Principals of Corporate Finance - Motorway Access Ltd - Free Essay Example

Sample details Pages: 10 Words: 3102 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Did you like this example? Introduction The question of whether or not to proceed with a project requiring significant capital expenditure is one which involves considerations running the gamut of issues facing the firm.   Taking a purely financial perspective the firm is required by Fischers Separation Theorem to return the maximum amount of wealth to shareholders  (Fischer, Reprinted 1977).   In the modern firm ownership is separated from control in the form of the capital of the company being held, traditionally at least by shareholders who have little to do with the day to day running of the firm, this being entrusted to the Directors appointed to the board by the trustees and shareholders.   As such in the modern finance world there is a considerable agency problem whereby the owners of the firms capital have a degree of separation from the control of their capital  (Farma, 1978).   As such it is expected, and enforced by the market in terms of the willingness of investors to place capital under a firms control, that a firm will return wealth consummate with an acceptable degree of risk.   Indeed it is the risk of an investment which dries the importance of investment appraisal in firms and understanding the difference between systematic and un-systematic risk underpins much of the following discussion of the investment appraisal process  (Hirshliefer, 1961). Un-systematic risk is the risk associated with the unique operations and conditions of the firm and is relatively unimportant (at least in terms of the financial theory) whilst systematic risk, especially as represented as the Beta of the firm (more of which later) is the risk of the class of share within the market  (Pogue, 2004).   The theory is that a share price is determined by its relation to the capital market line, in terms of the random walk theory, which governs the movement of the share with the market.   Shares move as the market moves, generally speaking, and so how much they move represents the syste matic risk to the shareholder.   Beta is now one of the most common ways to measure the value of equity capital and is also used heavily in portfolio theory.   It is not without controversy or criticism.  Ã‚   Betas are worked out using a wide range of financial data from the past and as such many commentators have argued that Beta has little to tell us about the future.   There are significant problems with translating accounting data into price relevant information, particularly there is at best a tenuous link between earnings and book values of assets and prices observed in the market.   Particularly the Ohlson model which it is argued demonstrates a coefficient between these figures and price (also which it is assumed makes sense of both the Modigliani and Miller relevancy hypothesis and Gordon and Shapiros value metrics)  (Pogue, 2004).   Notwithstanding these criticisms and the accepted criticism of the random walk theory, which are considerable, Beta is still wi dely accepted as a way of dealing with systematic risk. What does this mean for Investment Appraisal techniques?   In terms of the accepted methodology of investment appraisal the goal of such appraisal has to be the increase in wealth of the shareholders, and as such many of the techniques which are readily deployed by managers have no theoretical basis.   In the following appraisal of the project a number of techniques are used to give decision relevant information of the project  (Graham, 2001).   The company has two criteria which it uses to judge the acceptability of a project, the Return on Investment, which it states must be above 15% and the payback period, which must be within three years.   Both of these methods give information in terms of in the first case, accounting data, and in the second a rule of thumb for recouping the initial investment within a specified time period.   Neither of these methods tell us much about the financial and wealth creating as pects of the project in question  (Hajddasinski, 1993).   Payback is simply a measure of the amount of time it takes to recoup the initial investment, and as such has little to do with maximising shareholder wealth, it is entirely possible for a project to recoup the initial investment very quickly but them go on to actually destroy wealth in later years, particularly when a project runs for a significant period of time.   The Accounting rate of return similarly tells us little about the wealth creation of the project, considering as it usually does non financial items such as depreciation which have little to do with the amount of actual wealth returned to shareholders. Don’t waste time! Our writers will create an original "Principals of Corporate Finance Motorway Access Ltd" essay for you Create order Neither of these techniques takes into consideration systematic risk to shareholders, and as such ignores an important and fundamental aspect of modern finance theory.   