Bahai Faith Essays - Religion, Culture, Monotheistic Religions

Baha'i Faith The Bah?'? Faith The Bah?'? Faith proclaims itself to be the youngest of the independent world religions. Its roots stem from Iran during the mid-nineteenth century. This new faith is primarily based on the founder, Bah?'u'll?h, meaning 'the Glory of God'. Bah?'?s (the believers) in many places around the world have been heavily persecuted for their beliefs and differences and have been branded by many as a cult, a reform movement and/or a sect of the Muslim religion. The Bah?'? Faith is unique in that it accepts the teachings of what they believe to be all the divine messengers, these are Abraham, Moses, Zoroaster, the Buddha, Jesus and Muhammad. The faith believes each messenger is equally authentic of the one living God. This is in line with what is called progressive revelation. What is meant by progressive revelation is that, Bah?'?s believe that this series of interventions by God in human history has been progressive, each revelation from God more complete than those which preceded it, and eac h preparing the way for the next. The teachings of these messengers are seen as a path for people's salvation. With each new messenger, more is revealed by God. Like a long journey or novel, the ones who were before prepared the way for the next, and with the next making it more complete. Like Muslims, Bah?'?s believe that God is One. God manifests his will to humanity through the series of messengers whom Bah?'?s call Manifestations of God. This purpose is to provide perfect guidance for both all encompassing spiritual growth and the unification of all societies. Bah?'?s believe that all of these religions are each one part of a divine plan. The Faith first appeared in Persia (which is now Iran), where Islam was the dominating religion. It grew out of Islam much like Christianity had bloomed out of Judaism. The new believers religious ideas were based on the Qur'?n, and believed that within the Qur'?n, that the prophecies of it were being fulfilled. Initially Islamic clergy saw the followers as Muslim Heretics. And from these Heretics, the first phase of the Faith was laid down; it was to become known as the B?b? Faith. The progenitors of the Faith were direct descendants of the Imams (Shiah chosen leaders). Tension grew between the Sunni and Shiah sects due to differences in belief of what leadership should prevail and rule after Muhammad's death. The first Sunni dynasty gained power twenty-nine years after Muhammad's death, and at once began putting the Imams to death, these descendents of Muhammad believed that it was them who should continue with Muhammad's teachings and assume the leadership of the people. With the persecution of the Imams, Shiah tradition says a young child, known as the twelfth Imam, was concealed to avoid execution. He was then to be known as the 'Hidden Imam'. For a period of sixty-nine years following his disappearance, the Hidden Imam was said to have communicated secretly with his followers through arbitrators, who took the title of b?bs (gate). With the passing of the b?bs, the title was passed on to a newly appointed one. The fourth and last b?b refused or was unable to appoint a new successor and it was therefore implied that the matter to be left in the hands of God. On May 23, 1844 in the city of Shiraz, a man named Siyyid Ali Muhammad announced that he was the promised final B?b. To the Muslim clergy the claims made by this man were a threat to the foundation of Islam. The B?b's (Siyyid) mission was that he was the long awaited Imam Mahdi (the Guided One), the messenger of God, the one to free the B?b?'s (followers of the Shiah sect, awaiting for the new Imam) from the Islamic Shari'ah (canon law). With this threat, uneasiness occurred and outbreaks of violence ensued, armed forces were then sent to crush this B?b? movement. The B?b was executed in 1852, and while thousands of B?b? 's were also slaughtered at this time, the Faith at this point barely hung on to the edge of existence. The B?bs mission appeared to have ended in failure. A handful of B?b?'s escaped the massacre from 1848-1852,

Developing Teacher Portfolios

Developing Teacher Portfolios A teaching portfolio is an essential item for all educators. Every student teacher has to create one, and continually update it throughout their career. Whether you just finished college or are a seasoned veteran in the education field, learning how to perfect your teaching portfolio will help you advance in your career. What is it? A professional portfolio for educators showcases a collection of the best examples of your work, classroom experiences, skills and achievements. It’s a way to introduce yourself to your prospective employers beyond a resume. While a resume provides information about relevant work experience, a portfolio illustrates these examples of your qualifications. It is a valuable tool to bring to interviews and to track your professional growth. What to Include Creating your portfolio is an ongoing process. As you gain more experience, you add or take away items in your portfolio. Making a professional portfolio takes time and experience. Finding and identifying the perfect items to showcase your experience, skills and qualities are essential. The most effective portfolios contain the following items: Title pageTable of contentsPhilosophyResumeDegrees/Certificates/AwardsPhotosLetters of recommendationStudents’ work/AssessmentPlanningResearch papersCommunicationProfessional Development When searching for these items, collect your most recent examples. Ask yourself, â€Å"Which items really display my talent as a teacher?† Look for pieces that showcase your strong leadership skills, and that demonstrate your experience. If you add photos of students make sure you get signed permission to use them. If you are worried that you don’t have enough elements, remember that quality is more important than quantity. Sample Sections Here are some ideas of the types of artifacts you should be searching for when gathering your elements for your portfolio: Philosophy - Educational philosophy, classroom management plan, guideline of your discipline techniques.Degrees/Certificates/Awards - Copy of your degree(s), teacher license, awards of honor.Photos - Students, you with the students, classroom, bulletin boards, projects.Letters of Recommendation - Supervisor, teachers, parents, students, former employer.Students’ Work /Assessment - Worksheets, projects, assessment rubrics.Planning - Themed units, curriculum, lesson plans, field trips, activities.Research Papers - ThesisCommunication - Welcome letters, progress reports, parent conferences, notes to parents.Professional Development - Conferences, Meetings, publications, memberships. Sorting and Assembling Once you have gathered all of your artifacts, then it is time to sort through them. An easy way to do this is by arranging them into categories. Use the above bullet list as a guide to help you sort your items. This will help you filter out the old and irrelevant pieces. Depending upon the job requirements, use only the pieces that demonstrate the skills needed for the particular job you are applying for. Supplies Needed: Sheet protectorsDividersBinderCard-stock or sturdy paperColored paperResume paperGlue stick Now comes the fun part: Assembling the portfolio. Your portfolio should look clean, organized and professional. Place the contents into sheet protectors and group relevant items together using dividers. Print out your resume on resume paper and use colored paper for dividers or to place photographs on. You can even add borders to photos to make them more visually appealing. If your portfolio looks professional and doesn’t look like a scrapbook, prospective employers will see you put forth a lot of effort. Using Your Portfolio Now that you have gathered, sorted, and assembled your portfolio, it is time to use it. Use the following steps to help you utilize your portfolio while in an interview: Learn what is in it. Familiarize yourself with each page so when you are in an interview and asked a question, you can turn to a page and show them a tangible example.Know how to use it. Don’t go to your portfolio to answer every question, just use it to answer a specific question or explain an artifact.Do not force it. When the interview starts, do not hand the portfolio over to the interviewer, wait until it is a relevant time to use it.Leave artifacts out. Once you have taken items out to showcase your qualifications, leave them out. It would be very distracting to the interviewer if you are rummaging through papers. Take out each item as needed, and leave them visible until the interview is over. Perfecting a professional teaching portfolio can be an overwhelming task. It takes time and hard work, but it is an excellent resource to have. It’s a valuable tool to take to interviews and a great way to document your professional growth.

