FINANCIAL STATEMENT ANALYSIS Assignment Example | Topics and Well Written Essays - 250 words

FINANCIAL STATEMENT ANALYSIS - Assignment Example The first store to be opened globally was in Middle East in Dubai. (i) Current Ratio: The current ratio signifies a company’s ability to pay off its short term obligations that is the ability to cover up short-term liabilities (debt and payables) with short-term assets (cash, inventory and receivables). The higher the current ratio, the higher the ability of the firm to payoff short-term obligations but it can also depict inefficiency in handling illiquid assets such as inventory. AEO depicts a favorable trend in terms of this ratio as it has elevated from 2.9 in 2010 to 3.0 in 2011. In contrast with the industry average, the company has performed quite well. But such a high current ratio can also show inefficiency in handling illiquid assets such as inventory but this cannot be determined without the help of Quick ratio. (ii) Accounts Receivable Turnover: This ratio talks about the management efficiency of a firm in collecting cash from debtors who were sold goods on credit by the firm; the ratio is computed in times and shows how many times a firm generates and collects cash from debtors in a year. The higher the turnover, the more the efficient the firm is but this would also depict an aggressive or tightened credit policy and can lead to lesser sales generation. American Eagle Outfitters’ trend of Accounts receivable turnover is favorable as it has increased from 2010 to 2011. This compared to the industry shows a way higher ratio and depicts that it operates a very aggressive credit policy. (iii) Inventory Turnover: This ratio again comes under management efficiency of a company and depicts that how many times a year the inventory had been sold for cash and re-stocked; the higher the turnover the more efficient the management of the firm is. The trend of this ratio is favorable for American Eagle as it has increased in the two years

Code of Ethics Essay Example for Free

Code of Ethics Essay The code of ethics is a very important part of the business workplace and must be managed in the right way in order to become successful and maintain the perfect work role. Being able to come up with ideas and plans for code of ethics is a good thing in the workplace because it gives the employees boundaries and policies that have to be followed in order to have a good code of conduct. Code of conduct is a little different from code of ethics because conduct talks about behavior skills in the workplace and ethics plays a role as choosing the right ethical behavior that an employee might show. There are many organizations out there and mostly all of them have either a code of ethics, code of conduct, or even both. These codes are put into the working industry and the environment of the workplace in order to run a business that has no complications and employees have to do what their told. In order to create a code of ethics for an organization, you need to know the components to which can be referenced back to the code of ethics. A code of ethics is also to be accompanied by plans for organizational education, implementation and audit. The overall achievement for creating the code of ethics for the workplace is to come up with a perfect solution theory and be able to translate it into a code that speaks out to the employees and lets them know the rules and regulations of their present day work environment. There are many components that make up the code of ethics because it is initially the rite of passage for workers in a business working environment. What does a statement mean when it is called unethical? Who is the one to decide on whether or not a situation is ethical or not? What are the exact theories and solutions of ethics in the workplace? All these questions relate in a way because of how the work environment is suppose to play a role only by following the right code of ethics and conduct. But there are some who say that the code of ethics cannot be morally wrong or right. Some others believe though that the ethics of code should not have a place in the business industry. We live in a world that is filled with competition and every single individual is trying to be the best they can be at trying to get ahead of one another. In order for this theory to play out, it would be practically impossible for a code of conduct or ethics to be able to be played out in the work environment. By being ethical, there are many ways to win over certain individuals and be at the top of the rat race. In order to be a winner, it is a long journey and passage, but with cretin components of ethics, a positive individual is able to build up work power and use it towards a workplace in a professional way. No matter how badly you need something to be done, going beyond the established code of ethics in the workplace to achieve it is simply unacceptable. † (Lalwani, 2010) Before someone goes into the path of work ethics, one must first take a look at the ethics and benefits of a workplace in order to become a winner of the business industry. Soon as an organization has an established code of conduct and ethics, it is always better to be able to have a greater image and function than a normal man. When a code of ethics is established in the workplace, it enables self-regulation on part of the employees, and it is this code of ethics that guides employees when challenging decisions have to be made. † (Lalwani, 2010) This quality is able to enforce professionalism in the working environment and can also be a provider of products and services in and around an organizations capital. If none of these accusations are able to be produced and made ethically, it is due to the lack of inspiration towards the ethical code of conduct. These are some examples of code of conduct and code of ethics: â€Å"Misrepresentation of data, taking advantage of a professional situation just for personal benefits, working for an organization whose values and ethics conflict with your personal ethics, instigating colleagues and fellow employees to follow unethical paths for group benefits or gains, stealing or misrepresenting information for personal benefit, or on behalf of the employer for the benefit of the organization, stealing or misrepresenting information for personal benefit, or on behalf of the employer for the benefit of the organization, flouting the norm of confidentiality in the workplace regarding sensitive information that will benefit the organization, engaging in corporate espionage, misreporting the amount or number of hours worked, taking credit for work done by another colleague, dressing inappropriately or against the dress code set by the organization, getting personal with any colleague or superior in a professional setup, being dishonest in professional situations for personal or group gain, being insincere, uncommitted, and disloyal towards the organization, violating the established code of ethics in the workplace in the name of individual rights, disrespecting the personal values and beliefs of colleagues in the workplace, with which you have no concern, and dealing with problems in the workplace in an unprofessional manner by making the issue personal. (Lalwani, 2010) By all these rules and codes being engage in opportunity and failure, by following these codes of ethics, you can be the best employee that you possible can be in a work place. A workplace should be able to have ethical organizational subjects helping to decide what is right from wrong. But there are many certain business basics that one must follow and endure in order to play a role as a fellow works men. The basic role of ethics in the work place is for employees to make sure that productivity and progression of the business stay to a descent speed. In not doing so, unprofessional actions can start to take place and employee management will be harder to deal with. By carrying out suitable training to establish workplace ethics, these ethics can be imbibed by every person that comprises an organization, to achieve a common goal that has been laid out by this organization. † (Lalwani, 2010) There are many goals that employees set themselves to and to accomplish those daily goals, they must follow the code of ethics and the code of conduct in the workplace. There are multiple key components of work ethics in the business industry. But there are some organizations that go above and beyond the code of ethics and would soon end up violating the key components of an ethical work environment. There are companies such as Enron and Goldman Sachs show, which have dealt with violations towards the ethics code of conducts and have gone outside of their boundaries only to have failed. The code of ethics is the set of behavioral rules employees should follow to ensure the companys values are reflected in all business dealings. Regardless of the size of the business, clearly defined codes and closely monitored transactions should keep your company from violating laws and make it a place where employees feel comfortable doing the right thing. † (Sullivan) The first major component of ethics is the values of ethical decision making. Businesses are able to express the performance of a company or an organization in terms of how they work with suppliers, employees, and customers on a day to day basis. â€Å"A primary objective of the code of ethics is to define what the company is about and make it clear that the company is based on honesty and fairness. (Sullivan) Values are defined as a word that describes interactions and the importance of what a company has to offer. A second component of ethics would be the principles of it and how they work towards the company’s performance. The principles come into play by supporting a value of the business industry then having employees of a company following the right scheduled operations. When principles play a role in the business world, customer satisfaction is the most important subject of running a business. No customers, no business. â€Å"Corporate responsibility to the environmentally friendly use of natural resources is another business principle that often is found in code of ethics. (Sullivan) Manager support comes from both the principles and values of the code of ethics. This subject is able to include a process of reporting any ethic violations towards the code of ethics and by the process of which people can run an organization. â€Å"To reflect how seriously management considers the code, some businesses display the code of ethics with management signatures in prominent areas, such as the break room, where employees will see it on a daily basis. † (Sullivan) The fourth component that comes into play with the code of ethics is personal responsibility. Personal responsibility regards that each of the employees working in an organization have total responsibility to uphold and keep with the program of ethics. There are both legal and moral issues regarding this certain component because if an employee decides to violate an ethic of code, he or she will have to deal with the consequences. The requirement for personal responsibility is that it can relate to the other components towards the code of ethics. If an employee goes against the rules of ethics, the violators will become an issue towards the company. â€Å"This is meant to show that it is not sufficient to merely adhere to the values and principles but to help ensure every employee supports the code of ethics by reporting violators. † (Sullivan) One of the final components of ethical decision making is compliance. Compliance comes into play when any laws or regulations are referenced as rules towards an association or organization. Relating back to the Enron case, the Sarbanes-Oxley Act was the execution of falsified financial records and became a big problem for Enron. The full details of financial filing is that when a file becomes a record, is has a lot of information towards any company or organization. â€Å"Compliance to all financial reporting and any licensing requirements such as ISO 9000 by the International Organization for Standardization can be documented, along with the expectation that all licenses will be maintained and legal regulations met. (Sullivan) Overall, the code of ethics is a great way to pursue organizational skills in a company and by doing so an organization is able to come up with a code of ethics that employees can follow on a day to day basis. The construction of ethics is how a company or organization is built around by provided a good work environment for certain individuals in the workplace. In order to build an ethics program that helps and supports a company’s actions, you must have a compliance program that is in relation to the code of ethics. There have been recent financial scandals that have been seen by corporate companies. Financial scandals have shown us that there is more need for compliance programs and the need of better business ethics throughout organizations. Out of the National Association of Corporate Directors, there are about 280 corporate CEO’s that have been discussing the problems of the code of ethics being dealt with in all companies. It’s about one out of three CEO’s that talk about how highly they were affected by ensuring legal compliance. When it comes down to the brass tacks of a corporate organization, every organization should have a code of ethics and the only way to come up with one is to construct multiple ideas that support and help the employees of a major organization. By building an ethics and compliance program, most companies are entitled to realize that it takes a lot of development and time to be put into the creation of an ethics and compliance program. Businesses are filled with all sorts of different codes, but here are some examples that can relate to an ethics program and be able to support the company in a long term effective program: â€Å"Establish a code of conduct that reduces risk of criminal behavior, detect wrongdoing, foster quick investigations, minimize consequences, demonstrate company’s ethical/legal philosophy during an investigation, reduce fines if company is found guilty of wrongdoing, and enhance company reputation and stature. † (How to Build a Business Ethics Program) It is not all just about coming up with the code of ethics and that’s it. A company or an organization always has to look at the options they are able to deal with in order to create the perfect effective program. A lot of companies have the power to create the best programs possible, but with just three options to look at, a program can go from a failure to a progressives and successful plan. Here are the three examples that are able to help out building the perfect effective program: â€Å"Develop in house from scratch, hire and external consultant, and use a pre written manual. † (How to Build a Business Ethics Program) Most companies use these options to create the perfect system, but some company’s decision makings go the wrong direction and they eventually have to find of decisions the hard way. A company or organization must have strong decision making skills because creating a code of ethics from scratch is the hard part of developing a program. The company also might have to fully understand the complexity of creating a knowledge list of codes that can be support in the workplace. Companies are dealing with the hiring’s of an extra consultant to help them out with an organizations decision making. Organizations say that an extra consultant might be a cost effective plan, but the question is, what else is left? It all comes down to actually building the ethics program of choice. A company or organization should either use a manual of choice or a pre written template that they can base their ideas off of. By using these two subjects of choice, organizations and companies find it a lot easier to make guidelines towards the production of building a code of ethics. Companies are looking for the strength in an idea to be produced in the program of needs. In order to come up with the best ideas and tools for running a business, it is important to look for the right tools that can implement the ethics of business and strive to create the perfect program. Here are some examples of what a successful compliance program should provide in their development of ethics: â€Å"Sample policies and procedures, step-by-step instructions for the development of a program, a business ethics training program outline with classroom materials and a detailed session leader’s guide, business ethics and compliance officer position description, templates for employee involvement, and sample code of conduct. † (How to Build a Business Ethics Program) After coming up with the perfect ideas to support a company’s foundation, an organization must start to implement the ethics program into the business workplace. The next step to creating a perfect code of ethics is to bring the ideas to the corporate office of the company and have the executives take full responsibility for implementing the code of ethics into the company’s compliance program. By taking the idea to corporate, the effectiveness of the tools needs to be yielded with a solid program that the company or organization can work with. Such as understanding it, endorsing the program, and being able to monitor the code of ethics for total true effectiveness. â€Å"With step-by-step guidelines and accompanying examples of policies, procedures, a training program and an employee survey, such an effective tool provides an excellent road map for implementing an ethics and compliance initiative. † (How to Build a Business Ethics Program) After all the hard work is completed by creating the compliance program, certain companies have to make certain decisions that can be related to the code of ethics from the workplace. The compliance manual should provide the full files of what the code of ethics is suppose to represent and how it is suppose to be reliable with the company’s boundaries. The files can be written with policies, surveys, forms and training session outline for the organizations progression levels. â€Å"Also, businesses should ensure their ethics compliance system manual is fully endorsed by The National Association of Corporate Directors (NACD) as a tool to maintain a culture of integrity. † (How to Build a Business Ethics Program) Overall, the construction of building the code of ethics come from a lot of planning and brainstorming ideas towards the relations of an organizations boundary limit and employee’s satisfaction.