Indeed it is only Net Present Value (NPV) which can tell us about the wealth creating and destroying aspects of a project and as such it is this technique (along with the similar technique of Internal Rate of Return (IRR)) which can give decision relevant information in terms of shareholder wealth  (Lefley, 2004). Briefly NPV uses a discount factor, based upon the Weighted Average Cost of Capital (WACC) which adjusts the incremental net cashflows of a project for systemic risk, thus ensuring that the wealth created for the company reflects the time value of money  (Amran, 1999).   Much of the methodology in NPV requires one to recognise incremental cashflows and to remove those which have no relevance to wealth creation, particularly accounting derivations such as depreciation.   Other cashflows which need not be included are sunk costs and other costs which would exist regardless of the projects acceptance.   Thus the analysis concentrates on the wealth creating (or destroying) aspects of projects rather than the book conventions and ephemeral of other techniques.   It results in a cash figure, in terms of either wealth added or destroyed by the acceptance of the project and is particularly useful for the ranking of projects in times of capital rationing.   NPV is a powerful decision making tool, but not without considerable problems in and of itself.   NPV requires the firm to estimate future cashflows, and as will be seen, the accuracy of these cashflows are of significant importance to the viability of the project  (Amran, 1999).   Further the use of NPV is considered by many to be far more complex than most other techniques and non specialists may find the results and even the preparation of this analysis to be a significant challenge.   Further the discount factor itself is often controversial, WACC is only one of a range of factors which can be used, but is most theoretically correct (as will be seen in the discussion later of the capital gearing theory), but without a very accurate discount factor the analysis is at serious risk of error  (Hillier, 1963).   Notwithstanding these problems NPV is one of the most relevant and reliable tools of investment appraisal and satisfies much of the theoretical underpinning of the subject of finance. This report finds that the project returns a positive NPV and satisfies all of the other investment criteria and therefore should be undertaken  (Graham, 2001). Results Findings Please see appendix A for the full derivation of the results and findings. Net Profit ( £) 2792009 Payback 2.5 years ARR% 55.84018 NPV 1767785 IRR 21% This is based on a cost of equity capital of 6% which in turn is based on the calculation for Equity Capital under the Capital Asset Pricing Model (CapM): Where Ke is the cost of equity capital, rf is the risk free rate (often gilts) ? is the assigned Beta of the share and rm is the market risk.   For the company this equates to 5.31% which has been rounded up to the nearest whole (under the assumption that it is better to err on the side of caution) Discussion and Analysis As has been established in the introduction the primacy of the NPV technique carries with it a significant theoretical advantage over other methods.   IRR too is based on the same methodology and gives the cost of capital at which the NV of the project would be zero, as such it provides for the maximum cost of capita at which the project would be viable.   It would seem that this project is worth undertaking, not only does it satisfy all of the existing criteria for the firm, but it also returns wealth to the shareholders given the risk class of the share.   The problems of NPV have to, however, be considered in line with the predictability of cashflows and the sensitivity of the project to the accuracy of these cashflows  (Kim S.H. Crick, 1986).   If the cars per day through the toll booths were a thousand less the project returns a negative NPV and in effect destroys wealth for shareholders: Time 0 1 2 3 4 Income    Vehicles (Est) p/day 0 2000 1400 1200 1000    Toll p/car ( £) 0 4 5 5.5 6    Income p/day 0 8000 7000 6600 6000    Income p/annum 0 2920000 2555000 2409000 2190000 Expenditure    Operating costs (@ £ p/vehicle) 0 2 2.5 3 3.5    Total Operating costs 0 1460000 1277500 1314000 1277500    Wages (@ £288 p/day * 365) 0 105120 105120 105120 105120    Outlay 5000000 Total Expenditure 5000000 1565122 1382623 1419123 1382624 Net Income -5000000 1354878 1172378 989877 807376.5 Net Profit -675491 ARR% -13.5098 Discount @ 6% (Cost of Equity Capital) 0.942 0.888 0.8375 0.7903 DCF -5000000 1276295 1041071 829022 638069.6 NPV -1215542 As wages are fixed this cost is not sensitive to change, but other costs may be, if operating costs rise by 50% then the project also destroys wealth: Time 0 1 2 3 4 Income    Vehicles (Est) p/day 0 3000 2400 2200 2000    Toll p/car ( £) 0 4 5 5.5 6    Income p/day 0 12000 12000 12100 12000    Income p/annum 0 4380000 4380000 4416500 4380000 Expenditure    Operating costs (@ £ p/vehicle) 0 3 3.75 4.5 4.75    Total Operating costs 0 3285000 3285000 3613500 3467500    Wages (@ £288 p/day * 365) 0 105120 105120 105120 105120    Outlay 5000000 Total Expenditure 5000000 3390123 3390124 3718625 3572625 Net Income -5000000 989877 989876.3 697875.5 807375.3 Net Profit -1514996 ARR% -30.2999 Discount @ 6% (Cost of Equity Capital) 0.942 0.888 0.8375 0.7903 DCF -5000000 932464.1 879010.1 584470.7 638068.7 NPV -1965986 IRR -14% In both these scenarios the changes to the cashflows has a devastating effect on the viability of the project, one which is not communicated adequately (especially in terms of the costs) by ARR, or even payback.   