Strategic Management Business & Management Case Study

Strategic Management Business & Management - Case Study Example The company did not respond to the changing management needs and continued to pay heavy packages to its workers and coupled with low response to fashion changes, it has lost its customers confidence. JZ Benny did not respond to the competitive edge that the new entrants like Spanish El Dorado and Scandinavian Helgar were employing. It remained static in the fashion outsourcing even when its competitors changed to fast fashion model shops. While the competitors outsourced their fashions from Eastern Europe, JZ Benny instead rushed to China and South East Asia which sold at low cost. Thinking this as a cost advantage over the rivals, it turned out to be a stock burden for the company since they had to buy in bulk and hence were left with indispensable stock at the end of the season. This was a miscalculated marketing strategy resulting from inefficient market analysis. The company failed to keep up with its competitors who resulted to e-supply chain which enabled them to connect the customers with the designers hence placed in the market what the customer preferred. This ensured that they were always ahead of other retailers since they stocked what the customers liked. JZ Benny saw a management gap and responded by fishing Bob D'Saster from competitor Helgar Fashions. As the CEO of JZ Benny, D'Saster was confident that cost cutting measures and investment in technology would turn the chain around to start making profit. Cost cut measures were implemented leading to layoff of about 20% of the staff and heavy investment in RFID (Radio Frequency Identification) tags to help in improving the Barcode Inventory Processing. However this did not help the company and the AGM dismissed D'Saster and placed John Hammond as the CEO. As expressed by Courtney et al., 1997, the case of JZ Benny is a management problem. The company has been under a management that does not recognized that the company is in a dynamic industry which is highly competitive. Fashion industry has seen a lot of revolution and even the giants in Paris and Milan have not been spared. With the rise of USA and ASIA and fashion centres of the world, the company needs to wake up to the changes taking place in the market. As part of the strategic management, the company should first embrace the e-commerce models to have more links between designers and customers. It should also look into expansion strategy to widen its operation base. This model should be in line with the following analysis of the business and its operation environment. The company should not be disposed to tycoon McQueen since it can use this proposed model to turn round its fortunes. (Michael and Jude, 1997) External Analysis (a) Political The company operates in an enabling political environment. The fusion of the political and business environment is suitable for its operation. The business commission has already barred McQueen from acquiring the company as per its rules. With the formation of the European Union the company should

Online Travel Industry Essay Example | Topics and Well Written Essays - 1000 words

Online Travel Industry - Essay Example In the US and Europe, the leading online travel intermediaries have taken market share from their offline counterparts. At the same time, an increase in direct sales through travel supplier's own websites has also affected the traditional agency business. The need to balance direct and indirect channels, demand for lower cost distribution and the growth in popularity of comparison shopping are all factors driving the business model for travel specific search engines globally. It is interesting to note that the online travel market is divided into two segments: leisure/unmanaged business travel and managed business travel (also known as corporate travel). The online booking behavior of unmanaged business travelers is indistinguishable from leisure travelers. Employees of the millions of small- and medium-sized corporations use the same websites as leisure travelers to book their business travel. Thus these two groups of buyers are treated as one customer segment. Study Method: It is a quantitative research based on online consumer surveys, executive surveys and market forecast models to provide essential analysis of consumer trends and marketing best practices, including customer segmentation and cross-selling strategies. Study Findings: The needs of travelers vary widely from one generation segment to another although many travel marketers are unable to plan for the specific promotional strategies to meet the distinct needs of the different generations. Among the biggest generational differences in online behavior are: Young Travelers are an online agency's best friend: Consumers of age group 18-24 spend more time on agency sites than any other generations and they have attraction for the flashy marketing campaigns of online agencies. 77% of 18-24 year old travelers use more than one agency sites. The average traveler in this age group will visit 1.7 agency sites, the highest of any generational segment. From the above graph we can clearly observe that there is an increasing trend of the younger travelers for visiting online travel agencies than the older ones. Seniors prefer booking directly: Seniors (65+) overwhelmingly favor bookings flights and hotels directly on supplier sites that offer low-rate guarantees and other perks Nearly 80% of the flights booked online by this generation are made at carrier sites, and 68% of hotel bookings are placed directly at chain sites, compared to lows of 72% and 58% for 25-34 years old Baby Boomers have an appetite for content: Baby Boomers (45-64) view the travel contents online for comparison when in-market for a trip. 40% of the content viewed is at online travel agencies, giving aggregators an advantage in influencing this segment as they research online. Study Implication: The travel companies must do the effective market research to improve online strategies to profit from this growing channel and increase the substantial share of the travel revenue. Personal Reflection: Online Travel marketers should develop contents, services, and promotions targeting specific age groups that will be ideally positioned to manage their online distribution strategies

Sodium thiosulphate investigation Essay Example for Free

Sodium thiosulphate investigation Essay What is the middle of the atom called? The nucleus. 2 What two types of particle are found here? Protons and neutrons. 3 The electrons are arranged in shells (also called energy levels). How many can be held in the first shell? Two. 4 How many can be held in the second shell? Eight. 5 How many can be held in the third shell? Eight. 6 Where are the non-metals located in the periodic table? In the top right-hand corner. 7 What are the horizontal rows in the periodic table called? Periods. 8 What are the vertical columns called? Groups. 9 What is the name of Group 1? The Alkali Metals. 10 What is the name of Group 7? The Halogens. 11 What is the name of Group 0? The Noble Gases. 12 Elements in the same group have the same number of what? The same number of outer electrons. 13 Do elements in the same group have similar chemical or similar physical properties? Similar chemical properties. 14 Elements in the periodic table are arranged in order of what? Increasing atomic number. 15 Which of these elements has the greatest atomic number? Element B. 16 What is the electron arrangement of element C? 2. 8. 7 17 What is the electron arrangement of element E? 2. 8. 1 18 Which of the elements are very reactive metal and why? Elements D E they are in Group 1 (The alkali metals). 19 Which of the elements is a very unreactive non-metal and why? Element F it is in Group 0 (The noble gases). 20 Name the first four halogens. 1. Fluorine 2. Chlorine 3. Bromine 4. Iodine 21 What happens to the reactivity of the halogens as you go down the group (increasing atomic number)? They become less reactive. 22 What happens to the colour of these elements down the group? They become darker in colour. 23 What happens to the boiling point of these elements down the group? Their boiling points increase. 24 What does fluorine look like? A pale yellow gas. 25 What does chlorine look like? A green gas. 26 Name two uses for chlorine. 1. Killing bacteria in water. 2. Making bleaches. 27 What does bromine look like? A red -brown liquid (which evaporates easily to make an orange-brown gas). 28 What colour is bromine dissolved in water? Orange-brown. 29 What is the name of the compound formed when potassium reacts with bromine? Potassium bromide. 30 What colour is this compound when dissolved in water? Colourless. 31 What does iodine look like? A shiny grey-black solid (which produces a purple gas when gently heated). 32 What colour is iodine dissolved in water? Brown. 33 What is this iodine solution used for? An antiseptic. 34 What is the name of the compound formed when sodium reacts with iodine? Sodium iodide. 35 What colour is this compound when dissolved in water? Colourless. 36 What is the name of compounds of the halogens? Halides. 37 List two observations when sodium reacts with chlorine. 1. The metal burns with a yellow flame. 2. A white solid is produced. 38 What is the name of the product of this reaction? Sodium chloride. 39 What is its chemical formula? NaCl 40 List two observations when iron wool reacts with chlorine. 1. The metal glows red. 2. A brown solid is produced. 41 What is the name (and chemical formula) of the product this time? Iron chloride (FeCl3). 42 What is formed in this reaction: bromine + potassium iodide? potassium bromide + iodine 43 Which of these compounds will NOT react with chlorine: a) sodium fluoride; b) potassium bromide? sodium fluoride (Chlorine is less reactive than fluorine and so cannot displace it from fluorides. ) 44 What is a compound? A substance made by chemically joining two or more elements together. 45 Compounds have similar properties to the elements they are made from. Is this true or false? False they have completely different properties, eg sodium chloride is nothing like either sodium or chlorine. 46 What is the name for the substances on the left of a chemical equation? The reactants (or starting materials). 47 What is the name for the substances on the right? The products. 48 What do the symbols (s), (l) and (g) stand for in chemical equations? Solid, liquid and gas 49 What does the symbol (aq) stand for in chemical equations? Aqueous (which means dissolved in water). 50 What is meant by reaction rate? How fast a reaction goes. 51 List four ways of increasing the rate of a reaction. 1. Increasing the temperature. 2. Increasing the concentration of a reactant. 3. Increasing the surface area of a solid. 4. Adding a catalyst. 52 What is a catalyst? A chemical which speeds up a reaction but which does not get used up. 53 Does the catalyst appear in the chemical equation for the reaction? No (because it does not get used up). 54 What are enzymes? Catalysts produced by living things. 55 Why dont enzymes work if the temperature is too high? They become denatured (damaged) by the heat. 56 What two things about line A show that it represents a faster reaction? 1. It starts more steeply. 2. It levels off sooner. 57 How can you tell that both lines A and B were obtained using the same amounts of the reactants? They both produced the same amount of product in the end. 58 Increasing the temperature makes the particles move around more quickly. Give two reasons why this makes the reaction faster. 1. The collisions occur more often. 2. More of the collisions have enough energy to lead to a reaction Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Patterns of Behaviour section.

