Evaluation of King David

In both books, Samuel I and Samuel II, King David is depicted as a true, but imperfect, example of an ideal king. When David was first introduced, he was a young boy, but quickly proved himself to be a strong leader, as he defeated Goliath, the giant. But as he takes his role as king, and gets older, his judgment and decisions aren’t always smart ones. I believe as a moral and political leader, King David was a good king, despite his sinful nature, and there is a lot to learn from his kingship. King David’s decisions showed he was a decisive and an effective king. He captured Jerusalem from the Jebusites and took it for his own home. (Samuel II: Chapter 5, 6-7) 6: And the king and his men went to Jerusalem against the Jebusites, the inhabitants of the land, who spoke unto David, saying: ‘Except thou take away the blind and the lame, thou shalt not come in hither'; thinking: ‘David cannot come in hither. ‘ 7: Nevertheless David took the stronghold of Zion; the same is the city of David. By David going and taking over the city of Jerusalem, it shows how he his a committed leader, and that he wanted to take this city and transform it to the capital of the holy land. In god’s eyes, this must be an extremely powerful act, as David is truly showing his loyalty to Hashem. We can also conclude that by David winning this battle, he must be a strong military leader. Despite some of the eventual imperfections of David, he still defeated his enemies and because of that the nation prospered. One of his great displays of devotion to God would be when he brought the ark from the house of Abinadab to Jerusalem. Samuel II: Chapter 6, 15-16) 15: So David and all the house of Israel brought up the ark of the Lord with shouting, and with the sound of the horn. 16: And it was so, as the ark of the Lord came into the city of David, This showed the people of Jerusalem his devotion to God, and he openly displayed his devotion by bringing it openly. David was aware how the Ark of th e Covenant was most sacred and powerful item to his people, so by bringing it to Jerusalem, people would give him more support and recognize him for being a strong religious leader. Even though we study today that this wasn’t the best way for David to prove he is a good religious leader, we still look up to him, as his purpose is what really counts. I believe a lot of us could learn from that, to be more open in our worship and show our devotion publicly to God. I believe David’s heart was in the right place and God knew that, that is why he blessed him in his reign. David wanted to build a house for the Lord, but instead God built a house for him. (Samuel II: Chapter 7, 5-6) 5: Go and tell My servant David: Thus said the Lord: Shalt thou build Me a house for Me to dwell in? : for I have not dwelt in a house since the day that I brought up the children of Israel out of Egypt, even to this day, but have walked in a tent and in a tabernacle. God made a covenant with David in which God promised to make David a great and everlasting dynasty. David showed great devotion to the lord, but fell short of his glory. The lord saw he was whole-heartedly devote d to him and therefore he made an everlasting covenant with David. I believe it was David’s â€Å"good intentions† that God did not see David’s his sinful nature, because God doesn’t expect perfection, just devotion. The fact that David acted in a way that he constantly dedicated himself to God, and tried to do the right thing, is what God saw him for, and we can learn from that because people have a sinful nature sometimes, but God still cares for us. I think it is important to remember David was a human, granted he had responsibilities as a King, but he shouldn’t have been expected to be perfect. Like all humans, he had weaknesses, which got him into trouble. David had several â€Å"downfalls† in his reign. One example of David’s downfalls is when he committed adultery. (Samuel II: 11, 4) 4: And David sent messengers, and took her; and she came in unto him, and he lay with her; for she was purified from her uncleanness; and she returned unto her house. This act is perhaps one of the reasons why people have controversy over David, and if he was a â€Å"good† king or not. I believe it can be compared to that of the incident of our president Clinton. David was a human like Clinton and, given they were leaders who represented a nation, were both human. My point is that pressures are put on those with power and people expect them to be perfect when really they are not that different from us. I’m not saying that what they did was okay, but I’m just trying to understand it more. It was a sin, what they did, but God knew their hearts, and in David’s case the Lord still blessed him. I believe the greatest thing we can observe from King David would be that God called him a king after his own heart. (Samuel I: Chapter 13, 14) But now your kingdom shall not continue. The Lord has sought for Himself a man after His own heart, and the Lord has commanded him to be commander over His people, because you have not kept what the Lord commanded you The fact that God says this, and understands that David is a man of heart, is the most significant to learn from all of David’s actions. It was the fact that David was willing to confess his wrongdoings and admit his sins, then repent that saved him, and showed God his devotion to him. I admire David’s whole heartedness and I believe that is the most important thing I’ve learned from him.

Nixon’s Policies Versus the Strategies of Cold War

It is at the peak of The Cold War that Richard Nixon assumed his position. He felt the need to change the country’s foreign policy because it is at this time that thousands of American troops were sent to Vietnam. Then, there was a strong urge to win The Cold War over and stop communism at any cost, Nixon rather wants to divert it to another way that points to a productive initiative that basically highlights cooperation. Nixon believed that the only key to a more stable world is a stronger America. He then emphasized the bigger importance of partnership to win back not the war but peace between countries. Nixon even stated to provide shield to those countries in alliance to them in case of nuclear threats. He even said that the United States would also keep its commitments to other nations, as well as manpower to those who needs defense. His strategy turned out to be more civil and diplomatic than that of the heated cold war policies. He engaged more on changing the approach so as to better see the problem and make it into something more favorable to everyone (Nixon's Foreign Policy: A Global Balance Of Power ). Reference Nixon's Foreign Policy: A Global Balance Of Power . (n.d.). Retrieved october tuesday, 2007, from free essays: http://www.freeessays.cc/db/38/pbk80.shtml   

Becoming a Human and the Transformative Power of Grace

Becoming a human has both a philosophical and theological inclination. For Hegel, becoming is the unity of being and nothing. It means that being exist out of nothing and this being undergone a process of development which made the being a becoming. So becoming means the being in transit, or in the coming to be. Theologically however, becoming means more than the existence of being out of nothing.Becoming means not only transformation; it is a movement from one condition to another (Wawrykow, p.  22). Becoming involves change and development. Applying becoming to human being therefore speaks of the origination of the human beings, which was simply nothing as being come out of nothing and what men will be is still a becoming.In theology and religion, becoming a human usually apply to Jesus Christ as God who became man. In Saint Paul’s letter to the Philippians chapter two, verse. 7 referring to Jesus, Paul says â€Å"but made himself nothing,† Here the essence of becom ing is clearly manifested.It was from this situation that Jesus became human and Paul goes on to say that when Jesus became nothing he was becoming a human â€Å"taking the very nature of a servant† verse 7. Jesus previous condition according to Paul is that he was â€Å"in the very nature of God† Verse 6 in which he has moved to a different condition of becoming a human being. In his letter to the Romans, Paul describes the human condition in Chapter 3 verse 23, as being lost in sin and had fallen short of God’s Glory.Paul categorically said that all have sin and God will punish everyone with sure death because of the sins committed. The gravity of man’s sins according to Saint Paul is that even men knew God â€Å"they neither glorified him as God, nor gave him thanks† Chapter 1 verse 21. Thus, Jesus becoming a human is an act of grace made available by God to human being. This is clearly explained by Paul in chapter 6 verse 23, which says,  "For the wages of sin is death but the gift of God is eternal life in Christ Jesus our Lord† (NIV).Here there are two theological discussions involve about the condition of human being. First, all human beings according to Paul have fall into sin and deserved God’s punishment. Andrew Purves and Charles Partee call this fallen condition as depravity. Although depravity for them does not mean of total abandonment of God of the human being, they pointed out that human depravity means, â€Å"nothing about us is beyond the reach of sin. In other words, all the human faculties are exposed to sin and are indeed contaminated by sin.Paul admits this in Romans Chapter 7: 14-25, in his confession of his condition with sin contaminating all his being. Paul confessed that he wants to good but he cannot do the good he wants but the evil the he do not want to do. In verse 23 Paul explained that the reason of his struggle is that there is another law at work in him. Paul said, â€Å" But I see another law at work in the members of my body, waging war against the law of my mind and making me prisoner of the law of sin at work within the members of my body† Romans 7: 23.Because of this condition of the human being, Paul emphasized that there is an extreme need for human being to be rescued from the fallen condition. Theologians call this as redemption. This was exactly the purpose of Christ’s human becoming which Paul explained in his letter in Philippians chapter 2. G. M. Newlands contends that Jesus life, death, and resurrection were in relation to humanity in order to be reconciled to God. Newlands pointed out, â€Å"It is through the transformative humanity of Jesus Christ that we recognized the divinity within him† (p. 107).He meant that God is not only compassionate on the human being’s predicament but also the source of effective transformation. The nature of God’s grace according to William B. Arnold, there are two importa nt manifestations of God’s grace. According to him, God’s grace Comes to us â€Å"freely and without dependence on our asking† (p. 30). Paul in Romans Chapter 5 verse 8 explains this, Paul says â€Å"But God demonstrates his own love for us in this: While we were still sinners, Christ died for us. † Arnold pointed out that God’s transformative grace is God’s initiative.The implication of God’ transformative grace in human being is that it reconciled man to God, in a way that his fallen nature has been restored to its former condition prior to his fall in to sin. Paul stated in Romans chapter 11 verses 30 that gentile people had been at one time disobedient to God â€Å"have now received mercy as result of their disobedience. † Conclusion Human becoming must be seen in the context of Jesus intension of taking human dorm and live a human life, and die on the cross for the forgiveness of sin and for the redemption of humanity from the fall to sin.The transformative grace of God has been the God’s initiative and the proof of God’s love for his creation, as he did not totally leave humans just by them selves despite of their sins. The transformative grace is the grace of God that enables human to able to be united with God, through the work of the Holy Spirit. It is also the saving grace of God given to human being through the life, death, and resurrection of Jesus Christ, that who ever believes in him shall not perish but have eternal life, John 3: 16. He be then a new creation and his old fallen nature is gone I Corinthians 6:17.Work Cited Arnold, Williams. Introduction to Pastoral Care. Pennsylvania, USA: The Westminster Press, 1982. Newlands, George M. Christ and Human Rights: The Transformative Engagement. England: Ashgate Publishing Limited, 2006. Purves, Andrew and Partee, Charles. Encountering God: Christian Faith in the Turbulent Times. USA: Westminster John Knox Press, 2000. Wawrykow, J oseph Peter. The SCM A-Z of Thomas Aquinas. London: SCM Press, 2005. John 3: 16 Romans 1:21 Romans 3:23 Romans 5:8 Romans 6:23 Romans 7:14-25 Romans 11:30 I Corinthians 6:17

What role can and Should HRM play in an organization that is seeking Essay

What role can and Should HRM play in an organization that is seeking to expand its international operations - Essay Example As the individuals working for the company in different locations are likely to come from different cultures, the culture of the company itself can only be established with good HR policies and effective HR management (Hollinshead & Leat, 1995). As defined by Ozbilgin (2005), International HRM is the practice of getting the maximum business value from human assets which are distributed across the world working under the umbrella of a single company. Historically, the cultural differences between the home office and the branch office located in a different country meant that sooner or later HR managers had to face the problem of culture clash which is defined as different cultures affecting work processes and workflow (Faulkner, D. 2002). In the past, these cultural differences were largely ignored and it was thought that the culture of the company would prevail while the culture of the country where the company was located would not matter as much (Kamoche, 1996). However, recent evaluations have shown that culture conflicts might need to be actively countered and could even be used to motivate workers rather than put various managers in conflict (Bartlett & Ghoshal, 1998). With these definitions and with the help of practical examples as well as expert opinions, it can be shown that the role played by HRM in an organisation that is seeking to expand its international operations is a twofold role. Firstly, HRM can help the arms of an organisation (both local and branch offices) come to terms with each other in view of their different cultures. Secondly, HRM can help and should help in creating policies which are localised for international operations. The central cultural difference that exists between the UK and a culture such as China or India comes from the very basis of the culture i.e. language. While the predominant language in the UK is English, it may not be used as the lingua franca in China since it is only learnt as a second language.