Honesty VersusTruthfulness :: Definition Essay

Honesty Versus Truthfulness Honesty and simply being truthful seem, on the surface, to be one and the same concept. However, though they are closely related in definition and are in fact listed as synonyms, there are fundamental differences between the two. Truthfulness is defined as "consistently telling the truth, honest" in The American Heritage Dictionary, which also defines honesty as "the capacity or condition of being honest; integrity; trustworthiness." Honest means "not lying, cheating or taking unfair advantage." So what does that mean? The definitions are nearly identical, so one must turn to the connotations. Truthfulness is the more basic of the two, it implies, as the definition says, speaking the truth predictably. If one is truthful, one tells the truth when asked a question. One does not spread lies, and one faces reality as it is. However, it is possible to be truthful and still not be trustworthy. If someone tells everything he knows when asked the smallest question, would you want to trust that person with an important secret? Likewise, someone can be truthful and still not be lawful, or entirely in the "right." For instance, someone could be involved in something illegal, and, when asked about it, could tell the truth up to a point. The person in question would be consistently telling the truth, but it would not be the whole truth. Honesty is a somewhat more complex idea that covers a broader range of requirements. Honesty is truthful, reliable, trustworthy, and open. It encompasses the virtues of truthfulness without the gaps. Being honest implies that you are willing to tell the truth at cost of personal risk. It implies being open and truthful no matter the conditions one faces. Real honesty means telling the truth out of respect for others and for oneself. Someone who is honest does not necessarily have to be asked in order to tell the truth; it is their standard of conduct and communication. Of the two qualities, honesty is the more admirable because it is harder to both attain and maintain.

Ghost Story

It was a cold starlit sky when a couple decided to steal a pawn shop which had many jewellery from different type of countries. It was located in an unusual part of the town where people do not often visit as it has a very strange atmosphere in the air. ‘Quick, Quick' said the man grabbing his woman by her wrist and dragging her behind. ‘He's coming, we must disappear before he sees us'. The man held his girl girlfriend very tightly by her arm, who was struggling to run with a heavy load on her back. As the couple hurried along the cold chilling street they slipped into an ally and began to catch there breath. Then came a rather large grotesque looking man charging from his shop, looking from left to right. The man was around six foot tall, rather heavy eyebrows, with many scars across his neck and a right eye which had an irregular white colour inside. As he looked into the dark misty sky he gave an almighty roar which sent vibrations through the heart of the couple. His face turned from one colour to another and as he clenched his fist he then swore to take revenge on the thieves. At this moment of time his humanity was questioned as he looked like he was indestructible. The couple in the alleyway stared at one another in the face, heart beating to the second regretting they even stepped outside the shop. As they were in a cul-de-sac they were too afraid to leave the ally and make an escape. The couple muttered words under there breaths as if they were planning an escape. The man then went back inside the shop and slammed the door which then sent a shudder through the couples body. As the couple went into the streets, they heard a little tap of footsteps in the alley which they were hiding in. The woman stopped and turned towards the alley where there was a dark shadowed figure in the mysteriously gloomy corner filled with a thick dark mist as if she was attracted to it. As the woman curiously stared in the corner, the man held hand and gradually pulled her away from it. As she exited the alleyway she heard a deep, slow trembling voice ‘Where do you think you are going'. As she heard this voice it started to make her think she was hearing something in her head but soon she and the man realised something was in the corner. You aren't going to escape' and then in a slightly decrepit voice ‘It is yours to keep forever'. The woman who then looked in her bag to see what it meant, as she scurried through her bag there she found a black box which began to glow as soon as she picked it up. As soon as she picked it up the creature laughed in a creepy way and all that was heard was a screeching hissing noise. The woman immediately dropped the beautiful black box which then opened, containing a necklace with a dark mist filled black stone hanging from it. This is when the man decided he had enough, grabbed the bag containing the rest of the jewellery and prompted the woman to leave. As they decided to leave she couldn't help but pick up the gold necklace and put in safely in the box. ‘I'm going to throw this back, we don't need it' As she dumped the necklace in the gutter, the couple left the scene of the robbery and they decided to take a taxi. As the car arrived the woman was adamant on taking a taxi but nevertheless decided to go in. As the man entered the taxi he was too occupied in the jewellery but when the woman sat down she looked in disbelief what was on the seat in front of her. The glowing black box was shining like a star and as she opened it, it contained a note ‘Get Rich Or Die Trying. ‘ As soon as she finished reading the note the taxi driver who was the shop owner then turned back and cackled in a callous, cold-blooded way ‘REMEMBER ME' and drove the car down into the banks of a countryside where a low, lurid lake awaited the coming of the notorious thieves.