Imagine not quantative factors that may cause these scenarios to happen.   Drivers believe that the price of the toll is too high and find alternative routes to avoid paying the toll.   In the case of costs hikes in energy prices or other operating costs could easily impact on the viability.   These quick examples demonstrate the dangers of making assumptions about the future, and as such one must be very careful about the assumptions made n cashflows.   One way of adjusting for these un systematic risks is to conduct sensitivity analysis, and to use statistical techniques to adjust the NPV, this is often termed Expected Net Present Value (ENPV) and uses standard deviation to adjust for risk.   Further the cost of capital is a significant factor in the reliabi lity of NPV  (Pogue, 2004).   Herein the cost of equity capital is used, as the firm is geared to all equity this is probably a realistic cost of capital, but perhaps investors see the direction of the firm as particularly risky and require further compensation.   Using WACC is only one option for managers and indeed the use of WACC does not always adequately adjust for the risk seen as inherently bigger as cashflow move forward in time.   Consideration needs to be given to the discount factor used. Lastly, and in particular reference to the WACC it is important to consider the nature of the capital structure o the company  (Harris, 1991).   Capital structure generally refers to the mixture of debt and equity which goes to make up the capital of the company, known as gearing, and represented as a proportional ration.   Assume that the company has  £5,000,000 of equity, as is stated, in the form of equity and has no debt.   As this is a large capital project the company is faced with a decision as to how to finance the project.   Assuming that the only options are a rights issue to generate more equity or debt (in the form of debentures, typical of long term borrowing) then a decision needs to be made as to which course is better for the company as a whole.   Gearing is another contentious issue in finance with no correct answer to the problem of optimal gearing.   A number of theoretical approaches can be applied to the problem, most notably the work of Modigliani and Miller (MM) and their irrelevancy propositions  (Modigliani, 1958).   To understand this, it is important to understand a number of features of both debt and equity.   Equity as has been said is governed by the risk it represents for equity holders, often in the form of Beta, Debt is not governed by this and is rather a cost in terms of the interest payments over the life of the debenture and the repayment of the capital sum at the end of the loan.   Therefore D ebt is often cheaper than equity as the risk is considered lower than that of a shareholder.   If one thinks of an Income Statement from a set of accounts, one can clearly see that Interest is payable regardless of the profit attributable to shareholders, in effect the bank gets paid first.   Further there is a tax shield on interest payments, as these are a cost of the company and therefore reduce the amount of corporation tax payable.   Therefore consider the following example.   The company currently has  £5m in equity and requires a further  £5m to finance the toll booth project.   It s cost of equity capital is 6% but it is able to borrow at 5% debentures, the rate of corporation tax is 30%.   A it stands the WACC is 6% and if the company issues a further  £5m to finance the project it will remain so, if however the company borrows the  £5m the following holds: Debt Equity % Cost 5 6 Gearing 0.5 0.5 Wacc 5.5 With a further reduction of (1-T) to represent the tax shield this figure becomes 5.15%, the cost of capital has been effectively lowered.   This means that future projects (as it is important to use the existing cost of capital for investment appraisal regardless of how the project is to be financed for NPV calculations) will be return more wealth to shareholders.   The work of MM, however, pointed out that in a theoretically perfect world (no tax, symmetry of information and borrowing rates as well as other theoretical suppositions) the reduction is exactly off set by the increased risk from extending borrowing as follows: (Source, G Arnold, Corporate Financial Management. 