has an optimum pH of around 6. 8, which is roughly the pH found in the mouth. Protein digestion begins in the stomach (gastric digestion) where the enzyme pepsin splits proteins to shorter polypeptide chains containing amino acids. Secretion and activation of pepsin occurs as follows: Possession(chief cells) WHQL (parietal cells) I Pepsin I Besides activating possession, HCI provides the stomach a pH of 2, so the pepsin activity works at optimum level. For digestion of fat, pancreatic lipase reaction must be aided with the presence of bile salts as an emulsifier. Lipase is a water-soluble enzyme, and it is not effective alone to act on the large lipid droplets which are water insoluble. Bile salts emulsify by breaking the fat into smaller droplets so that lipase has a larger surface area for the hydrolysis of fats. The pancreas also aids digestion by secreting sodium bicarbonate. This compound provides a pH of around 7. 8 in the small intestine, which is optimal for the action of the pancreatic enzymes (Similarity, 2013). 2. 0. OBJECTIVES * To examine the action of some of the key digestive enzymes and the factors that can alter their activities. 3. 0. MATERIALS AND METHODS 3. 1. Materials Test tubes (15 20 ml), test tube clamps, measuring cylinders (10 ml), watch glass, pH paper, water baths with test tube racks, hard-boiled egg whites, 1% acetic acid, 1% pancreatic solution in 0. 2% NAACP, 0. 5% starch paste, Logos solution, Benedicts solution, 5% pepsin solution, 0. 5% HCI, concentrated HCI, 0. 5% Noah, ice, powdered litmus, litmus paper. 3. 2. Methods 3. 2. 1 . Activity 1 1 . About 10 ml of human saliva (fresh) is collected in a graduated cylinder. 2. A small amount of saliva is placed in a watch glass and a few drops of 1% acetic acid are added. A precipitate indicated that the present of music (a globetrotting) is indicated by precipitate occurrences. 3. Four test tubes are prepared and labeled as follows: Tube 1 | Tube 2 | Tube? I Tube 4 | 3 ml starch+3 ml waterlines water bath | 3 ml starch+3 ml saliva inch water bath 3 ml starch (cooled)+3 ml saliva (cooled)inline bath | 3 ml starch+3 ml saliva+5 drops con Histrionic water bath I 4. Half of each tubes contents are poured into a new test tube each respectively after the tubes are incubated for 1 hour. One set of tubes is tested for: 5. 1. Starch (Logos solution) 5. 1 . 1. Ropes of Logos solution is added to each tube. Presence of starch is indicated by dark purple color occurrences. The amount of starch is indicated by the shades of reddish brown. 5. 1. 2. The amount of starch is rated based on the intensity (++4), (+4), or G). 5. 2. Maltose (Benedicts solution) 5. 1. 3. 4 ml of Benedicts solution is added to each tube. The tubes are then placed in a boiling water bath fo r 2 minutes. 5. 1. 5. The tubes are removed using a clamp and the concentration of maltose is compared using the following scale: red (+++), orange-yellow (++), green (+), blue (-). 3. 2. 2. Activity 1 . Thin slices of cooked egg white with same size (about 0. 5 cam) are placed in four test tubes. 2. Following solutions are added to the tubes and the pH of each tube is determined: Tube 1 | Tube 2 | Tube 3 | Tube 4 | 5 ml pepsin(5 % solution)+5 ml HCI(O. 5 %) | 5 ml pepsin(5 % solution)+5 ml water | 5 ml HCI(O. 5 ml water | 5 ml pepsin(5 % solution)+5 ml Noah(O. 5 96) | 3. The tubes are allowed to incubate in a teacher bath for 1 hour. The final pH of the solutions is tested and the amount of protein digestion is estimated using a scale of (+++), (++), (+), and (-) by comparing the four tubes. . 0. RESULTS 4. 1. Activity 1 pH of saliva: 6. Presence of Music: present Table 1: Reaction of saliva in 4 different conditions of tubes Tube I Starch I Maltose I Explanation I 1. Water I 2. Saliva I +++ _ 3. Cooled saliva I ++ I 4. Saliva,HCI 1+1 I 4. 2. Activity 2 Table 2: Reaction of pepsin in 4 different conditions of tubes Tube Initial pH Final pH I Estimated digestion Explanation 1 1. P epsin,HCI 1 31 31 +++ I phi caused from the HCI presence and is optimum for pepsin activity so the amount of protein digestion is highest among others. 1 2. Pepsin,water 1 51 61 ++ I The H is 5 which higher than optimum pH of pepsin and pepsin is not in acidic environment. Thus, the amount of protein digestion is lower than tube 1. | 3. HCI,water 1 31 31 +1 The pH is already optimum for pepsin but there is absence of pepsin. Thus, the amount of protein digestion is the lowest. 4. Pepsin,Noah | 14 | 14 I Pepsin work best in acidic environment, not alkaline. Thus, there is no protein digestion occurred. | 5. 0. POST-LAB QUESTION 5. 1. Salivary Digestion of Carbohydrates 1. Function of music in the mouth: Acts as lubricant for easier swallowing and protects the mouth lining from abrasion. 2. Indicate the relative amounts of starch and maltose after incubation. . What in vivo (in the body) situation is simulated by the conditions in tube 4? The hydrolysis of carbohydrates by the act of fatality is inhibited. 4. Does fatality hydrolysis of carbohydrate continue in the stomach? No, the enzyme become inactive soon the food environment is below 4. 0, which the stomach is, by the action of HCI secreted. 5. Where else is amylase secreted in the digestive system ? Pancreas, and is called pancreatic amylase. 5. 2. Gastric Digestion of Protein 1 . What in vivo (in the body) situation is simulated by the conditions in tube 4? Pepsin cannot digest protein in alkaline pH environment. 2. Which other enzyme have major proteolysis activities in the digestive tract? Trapshooting, comprehension and prestidigitations 3. A person with chlorinated has defective secretion by the parietal cells. What is the physiological effect of chlorinated in the body? If the HCI is absent in the stomach, protein digestion will be severely impaired, the effect can be associated with pernicious anemia, stomach cancer and pellagra. 4. What is the function of the mucous cells in the gastric pits? i. Protects the gastric mucosa against mechanical injury through its lubricating properties. Protects the stomach wall from self-digestion due to pepsin iii. Protects gastric lining against acid injury by neutralizing HCI secretions through its alkaline properties without interrupt the function of HCI in lumen. 6. 0. DISCUSSION All food ingested will go along through alimentary canal until it is secreted. Carbohydrates group will undergo digestion first along the way since the enzyme amylase that is responsible to digest the nutrient present in the saliva in the mouth. Besides having amylase to initiates chemical digestion, saliva also retests oral cavity, such as music. Music is a slippery globetrotting that protects the mouth from friction or erosion whilst undergo mastication (Campbell, et al. , 2008). Salivary amylase helps the carbohydrates digestion by hydrolysis complex polysaccharides to disaccharide and a-limit Dexedrine, that later will be broken down even further by other enzymes into incarcerations, a unit of nutrient that is observable (Sherwood, 2013). Tube 1 shows slowest reaction because there is no enzyme that can act upon starch or maltose present inside. The reaction will be different if there is implement enzyme present because enzyme functions as catalysts, agents that selectively speed up chemical reaction without being consumed by the reaction (Campbell, et al. , 2008). Hence, tube 1 will react as a control for the results in other tube in Table 1. In tube 2 that containing saliva, there is consistent reaction occur in starch but no in maltose. It is because saliva contain salivary amylase; enzyme that hydrolysis complex polysaccharides such as starch, consisting polysaccharides amylase (unbranded chain of glucose) and implementation (branched chain of glucose) into smaller polysaccharides (Sherwood, 2013). Since amylase is selectively reacting to polysaccharides, so it does not affect the reaction of maltose, which is a disaccharide. For tube 3 that containing saliva that is cooled, the reaction of starch is slower than tube 2, while the reaction of maltose is same as other previous tube that test on maltose which is no reaction. Enzyme works best at its optimum temperature that is 37 co which is the normal body temperature (Campbell Ferret, 2012). Any drops in the temperature will slower the enzymatic reaction like the cooled saliva containing amylase in tube 3. For tube 4, the pH environment is not suitable for amylase to take action. Fatality or amylase has an optimum pH of around 6. 8 (Similarity, 2013), so the acidic environment would inhibit the enzyme, resulted in very slow reaction of starch, and the no reaction in maltose like other tube. Protein group begins it digestive process in the stomach mantra, which containing enzyme pepsin that responsible in hydroplaning protein to peptide fragment, that soon undergo further breakdown by the act of other enzyme until it become nutrient unit that is observable which is amino acid (Sherwood, 2013). For activity 2, the rating of the results will be based on the intensity of the rupture of albumin textures. Based on Table 2, tube 1 has the most reaction of protein digestion compared to tube 2, 3 and 4. It is because enzyme pepsin works best at pH of 2 (Campbell Ferret, 2012), and tube 1 has the nearest pH preferable that is 3, being provided by the present of HCI. It can be observed that the part of the albumin is fragmented. Tube 2 has the second protein digestion because the pH environment is not too acidic for pepsin to act. Hence, there is less fragment resulted at the albumin in tube 2. Since there is no present of pepsin, the digestive process for tube 3 comes in third because there is no enzymatic reaction occurs although the pH reading for tube 3 is near to the optimum pH of pepsin activity.