Dow Chemical Case

Dow Chemical Case Question 1 Polyethylene is the world’s most widely used plastic. Polyethylene plastic’s principal application was in packaging, from trash bags to milk jugs. It was widely used in the manufacture of everything from trash bags, picnic cutlery and garbage pails, to plastic toys. Polyethylene also replaced glass, wood, and metal in certain applications. There were three types of polyethylene, Low-density polyethylene, High density polyethylene and Low linear density polyethylene. Polyethylene produced from ethylene. Ethylene is produced from oil or natural gas. Ethylene plants separated either naphtha molecules (derived from crude oil) or ethane molecules (derived from natural gas). The ethylene derived from this process was used to produce polyethylene. The critical success factors in this business were capital intensive and economies of scale. Polyethylene was a global commodity product and pricing worldwide typically fell into a narrow band. The demand for polyethylene was large because it was the world’s most widely used plastic and polyethylene customers were typically small and medium-sized plastic processing companies. The big Risks in the industry: * The raw material risk – Cracking naphtha (the raw material derived from crude oil) required much more energy, manufacturing intensity, and equipment than cracking ethane (derived from natural gas). Supply of primary materials and electricity are crucial to success of polyethylene production. * Cost risk – large plant sizes and the need for economies of scale rendered the ethylene industry highly capital intensive. A plant for cracking ethane was estimated to hundreds of millions and the cost for a plant for cracking naphtha is double. Capacity additions or reductions could significantly affect balance of supply and demand, influencing capacity utilization rates, prices, and profit margins. * Ethylene profitability was tightly links to its global operating rate. The ethylene business links to oil companies, governments, pure chemical companies, conglomerates, private investors, and joint ventures. * Competition of polyethylene industry in Argentina and in the global market. The government operator was directly or indirectly financing capital – intensive ethylene plants in order to stimulate downstream business. Some of countries, the government contribute the investment. * The margins for producers of ethylene and first-order derivatives (mostly plastics) were highly correlated because the producers for them were highly integrated. Question 2 The stages of the project: * Stage 1: involved taking control of PBB, which comprised the ethylene cracker and polyethylene plant, and then upgrading the facilities in order to make them internationally competitive * Stage 2: involved acquiring Polisur’s two polyethylene plants * Stage 3: involved building a new ethylene cracker and a polyethylene plant These three stages are closely related to each other. The next stage would be reached only if the previous stages achieved, and the followed stages ensure the success of the previous stages. Acquiring PBB offers Dow the opportunity to enter Argentina market, and this is the first step for Dow to take over control of Bahia Blanca’s polyethylene activities. Dow is bidding not only for PBB in the privatization, but also an overall plan for the development of Dow’s polyethylene business in Argentina. Dow will decide on the price to bid for PBB in the upcoming privatization, the price is based on the valuation of the entire project (stage 1, 2 and 3). The three stages are one big project. Dow’s bid for PBB should not be based solely on the value of Stage 1 of the project. Gaining control of PBB would be the first step in the project. But taking all the factors discussed above into consideration, Dow should value all the 3 stages in order to bid on the PBB project. Dow believed that it had the opportunity to become the number-one player in the Latin American polyethylene industry. To achieve this goal, Dow would also have to acquire Polisur’s two polyethylene plants (stage 2) and expand existing capacity. The expansion of its polyethylene capacity in Bahia Blanca would require the company to build a world-class competitive cracker (stage 3). Doing so would nearly triple PBB’s ethylene capacity. Therefore, Dow had to not only consider what to bid for PBB in the privatization, but also develop an overall plan for the development of Dow’s polyethylene business. Dow had to incorporate the terminal value of each stage of the project. Question 3: The followings are the arguments that support the acquisition of PBB: 1. The whole project will increase Dow shareholder’s wealth. As a public company, the first aim of the management team is to increase the shareholder wealth. The project proposed by the management team is definitely consistent with this goal. And bidding on the PBB is the first stage of the whole project. The exact increase in shareholders’ equity may be various at this point as it depends on lots of other factors ( we will discuss the risk of valuation thought the whole case. , but in general, the management team is confident in the future outlook. 2. The other important strategic purpose of acquiring PBB is that it is the first stage towards consolidating all Bahia Blanca’s polyethylene activity under Dow’s control. The 3-stage project will make Dow to be the leading company of polyethylene in Argentina, even in Latin America because of its MNC background. This will have a long term positive influence in Dow’s stock price as well as shareholders’ equity. 3. Also, as indicated in the case, the demand of polyethylene will increase in the next couple years. Argentina is an emerging market, which is facing a rapid transformation. Dow’s vice president anticipated continued improvement in standards of living, which will lead to increase demand for polyethylene in Argentina, as well as in Latin America. The expected growth in polyethylene demand made PBB a potentially attractive acquisition. 4. PBB right now is a government controlled complex which is going to privatize. For Dow, it is a perfect opportunity to build long term relationship with Argentina government. It will give Dow more opportunities in the market of Argentina and Latin America. Question 4: The followings are the mains risks of the project for Dow beyond the general industry risks discussed in Question 1: 1. Country risk. Argentina is an emerging market. It is widely agreed that when we estimate the risk of emerging market by using the traditional model like CAMP, the result also unfavorable. Some reasons are the market is highly concentrated and integrated. And also the country risk cannot be diversified. So it brings the uncertainty to Dow’s valuation. 2. Political risk. Political risk is part of country risk. It is identified as the potentially adverse impact a country’s environment has on a firm’s future cash flows. And it will affect Dow’s future expected returns and valuation measures. If there is some major political unrest in Argentina, the government expropriates PBB, Dow will face a significant loss. Also, if the Argentina government default on its debt, Dow would face the bad debt which is an huge cost and will drag down the expected cash flows. 3. Economics risk The privatization in Argentina was the progress to control the fiscal problems, like hyperinflation, stagflation and huge fiscal deficits. As an emerging country, Argentina had not developed a healthy financial market within the country. The unstable economy would lead to a huge possibility of default. Another possible aspect was the economics risk of the world. If there was an economics downturn, the huge investment of the project would worth less and Dow will facing difficulties to rise equity to finance the project. 4. Unexpected risk: (1) Unexpected shortage of energy. The industry is really energy intensive. If there is a energy shortage such as the decreased supply of oil, the whole project will face negative return. (2) Unexpected rise in variable cost, such as transportation cost. The unexpected rise in variable cost will have negative impact on Dow’s cash flow. The decrease of expected cash flow will lead the decrease value of the project. (3) There are 3 stages of the whole project. If one of them did not work well, the overall goal will be affected and the whole project would have the risk of failure. Question 5: Given in the case that Dow’s cost of capital for similar U. S. based projects is 10%, thus we chose to use NPV to evaluate the different stages of the project, by discounting each year’s expected cash flow (Exhibit 9, 10 & 11) to the base year-1995. Stage 1 Valuation Given in the case, Dow is bidding on the sale of 51% of PBB, therefore, if we calculate the Present Value of the cash flow, Dow should get 51%. Dow’s total investments for PBB Ethylene cracker and PBB Polyethylene cracker between 1996 and 2000 are $128. 9 million and $28 million in Exhibit 7 from the case. If we compare these figures with Exhibit 9A & 9B investment numbers between 1996 and 2000, they are the same (shown in Table 1); this means that the cash flow of PBB in exhibit 9A is the cash flow after only deducting the investment from Dow. So, we add back Dow’s investment to get the actual cash flow of PBB. Since Dow’s share in PBB is 51%, it gets 51% of PBB’s cash flow and we discount the cash flow. Next we calculate the sum of Present Value of Dow’s investment in each year, and subtract it from Dow’s 51% share in PBB. This number reflects the actual net cash flow been distributed to Dow. The followings summarize the steps of the thinking process: Step 1: Add back Dow’s investment to PBB’s cash flow, this gives the total future cash flow to be distributed among Dow (Dow owns 51% of PBB) and other owners. Step 2: Find the PV of total future cash flows Step 3: Distribute the 51% of the PV of total future cash flow to Dow Step 4: Deduct PV of Dow’s investment from Step 3 The value of Stage 1 is $345. 71 million as shown in Table 2. Stage 2 Valuation In Stage 2, we took polyethylene CFs directly from Exhibit 10, and discount them by appropriate discount rate, and summing up these PV of the cash flows we get the value of Stage 2, $399. 76 million. Another point worth mentioning is the calculation of the terminal value in 2010. Given in the case, the growth is 3. % constant for the project, we took the cash flow in 2010, which is $82 million; multiplied it by (1+g)/(k-g), and discounted it by 16 years to get the present value. Stage 3 Valuation Stage 3 involves building a new ethylene cracker and a polyethylene plant. We summed up the total cash flows of them and find PV of the cash flows in each year. The total of all the PV of the cash flows is the value of Stage 3, $ 993. 69 mill ion shown in Table 4. Now we have the value for each stage, and we get the total of the project, it is worth $1739. 16 million with the value of Stage 1, Stage 2 and Stage 3 are $345. 1 million, $399. 763 million and $993. 690 million respectively, under the assumption that each stage is successful just like Dow has planned. Question 6: There are two ways to do Discounted Cash Flow analysis in an international context. We can adjust the discount rate by adding a country’s political risk premium or, adjust the cash flow of the project. In this question, we will discuss the appropriate method of the project’s discount rate. In a country, the higher risk that investors perceived, the higher discount rate that should be applied to the project’s cash flows. The risks we are talking about are not diversifiable. Since November 1995, the Convertibility Law tied the peso to the U. S. dollar, even thought the market thinks the fixed exchange rate would last for several years, but as the executives of Dow, Virgnar and Marcer need to consider the possibility of future crises. Uncertainty about future currency thus will increase the discount rate of project in Argentina, which means that Dow’s cost of capital is increased. Possible impact of government policies relevant to foreign investments is another issue, example increased tax rate. This will leave Dow with a lower investment return than before. In practice it is often difficult to quantify the likelihood and impact of political risk on international investments; given US and Argentine Yields in the case, we can adjust the discount rate by adding the sovereign yield spread between U. S. and Argentina. The idea is that the bond spreads between two countries with same maturity reflects country risk. The country with the higher yield in this case is Argentina; it offers approximately 10% more than the U. S’ yield shown in Exhibit 12. The reason behind that is Argentina has a higher country risk than U. S. , so it has to offer a higher yield in order to compensate the investors for taking additional risks. Therefore Dow should take these additional risks into consideration when evaluating the project. The adjusted discount rate for the project should be 20%, 10% ( cost of capital for similar U. S projects from Q5) + 10% (Argentina’s country risk) and this change in the discount rate will have a big impact on the value of each stage in the project which we will examine later. There are two major advantages of adjusting the discount rate by adding the sovereign yield spread. One of the advantages is the countries’ bond yields are easy to find, observe and access, investors can easily calculate the country risk by subtracting the two bond yields. Another advantage is that the yield of bond is forward-looking, it does not only incorporate today’s condition, also the yield reflects the market’s future expectation of a country’s risk and return so it is a good representation of cost of equity in a particular country. Salomon Smith Barney model is similar to the model that we just described, but with additional inputs and refinements. If we have more information from S&P country sovereign ratings, country ratings, and macro variables, we could adjust discount rate for the project more accurately. Furthermore, the political risk premium that we can add to the discount rate can be scaled up or down based on subjective scores for Dow’s access to capital, susceptibility of the project investment to Argentina’s political risk and the importance of the investment for Dow. Therefore, the more relevant information we have, the more accurate discount rate we can construct to help evaluate the project. Question 7 The calculation process for is basically the same as in question 5, except here we use the cost of capital 20% instead of 10% to discount expected cash flow. Calculation shows in Table 5 (in Million U$). The project worth is $464. 734 which about only 20% of the project value if it located in US. The largely decrease in project value is due to the higher country risk in Argentina than in the US. The higher country risk was reflected in the higher discount rates which lower the present value of the cash flow. In stage 1, the present value of expected cash flow (CFs) is 160. 32 which is 54% lower than the stage 1 value in question 5. The percentage of decrease is lower than the total project value’s decrease, since most of the value in stage 1 was generate from early years cash flow. The country risk in the short run is lower than in the long run. Because in the long run there are more chances for uncertainty events to happened. In stage 2, the present value of CFs is 194. 81 and it is 51% lower than the project value in US which also less than the percentage decrease of the total project value. And this is due to the same reason as in stage 1. In stage 3, the value is $109. 837 which is 89% lower than the question 5’s value. The significant decreasing value is due to the value of stage 3 is mainly from terminal value. Since there are higher country risk and more uncertainty in the long run, stage 3’s long run cash flows ( include terminal value) are heavily discounted which lead to low present value. Question8 Dow should bid for PBB no matter the project is in US or Argentine, since the total project values and stage 1 values are both positive in these two countries. Because Dow is an American company, the shareholders care about the US returns. The Project cash flows and stage 1cash flows are discounted by the cost of capital in US and get positive present values, which mean the PPB will increase Dow’s shareholder wealth. To determining how much Dow should bid, the company should aware that there are some requirements made by the Argentina government. First, the government set the minimum accepted price is 150million U$, which is the lowest range for Dow’s bid. Second, the government requires the bidder to have a statement of net worth of at least 5 billion U$. While, Dow has two other competitors Copesul and Perez also want to bid PPB. However, Copesul only has net worth $929,538,000 and Perez has net worth $1,461,000,000. Even if Copesul and Perez combine to bid PPB, their total net worth around $2,391,000,000 will be smaller than the $5 billion requirement. Therefore, Dow should not been threatened by Copesul and Perez’s bid, and they should not affect Dow’s biding strategy. Therefore, for the bidding price: Value of the bid= Value of (stage 1+2+3)-cost of PBB- cost of Polisur The cost of stage 3 is already included in the value of stage 3. In question 3, we obtain the Value of (stage 1+2+3) equal to$464. 734 million. Since the Value of the bid>0, then cost of (PBB+ Polisur) < $464. 734million According to the government requirement, Dow could bid PBB for $150 million, then their higher range for Dow’s bid should be $ 314. 734 million ($464. 734million- $150 million). Table 1: Table 2: Table 3: Table 4: Table 5:

An Overview of The Treaty of Versailles

An Overview of The Treaty of Versailles Signed on June 28, 1919, as an end to the First World War, The Treaty of Versailles was supposed to ensure a lasting peace by punishing Germany and setting up a League of Nations to solve diplomatic problems. Instead, it left a legacy of political and geographical difficulties that have often been blamed, sometimes solely, for starting the Second World War. Background World War I had been fought for four years when, on November 11, 1918, Germany and the Allies signed an armistice. The Allies soon gathered to discuss the peace treaty they would sign, but Germany and Austria-Hungary werent invited; instead, they were allowed only to present a response to the treaty, a response that was largely ignored. Instead, terms were drawn up mainly by the so-called Big Three: British Prime Minister Lloyd George, French Prime Minister Frances Clemenceau, and U.S. President Woodrow Wilson. The Big Three Each government represented by the men in the the Big Three had different desires: Woodrow Wilson wanted a fair and lasting peace and had written a plan- the Fourteen Points- to achieve this. He wanted the armed forces of all nations reduced, not just the losers, and a League of Nations created to ensure peace.Frances Clemenceau wanted Germany to pay dearly for the war, including being stripped of land, industry, and its armed forces. He also wanted heavy reparations.Lloyd George was affected by public opinion in Britain, which agreed with Clemenceau, though he personally agreed with Wilson. The result was a treaty that tried to compromise, and many of the details were passed down to uncoordinated subcommittees to work out, who thought they were drafting a starting point rather than the final wording. It was an almost impossible task. They were asking for the ability to pay off loans and debts with German cash and goods but also to restore the pan-European economy. The treaty needed to state territorial demands- many of which were included in secret treaties- but also to allow self-determination and deal with growing nationalism. It also needed to remove the German threat but not humiliate the nation and breed a generation intent on revenge- all while mollifying voters.   Selected Terms of the Treaty of Versailles Here are some of the terms of the Versailles Treaty, in several main categories. Territory Alsace-Lorraine, captured by Germany in 1870 and the war aim of the attacking French forces in 1914, was returned to France.The Saar, an important German coalfield, was to be given to France for 15 years, after which a plebiscite would decide ownership.Poland became an independent country with a route to the sea, a corridor of land cutting Germany in two.Danzig, a major port in East Prussia (Germany) was to be under international rule.All German and Turkish colonies were taken away and put under Allied control.Finland, Lithuania, Latvia, and Czechoslovakia were made independent.Austria-Hungary was split up, and Yugoslavia was created. Arms The left bank of the Rhine was to be occupied by Allied forces and the right bank demilitarized.The German army was cut to 100,000 men.Wartime weapons were to be scrapped.The German Navy was cut to 36 ships and no submarines.Germany was banned from having an Air Force.An Anschluss (union) between Germany and Austria was banned. Reparations and Guilt In the war guilt clause, Germany has to accept total blame for the war.Germany had to pay  £6,600 million in compensation. The League of Nations A League of Nations was to be created to prevent further world conflict. Results Germany lost 13 percent of its land, 12 percent of its people, 48 percent of its iron resources, 15 percent of its agricultural production, and 10 percent of its coal. Perhaps understandably, German public opinion soon swung against this diktat (dictated peace), while the Germans who signed it were called the November Criminals. Britain and France felt the treaty was fair- they actually wanted harsher terms imposed on the Germans- but the United States refused to ratify it because it didnt want to be part of the League of Nations. Other results include: The map of Europe was redrawn with consequences which, especially in the Balkans, remain to the modern day.Numerous countries were left with large minority groups: There were three and a half million Germans in Czechoslovakia alone.The League of Nations was fatally weakened without the United States and its army to enforce decisions.Many Germans felt unfairly treated. After all, they had just signed an armistice, not a unilateral surrender, and the Allies hadnt occupied deeply into Germany. Modern Thoughts Modern historians sometimes conclude that the treaty was more lenient than might have been expected and not really unfair. They argue that, although the treaty didnt stop another war, this was more due to massive fault lines in Europe that WWI failed to solve, and they argue that the treaty would have worked had the Allied nations enforced it, instead of falling out and being played off one another. This remains a controversial view. You rarely find a modern historian agreeing that the treaty solely caused World War II, although clearly, it failed in its aim to prevent another major war. What is certain is that Adolf Hitler was able to use the treaty perfectly to rally support behind him: appealing to soldiers who felt conned and wielding the anger at the November Criminals to damn other socialists, promise to overcome Versailles, and make headway in doing so. However, supporters of Versailles like to look at the peace treaty Germany imposed on Soviet Russia, which took vast areas of land, population, and wealth, and point out that country was no less keen to grab things. Whether one wrong justifies another is, of course, down to the perspective of the reader.