Response paper regard of two article Essay Example | Topics and Well Written Essays - 500 words

Response paper regard of two article - Essay Example She is a bold woman that confronts challenging situations but is unable to avoid them. The snow on her path is a major impediment to her journey. However, she does not give it a chance to limit her efforts. In addition, he confronts hilly landscapes, thorny bushes, the creek, the cornfield, as well as the scarecrow. This reveals her as a resilient and persistent woman. She does not easily lose focus of where she is ended despite having many destructors. The author tries to paint an image of Jackson as a concerned but elderly and weary grandmother. She is passionate about getting the remedy (drugs) that will foresee her grandson get well. She goes all the way despite facing circumstances that could discourage her on the way. She is careful when crossing the creek among the rest of the obstacles. However, her image as depicted by the author reveals her as an elderly and sickly individual who commits herself to having the grandson continue to take the medications. â€Å"A Rose for family† by William Faulkner the aspect of tradition heavily features in the short story. The character Emily Grierson has been used to depict the implications of lack of conformity with change. The author has highlighted the struggles that are associated with the need to conserve. The character Jefferson finds themselves on the crossroads on whether they will have to adopt modernization or rely on the traditional view. Despite various changes in the community, Emily opts to remain the same. The reliance on the past presents both positives as well as negatives. Emily acts as a good representative of the historic aspect that pleases people. Due to this aspect, she is able to command much respect from the honor from the people. Despite Emily being a positive influence, she is neglected and cut off from the society and nobody seems to understand her. She is not conversant with reality having the threats of

Discipleship Program Essay Example | Topics and Well Written Essays - 500 words

Discipleship Program - Essay Example 1. One on One Mentoring. A friend of mine who spent some years of College inside the seminary told us of a system, where a senior seminarian is assigned to guide a neophyte through the process of adjustment; from a life of ease to a more restricted one. The senior seminarian is referred to as the Angel; while the new comer, Tobias. This system provides room for one on one coaching and counseling. In the process, camaraderie is strengthened as the neophyte gains confidence and develops to become an 'angel' himself in about a year's time. "Personal instruction from someone who is well experienced and versed was the best way to learn and develop ministry skills, and it still is," according to Dr. Richard J. Krejcir.ii In other churches, this takes the form of house visitation by an elder to a new or prospective member. This method is particularly effective due to its personalized approach, although it may tend to exhaust resources in terms of manpower, and time. 2. Small Group Sessions. Bible studies are usually conducted in small groups to facilitate a more cohesive sharing of experiences, and generate a lot more insights; so does a Sunday school session separately conducted for children, teens, and adults.

Tablets and Business Essay Example | Topics and Well Written Essays - 500 words - 1

Tablets and Business - Essay Example Businesses are using tablets in many different ways. One of the ways in which tablets are being used as a tool for business, is as a companion device. A tablet offers a strong computing platform for employees who are need a device that is lightweight but has amazing processing speed. As a matter of fact, many new generation tablets have high processing speeds that match the computing power of laptops. Moreover, these tablets are robust and lightweight. Companies in construction prefer these devices because it allows them to work in an environment where carrying 10lbs of equipment is not feasible. Without a doubt, tablets facilitate this process. In the hot world of commerce, tablets are taking place of traditional mainframe point of sales. Many companies are using tablets as points-of-sale, and as an increasing group of start-up. Also, established technological firms are in competition in providing point-of-sale services that are mobile. This is convenient especially for those businesses that are customer centric. Not only tablets allow ease of access, but they also allow privacy for customers. This is monumental for many organizations as they are trying to connect with clients. Undoubtedly, tablets are the future for companies. Another key feature of tablets is that it is dynamically caching data at a rapid pace. Employees are also in a position to help clients doing business at their branches by either hastening transactions at the teller or by minimizing over-the-counter transactions (Schmidt 214). For instance, restaurants use tablets at their point-of-sale simultaneously as the order is given by the customers. Tablets are amazing because they interconnect customers, managers, cashiers, and waiters in a seamless manner. Restaurant managers are also in a position to manage scanners, reservations. All these tasks are being automated to better serve organizations, while increasing profit. A

Please reword the answers Essay Example | Topics and Well Written Essays - 250 words

Please reword the answers - Essay Example She impersonates a legitimate user to avoid detection. This makes the users think that the IP address for the printer is associated with the MAC (Media Access Control) address of Beatrice. Consequently, the software for the printer thinks that each of the users printing a document has Beatrice’s MAC address. As a matter of fact, Beatrice (as a man in the middle) passively eavesdrops on all the documents being sent by users to the printer. Describe a data structure for keeping track of all open TCP connections for a machine. The data structure should support e_ciently adding and deleting connections and searching by host, source port, and destination port. For the data structure, one needs to create a record for each connection of available TCP (transmission control protocol) connection and store all records in a double linked list Q. the double linked list ought to support insertions and deletions within constant time; assuming that a link to the record to be deleted/inserted is provided. In order to search competently for a TCP connection record by either using host or source port or destination port, create three search structures such as red-black trees or hash tables that store items of the type (x; y), in which x is the search key and y is a link to a connection record in Q. An intruder can get an upper hand by stealthily watching legitimate users for a week because by doing so he can determine what is normal and or accepted behaviors for each user (Shannon, p. 25-32). Consequently, he can try to mimic or imitate the noted behaviors of which minimize the probability of raising any intrusion alarms when he attacks the victim computer. All in all, the intruder would find it relatively easy to attack such a machine by watching and analyzing user’s behavior. Describe a modi_cation to the random port scan, as described in the previous

The conflict between the Arabs and Jews Essay Example | Topics and Well Written Essays - 1750 words

The conflict between the Arabs and Jews - Essay Example The partition of Palestine resulted in the creation of the State of Israel, and of the Palestine refugee problem. The dispute has resulted in major regional wars and two Palestinian Intifadas with tragedies on both sides. Throughout, there have been repeated attempts to resolve the conflict, from Bernadotte in 1948 through to President George W. Bush's roadmap in 2003." (Book Description, 2007). Therefore, the Arab-Israeli conflict, which started almost a century ago, continues to be one of the most serious issues of international dispute. Investigating the roots of the conflict, it becomes lucid that the establishment of the Zionist movement has been a major reason for the Arab-Israeli conflict. Similarly, following the Zionist movement, the modern State of Israel was established in the region which was regarded by the Jews as their historical homeland. However, the Pan-Arab movement maintained that it was a territory belonging to the Palestinians. All these issues contributed to th e deepening of the conflict between the Arab and the Israelis and the religious dimension of the conflict is often emphasised. This paper makes a profound analysis of the background of the Arab-Israeli conflict, incorporating the history of the Arabs and the Jews, the religious dimension of the conflict, Judaism and Islam, and the history of the land of modern Israel, in order to determine the basic issues involved in the conflict. In a reflective exploration of the ancient history of Israel and Palestine, one comes to recognize that the ancient Jewish kingdoms of Israel and Judea were consecutively conquered and subjugated by several foreign empires and kings. One of the major empires to conquer the land was the great Roman Empire and there were several revolts against the foreign rule in the region. In 135 CE, the Roman Empire overpowered the third revolt against its rule in the region and consequently expelled the surviving Jews from Jerusalem and its surroundings. Many of these Jews were sold for slavery and the Roman province was then renamed'Palestine'. "After the Arab conquest of Palestine in the 7th century the remaining inhabitants were mostly assimilated into Arab culture and Muslim religion, though Palestine retained Christian and Jewish minorities, the latter especially living in Jerusalem. Apart from two brief periods in which the Crusaders conquered and ruled Palestine (and expelled the Jews and M uslims from Jerusalem), it was ruled by several Arab empires, and it became part of the Ottoman (Turkish) Empire in 1516." (The Arab-Israeli Conflict). Therefore, the land of the Palestine was occupied by people belonging to Arab culture and Muslim religion, although there were Christian and Jewish minorities. Represented by twenty one separate countries, the Arab nations today form a significant power in the region and there is only one Jewish nation with a tiny country in the region, i.e. Israel. To trace the history of the people of Israel (also called the 'Jewish People'), they trace their origin to Abraham of the Old Testament and they regard Abraham, his son Yitshak (Isaac), and grandson Jacob (Israel), as the patriarchs of the Israelites. It has been emphasised by several writers that the very embodiment of Jewish continuity is Israel which inherits all the

Story of Aged Mather Essay Example for Free

Story of Aged Mather Essay Long, long ago there lived at the foot of the mountain a poor farmer and his aged, widowed mother. They owned a bit of land which supplied them with food, and their humble were peaceful and happy. Shining was governed by a despotic leader who though a warrior, had a great and cowardly shrinking from anything suggestive of failing health and strength. This caused him to send out a cruel proclamation. The entire province was given strict orders to immediately put to death all aged people. Those were barbarous days, and the custom of abandoning old people to die was not common. The poor farmer loved his aged mother with tender reverence, and the order filled his heart with sorrow. But no one ever thought a second time about obeying the mandate of the governor, so with many deep hopeless sighs, the youth prepared for what at that time was considered the kindest mode of death. Just at sundown, when his day’s work was ended, he took a quantity of un whitened rice which is principal food for poor, cooked and dried it, and tying it in a square cloth, swung and bundle around his neck along with a gourd filled with cool, sweet water. Then he lifted his helpless old mother to his back and stated on his painful journey up the mountain. The road was long and steep; then arrowed road was crossed and re crossed by many paths made by the hunters and woodcutters. In some place, they mingled in a confused puzzled, but he gave no heed. On path or another, it mattered not. On he went, climbing blindly upward A– ever upward towards the high bare summit of what is known as Obatsuyama, the mountain of the â€Å"abandoning of aged†. The eyes of the old mother were not so dim but that they noted the reckless hastening from one path to another, and her loving heart grew anxious. Her son did not know the mountain’s many paths and his return might be one of danger, so she stretched forth her hand and snapping the twigs from