3rd Edition, London: Prentice Hall) Therefore there is an increase of risk to equity shareholders with the introduction of debt, as debt takes primary importance when paying out the proceeds of projects.   AS such it is important to find the optimal level of gearing, which is likely to be differen t for each firm.   In this case, however, there is no existing debt, and as such it is logical to assume that the company could sustain a level of gearing other than 100% equity  (Harris, 1991). Recommendations The report makes the following recommendations o the managers of the company. The project, as it is presented in the brief is a viable project given the cost of capital the company has.   There are a number of concerns, however, and these need to be taken into consideration before proceeding.   These are The cashflows of the project are sensitive, specifically the revenue and operating costs of the project, changes to these will change the profitability and wealth generation of the project.   It is recommended that further sensitivity analysis be undertaken. The cost of capital is the hurdle rate used for the analysis, the Directors may wish to use other figures to demonstrate other risks in terms of the project. As to Gearing, given that the company is at present wholly geared by equity it is felt that the company can stand some debt and effectively lower the WACC in the future.   The optimal gearing level will depend on a number of factors these are: The price of the debt and the marginal tax rate. The Preference of equity holders. The amount of risk of financial distress posed by the debt. AS such it is important to consider these factors and to evaluate the possible effects of all of these factors and others discussed in this report. Conclusions This report has summarised some of the key themes in modern financial thought, tracing its roots back to the seminal work of the key players in the field, especially Modigliani and Miller.   Finance is neither science or art , rather it is an amalgam of the two, there are no ‘off the peg solutions and many of the techniques discussed herein are merely tools with which one can transform the data at hand into more relevant information.   None of the approaches alone can give one a ‘right answer from available data.   One must consider the full range of issues, from the theoretical strengths and weaknesses of the appraisal techniques and gearing theory, to the specific features of the project and company themselves to arrive at an optimal decision.   As such one needs to understand how finance operates at a fundamental level of the firm and the consequences of decisions made by managers on firm performance and investor attitude.   The recommendations made herein are based on the limited data available via the brief and many other factors are likely to come into play. Bibliography Amran, M. a. (1999). Real Options: Managing Strategic Investemtn in and Uncertain world. Boston: Harvard Business School Press. Arnold, G. (2007). Financial Managment. London: Prentice Hall. Drury, C. (2006). Managment Cost Accounting. London : Prentice. Farma, E. (1978). The effects of a firms investment and financing decisions. American Economic Review 68 (3) , 272-84. Fischer, I. (Reprinted 1977). The Theory of Interest. Porcupine Press. Fisher, F. . (1983). On the misuse of accounting rates of return to infer monopoly profits. Amaerican Economic Review 73 , 82-97. Graham, J. . (2001). The Theory and Practice of corporate fiinance; evidence from the field. Journal of Financial Economics 60 (2-3) , 187-243. Hajddasinski, M. (1993). The Payback period as a measure of profitability and liquidity. Engineering Economist 38 (3) , 177-91. Harris, M. . (1991). The theory of capital structure. Journal of Finance, 46 , 297-355. Hertz, D. B. (1964). Risk analysis in capital inves tment. Harvard Business Review , 95-106. Hillier, F. (1963). The derivation of probabilistic information for the evaluation of risky investments. Managment Science , 443-57. Hirshliefer, J. (1961). On the theory of optimal investment decision. American Economic Review , 112-20. Kim S.H. Crick, T. (1986). Do executives practice what academics teach? Management Accounting , 49-52. Lefley, F. (2004). An assessment of various approaches for evaluating project strategic benefits; Recommending the strategic index. Management Decision 42:7 , 850-862. Modigliani, F. . (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review 48 , 261-97. Pinches, G. (1982). Myopia, capital budgetting and decision making. Financial Managment , 6-19. Pogue, M. (2004). Investment appraisal A new approach. Managerial Auditing Journal 19:4 , 565-570. Ross, S. (1995). Uses, abuses and alternatives to the Net Present Value tule. Financial Managment , 96-102. Solomon, E. (1963). The Theory of Financial Management. New York: Columbia University Press. Wilkes, F. (1980). On multiple rates of return. Journal of Business, Finance and Accounting, 7 (4) .