environment is under constant threat as a result of modernisation

environment is under constant threat as a result of modernisation The environment is under constant threat as a result of modernisation, business activities, constant growth and development. All these are human activities that affect the immediate environment. The depletion in natural resources especially by the oil and gas companies such as the Pipeline Product Marketing Company (PPMC) has resulted in serious environmental impacts. Therefore, the need for sustainability and sustainable development cannot be overemphasized as it has become more important over the last two decades (Micheal Lan, 2000; Carbon Trust, 2008; Hahn, 2001; Cunningham et al., 2005). These accounts for the increasing pressure on governments to develop a response to a variety of problems which range from the use of natural resources to pollution control. In response, variety of environmental protection legislation and regulations were formulated with the aim of protecting the environment (Powley, 2004; IEMA 2005). The increase in natural resources consumption between 1961 and 1990 by 25% every 10 years resulted in serious environmental impacts in the form of acid rain. This leads to raising acidity in the soil and water thereby causing damage to forest crops, and freshwater fish and wildlife. Methane emission and mining waste, oil spills, air pollution by sulphur dioxide, nitrogen oxide and carbon dioxide as a result of burnt coal, oil or gas including climate change are also causes of environmental impacts (Micheal Lan, 2000; Edwards, 2000; Jaccard, 2005). PPMC is a subsidiary of the Nigerian National Petroleum Corporation owned by the Federal Republic of Nigeria. The company is involved in oil processing, production and marketing. PPMC was established to offer excellent customer services by transporting crude oil to the Nigerian three refineries as well as moving white petroleum products to existing markets. Its main objective is to profitably and efficiently market refined petroleum and petrochemical products in the domestic market as well as in the ECOWAS sub region and also provide marine services (PPMC, 2009). INVESTMENT PROJECT The PPMCs monitory and inspection department has 36 vehicles, a vehicle in each of the 36 states of Nigeria. The vehicles are used as official cars by staff in order to move in-between their offices, depot and filling stations and monitor and inspect their daily operational activities. Each car covers hundreds of kilometres daily due to the long distance between their office, filling stations as well as depots which are located far out of the city for environmental purpose. Every car consumes approximately 50 litres of petrol per day. However, it is environmentally unfriendly as they pollute the environment with carbon emissions. The company has set a target to drastically reduce or if possible to stop polluting the environment. Therefore, the senior management wants to accomplish a viable project with a length of 4 years, to improve their environmental performance and upgrade its corporate social responsibility. This project is expected to be a non-profit project that could bring ma ny savings to the company and return the initial investment in 3 years in order to avoid risk. The decision of expecting the payback period of 3 years was made by the senior management after careful consideration of the companys payback criteria which is 5yrs. PPMC has a standard of judging all its investments objectively, so as to determine whether the payback period is good or bad thereby passing an objective judgement as to know if the investment is worthy to be taken or not. Reducing or stopping the amount of petrol that is used during their daily activities, will support the company to obtain good corporate image and cost savings as each litre of petrol is N65 (Naira). In addition the company spends an average of N25, 000 monthly for maintenance on every car. PPMC is experiencing a great loss of resources as a result of this high petrol consumption every day there by polluting the natural environment. The vehicles have been used for approximately 6 years which has exceeded its guarantee period of 1 year. They are being used at maximum level as PPMC operates everyday including weekends and public holidays due to their nature of work and huge demand for their supply. The company is currently spending N52, 920,000 annually trying to main tain and fuel the old vehicles. The breakdown of these expenses is shown below: Annual cost of fuel and maintenance (Running cost). This includes running cost of fuel, repairs and monthly checks. Monthly cost of fuel = 50 x 36 x 30 x 65 = N3, 510,000 Annual cost of fuel = N3, 510,000 x 12 = N42, 120,000 Monthly cost of maintenance = N25, 000 x 36 = N900, 000 Annual cost of maintenance = N900, 000 x 12 = N10, 800, 000 Total Annual Expenditure = N42, 120,000 + N10, 800, 000 = N52, 920,000 In order to solve the above mentioned issues, PPMC management have decided to replace the old vehicles with brand new electric cars. These electric cars use neither petrol nor diesel, they have zero emission and their only by product is water. The car is known as Honda FCX Clarity, it is a Fuel Cell Electric Vehicle (FCEV). This vehicle has worn the world green car award, during the 2009 World Cars Awards in Newyork. This award has upgraded Hondas corporate image by exposing its commitment towards a green environment. In addition, Honda already has an excellent history of environmental leadership as they are known to be manufactures of low emission vehicles under an improved regulatory requirement (Honda, 2009). It is rated by the Union of Concerned Scientists (UCS) as the greenest auto maker for four different times in a row (UCS, 2007). The car generates electricity through the V flow fuel cell stack and stores it by the use of its highly efficient lithium ion battery, which helps recover energy. It also monitors electrical flow through its power drive unit and propels the vehicle (Honda, 2009). Honda FCX Clarity has an improved safety measures such as the Vehicle Stability Assist (VSA), Collision Mitigation Braking System (CMBS), six air bags and a unit body structure that is well reinforced. It also has a visual and audio alert which alert the driver in case of any potential collision. Another safety precaution programmed in the vehicle is the prompting of the driver by the automatic tug of the seat belt in case of an unavoidable accident it minimises the speed by breaking force to reduce the impact of collision. Furthermore, it has a very strong electric motor as well as groundbreaking new fuel cell stack. These safety measures have been tested by the United States Federal Safety Standards and it was a success story (Honda, 2009). The purchase of Honda FCX Clarity by PPMC will demonstrate the companys commitment towards the reduction of Co2 emission thereby protecting the environment. The company will also be recognised as the first to introduce zero emission cars to Nige ria and it will serve as a solution that could bring cost savings. Total cost of investment Number of cars to be purchased = 36 cars Cost of each car = N3, 000,000 Total amount to be spent on cars = N3, 00,000 x 36 = N108, 000,000 Cost of delivery (Shipping) = N300, 000 x 36 = N10, 800,000 Total cost of investment = N108, 000,000 + N10, 800,000 = N118, 800,000 Annual savings The investment is expected to save the annual cost of fuel and maintenance; N42, 120,000 + N10, 800, 000 = N52, 920,000 Since the vehicle also comes with a free maintenance package including running cost for 3years 6months in form of a guarantee, as it is a newly introduced vehicle. Honda Company is trying to advertise this environmentally friendly vehicle to the world and attracting customers by covering maintenance and running cost. This is better compared to the guarantee of the old vehicles which is only 1 year. N52, 920,000 will be saved in the first year, while in the subsequent years N1 per litre will be added due to the projected annual oil product price increment. Therefore the total cost of investment will save the annual cost of fuel and maintenance. It is important to note that N65 is the current price of the petrol in Nigeria. Investment appraisal is a technique used by managers to achieve their target. It is the duty of the manager to determine and prove the importance of the project (Akalu, 2001; Mulholland et al., 2003). Therefore, it is important in the planning of this particular environmental project. PAYBACK PERIOD The duration of time for the PPMC to gain its initiated investment of N118, 800,000 on implementation is known as the payback period (Layard Glaister, 1994). The period of time that cash inflows will become the same with cash outflows is also known as the payback period (ACCA, 2008). However, it does not consider time value for money which expresses that, amount saved today is much more valuable than the same amount saved in 2 years. This is considered as one of the greatest setback (Dury, 1997). Initial investment Annual savings Table 1 Payback period   Ã‚                                                            Cash flow                                              Cumulative cash flow Initial Investment                     (118,800,000)                                                (118,800,000) Savings Year 1                                                   52,920,000                                                      (65,880,000) Year 2                                                   42,768,000                                                      (23,112,000) Year 3                                                   43,416,000                                                       20,304,000 Year 4                                                   44,064,000                                                       44,064,000 Total savings                           N183, 168,000 Initial Investment = N118, 800,000 Year 1 and Year 2 savings            =         52,920,000 + 42,768,000 = N95, 688,000 Year 3 = N43, 416,000 In order to calculate the payback period with precision and accuracy, the year 3 savings should be broken down to monthly by dividing it by 12 and then the cumulative savings for year 1 and 2 should be subtracted from the initial investment. The result should then be divided by the monthly savings of year 3 to have the actual number of months (Mclaney, 1994). This is calculated below: Savings per month for year 3 = N43, 416,000/12 = N3, 618,000 N118, 800,000 N95, 688,000 = N23, 112,000/N3, 618,000 = 6.38 Approximately 6 months. Payback period is 2years 6 months   NET PRESENT VALUE (NPV) NPV is realised by using a discount rate to determine the current value of future savings and subtracting the capital cost (Hannagan, 2008). This method accepts with projects that have positive NPV. The method also makes comparison between present value of cash outflows and inflows from an investment (ACCA, 2008). The table below shows the number of years (4), future value (FV), cash flow, discount factor (DF) 15% and the present value (PV). The first step in calculating NPV is to multiply the cash inflow (savings) by the DF of each year to get the PV. Then, sum up the PV and deduct the initial investment from the total PV to arrive at the NPV (Mclaney, 1994). 