The Global Rubber Tire Industry

The Global Rubber Tire Industry Strategic Leadership is defined as the ability to shape the organisations decisions and deliver high value over time, not only personally but also by inspiring and managing others in the organisation. (Lynch, 2009). The focus of strategic leadership is sustainable competitive advantage, or the enduring success of the organization. (Hughes Beatty, 2005) Key components of Strategic Leadership: How to lead so that others will follow. How to shape culture. How to structure and influence decision making. (Lynch, 2009) In view of the above definitions and key characterisitcs, strategic leadership in the Global Rubber Tire Industry in general and Continental AG in particular is seen as the ability of a corporate leader to build long term value for the stakeholders of an organisation. In the context of Continental AG, Dr. Hubert von Grunberg displays Strategic Leadership by first acknowledging the fact that all was not well at Continental. Aginst the backdrop of rising sales, profits were falling, to the point of a loos in 1991. The drive to increase sales and maintain a position in the Global Market using aggressive pricing was detrimental to the immediate and long term well being of Continental. This was swiftly followed by a Clear 10 point recovery plan announced in December 1991, the direction was clearly set for the turn around through encouragement of Entreprenuership and strategic alliances, and a goal of ensuring profitabilty in 1992. The next step in the turn around was the identification of the individual business units and making each unit responsible for profitability. In this process, no preson or process was considered immune to review, and the subsequent restructuring of the Organisation from a Task oriented sturcture in 1991 through to a Market oriented structure in 2001 further depicts strategic leadership. Entrepreneurship is a way of thinking, reasoning and acting that focuses on the identification and exploitation of opportunities from a broad general perspective typically driven by the leadership of individuals or small groups. (Lynch, 2009) Corporate Entrepreneurship is often called Intrapreneurship and is defined as Entrepreneurs can be found starting organizations, running organizations and working in organizations as employees. In the latter case they are typically called intrapreneurs, i.e. internal entrepreneurs. (Thompson Martin, 2005) The key consideration is the identification and utilisation of opportunities for profit. Given the case study, Entrepreneurship is embedded at the core of the recovery plan of Continental AG. The case study goes on to state that the Tire as a product had largely expended innovative capacity. Inspite of this the dedicated focus on technological leadership is an important Entrepreneurial component. The first instance is the key belief of Dr. von Grunberg that Complete sytems will be the dominant supplier to the Automobile Industry in the short and medium term. The establishment of Automotive systems as division to develop these integrated sytems pre-empted the possible relegation of Continental as a secondary supplier had it remained a pure Tire manufacturer. The identification of Rubber lifting belts as an alternative product also shows high entreprenuerial capacity, as Continental was already a Global leader in the Tire industry whose primary input is Rubber. This opportunity and subsequent alliance with Otis, a global leader in the elevator industry resulted in substantila supply contracts. Given the illustrations above, it is evident that all Entrepreneurs are Strategic Leaders, but the same cannot be said for the reversal, ie. All Startegic Leaders are not necessarily Entrepreneurs. 1.2 Critical evaluation of Continentals Agenda for Strategic Change at the beginning of the 1990s. Strategic change concerns changes which take place over time to the strategies and objectives of the organization. Change can be gradual or evolutionary or more dramatic, even revolutionary. (Thompson Martin, 2005) Lynch argues that it is important to distinguish Strategic Change form Organisational Change (Lynch, 2009). Organisational change inevitably happens in the course of the daily operations of an organisation whereas Strategic Change is a planned and excuted set of events and actions which move an organisation in the direction of achieving its clearly defined objectives. This involves substantive changes beyond normal routines and the induction of new patterns of action, belief and attitudes. (Schein, 1990) Tichy identifies four main causes of Strategic change, namely Environment; Business Relationships; Technology; People. (Tichy, 1983). The situation facing Continental AG in 1991 was a compound combination of all the four causes. The leading cause was the Environment as Tire market was saturated; Car Manufacturers were pushing down prices; Technology was plateaued and as a result a New Leader was appointed. The cause of the crisis can be narrowed to complacency, and irresponsiveness to Market demands. Hannagan explains that Strategic change can be incremental where the organisations underlying values and beliefs are not radically altered or transformational where a major paradigm shift occurs in the cultural assumptions. Whether it is incremental or transformational, strategic change is concerned with changes which are necessary to maintain the link between the organisation and its environment so that it remains competitive and able to meet the needs of its customers. (Hannagan, 2002). Given the scale of the down turn at Continental AG, a hybrid combination of small incremental changes and quantum leap transformational strategic changes were adopted to mark a path to recovery. The agenda for Strategic change undertaken by Continental AG can be broken down in to the sections outlined below. Change in Leadership Appointment of Dr. von Grunberg. The implementation of a turnaround strategy necessitated a change at the helm of the organisation. This resulted in the appointment of a new chairman of the Executive Board. The first step towards achieving profitability was identifying loss making units down to the smallest possible element. In this case the segregation of a number of divisions into smaller units. This is witnessed in the separation of the replacement tire business which was profitable from that of the loss making original equipment business. A further step in the turnaround strategy was the conversion of Common service functions into profit centres. Human Resource and Information Technology, which were shared services across the organisation, were eventually separated into separate commercial entities. This was a clear departure from the thinking where support functions are cost centres. Despite the conceived stagnation and exhaustion in the innovative potential of the Tire as a product, the heavy emphasis on Technological excellence, Innovation and Integration formed an additional key factor in the change strategy. The harmonisation of Research and Development in a central location and the allocation of a percentage of all revenues to RD is a manifestation of this. Entrepreneurship The conviction that Continental AG has the capacity and capability to identify opportunities in the market and take advantage of these to enhance profitability was evident in the strategic move towards moving beyond the traditional core product of Tires and into a complete systems supplier to the Automobile industry. 2.1 How Continental AG fostered Strategic Innovation to achieve growth in productivity from 1991 to 1999 in view of Porters Value Chain A systematic way of examining all the activities a firm performs and how they interact is necessary for analyzing the sources of competitive advantage. In this chapter, I introduce the value chain as the basic tool for doing so. (Porter, 1985) Every firm is a collection of activities that are performed to design, produce, market, deliver, and support its product. Value Chain as defined by Porter (1985) comprises of 5 Primary activities, namely Inbound Logistics, Operations, Outbound Logistics, Marketing Sales and Service. In addition a Porters Value chain has 4 Support Activities i.e. Firm Infrastructure, HRM, Technology Development and Procurement. (Porter, 1985) Continental AG achieved growth in productivity by fostering strategic innovation in a number of its value chain activities. These are briefly enumerated below. The reorganisation of Continental AGs Infrastructure by means of Decentralisation of its Bureaucracy and restructuring the organisation from a task oriented structure into a market oriented one. The creation of Business Unit Value chains for Passenger Tires and Commercial Tires, consequently merging Manufacturing and Marketing of each and giving each unit Individual profit responsibility. The conversion of Support activities of Information Technology and Human Resource into individual Business Unit Value Chains and subsequently independent business entities. Revisiting and improving procurement of important inputs, steel cord being a key example. The resulting savings in costs greatly enhanced profitability. This required expansion of the procurement process to ensure quality, and thus displays the advantage of creating a linkage between the value chain of Continental and its supplier. Remarketing and positioning of competing acquired brands into complementary positions based on quality and application. This is seen by placing Continental as a premium brand and Barum as budget, similarly marketing Uniroyal as the rain tire and Semperit as the winter tire. Development of Technology, and when necessary acquiring another Company (Teves) to focus on Automotive Systems competency as opposed to manufacture of Tires only. This enabled Continental AG to create competitive advantage through differentiation. The development of a Modular Manufacturing Plant where the base model of tires is mass manufactured, but allowing for some customisation and diversity is evidence of Innovative operations. 2.2 Comparison of Corporate Governance and Corporate Social Responsibility practices of Continental AG with those of Goodyear Tire and Rubber Company Corporate Governance is defined as the responsibility of a firms board of directors. The directors have a fiduciary duty to the shareholders, who are the corporations owners. (Sompayrac, 2006) Corporate social responsibility (CSR) can be defined as the economic, legal, ethical, and discretionary expectations that society has of organizations at a given point in time. (Carroll Buchholtz, 2003) In line with the above definitions, Corporate Governance focuses on the efficient and prudent execution of Organisations responsibility to its shareholders as its legal owners, whereas Corporate Social Responsibility concentrates on the Organisations responsibility to all its stakeholders, of whom the owners are a section. The stakeholders will include shareholders, employees, customers, suppliers, government, society at large and the Environment. As elaborated in the Corporate Governance Section of Continentals annual report for 2009 (Continental Corporation, 2010), the Supervisory Board and Executive Board are equally responsible for the governance of the company. The Supervisory Board comprises of twenty members, half of whom represent shareholders and half elected as Employee representatives. The Supervisory Board advises and supervises the Executive Board, oversees the strategic implementation of policies, approves decisions of material importance and appoints the Executive Board through and with the consent of the Annual General Meeting of Shareholders. The Chairman of the Executive Board serves as the Chief Executive Officer of the Company The Goodyear Tire and Rubber Company Corporate governance guidelines provide for a Board of Directors comprising of nine to twelve members elected at the Annual General Meeting of Shareholders of the Company. The Chairman of the Board at Goodyear may, but need not be, the Chief Executive Officer of the Company. (The Goodyear Tire and Rubber Company) Prominent similarities in the Governance models of