Sociological Perspectives Essay Example

Sociological Perspectives Essay Example Sociological Perspectives Paper Sociological Perspectives Paper In this assessment I will be identifying three different social groups and explain how their health may differ from the general population; I will also be using sociological perspectives to discuss different patterns and trends of health and illness. Gender- â€Å"Women live longer but suffer from more health problems in their lifetime, and many are specific to the female gender† Agnes Miles, Women, Health and Medicine. According to the stats, women suffer from more health problems during their lifetime, but men die younger due to their lifestyle. More women than men suffer with chronic sickness, 57% mental hospital disturbances are women, 2/3 of the 4 million populations are disabled women and in general women see doctors more frequently than men, also women are more likely to be admitted for: emotional disturbance; neurotic disorder; depression and senile dementia. The reasons for these stats could be that women have demands of looking after other people’s health such as their children, demands of domestic labour, poor employment conditions, exposure to poor housing and greater exposure to poverty. Women also may have a lot of stress to deal with which could make them ill due to their lifestyle. Men however, may have the same amount of illnesses as women but decide not to visit doctors, nurses etc. due to feeling embarrassed, whereas women do. Men have a shorter life expectancy as they are perceived to live a more dangerous lifestyle than women. Their jobs could be more dangerous than women, such as builders, electricians and fire fighters, where their lives could be at risk. Men also ignore illnesses or symptoms due to feeling too embarrassed to go to the doctors. Men are also perceived to drink and smoke more than women and eat the wrong foods which could take a toll on their health. Functionalists would argue that women are ‘shock absorbers’ in the family, and that they provide all the emotional support to the family but no one realises the effect that it may have on the women. Social Class- Lower social class individuals or families, may have worse health due to the circumstances they live in. Evidence suggests that living in poor housing can lead to an increased risk of cardiovascular and respiratory disease as well as to anxiety and depression. Problems such as damp, mould, excess cold and structural defects which increase the risk of an accident also present hazards to health. Lower class people could have decreased health due to the circumstances they live in, these circumstances could be poor housing conditions, which could mean their house could be damp or cold, poor living conditions which could mean the individual or family are unemployed or don’t earn enough money to support their family with food, water, electricity, heat and shelter which would drastically cause problems to their health. Those with low incomes are more likely to suffer from poor mental health and poverty effectively causing or contributing to poor mental health. Observationally, both individual and neighborhood deprivation increase the risk of poor general and mental health. Individuals with mental health problems may have a problem becoming employed as having mental illness has a number of adverse effects on the ability to earn: When unwell, it is more difficult to study and to achieve qualifications. It is more difficult to get a job mental illness carries a heavy social stigma. It is more difficult to hold down a job a person with mental illness may need intermittent and unpredictable time off when the illness needs more intense treatment. Therefore if individuals who live in poverty become ill with physical illness or a mental illness then their chance to become employed would be decreased and their chance to bring themselves out of poverty would be very little. Individuals or families on a low income may also not be able to afford the medical attention they need, therefore if they ever do become ill enough for medical attention or medical advice then they may not be able to afford it. Age- Elderly people may be unhealthier then the rest of the general population simply because of their age. As you get older, your immune system may weaken and the amount of illnesses you get may increase. However, as elderly people have a weakened immune system then they may find it harder to fight off the illness or infection. If elderly people have a trip or fall, then more damage to their body may happen as their bones are weakened, this could lead to serious injury of fatality from a fall. Young child also tend to catch more illnesses then the rest of the general population as their immune system isn’t as strong, however they are more capable to fight off illnesses and infections. Young children also spend a lot of time with other children, therefore infections and diseases spread quickly. Young children also tend to put things in their mouths (such as toys) which could easily be infected and is an easy way for infections to spread.