How Perfectionism Can Translate Into Eating Disorder...

This study was conducted in an ethical manner. The study had institutional approval, sponsored by the National Institute of Mental Health, received informed consent from participants, and publication credit (American Psychological Association, 2010). The next study subject studied how perfectionism can translate into eating disorder pathology. The purpose of the article is to examine the relationship of eating disorders with the role of body dissatisfaction (Boone, Soenens, Luyten, 2014). The hypothesis of the study is that when someone is a perfectionist, and they do not like their body, they are more likely to develop an eating disorder. The conclusion of the study is that there should be programs that focus on both perfectionism and body dissatisfaction, because it it the two of them combined that cause eating disorders (Boone, Soenens, Luyten, 2014). The factors being examined in this study is that perfectionism and body dissatisfaction can lead a person to develop an eating disorder. It examines the role between personal standards, perfectionism and evaluative concerns perfectionism. Yes, these variables, and the relationship between them have been studied before. The studies have found that there is a relationship between the variables that will lead to an eating disorder. This demonstrates there is historical significance. This study uses empirical, longitudinal, and quantitative study as it’s methodology. The research design was descriptive andShow MoreRelatedOcd - Symptoms, Causes, Treatment131367 Words   |  526 PagesA. Clark. p. cm. Includes bibliographical references and index. ISBN-10: 1-57230-963-6 ISBN-13: 978-1-57230-963-0 (hardcover: alk. paper) ISBN-10: 1-59385-375-0 ISBN-13: 978-1-59385-375-4 (paperback) 1. Cognitive therapy. 2. Obsessive–compulsive disorder. I. Title. RC489.C63C57 2004 616.85†²2270651—dc22 2003020283 To my parents, Albert and Ardith, for their support and encouragement About the Author About the Author David A. Clark, PhD, is a professor in the Department of Psychology

Carter Cleaning Company Case Study Free Essays

Carter Cleaning Company Case 1: 1) Make a list of five specific HR problems you think Carter Cleaning will have to grapple with. – non-trained stuff therefore low job performance – controlling labor costs – managing wages between those that work in dry cleaning side (skilled) and attendants (unskilled) – high turnovers – HR rules and protections not being followed 2) What would you do first if you were Jennifer? If I were in Jennifer’s shoes the first thing I would do is meet with her father and discuss about how everything HR related was done in the company before she came. Then I would hold a meeting for all of the employees to introduce myself and ask them about their concerns or wants. We will write a custom essay sample on Carter Cleaning Company Case Study or any similar topic only for you Order Now Then I would analyze the data and map e a strategic plan on how I can motivate the managers to motivate their staffs, how to train new and old employees to make work done more efficiently , and establish a recruiting process. After speaking with managers and her father about what the employees need to be successful I would then run an add for a hiring event, to have candidates come in to the stores and see what motivates them to work. Make a list of 5 specific HR problems you think Carter Cleaning will have to grapple with? Potential answers could include the following:1) Staffing the company with the right human capital by identifying the skills and competencies that arerequired to perform the jobs and the type of people that should be hired. Sourcing candidates andestablishing an efficient and effective recruiting and selection process will be an important first step. ) Planning and establishing operational goals and standards and developing rules and procedures tosupport business goals and strategies. Failure to do so will result in a lack of clarity around performanceexpectations down the line as each store becomes operational. 