15% DF was selected not to make profit but to avoid risk; it was selected after considering the current base rate of the Central Bank Nigeria which is 13.2% as the base rate keeps appreciating every year (CBN, 2009). Inflation rate in Nigeria increases, therefore oil product price will also appreciate. Table 2 NPV calculation   Ã‚                                                        CF in Naira (N)                DF (15%)                PV in Naira (N) Initial investment                      (118,800,000)             1.000                            (118,800,000) Savings Year 1                                                    52,920,000                                    0.870                               46,040,000 Year2                                                      42,768,000                                  0.756                               32,333,000 Year 3                                                    43,416,000                                  0.658                               28,568,000 Year 4                                                    44,064,000                                    0.572                            25,205,000 Total savings                                 183,168,000                                                                            132,146,000 NPV = Total PV of savings PV of investment N132, 146,000 N118, 800,000 = 13,346,000 The project has a positive NPV as such it should be undertaken. INTERNAL RATE OF RETURN (IRR) IRR is a very important technique that influences the decision making as to whether or not an investment should be approved. It is interested in projects whose IRR are greater than the target rate of return. It also considers time value for money (ACCA, 2008). In order to have precision in calculating the IRR similar steps will be taken as how the NPV was sorted. However, it will require calculations at two different stages (NPV1 and NPV2) with two different DFs and normally both DFs should be greater than the DF used to determine the NPV. Finally the IRR formula will then be applied. IRR = NPV1 x (B A) + A NPV1 NPV2 Table 3: IRR calculation Years                           Cash Flows                DF (at 18%)                   PV Year 0                           (118,800,000)                      1.000                         (N118, 800 Initial investme-+nt) Year 1                               52,920,000                            0.847                                     44,823,000 Year 2                               42,768,000                              0.718                               30,707,000 Year 3                            43,416,000                            0.609                                     26,440,000 Year 4                               44,064,000                              0.516                               22,737,000 Total savings             183,168,000                                                                      124,707,000 NPV1 = 124, 707,000 118, 800,000 = + 5, 907,000 Table 4:  Ã‚                                 Years Cash flow                               DF (at23%)          PV Year 0                  (118,800,000)                                     1.000                                     (118,800,000) Year 1                                             52,920,000                                          0.813                                        43,024,000 Year 2                                             42,768,000                                          0.661                                          28,270,000 Year 3                                             43,416,000                                          0.537                                          23,314,000 Year 4                                             44,064,000                                          0.437                                          19,256,000 Total savings                         183,168,000                                                                                              113,864,000 NPV2 =      113,864,000 118,800,000 = 4,936,000 IRR calculation:                           Ã‚   5907  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  x (23 18) + 18   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  5907 (- 4936)   Ã‚                                                                                   IRR=20.7% NON FINANCIAL FACTORS The key purpose of an environmental initiative according to Sheldon and Yoxon (2003) is to reduce environmental impacts of an organisation in ways which makes business sense. The direct result of this provides organisations with benefits which include the use of alternative source of energy to increase in an organisations efficiency, thus providing the organisation with a competitive edge. In addition, it ensures compliance with environmental regulations and increases organisation understands of how its activities impact the environment (Brady, 2006). PPMC has a lot to benefit apart from the financial savings. The organisation will be contributing its own quota towards achieving sustainability. This will result in environmental performance improvement through the initiative of purchasing brand new cars to reduce or stop carbon emissions. The initiative will reduce pollution, minimise waste, protect the natural environment and provide better corporate social responsibility as well as good corporate image to the organisation. Furthermore, status of the companys reputation will be upgraded as it is encouraging green environment and legal compliance (Aslaksen Synnedstvedt, 2003). It will also assists in the implementation of environmental policy, while improving compliance with legislation and corporate image (Sheldon Yoxon, 2003). Moreover, PPMC will demonstrate good operations within a safe and clean environment thereby creating a friendly environment for staff and the public (Edward, 2004). This will help sort out social matters and improve health and safety. Since, the electric cars have a highly improved safety measures that could provide ways of pollution control to protect the people and their environment (Edward, 2004). The company could also benefit from changes within the organisation, by delivering this environmental initiative that deals with environmental impacts such as climate change and global warming caused by their emissions (Murray, 2003). In addition, it will support the company to identify and minimise its impacts on the environment so as to enhance its corporate social responsibilities through the use of an alternative source of energy. This will not only promote their business environment but will promote the global environment at large. Purchasing the zero emission vehicles will pave way for the organisation to achieve sustainable development since it is a strategy that could consider maximum utility of resources. In addition, the project is not aimed at profit making but returning of initial investment. SUGGESTIONS/DISCUSSIONS AND CONCLUSION. The rate of interest at which the investment cost leads to investment benefit is known as the IRR. This means that, all investment gains are with the time value for money and at the interest rate, the investment has a zero NPV (ACCA, 2008). This investment appraisal has demonstrated the use of IRR to value the cash flow and raise it as a consequence of the investment while determining it with inflation (ACCA, 2008). For example, a higher target rate of return was chosen, so that even in a situation where the inflation rate rises the company will still save cost. Interest rate may rise to 15% during the life time of the project due to the increasing inflation rate in Nigeria, as history has shown that Nigerian base rate rises up to 0.45 every year. Therefore, risk is incorporated and the project is considered less risky. The IRR is 20.7%, this has shown a very good risk margin considering the Nigerian economic instability. Furthermore, the advantage of the IRR being 20.7% is that, eve n if the interest rate increases the project will still be economically good. Base rate of the Central Bank of Nigeria was used to determine the cost of capital and calculate the initial NPV. The base rate was also used to incorporate inflation by discounting cash flows to get the future value. Inflation changes value for money, this is the main reason for using the base rate in determining the discount factor for the NPV calculation. Two discount rates were used to solve the equation of IRR which assumes that NPV changes with discount rate but this is not the case in reality. The positive result of the NPV means that the project should be accepted and the chosen discount rate of 15% helped identify the actual value of the savings to be made, based on the fact that the project is anticipated to make an overall savings. However, the actual value of IRR is more important as it considers the current economic climate and the future interest rate of Nigeria. The result has shown that the IRR is higher than the target rate of return. It is important to note that, ba se rate is used to determine NPV not IRR while IRR assumes that NPV is zero. The savings to be realised by PPMC as a result of the new initiative as well as the indication of an attractive Payback period upon investment is clearly exposed. Payback period 2 years 6 months is a good payback period since, the criteria requires payback of the initial investment in 5yrs. Hence, it would have been a bad payback period if it exceeds 5years. Furthermore, PBP was used to support other data because it is not enough to serve as criteria for investment. The company will continue to benefit from the project for years even after returning the initial investment. PPMC could consider using a different discount rate for this project since it is aimed at executing an environmental project and not profit making. This appraisal has been thoroughly evaluated and has proven that the investment is reasonable (Mclaney, 1994). Since, the company will spend only N65, 880,000 more on the annual maintenance cost (52, 920,000) and save N52, 920,000 in the first year and more in the subse quent years at the same time stopping the carbon emissions from the old cars. In addition, it is a mandatory for the company to meet up the governments requirement to reduce environmental impact and comply with the prevailing legislation. If the organisation was not to invest in this project the money would have been channelled to the federation account and budgeted to execute other projects in other sectors or Nigerian ministries. However, PPMC has the authority to use any reasonable amount to improve its environmental performance or execute any viable project that will be beneficial to the organisation. Finally, the calculation resulted in a less discount rate where NPV1 became positive and a greater discount rate where NPV2 remain negative and IRR fell in between the two discount factors (ACCA, 2008). The 3 investment appraisal techniques were fully utilised to determine the projects viability. This has proven that the project is economically viable (Mclaney, 1994). In view of this, the investment appraisal is affordable and worthy of acceptance. Moreover, the purchase of the electric cars is the best option, as it will not only reduce carbon emissions but will stop the emissions from the old vehicles completely, thereby upgrading the companys image as well as enhancing its overall environmental performance.