How the Harlem Hellfighters Became World War I Heroes

How the Harlem Hellfighters Became World War I Heroes The Harlem Hellfighters were an all-black combat unit whose heroic World War I service is once again earning recognition more than a century after the end of the war. About 200,000 African Americans served in Europe during WWI and, of those, about 42,000 were involved in combat. Those servicemen included the Harlem Hellfighters, whose bravery led the 369th Infantry Regiment, originally known as the 15th Regiment of the New York National Guard. The Harlem Hellfighters became one of the most decorated regiments in the war. In addition, they saw more combat and suffered more losses than other American units. Key Takeaways: Harlem Hellfighters The Harlem Hellfighters were an all-black military regiment that fought in World War I, during which the armed forces were segregated. The Hellfighters saw more continuous combat and suffered more casualties than any other U.S. military unit during World War I. The Harlem Hellfighters won a number of awards for their service, including the Croix de Guerre medal from France and the Distinguished Service Cross and the Medal of Honor from the United States. Origins of the Harlem Hellfighters When World War I broke out in Europe, racial segregation was omnipresent in the United States. African Americans faced a series of statutes known as Jim Crow laws that prevented them from voting and codified discrimination in schools, housing, employment, and other sectors. In Southern states, more than one lynching of an African American took place per week. On April 6, 1917, the United States declared war against Germany and formally entered World War I. The first American troops arrived in Europe two months later. The U.S. military did not offer blacks respite from the racism and inhumane treatment they faced elsewhere in society. African Americans servicemen were segregated from whites, who balked at the idea of fighting alongside them. For this reason, the 369th Infantry Regiment was comprised solely of African Americans. Because of the persistent discrimination faced by black Americans, black newspapers and some black leaders thought it hypocritical for the U.S. government to ask blacks to enlist in the war. For example, President Woodrow Wilson had refused to sign an anti-lynching bill to protect African Americans. Other black leaders, such as W.E.B. Du Bois, argued for black participation in the conflict. â€Å"Let us, while this war lasts, forget our special grievances and close our ranks shoulder to shoulder with our white fellow citizens and the allied nations that are fighting for democracy,† Du Bois wrote in the NAACP’s Crisis magazine. (When it was revealed that Du Bois hoped to be named a military captain, readers questioned if his sentiments were really valid.) The mistreatment of African Americans during this time was highlighted by the fact that not all military branches even wanted to include them. The Marines would not accept black servicemen, and the Navy enlisted a small number in menial roles. The Army stood out for accepting the bulk of African American servicemen during World War I. But when the troops departed for Europe in 1918, the Harlem Hellfighters weren’t allowed to take part in a farewell parade because of their skin color. Harlem Hellfighters in Combat In Europe, where they served for six months, the Hellfighters fought under the French Army’s 16th Division. While racism was a global problem in the early 1900s (and remains so today), Jim Crow was not the law of the land in European countries such as France. For the Hellfighters, this meant the chance to show the world what skilled fighters they were. The nickname of the regiment is a direct reflection of how their combat abilities were perceived by their foes. Indeed, the Harlem Hellfighters proved masterful foes of the Germans. During one encounter with enemy forces, Private Henry Johnson and Private Needham Roberts, wounded and lacking ammunition, managed to thwart a German patrol. When Roberts could no longer fight, Johnson fought the Germans off with a knife. The Germans began to refer to members of the Harlem unit as â€Å"the hellfighters† because they were such fierce fighters. The French, on the other hand, had called the regiment â€Å"Men of Bronze.† The 369th Infantry Regiment was also described as the â€Å"Black Rattlers† because of the rattlesnake insignia on their uniforms. The Hellfighters stood out not only for their skin color and fighting prowess but also because of the sheer amount of time they spent fighting. They took part in more continuous combat, or combat without a break, than other U.S. unit of the same size. They saw 191 days on the front lines of battle. Seeing more continuous combat meant that the Harlem Hellfighters also experienced more casualties than other units. The 369th Infantry Regiment had more than 1,400 total casualties. These men sacrificed their lives for an America that had not given them the full benefits of citizenship. Hellfighters After the War Newspapers reported on their heroic efforts, and the Harlem Hellfighters bravery in combat resulted in international fame in the U.S. and abroad.  