Continental and Goodyear are the functions of Audit, Compensation and Remuneration, Appointment and Governance are vested in the Supervisory and Executive Board at Continental and in the Board of Directors at Goodyear. Both Companies have prudent guidelines regulating the conduct of the members who serve on these boards. The key differences observed between Corporate Governance at Continental and Goodyear are twofold. First, the bicameral structure at Continental, where the Supervisory Board acts in an Advisory Capacity to the Executive Board. A single governance structure exists at Continental. Whereas a two level governance structure provides additional guidance, supervision and prudence, it also adds an additional layer of bureaucracy and associated bottlenecks and costs to the organisation. The second difference observed between the Governance structures is the presence of elected representation of the Employees in the Supervisory Board, in a number equal to those of the Shareholders representatives. This presence ensures the involvement of Employees representation in material decisions of the Company, and consequently offers better protection of the Human Resource employed at Continental AG. The Corporate Social Responsibility activities of Continental AG are summarised in the Companys Annual Report for the Financial Year 2009 (Continental Corporation, 2010)accessed on the companys website. The principal focus of the Corporate Responsibility Report is activities revolving around non-shareholding stakeholders. The Key areas of focus are Employees, Environment and Acting Responsibly. Complementing the Annual Report, whose primary target is shareholders, is the BASICS of Continental AG. These driving principles have evolved very little from their formulation as described in the case study to date as available on Continentals corporate website. The BASICS cover the relationships of Continental with Customers, Suppliers, Employees, Partners and Shareholders. This vision defining document has a more holistic approach towards CSR by encompassing the expectations of all stakeholders. Goodyear Tire and Rubber Company, in contrast to Continental, does not report its Corporate Social Responsibility activities in its Annual Report to Shareholders, but publishes a separate Report for CSR (The Goodyear Tire Rubber Company, 2009), as available on the companys website. This Report outlines four stakeholders namely, Consumers, Associates, Environment and Communities. Both companies give a high level of importance to Employee training and development through various initiatives, and the creation of a safe working environment with almost zero injuries. Equal emphasis is directed to customer focus in the Continental BASICS (Continental Corporation, 2010)and the Goodyear CSR report (The Goodyear Tire Rubber Company, 2009). With regards to Environmental protection, both Continental and Goodyear have comprehensive policies for sustainable and responsible behaviour. Continental reports on its Carbon Management activities in its annual report giving detailed information of its efforts to contain its Environmental impact. Goodyear reports its Environmental Impact in the CSR Report and highlights its Energy and Water Efficiency in its Manufacturing processes. In addition Goodyear emphasises the Environmental friendliness of its products by focusing on fuel efficient tires and its prototype tire manufactured from renewable biomass. It is also observed that Goodyear has a more focused Community Engagement Policy in the areas that it operates. This includes visible support of charities through its aerial blimp, support for education, disaster relief and road safety campaigns. Whereas at Continental this facet is not very prominent and is limited to its Formula Student and Ambassador training and education programs. Effectiveness of Functional, Organisational and Corporate structures in unleashing Managers Entrepreneurial Energy. The Functional structure in place at Continental AG in 1991 is explained in the case study and displayed in the illustration below. Functional Structure of Continental AG in 1991 Distelzweig, 2006 argues that the functional structure as was in place in 1991 has distinct advantages and disadvantages. The advantages noted in this structure are efficiency and skill development, and the disadvantages being the creation of a narrow departmental focus at the cost larger organisational goals, and the challenge of coordinating geographically dispersed locations under the same function. This structure took a considerable toll on management time and resources in overseeing day to day operational activities as elaborated by Bartlett and Ghoshal (1995). Given the scenario at Continental, this structure was largely focused on tasks and control, with individual units having minimum autonomy. Such a situation of top-down control resulted in discouraging the development and cultivation of Entrepreneurship in Continental. Organisational structure of tire operations in 1992 The metamorphosis of Continental AG from functional departmentalisation as described above to an Organisational model (also referred to as Divisional or Multidivisional model) was initiated by Dr von Grunberg as he took the lead role as chairman of the Executive Board. The earliest transformation noted in the case study is the realignment of the Production and Marketing sections of Tyres, into Passenger and Commercial Tires. This reassignment along the lines of Product Division allowed mangers to take responsibility for their respective Product and consequently Market segment. This structure evidences visible improvements over the functional structure as elaborated by Distelzweig (2006) in offering the divisional managers autonomy for their unit but may create some duplication of efforts if key functional tasks defined above. Bartlett Ghoshal, 1995 discuss that this structure freed up time and resources of senior managers to engage in strategic activities, but argue that this structure was unable to generate and nurture new business opportunities internally. As each division in the organisation became individually responsible for its revenue stream and profitability, new ventures were seen as unjustifiable capital and human resource costs, thus discouraged. Thus, necessitating growth through expansion and acquisition. This structure is seen to encourage a limited level of Entrepreneurship among unit managers, but given the cost justification argued above still limits the extent to which this energy can be unleashed. Corporate structure of Continental AG in2001 At the turn of the century as Dr von Grunberg was handing over the reins of Continental AG the structure at the Company had evolved to the corporate model described in the case study and pictured below. This model was meant to maximise the utilisation of Entrepreneurial talent and energy in the company and drive it through continued profitability, which had been achieved through an impressive turn around in the last decade. Bartlett and Ghoshal (1995) recommend that for a company to sustain its growth in the current times, an emergent management approach is required. This approach is comprised of a three coordinated core processes, namely Entrepreneurial, Integration and Renewal Processes. The Corporate structure at Continental AG is in alignment with this model. The Entrepreneurial Process is visible in the revised structure by giving each business unit sufficient autonomy and creative space to identify and exploit opportunities. The creation of a Strategic Technology unit is a key factor in the integration Process and enables diverse business units to collaborate towards making Continental a trendsetter in the automotive Industry. The Renewal Process comprising of rationalisation and revitalisation aspects, where mind sets and ingrained cultures are challenged are evidences in the departure for a hypercaution towards a willingness to take risks in business. In conclusion, Schuler (1986) states that successful Corporate Entrepreneurship involves two importan factors, organisational structure and human resources. Human resources foster and facilitate innovation and entrepreneurship and to sustain this requires flexible organisational structures and policies. This has been continuously improved and optimally enabled in the evolution of the structure through functional, organisational and finally the corporate structure at Continental AG. 3.2 Evaluating the effectiveness of Dr. Stephan Kessels leadership skills. Thompson and Martin (2005) explain that the qualities and skills of an effective leader are broadly classified in three categories, Drive, Judgement and Influence. Drive combines motivation, ambition and ability. Judgement includes decision making, opportunity spotting, problem framing and analytical skills. Influence encompasses the effect on peoples behaviours, networks and contacts. In addition to the above categories, De Vries (1996) discusses that leaders require architectural and charismatic skills to enable them be effective in their organisations. Dr. Kessel was appointed to head the then loss making Original Equipment unit of passenger tires in 1995, and responsible for the return to profitability of this unit. He was later to run the Commercial tire unit form 1997 and was appointed to the Executive Board. He was appointed Chairman of the Executive Board in June 1999 and relinquished his position in September 2001. (Continental Corporation, 2001) The meteoric career, but short stint at the helm of the organisation as viewed through the lens of the above considerations may be evaluated as a mixed bag of success and disappointments. Assessing the Drive of Dr. Kessel, it is found that his ambition and ability are reasonably successful with his leading the Original Equipment passenger tire division to profitability and his subsequent success at the Commercial tire division, coupled with his tenure on the Executive Board. Murphy (2001) also opines that his acquisition plans may be termed as too ambitious, thus being a damper on his leadership. In evaluating his Judgment skills, Dr. Kessels decision making and opportunity skills are an accomplishment in the earlier tenure of his leadership. His commitment to continue on the path of Innovation set by his predecessor Dr. von Grunberg and cultivating Entrepreneurship in the management of Continental AG are visible landmarks. However, his subsequent decision (not covered in the case study) to sell off the Conti Tech division, which was unsuccessful and contributed his departure from Continental may be viewed as a let-down. (Murphy, 2001) Dr. Kessels departure as announced on the Continental Website on 11th September 2009 was explained as: Meeting today, the Supervisory Board of Continental AG, Hanover, appointed Manfred Wennemer (53) Chairman of the Executive Board. Wennemer replaces Dr. Stephan Kessel (47), who immediately relinquishes his seat on the Executive Board over differences concerning the strategic orientation of the corporation. Kessel is departing from the company on very amicable terms. (Continental Corporation, 2001) The specific mention of differences in strategic orientation, while partly reflecting on the Judgement criteria, can be viewed as failure to Influence the Supervisory and Boards to align themselves with his strategic direction. This was an irreconcilable difference and leaves the Influence portion of Dr. Kessels leadership largely wanting. A Tire Industry publication (Tyre Industry Publications Ltd, 2001)also elaborates the growing differences of opinion between Dr. Kessel and his predecessor, Dr. von Grunberg, who at that point in time was Chairman of the Supervisory Board (which is mandated to appoint and replace Executive Board Members). This may also be measured as a shortfall in the Influencing ability of Dr. Kessel. In conclusion, using De Vries (1196) criterion it may be summarised that Dr. Kessel was considerably successful in his Architectural role in designing and running profitable units and the Organisation as a whole, his Charismatic role and ability fell short of what was required at Continental AG in 2001.