French King Pie Traditions and Vocabulary

French King Pie Traditions and Vocabulary On January 6th is the Christian holy day of Epiphany, when the three kings, also called the three wise men, guided by a strange star in the sky, visited baby Jesus. On that day the French eat La Galette des Rois, a delicious puff pastry pie. The lighter version is just the puff pastry, eaten golden out of the oven and then topped with jam. But there are many scrumptious versions, including various fruit, cream, apple sauce filings and my personal favorite: frangipane!   In the South of France, they have a special cake called le gà ¢teau des rois which is a brioche with candied fruits, shaped in a crown, and perfumed with orange blossom water. French King Pie Secret Now, the secret of la galette des rois is that hidden inside is a little surprise: a small token, usually a porcelain figurine (sometimes plastic now...) called la fà ¨ve. The one who finds it is crowned the king or the queen of the day. So, when you eat this delicacy, you have to be extremely careful not to break a tooth!   The French King Pie is sold with a paper crown - sometimes, kids do one as a project for their home, or sometimes they do two since a king gets to pick his queen and vice and versa. French Galette des Rois Traditions Traditionally, the youngest one at the table will go under the table (or really close his/her eyes) and designate who gets which slice: the one serving asks: Cest pour qui celle-l ? For whom is this one? And the kid answers:Cest pour Maman, Papa... Its For Mom, Dad... Of course, this is a very practical way for the grownups to make sure one of the kids gets the porcelain figurine. Another tradition dictates that you cut the pie according to the number of guests plus one. Its called la part du pauvre (the paupers slice) and was traditionally given away. I dont know anybody who does this nowadays however.     So, the person who finds la fà ¨ve proclames: Jai la fà ¨ve (I have the fava), s/he puts one the crown, then picks someone at the table to be crowned as his king/queen, and everybody yells Vive le roi / Vive la reine (long live the king / long live the queen). Then everybody eats their slices, relieved that no one broke a tooth :-) French Kings Pie Vocabulary La Galette des Rois - French King Pie Puff PastryLe Gà ¢teau des Rois - South of France King CakeUne fà ¨ve - the little porcelain figure hidden in the pieUne couronne - a crownÊtre Courronnà © - to be crownedTirer les rois - to draw the king/queenUn roi - a kingUne reine - a queenPuff pastry - de la pà ¢te feuilletà ©eCest pour qui celle-l ? For whom is this one?Cest pour... - Its for...Jai la fà ¨ve ! I have the fava!Vive le roi - Long live the kingVive la reine - long live the queen I post exclusive mini lessons, tips, pictures and more daily on my Facebook, Twitter and Pinterest  pages - so join me there! https://www.facebook.com/frenchtoday https://twitter.com/frenchtoday https://www.pinterest.com/frenchtoday/

The Cats Pajamas

The Cats Pajamas The Cats Pajamas The Cats Pajamas By Maeve Maddox Not everyone loves cats, but the language has its share of expressions coined from the appearance and behavior of these slinky domestic companions. The slang of the 1920s leaned towards expressions involving animal anatomy, giving us the cats meow and the cats whiskers, both meaning outstanding! It also gave us a non-anatomical cat expression the cats pajamas, meaning the absolute best or really modern and up-to-date. NOTE: Pajamas were a fairly recent cultural adaptation in the 1920s. The word derives from Hindi pajama, the word for loose trousers tied at the waist. Europeans living in the East adopted the comfortable style for nightwear and the fashion eventually found its way to the West. British spelling favors pyjamas. cat In the 1920s a slang word for flapper was cat, (hence the connection of the cats pajamas to the idea of modernity), but in black slang the word meant man, guy, dude. What it means to call a person a cat varies according to context. To call a man a cat is to imply that hes cool. To call a woman a cat is to insult her. catnap a short sleep, usually in the daytime. I suppose power nap is the more current term. Question: what does one wear while taking a cat nap? Answer: Why, the cats pajamas, of course! having no room to swing a cat being in a confined space. When I was little, I imagined a poor cat being swung through the air by its tail. I finally learned that the cat in this expression derives from a term for a whip used to flog sailors in the Royal Navy in the old days. It had nine thongs instead of one. to rain cats and dogs to rain very hard; possibly from the expression to fight like cats and dogs. catkin the furry flowers of trees like willow, birch and oak. The name derives from the soft, pettable texture of the flowers. catcall rude remarks shouted at sporting events catfish a fish with whiskers. (Yum) catwalk a high narrow walkway like those seen on construction sites. The idea is that only a cat could keep its balance. cats-cradle A game in which a string is looped on the fingers to form an intricate pattern between a players hands that can be successively varied or transferred to another players hands. Whether the word derived from the animals name is anyones guess. catsup A condiment consisting of a thick, smooth-textured, spicy sauce usually made from tomatoes. This word has absolutely nothing to do with cats and, in its original form, had nothing to do with tomatoes. Its from Malay kichap from Chinese koechiap brine of fish. According to the Online Etymology Dictionary, catsup (earlier catchup) is a failed attempt at Anglicization, still in use in the U.S. Apparently it was the Americans who added the tomatoes to the original concoction. Also spelled ketchup. catty-corner directional word, meaning that something is diagonally across from something elseanother cat word that has nothing to do with cats. Originally cater-corner. The cater is from an English dialect word meaning to set or move diagonally. Because that cater dropped out of the language, folk etymology got busy and now we have all kinds of cat variants for this concept: catty-cornered kitty-corner kitty-cornered catty-corner cat-a-corner kitty-corner kit-a-corner Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:20 Types and Forms of HumorPeople versus Persons10 Functions of the Comma

Strategic Resort Management Essay Example | Topics and Well Written Essays - 1750 words

Strategic Resort Management - Essay Example Lastly, the paper would also build a case for different actions that could be used to counteract the perceived threats and try to look for options which would help in meeting the anticipated opportunities. Tourism industry, with special regards to resorts, is considered an important sector in the UK economy. Back in the year 1999, an astounding 22 1/2 million visitors came to visit UK (Torkildsen, 2005). The expenditure on the tourism industry in 1999 was estimated close to sixty one billion pounds (Torkildsen, 2005) and the total employees catering to the tourism industry were estimated to be close to 1.8 million people. The tourism industry is widely fragmented and according to the government estimates, there are over 125,000 businesses related to the UK tourism, out of which only 20% have an earning of over 250,000 pounds per annum. (Aramberri & Butler, 2005) Tourism industry is the world's largest industry and hence it is vital for the world economy. It directly or indirectly generates 11% GDP and provides jobs to over 200 million employees across the globe (Holloway & Taylor, 2006). The employment opportunities in the UK alone, with special regards to bars, pubs, restraints, cafes, night clubs, travel agencies, tour operators and tourist accommodations are immense but the problem lies in terms of competition. (DCMS, 2000) Of the total number of tourism related business in the UK, 80% do not earn beyond 250,000 pounds per annum and hence the employment opportunities through these organizations have limited growth potentials (Aramberri & Butler, 2005). The above mentioned sectors are directly or indirectly dependent on the tourism industry and when we take the example of a resort, which in itself is a self sufficient tourist hub, we forget to underline the problems of a mismanaged work force. If one of these sectors suffers a loss, the other sectors would automatically be affected and vice versa. Besides providing various employment opportunities and generating an annual income for the growth of a nation, the tourism industry with special regards to resorts in UK, gives an ample scope to numerous educational institutions (ONS, 2000). Various new courses and subjects pertaining to tourism benefit through this expanding trade. (EuroStat, 1998) The Necessary Threats To Counteract And The Opportunities To Capitalize On The UK tourism industry is a boon of sorts and is stated to provide ample work opportunities to millions of its citizens. As far as opportunities are concerned, there is no bigger opportunity than providing employment to all. The need for money is the single most driving factor which propels the citizens of a nation to work towards achieving their goals in a systematic manner. Resorts in UK provide employment opportunities to hundreds of thousands of individuals and this in turn increases the overall employee satisfaction scores. (Mort, 2006) If the tourism industry is to capitalize on its recourses, it needs to justify its act in terms of providing ample opportunities to those who deserve the most. Likewise, the growth of a resort with regards to the influx of tourists is directly proportional to the growth of those sectors which support the basic functionalities of a resort (Karl W. W'ber, European Cities Tourism (Organization), 2002). Meat shops, cafes,

Wendy's Hamburgers Case Study Example | Topics and Well Written Essays - 1000 words

Wendy's Hamburgers - Case Study Example His desire to control his life and business is a good illustration of some of the basic entrepreneurial traits. Also, he has demonstrated open mindedness and innovation traits when decided to open burger restaurant with new innovative and creative ideas. When he has made a decision to shift to hamburgers, he made a decision to shift to the thing which he really liked. In such a way he has demonstrated his passion to do what he loves. Despite the skepticism and negative forecasts of experts he has made a decision to move forward with his idea. Thus, Dave has demonstrated optimism and belief in himself and his expertise, which is also critical for successful entrepreneur. 2. Dave’s success with the first Wendy’s restaurant can be attributed to an idea to offer fresh hamburgers of high quality. This was something new as the competitors offered hamburgers made from a frozen meat. Even though the market was saturated he has managed to find a unique selling point or the so called competitive advantage, which enabled his business to develop and grow despite fierce competition on the market. It is possible even to suggest that he has broken some stereotypes, as fast food is usually associated with bad quality and unhealthy food. Thus, fresh high quality fast food offered in Dave’s restaurant has contributed to shift in consumer’s perceptions about fast food. He has managed to satisfy customers’ needs and even exceed their expectations, making the restaurant profitable within the first weeks after the opening. 3. The phrase about the most difficult thing in running business is â€Å"being willing to listen to customers then doing whatever it takes to make your dream (and their wants) a reality† could be interpreted as Dave’s vision of his role as an entrepreneur. Dave is an entrepreneur who pursues his own dream, and chooses optimal

Comparative Financial Reporting Essay Example | Topics and Well Written Essays - 3000 words