Procedure Cost Control

Procedure for Cost Control | | | Table of Contents 1. Purpose 2. General 3. Responsibilities 4. Procedure 5. Flowchart 6. References 7. Attachments 1. PurposeTo establish a system whereby developments which affect the costs of the project are timely reported, thereby allowing for corrective action when adverse trends are detected, and to inform about funding requirements for the execution of the project. To establish a procedure to control flow of information which affects anticipated final project cost.This procedure shall be used in combination with the â€Å"Procedure for Project Variations† [1], the â€Å"Planning Procedure† [2] and the â€Å"Procedure for the Project execution Control system† [3]. 2. GeneralAt project start, generally a high level budget is available and in many cases underlaying details about estimated costs are also available. These documents, however, are in most cases not adequate for effective cost control. Therefore, this procedure req uires that in an early stage of the project a control budget is prepared, based on the available information and within the boundaries of the high level (AS SOLD) budget.Cost control within Company generally consists of the following categories:- Company Services (reimbursable Engineering, Procurement , Construction Management and outside services) also client cost reporting. – The investment cost reporting which includes all costs within the scope of the project (e. g. direct supplied materials, subcontracts, services including Company's services etc. ). – Company internal cost report which is limited to Company's services, including non reimbursable costs. The requirement for the first two categories largely depends on the scope of work for the project and the contract type.Regardless of the scope of work and the contract type, internal cost reporting will always be required. The cost reports shall as a minimum contain the following information:- Original budget. â⠂¬â€œ Current budget, being the sum of the original budget and the approved change orders. – Commitments to date. – Anticipated final, being the sum of the current budget, pending change orders and approved deviations from plan. Approved change notices which have not yet been converted into change orders are excluded from the anticipated final.They are reported in a change Order Register, which is part of the cost report. Cost forecasts shall be made regularly through sampling, trend analysis and bottoms up estimates to complete. Deviations from plan shall be made where cost forecasts at cost report line item level deviate from the current anticipated final. 2. 1 Company Services2. 1. 1 The Company services cost report includes manhours and costs of manhours, computer application, reproduction, communication, travel, outside services etc. The structure of the report has to be defined at the start of the project.Requirements for reporting in the client's code of account and grouping by client's work packages have to be carefully examined to determine the level of detail at which the costs are controlled. 2. 1. 2 In general the level at which costs are controlled should be of sufficient detail to allow for consolidation in both Company's project cost codes and the combination of client defined work packages and code of accounts. The selected level of detail must allow for reliable progress reporting in combination with reporting of the expended manhours as required for trend analysis.Too much detail generally results in reduced quality and is a waste of effort. 2. 1. 3 An â€Å"end of project breakdown† should be considered when the client requires to know the project cost in more detail than the level at which effective cost control is done. 2. 1. 4 To ease time phased budgeting and forecasting at discipline level, the cost control system should follow the work breakdown structure of the planning and project execution Control (PEC) system. 2. 1. 5 Based on the available information (budget, progress, actuals, schedule etc. , the cost engineer makes a forecast on final manhours and costs and reviews this forecast with the parties involved. For line items where the forecast deviates from the anticipated final a deviation of Plan is prepared. Only deviations approved by the project manager are included in the cost report. 2. 2 Investment Cost2. 2. 1 The Investment cost Report includes costs of Company's services at a consolidated level, direct supplied materials, subcontracts and any other costs which fall within the cost control scope. The structure of the report has to be defined at the start of the project.Requirements for reporting in the client's code of account and grouping by client's work packages have to be carefully examined to determine the level of detail at which the cost details are maintained. 2. 2. 2 In general, the level at which the cost details are maintained should be of sufficient detail, to allow fo r consolidation in both Company's cost codes and the combination of client defined work packages and code of accounts. The selected level of detail must allow realistic allocation of commitments and development of forecasted finals.Too much detail generally results in reduced quality and is a waste of effort. 2. 2. 3 An â€Å"asset breakdown† at the end of the project should be considered when the client requires to know the project cost in more detail, than the level at which effective cost control is done. 2. 2. 4 To ease the development of commitment ; expenditure curves, the investment cost control system and the planning system are preferably integrated to the extend that scheduled and actual dates for commitments can be obtained from the planning system at budget line item level.Therefore, the investment cost control structure should largely follow the work breakdown structure of the planning and project execution control (PEC) system. 2. 2. 5 The design development all owances (DDA) for outstanding commitments are to be reviewed periodically and shall be reduced over time when it becomes more certain that there are no further developments expected (e. g. vendor documents approved, inspection reports received etc. ). Grouping DDA for budget line items of the same account group into one DDA line item for that group, rather than including a DDA for each line item, is recommended.The cost report should show the value of the DDA or a back up report should be available. 2. 2. 6 For main equipment and for bulk materials the cost code is at least at requisition level. For subcontracts, the cost code is for small subcontracts at subcontract level and for larger subcontracts (e. g. mechanical subcontract) the cost code is at main category (pay item) level. 2. 3 Internal Cost Report2. 3. 1 The internal cost report shall be limited to Company's scope of work and will include for reimbursable type contracts the non reimbursable costs.The level of detail for th e internal cost report shall be established at project start, taking internal reporting requirements, such as the current cost outlook (CCO), the monthly project status report (MPSR) and executive summary report (ESR), into account. 2. 4 Cost Engineering Scope Document2. 4. 1 At job start the cost engineer issues the â€Å"cost engineering scope† which contains at a minimum the following information: * Scope of â€Å"work† to be covered by the project cost engineer. * Cost engineering deliverables, together with their frequency and timing. Report layouts and level of detail. * Project reporting period cut off dates. * Cost engineering staffing plan and cost engineering manhours. * Computer programs and methods to be used. * Anticipated involvement of estimating for the preparation of bottoms up estimates to complete and for the development of the control budget. * Planned dates for the first issue of the control budgets. * Distribution schedules. * Currency exchange ra tes and reporting currency. 3. Responsibilities3. Each project team member shall immediately respond when their input is required for reporting physical progress and to determine the anticipated finals as required for the cost report preparation and shall work towards minimizing the duration for execution of this procedure. 3. 2 The Project Manager is Responsible for:- Providing the cost engineer with information about the cost engineering scope of work, specific client and project requirements, â€Å"AS SOLD† budget and any underlaying estimate details and any other information required by the cost engineer to prepare the cost engineering scope document and the control budget(s). Approving the cost engineering scope, control budget(s), deviation from plans and cost reports(s). 3. 3 Lead Discipline Engineers are Responsible for:- Updating of material quantity forecasts after key engineering documents have been issued and for timely reporting of changes, in writing (â€Å"cha nge alert†), to the project manager. – Providing monthly updates on the physical progress of their discipline(s) and to review together with the project cost Engineer the manhour forecast. 3. 4 The Cost Engineer is Responsible for:- Maintaining the cost control system and for the timely preparation of the Period cost Reports. Expediting the Lead Discipline Engineers to ensure that they provide their timely input as required for cost control. – Comparison of vendor and subcontractor quotations with the control budget and underlaying detailed estimate and for detection of unit rate trends based on quotation and purchase order/subcontract unit rates. – Development and maintenance of planned and actual commitment versus expenditure reports from which the planned and actual cost Progress Curves are generated. . 5 The project buyer/subcontract engineer is responsible for timely input to the cost engineer of vendor quotations and purchase order/ subcontract Unit Rates. 3. 6 The project Accountant is responsible for informing the project cost Engineer about actual expenditures, currency exchange costs and invoice status. 4. Procedure4. 1 Company Services4. 1. 1 Provide Cost Engineer with the Required Information:At the project start, the project manager provides the cost ngineer with information about the cost engineering scope of work, specific client and project requirements, â€Å"AS SOLD† budget, any underlaying estimate details and any other information required by the cost engineer to prepare the cost engineering scope document and the control budget(s). 4. 1. 2 Prepare Cost Engineering Scope DocumentThe cost engineer prepares a document which lists the project requirements with respect to cost engineering and other relevant information as mentioned under item 2. 4. 1. 4. 