When the Hellfighters returned to the U.S. in 1919, they were welcomed with a massive parade on February 17. Some estimates say up to five million spectators took part. New Yorkers from a variety of racial backgrounds greeted 3,000 Hellfighters  as they walked in the parade on Fifth Avenue, marking the first time African-American servicemen had received such a reception. It marked a drastic difference from the year before, when the regiment was excluded from the farewell parade before traveling to Europe. The parade wasn’t the only recognition the 369th Infantry Regiment received. When World War I ended, the French government presented 171 of the fighters with the prestigious Croix de Guerre medal. France honored the entire regiment with a Croix de Guerre citation. The United States gave some members of the Harlem Hellfighters a Distinguished Service Cross, among other honors. Remembering the Hellfighters Although the Hellfighters received praise for their service, they faced racism and segregation in a country in which racism and segregation was the law of the land. Moreover, their contributions to World War I largely faded from public memory in the years after the war. In recent years, however, these servicemen have been the subject of renewed interest. A famous photograph taken of nine Harlem Hellfighters before their 1919 homecoming parade intrigued National Archives archivist Barbara Lewis Burger, who decided to find out more about the men pictured. The following is a brief description of each man she researched. Pvt. Daniel W. Storms Jr. won an individual Croix de Guerre for gallantry in action. He worked as a janitor and elevator operator after his service, but died of tuberculosis three years after the victory parade.   Henry Davis Primas Sr. won an individual Croix de Guerre for bravery. He worked as a pharmacist and for the US Post Office after WWI. Pvt. Ed Williams’s combat skills stood out while battling the Germans at Sà ©chault, France. The Hellfighters endured machine gun fire, poison gas and hand-to-hand combat. Cpl. T. W. Taylor won a personal Croix de Guerre for heroism in battle. He worked as a steamship cook, dying in 1983 at age 86. Pvt. Alfred S. Manley worked as a driver for a laundry company after the war. He died in 1933. Pvt. Ralph Hawkins earned a Croix de Guerre that included a Bronze Star for extraordinary heroism. Following WWI, he worked as for the New Deal’s Works Progress Administration. He died in 1951. Pvt. Leon E. Fraiter worked as a jewelry store salesman after the war. He died in 1974. Pvt. Herbert Taylor worked as a laborer in New York City and reenlisted in the Army in 1941. He died in 1984. The Harlem Hellfighters also included Corporal Horace Pippin, who became a well known painter after the war. His arm was disabled due to a battle wound, so he painted by using his left arm to hold up his right arm. He credited the war with inspiring him as an artist: â€Å"I can never forget suffering, and I will never forget sun set,† he wrote in a letter featured at the Smithsonian. â€Å"That is when you could see it. So I came home with all of it in my mind. And I paint from it to day.† He painted his first oil painting, â€Å"The End of the War: Starting Home,† in 1930. It shows black soldiers storming German troops. Pippin died in 1946, but his letters have helped to describe what the war was like firsthand. In addition to Pippin, Henry Johnson has received significant recognition for his service as a Harlem Hellfighter. In 2015, he posthumously received a U.S. Medal of Honor for fending off a group of German soldiers with just a knife and the butt of his rifle. Legacy Today Museums, veterans’ groups, and individual artists have paid tribute to the Harlem Hellfighters.  The National Museum of African American History and Culture, which opened in 2016, has an exhibition called â€Å"Double Victory: The African American Military Experience,† which highlights the achievements of the Hellfighters and other black servicemen. The 369th Veterans’ Association was established to honor members of the 369th infantry, and the Hellfighters were the subject of a graphic novel called the Harlem Hellfighters. Sources â€Å"Remembering the Harlem Hellfighters.† National Museum of African American History and Culture.Gates, Jr., Henry Louis. â€Å"Who Were the Harlem Hellfighters?† PBS.org.Keilers, John. U.S. Declares War on Germany... U.S. Army Military History Institute, 13 March 2008. Ruane, Michael E. â€Å"The Harlem Hellfighters were captured in a famous photo. Now a retired archivist has uncovered their stories.† Washington Post, 11 November, 2017.Ruane, Michael E. â€Å"Harlem Hellfighters: In WWI, we were good enough to go anyplace.† Washington Post, 1 June, 2015.

Understanding enron Assignment Example | Topics and Well Written Essays - 750 words

Understanding enron - Assignment Example Enron is a unique data point which cannot be considered a trend. Another perspective suggests Enron as an example of systematic governance failure. Openly roiling the market, Enron has established new demand among investors for transparency. Market has discovered that professional staff like gatekeepers cannot be trusted for handling the financial data. Enron demonstrates gatekeeper failure. Gatekeepers provide services of verification and certification to the investors. Attorneys are more of transaction engineers than reputational intermediaries, though they can also be included in the category of gatekeepers. Gatekeepers are known as valuable sources of information because of their tendency to provide honest assessment, though gatekeepers derive their importance from pledging a reputational capital, that is too dear to them to sacrifice for a little fee. However, heavy gains optimize a gatekeeper’s tendency to comply in managerial fraud. Enron’s gatekeeper let the man agers do fraud. The status of gatekeepers is changing. Arthur Andersen engaged in several security frauds. The number of earning restatements and the amounts involved increased by the 1990’s. Most securities analysts kept recommendations on the stock of Enron till its bankruptcy filing. Analysts are also reputational intermediaries. The ration of buy to sell kept increasing over the years in the 1990’s. Something made the gatekeepers compromise the objectivity and independence. Enron provides an example of the collective failure of gatekeepers, including the auditors, the analysts, and the debt rating agencies. Two explanations can be laid for the ignorance of the massive fraud by these watchdogs; the economic general deterrence story and the psychological bubble story. 1990’s saw a decline in the risk of auditor liability along with an increase in the benefits of acquiescence, which