3) Implementing effective Performance Management through setting performance standards, highquality appraisal of performance, and providing ongoing performance coaching and feedback to developthe abilities of each person and support positive employee relations. ) Designing an effective compensation system that will give the company the ability to attract, retainand motivate a high quality workforce, providing appropriate wages, salaries, incentives and benefits. Apoorly designed system will result in difficulty in attracting candidates, turnover and low employeemorale. 5) Training and developing employees both at the management and employee level to be able toperform the job to meet the performance expectations. This should include a new hire orientationprogram as well as a program for ongoing training and development. Lack of attention to thiscomponent may result in errors, increase in operational costs, turnover, and morale problems. . Make a list of five specific HR problems you think Carter Cleaning will have to grapple with. †¢ Sexual Hassament †¢ Non-trained staff †¢ Poor Manager †¢ Probably Law suit †¢ Low job performance 2. What would you do first if you were Jennifer? †¢ Review the finances to see how the businesses are doing. Then meet with management and the staff. How to cite Carter Cleaning Company Case Study, Free Case study samples

the day my life was changed for ever free essay sample

When I was a 7 years old my life was flipped around. My father had a massive brain tumor the size a softball and he was not the same after that he was treated me and my mom awfully .My mom is the strongest woman i know because she took care of a 3 year old baby and a 47 year old man who was throwing up every 2 seconds. When i was 7 my dad promised to take me to the movies after church and when we got home it was a half hour later and I asked him what time we were going to the movies and he said â€Å"I never promised to take you to a movie and you can’t make me take her.† My mom told me to go to the playroom and I went to the stairs and i heard a lot of fighting going on between them and I heard a hand hitting skin. We will write a custom essay sample on the day my life was changed for ever or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I looked and saw my father with a hand print on his left check. He said he was going to go golfing. 20 minutes later after he left 2 cops came and my aunt came over and they were arresting my mom for slapping my dad. I was looking around the balcony. My mom told me to go to my room and 10 minutes later I went downstairs and grabbed my moms waist and started to cry. My mom asked the cop to escort me to my room.He did and shut the door and when I heard those 3 dreadful words. Your under arrest. I knew what was going on. I ran downstairs and saw my mom being taken at of our home in handcuffs and I ran to the garage and saw my father sitting in a lawn chair and eating popcorn and laughing. I was so furious at him i went over to him knocked the popcorn right out of this hands and ran to my next door to my best friends house and just cried. He came over grabbed me by the arm and pulled me to our house and I ran to my room and looked the door and didn’t come out till my mom came home on Monday. She missed 4th of July and i spent at my friends house and when my father came to get me her parents stood up for me and said I should spend the weekend with them. I did and my parents divorced and I was happy not to be abused by him ever again.