Using Facebook to Create Identity

Using Facebook to Create Identity Facebook biography Introduction A Facebook biography is a form of identity mask. People can hide their defects what they do while others and deceive others about their real identity true self. Traditionally, people make friends with others who are around them. Nowadays, people send friend requests to random people on Facebook or get connected use available through other networks to increase their number of friends. Others might make befriend friends with those people they interact with online. Many friend requests are sent after making contacts in other areas of the Web online websites. However, most people rarely interact with the majority of their Facebook friends, thereby creating a dormant archive of relationships. Despite this, most people want to portray certain traits through their bios. The Facebook bios of celebrities and professionals are frequently searched. In his article Reflections in the Facebook Mirror, Aimee Lee Ball argues that Facebook users hide their identity through well-crafted bios. Using Facebook to hide Identity The need to hide information about oneself is motivated by the increased possibilities of revealing oneself to large groups of people. People hide their identities so they can be liked more. Facebook increases opportunities for communication and influences how like other types of communicative such as the phone and email are used. It is difficult to describe oneself in a few words as required in Facebook; this is the reason professionals some people with a long list of credentials find it stressful difficult to describe themselves. Many people want their biographies to be simple but to reflect their skills and abilities as much as possible approachability. They want to look accomplished, but not boastful. There are professionals who expose a lot of information in order to ensure themselves open and sincere. Most of them have taken professions that are characterized by too much fraud and insincerity. Moreover, people do not want to limit their access by being on the other side of the political or religious division. They will go to great extent to hide their religious and political affiliation. Sometimes, they will make complex depiction of themselves. Regarding religion, Facebook users will make descriptions that make them look normal and acceptable. People rarely state that they are atheist. Others, who present themselves as atheists, have something else to compensate this weak point. Some Facebook users do not like the idea of filling in their bio-data especially because they will be required to get out of their comfort zones. Consequently, they will give haphazard descriptions in the ‘religion’ and ‘politics’ sections. Disgruntlement towards Facebook bios may stem from a desire to keep some aspects private, and the need to escape bias (Boyd Ellison, 2007). Most descriptions are radical and are a sign of protest to the inclusion of these fields in the identity information. In the religion section, a description such as â€Å"I have given up on God and now just worship Oprah† may be protesting at the self-promoting attitudes that people have as they post their information. Facebook bios are a sign of self-adulation and self-satisfaction. Most people do not change their bios after changing their habits, due to things such as relocation. Others may not be experts at stating that what hobbies they actually have. But their association with a hobby reveals innermost desire to become or to achieve. Some professionals reveal more than aspirations; they go to great lengths to show that they did something unique such as attending Yale University or working for Bain Company. They feverishly flood their profiles with events, achievements and projects. Still, some Facebook users prepare their bio in a self-exploration manner. For instance, they may want to test their marketing and branding skills. Self-exploration can be taken in the form of fun. Individuals will play with words in order to appear as jovial and open-minded. Identity formation through a Facebook profile is arguably a rational process of self-deception. Some professionals hire individuals to manage their profiles and increase obscurity through writing and vocabulary (Zà ºÃƒ ±iga, Jung Venezuela, 2012). However, most of the Facebook users use well-crafted words to show that they are interesting and creative. Others may give detailed descriptions in an a ttempt to show non-allegiance to common beliefs and associations. These people tend to deceive themselves. For example, a friend of mine is obsessed with the idea of achieving fame through the use of social media platforms such as Facebook and Instagram. She uses Photoshop on all of photo to make her look prettier and those photos made her over ten thousand â€Å"friends† and â€Å"followers†. But friending people online is not a substitute for real friendship in real life. She doesn’t have many friends in school and the friends she got left her behind because her self-importance of being famous on the social media platforms. But eventually their mask will pull off at a certain point and people will find out who they really are. Depending on individuals, preparing a Facebook bio can be a threat as well as an opportunity. It needs to be brief and may consume hours to make it short and satisfactory. Those who succeed in writing a good bio tend to think of the proc ess as a copywriting exercise. Individuals who see opportunities in writing a bio tend to think of it as an introduction of them on the social network. They think that the bio is the merit for an audience to evaluate them and to decide whether they are worth their time. It is a rare chance for them to make a big impression. Many Facebook bios intend to show what a person does, rather than what a person is. Therefore, such bios comprise on actions and thus have resume-like descriptions of individuals. For instance, a classmate of mine who always posts photo of his designer clothes, luxuries and expensive food on Facebook or Instagram to make other people on the social media platform to think he is wealthy to gratify his vanity. But in real life, he always borrows money from other people and something he does not pay them back. The approach has also been incorporated in the portrayal of character. Rather than stating that, individuals have certain traits such as creativity or sociability, the bio references specific projects or activities that demonstrate those traits. There are people/professionals who help their friends or clients to prepare an appealing Facebook bio (Boyd Ellison, 2007). They tend to have three main ingredients: wit, focus, and evidence of polish. Wit means there’s a governing intellect behind the style while polish means there’s an element of authenticity. The things such people keep in secret, are like they do not define themselves as much as they are exposed to the public (Boyd Crawford, 2012). Firstly, people succeed in deceiving others through their attractive bios that do not reflect their true identities. Secondly, no one is willing to expose the questionable individuals who hide their real identities to deceive and are engaged in crime and misdemeanor. In particular, stalkers are rarely exposed. Facebook users tend to block the friends and strangers with questionable character or background to restrain their access to their profiles. However, they do not do enough to help others for escaping the stalkers, rapists and cons. In addition, many questionable individuals have tailored some keywords to attract the audience. Keywords are used by many Facebook users to specify that what individuals they are. As most social media bios are searchable to some extent, individuals tend to state specific positions or qualities so that they can be found easily. Many Facebook users cannot be measured on the basis of their self-evaluation. Most of the people cannot adequately state their level of competence in their respective positions. It is critical to evaluate them on a person-to-person basis or through their friends and former clients. Professionals also introduce new styles to personal descriptions so that they can appear creative and adventurous to explore. They want to raise their value proposition. Followers cannot determine the value a professional has unless they try his services. However, many professionals do not reveal cases or challenges that threaten, or may have threatened, to keep them out of business. They will not expose such hobbies that are uniquely theirs. Measuring someone through his own impression in person is achievable. A face-to-face meeting can reveal whether the person is familiar with their profession o r not. The discussion of their hobbies and interests can be involved in the meeting. Facebook users who have stated their real interests in their profiles will also give much detail about it. Frequent dealings with a person can reveal whether he has a fully rounded personality or if merely deceives people through their profiles (Boyd Crawford, 2012). For example, people who appear disorganized in their Facebook bio or profile are likely to be disorganized in real life. The intention of determining the real identity of a professional is to verify his identity and level of professionalism. If individuals are found, for example, to have different hobbies, their competence can be put in questioned. Facebook profiles should be changed if progress warrants it. While some people are evaluated by others in their timeline, taking care of some supporters may have their own personal interests. Conclusion A Facebook biography is a form of identity mask that people can wear to deceive others about their real identity. Facebook bios are a sign of self-adulation and self-satisfaction. Identity formation through a Facebook profile is arguably a rational process of self-deception. Most of the Facebook users cannot be measured on the basis of their self-evaluation as they have perfection in the art of deceiving others. Measuring someone through their own impression in person is achievable. In future, Facebook users may describe themselves in more complex terms than today; this may grow out because of the need unique and distinct appearance from others in an increasingly populous planet. References Boyd, D. and K. Crawford. (2012) Critical Questions for Big Data: Provocations for a cultural, technological, and scholarly phenomenon. Information, Communication and Society: 662-679. Boyd, D. M. and N. Ellison. (2007)Social Network Sites: Definition, History, and Scholarship . Journal of Computer-Mediated Communication: 210-230. Zà ºÃƒ ±iga, H. G., N. Jung and S. Venezuela. (2012)Social Media Use for News and Individuals Social Capital, Civic Engagement and Political Participation. Journal of Computer-Mediated Communication: 319-336.

Essay --

Chapter 3: Method and Methodology 3.1 Methodology This chapter will provide knowledge and understanding of the research process that was carried out, before revealing the results. Methodology is the foundation on which a researcher bases their work. This process is fundamental to the research project as a whole as illustrated in Ryan et al (2002): ‘the process of research is as important as the output’ (p.2). The manner in which research is conducted involves particular techniques. Tomkins and Groves (1983) highlight that the ‘selection of the most appropriate research methodology is dependent on the nature of the phenomenon being researched’ (Ryan et al, 2002, p.35). Methodology is essentially the process through which this research is conducted and consists of two dimensions: ontology and epistemology (Hopper and Powell, 1985, p.431). Burrell and Morgan’s (1979) Classification Matrix for the Analysis of Social Theory is constructed by two separate dimensions that are based upon assumptions of the nature of society and of social science. Within this framework, there are four paradigms; ontology, epistemology, human nature and methodology. For the purpose of this research project, the two paradigms which are of concern are ontology and epistemology. Ontology is concerned with the ‘nature of reality’ (Hopper and Powell, 1985 p.431) and epistemology the ‘nature of knowledge’ (ibid). Together these two elements define methodology. 3.1.1 Ontology Ontology, as described by Hopper and Powell (1985) is concerned with the ‘nature of ‘reality’’ (p.431). This indicates that ontology is ‘the study of existence and in this context is concerned with what we discern to be ‘real’’ (Ryan et al, 2002, p.13). There are two contrasting beliefs on t... ...uestionnaires were distributed to forty participants in total, 20 honours accounting students and twenty people from a range of occupations and professions. Upon analysis of the data, the researcher noted that there were more female respondents in comparison to their male counterparts. There were twenty-four women to sixteen men giving a ratio of 3:2. Most respondents were aged between 18 and 29 although this was to be expected as most students are within this age range. However the range of ages in the other respondent group, were much more varied, ranging from 18 to over 60. The response rate was 100% for the accounting students as the researcher handed them out in person and not via email or electronic survey. This ensured a quicker response time and a higher response rate. The response rate from the other 20 participants was significantly lower, at 63% (20/32).

pollock Essay -- essays research papers

For centuries artist along with society have placed an emphasis on meaning in a piece of art. Art has always consisted of subject matters, motifs and other pre-concieved ideas or thoughts about what one should use as their focal point in a work of art. The very definition of art though, is an appealing or attractive object created through any of the fine arts. Nowhere does it say that a work of art must have a concentration point. Not until the advent of abstract expressionism was the idea of â€Å"painting from the unconscious,†1 brought into the art scene.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  This movement typically saw artist rapidly slinging, slapping and dripping paint onto large canvases with no emphasis on subject matters but rather spontaneity. Jackson Pollock who has been deemed the greatest american painter was one of the pioneers of this artistic movement. Pollock, the first painter to pour paint on the canvas with brushes instead of using brush strokes to apply it, circled his canvases which were placed across the floor, controlling the flow of the paint in a very rythmic matter.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The project which I have created was based upon the stylistic nature of Jackson Pollock's work. The freedom of this form of abstract...

Jollibee Foods Corporation Essay

What were the strategy and competitive advantages of Jollibee in the Philippines? JFC observed that the fast food market in Philippines had a high growth potential. They were the first movers in the market and therefore able to build up brand recognition. JFC’s success could be attributed to its differentiation strategy that created and sustained a competitive advantage especially against McDonalds. The McDonalds was a global giant strictly following the philosophy of standardization especially with its hamburger line. JFC realized that it could attract customers with superior tasting products for more affordable prices due to their tight control over operations management. JFC was also aware that the founders of Jollibee (Tan family) had a family tradition (a capability) of making delicious food tailored for the needs (local tastes) of Filipino customer. In conclusion, JFC offered a more tailored menu with a sweeter hamburger, an innovative chicken product, a kid-oriented chicken plate in line with the preferences of consumers whereas McDonalds did little or nothing to modify its products due to mainly its US based decision process. This might be, because the global operating competitor McDonalds would jeopardize its brand image and values, if they would adapt local needs – the contrary applies for JFC. The flatter organizational structure allowed JFC to respond to market changes more quickly. In addition being closer to the market as well as better connected (Many franchisees were friends of Tan family) helped JFC to establish themselves better. JFC’s managers knew that offering tasty hamburgers were not sufficient. They took the initiative to replicate and improve the McDonalds operating structure so that Jollibee became more competitive at store level. Lessons learned from the competitor at the early stages of the small food chain enabled it to reduce production time and ensure consistency and cleanliness of its products. The combination of being the first in the market, service with innovative products and opening new and efficient store at good locations allowed  Jollibee to expand the growing fast food market to new consumers. In addition, Jollibee’s organizational culture and philosophy summarized by ‘Five Fs’ (Friendliness, flavorful food, fun atmosphere, flexibility in catering customer needs and focus on families) sustained the competitive advantage against competitors by enhancing the customer experience and optimizing processes to keep costs low and quality high.