Education Personal Statement Example | Topics and Well Written Essays - 500 words

Education - Personal Statement Example However, I should also add that my experience as a nurse instills in me a lot of learning which cannot be solely provided by a study of theoretical concepts. My formal educational experience starts when I entered grade school with my mom. I can still remember how excited I am to be at school with my playmate. However, that excitement to be with my peers is replaced by the stronger desire to learn new things especially on mathematics and sciences. Throughout grade school and high school, I have developed an interest in the functioning of the human body which coupled with my desire to extend my innate compassion to other people supported my goal to be a nurse. After high school, I enrolled at a vocational course which instilled in me the knowledge of caring for people. The theoretical concepts I have learned from vocational school is further enhanced as I apply it to my career as nurse. Inside the classroom, I have developed the ability to memorize procedures and processes but it remains useless until I was able to apply it to care for other person. Being a nurse at work became an integral part of my education as it mold me into a more lov ing and caring individual. It strengthened my character and challenged my sense of responsibility. As I pursue an associate degree in nursing, I can still feel how excited I am to begin this new phase of my education.

American security culture in history Essay Example | Topics and Well Written Essays - 1250 words

American security culture in history - Essay Example Terrorism activities have been among the most life claiming catastrophes in this century. In America alone which is the world’s super power, terrorism has had an adverse effect especially after the 9/11 attacks and American citizens learnt how easy their security systems could have been bleached by the ruthless terrorist attackers. The constitution of the homeland security in 2002 was the most brilliant security measure that the United States governments could have come up with at that time in order to avert future catastrophic attacks in America. However, as the American government is exploring all available channels to stop future attacks, the terrorists are also working to ensure they exploit various weaknesses in the system and render to such attacks happening again. The task seeks to dig out several issues such as the reality of the terrorist attacks, ability to mitigate them to prevent reoccurrence and the effects on the citizens and security systems in place if they did occur. America having experienced a traumatizing encounter with terrorism, there is still suspicion and fear that other attacks can hit the American people by surprise. The fact that currently terrorists may gain access to weapons of mass destruction such as nuclear weapons, poisonous gasses, germ dispensers, and computer viruses should be a cause for alarm to security agencies in America. One of the cited loopholes that security critics feel could be exploited by aggressors is in the coordination of The Department of Homeland Security (DHS).The DHS having 22 existing agencies that report to numerous congressional committees and the nagging engagement of U.S public by the security personnel may be seen as a way of intruding their privacy. In a different context that could be seen as a success by the Homeland security but it may be a venue to be exploited by the terrorists is the fact that there has been no attack for almost 13 years

Team conflict management Case Study Example | Topics and Well Written Essays - 2500 words

Team conflict management - Case Study Example Some of these attribute cuts across the board for all the successful companies. Therefore, it is necessary for the management to understand them and ensure they instill them to the employees. A case of a web design company has been presented where a team is disintegrated. The team comprising of a graphic designer, a programmer, a usability expert, and a project manager are not in good working terms, hence the fate of the team lies on the balance. There are complains that some team members are not playing their roles effectively due to carelessness and lack of meeting the client’s needs. On the other hand, some of the team members have a view that others are being inconsiderate of their predicaments and situations. As a result, there is lack of cohesiveness within the team. These aspects hinder the productivity of the company. The company director has been concerned about the productivity of the team. This report is based on her concerns on the poor conflict management in the organization. Therefore, this report seeks to establish the cause of conflicts and the measures that the company can effect in order to ensure that the team in conflict gets to reconcile. In a ddition, future strategies of preventing conflict will be addressed as well as characteristics of successful team. A team is comprised of individuals with diverse thoughts and views. This diversity ensures that creativity and innovativeness is harnessed for the overall benefit of the team’s objectives. However, this is not always the case; diversity can be a source of conflict. For this reason, teams that have devised proper conflict management mechanisms are able to stand the torrents of conflicts. Conflicts between teams or team members can be caused perceived or actual aspects. Some of the cause of conflict is constructive while majority are destructive. These sources include; A

The Role of Amino Acid R-groups to the Structure and Function of Lab Report - 1

The Role of Amino Acid R-groups to the Structure and Function of Ligand-Protein Complexes - Lab Report Example Biologically proteins functions well when stable hence the need for enzymes that helps in maintaining their stability (Bruylants). The folding of proteins takes place mainly while they are biologically active. This knowledge is widely employed rational drug design, and biopharmaceutical production in developing stable proteins for various production and function. The process is not as easy as it may look since it requires the knowledge of correct folding and the amount of forces required during the folding process. Ability of folding of proteins, which forms basic units of amino acids can be measured using several detectable and analytical machines and instruments. Ligand is a molecule that is always targeting a protein site leading to binding. The process of binding is through various forces such as van der Waals forces, ionic bonds, hydrogen bonds, and intermolecular forces (Baron). The process of binding has an effect of altering the shape of the ligand. The process of binding and coming together is known as affinity. The ligand binding affinity power depends on the type of forces that exist in the process and the amount of the intermolecular forces existing in the chemical molecule. Longer distance While looking at the difference of these amino acids it is important to look at the molecular weight and their structures, which transforms to the rate to front between these amino acids . Cysteine has a molecular weight of 121.1150 and the only binding factor is the sulphur molecule, which does not give it any much more weight. Alanine has the last weight with 89.0935 due to the possession of only three carbon molecules and a carboxylic group. Serine has 105.0930 weights and has four carbon molecules, which increases the tie for rate to front. Aspartic acid has the highest weight of 13.1032 since is possess the amino group. In addition to this, the amino acid also contains the carboxyl group, which reduces its rate