Comparative Financial Reporting - Essay Example Material misstatements are misstatements that can affect users' decisions on the financial statements of a company. The auditor may either issue an unmodified opinion (when the financial statements are not materially misstated or a modified opinion (when the financial statements are materially misstated). (McMeeking, 2006). This paper examines contemporary issues between International Financial Reporting IFRS and the Generally Accepted Accounting Principles GAAP. The IASB / FASB project on revising the conceptual Framework has removed ' substance over form'. (IASB / FASB May 2008, Exposure Draft, Conceptual framework for Financial Reporting ) . The explanation is: BC2.19. The Boards concluded that faithful representation means that financial reporting information represent the substance of an economic phenomenon rather than solely its legal form. To represent legal form that differs from the economic substance of the underlying economic phenomenon could not result in a faithful representation. Accordingly, the proposed framework does not identify substance over form as a component of faithful representation because to do so would be redundant. However, the fair value view assumes that market are relatively perfect and complete and that in such a setting financial reports should satisfy both the interest of passive investors and creditors by stating a current value derived from the current market prices. An alternative view to this doctrine assumes that markets are imperfect and incomplete and that in such a market settings, monitoring requirements of shareholders should be catered for. To conclude therefore, in the words of Whittington (2007), the practical supports of two views is unrealistic as in a realistic market setting; the search for a universal measurement method may be fruitless. According to Whittington (2007), a more appropriate approach to the measurement problem might be to define a clear measurement objective and to select the measurement that best meet the objective. 1. 2.0 Identify and comment on what you regard as the 4 most significant accounting policy differences between IFRS's and US GAAP ' (200 words) International Accounting Standards (IAS/IFRS) are a set of accounting standards promulgated by the International Accounting Standards committee (IASC) and intended to be used as a basis for cross-border capital raising and listing in global financial markets. (Asbaugh, 2001). The main goal of the International set of Accounting Standards is to standardise the financial and accounting method disclosures of firms in different nations. That is, if firms follow the same set of accounting standards, their external financial reports will provide more uniform disclosures and thus investors would make more use of the variables inherent in the financial statements. (Asbaugh, 2001). Also, firms and investors would benefit from financial statements prepared following an international set of accounting standards. (Asbaugh, 2001). In meeting with the above objectives, the European Union issued regulation 1606/2002 of July 19, 2002 requiring that all companies listed in the European Union and European listed companies in other countries to adopt international accounting standards in their Financial statements from 1st January 2005 onwards. The regulation also gave member states the

The Impact of Technology on Education Essay Example | Topics and Well Written Essays - 1250 words

The Impact of Technology on Education - Essay Example A survey in the US high schools showed that about half of the public school teachers who had access to computers and Internet available in their schools used them for classroom instruction. About 61 percent of the teachers assigned students to use these technologies for word processing or creating spreadsheets most frequently, 51% used Internet research, 50% applied them in practicing drills, and 50% solved problems and analyzed data using the technologies available. Furthermore, many teachers used computers or the Internet to conduct lots of preparatory and administrative tasks such as creating instructional materials, gathering information for planning lessons, and communicative tasks (Smerdon, Cronen, Lanahan, Anderson, Iannotti, & Angeles, 2001). Generally, there are a lot of benefits the use of technology has brought in teaching-learning process. The impact can be assessed both on the learners' and the teachers' side. In the one hand, the National School Board Associations of the United States reported that the availability of technology often stimulates teachers to present more complex tasks and materials which could not be handled using conventional methods and processes (NSBA, 2008). Furthermore, the NSBA (2008) reported, introduction of technology will tend to support teachers in becoming coaches rather than dispensers of knowledge, increases teachers' sense of professionalism and achievement and motivates students to attempt harder tasks and to take more care in crafting their work. There are concepts in education, particularly in the areas of science and mathematics that require complex representations, which could not be done in the conventional ways. To address the difficulties in teaching these concepts educator of tentimes uses instructional technologies like film (cited in Linn, 1998, p. 269), computer models, and other systems. Garofalo, J., Drier, H., Harper, S., Timmerman, M.A., & Shockey, T. (2000) reported that a crucial component of technology application in education is enabling the teachers. Technology is useful for learning but the efficacy of the systems applied depend on the competence of those who handle them. In the other side, the benefits of technology on the learners are vast. A 1990 University of Michigan study reported that children could gain the equivalent of three months of instruction per school year when computers are available to them. Electronic drill and practice programs make children better spellers. Intensive preparation programs raise SAT scores. So-called integrated learning systems, which deliver entire curriculums to students sitting at workstations in a learning laboratory, practically guarantee that grade-point averages will go up, at least for a time (cited in Dewitt, 1991). Despite, however the vast promise of technology in advancing the learning process, there are cases reported when the application of technology did otherwise. Dewitt's (1991) article reported that the entire first-grade class in a tiny Belridge school district in McKittrick, California, along with more than a third of the 64-member student body, had scored below their grade level for both reading and math.

Outputs and Outcomes in Public Sector Essay Example | Topics and Well Written Essays - 1000 words

Outputs and Outcomes in Public Sector - Essay Example Such outcomes should be classified as outputs as they reflect what the institution has accomplished; they do not reflect what (or how much) students have learned. Nor do they answer the questions outlined above; in fact, they do not measure changes in the students as a result of their college experience. As opposed to outcomes that measure aggregated statistics on an institution-wide basis, student learning outcomes are concerned with attributes and abilities, both cognitive and affective, which reflect how the student experiences at the institution supported their development as individuals. Students are asked to demonstrate acquisition of specific knowledge and skills, generally: In a coordinated effort to answer these results-oriented questions, higher education governing and monitoring bodies have been working to address this need for accountability. They have (and are continuing to do so) reviewed and revised the standards that institutions use to demonstrate their efficiency and effectiveness. At the national level, both the American Association for Higher Education (AAHE) and the Council for Higher Education Accreditation (CHEA) have advocated the need to increase awareness, the value, and necessity for measuring and reporting student learning as outcomes. However, because of the decentralized structure of accreditation of higher education in the United States, it has become the responsibility of the regional higher education institutional accreditation associations to develop standards by which to hold institutions accountable through evaluation, including the imposition of student learning outcome measures. (McMurtrie 2000) In the past, prescriptive standards that regional accrediting bodies established to accredit individual higher education institutions have been inputs- and outputs-based, focused on measuring and reporting the processes and structures concerning the delivery and use of institutional services. To increase accountability practices, regional accrediting bodies are placing more pressure on institutions to measure what students learn by applying assessment processes, replacing traditional standards with less prescriptive standards seeking outcome measures--institutional outcomes and student learning outcomes. Furthermore, several of the regional accreditors are requesting their member institutions to prepare assessment plans that measure outcomes, especially student learning outcomes, within the institution. (Hernon 2002) Student learning outcomes might be envisioned as applying only to undergraduates, when, in fact, they could be appropriate to graduate students, be they master's or doctoral students. At the same time, such measures could be appropriate for other constituent groups that the library serves. Moving beyond student learning outcomes, research outcomes are appropriate for graduate students, especially doctoral students, and for the faculty. As we noted in An

DISCUSS THE POSSIBLE IMPACT OF CLIMATE CHANGE ON THE HEALTH OF THE UK Essay - 1

DISCUSS THE POSSIBLE IMPACT OF CLIMATE CHANGE ON THE HEALTH OF THE UK POPULATION - Essay Example Continuous accumulation of the heat energy makes the atmosphere to have warmer temperatures. It is this blanket of greenhouse gases that leads to global warming. The continuous global warming has led to effects like climate change. The health of human beings is affected negatively by the climate change condition. It is because of the extremes in hot temperatures due to the global warming. UK is experiencing health problems in its population because its geographical location is the temperate regions (McMichael 2003, p. 57). Research has shown that the high temperatures are associated with an outbreak of diseases. Pest and vectors thrive well in regions with a hot climate, and this makes UK population vulnerable to diseases. Also they diseases are easily spread over the population affecting massive numbers of people. Most reports have shown a strong correlation between climate change and health of the UK population. Among many impacts that a country can face, the following are possible impacts of climate change on health of the UK population. Heat waves are harmful and can cause death. In 2003, UK temperatures recorded 38oC and this was the highest. During this year, more than 2000 people died as a result of the heat wave that was in the country (Kreis & Leornadi 2012, p. 223). The young and the old are more vulnerable to the impacts of the heat wave. They suffer from respiratory problems that may cause the heart to overwork and can lead to a heart failure. The human body needs optimum temperatures for the parts to operate well. Any extremes in the environmental temperatures poses risk on health. Heat is essential for supporting life on earth, but it can become a problem when it is at the extremes. In UK, 30oC during the day and 15oC at night will stimulate an alert in the country. These temperatures will affect human health if they heat the atmosphere for more than 48 hours. The

Outputs and Outcomes in Public Sector Essay Example | Topics and Well Written Essays - 1000 words

Outputs and Outcomes in Public Sector - Essay Example Such outcomes should be classified as outputs as they reflect what the institution has accomplished; they do not reflect what (or how much) students have learned. Nor do they answer the questions outlined above; in fact, they do not measure changes in the students as a result of their college experience. As opposed to outcomes that measure aggregated statistics on an institution-wide basis, student learning outcomes are concerned with attributes and abilities, both cognitive and affective, which reflect how the student experiences at the institution supported their development as individuals. Students are asked to demonstrate acquisition of specific knowledge and skills, generally: In a coordinated effort to answer these results-oriented questions, higher education governing and monitoring bodies have been working to address this need for accountability. They have (and are continuing to do so) reviewed and revised the standards that institutions use to demonstrate their efficiency and effectiveness. At the national level, both the American Association for Higher Education (AAHE) and the Council for Higher Education Accreditation (CHEA) have advocated the need to increase awareness, the value, and necessity for measuring and reporting student learning as outcomes. However, because of the decentralized structure of accreditation of higher education in the United States, it has become the responsibility of the regional higher education institutional accreditation associations to develop standards by which to hold institutions accountable through evaluation, including the imposition of student learning outcome measures. (McMurtrie 2000) In the past, prescriptive standards that regional accrediting bodies established to accredit individual higher education institutions have been inputs- and outputs-based, focused on measuring and reporting the processes and structures concerning the delivery and use of institutional services. To increase accountability practices, regional accrediting bodies are placing more pressure on institutions to measure what students learn by applying assessment processes, replacing traditional standards with less prescriptive standards seeking outcome measures--institutional outcomes and student learning outcomes. Furthermore, several of the regional accreditors are requesting their member institutions to prepare assessment plans that measure outcomes, especially student learning outcomes, within the institution. (Hernon 2002) Student learning outcomes might be envisioned as applying only to undergraduates, when, in fact, they could be appropriate to graduate students, be they master's or doctoral students. At the same time, such measures could be appropriate for other constituent groups that the library serves. Moving beyond student learning outcomes, research outcomes are appropriate for graduate students, especially doctoral students, and for the faculty. As we noted in An