Macbeth Assessment Essay

Macbeth written in 1606 has proven to be one of Shakespeare’s most successful and popular plays. It wasn’t just the plays that were popular William Shakespeare born 1564 is the most famous play writer in the world. He was born in Stratford upon Avon. He wrote 34 plays, Macbeth being just one of them. There are many reasons why Macbeth has proven to be so popular. It is the third shortest play written by Shakespeare, it is fast moving including death, murder, deception, and betrayal. The play follows the story of a man who was desperate for power and turns to murder to get his own way. It has conserved its title as an exceptional play as it appeals to audiences both today and in Shakespeare’s time, by including factors that appeal to everyone. In Shakespeare’s time people would be intrigued by the supernatural, as they were xenophobic, they took a dislike towards the witches. They didn’t understand them even today when we know a little more about the supernatural it is still a topic people would like to know more about. The play makes you want more. You want to find out if he was a good king or if he would really murder his best friend. It is an unpredictable play you don’t know what is going to happen. Theatre going was very popular in the 1600’s because not only was it for the rich the poor could enjoy the entertainment as well. Many people enjoyed the magic of the theatre, that’s what made it such a success. The globe built in 1599 was one of the first theatres in London, it could seat over 3,000 people but sadly tragedy struck in 1613 when the great fire of London burnt down the theatre along with many other famous landmarks. It was a great loss in everyone’s eye, so a year later the globe was replaced. It cost à ¯Ã‚ ¿Ã‚ ½1,400 to rebuild. It didn’t take long before the theatre had paid for it’s self as it was so popular. The poor people would sit in the ‘pit’ they would only have to pay 1p but if it rained they would get wet, as there was no shelter. The rich people could sit around the sides where they would be able to see everything as the seats were tiered along the sides they were sheltered from the cold. They would have had to pay around 10p for their seat. As a variety of people attended the play would have to cater for a range of people. Not a play for the rich or poor. If the king didn’t approve of they play he could stop the performances. Shakespeare’s plays were clever they contained blood guts and gore. The monarchy and the political situation at the time had much to do with why the play had proven to be so popular. King James the first was new to the throne, as Elizabeth had died. Elizabeth was a popular queen where as James the first had shown to be very disliked. They worried what king James would be like on the throne they were right to be worried King James was evil he burnt and tortured Catholics. The declining catholic population soon grew to hate him and in 1605 a plot was taken against him in hope he would die. Guy Folkes attempted to blow the house of parliament up in ‘The gun powder plot’ fortunately for the king he was unsuccessful. He was later executed. A year later when Shakespeare was writing Macbeth he had to be very careful on what he included. If James the first did not like the play and took offence to it then he could have Shakespeare killed. Shakespeare’s presented the play in good light. He displayed Duncan the king as a good king whom people loved, James would have liked this as he thought it portrayed himself but really Shakespeare was showing James t o be Macbeth. The play showed a warning if a man killed the king he would suffer a fate as bad. The main theme of the play shows a man who is led to despair by his controlling wife. He starts as a loyal soldier serving his king to the very best. Due to his service he was made Thane of Cowdor, but that was not enough for him and his power mad wife. They thought of an evil plot to kill the beloved Duncan. They arranged to kill him in his bed and make it look as if his own guards have killed him. They succeeded in their plot for greatness. Macbeth is crowned king. Duncan’s sons who would have been next to the thrown, but they fled as they thought they were suspects for the murder. Macbeth now had the taste for murder. He killed his best friend Banquo. Later he tried to kill Macduff a fellow soldier but was unsuccessful as Mac duff got away. Macbeth was mad by this and instead of trying to kill Macduff he killed his wife and children. How could a man be so cruel as he may have suffered the pain of a child being taken from his life. Macduff was on his way to England to fetch an army thousands big. Lady Macbeth went mad with guilt and killed herself. Once Macbeth heard news of the triumph against him he started to worry. He got ready for a fight he placed on his amour ready. When Macduff arrived they fought their way into Macbeth’s castle in Dunsinane. Macbeth fought till the very end until it became too much he suffered a soldier’s death. The supernatural had a large role in the play Macbeth. Macbeth included the supernatural, as the audience then were scared and shocked by it. They were scared of witches as they thought of them as bad. So when the play Macbeth was written Shakespeare included witches in the very start. This would have shocked the audience making them interested in the play from the very start. They would want to know what happened to them. Audiences now would be curious to see the supernatural and how the witches act. The witches cropped up several times in the play to keep the audience watching. The witches open the play ‘when shall we three meet again, in thunder, lightning or in the rain? When the hurly burly’s done, when the battles lost and won, that will be the set of the sun where the place upon the heath’ Macbeth is a very fast moving play, which included a lot of action. The play is short, it is so fast moving to keep the audiences attention. I think the action and length were quite important to an audience. If the play were long and lacked action the play would be unpopular and found boring. Plays had to appeal to everyone it would be important to keep them interested and as there would be peasants viewing they would have to cater for them. The plots would have to be quite straightforward so the peasants could understand. The main events in the play link with each other. The witches have an important role in the play on the heath in act 1 scene one and again in act 1 scene 3. They tell Macbeth and Banquo their future. The next important scene is Act 1 scene 5 when Duncan comes to stay with Macbeth to celebrate Macbeth becoming the Thane of Cowdor but sadly Duncan is brutally murdered in his own bed. Macbeth is forced to do the deed by his crazed wife. Then Macbeth is crowned king. The next important scene is when Macbeth gets Banquo killed and Banquo’s ghost comes to haunt him. Lady Macbeth tries to make excuses to cover his moments of madness. She tells the people not to leave, as this will offend him. ‘Dray you keep seat. The fit is momentary upon a thought. He will again be well. If much you note him you shall offend him and extend his passion feeds and regard him not. The witches then appear again in act 4 scene 1. This time the witches didn’t find Macbeth, Macbeth went to find the witches. He wanted to know more. So the witches tell Macbeth in words, which have a double meaning. This makes Macbeth thinks he is going to rule as kin g for a long time. Macbeth next tries to kill Macduff but is too late Macduff is already on his way to England to fetch an army to kill Macbeth. Then Malcolm can return as the rightful king. In rage Macbeth kills Macduff’s wife and children. Meanwhile his own wife is going mad with guilt. She thinks she has a spot of Duncan’s blood on he hand, which she can’t wash off. This time lady Macbeth has turned out to be the one with feelings instead of being callas. She had always called Macbeth a coward for showing signs of feeling ‘Are you a man?’ he often tries to prove himself. ‘What man dare, I dare’ Lady Macbeth becomes so deranged she kills herself. Then we meet the biggest scene, act 5 scene 3 at Dunsinane castle. Malcolm’s army fight there way into Macbeth’s castle to return the rightful king to the thrown. Many play writers would have included guts and gore to surprise the audience. If all plays were written about love and everything was perfect plays would become boring. Showing guts and gore with lots of action would keep the audiences interested. The technology back then wasn’t that good not compared with today, but audiences back then would be impressed by Shakespeare’s use of trap doors and fake blood. The trap doors would be used for the witches and Banquo’s ghost to appear and disappear. This would reflect the power of the witches . They may have lowered Banquo’s ghost down on a rope to make it look as if it was floating. Many of these effects are still used today while doing performances of the play. The goriest bits in the play would be the murder scenes. Especially the scene with Duncan they would have used a lot of fake blood. Macbeth’s character changes quite significantly during the play he starts off as a loyal soldier dedicated to his king. He changes after his first meeting with the witches, once he knew his destiny he would do anything to get it as soon as he could. The witches told him he would be thane of Cowdor, and then he would be crowned king. His power mad wife often challenged his position. ‘Why do you make such faces’ Macbeth showed feeling he didn’t want to kill Duncan but callas Lady Macbeth drove him to it ‘That I may pour my spirits in thine ear and chastise with the valour of my tongue’ this shows the power she had over him. Macbeth is good not evil ‘yet I do fear thy nature, it is too full o’th’milk of human kindness’ Where as Macbeth is a gentle person. Lady Macbeth calls upon the spirits to make her evil enough to commit murder. ‘Come you spirits that tend on mortal thoughts, unsex me here and fill me from the crown to toe top full of direst cruelty make thick my blood. The planning of Duncan’s murder was quite disturbing Lady Macbeth proves her callas feelings. The death is like a challenge. ‘Art thou afeared to be the same in thine own act and valour as thou art in desire?’ She accuses him of breaking promises, that he isn’t strong enough to accept the challenges ‘wouldst thou have that which thou esteem’st the ornament of life, And you’re a coward in thine own esteem’ Macbeth braves himself as a man and accepts the challenge ‘I dare do all that may become a man, who dares do more is none’ Lady Macbeth shows some feeling like the feeling she may once have had for her child ‘I have given suck and know how tender tis to love the babe that milks me. I would, while it was smiling in my face, have plucked my nipple from his boneless gums and dashed the brains out, had I so sworn to you have done to this’ Her feelings soon turn evil as she says to Macbeth she would rather kill her child than break her promise. There was also many reasons why Macbeth shouldn’t kill Duncan ‘He’s here in double trust first I am his kings man and his subject, strong both against the deed then, as his host. Who should against his murder shut the door, not bear the knife myself†¦Ã¢â‚¬â„¢this Duncan been so clear in his great office’ Macbeth was related to king, he was Duncan’s host. Duncan was a good king if Macbeth went ahead with the murder he could loose everything. It was worse to kill a king than anyone else. It was a huge sin against god. God chose who was to be king. Lady Macbeth made most of the plans for the murder, she controlled Macbeth. She told him when and how to commit Duncan’s murder. Macbeth said the dagger showed the way to Duncan’s room. The night for Duncan’s death was perfect. Crows searched the courtyard a sign of death. An owl shrieked anther sign that evil was in the air. When Duncan had retired to his room and the guards had fell asleep Macbeth brutality stabbed Duncan in the chest with a dagger. Macbeth returned out of Duncan’s room with the evidence in his hand. He refused to re-enter the room so lady Macbeth took them back in the room and put the blood of Duncan on the guards face to make it look like they had killed Duncan. Macbeth didn’t prove to be a very good or popular king. Many people didn’t respect him. He lost many of his friends especially his supposed best friend Banquo whom he had killed as he suspected Macbeth had killed Duncan. Later at one of Macbeth banquets, he started to talk to a ghost that wasn’t even there. Lady Macbeth tried to cover it up. The second meeting with the witches as deliberate they told Macbeth words with double meanings. They told Macbeth he would be king until the wood moved. Macbeth thought he was safe, as wood couldn’t move. The witches tricked Macbeth so the audience would see the witches as evil. Macbeth wasn’t much better himself the most loyal thing he did while wearing the crown was suffer a soldiers death. He died a lonely man his wife had gone crazy and killed herself she jumped of the castles balcony. The audience views Macbeth would change at different points in the play. They would see him as a loyal soldier but then he turned evil but he still had some feelings he didn’t want to kill Duncan he was bullied by his wife. After the dirty deal was done he never returned from the evils scheming. In conclusion I think Macbeth is a very good play. It is a fast moving play. Which includes love, deception, and murder. Aspects that would appeal to all audiences. The audience would be relieved that justice was done. By including these features I feel that Macbeth has proved the test of time as one of the best plays of all time. Many theatres today still make reproductions of the play. I think Shakespeare truly has lived up to his title as a great play writer.