Research and informatics Essay Example | Topics and Well Written Essays - 1000 words

Research and informatics - Essay Example The patient safety technology is transforming the way nurses deliver their care services. The devices are more accurate and less prone to errors that are inherent to human beings. The accuracy guarantees patient safety during medical procedures and treatment (Trossman, 2013). Technology can meet the safety standards set by the institute of medicine, by eliminating errors that are inherent to humans. The concept of â€Å"to err is human† is widely used in medical fields to justify human errors. The concept has multiple weaknesses. It allows health providers to act negligently without any legal implications. In extreme cases, human errors result in the deaths of patients and permanent disability. Use of technology eliminates these errors, increases efficiency and accuracy in medical procedures especially surgical procedures. Evidence shows that technology saves the lives of patients in ways that human efforts alone cannot do (Kleib, Shabe & Allen, 2012). For example, before adoption of extensive application of technology, health providers relied on their senses to detect changes and monitor status of a patient. Use of their senses such as smell, touch, hearing and sight was very subjective and prone to errors. Later on, accurate technology to detect a patient’s physical changes developed (Mitchell, 2011). Policies/guidelines/best practice for patient safety technology and nursing care advocate for building a safer health system by eliminating human errors. The concept of â€Å"to err is human† defines the challenges that hinder improvement of safety in the health care sector. However, technology eliminates these human limitations and develops a new best practice that builds a safe health system. The new system is more accurate, precise, efficient and secure because technology is less prone to errors than people (Thede & Linda, 2012). Another guideline aims at keeping patients safe by transforming the work environment for nurses. The guideline focuses

The Role of Amino Acid R-groups to the Structure and Function of Lab Report - 1

The Role of Amino Acid R-groups to the Structure and Function of Ligand-Protein Complexes - Lab Report Example Biologically proteins functions well when stable hence the need for enzymes that helps in maintaining their stability (Bruylants). The folding of proteins takes place mainly while they are biologically active. This knowledge is widely employed rational drug design, and biopharmaceutical production in developing stable proteins for various production and function. The process is not as easy as it may look since it requires the knowledge of correct folding and the amount of forces required during the folding process. Ability of folding of proteins, which forms basic units of amino acids can be measured using several detectable and analytical machines and instruments. Ligand is a molecule that is always targeting a protein site leading to binding. The process of binding is through various forces such as van der Waals forces, ionic bonds, hydrogen bonds, and intermolecular forces (Baron). The process of binding has an effect of altering the shape of the ligand. The process of binding and coming together is known as affinity. The ligand binding affinity power depends on the type of forces that exist in the process and the amount of the intermolecular forces existing in the chemical molecule. Longer distance While looking at the difference of these amino acids it is important to look at the molecular weight and their structures, which transforms to the rate to front between these amino acids . Cysteine has a molecular weight of 121.1150 and the only binding factor is the sulphur molecule, which does not give it any much more weight. Alanine has the last weight with 89.0935 due to the possession of only three carbon molecules and a carboxylic group. Serine has 105.0930 weights and has four carbon molecules, which increases the tie for rate to front. Aspartic acid has the highest weight of 13.1032 since is possess the amino group. In addition to this, the amino acid also contains the carboxyl group, which reduces its rate

Long Beach Municipal Cemetery Essay Example | Topics and Well Written Essays - 2000 words - 1

Long Beach Municipal Cemetery - Essay Example hich is understood to have been developed as a graveyard for Bixby Ranch employees according to the information provided by the City of Long Beach official website. Despite of the presence of a Bixby Mausoleum on the site, none of the Bixby family members are said to have been buried there as the bodies of George and Helen Bixby were exhumed on February 27, 1923 and now lay in the Evergreen Cemetery, Los Angeles. The cemetery site is home to some standing headstones that date back to as early as 1900s, while a few flat headstones are also present, they have become so deteriorated over the passage of time that it is not quite possible to read the writing on them as the dates and names have become faded. Records suggest that the City of Long Beach assumed the responsibility of a majority of the ground’s maintenance on 10th of July, 1900, for which the Long Beach Cemetery Association was previously accountable for. As per the information provided in the book released by Questing Heirs Genealogical Society, INC., the first interment at the cemetery took place in 1878, which was of a 17-year-old boy named Milton F. Neece. Other famous internments at the cemetery apart from that of Willmore’s are of U.S Congressman Alexander Hamilton Jones, who died on January, 29th, 1901, Amanda Ellen Wiley Harmon, a deaf inventor who died in 1933 and Grace Bush Eads, the first Long Beach school teacher who departed in 1944. It can be interpreted that the demographics of the community surrounding the cemetery have not gone through a substantial change over the past 50 years, with the racial makeup containing a majority of White population followed by African American members, according to the United States Census Bureau. Even though, diversity in the area does exist with Hispanic and Asian inhabitants it is unclear and inconclusive whether they constituted of a major part of the community around the time when the Long Beach Municipal Cemetery was established. However, indication of