1. Approved by Project ManagerThe approved cost engineering scope document shall be the basis for the work of the cost engineer for the remainder of the projec t. 4. 1. 4 Develop Control Budget(s) for Company ServicesThe project cost engineer converts with, when required, the support of the estimating department the detailed estimate into a control budget. The cost details are consolidated and amended as required at a control level. The control level shall be at sufficient detail to allow for meaningful control and shall allow for timely and cost effective trending, progress measurement and collection of actual costs.A general consensus with all parties involved about the work breakdown structure should exist prior to the actual conversion takes place. 4. 1. 5 Approved by Project ManagerThe project Manager shall approve the control budget which than becomes the â€Å"original budget† of the project. 4. 1. 6 Approved Change OrderAdjustments of the budget require an approved change order once the control budget has been approved. Details of each Approved change order are recorded separately at control budget level, thereby maintaining a complete back-up of the approved changes.The approved change orders together with the â€Å"original budget† form the â€Å"current budget†. 4. 1. 7 Company Services Expended Costs & Manhours and Invoice StatusFollowing the monthly cut off, the project accountant shall provide the cost engineer with information about all expended manhours, manhours costs and other costs of Company services. Preferably at control budget line item level, or at a more detailed level which allows for consolidation at control budget line item level. For reimbursable type projects, the project accountant shall not only provide internal costs, but also the costs to the client at the same level of detail.The project accountant shall inform the cost engineer in detail about any delayed cost bookings or provisional bookings. Furthermore, the project accountant provides the invoice status information as required for the executive summary report. 4. 1. 8 Physical Progress at Control Budget Leve lFollowing the monthly cut off, the planning engineer provides the cost engineer with physical progress information (percentage complete) at control budget line item level for engineering and subcontract work. The progress information must have been reviewed with the disciplines involved prior to passing it on to the cost engineer.It is preferred that the engineering physical progress is obtained from the â€Å"project execution control† system (PEC). 4. 1. 9 Cost ForecastByanalyzing the available information about budget, actuals and physical progress and using historical data, the cost engineer makes a forecast about the final project costs at budget line item level. When there are indications of major deviations from the current anticipated finals, a bottoms up detailed estimate to complete might be required to generate a reliable forecast.Towards the end of the project the forecast should be based on â€Å"punch list† items to be completed. The cost engineer shall review these forecasts with the disciplines involved. 4. 1. 10 Approved Deviation from PlanThe cost engineer prepares a deviation from plan for budget line items which forecasted costs deviate from the current anticipated finals and for which the project manager expects that management action will not result in maintaining the current anticipated finals. 4. 1. 1 Update Anticipated FinalsThe cost engineer updates the current anticipated finals only based on approved deviations from plan, approved change orders and pending change orders for which the client has already approved the change notice. 4. 1. 12 Investment and Company Services Cost Report(s), Project Cost Report and Cost NarrativesThe cost engineer prepares following the period (monthly) cut off the Company services cost reports (internal and client reports) and the investment cost report, taking the latest information into account.The combined reports, together with the commitment versus expenditure report, the currency con version table and any other reports or curves that are required for the project from the project cost report. Together with the report, the cost engineer provides a narrative which describes the period highlights. Furthermore, the narratives should include major developments which have come to light during the last period, but for which time did not allow for the preparation of a deviation from Plan. These late developments are to be included in accordance with the procedure in the next cost report. . 1. 13 Approved by Project Manager and Cost Reports Issued. The project manager approves the project cost report after which it is distributed by the cost Engineer in accordance with the distribution schedule as defined in the cost engineering scope. 4. 2 Investment Cost4. 2. 1 Develop Control Budget for Investment Cost. The project cost engineer converts with, when required, the support of the Estimating department the detailed estimate into a control budget. The cost details are conso lidated and amended as required at a control level.The control level shall be at sufficient detail to allow for meaningful control and shall allow for timely and cost effective trending, allocation of commitments and assessment of estimates to complete. A general consensus with all parties involved about the work breakdown structure should exist prior to issuing the control budget for approval to the project manager. 4. 2. 2 Approved by Project Manager. The project Manager shall approve the control budget which than becomes the â€Å"original budget† of the project. 4. 2. Approved Change Order, Update Current Budget and Anticipated FinalsAdjustments of the budget require an approved change order once the control budget has been approved. Details of each approved change Order are recorded separately at control budget line item level, thereby maintaining a complete back-up of the approved changes. The approved change orders together with the â€Å"original budget† form t he â€Å"current budget†. The anticipated finals are updated to reflect the effect of the change order. Note that the anticipated finals may already have been updated at the time that the change order was issued for approval. 4. 2. Purchase Order/Subcontract PlacedPurchase Order and subcontract details at control budget level shall be made available for the cost engineer by the project buyer and the subcontracts manager. In particular information about options and other relevant information which will influence the final commitments is to be highlighted. 4. 2. 5 Update Commitment versus Expenditure Report and Forecast FinalThe cost Engineer shall regularly update the commitments versus expenditure report with purchase order and subcontract details. Furthermore, the project cost engineer shall evaluate the forecast finals to reflect the effect of the commitments.A design development allowance for outstanding commitments has to be included in the forecast finals at the time of commitment and subsequently reduced over time. 4. 2. 6 Issue of Key Engineering DocumentsThe lead discipline engineer shall review the material quantity requirements when key engineering documents (e. g. P&ID's, equipment summary sheets, MTO's, requisitions) are issued to determine whether forecasts require to be updated. Generally it will not be required to have documents which cover the complete scope of work.Comparing samples with the detailed estimate will generally be an adequate basis to determine trends in material and installation requirements. 4. 2. 7 Revised Quantity Forecast/Prepare Change AlertThe lead discipline engineer prepares a change alert and issues it to the project manager when he determines the need to revise the current material and/or installation requirement forecast. 4. 2. 8 Vendor Quotations/Purchase Order Unit RatesThe project cost engineer shall compare the unit rates obtained from vendor quotations and purchase orders with the unit rates in the detailed estimate. . 2. 9 Revised Unit Rates/Prepare Change AlertThe project cost engineer shall prepare a change alert and issue it to the project manager when he determines the need to change the current forecast finals as a result of change in the unit rates. 4. 2. 10 Approved by Project Manager – Approved Deviation from PlanUpon approval of the change Alert by the project manager, the cost engineer prepares a deviation from plan which reflects the changed unit rates or the changed material and/or installation requirements.This deviation from plan is approved by the project manager prior to incorporating it into the cost report. 4. 2. 11 Invoice Paid? Update Commitments Versus Expenditure Report. The cost engineer updates the commitment versus expenditure report with the expended amounts. Furthermore, the cost engineer ensures that any design development allowances for the corresponding budget line item is removed from the cost forecast when final payments have been made.All parti es involved, in particular, the project manager, the construction manager, the project buyer and the subcontracts manager, shall inform the cost engineer about (potential) claims or other costs for which the cost engineer might have to make reservations. 4. 2. 12 Cost ForecastBy analyzing the available information about budget, commitments and forecasts to complete and using historical data, the cost engineer makes a forecast about the final project costs at budget line item level. When there are indications of major deviations from the current anticipated finals, a bottoms up detailed estimate to complete might be equired to generate a reliable forecast. Towards the end of the project the forecast should be based on â€Å"punch list† items to be completed. The cost engineer shall review these forecasts with the disciplines involved. 4. 2. 13 Deviation form Anticipated Final? The cost engineer prepares a deviation from plan for budget line items which forecasted cost deviate from the current anticipated finals and for which the project manager expects that management action will not result in maintaining the current anticipated finals. 4. 2. 4 ContinuationThe Investment cost section of this procedure joins the Company services section at item 4. 1. 12. 5. FlowchartThe Cost Control Flowchart consist of the following interlinked sections:6. References | Document Number| Description| | 6. 1| CM-PE-313| Control of Project Variations| 2| 6. 2| CM-PE-910| Planning Procedure| 2| 6. 3| | Procedure for the Project Execution Control System (Later)| | | | | No Iframes | | | | Gadgets powered by Google| | ‘reliability is yet to become the most important characterstic of modern companies' home | privacy | legal