Euthanasia Right (to Die) Or Wrong Essays - Euthanasia

Euthanasia: Right (to Die) or Wrong? There is no denying the controversy associated with the topic of euthanasia. There are many opinions allied with the right to end one's life if they are suffering. Some groups feel that it should be illegal, others feel it should be legalized. Regardless of opinion, the question remains: Should a person be given the option to request assistance in dying? (www.relgioustolerance.org) Euthanasia comes from a Greek term ?good death?. However, the word has gained a much more complicated meaning in the recent times. Euthanasia is a rationally, considered plan to end a life because of pain and suffering due to a terminal illness. (www.rights.org) Euthanasia is often confused with assisted suicide, a similar event with a much different meaning. Assisted suicide consists of a person administering a drug in order to help another in committing suicide. There are two kinds of euthanasia. Passive euthanasia occurs when a person is in a persistent vegetative state (massive brain injury resulting in a coma and will not likely recover). Life support would be removed, or all medical procedures would be stopped. In active euthanasia, death is caused through a direct action. (www.relgioustolerance.org) Despite the fact that it is not a crime in Germany and Switzerland, active euthanasia and assisted suicide remain illegal in most parts of the United States. Suicide itself is not a crime. (Originally, the person's possessions were property of the government if their life ended in suicide.) The assistance, whether it is active, or simply the distribution of drugs that will end one's life, could send a person to jail for 14 years. Laws are strict concerning this issue because the government feels that a person wishing death upon themselves is not stable, therefore its is not considered a legitament decision. (www.rights.org) Many surveys have been given to the public, in quest of a response to the question ?Should euthanasia be legal. Resent results have shown that 57% were in favor and 35% were not. Currently, euthanasia has been legalized in Oregon under the following conditions. ? The person: - must be terminally ill - have 6 months or less to live] - make two oral requests for assistance in dying - must make one written request for assistance - must convince two physicians that she/he is sincere, is not taking action on a whim, and that the decision is voluntary - must not have been influenced by depression - must be informed of the ?feasible alternatives, including, but not limited to, comfort care, hospice care and pain control.? - must wait 15 days.? (www.religioustolerance.org) Assisted suicides by someone other than a doctor or administration of carbon monoxide or injection remain illegal in Oregon. Many other states have taken a stand in this topic. In both Washington and New York, the Court of Appeals stated that it was unconstitutional to criminalize a doctor for assisted suicide of terminally ill patients. Despite this statement, the US Supreme Court declared that a normal US citizen was not entitled to the decision of assisted suicide. There still are many complications related to this topic, so the issue remains on a state to state basis. The conflict perspective on euthanasia holds strong, and this is thanks to many religions that are against the act. Many religions, such as Christianity, believe that God created life, and he should be the one end it. (www.relgioustolerance.org) Christians, Muslims, and Jews also believe that committing suicide is committing a sin, and that God would never give them a situation that they could not handle. (www.euthanasia.com) Some also even state that suffering is good because it gives a person ?a divine opportunity for purification?. (www.relgioustolerance.org) Obviously, there are non-religious reasons why some people feel euthanasia should remain illegal. One popular belief is that it is unnecessary because there are alternate treatments available to end or ease symptoms. The solution to this would be to make care more widely available. (www.cmf.org) Some believe that many people wishing to end their life will change their minds, and euthanasia will kill them before the can rethink their decision. In suicides, less than 4% actually kill themselves. Many decisions are based on depression, not pain, and depression is curable. (www.euthanasia.com) Yet, the strongest opinion does not necessarily concern the

Its okay to break these resume rules

Its okay to break these resume rules Those of us who have spent any amount of time in the job market have undoubtedly devoted a great deal of blood, sweat, and tears to getting our resumes just right. We know the prize that’s at stake and the level of competition we’re likely facing in pursuit of our dream job, so putting in the extra time and effort to getting things just right is time well spent, and a worthwhile investment in our professional futures. And nothing sinks your chances of getting hired quite so quickly and absolutely as a poorly crafted resume. Every job seeker carries the weight of their resume as they mold and shape it in pursuit of perfection- and although the perfect resume may never be an attainable goal, that certainly doesn’t stop us from trying. This includes carefully following all the well-worn rules of resume writing that we’ve convinced ourselves are set in unmovable stone. But the truth is, they aren’t, at least not anymore. The rules for job hunting have c ertainly changed over the past several years, so doesn’t it stand to reason that the rules for resume