Equality and Diversity in Employment

Equality and Diversity in Employment Equality and Diversity in Employment. (1) In analysis of the ‘Thirst Burst’ case study there are a number of different issues facing the company. First, Thirst Burst as a company, is in a high-pressure setting in trying to achieve its vision of becoming the UK’s largest retail juice outlet. This vision creates great stress not only for the upper management but for all employees as well. This pressure stems from the competitive nature needed to achieve such results along with the uncertainties that are involved whenever a company searches to expand. In acquiring a new distribution plant, Thirst Burst also faced the challenge of assimilating the plant to work under the production standards and guidelines of its existing plants. Along with the acquisition of the brick and mortar, Thirst Burst also acquired the previous employees of this company. This led Thirst burst to have to educate the new employees on how business is handled under Thirst Burst and also the employee dynamic of these new employees were different from the usual makeup of Thirst Employees. This caused Thirst Burst to have to change its ways to accommodate the diversity of the employees. In efforts to increase the managerial staff Thirst Burst chose to keep costs down and promote from within. However, with the changing dynamics of the Thirst Burst employees, this is counter productive in that the great deal of existing employees fell under the general makeup of being white and male. Thereby deterring efforts to diversify all aspects of its business.The creation of a training and development program also slowed the need for diversity, as it gave managers the ability to recruit based on the guidance of, â€Å"ask anyone you regard as suitable and whom you think would fit in.† Since white male largely held management positions, the recruitment was largely steered in that direction and also discouraged other groups from taking part, for example females. Uncertainties in management led to high employee turnover rates and even to claims of discrimination by some employees when faced with tests that were only set in English, a language that was not the employees’ first spoken. Also, the newly integrated employees who were of different racial makeup created turmoil among existing employees who claimed that these employees did not integrate with the existing employees. The offset in employee satisfaction was even more evident after the October 2001 food scare, which caused a decline in sales along with the number of new job applicants. The food scare also created great tension within Thirst Burst, especially in health and safety procedures. This led to bias and irrational decisions made by management to create a controlled atmosphere among employees. However the choices made by management were focused more on individuals than on the entire field of employees and thus created a great level of unnecessary disdain between management and individual employees. The turn of events that followed led management to give this employee great warning about her apparel and when the employee refused to heed to these warnings citing religious belief and that other employees wore similar apparel that went without scrutiny by management. What followed were efforts to single out this employee for her action and management forced a ring of solidarity upon her, which e ventually tied into her becoming ill and led her to take a case to tribunal claiming discrimination. (2) The use of an equality and diversity oriented approach can ease some of the problems facing Thirst Burst. First, the more diverse an organization is facilitates its ability to attract, retain and maximize the utilization of the people from those diverse backgrounds. (Hollinshead, Nicholls, Tailby; 1999) Foreign employees are best understood in light of a diverse organization, also the diverse organization is best equipped to serve a diverse external clientele. Next, creativity thrives on diversity as a multicultural organization displays higher creativity and innovation. Another resource in diverse organizations is the ability to problem solve at a greater rate of resolution, which would have had a desirable effect in calming the food scare and the handling of individual employees afterwards. Research shows that such catastrophic disasters as the Bay of Pigs fiasco, the Challenger Explosion, and the My Lai Massacre are all examples of extreme consequences of groupthink that occurred in highly cohesive, homogenous groups. (Kandola, Fullerton; 1998) For example the homogenous group of white males that dominate the management positions at Thirst Burst. The promotion of diversity at Thirst Burst is not just about dealing with different races and nationalities working together but instead is about celebrating and promoting the differences brought to the workplace by each individual. This requires organizations to adapt to the cultural differences and sociological changes. This carries two-fold for an organization. It places an internal need to make everyone feel comfortable and valued, to where everyone is fully supported to contribute and develop within the organization. On the other side, it is necessary for the organization to adapt to the changing marketplace as diversity becomes more widely dispersed and the homogeneity declines. (Bingham; 2000) (3) In terms of legal and ethical considerations Thirst Burst can be faced with a number of potential problems. One problem that Thirst Burst may face as a largely dominant white male workplace as diversity is integrated is ethnocentricity. Which causes majority group members to view their own group as the right and best group and to evaluate the majorities beliefs, behaviors and values as more positive and correct over those of minorities. Also under such factors the minority groups are more prone to place complaints and grievances that will take time and costs by the company to resolve and counteract the productivity within the company. Diversity can also produce cultural clashes and stereotyping among the different groups of workers. A movement towards diversity may potentially polarize different social groups, harming productivity, while breeding cynicism and resentment. However if management can correctly correlate the different working cultures the result should be the enhancement of work relationships and work team effectiveness. However, the lack of effective diversity management may have diverse setbacks among diverse workgroups creating miscommunications, longer decision times, lower member morale and lower team cohesiveness, which will adversely reduce creativity, innovation, and problem solving. Conflict also results more frequently among diverse groups than in homogenous groups and when conflict does arise, majority group members see an incident of racioethnic injustice as isolated, while minorities view the event as part of a pattern of oppression that is imbedded in the social system. (Wirth, 2001) Problems that specifically effect Thirst Burst are its dominant white male workforce and the problems that entails in taken on a family based Asian company with a different ethical makeup. Also in its recruitment process it is not diversifying but rather recruiting from the same homogenous pool that already largely makes up the company. Also when promoting managerial staff the decisions were left to the managers that were already in place and research shows that majority parties are strongly tiered to promote sameness in the workplace. Thirst Burst also must now face discrimination suits for being partial to certain groups and their religious and ethical beliefs. Largely trying to make an example of the woman wearing the Kara, she refused and pointed out that many other employees wore rings but these