What is a good tax Essay Example | Topics and Well Written Essays - 1000 words

What is a good tax - Essay Example The people in the state do not see the need as to why the government should reduce its expenditure but expenditure should be sufficient to meet the needs of the people. Most of the former politicians in Illinois State have faced significant challenges in their effort to come up with a good tax. One of the former Governors of the state by the name Scott Walker worked hard to cut the rights of the public employees to participate in collective bargaining. Deputy Director of the local council of the American Federation State said that the governor had an obsession of destroying the unions belonging to the public employees. The same director said that Mr. Rauner was trying to stir up the bitterness of the public employees who include teachers, firefighters, and police officers. The unions in Illinois State are always against a leader who tries to change the tax system of the state. Mr. Rauner may have a good idea of increasing the tax income of the state and improve economy of the state in the end. Most unions do not understand that when the economy is stable, having low unemployment rates will increase the tax income and government expenditure too. There is need for the citizens in the state to give the politicians independence to come up with a good tax system that will benefit both the employed and unemployed. A good tax is one that will enable the unemployed to venture into small-scale businesses and earn a living out of it. Davy portrays a good tax as one that is sufficient enough to avoid cutting of the benefits of the retirees because they have saved enough to rely on and survive on during their retirement period. However, Mr. Rauner said that the only problem he had was with the union leaders in the public sector who donated to political leaders. He claims that the government union has power to influence politicians in contracts negotiations about pensions, scales of payments,

The Immediate Need to Implement Clean Renewable Energy Sources Essay Example for Free

The Immediate Need to Implement Clean Renewable Energy Sources Essay In the words of Nobel Peace Prize winner, Al Gore, we have a â€Å"planetary emergency† at our hands (Gore). For the last 30 years, earth has steadily been exposed to harmful greenhouse gases resulting in continuous degradation to our environment. The World Watch Institute has reported the earth’s ice layer is melting at its fastest rate ever (Mayhew, 62+). Fuel-based power plants, population increase and deforestation are the primary factors why our planet is dying. The main sources of energy we use to provide us with electricity are still fossil fuels. Coal and oil might be ample in supply but their smoke emissions are the primary sources of greenhouse gases which deplete our ozone layer. Our population has continued to increase in number and it goes without saying that energy consumption will increase in direct proportion. Basic science and biology has taught us that plants absorb carbon dioxide. Why we continue to deplete our forests that help dissolve the smoke emissions of diesel power plants borders on insanity.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Time and again, people like Al Gore have reminded us that we are accelerating our own doom from continued use of environmentally harmful sources of energy. Much has been said about global warming that people tend to forget that our planet has also experienced acid rains due the various environmental poisons we introduced 20 years ago (Ellis, 17). Yet people still go about their normal ways, refusing to take immediate action to such a global event with catastrophic consequences. Our passive reaction is always â€Å"As long as it doesn’t affect my daily way of life, I wouldn’t bother†. Well look at where such dismissive attitudes have brought us now? The United Nations Intergovernmental Panel on Climate Change has come to the conclusion that the entire world would have to cut greenhouse emissions to as much as 80% just to slow down its effects on the environment (). Such a change would lead us to developing alternative sources of energy, ones that are clean and renewable for sustainable and lasting use. Sun and wind energy   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Although there are various sources of renewable energy: biomass, water, wind and solar energy, we need to focus our attention on the last two. Biomass, which is composed of plant matter and animal wastes still produce some amount of greenhouse emissions when burned for energy. Hydroelectric power plants sometimes destroy aquatic habitats. If we are to make drastic changes to our sources of energy, it might as well be the right ones with little or no compromises. Wind and solar energy are the cleanest sources we have. It has always been there from the moment we rise up till we retire for the night. We might as well use it to our full benefit. At 25% growth rate per year, wind energy is the fastest rising source of renewable energy (Mayhew, 62+). Wind farms can be built in areas with abundance of blowing air like mountains and shore lines. Solar energy technology has always been available since the conception of solar panels and solar cells. Calculators for example have benefited from the miniature solar panels that help reduce the reliance on batteries. Cost is the main obstacle   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Coal and fossil fuel technology have long been accepted as the norm. The cost in developing wind farms and solar panels while we already have energy sources does not make good business sense. Even the predicted yearly reduction of up to 8% in the cost of solar cells for the next 20 years still have not attracted businessmen to convert to renewable energy (Mayhew, 62+). Perhaps it is time for these businessmen and money makers to crunch the numbers and calculate the cost of buying a new planet. We hold the key to our own extinction by continuing to use our current energy sources. Although undeserved, humanity still has a chance to change its fate. By funding improvements to renewable energy technology and implementing infrastructure for its applications, we may yet improve our situation. China for example is ahead of the curve in investing in renewable energy sources. They use gadgets like solar water heaters to lessen their dependence on fossil fuels (Clay, 30+). As large as China is, efforts to reverse greenhouse effects cannot lie on one country. This isn’t about economics anymore, so we should just throw the expenses out the window. This time, the cheapest and the most commonly used sources of energy is no longer viable. This is now about survival. Costs can no longer be a consideration. Hundreds of billions of dollars are used for senseless wars that do nothing but destroy. How much are we willing to spend to save our planet? Successful examples There are already some areas which can provide us with the blueprints for successful implementation of renewable energy sources. The island of Tac in Chile was previously engulfed in darkness. Their government afforded them the resources to utilize their abundance of wind to power their remotely located island. Today, wind farms power their homes, schools and work areas with no harmful effects to the environment. On another part of the world, Sri Lanka through credit unions, has sold more than 4,000 units of solar energy dependent homes (Clay, 30+). This will allow them to reduce and perhaps totally remove their dependence on fuel based power plants. The two countries are not among the most powerful, one can even argue that they belong to the lower echelons of economic stability, yet they realize the importance of using alternative energy to not only cater to their present needs but also answer the clamor for cleaner and renewable sources of power. It starts with the United States   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The United States is the most powerful nation in the world. Everybody follows America’s lead. If there is any chance to save the world, it is imperative that the shift to renewable energy starts with them. In the words of French ruler, Jacques Chirac, It is in the Americans, in the first place, that we place our hopes of effectively limiting greenhouse gas emissions on a global scale (Mayhew, 62+). For all its power and greatness, America is also the largest contributor of environmental degradation. It is responsible for 25% of the earth’s greenhouse gas emissions (Mayhew, 62+). America must lead the cleanup of the mess it helped create. There is now a need to implement clean and renewable energy sources to reverse the years of abuse our world has endured. The task is daunting, but with government policies and strategies to force Americans to shift to solar and wind energy, there is a chance for every one else to follow. Perhaps this is the opportunity for America to shed its war mongering image and become the nation that saved the entire planet. Wouldn’t that be a more pleasant legacy to leave behind? Works Cited: Clay, Rebecca. Renewable Energy: Empowering the Developing World. Environmental Health Perspectives 110(2002): 30+. Ellis, Jane. Why Promote Renewable Energy? OECD Observer a.(1996): 17. Gore, Al. An Inconvenient Truth. 31 May 2006. National Public Radio. 6 Dec 2007 http://www.npr.org/templates/story/story.php?storyId=5441976. Mayhew, Michael. Appetite for Destruction: Renewable Energy Sources Can Help America- And the Rest of the World-Reduce Environmental Impacts While Improving Quality of Life. Forum for Applied Research and Public Policy 16(2001): 62+.

Comparing the Train in The South and One Hundred Years of Solitude :: comparison compare contrast essays

  Ã‚   In One Hundred Years of Solitude by Gabriel Garcà ­a Mà ¡rquez and "The South" by Jorge Luis Borges, many similar devices are used by the authors. Their presentations and their uses are sometimes similar and at times dissimilar. There is one device that is used by both authors that is one of the most prominent devices in both works--the train. The presentation and use of the train in both texts is different, but in both it is a method of transportation and an evil entity that is an active symbol of change.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Juan Dahlmann, the protagonist in Borges' "The South", cuts his forehead on the edge of a recently painted door and is poisoned. He is taken to a sanitarium where he makes a gradual recovery. After his release, Dahlmann takes a train to his ranch in the South for further recuperation. In One Hundred Years of Solitude, the train is brought in by Aureliano Triste, a son of Colonel Aureliano Buendà ­a, when his ice business outgrows the local market. With the coming of the train, Macondo becomes verily linked to the outside world.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The train in "The South" is presented as a sleek, mystical, and evil entity. Before Dahlmann leaves for his ranch, he visits a cafà © where there is a black cat, sleeping. It is almost as if it is lying in waiting for something. The cat is described as "the magical animal"(1). Immediately following is a description of the train, which is described as being lying waiting. A connection between the mystical animal and the mechanical train has been established. The train has become a mystical beast. It begins to move when Dahlmann gets on, it stops to let him off, it takes him where it feels. The beast decides Dahlmann's fate. Cats are often seen as beasts of evil omen. The linking of cat and train brings an evil aspect to the train.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In One Hundred Years of Solitude, the train is presented as concrete and real, but terrifying and with a malevolent, living connection: the snake. There is no mystical imagery and sleekness surrounding it. Instead, it's plain and simple, just "the flower-bedecked train."(2) The first Macondian to see it describes it as "something frightful, like a kitchen dragging a village behind it."(3) The train has "a whistle with a fearful echo and a loud, panting toom-toom"(4) The train is very much like a snake, a symbol of evil.