writing have changed as well?Let’s be honest- the merging of technology and culture have changed nearly every aspect of how we live our lives and continues to tear down all the old rules and ways of doing things, and job hunting and resume writing are no exceptions. Those who are best at keeping up with the breakneck pace of change, and resisting getting mired down in stodgy old rules, are best positioned for success. On top of this, a little strategic rule breaking- when applied effectively- can really help you stand out from the crowd and grab the attention of the gatekeepers who stand between you and your next job.Hopefully by now we’ve convinced you that it’s sometimes okay to occasionally break the old resume rules in pursuit of your next job. Let’s take a closer look at some specific rules that are now ok to break.No storytellingWe’ve all heard before that a resume isn’t a venue for you to tell your life’s story. Rather, it should primarily be a tool to tell potential employers what value you offer. Not anymore! Today’s employers are interested in learning more about your personal brand- what makes you a unique individual as well as your specific value proposition. They want employees who’ll fit well in their culture and support their mission to promote their unique brand, and they want to know what makes you tick and what motivates you.Your resume could- and should- be a holistic document that chronicles your passions, pursuits, and key professional decisions as well as your work achievements. When writing your resume, don’t shy away from telling your story- when weaved effectively into your professional journey, it’ll help you stand out from other potential candidates and make you seem like much more than a boring, bulleted list of job responsibilities.Quantify everythingThe old rules of resume writing often dictated that if an achievement can’t be mapped back to the bottom line numerically- we’re talking about things like revenue, percentage growth, and numbers of new customers here- then it isn’t something worth including on your resume. This is simply not true! Today’s savvy employers can appreciate and recognize the value of contributions that don’t always translate immediately to a company’s bottom line. Perhaps you came up with a helpful or intriguing new idea or work policy at your old job that you can’t tie specific numbers to. That’s okay. As long as it supports your personal brand and message and demonstrates your value as a potential employee, include it!Keywords everywhereNothing puts hiring personnel to sleep faster than an endless pile of resumes that are all laden with the same overused keywords in an attempt to convince them that you’re â€Å"in the know† when it comes to the industry. A resume that’s nothing but keywords runs the risk of making you seem robotic and less like a human they’d like to work with. Sure, keywords are important and should be used strategically, but forcing them awkwardly into everything on your resume can make your document come off as boring and artificial. Don’t be afraid to have a resume that shows that you’re an actual person- and preferably one that they’d likely enjoy working with!There you have it- a few of the old rules that you may want to consider leaving behind when crafting your resume. In the end, don’t forget that at some point in the job-searching process an actual person is going to be tasked with reading and evaluating your resume, and they’ll likely want to know what makes you you as much as what you potentially offer their company’s bottom line.

Macro Economics - summary A Better Way Essay Example | Topics and Well Written Essays - 1000 words

Macro Economics - summary A Better Way - Essay Example Another beneficial factor for the increase in productivity is reorganization of labour force that has led to â€Å"fulfilling wants that had been unmet or may be even unknown.† (Page 5). Reorganization from trade also helps in creating more efficient deployment of labour economy wide as resources are shifted to their best uses as the producers seek comparative advantage in market place (following Ricardian comparative advantage). Higher productivity also helps in increasing the state of employment in the economy because higher productivity promises higher profits implying higher income for people. Higher income means higher demand and so there will be increase in investment and more creation of jobs. Furthermore, higher productivity provides the worker with more leisure and there by an opportunity to enjoy whatever they earn. This march to livelihood was not achieved in one day. After achieving self sufficiency in food grain with the advent of electrical appliances for cultiva tion, agriculture became capital intensive and freed up labor made their plunge to the industrial sector, thereby preparing a base for the tertiary sector to flourish. But the trend in productivity has been choppy. This has been â€Å"due to business cycle upturns and slowdowns as well as longer-term economic trends.†(Page 8). To make the increase in productivity continuing it is important that improvement in technology continues. With more improvement in technology there will be much more improvement in productivity. Technological improvement would bring in more sophisticated technologies which would help in improving the quality of work, save time and thus help in bringing down the costs. Again trade also makes a powerful impact on the overall efficiency of the economy. Productivity gains from trade stands for the operation of open markets. Due to expansion in trade it has now become possible to produce goods in those