employees were not told to remove their jewelry and the women was transferred to the packaging department. This department is extremely cold and she was the employee required to work there for entire shifts. The result, the woman fell to illness and was signed off sick. (4) The actions and approaches that Thirst Burst should make in context of equality and diversity are as follows. First Thirst Burst must define what is the point of view from both parties. This will allow for the identification of what particular behaviors are creating the conflict, how each party feels about the conflict, and what messages are being given. Next Thirst Burst must be considerate of the cultural influences that are pressuring each party to act in a certain way. From this Thirst Burst must evaluate approaches that will enable the company to accommodate the set of values bestowed by each party and not be deterred by the set of values that are most present from the majority group. From this Thirst Burst must find a solution that benefits both parties. This can occur when the company recognizes and accepts each side’s cultural values and is willing to explore different sets of ideals that will benefit all parties within the company. (Bingham; 2000b.) The goal of Thirst Burst must be to treat people as individuals and not paying attention solely to the differences among the groups. The problem with noting the differences is that largely the group in the minority is made to assimilate into the ideals of that of the majority with very few exceptions. A key factor to promoting diversity in the workforce is also to diversify upper management as well. Where tendencies hold to absorb new members and encourage them to adopt and adapt to the central culture of upper management. (Kandola, Fullerton; 1998b.) In all, Thirst Burst must value diversity by not trying to eliminate cultural differences, for example taking heed to the various religious holidays different groups are witness to. (Bingham; 2000c.) Diversity must play a role in the overall strategic business objective of Thirst Burst, where such a program can become lost in the mix if it is a separate strategy away from the core objectives of the company. Therefore, diversity goals mu st be linked to business goals and be a trait that is taken serious and not just matching the requirements of Affirmative Action and EEO programs. (5) â€Å"Managing Diversity† simply put means the effort and attention put forth by managers and other employees upon the diversity among the workforce and how each efficiently and effectively responds towards the challenges created by this diversity. There are key goals that any organization choosing to commit to the concept of managing diversity must adhere to. First, the workplace must contain an atmosphere that allows each individual can feel comfortable working effectively despite one’s cultural differences. Next, have an organization where each member can have a sense of personal achievement and are allowed to use their full potential to contribute towards the organization. Finally, making the most of the benefits of diversification including attracting the best available human talent, the penetration of more enhanced marketplaces and the workforce is better suited to serve a more diverse external clientele. Beyond that a diverse organization has a better underst anding of the political, social, legal, economic and cultural environment of foreign countries. Internally, a diverse workforce displays higher levels of creativity and innovation as ‘creativity thrives on diversity’. Research has shown that organizations that diversify their workforce are more adept at problem solving. Lastly, these same organizations are much better suited at adapting to change and consequently handle more organizational flexibility. (Kirton, Greene; 2000) In search of creating a work environment that best suits managers and employees as individuals a number of key pieces of legislation have been created in the UK over the last 35 years: In 1970, the Equal Pay Act gave individuals a right to the same contractual pay and benefits as a person of the opposite sex in the same employment, where the work duties shared are the same. In 1975, the Sex Discrimination Act prohibits sex discrimination against individuals in the areas of employment and education and in the disposal of management of premises. The 1976 Race Relations Act made it unlawful to treat a person less favorably than another on racial grounds, covering the areas of race, color, nationality, and origin. The 1995 Disability Discrimination Act prohibits discrimination against the disabled in areas of employment, the provision of goods, facilities, services and premises, education; and provides for regulations to improve access to public transport to be made. In 1999 the Sex Discrimination Regulations became a measure to prevent discrimination against transsexual people on the grounds of sex in pay and treatment in employment and vocational training. An amendment was made in 2000 to the Race Relations Act, outlawing discrimination and victimization in all public authority functions not previously covered by the Act. Another amendment was made in 2003 to the 1976 Race Relations Act. The new regulations extend protection from discrimination on the grounds of race and ethnic or national origins. These apply in the fields of employment and training, social protection and social advantage, education, the provision of goods, facilities and services, and housing.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   These pieces of legislature are vital to the success of organizational diversity as each plays a role in creating an element that values the individual and the individual’s values. Thirst Burst is committed to surpassing all levels of diversity awareness by providing a workplace that cherishes the differences each individual provides. These differences will become the new image of Thirst Burst providing a workplace where many different people will be able to provide many different ideas, with idea follows innovation and with innovation comes the success of this organization. Our goals are to expand into a broader market with a more diverse clientele and to meet diversity with our own sophistication of diversity within our organization. Thirst Burst will seek to accomplish this â€Å"Management of Diversity† through a number of various resources. Thirst Burst will place a great emphasis in HR to impartial recruiting, training and development, and performance appraisal. We will seek to create a more heterogeneous environment in race, ethnicity, and nationality. Establish accountability and measurement systems. Improve education, especially among management in valuing differences. Promote knowledge and acceptance of cultural differences and take advantage of the opportunities that management provides. Lastly, to creative a very positive mindset internally and externally about diversity. As Thirst Burst employees, know you comfort and achievement is our success! We look forward to a continually progressive relationship with each and every one of you on into the future!   Bibliography Kirton, G. and Greene, A-M. (2000) The Dynamics of Managing Diversity: a critical approach. Oxford, Butterworth-Heinemann Kandola, A. and Fullertonj, J. (1998) Managing the Mosaic: Diversity in Action. 2nd Edition. London, Institute of Personnel and Development Bingham C (ed) (2000) Valuing Diversity Management Best Practice: No 78 The Industrial Society Hollinshead G., Nicholls P., Tailby S., (1999) Employee Relations, Financial Times, Pitman Publishing Wirth L., (2001) Breaking Through the Glass Ceiling: Women In Management. Geneva, International Labour Office Internet Sites www.law.cam.ac.uk www.disability.gov.uk/legislation www.people.hbs.edu/dthomas/diversity.html