Nike Wacc Case Study

Financial Management Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 2 Case Overview Nike, Inc. NorthPoint Group Investment Decision Current share price of USD 42. 09 ? Declining market share for the period 1997-2000 ? Strategy for revitalizing the company under consideration ? Plan to boost revenue and optimize costs ? Highly experienced management team ? Mutual fund management firm ? Emphasis on large-cap value stocks ? Has been outperforming the market for the past 18 months ? Kimi Ford – portfolio manager seeking to identify undervalued stocks, consistent with the fund’s investment strategy ? Stock valuation based on forecasting future cash flows over a ten year period ? Discounting the UFCFF using a predetermined WACC value ? Calculating the discount factor based on the CAPM approach ? Considering sensitivity analysis 3 Understanding the WACC ? The Weighted Average Cost of Capital is the interest rate (minimal return) at which investor-supplied capital (equity and interest bearing loans) has been provided. Therefore, it is the weighted average minimum expectation, which shareholders and creditors require for their respective investments made with the company under consideration. The WACC reflects both, the cost of equity and the cost of debt. Different sources of funds have different costs and therefore, depending on the capital structure of the organization, the weightings of debt and equity are calculated and assigned. ? The WACC is calculated using the following equation: WACC = [E/(D+E)] x Ke + [D/(D+E)] x Kd (1-t) ? The minimum required return on shareholders’ investment. ? CAPM method has been widely used in calculating the cost of equi ty. ? Ke = Rf + b. (Rm – Rf) ? Risk level and volatility are calculated based on historical data. Cost of Equity Cost of Debt ? The interest rate at which a company can acquire new debt. ? Any fixed rates on outstanding debt are not relevant, since the investors are concerned with what it will cost the company to generate cash from any future investments, which would occur at market rates rather than historical ones. ? After tax cost of debt = (1-t)Kd, since interest is tax deductible. 4 Critique of Joanna’s Calculations Calculating Ke Since Joanna’s FCF forecast reflects a ten year period, it could be argued that, for the sake of consistency, the yield of a risk free ten year security should be used instead. ? An arithmetic mean estimation of the risk premium is generally accepted as an appropriate approach by the investment community. * ? Since Nike is a multinational company, its revenue stream bears additional risk based on the specific allocations to various countries. This should reflect additi onal risk premium such as exchange rate risk, political risk etc. Such calculation goes beyond the scope of this case but it should not be ignored. Beta has been calculated as a historic average but the included value YTD 06/30/01 should be excluded not only since it is not consistent in terms of period length, but the apparels business is seasonal with great portion of the revenues coming during the months of Dec. and Nov. Historic betas prior to 1996 should not be excluded. Calculating Kd ? Cost of debt is not properly calculated since potential shareholders and creditors are not concerned with interest on outstanding debt, but rather the current market rate at which the company could borrow to finance its operations and potential expansion. The technique used by Joanna is useful only to get some rough insight on what Nike is paying on its existing debt. ? Joanna has undertaken an appropriate approach in calculating the after tax cost of debt, since debt is tax deductible. ? Joann a is right to consider debt denominated in foreign currency, however her approach is flawed since she is once again looking at outstanding debt, which arrangements that occurred some time in the past might significantly differ from the current market reality. ? Since existing Nike bonds are trading at discount, we already know that the market yield exceeds the coupon rate. 5 Strong arguments exist for using the geometric mean under certain circumstances. This point will be further elaborated Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regardin g an investment in Nike? Calculating Cost of Equity ? Rf = 5. 39% based on the current 10 year yield for the sake of consistency with the forecasted 10 year FCFF. ? Calculating risk premium based on arithmetic average vs geometric mean: ? Arithmetic average assumes no serial correlation and thus could be overstating the premium. ? Arithmetic average ignores estimation error and available data is limited. ? Arithmetic average works best for forecasting short term periods where long term periods seem to be better captured by the geometric mean. Cost of Equity Yield on 10-year Treasuries Risk premium – developed market (geo. Risk premium – developed market (arit. ) 5. 39% 5. 90% 7. 50% Average risk premium Risk premium – country specific Levered ? Unlevered Cost of Equity 6. 70% 0. 00% 0. 82 0. 77 10. 91% ? Both methods are acceptable and even though the arithmetic mean is widely accepted as the proper method, we are using an average of both since we are dealing wi th a long term period and the geometric mean could be potentially more representative. ? No additional country risk premium is assumed due to lack of data. ? Unlevered beta has been calculated in order to reflect only the amount of business risk. For any future beta projections it will be more appropriate to calculate relevered beta based on the targeted capital structure. Beta 1996 1997 1998 0. 98 0. 84 0. 84 1999 2000 Average 0. 63 0. 83 0. 82 7 Sources: Ibbotson Associates, Aswath Damodaran Calculating Cost of Debt ? To calculate the appropriate yield to maturity we need to take into account that the settlement date (05/07/2011) falls between coupon payments, meaning that the first period will be shorter than the remaining 40 (20 years of semiannual payments). ? We calculate a transaction price (dirty price) of USD 98. 9 using a YTM of approximately 7. 17%. After adjusting for the accrued interest we get the quoted price of USD 95. 60. ? We are not considering the effective YTM for the cost of debt since it is not clear whether the returns could be reinvested at the same rate due to the following reasons (list not exhaustive): ? The yield curve is usually not horizontal. ? The shape of the curve is dynamic and changes over time. ? Some premium should be considered on debt issued in foreign currency, but this goes beyond the scope of this assignment and no debt breakdown has been provided for that matter. Cost of Debt Coupon Years to maturity Periods within one year Total periods Face value of c-bond Market price of c-bond YTM* Effective YTM 6. 75% 20. 03 2 40. 05 100. 00 95. 60 7. 17% 7. 30% Yield to Maturity Days from last coupon date Days to next coupon date Days between coupon dates Transaction price Accrued interest adjustment Quoted price Yield to maturity 171 10 181 98. 79 3. 19 95. 60 7. 17% 8 * Calculations have been made based on a 360 day year Calculating WACC 10. 26% WACC †¢ Calculations of the weightings †¢ We use book value of debt since not Weightings Ke / Kd onsider the market value of equity based on the current price per share and the diluted shares outstanding. 89. 87%* 10. 13%** all interest bearing debt is in the form of bonds maturing on 07/15/21 with a current YTD of 7. 17%. However, since the company has low leverage and is not under financial distress, there should not be a significant difference between the current market and book value of the outst anding debt. Cost of Equity After Tax Cost of Debt 10. 91% †¢ Calculations are based on revised 4. 44% †¢ Before tax cost of debt has been assumptions previously described. †¢ Cost of equity is not to be adjusted reviously calculated at 7. 17%. †¢ After applying tax rate of 38% the for taxes. after tax cost of debt amounts to 4. 44%. 9 * Market capitalization as of 05/07/2001 is USD 11. 5 bn. ** Total interest bearing debt (current + non-current) as of 31/05/2001 is USD 11. 3 bn. Figures as of 05/07/2001 are not provided for a better estimate. Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 10 Other Methods for Calculating Cost of Equity ? Po = Do(1+g)/(r-g) ? Could be used for mature companies, which pay dividends on a constant basis, and it is reasonable to expect that they will also do so in the foreseeable future. ? The DDM model is overly sensitive over the value of assumed growth (g), however it is a very simple and straight forward method of calculating the fair value of a mature company. Since Nike is expected to undergo cost optimization over the next years, as well as shift in sales strategy, we should consider a high growth period of the expected dividends, after which constant growth could be assumed. ? For the purpose of this case, however, we are given than dividends increase by 5. 50% on an annual basis, even though Joanne predicts a CAGR of NOPAT for the period 2002-2011 equal to approximately 10. 4%. Dividend Discount Model Earnings Cap. Ratio ? Po = EPSo(1+g)(1-b)/(r-g), where b is the retention ratio. ? EPS is an accounting figure. The ratio depends on dividend policy. ? Useful and simple approach for mature firms with easily predictable future EPS and constant growth rate and retention ratio. ? For simplicity, we are assuming g = 5. 50%, just like in the DDM method. 11 DDM and Earnings Capitalization Ratio Calculations ? D1 has been calculated as of 30/06/2002, assuming 5. 5% increase in annual dividends paid in both 2001 and 2002. Do captures the period 30/06/2000-30/06/2001. ? Based on the DDM and Earnings Capitalization Ratio, we obtain a cost of equity of approximately 6. 7%-6. 8%. Both estimates seem unreasonably low. ? This is significantly lower than the calculated cost of equity using the CAPM model. Due to the flaws of both the DDM and Earnings Capitalization Ratio methods described above, we should hold the CAPM approach as most reliable in calculating the cost of equity. ? The calculation of the cost of equity using both the DDM and and Earnings Capitalization Ratio methods has been based on assumed constant growth in perpetuity, which will most likely not be the case, especially considering Nike’s new sales strategy and cost optimization over the next few years. Therefore, we are more likely going to observe a higher growth period followed by a stable growth period. Dividend Discount Model g Po 5. 50% 42. 09 Do D1 r 0. 48 0. 53 6. 77% Earnings Cap. Ratio g Po b (retention ratio) EPSo EPS1 r 5. 50% 42. 09 77. 75% 2. 16 2. 28 6. 70% 12 Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 13 Investment Decision Based on the calculated WACC value, using the CAPM approach, and the predicted UFCFF for the period 2002-2011, Nike’s stock appears undervalued Since the purpose of the assignment was to calculate the WACC value only, we have taken all predicted UFCFF levels as given, even though certain adjustments could be appropriate to better reflect the expected boost in sales resulting from the new sales strategy, and the expected cost optimizations. Based on the predicted NPV of UFCFF, we are given that the current price of USD 42. 09 suggests a 11. 17% discount rate. Since our calculations reveal that the actual discount rate ought to be 10. 26%, Nike’s share price is trading under its intrinsic value. Therefore, Kimi Ford should recommend a buy on the stock. 14