Essay on Mathematics - The True Universal Language :: Graduate Admissions Essays

Mathematics - The True Universal Language The true universal human language is not punctuated by accents or vowel intonations; it does not spring from any particular continent; it rises above ink on paper, scratches on the earth or daubs of paint on the wall of a cave. No, I am a firm believer that the true universal human language is composed of numbers. For while numerical characters may vary across the globe, the logic they convey transcends borders, localities, and customs. The "language" of numbers flows from the inherent human capacity to reason. It is my love for the reach and power of numbers that started my career in Mathematics and Electrical Engineering and has inspired me to pursue graduate work in Database Management Systems. In my native Hungary, I was the winner of the national mathematics competition award before going on to study Mathematics at MIT. My academic career at MIT was immensely enriching, and my hard work landed me at the top of my classes. I was awarded the _____________ Scholarship and was on both the Computer Science National Dean's List and the MIT University Dean's List. But just as important as my awards and honors was the assistance and support I received from my professors, who not only taught but nurtured me. As an undergraduate Teaching Assistant under Dr. __________, I graded papers and worked with the students-an experience that encouraged me to think about a future teaching position. And in my independent research study project in Complex Systems Theory, completed under the direction of Dr._________________, I was able to learn in a creative, exploratory fashion. This project cemented my decision to venture into postgraduate studies. My past projects centered around analyzing, formulating and delivering solutions in every stage of providing Microsoft-format software for major Fortune500 companies. I have also designed a database system (implemented in SQL Server) and developed front end applications in Visual C++ and Visual Basic that used ODBC and DAO to access the server. This work piqued my interest in doing research in the field of database systems, and I started to think more analytically about the limitations of relational databases. I became interested in object-oriented databases, particularly their flexibility and their ability to meet the requirements of more complex structures. In my graduate studies, I plan to focus my research on optimizing queries and improving the performance of complex systems such as image, engineering, or scientific database systems. Essay on Mathematics - The True Universal Language :: Graduate Admissions Essays Mathematics - The True Universal Language The true universal human language is not punctuated by accents or vowel intonations; it does not spring from any particular continent; it rises above ink on paper, scratches on the earth or daubs of paint on the wall of a cave. No, I am a firm believer that the true universal human language is composed of numbers. For while numerical characters may vary across the globe, the logic they convey transcends borders, localities, and customs. The "language" of numbers flows from the inherent human capacity to reason. It is my love for the reach and power of numbers that started my career in Mathematics and Electrical Engineering and has inspired me to pursue graduate work in Database Management Systems. In my native Hungary, I was the winner of the national mathematics competition award before going on to study Mathematics at MIT. My academic career at MIT was immensely enriching, and my hard work landed me at the top of my classes. I was awarded the _____________ Scholarship and was on both the Computer Science National Dean's List and the MIT University Dean's List. But just as important as my awards and honors was the assistance and support I received from my professors, who not only taught but nurtured me. As an undergraduate Teaching Assistant under Dr. __________, I graded papers and worked with the students-an experience that encouraged me to think about a future teaching position. And in my independent research study project in Complex Systems Theory, completed under the direction of Dr._________________, I was able to learn in a creative, exploratory fashion. This project cemented my decision to venture into postgraduate studies. My past projects centered around analyzing, formulating and delivering solutions in every stage of providing Microsoft-format software for major Fortune500 companies. I have also designed a database system (implemented in SQL Server) and developed front end applications in Visual C++ and Visual Basic that used ODBC and DAO to access the server. This work piqued my interest in doing research in the field of database systems, and I started to think more analytically about the limitations of relational databases. I became interested in object-oriented databases, particularly their flexibility and their ability to meet the requirements of more complex structures. In my graduate studies, I plan to focus my research on optimizing queries and improving the performance of complex systems such as image, engineering, or scientific database systems.

Mid-Term Essay Essay

This essay will focus on the influence family background and childhood memories have on writers and the theme of their writings. In both the essays chosen for detailed study here, we see how the authors’ philosophy of life and things that they chose to explore and write about was set way back in their childhood as a result of the traumas they faced. This paper will present an analysis of how the families of Sanders and Maduro shaped the way these authors understand themselves and relate to others. Scott Russell Sanders was the winner of the Mark Twain Award in 2009 and his work A Private History of Awe was nominated for the Pulitzer Prize. Born in Memphis, Tennessee, to a family of cotton farmers, Sanders taught Literature and worked as Professor of English at Indiana University. The main vision behind his writing is the shift in cultures from a consumerist to a care-giving society (Sanders). In his essay, â€Å"Under the Influence: Paying the Price for my Father’s Booze†, Sanders had chronicled the trauma he and his siblings had to endure because of his father’s alcoholism. In this memoir Sander’s recounts the feelings of guilt, shame and helpless that he felt as a child of ten when he saw his father’s unstable and ferocious outbursts after getting drunk. He blamed himself for it and that feeling of guilt hounded him throughout his life. â€Å"I tell myself he drinks to ease [†¦] an ache I must have caused by disappointing him somehow† (Sanders). To atone for his perceived inadequacies as a child Sanders tried to turn to working hard and trying to keep the family together and taking on his father’s responsibilities, â€Å"by vainly seeking to erase through my efforts whatever drove him to drink† (Sanders). Sanders observes that his own children wonder at what drives him to be a â€Å"workaholic† and tries to allay their fears and any sense of guilt or pressure they may feel by being candid about his own feelings of guilt, hurt and shame at his father’s alcoholism. On maturity he realized that he had castigated himself needlessly as a child and that his father’s alcoholism was a disease and he had no reason to feel responsible for it. However, his fear of drinks and bad conduct that he had witnessed as a child had left a deep scar in his soul. He is reticent about going to pubs with his friends and drinking as much as he is afraid of causing hurt or disappointment to anybody. He is constantly watchful of any adverse reactions from people around him and still carries the shame of his father’s â€Å"sins† deep down inside him and shies away from having that facet of his life exposed in public. The name E. S. Maduro is a pseudonym under which the author talks about her feminist beliefs and her convictions on freedom of choice and awareness for women. She records how her own youthful feelings of rebellion against the social norms of marriage and raising children altered upon maturity but how she clung to her belief that women should have the awareness to make decisions for themselves. They should be allowed to choose their career paths according to their wishes and not be forced into stereotypical roles due to societal pressures. In the essay â€Å"Excuse Me While I Explode: My Mother, Myself, My Anger† the writer describes her feelings of anger, guilt and frustrations when she narrates the story of how her mother and women of that generation had to sacrifice their careers and all their life’s desires to accommodate their families and their duties as home makers and mothers. â€Å"Excuse Me While I Explode: My Mother, Myself, My Anger† first appeared in print as an article in a book entitled The Bitch in the House. In this article Maduro has written about her frustration at the inequality women face in society. It primarily deals with her angst at how she being a post-modern woman who was educated and liberated fell back and did the same things that she has found so loathsome in her mother. She had felt defiant at the way her mother and most women had to give-up their own dreams of a good and successful life to slave at household chores and raising children. â€Å"Years ago† a woman did not have a choice to voice her opinions and the role of housekeeper and dutiful mother was thrust upon her without so much as a thought about how she felt about it. Her toil was taken for granted and the spouse did not even think it inappropriate to allow his wife to do all the housework when he could very easily have offered to help. â€Å"I believed myself to be a feminist, and I vowed never to fall into the same trap of domestic boredom and servitude that I saw my mother as being fully entrenched in; never to settle for a life that was, as I saw it, lacking independence, authority, and respect† (Maduro 5). However, as she grew older and had her own experience of loving and living with her partner she was amazed that she followed the same pattern almost unconsciously and managed both house and work despite her partner wanting to help her with the chores. She puzzles over why this is so because she believed herself to be aware of her rights unlike her mother and in full command over her vocation and what she wanted out of life, yet she slaved at household chores: â€Å"I feel an odd mixture of frustration and love. Together we have a wonderful, open, trusting relationship, but sometimes I wonder if the hostility already in me, and my need to be angry at someone or something, could eventually destroy our bond† (Maduro 12). The article is an introspection of why she chose to do this. She comes up with the hypothesis that women chose to take on domestic responsibilities even if it meant forgoing some of their own desires because it made a woman proud to be an accomplished home maker and mother. She identified this need in a woman to excel in housekeeping as a source of pleasure and fulfillment. She reflects on the dichotomy between love and frustration, career and home, raising children and vocation and finally finds comfort in the fact that unlike her mother she was not forced into servitude. She did what she did because she wanted to do it, she had the option of turning away and that made a big difference. She is able to resolve her conflict and also that of many other women by reiterating that choosing to be a good housekeeper and mother was an option and you could choose to be one even if you felt strongly for the cause of feminism. Works Cited Maduro, E. S. â€Å"Excuse Me While I Explode: My Mother, Myself, My Anger†. The Bitch in the House. Cathy Hanauer. New York: Harper Collins, 2002. Print. Sanders, Russell Scott. â€Å"Under the Influence: Paying the Price for my Father’s Booze† Harpers Magazine Nov 1989: n. pag. Web. 2 Jun 2010.