A Study on Impact of Fdi on Service Sector Essay

The study aims to analyze the growth dynamics of the FDI. It intends to see whether the growth in FDI has any significant impact on the service sector growth and also investigates whether a growth in this sector causes the GDP to grow, also analyzes the significance of the FDI Inflows in Indian service sector. The study also looks into the sub-sectoral dynamics and indicates towards the fact that the trade, hotels and restaurants, transport. storage and communications sub-sector contributes the most in the growth of Indian service sector. FDI to developing countries in the 1990s was the leading source of external financing. It is one of the most important component of national development strategies for most of the countries in the world and an important source of non-debt inflows for attaining competitive efficiency by creating a meaningful network of global interconnections. FDI provide opportunities to host countries to enhance their economic development and opens new opportunities to home countries to optimize their earnings by employing their ideal resources. India ranks fifteenth in the services output and it provides employment to around 23% of the total workforce in the country. The various sectors under the Services Sector in India are construction, trade, hotels, transport, restaurant, communication and storage, social and personal services, community, insurance, financing, business services, and real estate. Meaning: FDI stands for Foreign Direct Investment, a component of a country’s national financial accounts. Foreign direct investment is investment of foreign assets into domestic structures, equipment, and organizations. It does not include foreign investment into the stock markets. Foreign direct investment is thought to be more useful to a country than investments in the equity of its companies because equity investments are potentially â€Å"hot money† which can leave at the first sign of trouble, whereas FDI is durable and generally useful whether things go well or badly. Classifications of Foreign Direct Investment FDI is classified depending on the direction of flow of money. * Outward FDI:Any investment made by a country in other countries will account for outward FDI. Where as, all the FDIs invested by other countries in that country is called inward FDI. Outward FDI, also referred to as â€Å"direct investment abroad†, is backed by the government against all associated risk. * Inward FDI : Inward FDI occurs when foreign capital is invested in local resources. The factors propelling the growth of inward FDI include tax breaks, low interest rates and grants. FDI is classified depending on how the subsidiary company works in par with the parent investors. * Vertical: Vertical FDIs happen when a corporation owns some share of the foreign enterprise. The local enterprise could either be supplying the input or selling finished goods to the parent corporation. The subsidiary here helps the parent company to grow more. * Horizontal: When the MNCs kick off similar business operations in different countries it becomes horizontal Foreign Direct Investment. It is actually a cloning that is happening here. Both the countries enjoy the same share of growth. FDI IN INDIA After getting independence in 1947, the government of India envisioned a socialist approach based on the USSR system to developing the country’s economy. The last decade of the 20th century witnessed a drastic increase in foreign direct investment (FDI), accompanied by a marked change in the attitude of most developing countries towards inward investment. FDI flows have grown in importance relative to other forms of international capital flows, and the resulting production has increased as a share of world output.. FDI in India has in a lot of ways enabled India to achieve a certain degree of financial stability, growth and development during recession. This money has allowed India to focus on the areas that may have needed economic attention and address various problems that continue to challenge the country. The factors that attracted investment in India are stable economic policies, availability of cheap and quality human resources, and opportunities of new unexplored markets. Mostly FDI are flowing in service sector and manufacturing sector recorded very low investments. The investments in service sector enhanced the benefit of flow of funds to the home country. Presently India is contributing about 17% of world total population but the share of GDP to world GDP is 2%. India has been ranked at the second place in global foreign direct investments in 2010 and will continue to remain among the top five attractive destinations for international investors during 2010-12 period, according to United Nations Conference on Trade and Development (UNCTAD) in a report on world investment prospects titled, ‘World Investment Prospects Survey 2009-2012’. According to the fact sheet on foreign direct investment dated October 2010. Mauritius is the highest FDI investment in equity inflows with 42% of the total inflow followed by Singapore, USA, UK and Netherlands with 9%, 7%, 5% and 4% respectively. Service sector is the highest FDI attracting inflows with 21% of the total inflows, followed by computer software and hardware, telecommunication and housing and real estate with 9%, 8%, 7% and 7% inflows respectively. A report released in February 2010 by Leeds University Business School, commissioned by UK Trade ;amp; Investment (UKTI), ranks India among the top three countries where British companies can do better business during 2012-14. According to Ernst and Young’s 2010 European Attractiveness Survey, India is ranked as the fourth most attractive foreign direct investment destination in 2010.

Free Essays on Truth An Attribute Of God

Truth an Attribute of God The definition of truth according to Webster’s is conformity to fact or actuality, reality, actuality. Ryrie defines truth as â€Å"agreement to that which is represented it includes veracity, faithfulness, and consistency.† To say that God is true is to say that he is consistent with himself. He is all that he should be; he has revealed himself as he really is. His revelations are completely reliable. For man to understand that truth is knowable to him and life does make sense, he should first understand that all truth is known to God regardless of if it is found in the Bible or other sources. Therefore, it should be called God’s truth because Colossians 2:3b says, â€Å"are hid all treasures of wisdom and knowledge.† People think that God has hid his truth from them, making it inaccessible to man so they cannot understand God’s truth. Men do not practice good exegesis when the word ‘hid’ is taken out of context and means, to some people, that God is hiding his truth from them. I think that Paul is trying to say that the truth about Christ is the focal center to which all other truth about everything in creation is connected. That is to say, God is truth. We are totally dependent upon God to know truth because God is the creator of all things. He is our source for knowledge. God revealed both grace and truth to us by incarnating himself. Truth is unchanging and universal; it is not relative but is absolute. (Holmes 8) The Old Testament term for truth is emeth. This is primarily ethical rather epistemological term. Truth depends on unchanging reality, is personal, cannot change, and remains the same for every time and place in creation. It is absolute. To say these things is to say that God’s knowledge is complete and perfectly true. Truth is the implication that God exist. So one cannot believe in truth and believe that God is non-existence. We need a renewed commitment to the truth as found in t... Free Essays on Truth An Attribute Of God Free Essays on Truth An Attribute Of God Truth an Attribute of God The definition of truth according to Webster’s is conformity to fact or actuality, reality, actuality. Ryrie defines truth as â€Å"agreement to that which is represented it includes veracity, faithfulness, and consistency.† To say that God is true is to say that he is consistent with himself. He is all that he should be; he has revealed himself as he really is. His revelations are completely reliable. For man to understand that truth is knowable to him and life does make sense, he should first understand that all truth is known to God regardless of if it is found in the Bible or other sources. Therefore, it should be called God’s truth because Colossians 2:3b says, â€Å"are hid all treasures of wisdom and knowledge.† People think that God has hid his truth from them, making it inaccessible to man so they cannot understand God’s truth. Men do not practice good exegesis when the word ‘hid’ is taken out of context and means, to some people, that God is hiding his truth from them. I think that Paul is trying to say that the truth about Christ is the focal center to which all other truth about everything in creation is connected. That is to say, God is truth. We are totally dependent upon God to know truth because God is the creator of all things. He is our source for knowledge. God revealed both grace and truth to us by incarnating himself. Truth is unchanging and universal; it is not relative but is absolute. (Holmes 8) The Old Testament term for truth is emeth. This is primarily ethical rather epistemological term. Truth depends on unchanging reality, is personal, cannot change, and remains the same for every time and place in creation. It is absolute. To say these things is to say that God’s knowledge is complete and perfectly true. Truth is the implication that God exist. So one cannot believe in truth and believe that God is non-existence. We need a renewed commitment to the truth as found in t... Free Essays on Truth an Attribute of God Truth an Attribute of God The definition of truth according to Webster’s is conformity to fact or actuality, reality, actuality. Ryrie defines truth as â€Å"agreement to that which is represented it includes veracity, faithfulness, and consistency.† To say that God is true is to say that he is consistent with himself. He is all that he should be; he has revealed himself as he really is. His revelations are completely reliable. For man to understand that truth is knowable to him and life does make sense, he should first understand that all truth is known to God regardless of if it is found in the Bible or other sources. Therefore, it should be called God’s truth because Colossians 2:3b says, â€Å"are hid all treasures of wisdom and knowledge.† People think that God has hid his truth from them, making it inaccessible to man so they cannot understand God’s truth. Men do not practice good exegesis when the word ‘hid’ is taken out of context and means, to some people, that God is hiding his truth from them. I think that Paul is trying to say that the truth about Christ is the focal center to which all other truth about everything in creation is connected. That is to say, God is truth. We are totally dependent upon God to know truth because God is the creator of all things. He is our source for knowledge. God revealed both grace and truth to us by incarnating himself. Truth is unchanging and universal; it is not relative but is absolute. (Holmes 8) The Old Testament term for truth is emeth. This is primarily ethical rather epistemological term. Truth depends on unchanging reality, is personal, cannot change, and remains the same for every time and place in creation. It is absolute. To say these things is to say that God’s knowledge is complete and perfectly true. Truth is the implication that God exist. So one cannot believe in truth and believe that God is non-existence. We need a renewed commitment to the truth as found in t...