French and English

Many philosophers with their struggle in understanding the behavior of human beings developed different means in which ethics can be approached and this leads to various conclusions. According to Palatal (2006), ethics is involve with the systematizing, defending and recommending concepts of right and wrong behavior. Thus, it could be said to be the principles, norm, values which indicates what is fair or unfair, true or false. This could be argued that the right is seen to be ethical and the wrong is seen as unethical.Hence, when it comes to being ethical doing the right thing is the best action that serves the idea of honesty, integrity, morality and good management practices (Palatal, 2006) The nature of ethics can be liken to deal with individual induct which is voluntarily carried out and not because of the circumstances in which one find themselves. Hence, there is total choice of freedom and freewill attached to any of their decision making. In any organization, ethical practi ces should be applicable to any organizational behaviors because there are rules which governs the activities of the organization which may be Judged.The moral standard of any organization can be applied to the organizational policies, behavior and institutions. Milton Friedman had believed that the â€Å"primary and the only responsibility is making profit† while abiding by the law. Others argued that any company with self-interest pursuing profit will automatically benefit the whole society. Edward freeman in his argument said shareholders should not only benefit from the business but the benefit should be extended to the employees, customers and suppliers, families and also the operations of this businesses.Ethical businesses offers the company a competitive advantage and also makes the consumers loyal to ethical brands no matter the situation. Building customers' loyalty is one of the source to a long-term business. Thus, the reputation for an organizations' ethical behav ior can help to create an image that is positive in the marketplace and can also serve as an advertisement for the company. On the other hand, bad reputation due to unethical act may hurts the company. The societies in which we live in has a big influence on moral, customs and values by passing on to next generations their culture through the process of acculturation.Hence, this leading to a distinctive set of morals surrounded by every social group: relativism. Although it is sometimes argued that moral varies. So many times, there are question as to whether the societal morals being absolute can be Judged or not: absolutism. In trying to analyses the context of ethical relativism, ethical absolutism and ethical pluralism. Moral absolutism sees its culture to be right and the best which cannot be challenged. In other words, there is no right nor good culture at which could be preserved.In this context following this morality could be dangerous and this could lead an organization or someone into radicalism. For example, Muslims in some part of the world who either killed or punished people who are not Muslims. Moral relativism says you believe in your culture and I believe in my culture. Here, there is no right or rang, because different has a different moral, in other words if a culture is seen as valid or invalid, this will totally depend on that time in which the culture had existed.For example, the biblical Jesus which is seen as the son of God by the Christians and also Mohammed which is also seen by Islam as God's messenger. There is absolutely nothing wrong in this, the main issue here is, respect should be given to all culture without trying to consider if or not harm will be done to someone or not. Another example is the tradition of circumcising women in most part of Africa or the Hinduism tradition which allows women to burn themselves after the death of their husband. In moral pluralism, it is believe that every culture should be given limited room to exist.For example people from different backgrounds no matter their ethnicity all over the world is permitted to live in Canada and also maintain their culture and languages peacefully, although Canada has its official language as French and English. Pluralism believes that we cannot be 100% right as human beings. The concept of pluralism respects and value other opinion which will lead to he enrichment of the society. However, as earlier stated, there is limits to pluralism. A harmful culture to a person is not allowed in pluralism.An example will be the circumcision of women and women burning themselves is not acceptable in Canada. A UTILITARIAN PERSPECTIVE: this concept was developed by Jeremy Beneath and John Stuart Mill. Its main goal is to provide the greatest number which is guided by the value, â€Å"utility'. ( Mullahs, 2010). Here, making decisions is purely on the basis of outcomes or consequences. Utility perspective take a look at action as right if it rings happin ess to the people involve. Although there are some issues involve with this view, utilitarian perspective is also concerned with the costs of a particular action.It thus, tries to make the evaluation of ethics precise by way of accumulating every ones happiness and thereby taking away their unhappiness. As seen in the case of Swiss Bank, the credit Issue had admitted guilt and plead guilty for their action, thus, this serves as a form of moral reasoning. Utilitarian perspectives believes that the moral right of any action course in any situation should generates infinite above harm to every person affected. The management of Swiss bank did not care if the profit the bank was making was as made under lies and deceit to the general public or not.Thus, utilitarian perspective does not consider that so long as it is beneficial to all the party involve. Using utilitarianism perspective in the case of credit Issue, Swiss Bank was acting in a way that will maximize the benefit of their cus tomers. A practice is good or bad if it leads to the best possible balance of good consequences over bad ones (Bà ©chamel and Bowie, 1997:22) cited in Camel Mullahs t al (2010). Many philosophers has argued about the utilitarian perspective as it involve the substantial reproduction of a better society is being maximized.The utilitarianism assumption centers on when difficult choice is being face, the right thing to do is trying to ensure that the possible best outcome is affected by bulk people so long as it is not resulting to being suffered by the minority. In the case study given, the entire organization takes blame for the act by resulting to pay fine given. In business world today, and the frequent operation of utility today, the odder neo-classical economists tend to refer to expected utility as the key mechanism that drives individual choice. Mullahs, 2010). Organizational choices should be that each of its decision should help in the minimization of the organizational util ity. Human resource managers view consumers as utility and the become self-centered. The case of credit Issue, their basic aim was to maximize their utility whether as citizens, consumers, shareholders or organization in competition in the marketplace. THE RIGHT PERSPECTIVE: this perspective hold that individual has certain basic entitlement. (Mullahs, 2010). This perspective has to do with the language of rights.They are right to freedom of association, free speech, and employees' rights and so on. The USA independence declaration emphasized that every man is given unalienable rights (Velasquez, 2014). According to Velasquez, (2014), moral right are Justified by moral standards in which most people acknowledge, but which are not necessarily codified in law. Thus this standards are being interpreted differently by different people. To some the idea to rely on right as a guide to ethical action could not be match. Right in other words can be negative, Hereford pacing more emphasize o n moral right rather than legal rights.In Cant's philosophy, morals together with notion rights gives a theoretical foundation in which human resources in other to evaluate and reformulate ethical practices. According to Karma and Seed (2012), what a person deserves or is entitle to can be evaluated using rules or law that is related to the principles of equality, fairness and retribution, and non-discrimination. It has been argued that, many do not have the fundamental freedom to exercise their right which means that there is need for some right to be limited. As in the case of Swiss bank, THE VIRTUE PERSPECTIVE: virtue perspective is also use in resolving issues in workplace.According to Karma and Seed (2012), virtue ethics is concern with the actor rather than the action. The word virtue could not be mention without linking to the Greek philosopher Aristotle. It is believe that every human being has potential virtue in them. This approach, ethically tried to over rid the criticis m of people knowing what to do but choose not to as in the case study. Human resource managers sometimes trying to use this framework may face difficult choice to make. In relation to the case study, the managers has the right to protect customer's asset and wealth, and also being loyal to is one of the bankers/ customers right.The virtue perspective, once its in the organization, it will enable the workers to compete favorably without thinking of unethical practices. THE CARE PERSPECTIVES: this approach is distinct from the moral philosophy of Kant together with others. This framework is used as an alternative approach to solve problems and it recognizes, response to the well-being of other's needs. In analyzing the Swiss case, there is equal treatment for all the customers. The customers and the employers were treated in the same way. There was no discrimination among the customer as the case did not mention.The Swiss bank, plead guilty and was charge with a fine and did not discl ose the information of the customers involve. This is like the example of the case of the one eye mother who gave her one eye to the son and the child grew up hating her because she has Just an eye. A NON-ESSENTIALIST PERSPECTIVE: there is need for ethical operations in workplaces. Although sometimes organization which operates under ethics can be associated with less profit and still ill like to stay in the competition whereas large organization has large profit which will enhance their reputations.Still there is needs for ethical behavior and also understanding the culture different is paramount in the society. Swiss bank helping their customer might be ethical in some part of the society an unethical in other part. As managers views for moral being different in the organization the find themselves so is their decision making policies different. Ethical practices should be more focus, once this is achieve, there will be positive returns. What goes around comes around (Brattiest , T. Lass lectures. CONCLUSION: Business ethics as earlier discuss are said to be issues which are said to be identifying problems or identifying situation or opportunity and looking for means actions which could be used in solving them. This is also seen as set values norms and responsibility in which members of the same organization recognizes and share same. This also relate to the way business owners conduct their business in order to make profit. A business is said to be ethical when it gives positive contribution to the society without causing any damage to its environment or in any case exploiting it Rockford.In the corporate business world, culture and tradition and strong value are being taken under condition. Corporate business organizations are part of the society, so there are certain expectations in which people are willing to see. There are corporate ethics trend in the world today, business which are socially liable respond quick to public demand in order to improve eff iciency. RECOMMENDATION: As an international human resource manager there is need for the organization to adopt ethical code of conduct which will help the organizational development.The ethical code of the organization will help the organization to obtain the organizational core values and meet it objectives. This will bring about transparency and a true and fair value. Thus giving the organization respect in the society. Leaders in organization should also understand the different in culture, language, trade union of the environment in which the business operate. There is need to improve motivation in order to achieve goals and objective of the organization.In international resource management, different culture sees and perceive thing fervently, so there is need for organization to always try to improve their brand and image in other to attract new and retain old customers. International managers has different views when it comes to moral principle, also hiring of good manager is advice. This principle should be inculcate into the workforce and strive ethically for increase and put more focus on the organizational corporate level strategies. The organization should be able to fish out bad eggs in workplaces, it is normally said a journey of hundred miles begins with a step.