Higher Education Essay

Higher Education Essay Higher Education Essay The leadership of Chinese Steve Jobs- Lei Jun Through my online study, reading journals and books about Lei Jun, I compile the following materials that help you better understand the leadership of Lei Jun and its relationship. The paper first gives a clear picture of Lei Jun’s life experiences and the effect on his leadership and career. Then, the paper focuses on the leadership traits of Lei Jun-assertiveness, originality, and persistence which will be illustrated by numerous facts of Lei Jun’s actions towards leading people. Then, I will talk about Lei Jun ‘s shortcomings. Last but not least, the paper will give you a summary of leadership behaviors of Lei Jundirective and charismatic leadership behaviors. (1) Introduction Lei Jun was 1999, 2000 and 2002 Top Ten Chinese Information Technology. A billionaire and an engineer by training, Lei Jun co-founded Kingsoft, one of the best-known Chinese software companies, more than 20 years ago and remains its chairman. He has also been a successful investor in several other Chinese start-ups. One of the firms Mr. Lei founded, Joyo.com, largest online retailer of books, music and movies in China, was sold to Amazon for $75 million in 2004. In 2010, Lei Jun invested and created Xiaomi Tech, one of the fastest-growing smartphone companies in China, and serves its as CEO. (2)Lei Jun’ s life experience and effects on his leadership and career College career In 1987, Lei Jun was admitted to the Wuhan University of Computer. Wuhan University is one of the earliest implementing credit system of university, as long as students get requested credits, they can be able to graduate from university. When he was a freshman in University, he was always strict with himself and began to take a lot of senior course. Therefore, he only spent two years getting all required credits, and even completing the graduation project. In the following two years, he tried different kinds of jobs about computers, from which he could learn new knowledge and new technology and it does not matter whether or not he can make money. What’s more, he has a vested interest in different types of new things. To his surprise, he said, his work experiences covered a broad range in the next two years. He had written encryption software, antivirus software, financial software and CAD software, Chinese system and all kinds of practical small tools and so on. He always and had designed circuit board, welded a circuit board with his best friend- Wang Quanguo. In addition, he even did a "hackers" and cracked all kinds of software. Some skills he learned from these experiences laid a solid foundation for the business in the future. A failed entrepreneurial experience He read a book, named â€Å"fire in the valley† in the library and he was attracted by the story of Steve Jobs. The eighties was the age of Jobs and he was the IT hero all over the world. When he worked in the street, in which lots of stores sell electric devices, he felt he was the good one and began to dream. He was dream of writing a set of software, which can run on every computer in the world, and was dream of having a most powerful software company. Then, his friends and him started their own company. They all were confident that they would succeed, because whether they had good skills in marketing or good knowledge in technology. During this period, they began to imitate Chinese character card, which is a small expansion card of Read Only Memory (ROM)ï ¼Å'storing the Chinese character input method and its driver. Shortly afterwards, their technology of imitating Chinese character card was stolen by other companies. What’s more, these companies produced more card s than Lei’s company and the price was lower than Lei’s company. So Lei’s company couldn’t make any money and their company was dissolved eventually. Because of this failure experience, he had a solid understanding of his abilities and he realized he needed more knowledge and learned it step by

Journal Research Paper Example | Topics and Well Written Essays - 500 words - 1

Journal - Research Paper Example This is a collection of memoirs written by Kingston herself without the mentioning of her own name. The narrator talks about how she grew up in a foreign land, which is the United States. The narrator is basically Chinese, and foreign people are generally termed as ghosts in Chinese language. We also see literal ghosts in a couple of sections, but generally ghosts mean non-Chinese people. The narrator keeps on bringing on the memories and cultural norms of China, while living in the United States, which shows that she has never let go of her mother culture. In this story, the narrator talks about the influence of mother tongue on the chances and opportunities that come in the way of the person, especially if he speaks limited or broken English. She talks how her mother had adopted different kinds of Englishes just for the sake of survival in the non-native country. The narrator tells about her struggles, how she changed her major from pre-med to English, and became a freelance writer. The theme behind is that the language spoken in a family has great influence upon the personality and destiny of a person. We can compare the three stories in a sense that all talk about the importance of mother language and cultural identity. These two things remain a part and parcel of one’s life even when one goes abroad and settles down in another culture with foreign people. Private language and mother tongue should not be given up, because these have a great impact upon our personalities and the way we cope with our everyday lives. â€Å"When I went to kindergarten and had to speak English for the first time, I became silent. A dumbness – a shame – still cracks my voice in two, even when I want to say "hello" casually, or ask an easy question in front of the check-out counter, or ask directions of a bus driver.† (Kingston 5.30) This quote shows the embarrassment when she had not learnt the foreign language. This brings up the importance of learning the second

How is genocide defined Essay Example | Topics and Well Written Essays - 1750 words

How is genocide defined - Essay Example They are a phenomenon of the plural society, with its marked divisions between racial, ethnic, and/or religious groups. Plural society theory deals with the relations between these groups, and the conditions promoting peaceful cohabitation, integration, or violent polarization leading to genocide. It has no application to the genocides of international war, committed in armed conflict between separate states. The Convention definition of genocide is summarized as the intent to destroy in whole or â€Å"in part a racial, ethnic, religious, or national group as such, by killing members of the group or imposing conditions inimical to survival† (Show and Schott 2005, 34). The inclusion of mental harm among the acts constituting genocide seems incongruous, but it must be read in the overall context of the intent to destroy the victim group. Under Article I of the UN Convention, the contracting â€Å"parties confirm that genocide, whether committed in time of peace or in time of wa r, is a crime under international law† (Show and Schott 2005, 17). The Convention was adopted in 1948 by the UN General Assembly. The notion â€Å"genocide† was developed by R. Lamkin in 1943. He joined two words â€Å"genos† which means family or tribe and â€Å"occidere† which means massacre and killing. Also, Lamkin developed a draft for the Genocide Convention. The main strength of this Convention is that 137 countries recognize mass killing as a crime against humanity and were obliged to prevent genocide on their territories. The main strength of the Convention is that it recognizes genocide and interprets it as â€Å"the crime against humanity†.